President Bola Tinubu has canvassed a robust public-private sector partnership to grow the economy, sas he said his administration’s “sustained, bold and coordinated reforms” were anchored on “strong adherence to accountability and transparency.”
Tinubu spoke at an audience on Thursday, in Abuja with members of the Board and Management of the Nigeria Economic Support Group (NESG), where he reiterated his unequivocal resolve to fully implement the eight priority reform areas under his administration’s the ‘Renewed Hope Agenda’ within the next three years.
The President noted that Nigeria was blessed with rich human and natural resources, in addition to deficit opportunities, which can quickly be leveraged into new prosperity and called for the urgent exploitation of Nigeria’s diversity for collective gain, with an eye on new think tanks in the agricultural sector and the establishment of a commodity exchange.
“We have gone through the past. I will not look back. The focus of my horse and my race remains forward-looking. We have an abundance of knowledge and untapped mineral resources, and an agricultural sector that is God-given, but we tend to shy away from taking those gigantic steps that will result in prosperity for our people.
“We are not exploiting our diversity for prosperity, we are at each other’s throats, arguing about unnecessary things, instead of thinking and doing for our people,” the President said.
The President noted that he was elected on a “no excuses” platform for renewed hope and that he will not accept excuses from anyone in his government as they set out to deliver on his agenda.
“Looking backwards is retrogressive for any reformer. Looking forward can give you the leaps that will propel you in the right direction.
“We need think tanks in the agricultural sector. I don’t see why Nigeria will be so blessed with good soil and not have a commodity exchange. I don’t see why we have not been able to interrogate our real estate sector and propel it.
“I don’t see why we have not used consumer credit to build the purchasing power of our people and the capacity of our very own manufacturing sector,” the President assessed.
In a statement by Special Adviser on Media and Publicity, Ajuri Ngelale, the President commended the NESG for believing in the reforms of his administration, adding that the “bitter pill” must be administered to an ailing nation and economy to build a better future for the country.
“I am here and I believe we can do it together. No single person succeeds alone. The world is dynamic.
“We are confronted with climate change and other challenges, but somewhere in the eye of the storm, there is a quiet and peaceful corner for those who can toil well. With patience and determination, we will succeed,” the President assured.
The Chairman of NESG, Mr. Olaniyi Yusuf, welcomed the economic reforms announced by the Tinubu administration, specifically with respect to fuel subsidy removal, foreign exchange rate harmonization, food security and palliatives to sub-national governments.
The NESG Chairman pledged that the NESG would work with the newly inaugurated cabinet to achieve the eight-point agenda of the administration.
“Your track record in the effective implementation of bold economic reforms as the Governor of Lagos leaves those of us in the private sector without doubt that you will achieve much greater feats as our nation’s president,” the NESG Chairman confided.
He used the occasion of the courtesy visit to formally request the President to declare open the NESG Summit in October, as well as to direct Heads of Ministries, Departments and Agencies (MDAs) to partner with them and participate fully at the Summit as part of efforts to ramp up local and foreign direct investment in Nigeria.
Insecurity: State Police Bill Passes Second Reading in Reps
By Ubong Ukpong, Abuja
A bill seeking to alter the provision of the constitution of the Federal Republic of Nigeria to provide for the establishment of state police passed through second reading in the House of Representatives on Tuesday.
Entitled “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Provide for Establishment of State Police and for Related Matters (HB.
Leading the debate on its general principles, one of the co-sponsors, Hon.
He noted that in recent times, the nation’s collective security has been greatly challenged and state policing is not only inevitable, but urgently desired to tackle the mounting challenges of insecurity.
The lawmaker explained that the establishment of State Police is a clarion call for a tailored, community-centric policing system; and an acknowledgment that our states are uniquely positioned to address the security challenges within their borders.
Listing some of the key innovations of the proposed alteration, he said, “the transfer of “Police” from the “Exclusive Legislative List” to the “Concurrent Legislative List”, a move that effectively empowers States to have State controlled policing; the introduction of a comprehensive framework to ensure cohesion as well as accountability and uniform standards between the Federal Police and State Police; the provision of prescribed rigorous safeguards preventing unwarranted interference by the Federal Police in State Police affairs, emphasising collaboration and intervention only under well-defined circumstances.
Others included: “the establishment of State Police Service Commissions as distinct from the Federal Police Service Commission with clearly defined roles and jurisdictions; a re-calibration of the National Police Council to include the Chairmen of the State Police Service Commissions, emphasising the collaborative and consultative nature of policing in our federal system, a recognition of the possible financial challenges which may be faced by States Police, by empowering the Federal Government to provide grants or aids subject to the approval of the National Assembly, thus ensuring adequate resources for effective policing, etc.”
Shagaya added that the alterations proposed in the Bill are not just alterations to the Constitution of the Federal Republic of Nigeria, but also the building blocks of a more secure, accountable and resilient Nigeria.
Contributing in support of the bill, Hon. Ahmed Jaha stated that the bill is timely as security is the responsibility of all and everybody’s business.
He noted that with community policing and Nigerian police working in tandem, they will rid our communities of all forms of crime.
Also, Hon. Babajimi Benson supported the bill, commending the Deputy Speaker for initiating it.
On his part, Hon. Awaji-Inombek Abiante in supporting the bill noted that Nigeria has had enough of insecurity and establishing state police is a way to improve the situation.
The bill when put to vote got the support of the majority of the members.
It was later referred to the Committee on Constitution Review by the Deputy Speaker who presided over the session.
He urged members who have further inputs on the bill to channel such concerns to the committee.
MOFI Launches N100bn Fund to Stimulate Investments
By Tony Obiechina, Abuja
Ministry of Finance Incorporated (MOFI) has launched a N100bn project preparation fund to stimulate investments in Nigeria.
The Managing Director/Chief Executive of MOFI, Mr Armstrong Takang disclosed this at the Public Wealth Management Conference in Abuja on Tuesday.
The conference which was declared open by Vice President Kashim Shettima had in attendance the Minister of Finance Wale Edun, the Chairman of the MOFI Board Dr Shamsudeen Usman, a former Finance Minister Dr Olusegun Aganga, Chairman of Heirs Holdings Tony Elumelu and other top officials in the public and private sectors of the economy.
As part of a broader strategy to deal with these challenges, Takang said MOFI, as the trusted custodian and the shareholder for the Federal Government of Nigeria’s investment assets is executing a number of initiatives aimed at contributing towards building a more inclusive and sustainable economy.
According to him, the conference would foster collaboration among stakeholders, facilitating the exchange of insights, experiences, and best practices in managing public assets.
He said by working together, stakeholders can find innovative solutions to the challenges the economy is currently facing.
He explained that efficiency and transparency and accountability are at the heart of effective public wealth management, pointing out that the conference will be used as an avenue to optimize the performance and returns from federal government’s assets under MOFI’S management, ensuring that they deliver maximum value for the Nigerian people.
He stated that given the importance of public wealth in rebuilding the economy, especially at a time when there is a need for more focus on domestic resource mobilisation, now is the time to encourage the exploration of innovative mechanisms such as public-private partnerships and alternative financing models.
By unlocking hidden value in public assets, Takang said the country can attract investments and drive economic growth for Nigerians.
He also disclosed that the conference would provide potential investors with data-driven insights on federal government assets, noting that by presenting compelling investment opportunities, MOFI can attract the capital needed to fuel economic development and create jobs for Nigerians.
Speaking also at the event, Usman said MOFI will leverage and explore innovative strategies that will unlock the full potential of the government’s public assets.
He said, “We are starting a journey that other nations such as Singapore or Sweden, or more recently Saudi Arabia have undertaken before.
“We will blend the lessons learnt from such country’s experiences with the unique circumstances of Nigeria. We are committed to working collaboratively with all stakeholders to achieve our project.
“From the 10 year plan, we have in line with Mr. President’s emphasis on delivering results, identifying a number of key deliverables, and setting specific key performance indicators to track and report our performance.
“We aim to maximise returns, attract investment, and guarantee sustainable economic growth.”
Foreign Investment Drops by 80 Percent
Meanwhile, foreign investment into Nigeria dropped by 80 percent to $3.9bn in 2023 from the $5.3bn that was invested in the country in 2022, analysis of a report of Capital Importation into Nigeria has shown.
The report which was released by the National Bureau of Statistics (NBS) showed that Nigeria attracted $1.1bn in Q1 2023, $1.03bn in Q2, $654.6m in Q3 and $1,08bn in Q4.
In 2022, $1.57bn was imported into the country in Q1, which reduced to $1.53in Q2. It further went down to $1.15bn and $1.06bn in Q3 and Q4 respectively.
However, the report said the S$1.08bn that was imported into the country in Q4 2023 was slightly higher than the $1.06bn recorded in Q4 2022, indicating an increase of 2.62 per cent.
“In comparison to the preceding quarter, capital importation rose by 66.27 per cent from the $654.6m in Q3 2023,” the report added.
It said other investments ranked top accounting for 54.64 per cent ($594.7m) of total capital importation in Q4 2023, followed by portfolio investment with 28.46 per cent ($309.76m) and Foreign Direct Investment (FDI) with 16.90 per cent ($183.9m).
Wike Gives Ultimatum to Illegal Land Owners in FCT Communities
By Laide Akinboade, Abuja
Minister Federal Capital Territory Administration (FCTA), Nyesom Wike on Monday gave ultimatum to illegal settlers in Chika Aleita Abuja Science and Technological Village to leave.
Wike stated this during an inspection tour of the technology village in company of his counterpart in the Ministry of Science and Technology, Uche Godfrey Nnaji, in Abuja.
Issuing the order, Wike said the fast encroachment was aided by inability of the past administration to take action and stop individuals from building illegally despite the payment of compensation.
He noted that the money expended in providing infrastructure to the village will not be a waste.
“I will give Development Control a go ahead to demolish because I heard they have been compensated since 2018.
“We want to take over the place so that infrastructure can come in. It will even attract investors. I can tell you that they have been compensated.
“No amount of propaganda can stop us from doing the right thing,” The FCT Minister said. .
Earlier, the Minister of Science and Technology, informed Wike that leaving illegal settlers that have encroached the buffer of the village constitutes a big risk and loss to the country’s investment drive to the village that is a the replica of London technology village.
He said the government of Great Britain was able to generate 6 billion pounds in six years.
Nnaji noted that the country stands the chance of making more if right environment is put in place.
The Abuja technology village was the creation of Federal Government during the return of democracy to the country.It is a Free Trade Zone expected to incubate science and technology but subsequent administrations failed to execute the project.
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