- FG Urged to Enhance Technology Adoption
The federal government has been advised to embrace technology so as to aid economic growth in the country.
The Chief Executive, Kainos Edge Consulting, Dr. Adedoyin Salami, gave the advice in a keynote address he delivered yesterday, at the Risk Management Association of Nigeria 19th annual lecture, where risk managers gathered to discuss the topic: “Economic Recovery and Development: Leveraging Technological Innovation.”
Salami, also said that if properly harnessed, the Nigerian could grow at double digits and could become a world power in 20 years.
Salami said: “The time frame in which countries are developing and achieving rapid growth is reducing sharply, largely on the back of technology and that is one of the key reasons why for me, the conference theme is crucial. “When you look at what has happened to other countries, technology has been a major player therein. Nigeria should pay attention to it.
“Most governments in this country are unable to appreciate how quickly this economy can grow on the basis of technology. As a country, we need to understand that it is about out.
“At the end of 2018, Nigeria was about the 30th economy in the world and if we must achieve our goal of the 20th the largest economy by the year 2020, we must double the size of this economy in the next one year.”
Furthermore, he pointed out that in addressing infrastructure deficit, it is important to bring in private capital to supplement government’s efforts.
He added: “If we define our targets of where should we be going, the federal government should define and be encouraged to achieve to where we have set as destination.
“For me, it is clear that Nigeria is a capital deficient country and to that extent, you cannot rely on public capital. So, private money must be brought to the table in order to supplement government money if we are going to get to where we are going.”
“In other words, the federal government should incentivise for growth. These incentives can be economic incentives but there are also institutional incentives, so can we not build institutions that ensure that over a period of time our country makes progress in a well-defined manner. “
On his part, President RIMAN Mr. Magnus Nnoka, who spoke on what prompted the discussion for the conference, said: “Every year, RIMAN as part of its mission tries to provoke discussions around topical issues of the moment. This year we have chosen to discuss economic recovery and development leveraging through technological innovation.
“If you look at what is happening globally why economies are not growing, whether it is in Asia Europe, America or Latin America where the economies are shrinking, so we feel at this point in time, the typical issues for most of the economies is on how to achieve a faster economic growth and how to take people out of poverty to achieve economic development.”
“The world is in the fourth industrial revolution today silently and if you also look at the history of developed economies most of them leveraged technologies to get to where they are. “And for us particularly in Nigeria and Africa as the fourth industrial revolution comes, we need to see how we can tap into it to enhance the productive capacity of the economy.”
FG Plans to Build 10 New Airports in Anambra, Benue, Others – Aviation Minister
Aviation Minister Says FG Working on Building 10 New Airports
The Minister of Aviation, Hadi Sirika, on Tuesday, said the Federal Government plans to build 10 airports across the country to improve civil aviation.
The minister made the statement while defending his ministry’s 2021 budget proposals.
Sirika said President Muhammadu Buhari has done justice to the aviation ministry through the ongoing framework and implementation.
He said the administration would construct new airports in Anambra, Benue, Ekiti, Nasarawa, Ebonyi and Gombe States.
He further stated that airports in Kebbi, Osubi and Dutse have been taken over for redevelopment by the Federal Government.
Sirika said, “Consequent upon that roadmap, we have seen aviation grow in 2018 to become the second-fastest-growing sector of the economy.
“Also and by 2019, it became the fastest-growing sector of the economy and increased its GDP contribution.
“From 2015 till now, we’ve seen a lot of growth in civil aviation, the number of airports is increasing.
“So far, about seven airports have been added to the map, some of them completed, some of them under construction.
“There are airports coming up in Benue, Ebonyi, Ekiti, Lafia, Damaturu, Anambra and so on.
“All these show that civil aviation is growing during this administration.
“So, we have about 10 new airports coming up, that is almost half the number of airports we used to have in Nigeria.
“We are adding 50 per cent of the number of airports,” the minister added.
Sirika noted that Nigeria Air, the proposed national carrier, was part of the new roadmap and could be delivered before 2023.
He said, “We are on it. The transaction adviser has brought in the outline business case.
“It is being reviewed by Infrastructure Concession Regulatory Commission, Soon after it finishes, it will go to the Federal Executive Council and it will be approved.
“We will not leave this government without having it in place.”
He defended why Lokoja, Kogi State needs another airport, saying it is an alternative to the Nnamdi Azikiwe International Airport in Abuja.
He said, “Lokoja is an important northern town. It is a cosmopolitan town, it’s a mini Nigeria and it is extremely very important in growth and development of our country.
“We have a lot of agricultural activities there. There is fishery, there is perishable item production and so on.
“So, establishing an airport there is quite apt. For me, it is something we should have done long ago for its importance.”
FG Says Over N6 Billion Disbursed to Poor Households in Zamfara
Over N6 Billion Disbursed to Poor Households in Zamfara
The Federal Government said it has disbursed over N6 billion under the Conditional Cash Transfer (CCT) scheme to poor households in six out of the 14 local governments in Zamfara in 2020.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar-Farouk disclosed this on Tuesday during the flag off of Grant for Rural Women Project in Gusau.
The minister said the CCT program was created in 2016 to address the deficiencies in capacity and lack of investment in human capital of poor and vulnerable households.
“The programme is designed to deliver timely and accessible cash transfers to beneficiary households.
“And sets to support development objectives and priorities, to achieve improvement in health and nutrition, school enrolment and retention, environmental sanitation and empowerment among others,” she explained.
Umar-Faruk said a total of 130,000 beneficiaries from Anka, Bungudu, Birnin Magaji, Kaura Namoda, Tsafe, and Talata Mafara local government areas received between N30,000 to N80,000, depending on the dates the beneficiary enrolled in the programme.
Speaking on the grant for Rural Women, the minister said the programme was introduced to deepen the social inclusion agenda of President Buhari administration that includes lifting 100 million Nigerians out of poverty in 10 years.
“It is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.
“A grant of N20,000 will be disbursed to over 150,000 poor rural women across the 36 states of the federation,” she said.
Delta State Gov Okowa Presents N378.48 Billion Budget for 2021
Ifeanyi Okowa Presents N378.48 Billion Proposed Budget for 2021
The Executive Governor of Delta State, Senator (Dr) Ifeanyi Okowa, on Tuesday presented a N378.48 billion budget to the state’s House of Assembly for consideration for the 2021 fiscal year.
The budget christened “Budget of Recovery” appropriated N207.52 billion for Capital Expenditure while Recurrent Expenditure was allocated N171.32 billion.
According to the Governor, capital expenditure accounted for 54.76 percent of the budget while 45.24 percent represented recurrent expenditure.
He explained that the allocations were in line with his administration’s agenda of spending more on projects and programmes that would impact positively on the socio-economic well-being of the people of Delta.
The proposed budget for 2021 is N96.2 billion or 34.05 per cent more than the N282 billion approved for 2020.
The governor said that the 2021 budget proposals reinforced the state government’s commitment to road infrastructure, education, health, job and wealth creation programmes as the principal-drivers of the Stronger Delta agenda.
According to him, N113 billion, representing 89.94 per cent of the capital budget is allocated to the economic sector while N35 billion is allocated to the social sector; the administration sector got 10.93 billion and the regional sector, N42 billion.
“In 2021, we propose to spend N66.66 billion on Road Infrastructure; N6.79 billion on Health; Education will gulp N23.55 billion; Agriculture, N2.04 billion and Water Sector, N1.83 billion.
“Job and Wealth Creation Bureau will gulp N1 Billion and Youth Development, N1.25 billion. These key sectors are very essential in our 2021 budget,” Okowa said.
Okowa also explained that due to the negative impact of COVID-19 on the economy and the world at large, government spending was significantly affected by the global pandemic and that Delta was no exception.
The governor, therefore, stated that “the proposed 2021 Budget for Delta is primarily focused on protecting and supporting our people in a COVID-19 environment, accelerating infrastructural renewal, incentivizing growth, enhancing job creation, engendering social inclusion and developing sustainably.
“Overall, the proposed 2021 Budget is predicated on inclusive economic growth that is sustainable and people-centred, with strengthening fiscal sustainability through increased efficiency in spending, improved revenue mobilization and debt sustainability.
“It also entails improving processes and systems in Public Financial Management, and Monitoring and Evaluation, to bolster better public sector service delivery.”
Combined Market Cap of Five Largest MedTech Companies Surged by $40bn YoY
Buy Now, Pay Later Apps Record 8m Installs YTD, Grows by 155% YOY
Volkswagen Group, Toyota, and Renault-Nissan-Mitsubishi Alliance Lost $104.5bn in Revenue in 2020
Forex3 weeks ago
Naira Improves Against Global Counterparts on Black Market
Business2 weeks ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Government3 weeks ago
#Endsars: Naira Marley Calls Off Protest following Police Invitation
News4 weeks ago
Npower News: Beware of Fake Npower Employment, Ministry Warns Exited Beneficiaries
Cryptocurrency3 weeks ago
Interview with Paul Mak, CEO of Bonded.Finance
Government4 weeks ago
Donald Trump, Wife Test Positive for COVID-19
Finance3 weeks ago
Banks to Introduce New Digit and Expiry Dates on Cheque Books
Stock Market3 weeks ago
Berkshire Hathaway’s Top 3 Stocks Report up to 77% Gains YTD