Growth - NEWS AGENCY OF NIGERIA

Tosin Kolade
Dec, Wed, 2024

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

46 total views today

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

Tosin Kolade
Dec, Fri, 2024

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

Philip Daniel Yatai
Nov, Mon, 2024

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

Philip Daniel Yatai
Nov, Fri, 2024

Economy/Business

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

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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