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Nigeria’s Huge Population, a Liability – Sanusi

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Emir of Kano, Sanusi Lamido
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By Tony Obiechina, Abuja
The Emir of Kano, Mohammadu Sanusi (II) on Monday, bemoaned Nigeria's huge population saying it was a liability to the country.
The monarch stated this during a panel session at the 25th Nigerian Economic Summit currently holding in Abuja.
The session was attended by the Founder of the Kukah Centre, Bishop Mathew Kukah and Governor of Ekiti State, Kayode Fayemi.
The session focussed on how demographic realities can be transformed into social and business opportunities and what the implications are on internal migration, sustainable peace and security.
The Emir said that the potentials of the country's huge population had yet to be tapped as the right policies to harness the future of the young people are still lacking. Sanusi attributed the rate of kidnapping, armed robbery, insurgency, farmers-herders crisis to the level of population growth. He said, "People talk that our population is an asset but we are yet to get there. "Nigeria's population is currently a liability because most of the root cause of problems such as kidnapping, armed robbery, Boko Haram, drug addiction are all tied to the population that we have and the question is how do you turn that into a productive one. "This population problem is perhaps the most important developmental challenge we have to face. If we don't have a demographic transition, we will never have economic transition." Kukah said that the rate of population growth in other countries provided them with an opportunity to boost economic output, such is not the case in Nigeria. "Everything that becomes an opportunity in other countries become a liability in Nigeria. How is it the a country that is so resource endowed with all the opportunities that are available to us, things still turn liabilities to us in Nigeria. "I don't want to speculate how other nations have turned population into positive. It is that there must be something in the Nigerian water that makes it impossible for us to lack the capacity and the sense o understanding of even opportunities." He suggested that the government needed to do more to make the country a better place for all. Meanwhile, in another session on how Nigeria can prioritize industrialization and education to compete with developed countries in 2050, stakeholders called on the government to increase education investments. Those that attended the session were the President Manufacturers Association of Nigeria Mansur Ahmed, the Chairman of First Bank of Nigeria Plc Mrs Ibukun Awosika and the Chairman of the Economic Advisory Council Dr Doyin Salami. Awosika said for the government to harnes the potentials of its human resources, there is need for an emergency in the education sector. She said , "We need to articulate our position and strategy to achieve our objectives. Every young person wants an opportunity to be educated and have a job. "We must have a political system that serves the interest of the nation rather than individuals. "We need to declare an emergency in the education sector and redefine the universities to close the gap from what is being taught and what the industry needed." Salami said that said as a country , Nigeria needed to face a unified direction that would enable the federal and state governments to work according to a defined plan. He said with potential population of 400 million by 2050, the country cannot afford to build a society of imbalance. When asked what government needed to do to achieve inclusive economic growth, he said there is need to stimulate investments in job creating sectors. He also called on the government to boost the level of basic education through massive investments in the sector.

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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