NEWS AGENCY OF NIGERIA
Blame perpetrators of abuse not victims – Mirabel Centre

Blame perpetrators of abuse not victims – Mirabel Centre

165 total views today

By Deborah Akpede

A Non-Governmental Organisation (NGO), Mirabel Centre, has urged the public not to blame victims of sexual abuse but the perpetrators.

The NGO made the appeal on Thursday on its official X handle @MirabelCenterNG monitored by the News Agency of Nigeria (NAN).

It stated that a child, who was sexually abused, should never be blamed nor the parent be blamed for any act of abuse suffered.

According to the centre, sexual abuse can occur irrespective of a child’s age, religion, culture or socio-economic level, saying there is no foolproof way to protect children from sexual abuse.

To reduce the risk and protect children from abuse, the NGO urged parents to be well informed about sexual abuse and build an open relationship with their children.

“Accurate information makes us stronger and equips us to build protective environments and respond better when children face problems.

“Speak to your children and listen to them too.

“Build an open relationship with your children. Let them know they can trust you and share any information with you.

“Show more interest in their day-to-day lives and give them a chance to raise topics to discuss,” it stated.

It also appealed to parents to pay attention to what is happening around them and observe their children’s behaviour.

“Be aware of what is happening around you, your community and pay attention to your children’s behaviour and take note of changes.

‘Also, observe the behaviour of adults, who spend time with your children,’’ the organisation stated.

Mirabel Centre, a Sexual Assault Referral Centre (SARC), provides free support services for survivors of sexual assault, appealed to the public to seek help when abused.

“Seek help immediately from Mirabel Centre if you suspect that a child is at risk or may have suffered abuse.

“Our helplines are 08187243468, 0815 5770000,’’ it stated. (NAN)

Edited by Ifeyinwa Omowole 

Nigeria commends Guinness’s impact on environmental sustainability, economic growth

Nigeria commends Guinness’s impact on environmental sustainability, economic growth

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By Tosin Kolade

The Federal Government on Thursday commended the efforts of Guinness Nigeria in promoting responsible drinking, environmental sustainability and corporate social responsibility for the citizens.

The Minister of State for Environment, Dr Iziaq Salako, gave the commendation while hosting a team from Guinness Nigeria, led by Mr John Musunga, its Managing Director in Abuja.

The minister said Nigeria was appreciative of the organisation’s impact in many ways and also in contributing to national growth and development.

“I must commend you for your very high sense of corporate social responsibility.

“Some of the things you are doing are in the conviction that you cannot be an island, you must relate with the environment, community where you do business.

“So, thank you for believing in Nigeria and your persistence to ensure that you continue as a contributor to the economic growth of Nigeria.’’

He said although Nigeria was faced with a lot of economic challenges due to poor decisions, the courage of the present administration would take the country to a path of recovery.

Salako  called on the private sector to assist the government in driving the economy.

While commending the interventions of Guinness in many areas, the minister said the deliberate decision to reduce carbon footprints was laudable as Nigeria was working towards following suit.

He said Guinness Nigeria’s decision to halt the production and sale of alcoholic drinks in sachets was impressive as it would help to reduce underage drinking and environmental pollution.

“One of the things that I advocated when we were doing the review of the public health law in Ogun is for the state to ban the circulation of alcohol in sachets because it makes it easier for people to access the underage and everyone else.

“Some other people with health conditions who should not be doing alcohol, but because it is so easy for them, they can put in the pocket, sell in the garages and all that;  so it’s definitely something that must stop,’’ he said.

The minister however said he would be at the forefront of stopping the production and sale of sachet alcohol products, adding that it would be legislated upon.

In his remarks, Musunga said the visit was to strengthen relationships with its government partners and to further update the minister of the organisation’s interventions in the country.

According to him, Guinness Nigeria has impacted no fewer than 180,000 persons in its employee value chain with an annual tax payment of N14 billion.

Musunga said the organisation was working to reduce importation of goods for its products and relying on local companies to promote backward integration, economic development and livelihood for local businesses.

 While citing the challenges of access to foreign exchange, Musunga said the organisation was supporting local farmers in raw material production for ethanol, saying 80 per cent of products were sourced locally.

“It is cheaper to import; but you look at the economic benefits of sourcing locally and it makes more sense for us to support the communities around us by sourcing locally.

“ So, for example ethanol, we now produce 100 per cent of ethanol from Nigeria.

“The quality specification was not optimal; so, we spent a lot of investment to help the local suppliers upgrade the quality of ethanol from the facilities, albeit more expensive, but for the benefit of the sugar farmers,’’ he said.

On his part, Mr Rotimi Odusola, Corporate Relations Director, Guinness Nigeria, said the organisation was working to promote positive drinking, champion inclusion and diversity, for greater impact and sustainability.

According to him, this includes the `Wrong Side of the Road’ project to curtail alcohol abuse, the `Smashed Project’ for alcohol education for young people, `Water of Life Project’, `Recycling Alliance’ among others.

Odusola said the Water of Life Project targeted the provision of solar-powered water facilities for water-stressed communities.

He said that many states had benefited with women taking ownership of operation and maintenance for sustainability.

Odusola said plans were underway to commission a 50,000 metric cube water facility in Lanlate community in Oyo to provide potable water for 11,000 people, adding that such projects had been going on in many cities for 30 years.

The corporate relations director highlighted efforts to reduce carbon footprints to include the Water Recovery plants which took water from its factories, process them and use for cleaning purposes.

“The water recovery plant is a system which takes treated water from our current effluent treatment plant and further purifies it using state of the art technology to the point where it becomes safe for human consumption.

“The recovered water is then re- introduced into our breweries for pasteurisers, hydrants, this process results in the reduction of water taken from the environment,’’ he said.

He added that the organisation partnered with the Food Beverage Recycling Alliance (FBRA) to develop the recycling industry and innovate into more sustainable formats for food and beverage manufacturing firms.

Odusola said partnership with waste management organisations like WeCyclers and Sustyvibes had addressed Post-Consumer Waste by collecting cans and pet bottles in different parts of the country. (NAN)

Edited by Chijioke Okoronkwo

FG assures of improved healthcare system

FG assures of improved healthcare system

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By Kemi Akintokun

Dr Tunji Alausa, Minister of State for Health and Social Welfare, has assured of Federal Government’s commitment to improving Nigeria’s healthcare system.

Alausa stated this on Wednesday during his maiden visit to the Nigeria Institute of Medical Research (NIMR) in Lagos.

According to him, President Bola Tinubu is determined to improve and revitalise our healthcare system.

He said the federal government would provide a sustainable healthcare that delivers  the best care possible to Nigerians.

The minister said he was impressed with the level of work and the available equipment in the research institute.

Alausa said the issue of inadequate funding and shortage of staff would be addressed to further enhance the capacity of the institute.

”The purpose of my visit today is to meet with the staff, hear their challenges ,access what is on ground and find how best to support them.

”I am very impressed with the level of equipment on ground and this is enough to bring a post doctorate fellowship here because they have the facilities to support it.

”In two or more years time, they can have up to 300 people doing post doctorate fellowship here.

”And it will help to meet our needs and aspirations for further extensive research that will be of benefit to Nigeria.

”Research and support will be a big part of what we will be doing in this administration,” he said.

Also speaking, Prof. Babatunde Salako, the Director-General of NIMR, expressed optimism that the visit would yield positive result for the institute.

He said that some of the ministers had worked and Iived in the U.S. where research and education were taken seriously.

”They have come with a lot of experience and I believe it will bear on research in the country and they also promise to improve funding on research.

”We need to continue to do more evangelism to decision making in order to allocate more budget to research,” Salako said. (NAN)

Edited by Modupe Adeloye/Chioma Ugboma

Pressure group advocates balance, equity for democratic governance

Pressure group advocates balance, equity for democratic governance

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By Aderogba George

A pressure group under the auspices of “One Nigeria Forum” has advocated balance, equity and true democracy in Nigeria’s governing system to build a greater country.

The group made the call in Abuja at the official unveiling of “One Nigeria Forum” and the first National Abuja 2023 delegates conference.

Addressing the delegates, the Chairman of the group, Chief Sunnie Chukumele, stated that the country had suffered many challenges as deliberate attempt by those who were against its unity.

He said that the country had suffered delibrate consequences of policy summersault, leading to what the legendary Bob Marley in his song described as “One step forward, nine steps backward”.

According to him, no nation has advanced with poor governance and leadership attitude.

“Nigeria today is so terribly divided. This division among tribal, ethnic and religious lines cannot help our transmutation into a nation. This is the kind of country inherited by President Bola Tinubu.

“We anticipated that the president should do all those things he stood for and agitated for long before assuming the saddle of presidential leadership in Nigeria.

” These are in areas such as true federalism, devolution of power, judicial autonomy, local government autonomy, abrogation of state electoral commissions, finding a constitutional role for traditional rulers.

”Going forward, we want to see and be in a country of the State Electoral Commission, with the Independent National Electoral Commission (INEC) conducting every election into political offices in Nigeria,” he said.

Chukumele disclosed that ” One Nigeria Forum” was a group of compatriots and comrades who came across each other on the political turf during the build-up to the last presidential race.

He said that the individuals who constituted the group, had risen from diverse  backgrounds, having built a bond and faith in the future of the country, based on their individual collective convictions for a better Nigeria.

The chairman said that the like minds, having considered some interesting and positive variables, agreed to foster and bolster their belief in the country and its future.

He said that upon this belief, they agreed among themselves to form the socio political forum/association and pressure group to contribute their quota to the advancement and deepening of the ideals of good governance.

Chairman of the event, Alhaji Majeed Dahiru, noted that Nigeria had not attained the purpose of its vision due to lack of unity among the different tribes in the country.

According to Dahiru, there is no country in the world that has attained capital development without national unity of the people therein.

He said that the ultimate task ahead of those in power should revolve on how to build the country.

Dahiru called for consensus of Nigerians to change the elite conspiracy, stressing that there was need to build a united Nigeria from bottom to the top.

Dr Austine Maho, the Chief Executive Officer (CEO), Daybreak Nigeria, stated that Nigeria democracy was in recession, and that there was need to change the narrative.

Maho, who is also a Public Affairs Analyst, said Nigeria needed true democracy, adding that as at now, Nigerians were not enjoying the kind of democracy they bidded and campaigned for.

He said that what the country was practising at the moment was not a true democracy, but a government for the few elites.

“What we see in the last few years is government of the elite, for the elite and by the elite; we are having a situation whereby you find out that we are now having a generational transfer of power.

“This is not the democracy we bid for, we campaign for, democracy should be people centred  and that is why it is defined as government of the people, for the people and by the people.

“When democracy is no longer people- centred, then the essence is lost, and I think that a group like this, One Nigeria Forum, should push for the true democracy.” (NAN)

Edited by Idris Abdulrahman

Libraries may go into extinction – Don alerts

Libraries may go into extinction – Don alerts

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By Usman Aliyu

A don, Prof. Lucky Abdulsalami, has alerted that libraries may go into extinction unless librarians learn to adapt and seek out creative answers to societal change for effective library and information services marketing.

Abdulsalami, who is the Librarian of the Igbinedion University, Okada, Edo, stated this on Wednesday in Okada, while delivering the 23rd Inaugural Lecture of Nigeria’s premier private university.

The News Agency of Nigeria (NAN) reports that the lecture is titled “Marketing of Library and Information Services: The Role of the Library”.

The don noted that though libraries remained the best source of wisdom and knowledge, the introduction of new technology and its application in libraries had opened up new avenues for marketing the library and its services.

“Libraries and library professionals are attempting to seize possibilities to beat out competitors – commercial vendors and technology specialists – in the age of competitive competition.

“Most libraries across the world have begun to sell library and information services, and have created a record for each event for accreditation.

“As a result, libraries are developing marketing and promotion strategies to provide suitable services that will satisfy the needs of current trends while respecting, identifying and changing demands of more difficult users,” said the university librarian.

Abdulsalami, who is the first to deliver an inaugural lecture from the Department of Library and Information Science of the institution, advocated excellent library services, and appropriate staffing and facilities in the context of marketing librarians and the services they provided.

“With increased alternatives for information, librarians must learn to gain a competitive edge and promote the added value in the services they provide.

“For effective information handling and management, effective marketing should be used to promote access to library and information services as a panacea towards sustainable libraries in the digital age,” he asserted.

Earlier, Prof. Lawrence Ezemonye, the Vice Chancellor of the university, said the occasion was significant in the career of an academic staff member and held to acknowledge appointment or promotion of full professors.

An inaugural lecture, the vice chancellor, said provided a platform for sharing discoveries, ideas and insights with the public and the larger academic community as well as engaging the town and gown.

Ezemonye, who recounted recent developments in the university, said the school had expanded its collaborative research with local and international partners to enhance knowledge production for national and global development. (NAN) (www.nannews.ng)

Edited by Muhammad Suleiman Tola

KOICA inaugurates alumni association in Monrovia toward strengthening relations between Korea, Liberia

KOICA inaugurates alumni association in Monrovia toward strengthening relations between Korea, Liberia

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By Sarafina Christopher

Korea International Cooperation Agency (KOICA) Office said on Thursday that it had inaugurated a new KOICA Alumni Association in Liberia (KAAL) aimed at strengthening bilateral relations and cultural exchange between the two countries.

A statement signed by David Nkwa , IT Specialist at KOICA, indicated that the Alumni included nine participants, who recently returned from a KOICA-sponsored training programme which was held in Seoul.

According to the statement, the training provided for the Liberians is part of Korea’s Official Development Assistance to the Country in Human Capital Development.

Mr Son Sungil, the Country Director of KOICA, Nigeria Office who also doubles as the Regional Director for Liberia and Sierra Leone, in another statement made available to the News Agency of Nigeria (NAN) stated that the relations between Korea and Liberia relations have spanned six decades, “and Korea regards Liberia as a valuable partner.”

The Republic of Korea through KOICA has supported various health security initiatives and livelihood enhancement in Liberia.

The country director who inaugurated the new Alumni, stated that KAAL is expected to help strengthen the economic cooperation, bilateral and cultural exchange between Korea and Liberia.

The participants in the training ww ew re trained on Capacity Building for Survey·Analysis·Utilisation of Educational Statistics.

Others are Convergence Technology Training in Smart Farming and Agricultural Machinery; Digital Capacity Building for Capital Market Development; Economic Growth in the Post-COVID-19 Era; and Capacity Building for Diplomats. (NAN)

(Edited by Emmanuel Yashim)

Aladdin Digital initiates Pan-African Wallet to ease payments

Aladdin Digital initiates Pan-African Wallet to ease payments

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By Olawunmi Ashafa
As more Nigerians adopt digital payments after facing a cash shortage earlier this year, Aladdin, a Lagos-based fintech firm, has introduced a pan-African wallet to ease digital transactions.
The app, which is akin to China’s Wechat or Alipay, is designed to serve the payment and commerce needs of over one billion people in Africa.
Mr Darlington Onyeagoro, the Managing Director of the firm, told the News Agency of Nigeria (NAN) on Thursday in Lagos that the initiative is packaged to tackle current payment infrastructure struggles, especially in Nigeria.
“Such struggles and hiccups have affected  inter-bank and inter-platform payments, leading to significant failures across various channels and platforms.
“The pan-African wallet is designed to effectively serve a large number of customers at the same time.
“It is an ambitious approach which aims to make payments seamless, affordable, and efficient across the continent by fostering interoperability among various payment channels and financial institutions.
“In particular, Aladdin is pioneering this transformative endeavour in Africa by offering comprehensive payment and trade solutions for both individuals and businesses.
“Our innovative product, ‘Payconnect’, is a multi-currency P2P payment marketplace that facilitates global remittance and cross-border payments without the actual movement of funds across borders.
“Additionally, Aladdin collaborates with Pan-African and local banks across different jurisdictions to provide regulatory-compliant onboarding and local bank accounts.
“It simplifies collections and offer global infrastructure for cross-border payments and remittances,” Onyeagoro explained.
He, however noted that payment systems in Nigeria had been relatively good, often surpassing many European and Western counterparts.
“While this might seem unusual, the reality is that Nigeria has been enjoying instant payments for over a decade, a privilege only now emerging in many other regions,” he said.
He said that the progresses had continued to face more   challenges with a lot of failures that often  discourage many.
According to him, the failures extend beyond Nigeria and affect the entire African continent.
“In most nations in Africa, the payment landscape is characterised by fragmentation, inefficiency, and high costs.
“This fragmented landscape has hindered intra-African trade and the ability to leverage the comparative advantages of each member’ state within the continent.
“To address these challenges, numerous fintech companies and initiatives like the Pan-African Payment System (PAPS) are actively working towards enhancing connectivity and interoperability among banks, mobile wallets and multiple payment channels,” he said.
He described the pan-African wallet as an  ambitious approach that would ease transactions for everyone.
“While Nigeria’s payment system stands out for its advancements, there remain substantial challenges and opportunities for improvement across Africa.
“Initiatives like Aladdin, with their pan-African wallet vision, hold the potential to transform the payment landscape, driving economic growth and fostering greater financial inclusion within the continent,” he said.
Onyeagoro urged prospective investors and partners to join the firm in the exciting journey of easing transactions across the continent. (NAN)
Tela maize has immense economic benefits–Minister

Tela maize has immense economic benefits–Minister

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By Sylvester Thompson

The Minister of Innovation, Science and Technology, Mr Uche Nnaji, has assured that drought resistant, pests resilient and innovative chemicals of TELA maize have immense economic benefits.

The minister gave this assurance during a working visit to the National Biotechnology Development Agency (NABDA), where he toured the facilities  on Wednesday in Abuja.

The News Agency of Nigeria reports that TELA maize is the brand name for genetically modified (GM) maize hybrids developed by the TELA maize project.

The hybrids have Bt genes that provides protection against stem borer and helps the maize plant tolerate drought.

“TELA maize is drought tolerant and insect resistant; it provides protection against drought; protection against stem borers, and significant protection against Fall Army Worms (FAW).

“This innovation will counteract the annual Fall Army Worm induced losses exceeding 268 million dollars; it will also save Nigeria a significant foreign exchange in importation of maize of over 4000,000 metric tons annually.’’

Nnaji said that due to advanced genetic technology adoption by NABDA, Nigeria became the first country in the world to release Pod Borer Resistant Cowpea and the second in Africa to deregulate TELA maize for commercial release.

He said achievement in TELA maize, Bt Cotton and Cowpea were more than scientific milestones that echoed Nigeria’s determination and progressive spirit.

The minister pledged to work with the agency and other relevant agriculture and food security stakeholders to ensure that most Nigerian grain farmers had low-cost access to the innovated and profitable maize variety.

Nnaji also hinted that the ministry would ensure that the NABDA  targeted insemination of three to five thousand cattle to elevate local breeds and set the stage for increased milk production.

He said the move would decrease Nigeria’s reliance on imports, noting that in 2022, NABDA in collaboration with international partners, inseminated over 200 cattle with a higher yielding breed from Brazil.

According to the minister, the breed yields 10 to 15 litres of milk per cow daily, up from less than one litre per day.

He acknowledged the agency’s giant strides in cutting edge biotechnology as a vibrant tool of the 21st century.

The minister said NABDA’s pioneering work in bio-energy which introduced unique equipment to assess bio-methane potentials of biomass was groundbreaking.

“This venture moves us closer to our five per cent biomass energy target and promises employment for thousands of our country’s youth and women, especially in rural areas,’’ he said.

Nnaji said further that the strides made in Bt cotton commercialisation and adopting Mahyco Bollgard II Hybrid seed would reshape the cotton industry, ensuring higher yields, enhanced quality and cost-effective management.

On his part, Prof. Abdullahi Mustapha, Director-General of the NABDA, said it was in April 2022 that former President Muhammadu Buhari signed the bill establishing the agency into law which was passed by the National Assembly.

He said the act expanded NABDA’s scope of activities, making the agency fully recognised as a research institute.

“As a result of this, the agency can create job awareness, coordinate, facilitate, deploy, domesticate and carry out research in all areas of biotechnology for the development of Nigeria,’’ he said.

The director-general said that Nigerian scientists in the field of biosciences were delighted that Nigeria was among the comity of nations on course in the appreciation and application of modern biotechnology research.

He said the immense benefits drivable from this technology were globally acknowledged, and were as varied as the vast scope of the technology itself.

Mustapha enumerated the 37 Bioresources Centres, the six Centres of Excellence located at the premier Universities and a specialised Centre of Excellence as well as other technical departments.

“NABDA has been able to create awareness among the political class, farmers, and the public on the importance of biotechnology to our national development.

“More biotech crops are on the way and NABDA is working hand in hand with other partnering institutions to fast track the president’s Food Security Agenda,’’ Mustapha said.(NAN)(www.nannews.ng)

=================

Edited by Kabir Muhammad and Chijioke Okoronkwo

FIDA condemns alleged rape at Tai Solarin University of Education

FIDA condemns alleged rape at Tai Solarin University of Education

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By Itohan Abara-Laserian

The International Federation of Women Lawyers (FIDA), Ogun  Branch, has condemned alleged recent rape incidents at the Tai Solarin University of Education in Ogun.

The Chairperson of the association, Mrs Taiwo Olusesi, made the condemnation in a statement she signed.

The statement was copied to the News Agency of Nigeria (NAN) in Lagos on Thursday.

Olusesi said that FIDA was deeply concerned worried by the alleged incidents.

She described rape as a heinous act, and called for justice for victims.

“FIDA commends the swift action of the Ogun State Government, which has taken steps to address these incidents by promising to investigate the alleged rape cases and bring the perpetrators to justice.

“We commend this action, and urge other state governments to follow suit.

“Rape of women and girls is a serious violation of their human rights and an affront to their dignity.

“It is a crime that should not be condoned or tolerated in any form.

“As an organisation committed to protecting and promoting women’s rights, FIDA calls on governments to take concrete steps to protect women and girls from all forms of gender-based violence, including rape,” she said.

According to Olusesi, FIDA will continue to stand by victims of rape and advocate for their rights.

“We call on all stakeholders, including civil society organisations, religious leaders and traditional rulers, to join hands with us in the fight against rape and other forms of gender-based violence.

“Together, we can create a safe and equitable society for all,” she said.

NAN reports that some hoodlums reportedly raped no fewer than four female students of the university on Tuesday.

The hoodlums were said to have invaded the hostels of the students located at Abapawa, an area off the university campus. (NAN)

Edited by Ijeoma Popoola

Sanwo-Olu seeks integrated African capital market to bridge infrastructure gap

Sanwo-Olu seeks integrated African capital market to bridge infrastructure gap

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By Florence Onuegbu

Gov. Babajide Sanwo-Olu of Lagos State has called for an integrated west African capital market to foster collaboration and tackle infrastructure gap.

Sanwo-Olu said this at the third West Africa Capital Market Conference (WACMaC) on Wednesday in Lagos, with the theme: “Infrastructural Deficit and Sustainable Financing in an Integrated West African Capital Market.”

He said an integrated capital market in the sub-region would help to plug infrastructure deficits.

According to him, there are many ways that an integrated West Africa capital market can help with plugging infrastructure deficits in the sub-region.

“One is the Economies of Scale that will accrue from such an integration and this will enable the pooling of funds across the more extensive sub-region to finance large projects that can serve multitudes of people.

“In addition, an integrated capital market will result in the harmonisation of regulations to make it easier for trade and investments across borders and give confidence to investors,” he said.

The governor added that the ease of doing business that would result from a harmonised regulatory environment would open up funding possibilities for infrastructure projects in the sub-region.

He said that governments were actively aware of the imperatives of addressing infrastructure deficit and sustainable financing in the region.

Sanwo-Olu said the theme of the conference was apt for the moment, as across the sub-region, modern infrastructure such as roads, rails, ports, fibre optics and connectivity power, among others, were largely inadequate.

“These perennial inadequacies have hindered the economic growth of our various nations and economic development of our people.

”It behooves, therefore, on us to deliberate on ideas, financial strategies that can bridge these infrastructural gaps, enhancing the quality of life of our people and propelling out economy to greater heights.

“While governments like ours continue to make efforts at plugging the huge infrastructural deficits, we cannot do it alone and that is why we are collaborating with you.

“We are waiting to see the types of innovative instruments and ideas that you can bring forward, for us to be able to do the quick and very difficult work that you have asked us to do.

“Only innovative and creative financing, especially the products coming out of the capital market that can ease this gap. I see you as strategic partners with us and indeed we can build that ecosystem that we all crave for.

“We believe there are many ways the West African capital market can help in this regard,” he said.

According to him, the West Africa Capital Market Integration (WACMI) Project, initiated in 2010, has progressively changed the landscape of the regional economy, fostering a harmonised regulatory environment for the issuance and trading of securities across the region.

He said this had been the bedrock of capital raising and securities trading across the sub-region.

Sanwo-Olu said the journey to an integrated capital market had been phased and complex, but the strides taken so far were worth celebrating.

“The Nigerian capital market has shown remarkable resilience and competitiveness, boasting a market capitalisation of $65.834 billion as of May 2023.

“This is not a mere statistics, but a testament to the inherent strength of our economy and the boundless potential that lies within our region.

“This forum serves as an opportune platform to promote integration, spur capital formation, accentuate tourism, and attract investors, thereby enriching our collective financial discourse and action.

“The recent appointment of His Excellency, Asiwaju Bola Ahmed Tinubu, as the Chairman of ECOWAS is further testament to the pivotal role Nigeria plays in the region.

“This new leadership role reinforces our commitment to driving the integration agenda and enhancing the economic prospects of West Africa.

“Hosting this prestigious conference in Lagos offers us a unique opportunity to showcase our economic mettle, our rich cultural heritage, and our warm hospitality,” he said.

Sanwo-Olu said the event would not only foster greater integration and capital formation but also stimulate tourism and attract even more investors to the region.

Also speaking, Sen. Osita Izunaso, the Chairman, Senate Committee on Capital Market and Institutions, said the infrastructure gap of ECOWAS economies varied.

Izunaso said the Nigerian infrastructure gap stood at $221 billion, while that of Côte d’Ivoire, stood at $14 million.

He said this showed that a lot had to be done to integrate the economy of the West African region, and that capital market remained the best option.

“It is important to state that there are challenges that we must look at if we truly believe that capital market has a role to play at the sub-region.

“The challenges are not so insurmountable; we have to look at regulatory and legislative impediments; we have to look at high transaction cost; multiple taxation; fragmented and small size of national stock market; capital and exchange control,” the chairman said.

Izunaso said these were the major challenges working against an integrated capital market in the sub-region.

He called for the harmonisation of disparities in legal and regulatory frameworks in the capital market, bridging the gap in capital market development. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

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