NEWS AGENCY OF NIGERIA
Economy/Business

FG affirms commitment to creating sustainable environment for private sector 

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By Vivian Emoni

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)

Edited by Kadiri Abdulrahman

General News

Ododo lauds Tinubu’s commitment to rural electrification

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By Naomi Sharang

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)

Edited by Bayo Sekoni

Foreign

Morocco advances reforms for inclusive growth

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By Sumaila Ogbaje

King Mohammed VI of Morocco has expressed commitment to structural reforms, and aligning administrative and developmental efforts with the broader vision for sustainable and inclusive growth.

 

The king made the commitment in his message read by the Interior Minister, Abdelouafi Laftit, to the participants at the 2nd National Conference on Advanced Regionalisation, on Friday in Tangier.

 

He highlighted key challenges in the implementation of advanced regionalisation in Morocco and the significance of the process for fostering economic and social development, improving governance, and addressing regional disparities.

 

King Mohammed said the conference aimed to strengthen local governance and economic development at both regional and national levels, while building on the foundation set by the first national conference in 2019.

 

He said there was the urgency in implementing the National Charter for Administrative Devolution, emphasising ministries’ active roles in transferring powers to regional authorities.

 

“To achieve this goal, regions and local governments – each in their field of competence and within their specific powers as well as those shared with other stakeholders – are called upon to launch more ambitious programmes and initiatives within the framework of a national strategy for water conservation at the regional level.

 

“They are also expected to contribute to implementing that strategy through effective procedural measures.

 

“As regards the development of the transportation and mobility system for the achievement of integrated regional development, it is clear that this sector will quickly develop in the next few years.

 

“The reason for this is the growing dynamism of our country as a regional hub that attracts investment, not to mention the large-scale projects launched as part of our country’s preparations to host the 2030 football World Cup.

 

“Developing a comprehensive, sustainable transportation system has become a basic requirement for the achievement of integrated local and regional development.

 

“It is also a key entry point for reducing regional and social disparities,’’ he said.

 

To achieve this goal, the King urged regions and local governments to contribute to developing the sector, and accompany the efforts made by the state in that regard.

 

He added that digital transition at the local and regional levels had become a requirement to keep pace with the technological revolution the world is witnessing today.

 

According to him, one can hardly imagine a regional or local development process without digital development, especially since digital technology has been playing an increasingly important role in the management of local and regional affairs.

 

Omar Morro, President of the Council of the Region of Tangan-Texoum-Al Houceima, said the slogan of the conference, “Advanced Regionalism between the Challenges of Today and Tomorrow”, was consistent with the constant concern of the Regional Councils.

 

Morro said that implementing and developing the first advanced project in nine years had revealed the basic opportunities and challenges that must be dealt with.

 

The President, Association of Regions of Morocco, Bouaida Mbarka, said the conference was an opportunity for participatory approach and collective interaction on the problems raised.

 

Mbarka said it was to identify the nature of the challenges posed in order to make the Moroccan experience a success and to come up with solid, realistic and achievable recommendations that meet the expectations of all actors.

 

The aim, according to her, is to achieve the programmes and projects that they aspired to in order to draw and develop the areas that are authorised by the regulatory law and to promote investment for job opportunities and employment.

 

“Our first and last goal remains to create a democratic dynamic that benefits the population within the framework of justice,’’ she said. (NAN) (www.nannews.ng)

Edited by Yakubu Uba

General News

Drug Abuse, major threat to Nigeria’s security, stability –NGO

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By Akpan Glory

The Standsafe Society Against Drugs and Substance Abuse (SSADASA), a non-governmental organisation, has called for urgent action to address drug abuse, noting its links to Nigeria’s broader development challenges.

Speaking to the News Agency of Nigeria (NAN) on Wednesday, the organisation’s Executive Director, Mr Godwin Bebiem, identified drug abuse as a major driver of violence, insecurity, and socioeconomic difficulties across the country.

Citing a 2022 Statista report, Bebiem noted a huge rise in drug use and crime across Nigeria’s six geopolitical zones between 2018 and 2019.

“Drug abuse has become a scourge that is deeply embedded in the fabric of our society.

“This has contributed to the alarming issues we see in our homes and communities today”.

Bebiem stressed the importance of a coordinated approach among security agencies.

He recommended that the National Drug Law Enforcement Agency (NDLEA) conduct training for government officials, private sector representatives, and civil society organisations (CSOs) on managing drug-related issues.

He also proposed the creation of a specialised taskforce to address the production, distribution, and sale of illicit drugs within Nigeria and across the ECOWAS region.

Furthermore, Bebiem advocated for youth-focused initiatives, such as the ‘Catch Them Young’ programme, aimed at establishing anti-drug clubs in schools, motor parks, and other institutions.

He suggested that organisations like the NDLEA, the Institute for Peace and Conflict Resolution (IPCR), and SSADASA lead these efforts.

Bebiem called for a nationwide survey to provide data-driven insights into drug-related issues and inform effective solutions.

He urged security agencies and CSOs to strengthen their outreach efforts through advocacy and public awareness campaigns.

He emphasised the importance of widespread advocacy involving government and private institutions, healthcare providers, and schools to prevent drug abuse, particularly among the youth.

“The prevention of drug abuse must begin with education and outreach at all levels of society,” he said.

Bebiem also called on the government to strengthen primary healthcare by providing counselling services at grassroots levels, training additional personnel.

He added that deploying them to primary health centres would help to address addiction more effectively.

On socioeconomic measures, he urged the federal and state governments to partner with international organisations and donor agencies for national campaigns and family support initiatives.

He further recommended the establishment of vocational training centres in Nigeria’s six geopolitical zones to empower unemployed individuals and reduce their vulnerability to drug abuse.

The executive director highlighted the importance of regulating social media, advocating for policies to censor harmful content.

He also called for greater parental supervision and the establishment of professional caregiving institutions to protect children from drug-related crimes and violence.

“One of the key recommendations in our last workshop was to regulate social media content while encouraging parents to monitor what their children consume online,” he explained.

Bebiem, however, called for a unified national response to address the drug abuse crisis.

“This is a critical call for help to all government agencies, organisations, and international partners.

“We must work together to create a safe and healthy society that fosters the development of our citizens and the nation as a whole,” he said.

He also stressed the need for a comprehensive five to 10 year strategic plan to address the security, health, and socioeconomic consequences of drug abuse in Nigeria and the ECOWAS region. (NAN) www.nannews.ng

Edited by Tosin Kolade

Economy/Business

LCCI anticipates positive growth, seeks policies to boost projections

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By Rukayat Moisemhe

The Lagos Chamber of Commerce and Industry (LCCI) has expressed belief that the economy would end the current year in positive growth of three to four per cent.

LCCI president, Mr Gabriel Idahosa, said this at the chamber’s Annual General Meeting (AGM) on Thursday in Lagos.

He, however, said that achieving faster recovery required the fiscal and monetary sides of the economy to promote policies that would encourage private capital flows to the economy.

According to him, fiscal and monetary authorities need to develop a medium-term growth plan anchored on boosting local production, supporting ease of doing business and attracting private investment.

Idahosa said the plan should also focus on developing infrastructure, business-friendly regulatory policies, economic diversification, and employment generation.

“Nigeria is presently confronted with a myriad of challenges including sustained double-digit inflation, a steadily rising debt profile, revenue mobilisation challenges and others.

“We have advocated for a well-coordinated synergy between the fiscal and monetary authorities in engagement with the private sector to navigate the uncertain economic terrain.

“We will continue to engage with government in creating an enabling business environment where the private sector is empowered to grow, create jobs and generate revenue for the government,” he said.

Addressing some economic indices, the LCCI president noted that the private sector was currently plagued with increased borrowing costs and a pressured foreign exchange market.

He said recent hikes in Monetary Policy Rate (MPR) had directly translated to higher interest rates, making it more expensive for businesses to access credit for working capital, expansion, and sustainability.

He said that rate hikes alone would not curb inflation without resolving the challenges of the real sector of the economy.

Idahosa added that the country needed to diversify its exports by boosting local crude refining capacity production of petrochemical products and accelerating reforms in the and gas sector.

“The chamber looks forward to the sustained implementation of naira payments for crude oil sales to the Dangote refinery and other local refineries, which started on Oct. 1, 2024.

“We urge government to summon the courage to be consistent with the oil and gas sector reforms and implement the Petroleum Industry Act (PIA) fully.

“We see the long-term gains of these reforms if they are implemented under a conducive regulatory environment,” he said.

On the projected N47.9 trillion 2025 budget to run the economy, Idahosa said the key parameters and assumptions on which the budget was proposed was too optimistic in face of some economic and social indicators.

Dr Chinyere Almona, Director General, LCCI, urged government to create an enabling environment for businesses to thrive to enhance their productivity and contribute more meaningfully to the economy.

She noted that while the last one year was filled with very difficult reforms, businesses should stay the course on these reforms and things would improve.

Almona urged businesses to think of alternatives to improve efficiency, attract finance and be more productive, while hoping for the next year to be better.

She also called on authorities to focus on non-oil exports to attract more foreign exchange.

“When we talk of exports, we are not just talking of exporting raw materials but processing materials to command top dollar in the export market.

“At the chamber, we are looking for how we can improve our export and Small and Medium Enterprises (SMEs) groups to improve their capacity and productivity to export more, ” he said.

He said they would continue to advocate on bottlenecks that government needed to address while working to educate them on standards, parameters and packaging of products across the borders. (NAN)(www.nannews.ng)

Edited by Benson Ezugwu/Oluwole Sogunle

Economy/Business

Nigeria, China strengthen bilateral ties to drive economic development, Innovation

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By Lucy Ogalue

The Federal Government of Nigeria and the People’s Republic of China have reaffirmed their commitment to deepening bilateral relations, with a focus on driving economic development, infrastructure growth, and technological innovation.

The Minister of Foreign Affairs, Amb. Yusuf Tuggar, said this at the Nigeria-China Economic and Trade Partnership Forum Roundtable in Abuja on Monday.

Tuggar, represented by Amb. Bolaji Akinremi, Director, Economic and Trade Infrastructure Department (ETID), said that the relationship between the two nations had evolved significantly over the years.

He reiterated the importance of the recently established Comprehensive Strategic Partnership between both countries, adding that the partnership would strengthen trade, investment, and capacity-building initiatives aimed at fostering sustainable development.

“The establishment of this partnership marks a milestone in the relations between our two countries.

“It is an opportunity for us to collaborate more extensively in key areas like infrastructure development, trade, investment, capacity building, and people-to-people exchanges,” he said.

The minister further assured participants that the Ministry of Foreign Affairs would continue to facilitate closer cooperation with Chinese counterparts and relevant stakeholders.

He said that efforts would be intensified, to ensure that projects under the new partnership were successfully implemented.

Also speaking, Mr Joseph Tegbe, Director-General of the China-Nigeria Strategic Partnership, expressed optimism about the future of the two nations’ economic collaboration.

According to Tegbe, the relationship between Nigeria and China has been built on mutual respect, shared goals, and the pursuit of joint development for over 50 years.

“Over the years, we have seen significant progress in areas like infrastructure, trade, energy, health and education.

“Our relationship is not just about economic growth, but also about creating opportunities that will benefit both countries and the people,” he said

He emphasised the critical role of strategic coordination between both governments, adding that sectors like agriculture, mining, alternative energy, and healthcare would receive priority attention under the partnership.

He also reiterated Nigeria’s commitment to advancing industrialisation and moving towards a net-export position, positioning China as a key partner in this effort.

Mr Zhang Liang, Head of the Chinese delegation and Secretary-General of the LVY Road International Cooperation Center, expressed China’s firm support for strengthening the bilateral relationship.

According to him, China and Nigeria have a shared vision for development and prosperity, thus the need to deepen collaboration.

“China and Nigeria, as two major developing countries, have long respected each other and worked together to achieve common progress.

“With our strengthened comprehensive strategic partnership, we are confident that we can usher in a new era of cooperation, benefiting not only our nations but also the broader Global South,” Liang stated.

He restated the importance of the Forum on China-Africa Cooperation (FOCAC), which had elevated China-Nigeria relations and opened new avenues for collaboration.

Liang also praised the China-Nigeria Economic and Trade Conference, which provided Nigerian and Chinese businesses a platform to engage in fruitful discussions aimed at advancing trade and investment.

He, therefore, encouraged the facilitation of in-depth negotiations, strengthened cooperation and early implementation of projects to achieve the goals of both countries.

Also, the Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Rimi , said that Nigeria sought deeper cooperation with China in agriculture, mining, renewable energy and technology sectors, among others.

According to Rimi, Nigeria has enacted various policies to enable it to attract investments and promote responsible, inclusive and sustainable trade and investment growth.

He urged the Chinese businesses to view Nigeria as an ideal investment destination, emphasising its position as Africa’s largest economy and a gateway to other regions.

He therefore expressed hope that the forum would foster stronger relations between the two nations and lead to fruitful discussions on strategic partnerships and investments.

Mr Khalil Halilu, Chief Executive Officer, National Agency for Science and Engineering Infrastructure (NASENI), said that the presence of over 20 Chinese companies at the forum was a testament of the opportunities in Nigeria.

He expressed optimism that the partnership would contribute significantly to the growth and development of both countries.

The Director-General, Rural Electrification Energy of Nigeria, Mr Abba Aliyu, while stating the mandate of the agency, also expressed confidence in the collaboration with China.

He said that the agency signed three Memoranda of Understanding (MoUs) with China during President Bola Tinubu’s visit, adding that the agency had begun the process of implementation of the projects.

The News Agency of Nigeria (NAN) reports that the event was attended by government officials, Heads of Agencies, representatives of companies from Nigeria and China, stakeholders, and partners among others. (NAN)

Edited by Kadiri Abdulrahman

Economy/Business

Tinubu, Sanwo-Olu advocate sound corporate governance for steady economic growth

453 total views today

By Rukayat Moisemhe

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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