Connect with us

Economy

No Land For Invaders Masquerading as Herdsmen – Southern Governors

Published

on

herdsmen

The Chairman of the Southern Governors’ Forum and Ondo State Governor, Mr. Rotimi Akeredolu, yesterday faulted Monday’s presidential statement querying the legality of the governors’ ban on open grazing.

Akeredolu, in a statement by his Senior Special Assistant, Special Duties and Strategies, Dr. Doyin Odebowale, said Shehu could not be representing the presidency with his positions on issues of national concern.

He said: “Anyone who has been following the utterances of this man (Shehu), as well as his fellow travellers on the self-deluding, mendacious but potentially dangerous itinerary to anarchy cannot but conclude that he works, assiduously, for extraneous interests whose game plan stands at variance with the expectations of genuine lovers of peaceful coexistence among all the peoples whose ethnic extractions are indigenous to Nigeria.”

He added: “Shehu cannot continue to hide under some opaque, omnibus and dubious directives to create confusion in the polity.

“The declaration that the recommendations of the Minister of Agriculture, Alhaji Sabo Nanono, a mere political appointee like Garba Shehu, are now the ‘lasting solutions,’ which eluded all the elected representatives of the people of the Southern part of the country, exposes this man as a pitiable messenger who does not seem to understand the limits of his relevance and charge.

“Mr. Garba contends that ‘their announcement is of questionable legality’, referring to the 17 governors of the Southern states, but the decision of certain elements to take the ancestral lands of other people to settle their kinsmen, including the ‘gun-wielding ‘killer herdsmen’ and their families, and provide ‘veterinary clinics, water points for animals, and facilities for herders and their families, including schooling through these rehabilitated reserves’ for which ‘the federal government is making far-reaching and practical changes allowing for different communities to co-exist side-by-side’, does not appear to him as a comprehensive plan for land grabbing, a precursor to internal colonialism.”

Akeredolu said Shehu wanted to revive forest reserves “but seems particularly uninterested in the current position of the same law that he and his cohorts often misinterpret to serve parochialism and greed.”

“Governors no longer have powers over the lands in their territories. They must take instructions from appointees of the federal government on such matters,” he stated.

While noting the rights of all Nigerians to move freely in all parts of the country as guaranteed by the constitution, Akeredolu said it was clear that Shehu seemed to have issues understanding the difference between licentious criminality and qualified rights under the law.

He said: “It is our duty to continually nudge him off his current state of cognitive dissonance. His pronouncement betrays dubiousness and mischief.

“Most traditional families in Nigeria have occupations. Pastoralism is not an exception. Any ethnic group still trapped in anachronism may be assisted to embrace modernity.

“Dispossessing communities of their ancestral lands, encouraging denizens of the forests to overrun lands belonging to other people and forcing alien bands of migrants on the local populace to live ‘side-by-side’ with other communities cannot be for the purpose of animal husbandry.

“It raises suspicion on a grand, deliberate, persistent and insidious design to use naked force to subjugate the real owners of the land. Mr. Garba Shehu is a major supporter of the current pervasive anarchy in the land.

“May, we warn Mr. Garba Shehu and his cohorts to desist from hurling insults at the elected representatives of the people. He lacks the authority to make policy statements for the federal government, unless directed, expressly. His acts are clearly those of an agent provocateur.

“No inch of the space delineated and known, currently, as South-west, and indeed the whole South, will be ceded to a band of invaders masquerading as herdsmen under any guise.”

Continue Reading
Comments

Economy

Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024

Published

on

Gas-Pipeline

The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

Continue Reading

Economy

IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%

Published

on

IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

Continue Reading

Economy

South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty

Published

on

South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending