Connect with us

Government

Recession Inevitable, Says Osinbajo as FG Restates Resolve to Restructure Economy

Published

on

Recession

Vice-President Yemi Osinbajo on Tuesday reviewed the state of the economy and explained that the prevailing recession was necessitated by the loss of 60 per cent of the nation’s revenue in the first quarter of the year to the violent activities of militants and economic sabouteurs in the Niger Delta.

But he gave assurances that the recession would be short-lived because the federal government was putting in place some mechanisms that would aid the quick recovery of the economy.

The vice-president, who spoke at a convocation in Ede, Osun State, enjoined Nigerian youths to multitask in order to break even.

Osinbajo’s assurances of a quick return to better days was echoed in China by the Minister of Trade and Industry, Dr. Okechukwu Enelamah, who restated the federal government’s resolve to restructure the economy, saying that its policies focused on diversifying revenue sources would help the economy speed up the recovery process.

Explaining Nigeria’s sharp fall into recession, Osinbajo explained that there was no way the country could have avoided the recession since it had in February lost 60 per cent of its revenues to the activities of saboteurs.

He also identified pipeline vandalism coupled with the errors of some past leaders as some of the reasons for the current economic situation in the country.

The vice-president enjoined youths, especially young graduates to be diligent and take advantage of various international trading platforms to improve their status.

Also speaking at the convocation, a Global economic analyst, Mr Dick Kramer, in a lecture entitled, “Nation Building and Nigeria’s Economic Challenges,” said the country was in recession because it had failed to build a strong private economy over the years and also failed to create an economy based on industries.

While noting that the global economy had been relatively weak in the last 18 years, Kramer said Nigeria needed a new long term economic plan which must entail fostering an effective public/private partnership.

Also a former Minister of Defence, Lt-Gen Theophilus Danjuma (rtd), called for serious investment in the education system in view of its impact on the socio-economic development of the country.

Speaking in China, the Minister of Trade and Industry, Enelamah, said the federal government was taking advantage of the difficult economic conditions arising from the sharp fall in oil prices to restructure the economy.

He said China would continue to be an important partner in Nigeria’s ongoing quest for sustainable growth and development.

The minister spoke during a panel discussion at the Second ‘Investing in Africa’ Forum, which took place in Guangzhou, China, and was organised by the government of China’s Guangdong Province, the China Development Bank, and the World Bank Group.

Enelamah said: “Our principal economic policy direction in Nigeria is to diversify the economy, away from the longstanding traditional reliance on oil exports. We are taking steps to structurally transform the economy, so as to restore growth and create jobs.”

He listed some of the steps the government was taking to include: “Strategically aligning monetary, fiscal and structural policies, to engender much-needed investors’ confidence; creating a private-sector driven Presidential Council on Ease of Doing Business that will initiate and implement far-reaching business environment reforms; repositioning the Nigeria Investment Promotion Council to enable it effectively fulfil its core mandate, among others.”

According to the minister, the NIPC would provide the needed incentives and ‘aftercare’ services to investors, as well as proactively create regular opportunities for investors’ engagement.

The minister highlighted a number of “strategic” sectors for intending and potential investors in Nigeria to include: Agriculture and Agro-Processing, Automotive, Infrastructure (Roads, Rail, Ports and Power), Real Estate, Pharmaceuticals, and the Digital Economy.

In his closing remarks, Enelamah praised the ongoing cooperation between China and Nigeria on the part of both governments, and also the private sector.

Enelamah said: “The China miracle is one that provides very many useful lessons from which Nigeria can borrow, and is borrowing. Nigeria will continue to work hard and in close partnership with China for mutual benefits, growth and development.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Government

FG Places 3,964 Nigerians on Watch List, Suspends Passports

Published

on

Nigerian passport - Investorsking

No fewer than 3,964 Nigerians are currently on the watch list of the Nigeria Immigration Service.

The names of the affected individuals, it was gathered, have been placed with security agencies at the nation’s international airports where they will be arrested on sight.

According to the 2020 NIS annual report suspect index, 308 persons were placed on the watch list in 2019, 166 in 2020, while 51 persons were stop-listed in two years.

No fewer than 3, 438 passports are also being watch, while 23 are on the exemption list.

The report states, “Suspect index reviews and maintains the list of persons whose entry into Nigeria is prohibited or on whom special instructions are in place with respect to entry and departure from Nigeria. The travel documents are the instruments used to achieve this objective through synergy with other law enforcement agencies and court of competent jurisdiction.”

In a related development, the NIS has revoked 149, 875 stolen or lost passports and uploaded them to Interpol’s Stolen and Lost Travel Documents database via the Web Services for Data Management platform.

Meanwhile, there are indications that the FG may not meet its 2021 revenue projection from NIS services.

Findings show that there might be revenue shortfall from visa; e-PASS, ECOWAS Residence Card, the Combined Expatriate Residence Permit and Aliens Card and other documents issued by the NIS due to the reduced number of foreign visitors and expatriates in the country following COVID-19 travel restrictions.

Immigration sources said the number of Italians, Britons, South Africans, Chinese, Indians, and other Asians, who constitute a large percentage of expatriates in the country, had reduced on account of travel restrictions imposed by their respective countries.

The erstwhile Comptroller-General of Immigration, Muhammad Babandede had said the service recorded a 40 per cent revenue shortfall in 2020 due to the COVID-19 pandemic.

Figures from the NIS showed that in 2018, the immigration service generated N20.3bn from CERPAC; N40.7bn in 2019, and N16.7bn in 2020.

Continue Reading

Government

Envoy Considers Establishment Of Chinese Banks In Nigeria To Boost Economy

Published

on

Chinese Ambassador to Nigeria- Investors king

Mr Cui Jianchun, the Chinese Ambassador to Nigeria, says he is in talks with Chinese owned Banks to establish operations in Nigeria.

This, the envoy said, is to boost Nigeria’s economy and expand trade relations between the two nations.

Cui made this known on Tuesday in Abuja while addressing Journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week.

According to Cui, the establishment of Chinese Banks in Nigeria will also be one of the key areas of discussion during the China-Nigeria Binational Committee meeting, which he is also pushing for the establishment.

He said that an efficient financial institution was a key driver to achieving a strong economy, one Nigeria can learn from China’s experience.

“Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the World’s 10 big banks, six are in China.

“The Banking sector is very important, because, without money, we cannot build our industries.

“What I am thinking here is best to talk to the governor of Central Bank and how we can allow the Chinese Banks to run office here and now, they are doing the feasibility studies on that.

“I am working hard that in the Bi-national meeting, I hope we can make a big decision and give a big push to let the banking industry and insurance industry because financial integration and institutions are key.

“If you go to China, you will find our banking industry is very powerful, not only for business but the change in the way of life.

“Because of the COVID-19, the Banking Industry is a little hesitant, but I told them Nigeria has a lot of human resources and as long as we work together, we can do big things.

“And that is why it is important to invest in the banking industry, to solve this problem,” Cui said.

Extolling the extant China-Nigeria trade relations, Cui noted that the volume of trade between China and Nigeria is nearly 20 billion US Dollars, with an increase from 2020’s 19.2 billion dollars.

Cui said the Chinese economy is restoring to the normal post-COVID-19 pandemic and both governments are working hard on how to expand imports and exports.

Speaking on the event, Cui said the China’s moon festival is a very important and significant one for China as it symbolises family reunion, national peace and social harmony.

The envoy said the 2021 celebration is also a special one as it coincides with the 50th Anniversary of China-Nigeria’s bilateral relations.

He said that both countries also share Oct. 1 as their National Days.

He said it is also on that note that the Chinese Embassy is honouring 50 Nigerian employees of Chinese Companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.

Dr Ifeoma Anyanwutaku, the Permanent Secretary, Federal Ministry of Information and Culture, also lauded the Nigeria-China relations.

She said the relations had recorded great successes over the past five decades.

“The five decades of co-operation had since witnessed several cultural activities and exchanges in the spheres of arts, music, dance, exhibition, cultural administration, training and capacity building of cultural officers.

“And recently, the development of Cultural Industries centres in Nigeria, among others.

“I must add that China, through the youth-oriented programmes such as the photos competition and similar activities in the past is surely a dependable ally.

“In redirecting the energy and mind of our youth to creative ventures, thereby furthering the Nigerian government’s policy of lifting a hundred million Nigerians out of poverty in the next 10 years”, Anyanwukatu said. (NAN)

Continue Reading

Government

Lagos Prohibits Open Cattle Grazing, Sanwo-Olu Signs Bill Into Law

Published

on

herdsmen

Lagos State Governor Babajide Sanwo-Olu, on Monday, assented to the bill prohibiting Open Cattle Grazing and Trespass of Cattle on Land, signing the legislation into law 11 days after it was unanimously passed by the State House of Assembly and transmitted to the Executive arm for authorisation.

By implication, it is now criminal in Lagos for cattle rearers to occupy unapproved public areas and private land with their livestock for grazing. The law also prohibits the act of moving cattle round public places by herders.

The signing of the anti-open grazing law by the Governor followed the decision of Southern Governors’ Forum last August, setting the September deadline to pass the law across member States.

There have been crises witnessed in some States, resulting from alleged open grazing.

Although farmer-herder crisis is not pronounced in Lagos, the anti-open grazing law is expected to prevent the spillover of the menace into the State.

Sanwo-Olu, who assented to the bill during the State’s Executive Council meeting in Alausa, directed the security agencies to swing immediately into action and enforce provisions of the law.

He said: “By the powers vested in me as the Governor of Lagos State, I am signing the bill on Open Cattle Grazing and Trespass of Cattle on Land into law to prohibit issues associated with open grazing of livestock.”

The Governor also signed legislation transforming the Lagos State Domestic and Sexual Violence Response Team (DSVRT) into a full-blown agency.

The development coincided with the commemorative month dedicated to raising awareness on gender-based violence in the State. The Governor and members of the State’s cabinet wore attire with purple shades to support the campaign against sexual violence.

The DSVRT legislation provides for the establishment of Sexual Offenders’ Register that would help the State efficiently tackle violations in the communities.

After signing the law, Sanwo-Olu said: “Raising awareness about domestic and sexual violence is an important piece of working to end the cycle of violence. It is important to reiterate the State Government’s zero tolerance to all forms of sexual and gender-based violence. We will not rest on our oars until the menace is reduced to the barest minimum in Lagos.”

The Governor appointed Mrs. Titilola Vivour-Adeniyi as the Executive Secretary of the new agency.

Vivour-Adeniyi was the coordinator of the response team before the legislation was signed into law.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending