NEWS
Private Sector, not Govt, Engine of Economic Opportunities – ACCI Boss
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The Abuja Chamber of Commerce and Industry (ACCI) says the private sector, not the government, is the engine of economic opportunities.
The ACCI President, Mr Emeka Obegolu, said this during his inauguration dinner as the 12th President of the ACCI in Abuja.
Obegolu, who said he assumed leadership at a time when Nigeria faced enormous challenges , expressed confidence that the private sector would rise up to ameliorate some of these challenges.
He commended steps being made by the Federal Government to remove subsidy, the unification of foreign exchange market and student loan programme among others.
He said:“ while these measures may have initially tested our resilience, we believe they will, with time, yield the desired results.
“We can only urge the government to deepen the collaboration with the private sector, represented by the chamber of commerce.
“A partnership that has the potential to significantly benefit the business community, the society, and the national economy.
“We must never forget that the private sector, is the engine of economic opportunity; small businesses flourish and can provide good jobs when government acts as a productive partner.’’
According to Obegolu, the ACCI has been on the forefront of fostering economic growth, entrepreneurship, and innovation in Nigeria through its initiatives and entities.
He said the chamber had consistently demonstrated its commitment to driving sustainable development and empowering businesses across diverse sectors.
On security in the country, he said the ACCI would collaborate with the defense and national security leadership, to institute an annual summit on security, defense and business.
The ACCI president said this would review and proffer solutions to the challenges facing us as a nation and foster confidence and assurance that Nigeria was a safe destination for investment.
On vision, Obegolu said his administration would prioritise collaboration with the government, non-state stakeholders and capacity building within the ACCI team.
He said this would enhance management processes for improved efficiency and productivity.
“Ongoing projects initiated by the previous administration will be completed within a stipulated timeframe. We aspire to maximise the investment potential of ACCI assets, adding world-class projects to our distinguished records.
“To strengthen our various departments, financial self-reliance will be promoted, and necessary support provided to achieve their mandates.
“Collaboration with the National Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) will be intensified, giving the chamber a national outlook to better serve our members.
“As ACCI president, I will do my best to discharge my duties and undertake to respect judgments and advice by council members and EXCO. I could not have asked for a better team. Together we can !,’’ he said.
In his goodwill message, the Deputy Speaker of the House of Representatives, Benjamin Kalu, charged the chamber to come up with programmes that would include youths and women in the society.
“I charge ACCI to draw up programmes that will inspire these set of people so they can contribute to the social, economic development and growth of the society.
“ACCI should also prioritise initiatives that promote and empower our youth and women who are the key drivers of the future economy.
“For those outside Abuja, it should draw up programmes that will include these young ones, who are agitating for one thing or the other.
“Let us have a programme that will give them that sense of inclusion, teach them skills, expose them to opportunities that will make them have confidence in themselves to use their brain not their hands,’’ he said.
Kalu then urged all the chamber of commerce in the South-Eastern region to make programmes that will teach our youths the best ways of developing themselves and impacting on the society positively
He expressed optimism that the new president would lead the sector with integrity, wisdom and strong commitment.
“I wish to inform you that the House of Representatives will always be there; through our various committees of commerce and industry, to support your initiatives
“It will also suggest laws that you think need legislative intervention to make the lives of businessmen in Nigeria easier
“We will partner with you in redesigning the laws of our federal government with regards to commerce and industry.
“Together, let us forge ahead, united in our pursuit of economic progress, society justice and sustainable development,’’ he said.
Reports that some past presidents of the chamber, government officials, heads of private sector, royalties, friends and well-wishers among other dignitaries attended the event. (NAN)
NEWS
Ajuri, Tinubu’s Spokesperson Takes Exit, Cites Mesical Reaaona
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Special Adviser on Media and Publicity to the President Chief Ajuri Ngelale has quit his job. He said in a statement in a Abuja that he would proceed on an ” indefinite leave, to deal with ” medical matters” affecting him amd hia immediate family.Hos statement reads: “On Friday, I submittd a memo to the Chief of Staff to the President informing my office that I am proceeding on an indefinite leave of absence to frontally deal with medical matters presently affecting my immediate, nuclear family.
While I fully appreciate that the ship of state waits for no man, this agonizing decision — entailing a pause of my functions as the Special Adviser to the President on Media & Publicity and Official Spokesperson of the President; Special Presidential Envoy on Climate Action, and Chairman, Presidential Steering Committee on Project Evergreen — was taken after significant consultations with my family over the past several days as a vexatious medical situation has worsened at home.I look forward to returning to full-time national service when time, healing, and fate permit.I respectfully ask for some privacy for my family and family”NEWS
Fuel Crisis: 1000 CSOs Fault Tinubu’s Economic Team, Want Immediate Reconstitution
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By David Torough, Abuja
About 1000 Civil Society Organizations (CSOs), under the auspices of Coalition Of Civil Society Organisations (CCSOs), on Saturday Faults President Bola Tinubu’s Economic Team and called for immediate reconstitution.Expressing deep concerns over the state of the economy and escalating fuel prices compounding the hardship of Nigerians despite the recent protest, the groups said Tinubu must act now to avert disintegration.
The groups said the current situation across the country has cast doubt on the competence of the Tinubu economic team and called for urgent review. The CCSOs in a statement by its National Coordinator, Mallam Ibrahim Mohammed, pointed out that the plight of Nigerians is sinking low and their patience is wearing off following the deteriorating economy.The statement reads in part, “The Coalition of Civil Society Organisations (CSOs) is deeply concerned about the deteriorating state of the Nigerian economy, which is becoming increasingly unbearable for millions of citizens.“It is evident that the recent hike in fuel prices and the unstable exchange rate are the direct results of economic mismanagement by those responsible for overseeing our nation’s financial policies. The ripple effects of these failures are being felt in every household across the country, worsening poverty and crippling economic activity.“The floating of the Naira, which was initially sold to Nigerians as a means of stabilizing our currency, has done little to prevent the continued devaluation of the Naira. In fact, the exchange rate disparity has widened significantly, with the Naira losing value daily, impacting the cost of living, basic commodities, and inflation.“While this policy was expected to ease foreign exchange pressure, it has instead deepened economic challenges due to poor implementation and lack of strategic foresight.”The coalition also expressed concern over what it described as a death trap of indebtedness of the Nigerian National Petroleum Company Limited (NNPCL), which also they claimed had slowed down importation of Premium Motor Spirit, PMS, hence the current shortage of PMS across the country. “Of equal concern is the precarious position of the Nigerian National Petroleum Company Limited (NNPCL), which finds itself in a debt trap, with global suppliers of petroleum products losing confidence in Nigeria’s ability to honour its obligations.“Reports have shown that NNPCL has accrued debts totalling over $6 billion, causing petrol supply shortages. International suppliers are now reluctant to continue providing fuel on credit, exacerbating supply chain issues and pushing up the price of petrol at the pump”, they claimed.The CSOs also asserted that, “We hold the managers of the Nigerian economy responsible for these disturbing developments. Their inability to provide sound policies and long-term solutions has left the nation in this predicament.“It is clear that there is no cohesive strategy to address the rising debt, the growing imbalance in the foreign exchange market, or the country’s heavy reliance on importation for petrol supply. The recent hike in fuel prices reflects the collapse of responsible economic management and accountability.“Nigerians are left to bear the brunt of these failures. Businesses are shutting down, transportation costs have skyrocketed, and citizens are spending an increasingly larger percentage of their income on basic necessities. This state of affairs is unacceptable.”The group therefore placed some demands; Immediate intervention from the government: There needs to be a comprehensive and transparent plan to stabilize the Naira, restore confidence in the petroleum supply chain, and negotiate a restructuring of NNPC’s debts to ensure continuous fuel supply.“Accountability for economic mismanagement: Those responsible for the reckless management of our foreign exchange policies and NNPC’s debts must be held accountable. The government must also disclose its plan to mitigate the rising fuel costs and economic burden on Nigerians.“A return to sound financial policy: The floating of the Naira has proven ineffective under current conditions. We call for a re-evaluation of monetary and fiscal policies to stabilize the economy, reduce inflation, and attract foreign investment.“In conclusion, the Coalition of Civil Society Organisations reiterates that without immediate corrective measures, the economic situation will continue to deteriorate, leading to further hardship for the average Nigerian. The government must act decisively and responsibly to reverse this downward spiral”, they added.NEWS
Tension in Makurdi Community as NAF Personnel Demolishes Houses, Destroys Rice Farm
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There is growing tension in Ugondu community, Makurdi LGA, Benue state by young people opposed to the demolition of houses and destruction of rice farms in the area allegedly on the directives of senior Air Force officer, Air Commodore Akinbuwa Ayodele.
It was learnt that Commodore Ayodele, who is facing multiple legal actions following dispute over a plot of land located on George Akume Way Makurdi and owned in blatant disregard to the judicial process embarked on destruction of structures on the plot.
Eyewitness said when the equipment arrived no one imagined it was for destruction.
But in a militray- like operation, two flats of two units each, completely roofed, electrified and plumbing work completed were among the structures demolished as the bulldozers rolled over rice farms in the vicinity as well.
It was learnt that last year, a Makurdi High Court presided by Justice Mary Ijohor, granted an order of perpetual injunction, in the same matter, upon application by the supposed owner of the plot and awarded the sum of One Million Naira (N1,000,000.00) only, as cost. The matter, enforcement of fundamental rights, was marked as MHC/582/M/2023.
Godwin Akor whose rice farm was destroyed in a chat with newsmen said that he was shocked at the development. He however said he won’t speak more on the matter as it is still before the court.