Mr Muhammad Aimen, an investment analyst at KTrade Securities, stated on Saturday that the surge in U.S. inflation to 3 per cent could pose economic challenges to global trade.
KTrade Securities is a Pakistan-based stock and commodity firm.
Aimen shared his insights during the global virtual analysis of KTrade Securities’ research report.
He noted that U.S. inflation had surged to 3 per cent one month after President Donald Trump took office.
He said this marked the first such rise since June 2024.
He highlighted concerns about inflation risks, which stemmed from the fiscal deficit fuelled by rising debt and complicated by tariffs.
According to Aimen, these factors have slowed down the U.S. economy, which now shows signs of a recession.
He emphasised that the U.S. tariffs approach, focused on domestic priorities, might not effectively address structural issues in the economy.
Aimen said instead, it could exacerbate the very problems it aimed to prevent.
“The U.S. national debt has ballooned to 123 per cent of its GDP, raising serious concerns about fiscal sustainability,” Aimen noted.
He said with such a high debt burden, the Federal Reserve’s monetary policy was taking a backseat to government spending and taxation, which would likely fuel inflation.
“The government may be forced to monetise the deficit, essentially printing money to cover shortfalls.”
Aimen also pointed out that fiscal deficits, rather than bank lending, were the root cause of inflationary pressures in the U.S. economy, making the government’s ability to manage inflation via interest rates less effective.
He cited the Congressional Budget Office (CBO) Outlook report, which raised concerns about the effectiveness of the Department of Government Efficiency (DOGE) in cutting spending.
This was particularly concerning given the high mandatory expenditures, such as social security, Medicare, and defense spending.
“Whenever a nation exceeds 100 per cent debt, it almost always inflates away the debt.
“The U.S. is likely to face an extended period of financial repression, where inflation outpaces economic growth,” Aimen predicted.
He also drew parallels between the current Consumer Price Index (CPI) cycle and the high inflation period of the 1970s, raising concerns about a potential repeat of that era’s economic struggles.
Aimen also discussed the potential effects of tariffs on China, Mexico, and Canada, the U.S.’s largest trade partners, which could stoke inflation by limiting access to cheaper labour and goods.
He warned that the deportation of immigrants could lead to higher domestic prices, as 15 per cent of U.S. workers in construction, manufacturing, and agriculture were immigrants.
Even if these tariffs bring some manufacturing back to the U.S., Aimen questioned whether these industries would be competitive in the global market.
“In other markets, Chinese manufacturers will continue to gain share, and the U.S. risks being shut out,” he said.
In spite of the dollar’s status as the global reserve currency, Aimen noted lingering concerns among investors about the U.S. economic sustainability.
These concerns, he said were driven by factors such as the devaluation of other currencies in response to tariffs, demand for dollar-denominated debt, and a weaker tax revenue base caused by higher unemployment.
“Higher unemployment means weaker tax revenue, compounding the deficit problem.
“With an aging population adding to entitlement costs, a debt spiral is a real possibility without a course correction,” he warned. (NAN) (nannews.com.ng)
The Vice-Chancellor of the African School of Economics, Prof. Mahfouz Adedimeji, has predicted that the various economic reforms introduced by the Federal Government will soon yield positive results.
Speaking at the school’s second edition of its Public Lecture on Thursday in Abuja, Adedimeji said the reforms would soon have a multiplier effect on the economy.
“One of the things that we see in the economy now is that the currency is gaining more value against the dollar. We can also see that the price of fuel has reduced.
“So the only hope is that there will be a reflection of that in the remaining sectors of the economy.
“The optics are good as they stand, and one has every reason to be confident that Nigeria’s economy will pick up as a result of the reforms the Federal Government has put in place,” he said.
Adedimeji explained that the lecture was organised to draw insights from other parts of the world to advance Nigeria’s economy.
“The primary problems that human beings face are economic in nature; what to eat, what to wear, and where to live.
“As a way of advancing discourse on solving our economic problems and addressing our economic challenges, we brought in an Irish economist to talk to us about ways to solve these issues,” he said.
Susan HayesCulleton, from Ulster University, Northern Ireland, while delivering her lecture on “Economic Growth Models: The Ireland Experience”, urged Nigeria to develop the entrepreneurial capacity of its people to foster economic growth.
HayesCulleton said it was time for Nigeria to learn from Ireland by improving the efficiency of businesses to make them more sustainable.
She added that partnerships were also essential to overcoming the challenges of a changing environment while building international relationships.
“The Irish people and the Irish business culture look outward and engage with their diaspora, and Nigeria has a huge capacity to do the same.
“They can also achieve this by enabling people to become proficient in Artificial Intelligence (AI) to enhance website development, e-commerce, and other business ventures.
“So there are plenty of opportunities for Nigeria to leverage its population and, of course, collaborate with Ireland for mutual benefit,” she said.
She encouraged Nigeria to embrace AI in developing sustainable energy sources by upskilling its people to provide solutions to emerging challenges.
“A significant challenge that we face as business leaders in relation to AI is twofold.
“First, energy consumption, we need to develop more sustainable energy sources to power AI operations.
“Secondly, we must ensure that people are adequately upskilled to manage and maximise the potential of AI.
“AI is a new development, but we must consider how we can build our capacity to train AI while also strategically and ethically integrating it into our businesses.
“In addition, we need to align technological advancements with workforce productivity so that society as a whole benefits,” she added. (NAN)(www.nannews.ng)
The Federal Ministry of Industry, Trade and Investment has expressed commitment to creating a sustainable environment for the private sector and other stakeholders to compete favourably and drive economic growth and productivity.
Dr Jumoke Oduwole, the Minister of Industry. Trade and Investment, made the commitment at a retreat for presentation of the 2025 roadmap in Abuja on Monday.
Oduwole said that the goal of the ministry was to facilitate the creation of wealth, productive jobs and share prosperity for all Nigerians.
“As a ministry, we prioritise creating a dynamic, resilient and sustainable economy by positioning the private sector for productivity and competitiveness.
“We have repositioned ourselves to deliver empirically verifiable policies and reforms based on transparently laid down goals which improved the ministry’s performance in 2024,” she said.
The minister said that everything the agencies under the ministry presented at the retreat was already in the budget, adding that it was not coming as a surprise.
She urged all the Ministries, Department and Agencies (MDAs) to work together as such effort would help to achieve the ministry`s goals.
On his part, the ministry’s Minister of State, Sen. John Enoh, said that the gathering was to discuss problems and also to look at solutions to the problems.
Enoh said that the retreat would help to discuss how much the industry and trade can expand and improve to be able to promote investments.
“It is about performance. The work cannot be strong and efficient without effective commitment, I think we all need to be ready for that.
“We need to put more effort to ensure that the mandates and objectives of the ministry are achieved,’’ he said.
The Director-General, Presidential Enabling Business Environment Council, Princess Audu, said that the council was committed to reaching out to all relevant stakeholders to intensify in the business activities.
“We will be working hand in hand with the ministry to determine what levels of improved efficiency can be achieved in the quickest possible time.
“We want to identify areas where we can make a significant impact and work together to implement changes that will benefit the business community and Nigerians at large.
“I am also pleased to announce that our new Reform Impact Assessment (RIA) framework has been launched,’’ she said.
Audu said that the RIA framework was designed to ensure a level of consistency and predictability, as such would help the business grow appropriately.
She said that the framework enabled businesses to plan and forecast with the assurance of a stable business environment as it relates to policies and reforms.
The Director-General and Chief Trade Negotiator of the Nigerian Office for Trade Negotiations (NOTN), Amb.Yonov Agah, said that the office was expanding market access and eliminating barriers to Nigeria’s trade.
Agah said that trade negotiations had inherent risks, adding that they also have opportunities in various areas.
“It is important for Nigeria not to negotiate in a vacuum. Anything you are negotiating needs national frameworks.
“We need a national trade policy framework. We need the institutions, the regulatory environment to implement those agreements,’’ he said. (NAN)
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the country’s economy is on the rise with great investment opportunities.
Edun said this while receiving a high-level delegation from First Abu Dhabi Bank, led by the Group Head of Investment Banking, Martin Tricaud, in Abuja on Thursday.
The News Agency of Nigeria (NAN) reports that the delegation visited to discuss investment opportunities and strategic partnerships.
The minister enumerated the country’s economic transformation over the past 18 months.
He listed key reforms like market-driven pricing for foreign exchange and petroleum products, increased trade through the African Continental Free Trade (AfCFTA), and stronger revenue from both oil and non-oil sectors.
Edun said that those measures had stabilised the economy, improved Gross Domestic Product (GDP) growth, and strengthened the trade balance.
“The progress we have made in stabilising the economy and driving growth is a testament to our administration’s commitment to economic reforms.
“We are eager to showcase these opportunities to investors and partners like the First Abu Dhabi Bank,” he said.
The Minister said that the government had put in efforts to boost food production and affordability, ensuring long-term economic resilience.
He said that the meeting marked a significant step in the country’s efforts to attract foreign investment and strengthen economic ties with key partners.
“This partnership with First Abu Dhabi Bank is expected to unlock new opportunities for investment, job creation, and economic development,” he said.
Tricaud commended the minister for the country’s achievement.
He said that the partnership would yield positive result for both Nigeria and United Arab Emirates (UAE). (NAN)
The Nigeria Data Protection Commission (NDPC) says the data privacy ecosystem has the capacity to drive Nigeria to a trillion dollar economy.
Its National Commissioner, Dr Vincent Olatunji, said this at a news conference to commemorate the 2025 Global Privacy Day, in Abuja.
Beginning from Europe in 2008, the day highlights the significance of privacy and data protection.
The NDPC commissioner said that through the implementation of the pillars of its Nigeria Data Protection-Strategic Roadmap and Action Plan (NDP-SRAP), localised technology adoption and global collaborations, indigenous data privacy could contribute to the growth of the economy.
“We can’t keep relying on foreign technologies for what we are doing here, so our local content must be encouraged.
“In NDPC, our platforms, the services, portal, and websites are locally developed, and they are very robust enough for us to use.
“This can drive technologies and we are talking of operating a trillion dollar economy for this country that will be driven by digital technologies.
“The private ecosystem alone can convey a lot of services that are being offered and you can imagine audit files alone, registration of data controllers, reporting breaches. A lot is going on and even creating awareness through various platforms,” he said.
He also encouraged startups to key into the data privacy ecosystem, adding that there was immense potential.
Speaking on the day, Olatunji highlighted the universality of data privacy principles but stressed the need for adapting them to local laws.
He urged stakeholders to leverage the knowledge of data protection not only within Nigeria but also on a global scale.
“All we want is for you to adapt the local laws of wherever you want to practice. The principles of data protection and security are the same worldwide and the knowledge you acquire here can take you anywhere,” he said.
Olatunji noted the immense potential in Nigeria’s data ecosystem, saying the nation’s human capital development remains critical to advancing its digital economy.
According to him, NDPC places significant focus on building capacity while encouraging the development of indigenous digital technologies to reduce reliance on foreign solutions.
He reiterated the NDPC’s commitment to fostering innovation and collaboration through initiatives that strengthen data privacy awareness, compliance and enforcement.
He stated that Nigeria’s acceptance into the Global Privacy Assembly (GPA) and the hosting rights of the 2025 Network of African Data Protection Authorities conference was a testament that the country had demonstrated a good traction in data protection initiatives.
Olatunji highlighted that a robust data protection framework was a key factor for attracting multinational investments, ensuring compliance with global standards and safeguarding the rights of data subjects.
The commissioner said that the commission had signed Memoranda of Understanding with data protection authorities in Canada and United Arab Emirates, to ensure cross-border knowledge sharing on data privacy.
“Our law applies even when Nigerian data is processed outside the country and collaborating with foreign data protection agencies allows us to exchange knowledge effectively,” he said.
Olatunji stated that the commission had in the past engaged in a series of awareness campaigns, trained 55,529 individuals on data privacy, had 5,351 capacity building programmes, among other engagements.
Highlight of the event included the launch of the NDPC International Journal of Data Privacy and Protection and the release of the commission’s 2024 annual report.(NAN)
Gov. Ahmed Ododo of Kogi has lauded President Bola Tinubu’s commitment to improving energy access as an economic catalyst for growth and development of the nation.
Ododo gave the commendation in Abuja on Tuesday, during a roundtable on “Rural Electrification and Strategy Implementation” organised by Rural Electrification Agency (REA) with the Kogi State Government.
He said that the president has shown a clear path to unlocking the economic greatness of the country’s human assets that were vulnerable and being endangered.
“I commend the efforts of our father, our leader, President Bola Tinubu, for his undoubted commitment to improve access to energy as an economic catalyst and enhancement of social life.”
Ododo said that the roundtable was a collective commitment to bridging the energy asset gap and unlocking the vast economic potential of rural communities.
The governor expressed gratitude to the Rural Electrification Agency and all stakeholders for their steadfast dedication to this vital course.
“Kogi is in a position to play a vital role in this very issue. Our central position and significant socio-economic potential make us not just a vision, but a strategic partner in the push for universal energy access.
“We are ready to provide flexible infrastructural support, expedite administrative processes and ensure community buy-in for every project that you may be interested in our state,” Ododo said.
According to him, Electrifying rural communities is not just about providing light; it is about igniting hope, fostering innovation and empowering our people to build a self-reliant future.
The governor appealed to REA and other partners to prioritise Kogi in their electrification programmes, stressing the importance of universal energy access in fostering innovation, creating jobs and driving economic growth.
“Together, we can achieve universal energy access and create a brighter, more prosperous Kogi,” he said.
The Managing Director of the REA, Abba Aliyu, announced that SOSAI Renewable Energy Service Company had secured a $300,000 grant from the United States Agency for International Development (USAID) to electrify 17 health centers in Kogi.
According to Aliyu, the project has the potential to expand to an additional 40 primary health centres.
He urged the Kogi State Government to provide the necessary counterpart funding to ensure the successful execution of the initiative.
Aliyu said “Habiba Ali, the founder and CEO of SOSAI Renewable Energy Service Company, will oversee the implementation of the grant”.
On his part, Kogi State Commissioner for Energy, Mohammed Abdulmutalib, called on stakeholders to seize the opportunity to power the state’s future with reliable and sustainable energy solutions.
He emphasised the transformative impact of green energy initiatives, including mini-grids on the state’s largely agrarian communities.
“This is a chance to transform the lives of our people, vitalise the economy and set a benchmark for impactful development across the state and the country in general,” Abdulmutalib said.(NAN)
Yobe located in north-east Nigeria is being ravaged by the Boko Haram insurgency, desert encroachment and other environmental challenges, a trend inhibiting sustainable social and economic development of the state.
With an estimated population of 3.6 million according to 2022 official records, over 75 per cent of the people engage in farming and animal rearing.
A substantial number of the inhabitants are engaged in local commercial activities leading to proliferation of village markets across the state.
Trading activities mainly on agricultural produce and livestock, especially in Potiskum, Nguru, Geidam, Yusufari, Gashua and Damaturu attract entrepreneurs from neighbouring states, as well as Niger and Chad.
Potiskum is one of leading cattle markets in West Africa, which suffered the brunt of the insurgents’ attacks in the past 10 years.
However, Yobe is not faring well in terms of the much-needed Internally Generated Revenue (IGR) to stimulate infrastructure development to herald industrial and economic growth in spite of huge trade existing in major towns inYobe.
Yobe’s IGR in 2022 was N10.5 billion, making it one of the three lowest-performing states in Nigeria. The IGR has increased from N4.375 billion in 2018, to N8.515 billion in 2019, and N10.5 billion in 2022.
The improvement in IGR is attributable to the tax reforms being implemented by Gov. Mai Mala Buni since assumption of office in 2019.
To further build a sound foundation for rapid economic transformation, Buni initiated viable infrastructure development projects, agriculture and business support as well as youth and women empowerment programmes.
Postiskum
Potiskum modern market
The programmes, an integral part of the post-conflict recovery process, are designed to provide livelihoods, create jobs, reduce poverty and enhance wealth creation in the society, while encouraging industrial growth through public private partnerships.
To actualise his drive to transform the state’s economy via improved trade, the government constructed four modern markets with 3,200 shops in Potiskum, Damaturu, Nguru and Gashua.
Each of the markets was designed with 800 shops; 28 stores, a police station, parking slots, dumping sites, road network, a fire fighing unit, an administration block, etc.
An entrepreneur, Hashim Bomoi, said the establishment of the markets significantly provided an enabling environment for businesses to thrive.
He said the gesture would also boost trading activities and improved state’s revenue base.
In 2023, the Yobe government expended several billions of Naira on procurement and distribution of fertilisers, inputs, and equipment to small holder farmers across the 17 local government areas of the state.
More than 17,500 farmers each received fertilisers, seeds, chemicals, a planter, a power tiller, and knapsack sprayer, while a fleet of tractors and harvesters had been launched under a subsidised hiring scheme, to encourage agric mechanisation and boost productivity.
To encourage productivity, agriculture value addition, processing and export of cash crops, the Buni administration accomplished yet another milestone project by constructing a cargo airport, to ease transportation of agricultural produce and woo investors to the state.
Buni distributes free inputs/equipment to farmers
It has also completed the construction of a six-tonne per hour capacity sesame aggregation and processing plant in Machina town, while works on three other plants were at various stages of completion at Nguru, Potiskum and Damaturu.
Alhaji Kaigama Umar, Commissioner for Commerce, said that, “this is necessary because Yobe is a leading sesame producer in the country.
“The idea behind the establishment of sesame seed cleaning, processing and packaging factories was conceived by Mai Mala Buni shortly after assuming office.
“Factories like this accelerate industrialisation, which will help our farmers and enhance our IGR,” he said.
According to him, Yobe is the largest producer of sesame in the country, noting that the produce is being cultivated in a commercial quantity in Geidam, Yunusari, Nguru, Machina, among others.
He said sesame farmers in the areas would no longer have to travel to Kano to process their crops as the factory would be at their doorsteps.
“We are also inviting sesame farmers outside the state to come and take advantage of the facility,” he said.
The Buni administration prioritised promoting partnership with development partners, federal agencies and private sector to accelerate industrialisation of the state.
Fleet of tractors/harvesters
In this regard the state government has allocated 300 hectares of land to the Nigeria Export Processing Zone Agency (NEPZA), to support its activities, and establish its office close to the cargo airport.
“You should ensure efficient and speedy use of the land to enhance development.
“Government deliberately allocated the land to the agency close to the Cargo Airport, to stimulate trade and business activities in the state.
“You have great role to play in promoting export of agricultural produce including sesame seeds, gum arabic, livestock and other crops that are produced in great commercial quantities in the state,” Buni said while presenting Certificate-of-Occupancy to the NEPZA, Executive Secretary, Usman Bakori.
To further propel its development programme, the state entered into a similar partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), to enhance job creation for unemployed graduates.
Buni, who has expressed worry and shared the pain of unemployed youths, reiterated commitment to securing employment opportunities to the unemployed graduates, to enable them to meet the expectations of their families and live their lives with dignity and prosperity.
The government, therefore, began massive recruitment of unemployed university graduates, diploma holders, and National Certificate of Education graduates across the 178 wards in the state.
Buni believed that the youths trained by the state in various trades were not only gainfully employed but also employers of labour.
“This partnership occupies a very special place in the heart of our administration, and we are committed to secure more jobs for our youth.
“The government will explore the potential in each of the 17 local government areas to provide means of livelihood and economic prosperity to our youth,” he said.
Farmer support programme
Also, the Director-General of SMEDAN, Mr Charles Odii, said the agency would partner the state towards providing employment opportunities for unemployed graduates.
“SMEDAN will drive, stimulate and coordinate development of Micro, Small and Medium-scale Enterprises (MSMEs) in Yobe state, to promote self-sufficiency.
“The partnership will provide the benefitting graduates with skills to accelerate self-employment for economic prosperity,” Odii said during a visit to Buni.
While consolidating on the gains of partnership with SMEDAN, the Buni administration sealed another cooperation agreement with the Arab Bank for Economic Development (BADEA) on energy and agriculture development.
This followed successful negotiations, which focused on job creation and enhance security and infrastructure in the state.
The agreement seeks to encourage agricultural productivity, vocational training, infrastructural and energy development, as well as quality education and healthcare service delivery, and security to safeguard the environment.
Buni, who spoke at the signing of the agreement, said that, “we are passionate about agriculture being the major preoccupation of our people to improve food sufficiency, food security and economic development.
“Vocational training for our youth is another key sector to provide employment opportunities and economic growth in our reconstruction and recovery programme.
“The state government is also committed to improving the infrastructure to enhance socio-economic development in our quest to recover from the destruction by insurgency”.
He added that in spite of his administration’s huge investment in education, the sector still required more support in view of its capital intensive nature.
Dr Sidi Tah, the president of the bank, expressed satisfaction with the efforts made by the state government in the reconstruction, rehabilitation and recovery efforts after decades of Boko Haram insurgency.
“We are impressed with your efforts and commitment to improving the lives of your people, we are ready to partner with your state to improve on the achievements made,” the president assured.
Experts are of the view that the Yobe government needs to initiate comprehensive tax administration reforms, to block leakages and boost state revenue base, to sustain the feat so far achieved in the economic recovery process. (NANFeatures) (www.nannews.ng)
**If used please credit the writer and News Agency of Nigeria
An Analyst, Prof. Abiodun Adeniyi has stated that Nigeria’s economy is showing progress, although not yet reflected in the living standards of the population.
Adeniyi, who is the Dean of the School of Postgraduate Studies at Baze University Abuja, said this in an interview with the News Agency of Nigeria (NAN) on Sunday.
He was responding to the release of the Q3 2024 Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), which revealed a 3.46 per cent growth in Nigeria’s GDP in real terms.
According to the report, this growth rate surpassed the 2.54 per cent recorded in Q3 2023 and the 3.19 per cent achieved in Q2 2024.
The report shows that GDP performance in Q3 2024 was driven by contributions from both the oil and non-oil sectors, with the service sector leading the way, growing by 5.19 per cent and contributing 53.58 per cent to the total GDP.
The service sector includes banking and finance, trade, tourism, real estate, telecommunications, information and communication technology, arts, entertainment, recreation, and education.
Adeniyi explained that the growth is a monetary policy indicator, which may not be reflecting fiscal policy measures.
He noted that since the manufacturing and production sectors are declining, the service sector is the primary contributor to Nigeria’s GDP growth, as shown in the report.
“Yes, we need to acknowledge that there is growth, even though it is still marginal and not yet significant enough to impact people’s lives or living standards.
“However, this does not change the fact that there is growth in our GDP.
“There is growth, but what we need to do is ensure alignment between fiscal and monetary policies, and between the macroeconomic variant of GDP and macroeconomic indices.
“Once this alignment occurs, we can expect the improvements to be reflected in people’s standards of living”.
Adeniyi also stated that the cost of living crisis could begin to ease once the economy shows recovery in both statistical and practical terms.
He emphasised that Nigeria is on the right track in spite the marginal growth.
“Although the changes we want to see are not yet evident, we must recognise the progress being made, no matter how small,” he said.
He urged the government to maintain consistency in its policies to achieve economic stability and sustainability.
“We need policy consistency, not just in words but in actions, transparency, accountability, and conduct. Once these elements are visible, we can be confident that we are on the right track,” he added.
The Police Command in Bayelsa has warned blue economy saboteurs to avoid the state, saying it would use every legal means to protect Nigeria’s economic interest.
The Commissioner of Police in the state, Mr Francis Alonyenu, said this in Yenagoa during an interview with the News Agency of Nigeria (NAN).
Alonyenu said that being a major player in Nigeria’s blue economy, the command was poised to ensure peace and order.
He said that with its rich maritime, petroleum and gas economic value, the Nigeria Police Force would ensure that these assets are properly harnessed for the good of the people of the state and Nigeria in general.
The commissioner said the command had reduced crime rate to the barest minimum through surveillance drones, to ensure effective policing of the state and its maritime environment.
This, he said, had given individuals and corporate entities the liberty to go about their normal businesses unmolested.
He said the success recorded by the command could be partly attributed to crime mapping which enabled it to understand, for instance, the motivation behind attacks on pipelines and how to address the challenge.
The Commissioner said having contained the activities of economic saboteurs on Bayelsa’s waters, the command was carrying out clearance in the area and assured its determination to maintain the status quo.
NAN recalls that Bayelsa is one of the leading oil-producing states in the country with a sophisticated network of pipelines both on the sea and land.
In the recent past, these facilities that are at the heart of the nation’s economy have come under attack by economic saboteurs to break the pipelines or divert the crude oil.
Nigeria loses an estimated 300,000 barrels of crude oil per day to oil theft, pipeline vandalism and other forms of criminality.
The menace has culminated in revenue losses estimated at N1.29 trillion annually, said Abbas Tajudeen, Speaker of the House of Representatives.
He spoke at the inauguration of the New Headquarters, Naval Training Command Ebubu, Eleme Local Government Area of Rivers. (NAN) (www.nannews)
President Bola Tinubu and other stakeholders have advocated sound corporate governance to reposition the nation’s economy toward steady growth.
The President, represented by the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, spoke at the 2024 Annual Directors Conference in Lagos.
The News Agency of Nigeria (NAN), reports that the conference organised by the Chartered Institute of Directors (CIoD) had the theme: “Good Governance as a Catalyst for Economic Recovery, Growth, and Development”.
Tinubu said that good governance was not merely a concept but an essential component to achievd the country’s desired development.
He said that economic recovery, growth and development deeply resonated with his administration’s vision for Nigeria.
The President said that he was committed to advancing robust corporate governance practices across all sectors of the Nigerian economy.
“Now is the time for innovative thinking and proactive governance to revive our nation’s aspirations to reincorporate our economy for the benefit of all citizens.
“This government has undertaken bold reforms vital to shaping a Nigeria reflective of our productive future.
“We have enhanced governance frameworks by implementing systems to benchmark, monitor and evaluate our ministerial performance; the idea is to ensure that quality is best and trusted to our nation’s future,” he said.
Tinubu urged directors, as guardians of leadership, vision, corporate integrity and strategies, to complement government’s support across all sectors of the Nigerian economy.
He said that the country must align its endeavours with global governance, technology and human development trends in its quest for economic recovery.
He reiterated that his administration was steadfast in nurturing an environment that would provide equal opportunity, ensure economic stability, improve business efficiency and enhance infrastructure to shore up industrial growth.
Mr Babajide Sanwo-Olu, Governor of Lagos State, in his remarks, said that as leaders, good governance was an economic imperative “even more than a moral obligation”.
The governor said that good governance was key to unlocking the nation’s potential, attracting vital investment, and creating opportunities for our citizens.
According to him, transparency, accountability, and trust are the cornerstones of any thriving economy with history showing that where these principles are absent, nations struggle.
“We have seen the devastating consequences of poor governance, where corruption and inefficiency stifle growth and erode trust in institutions.
“But history has also shown us that with strong governmental institutions, effective leadership, and an unwavering commitment to transparency, we can build a strong and thriving economy,” he said.
The governor stated that the state was deeply committed to embedding the values of good corporate governance in every facet of his administration.
He added that Lagos state had launched reforms to strengthen institutions, promote transparency, and ensure accountability across sectors.
Sanwo-Olu, however, stressed that the government alone could not achieve sustainable progress in advancing good governance, hence the need for collaboration with the private sector.
“By adhering to ethical business practices, investing in sustainable initiatives, and insisting on transparency in governmental dealings, we can create an environment that fosters transparency and economic stability.
“Together, we can bridge the gap between intention and action,” he said.
Alhaji Tijjani Borodo, President, CIoD, said that the conference was a flagship of the institute’s public engagement initiatives, where leaders from the private and public sectors addressed key issues affecting the economy, society and businesses.
Borodo said that the theme of the conference was particularly apt as economies across the globe were grappling with socio – economic challenges, adding that Nigeria was no exception.
He said that one key solution central to addressing the challenges as leaders was to champion the promotion of good governance.
According to him, economies with strong governance practices experience sustained growth and development.
“In Nigeria, we have seen encouraging signs in both the private and public sectors, where sound governance has played a key role in improving investor confidence and driving economic reforms.
“This has also rubbed on our neighbouring countries so there is more work to be done, and that is why we are here today.
“Together, we can create a brighter future for our nation, marked by transparency, accountability, and sustainable growth.
“Let us collaborate to drive Nigeria’s economic transformation and diversification through the lens of corporate governance,” he said.(NAN)
Edited by Kadiri Abdulrahman
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