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

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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.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Netanyahu

Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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