Connect with us

BUSINESS

Save Nigerians from Poverty, Experts Urge Governors-elect

Published

on

Share


As Nigeria enters the concluding moments of the highly anticipated general elections, especially the just concluded gubernatorial polls, financial experts have set a significant economic agenda for the first and second-term governors.
The 28 governorship seats contested in Saturday’s elections, the Independent National Electoral Commission has announced twenty-two winners.


Away from the euphoria of celebrating the political victories by the governors-elect, the economic burden which befalls them should now be the central focus.

While the elections were taking place, the country’s economy has been battling acute woes.
Now that governors-elect have emerged, solutions to these problems should be their cardinal points in the next four years.

In this regard, State governments must wake up to the consciousness of the Nation’s economic challenges, such as raging inflation, unemployment rate, rising poverty rate, poor utilisation of scarce resources, corruption, insecurity, energy crisis, naira crisis, foreign exchange crisis, debt crisis.
It is only with a prudent concentration in proffering solutions to the problems that the country can breathe fresh air.
Experts advised that economic programmes aimed at uplifting Nigerians from the shackles of poverty should be paramount to the elected governors.
The collective poverty ratio of the sub-nationals makes up the Nation’s 133 million poor people, according to the National Bureau of Statistics (NBS).
Experts say upturning this figure through a state’s engineered effort is critical.
They stated that the state governments should do well to tackle all economic problems peculiar to their states.
In an interview with DAILY POST, a financial expert, the CEO of SD&D Capital Management Limited, Idakolo Gbolade, said the governors-elect must take the welfare of their citizens seriously if they must succeed.
Idakolo explained both the first term and second term governors should swing into action immediately to justify the confidence the electorates have imposed on them.
He urged that politicians should not politicise the economy if progress in real economic growth must be actualized.
He said the elected governors must raise the bar of economic prosperity in their various states for the good of the generality of the country.
“The governors-elect in the various states as announced, should set to work immediately, especially those going for their second term to justify voters’ confidence in their administration. The first term governors should also work and look inwards where the outgoing government in their state has stopped to improve on it.
“The new governors should, as a matter of urgency, look into the welfare of their citizens regarding the present cash crunch to alleviate their sufferings.
“They should also engage the traders and those still hoarding cash to release them for seamless state transactions. They should also bring ingenious means to ease transportation problems because of cash scarcity by providing free transportation for the masses, pending when the twin issues of fuel scarcity and cash crunch can be resolved.
Also, an Accounting and Financial Development Don at Lead City University, Ibadan, Prof Godwin Oyedokun disclosed that a solution to the rate of poverty in the respective states should be the main agenda of the governors-elect.
According to him, economic matters should not be subjected to political shenanigans.
He said the crop of elected governors should embark on transparent, accountable governance as much as possible to address mistrust.
“Most of the states across Nigeria have infrastructural challenges; this is the first economic agenda for the governors-elect.
“I will advise the governors to reduce the cost of governance wastage and ensure that they deliver the dividends of democracy. Each governor-elect should know that their emergence is just a privilege; they should use it to rebuild their image and embark on activities that would directly impact citizens.
“The various governments should be more transparent to their people; they must ensure that they do not politicise economic activities as in the past”.
Hope is on the horizon as the fate of over 200 million Nigerian citizens now rests squarely on their elected governors and the president-elect, Bola Tinubu.

Economy

Investors Gain N183bn on NGX

Published

on

Share

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)

Continue Reading

Economy

Yuan Weakens to 7.1870 Against Dollar

Published

on

Share

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)

Continue Reading

Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

Published

on

Share

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)

Continue Reading

Read Our ePaper

Top Stories

NEWS6 hours ago

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...

NEWS6 hours ago

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Share President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in...

NEWS6 hours ago

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...

NEWS6 hours ago

Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio

Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...

NEWS6 hours ago

Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker 

Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...

Economy6 hours ago

Investors Gain N183bn on NGX

Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...

NEWS6 hours ago

Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen

Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...

NEWS6 hours ago

Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School 

Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...

POLITICS6 hours ago

INEC Staff Welfare Association Warns Members Against Manipulating Election Results

Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...

NEWS6 hours ago

Bill for Compulsory Counselling, Training of Convicts Scales 2nd Reading

ShareA bill to amend the Corrupt Practices and Other Related Offences Act, 2000, has successfully passed its second reading in...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc