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Lagos Chamber of Commerce and Industry (LCCI)

  •  The Lagos State Government through the state Employment Trust Fund says it has supported 3 673 businesses with the sum of N1 56 billion as grants Gov Babajide Sanwo Olu of Lagos State made this known at the Lagos Chamber of Commerce and Industry LCCI Economic Summit Group LESG Private Public Partnership Pre Ehingbeti Stakeholders Engagement on Tuesday in Lagos The News Agency of Nigeria reports that the event had the theme Building a Sustainable Future for a Greater Lagos Sanwo Olu who was represented by his deputy Dr Obafemi Hamzat added that the state government had also provided mentorship business advisory to young people to start and grow their businesses According to him the state government also supported 1 835 small businesses with N985 million which has led to the creation of 10 500 direct jobs in the state Sanwo Olu explained that his administration had put N1 billion into Agricultural Value Chain businesses to provide food and create jobs in the state He said the Ehingbeti Summit achieved its purpose through the meticulous and faithful implementation of innovative ideas and suggestions like the establishment of numerous initiatives which included the Lagos State Employment Trust Fund Also Lagos State Security Trust Funds among others that have enhanced the living standard of Lagos residents and the state enviable status as the economic nerve centre of the country The key infrastructure that dots the landscape of Lagos as well as pioneering initiatives that have profoundly elevated the status of Lagos as a functional mega city speak to the quality of resolutions of past summits The governor stated that private public partnership pre Ehingbeti stakeholders engagement was organised to sensitise key stakeholders on the 2022 summit The summit will seek their input on the proposed 30 years Lagos state Development Plan which will be unveiled at the summit for deliberation and final adoption for implementation Earlier in his remarks the Commissioner for Economic Planning and Budget Mr Samuel Egube assured that the government would continue to collaborate with private sectors not only on the 30 years development plan but on the development of the state in general Egube who is also the Co Chairman Ehingbeti Lagos Economic Summit explained that the summit had played a vibrant role in the development of the state He said Resolutions from past summits have brought developments such as the Ikoyi Link Bridge BRT Project the Red and Blue Rail Project which will commence operation soon Others are Lagos Free Trade Zone and the Imota Rice Mill among many others Similarly the Commissioner for Finance Dr Rabiu Olowo noted that the Ehingbeti Economic Summit was about the state s deliberate agenda for a greater Lagos The commissioner said it had the absolute inclusion of different stakeholders and disclosed that the state government had fulfilled about 90 per cent of the action plans from the last summit This will be reported during the forthcoming summit holding from Oct 11 to 12 Speaking the LCCI President Dr Michael Olawale Cole represented by the deputy president Mr Gabriel Idahosa said that the decision of the state government to collaborate with the LCCI on the 30 years Development Plan reflected government s appreciation and recognition of the Organised private sector in the realisation of the socio economic objectives of the state and nation in general He therefore assured of the chamber s support in ensuring the effective implementation of the state development plan and promised to enlighten the business community of the opportunities and benefits that were in the plan NewsSourceCredit NAN
    LASG disburses N1.56bn as grants to 3,673 businesses
     The Lagos State Government through the state Employment Trust Fund says it has supported 3 673 businesses with the sum of N1 56 billion as grants Gov Babajide Sanwo Olu of Lagos State made this known at the Lagos Chamber of Commerce and Industry LCCI Economic Summit Group LESG Private Public Partnership Pre Ehingbeti Stakeholders Engagement on Tuesday in Lagos The News Agency of Nigeria reports that the event had the theme Building a Sustainable Future for a Greater Lagos Sanwo Olu who was represented by his deputy Dr Obafemi Hamzat added that the state government had also provided mentorship business advisory to young people to start and grow their businesses According to him the state government also supported 1 835 small businesses with N985 million which has led to the creation of 10 500 direct jobs in the state Sanwo Olu explained that his administration had put N1 billion into Agricultural Value Chain businesses to provide food and create jobs in the state He said the Ehingbeti Summit achieved its purpose through the meticulous and faithful implementation of innovative ideas and suggestions like the establishment of numerous initiatives which included the Lagos State Employment Trust Fund Also Lagos State Security Trust Funds among others that have enhanced the living standard of Lagos residents and the state enviable status as the economic nerve centre of the country The key infrastructure that dots the landscape of Lagos as well as pioneering initiatives that have profoundly elevated the status of Lagos as a functional mega city speak to the quality of resolutions of past summits The governor stated that private public partnership pre Ehingbeti stakeholders engagement was organised to sensitise key stakeholders on the 2022 summit The summit will seek their input on the proposed 30 years Lagos state Development Plan which will be unveiled at the summit for deliberation and final adoption for implementation Earlier in his remarks the Commissioner for Economic Planning and Budget Mr Samuel Egube assured that the government would continue to collaborate with private sectors not only on the 30 years development plan but on the development of the state in general Egube who is also the Co Chairman Ehingbeti Lagos Economic Summit explained that the summit had played a vibrant role in the development of the state He said Resolutions from past summits have brought developments such as the Ikoyi Link Bridge BRT Project the Red and Blue Rail Project which will commence operation soon Others are Lagos Free Trade Zone and the Imota Rice Mill among many others Similarly the Commissioner for Finance Dr Rabiu Olowo noted that the Ehingbeti Economic Summit was about the state s deliberate agenda for a greater Lagos The commissioner said it had the absolute inclusion of different stakeholders and disclosed that the state government had fulfilled about 90 per cent of the action plans from the last summit This will be reported during the forthcoming summit holding from Oct 11 to 12 Speaking the LCCI President Dr Michael Olawale Cole represented by the deputy president Mr Gabriel Idahosa said that the decision of the state government to collaborate with the LCCI on the 30 years Development Plan reflected government s appreciation and recognition of the Organised private sector in the realisation of the socio economic objectives of the state and nation in general He therefore assured of the chamber s support in ensuring the effective implementation of the state development plan and promised to enlighten the business community of the opportunities and benefits that were in the plan NewsSourceCredit NAN
    LASG disburses N1.56bn as grants to 3,673 businesses
    Economy3 days ago

    LASG disburses N1.56bn as grants to 3,673 businesses

    The Lagos State Government through the state Employment Trust Fund, says it has supported 3,673 businesses with the sum of N1.56 billion as grants.

    Gov. Babajide Sanwo-Olu of Lagos State made this known at  the Lagos Chamber of Commerce and Industry (LCCI) Economic Summit Group (LESG) Private-Public Partnership Pre-Ehingbeti Stakeholders Engagement on Tuesday in Lagos.

    The News Agency of Nigeria reports that the event had the theme: “Building a Sustainable Future for a Greater Lagos”.

    Sanwo-Olu who was represented by his deputy, Dr Obafemi Hamzat,  added that the state government had also provided mentorship, business advisory to young people to start and grow their businesses.

    According to him, the state government also supported 1,835 small businesses with N985 million which has led to the creation of 10,500 direct jobs in the state.

    Sanwo-Olu explained that his administration had put N1 billion into Agricultural Value Chain businesses to provide food and create jobs in the state.

    He said: “the Ehingbeti Summit, achieved its purpose through the meticulous and faithful implementation of innovative ideas and suggestions like the establishment of numerous initiatives which included the Lagos State Employment Trust Fund. “Also, Lagos State Security Trust Funds among others that have enhanced the living standard of Lagos residents and the state enviable status as the economic nerve centre of the country.

    “The key infrastructure that dots the landscape of Lagos as well as pioneering initiatives that have profoundly elevated the status of Lagos as a functional mega city, speak to the quality of resolutions of past summits.

    ” The governor stated that private-public partnership pre-Ehingbeti stakeholders engagement was organised to sensitise key stakeholders on the 2022  summit.

    “The summit will seek their input on the proposed 30 years Lagos state Development Plan which will be unveiled at the summit for deliberation and final adoption for implementation.

    ” Earlier in his remarks, the Commissioner for Economic Planning and Budget, Mr Samuel Egube assured that the government would continue to collaborate with private sectors, not only on the 30  years development plan but on the development of the state in general.

    Egube who is also the Co-Chairman, Ehingbeti Lagos Economic Summit, explained that the summit had played a vibrant role in the development of the state.

    He said: “Resolutions from past summits have brought developments such as the Ikoyi Link Bridge, BRT Project, the Red and Blue Rail Project which will commence operation soon.

    “Others are Lagos Free Trade Zone and the Imota Rice Mill among many others.

    ” Similarly, the Commissioner for Finance, Dr Rabiu Olowo noted that the Ehingbeti Economic Summit, was about the state’s deliberate agenda for a greater Lagos.

    The commissioner said  it had the absolute inclusion of different stakeholders and disclosed that the state government had fulfilled about 90 per cent of the action plans from the last summit.

    “This will be reported during the forthcoming summit holding from Oct. 11 to 12. Speaking, the LCCI President, Dr Michael Olawale-Cole represented by the deputy president, Mr Gabriel Idahosa said that the decision of the state government to collaborate with the LCCI on the 30 years Development Plan, reflected  government’s appreciation and recognition of the Organised private sector in the realisation of the socio-economic objectives of the state and nation in general.

    He, therefore, assured of the chamber ‘s support in ensuring the effective implementation of the state development plan and promised to enlighten the business community of the opportunities and benefits that were in the plan.


    NewsSourceCredit: NAN

  •  The Lagos Chamber of Commerce and Industry LCCI on Friday said the 2022 Lagos International Trade Fair LITF would be used to exploit the opportunities of the African Continental Free Trade Area AfCFTA This the chamber said was following the confirmation of attendance of many African countries Engr Keye Kupoluyi Chairman trade promotion board LCCI said this during a press conference in Lagos The News Agency of Nigeria reports that the 2022 LITF is scheduled to hold at the Tafawa Balewa Square TBS Lagos from Nov 4 13 The theme of the event which would be declared open by President Muhammadu Buhari is Connecting Businesses Creating Value Kupoluyi said the fair would boost global and regional trade for start up brands big industries tech hubs and multinational companies and strengthen existing foreign partnership ties to support African trade He said invitations had been sent to over 50 countries with India Japan and Ghana s interests at the fair confirmed and talks at advanced stages with countries like Cote de Ivoire Cameroon Burkina Faso Zambia and Indonesia He added that many corporate organisations government Ministries Departments and Agencies MDAs and private sector operators had announced their readiness to explore the opportunities of this year s trade fair About 54 countries have been invited to this year s LITF and many of their ambassadors were visited and 10 have already confirmed their participation while others are still processing their participation The LITF promises to be bigger better and more beneficial for LITF investors foreign partners and the global economy Our sponsors are ready such as the United Bank for Africa Plc Dangote Group Choice International Group Makers of GREE Air conditioners MTN Nigeria FEDAN Investment Ltd De United Foods Ltd Bank of Industry BOI and Flour Mills of Nigeria Plc are ready to take the centre stage I assure you that this year s event will be far better bigger safer and more prosperous for all of us largely because the global pandemic which had impacted negatively on the fair in the past two editions has now been effectively curtailed he said Kupoluyi added that the event because of the confirmed increase of visitors and exhibitors shall be at the cricket pitch area for more space to meet exhibitors demands and more opportunity for improved logistics and ambience This year also we intend to have an ICT hall to give our partners and other participants in the sector deserved prominence visibility and business opportunities For the first time in the history of the LITF insulated panels shall be provided for our exhibitors and a children s corner to celebrate Christmas with interactions with father Christmas and lots of gifts is part of the trade fair package this year he said Also Director General LCCI Dr Chinyere Almona projected that the fair would ensure that businesses met sales target boosted trade volume eliminated market restrictions and integrated wider markets for more investments She said LITF would support the AfCFTA agenda to enable key African markets engage countries across the world NewsSourceCredit NAN
    LCCI to maximise AfCFTA opportunities through trade fair
     The Lagos Chamber of Commerce and Industry LCCI on Friday said the 2022 Lagos International Trade Fair LITF would be used to exploit the opportunities of the African Continental Free Trade Area AfCFTA This the chamber said was following the confirmation of attendance of many African countries Engr Keye Kupoluyi Chairman trade promotion board LCCI said this during a press conference in Lagos The News Agency of Nigeria reports that the 2022 LITF is scheduled to hold at the Tafawa Balewa Square TBS Lagos from Nov 4 13 The theme of the event which would be declared open by President Muhammadu Buhari is Connecting Businesses Creating Value Kupoluyi said the fair would boost global and regional trade for start up brands big industries tech hubs and multinational companies and strengthen existing foreign partnership ties to support African trade He said invitations had been sent to over 50 countries with India Japan and Ghana s interests at the fair confirmed and talks at advanced stages with countries like Cote de Ivoire Cameroon Burkina Faso Zambia and Indonesia He added that many corporate organisations government Ministries Departments and Agencies MDAs and private sector operators had announced their readiness to explore the opportunities of this year s trade fair About 54 countries have been invited to this year s LITF and many of their ambassadors were visited and 10 have already confirmed their participation while others are still processing their participation The LITF promises to be bigger better and more beneficial for LITF investors foreign partners and the global economy Our sponsors are ready such as the United Bank for Africa Plc Dangote Group Choice International Group Makers of GREE Air conditioners MTN Nigeria FEDAN Investment Ltd De United Foods Ltd Bank of Industry BOI and Flour Mills of Nigeria Plc are ready to take the centre stage I assure you that this year s event will be far better bigger safer and more prosperous for all of us largely because the global pandemic which had impacted negatively on the fair in the past two editions has now been effectively curtailed he said Kupoluyi added that the event because of the confirmed increase of visitors and exhibitors shall be at the cricket pitch area for more space to meet exhibitors demands and more opportunity for improved logistics and ambience This year also we intend to have an ICT hall to give our partners and other participants in the sector deserved prominence visibility and business opportunities For the first time in the history of the LITF insulated panels shall be provided for our exhibitors and a children s corner to celebrate Christmas with interactions with father Christmas and lots of gifts is part of the trade fair package this year he said Also Director General LCCI Dr Chinyere Almona projected that the fair would ensure that businesses met sales target boosted trade volume eliminated market restrictions and integrated wider markets for more investments She said LITF would support the AfCFTA agenda to enable key African markets engage countries across the world NewsSourceCredit NAN
    LCCI to maximise AfCFTA opportunities through trade fair
    Economy7 days ago

    LCCI to maximise AfCFTA opportunities through trade fair

    The Lagos Chamber of Commerce and Industry (LCCI) on Friday said the 2022 Lagos International Trade Fair (LITF) would be used to exploit the opportunities of the African Continental Free Trade Area (AfCFTA).

    This, the chamber said, was following the confirmation of attendance of many African countries.

    Engr. Keye Kupoluyi, Chairman, trade promotion board, LCCI, said this during a press conference in Lagos.

    The News Agency of Nigeria reports that the 2022 LITF is scheduled to hold at the Tafawa Balewa Square (TBS), Lagos, from Nov. 4-13. The theme of the event, which would be declared open by President Muhammadu Buhari is, “Connecting Businesses, Creating Value.

    ” Kupoluyi said the fair would boost global and regional trade for start-up brands, big industries, tech hubs and multinational companies and strengthen existing foreign partnership ties to support African trade.

    He said invitations had been sent to over 50 countries with India, Japan and Ghana’s interests at the fair confirmed and talks at advanced stages with countries like Cote de Ivoire, Cameroon, Burkina Faso, Zambia, and Indonesia.

    He added that many corporate organisations, government Ministries, Departments and Agencies (MDAs) and private sector operators had announced their readiness to explore the opportunities of this year’s trade fair.

    “About 54 countries have been invited to this year’s LITF and many of their ambassadors were visited, and 10 have already confirmed their participation while others are still processing their participation.

    “The LITF promises to be bigger, better and more beneficial for LITF, investors, foreign partners and the global economy.

    “Our sponsors are ready such as the United Bank for Africa Plc, Dangote Group, Choice International Group (Makers of GREE Air-conditioners), MTN Nigeria, FEDAN Investment Ltd., De United Foods Ltd., Bank of Industry (BOI), and Flour Mills of Nigeria Plc are ready to take the centre stage.

    “I assure you that this year’s event will be far better, bigger, safer and more prosperous for all of us largely because the global pandemic which had impacted negatively on the fair in the past two editions has now been effectively curtailed,” he said.

    Kupoluyi added that the event, because of the confirmed increase of visitors and exhibitors, shall be at the cricket pitch area for more space to meet exhibitors’ demands and more opportunity for improved logistics and ambience.

    “This year also, we intend to have an ICT hall, to give our partners and other participants in the sector deserved prominence, visibility and business opportunities.

    “For the first time in the history of the LITF, insulated panels shall be provided for our exhibitors and a children’s corner to celebrate Christmas with interactions with father Christmas and lots of gifts is part of the trade fair package this year,” he said.

    Also, Director-General, LCCI, Dr Chinyere Almona, projected that the fair would ensure that businesses met sales target, boosted trade volume, eliminated market restrictions and integrated wider markets for more investments.

    She said LITF would support the AfCFTA agenda to enable key African markets engage countries across the world.


    NewsSourceCredit: NAN

  •   Africa emits less than 1 of global carbon Osinbajo Africa emits less than 1 of global carbon Osinbajo Carbon By Chijioke Okoronkwo Abuja Sept 22 22 Vice President Yemi Osinbajo says African countries account for less than one per cent of cumulative global carbon emissions Osinbajo disclosed this in his keynote address at the 60th Anniversary Dinner of the Oil Producers Trade Section OPTS of the Lagos Chamber of Commerce and Industry LCCI on Thursday in Lagos The OPTS is a sub group of LCCI which is the umbrella association of oil and gas companies who have come together to promote their common interests Osinbajo who spoke on the topic Nigeria Transitioning to Green Energy said that most hostile impacts of climate change on the continent were triggered by activities of wealthier nations The vice president said that most countries including Nigeria agreed that there was need to reduce global emissions to zero in Nigeria s case by 2060 We are major victims of the effects of climate change but there are a few important issues that we have flagged to our wealthier brother countries in the global north The first is that we in the developing world are faced with two not one crisis one is climate change and the other is extreme poverty the cause and consequence of which is energy poverty Or the fact that lack of access to electricity for millions is a cause of deepening poverty The second is that African countries are the least emitters of carbon today less than one per cent of cumulative CO2 emissions and even if we triple electricity consumption in African countries aside from South Africa solely through the use of natural gas this would add just 0 6 per cent to global emissions So a lot of the flooding and adverse weather events that we are experiencing here are from emissions caused by the wealthier countries The vice president said thirdly the defunding of gas projects to force gas rich countries like Nigeria to stop using gas and use renewables instead was faulty According to him the proposals to ban the funding of fossil fuel projects make no distinction between upstream oil and coal exploration and gas power plants for grid balancing He said that no economy in the world had been known to use renewables solely to industrialise as solar power simply did not have the base load capacity yet for industry Fourthly stopping the use of gas means that we cannot use Liquefied Petroleum Gas LPG for clean cooking stoves to replace the use of kerosene firewood and charcoal which are dirtier fuels that are widely used for cooking and other domestic purposes particularly in the rural areas The use of firewood means cutting down trees and of course desertification and then the loss of our carbon sinks The fifth is the double standards that wealthier countries have adopted on this issue Today in the wake of the energy crisis many European nations have made recent announcements to increase or extend their use of coal fired power generation through 2023 and potentially beyond This is in violation of their climate commitments and analysis suggests that this will raise power sector emissions of the EU by 4 per cent a significant amount given the high base denominator of EU emissions Osinbajo said that the sixth and perhaps most crucial point was that Nigeria must take quick and informed actions in its national interest He said that the country must take the threat of no investments in fossil fuels including gas seriously For an example many European and other global North countries are setting aggressive targets for use of electric vehicles and the banning of combustion engine vehicles Soon there may be only a few countries using combustion engines it is also evident that while the Russia Ukrainian war has shown the hypocrisy in not allowing public funding for fossil fuel projects the wealthier nations are still of the view that this is the correct policy and that even if public funding is to be allowed financing should not go beyond 2035 So far our response has been the Energy Transition Plan a comprehensive data driven and evidence based plan designed to deal with the twin crises of climate change and energy poverty We anchored the plan on key objectives including lifting 100 million people out of poverty in a decade driving economic growth bringing modern energy services to the full population and managing the expected long term job loss in the oil sector due to global decarbonisation he said He said that the plan recognised the role natural gas must play in the short term to facilitate the establishment of base load energy capacity and address the nation s clean cooking deficit in the form of LPG The vice president urged the private sector to step up its participation in the transition to green energy journey Earlier in his opening remarks Dr Micheal Olawale Cole the President LCCI said The OPTS was one of the outstanding members of the LCCI Represented by LCCI s Vice President Mr Gabriel Idohosa Olawale Cole said that OPTS had grown into an elite in the industry He said that LCCI was happy to lead OPTS s for the passage of the Petroleum Industry Bill and then for the implementation of the Petroleum Industry Act The LCCI boss also submitted that fuel subsidy should be removed as it was not sustainable The highlight of the event was the handing over of plaques to former chairmen of OPTS by the vice president NewsSourceCredit NAN
    Africa emits less than 1% of global carbon—Osinbajo
      Africa emits less than 1 of global carbon Osinbajo Africa emits less than 1 of global carbon Osinbajo Carbon By Chijioke Okoronkwo Abuja Sept 22 22 Vice President Yemi Osinbajo says African countries account for less than one per cent of cumulative global carbon emissions Osinbajo disclosed this in his keynote address at the 60th Anniversary Dinner of the Oil Producers Trade Section OPTS of the Lagos Chamber of Commerce and Industry LCCI on Thursday in Lagos The OPTS is a sub group of LCCI which is the umbrella association of oil and gas companies who have come together to promote their common interests Osinbajo who spoke on the topic Nigeria Transitioning to Green Energy said that most hostile impacts of climate change on the continent were triggered by activities of wealthier nations The vice president said that most countries including Nigeria agreed that there was need to reduce global emissions to zero in Nigeria s case by 2060 We are major victims of the effects of climate change but there are a few important issues that we have flagged to our wealthier brother countries in the global north The first is that we in the developing world are faced with two not one crisis one is climate change and the other is extreme poverty the cause and consequence of which is energy poverty Or the fact that lack of access to electricity for millions is a cause of deepening poverty The second is that African countries are the least emitters of carbon today less than one per cent of cumulative CO2 emissions and even if we triple electricity consumption in African countries aside from South Africa solely through the use of natural gas this would add just 0 6 per cent to global emissions So a lot of the flooding and adverse weather events that we are experiencing here are from emissions caused by the wealthier countries The vice president said thirdly the defunding of gas projects to force gas rich countries like Nigeria to stop using gas and use renewables instead was faulty According to him the proposals to ban the funding of fossil fuel projects make no distinction between upstream oil and coal exploration and gas power plants for grid balancing He said that no economy in the world had been known to use renewables solely to industrialise as solar power simply did not have the base load capacity yet for industry Fourthly stopping the use of gas means that we cannot use Liquefied Petroleum Gas LPG for clean cooking stoves to replace the use of kerosene firewood and charcoal which are dirtier fuels that are widely used for cooking and other domestic purposes particularly in the rural areas The use of firewood means cutting down trees and of course desertification and then the loss of our carbon sinks The fifth is the double standards that wealthier countries have adopted on this issue Today in the wake of the energy crisis many European nations have made recent announcements to increase or extend their use of coal fired power generation through 2023 and potentially beyond This is in violation of their climate commitments and analysis suggests that this will raise power sector emissions of the EU by 4 per cent a significant amount given the high base denominator of EU emissions Osinbajo said that the sixth and perhaps most crucial point was that Nigeria must take quick and informed actions in its national interest He said that the country must take the threat of no investments in fossil fuels including gas seriously For an example many European and other global North countries are setting aggressive targets for use of electric vehicles and the banning of combustion engine vehicles Soon there may be only a few countries using combustion engines it is also evident that while the Russia Ukrainian war has shown the hypocrisy in not allowing public funding for fossil fuel projects the wealthier nations are still of the view that this is the correct policy and that even if public funding is to be allowed financing should not go beyond 2035 So far our response has been the Energy Transition Plan a comprehensive data driven and evidence based plan designed to deal with the twin crises of climate change and energy poverty We anchored the plan on key objectives including lifting 100 million people out of poverty in a decade driving economic growth bringing modern energy services to the full population and managing the expected long term job loss in the oil sector due to global decarbonisation he said He said that the plan recognised the role natural gas must play in the short term to facilitate the establishment of base load energy capacity and address the nation s clean cooking deficit in the form of LPG The vice president urged the private sector to step up its participation in the transition to green energy journey Earlier in his opening remarks Dr Micheal Olawale Cole the President LCCI said The OPTS was one of the outstanding members of the LCCI Represented by LCCI s Vice President Mr Gabriel Idohosa Olawale Cole said that OPTS had grown into an elite in the industry He said that LCCI was happy to lead OPTS s for the passage of the Petroleum Industry Bill and then for the implementation of the Petroleum Industry Act The LCCI boss also submitted that fuel subsidy should be removed as it was not sustainable The highlight of the event was the handing over of plaques to former chairmen of OPTS by the vice president NewsSourceCredit NAN
    Africa emits less than 1% of global carbon—Osinbajo
    Environment1 week ago

    Africa emits less than 1% of global carbon—Osinbajo

    Africa emits less than 1% of global carbon—Osinbajo Africa emits less than 1% of global carbon—Osinbajo Carbon By Chijioke Okoronkwo Abuja, Sept. 22, 22 Vice President Yemi Osinbajo says African countries account for less than one per cent of cumulative global carbon emissions.

    Osinbajo disclosed this in his keynote address at the 60th Anniversary Dinner of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) on Thursday in Lagos.

    The OPTS is a sub group of LCCI, which is the umbrella association of oil and gas companies who have come together to promote their common interests.

    Osinbajo, who spoke on the topic: `Nigeria Transitioning to Green Energy,’ said that most hostile impacts of climate change on the continent were triggered by activities of wealthier nations.

    The vice president said that most countries including Nigeria agreed that there was need to reduce global emissions to zero in Nigeria’s case by 2060. “ We are major victims of the effects of climate change, but there are a few important issues that we have flagged to our wealthier brother-countries in the global north.

    “The first is that we, in the developing world are faced with two, not one crisis; one is climate change and the other is extreme poverty, the cause and consequence of which is energy poverty.

    “Or the fact that lack of access to electricity for millions is a cause of deepening poverty.

    “The second is that African countries are the least emitters of carbon today – less than one per cent of cumulative CO2 emissions and even if we triple electricity consumption in African countries (aside from South Africa) solely through the use of natural gas this would add just 0.6 per cent to global emissions.

    “So, a lot of the flooding and adverse weather events that we are experiencing here are from emissions caused by the wealthier countries.

    ’’ The vice president said thirdly, the defunding of gas projects  to force gas rich countries like Nigeria to stop using gas and use renewables instead was faulty.

    According to him, the proposals to ban the funding of fossil fuel projects make no distinction between upstream oil and coal exploration and gas power plants for grid balancing.

    He said that no economy in the world had been known to use renewables solely to industrialise as solar power simply did not have the base load capacity yet for industry.

    “Fourthly, stopping the use of gas means that we cannot use Liquefied Petroleum Gas(LPG) for clean cooking stoves to replace the use of kerosene, firewood and charcoal which are dirtier fuels that are widely used for cooking and other domestic purposes, particularly in the rural areas.

    “ The use of firewood means cutting down trees and of course desertification and then the loss of our carbon sinks.

    `The fifth is the double standards that wealthier countries have adopted on this issue.

    “Today in the wake of the energy crisis, many European nations have made recent announcements to increase or extend their use of coal fired power generation through 2023, and potentially beyond.

    “ This is in violation of their climate commitments, and analysis suggests that this will raise power sector emissions of the EU by 4 per cent — a significant amount given the high base denominator of EU emissions.

    ’’ Osinbajo said that the sixth and perhaps most crucial point was that Nigeria must take quick and informed actions in its national interest.

    He said that the country must take the threat of no investments in fossil fuels including gas seriously.

    “For an example, many European and other global North countries are setting aggressive targets for use of electric vehicles and the banning of combustion engine vehicles.

    “ Soon there may be only a few countries using combustion engines; it is also evident that while the Russia- Ukrainian war has shown the hypocrisy in not allowing public funding for fossil fuel projects, the wealthier nations are still of the view that this is the correct policy and that even if public funding is to be allowed financing should not go beyond 2035. “So far our response has been the Energy Transition Plan–a comprehensive, data-driven and evidence-based plan, designed to deal with the twin crises of climate change and energy poverty.

    “ We anchored the plan on key objectives, including lifting 100 million people out of poverty in a decade, driving economic growth, bringing modern energy services to the full population and managing the expected long-term job loss in the oil sector due to global decarbonisation,’’  he said.

    He said that the plan recognised the role  natural gas must play in the short term to facilitate the establishment of base load energy capacity and address the nation’s clean cooking deficit in the form of LPG.

    The vice president urged the private sector to step up its participation in the transition to green energy journey.

    Earlier in his opening remarks, Dr Micheal-Olawale-Cole, the President, LCCI, said The OPTS was one of the outstanding members of the LCCI.

    Represented by LCCI’s Vice President, Mr Gabriel Idohosa, Olawale-Cole said that OPTS had grown into an elite in the industry.

    He said that LCCI was happy to lead OPTS’s for the passage of the Petroleum Industry Bill and then for the implementation of the Petroleum Industry Act. The LCCI boss also submitted that fuel subsidy should be removed as it was not sustainable.

    The highlight of the event was the handing over of plaques to former chairmen of OPTS by the vice president.


    NewsSourceCredit: NAN

  •  Chief Timipre Sylva Minister of State for Petroleum Resources says there are about 265 illegal refineries in the Shell Petroleum Development Company SPDC corridor alone as Nigeria continues to grapple with oil theft The News Agency of Nigeria reports that Sylva spoke at the 60th Anniversary of the Oil Producers Trade Section OPTS of the Lagos Chamber of Commerce and Industry LCCI on Thursday in Lagos The minister represented by Mr Kamaru Busari Acting Permanent Secretary Ministry of Petroleum Resources said vandalism and oil theft had resulted in Nigeria producing less than one million barrels of crude oil per day Sylva said the country s inability to meet its Organisation of the Petroleum Exporting Countries OPEC quota had deprived it of the much needed oil revenue when oil prices were very high in the international market He said nevertheless the government was engaging host communities security agencies and deploying technology to address the issue in order to boost investors confidence in the sector On his part Malam Mele Kyari Group Chief Executive Officer Nigerian National Petroleum Company Ltd NNPCL said the company was not unmindful of the current challenges particularly security in the operational areas and cash call arrears settlement Kyari represented by Mr Dapo Segun Deputy General Manager Treasury NNPCL however maintained that the company was resilient and would work with other stakeholders to overcome the security challenges He said We have deployed creative solutions to tackle security challenges in the operational areas Technological intervention for both monitoring and prompt intervention would also be set up The tackling of the menace is a top priority for NNPCL Also our new governance framework provides us autonomy and opportunity for self accounting hence cash call settlement including arrears would be settled and handled promptly going forward Earlier in his address of welcome Mr Rick Kennedy Chairman OPTS said OPTS had made significant contributions to the development of the Nigerian oil and gas industry over the past 60 years Kennedy represented by Mr Osagie Okunbor Vice Chairman OPTS said OPTS members had demonstrated resilience and commitment in the face of economic security environmental and funding challenges He said We have continued to make significant contributions to Nigeria s development As a group OPTS member companies account about 90 per cent of Nigeria oil production and contributes significantly to the domestic and export gas production and supply Over the last decade OPTS member companies accounted for 40 60 per cent of government revenue and 85 to 95 per cent of export earnings OPTS member companies are also proud to have paid tens of billions of dollars in taxes levies royalties rents and license fees to the Nigerian government Kennedy who is also the Managing Director Chevron Africa Business Unit said the OPTS companies had also created over 600 000 direct and indirect jobs for Nigerians Also Mr Bunmi Toyobo Executive Director OPTS thanked the 29 companies who were members of the OPTS for their contributions to its achievements in the past 60 years This celebration is to demonstrate our abiding faith in Nigeria as a group and belief in the boundless growth potential of our country given the enabling environment he said NewsSourceCredit NAN
    265 illegal refineries in SPDC corridor – Sylva
     Chief Timipre Sylva Minister of State for Petroleum Resources says there are about 265 illegal refineries in the Shell Petroleum Development Company SPDC corridor alone as Nigeria continues to grapple with oil theft The News Agency of Nigeria reports that Sylva spoke at the 60th Anniversary of the Oil Producers Trade Section OPTS of the Lagos Chamber of Commerce and Industry LCCI on Thursday in Lagos The minister represented by Mr Kamaru Busari Acting Permanent Secretary Ministry of Petroleum Resources said vandalism and oil theft had resulted in Nigeria producing less than one million barrels of crude oil per day Sylva said the country s inability to meet its Organisation of the Petroleum Exporting Countries OPEC quota had deprived it of the much needed oil revenue when oil prices were very high in the international market He said nevertheless the government was engaging host communities security agencies and deploying technology to address the issue in order to boost investors confidence in the sector On his part Malam Mele Kyari Group Chief Executive Officer Nigerian National Petroleum Company Ltd NNPCL said the company was not unmindful of the current challenges particularly security in the operational areas and cash call arrears settlement Kyari represented by Mr Dapo Segun Deputy General Manager Treasury NNPCL however maintained that the company was resilient and would work with other stakeholders to overcome the security challenges He said We have deployed creative solutions to tackle security challenges in the operational areas Technological intervention for both monitoring and prompt intervention would also be set up The tackling of the menace is a top priority for NNPCL Also our new governance framework provides us autonomy and opportunity for self accounting hence cash call settlement including arrears would be settled and handled promptly going forward Earlier in his address of welcome Mr Rick Kennedy Chairman OPTS said OPTS had made significant contributions to the development of the Nigerian oil and gas industry over the past 60 years Kennedy represented by Mr Osagie Okunbor Vice Chairman OPTS said OPTS members had demonstrated resilience and commitment in the face of economic security environmental and funding challenges He said We have continued to make significant contributions to Nigeria s development As a group OPTS member companies account about 90 per cent of Nigeria oil production and contributes significantly to the domestic and export gas production and supply Over the last decade OPTS member companies accounted for 40 60 per cent of government revenue and 85 to 95 per cent of export earnings OPTS member companies are also proud to have paid tens of billions of dollars in taxes levies royalties rents and license fees to the Nigerian government Kennedy who is also the Managing Director Chevron Africa Business Unit said the OPTS companies had also created over 600 000 direct and indirect jobs for Nigerians Also Mr Bunmi Toyobo Executive Director OPTS thanked the 29 companies who were members of the OPTS for their contributions to its achievements in the past 60 years This celebration is to demonstrate our abiding faith in Nigeria as a group and belief in the boundless growth potential of our country given the enabling environment he said NewsSourceCredit NAN
    265 illegal refineries in SPDC corridor – Sylva
    General news1 week ago

    265 illegal refineries in SPDC corridor – Sylva

    Chief Timipre Sylva, Minister of State for Petroleum Resources, says there are about 265 illegal refineries in the Shell Petroleum Development Company (SPDC) corridor alone as Nigeria continues to grapple with oil theft.

    The News Agency of Nigeria reports that Sylva spoke at the 60th Anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) on Thursday in Lagos.

    The minister, represented by Mr Kamaru Busari, Acting Permanent Secretary, Ministry of Petroleum Resources, said vandalism and oil theft had resulted in Nigeria producing less than one million barrels of crude oil per day.

    Sylva said the country’s inability to meet its Organisation of the Petroleum Exporting Countries (OPEC) quota had deprived it of the much needed oil revenue when oil prices were very high in the international market.

    He said, nevertheless, the government was engaging host communities, security agencies and deploying technology to address the issue in order to boost investors’ confidence in the sector.

    On his part, Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Ltd. (NNPCL), said the company was not unmindful of the current challenges, particularly security in the operational areas and cash call arrears settlement.

    Kyari, represented by Mr Dapo Segun, Deputy General Manager, Treasury, NNPCL, however,  maintained that the company was resilient and would work with other stakeholders to overcome the security challenges.

    He said: “We have deployed creative solutions to tackle security challenges in the operational areas.

    “Technological intervention for both monitoring and prompt intervention would also be set up.

    The tackling of the menace is a top priority for NNPCL.

    “Also, our new governance framework provides us autonomy and opportunity for self-accounting hence cash-call settlement including arrears would be settled and handled promptly going forward.

    ” Earlier in his address of welcome, Mr Rick Kennedy, Chairman OPTS, said OPTS had made significant contributions to the development of the Nigerian oil and gas industry over the past 60 years.

    Kennedy, represented by Mr Osagie Okunbor, Vice Chairman, OPTS, said OPTS members had demonstrated resilience and commitment in the face of economic, security, environmental and funding challenges.

    He said: “We have continued to make significant contributions to Nigeria’s development.

    “As a group, OPTS member companies account about 90 per cent of Nigeria oil production and contributes significantly to the domestic and export gas production and supply.

    “Over the last decade, OPTS member companies accounted for 40-60 per cent of government revenue and 85 to 95 per cent of export earnings.

    “OPTS member companies are also proud to have paid tens of billions of dollars in taxes, levies, royalties, rents, and license fees to the Nigerian government.

    ” Kennedy, who is also the Managing Director, Chevron -Africa Business Unit, said the OPTS companies had also created over 600,000 direct and indirect jobs for Nigerians.

    Also, Mr Bunmi Toyobo, Executive Director,OPTS, thanked the 29 companies who were members of the OPTS for their contributions to its achievements in the past 60 years.

    “This celebration is to demonstrate our abiding faith in Nigeria as a group and belief in the boundless growth potential of our country, given the enabling environment,” he said.


    NewsSourceCredit: NAN

  •  Mr Peter Obi the Labour Party LP presidential flagbearer said if elected in 2023 his government would overhaul the country s security architecture and revive trust between government and the people to set a new economic order Obi said this at the 2023 Lagos Chamber of Commerce and Industry LCCI Private Sector Economic Forum on the 2023 Presidential Election on Monday in Lagos According to him any government that takes over in 2023 will be confronted by daunting challenges both domestic and external which have degenerated over the years due to leadership failure These challenges Obi said had impacted negatively on the country s unity social cohesion trust in government wealth education employment health commerce and other indices The LP presidential flagbearer stressed that the country was not bereft of good ideas and plans but that institutional weakness and lack of political will to implement them had limited it s economic potential Obi said aside overhauling the entire security architecture his government would ensure multilevel policing at federal state and community levels and equip them properly with modern gadgets to free the economy from the woes of insecurity He stated that upon becoming president his government would streamline governance to ensure that it was responsive transparent and effective ensure institutional reforms and engender inclusive participation of all groups Obi said the country must hold his government accountable in terms of visible measurable changes on security manufacturing for exports and the use and adherence to the rule of law to consolidate Nigeria s democracy Good governance must be aimed at providing good service and receiving constructive criticism and moving forward with the goal of bringing back the trust of people to governance Under my watch all groups such as the youth women disabled vulnerable private sector must be represented in my government s decision making process seeing that I am committed to providing a demand driven leadership As a trader I am one of you and sincerely recognise your challenges and pain and would provide my own solutions to the questions that have been raised particularly security which is impacting on all other economic problems We have identified and prioritised seven critical areas in line with some Sustainable Development Goals SDG to ensure purposeful leadership as we secure and unite Nigeria with effective legal and institutional reforms he said Obi stressed that to address the country s revenue and other economic crisis his administration would invest in manufacturing to move the country from consumption to production and exportation He said his government would also create an asset register and ensure that the country s assets became more productive under genuine private sector watch He stated that apart from tackling insecurity the issue of power generation must be addressed head on by liberalising transmission and supporting the existing power generating companies These Obi said would ensure that the power sector was properly aligned with clear policies and the regulatory environment To address power first thing is to provide funding access tax incentives and address issue of embedded power and renewable energy I am not saying that I am going to be a superman but I am going to bring the political will to follow the rule of law to deal with issues of oil theft and address leakages in government revenue to address the funding of the Academic Staff Union of Universities ASUU I am offering the ability to do the right thing and ensure that it is done going forward from 2023 Nigeria s problems though daunting and difficult are solvable and my appeal is that 2023 election would not be based on ethnicity but on competence and accountability he said LCCI President Dr Michael Olawale Cole said the overshadowing effect of politics over economics made the chamber set up the event as its contribution to a new economic order that could take the Nigerian economy from the doldrums He noted that patriotic Nigerians would like to know the plans and intentions of a future president and this would most likely enhance the choices people make at the polls Nigerians have another opportunity to decide who leads them in the next four years from 2023 2027 The Nigerian economy has been inundated with a myriad of problems among which are oil theft an unsustainable subsidy regime insecurity and a foreign exchange crisis However in spite of all these challenges the prospects and future remain bright for the nigerian economy with the country as the largest economy on the continent with an output in the region of almost half a trillion dollars in nominal times he said The LCCI President tasked the Federal Government to pay special attention to the education sector by providing long lasting solutions to the issue of industrial disputes in the country NewsSourceCredit NAN
    I’ll overhaul security architecture to set new order for economy – Obi
     Mr Peter Obi the Labour Party LP presidential flagbearer said if elected in 2023 his government would overhaul the country s security architecture and revive trust between government and the people to set a new economic order Obi said this at the 2023 Lagos Chamber of Commerce and Industry LCCI Private Sector Economic Forum on the 2023 Presidential Election on Monday in Lagos According to him any government that takes over in 2023 will be confronted by daunting challenges both domestic and external which have degenerated over the years due to leadership failure These challenges Obi said had impacted negatively on the country s unity social cohesion trust in government wealth education employment health commerce and other indices The LP presidential flagbearer stressed that the country was not bereft of good ideas and plans but that institutional weakness and lack of political will to implement them had limited it s economic potential Obi said aside overhauling the entire security architecture his government would ensure multilevel policing at federal state and community levels and equip them properly with modern gadgets to free the economy from the woes of insecurity He stated that upon becoming president his government would streamline governance to ensure that it was responsive transparent and effective ensure institutional reforms and engender inclusive participation of all groups Obi said the country must hold his government accountable in terms of visible measurable changes on security manufacturing for exports and the use and adherence to the rule of law to consolidate Nigeria s democracy Good governance must be aimed at providing good service and receiving constructive criticism and moving forward with the goal of bringing back the trust of people to governance Under my watch all groups such as the youth women disabled vulnerable private sector must be represented in my government s decision making process seeing that I am committed to providing a demand driven leadership As a trader I am one of you and sincerely recognise your challenges and pain and would provide my own solutions to the questions that have been raised particularly security which is impacting on all other economic problems We have identified and prioritised seven critical areas in line with some Sustainable Development Goals SDG to ensure purposeful leadership as we secure and unite Nigeria with effective legal and institutional reforms he said Obi stressed that to address the country s revenue and other economic crisis his administration would invest in manufacturing to move the country from consumption to production and exportation He said his government would also create an asset register and ensure that the country s assets became more productive under genuine private sector watch He stated that apart from tackling insecurity the issue of power generation must be addressed head on by liberalising transmission and supporting the existing power generating companies These Obi said would ensure that the power sector was properly aligned with clear policies and the regulatory environment To address power first thing is to provide funding access tax incentives and address issue of embedded power and renewable energy I am not saying that I am going to be a superman but I am going to bring the political will to follow the rule of law to deal with issues of oil theft and address leakages in government revenue to address the funding of the Academic Staff Union of Universities ASUU I am offering the ability to do the right thing and ensure that it is done going forward from 2023 Nigeria s problems though daunting and difficult are solvable and my appeal is that 2023 election would not be based on ethnicity but on competence and accountability he said LCCI President Dr Michael Olawale Cole said the overshadowing effect of politics over economics made the chamber set up the event as its contribution to a new economic order that could take the Nigerian economy from the doldrums He noted that patriotic Nigerians would like to know the plans and intentions of a future president and this would most likely enhance the choices people make at the polls Nigerians have another opportunity to decide who leads them in the next four years from 2023 2027 The Nigerian economy has been inundated with a myriad of problems among which are oil theft an unsustainable subsidy regime insecurity and a foreign exchange crisis However in spite of all these challenges the prospects and future remain bright for the nigerian economy with the country as the largest economy on the continent with an output in the region of almost half a trillion dollars in nominal times he said The LCCI President tasked the Federal Government to pay special attention to the education sector by providing long lasting solutions to the issue of industrial disputes in the country NewsSourceCredit NAN
    I’ll overhaul security architecture to set new order for economy – Obi
    Economy2 weeks ago

    I’ll overhaul security architecture to set new order for economy – Obi

    Mr Peter Obi, the Labour Party (LP) presidential flagbearer, said if elected in 2023, his government would overhaul the country’s security architecture and revive trust between government and the people to set a new economic order.

    Obi said this at the 2023 Lagos Chamber of Commerce and Industry (LCCI) Private Sector Economic Forum on the 2023 Presidential Election on Monday in Lagos.

    According to him, any government that takes over in 2023 will be confronted by daunting challenges; both domestic and external which have degenerated over the years due to leadership failure.

    These challenges, Obi said, had impacted negatively on the country’s unity, social cohesion, trust in government, wealth, education, employment, health, commerce and other indices.

    The LP presidential flagbearer stressed that the country was not bereft of good ideas and plans, but that institutional weakness and lack of political will to implement them had limited it’s economic potential.

    Obi said aside overhauling the entire security architecture, his government would ensure multilevel policing at federal, state and community levels, and equip them properly with modern gadgets to free the economy from the woes of insecurity.

    He stated that upon becoming president, his government would streamline governance to ensure that it was responsive, transparent and effective; ensure institutional reforms and engender inclusive, participation of all groups.

    Obi said the country must hold his government accountable in terms of visible, measurable changes on security, manufacturing for exports, and the use and adherence to the rule of law to consolidate Nigeria’s democracy.

    “Good governance must be aimed at providing good service and receiving constructive criticism and moving forward with the goal of bringing back the trust of people to governance.

    “Under my watch, all groups such as the youth, women, disabled, vulnerable, private sector, must be represented in my government’s decision making process seeing that I am committed to providing a demand driven leadership.

    “As a trader, I am one of you and sincerely recognise your challenges and pain, and would provide my own solutions to the questions that have been raised, particularly, security which is impacting on all other economic problems.

    “We have identified and prioritised seven critical areas in line with some Sustainable Development Goals (SDG) to ensure purposeful leadership as we secure and unite Nigeria with effective legal and institutional reforms,” he said.

    Obi stressed that to address the country’s revenue and other economic crisis, his administration would invest in manufacturing to move the country from consumption to production and exportation.

    He said his government would also create an asset register and ensure that the country’s assets became more productive under genuine private sector watch.

    He stated that apart from tackling insecurity, the issue of power generation must be addressed head-on by liberalising transmission and supporting the existing power generating companies.

    These, Obi said, would ensure that the power sector was properly aligned with clear policies and the regulatory environment.

    “To address power, first thing is to provide funding access, tax incentives and address issue of embedded power and renewable energy.

    “I am not saying that I am going to be a superman but I am going to bring the political will to follow the rule of law, to deal with issues of oil theft, and address leakages in government revenue to address the funding of the Academic Staff Union of Universities (ASUU).

    “I am offering the ability to do the right thing and ensure that it is done going forward from 2023. “Nigeria’s problems though daunting and difficult are solvable and my appeal is that 2023, election would not be based on ethnicity but on competence and accountability,” he said.

    LCCI President, Dr Michael Olawale-Cole, said the overshadowing effect of politics over economics made the chamber set up the event as its contribution to a new economic order that could take the Nigerian economy from the doldrums.

    He noted that patriotic Nigerians would like to know the plans and intentions of a future president, and this would most likely enhance the choices people make at the polls.

    “Nigerians have another opportunity to decide who leads them in the next four years from 2023-2027. “The Nigerian economy has been inundated with a myriad of problems among which are oil theft, an unsustainable subsidy regime, insecurity, and a foreign exchange crisis.

    “However, in spite of all these challenges, the prospects and future remain bright for the nigerian economy with the country as the largest economy on the continent with an output in the region of almost half a trillion dollars in nominal times,” he said.

    The LCCI President tasked the Federal Government to pay special attention to the education sector, by providing long lasting solutions to the issue of industrial disputes in the country.


    NewsSourceCredit: NAN

  •  Dr Muda Yusuf Founder Centre for the Promotion of Private Enterprises CPPE has called on the Federal Government to address the unabating drivers of inflation to provide succour for the citizens Yusuf made the call on Thursday in Lagos while reacting to the August inflation rate of 20 52 per cent which is 0 88 per cent higher than that of the preceding month The News Agency of Nigeria reports that analysis by the National Bureau of Statistics NBS revealed that food inflation for the period under review also surged to 23 12 per cent an increase of 1 1 per cent month on month According to Yusuf the reality is that the major inflation drivers have not abated if anything some have become even more intense He stated that factors responsible for inflationary pressure included high transportation costs increasing logistics challenges worsening exchange rate depreciation and foreign exchange liquidity issues Others the former Director General Lagos Chamber of Commerce and Industry LCCI said were hike in energy prices climate change issues insecurity in many farming communities and structural bottlenecks to production He stated that the accelerated fiscal deficit financing by the Central Bank of Nigeria CBN was also a significant inflation driver Yusuf noted that the financing of fiscal deficit had been elevated to disturbing levels at almost N20 trillion All these he stressed had huge implications for money supply and knock on effect on inflation CBN financing of deficit is high powered money and very inflationary it is inflation tax Mounting inflationary pressures weaken purchasing power of citizens as real incomes are eroded aggravate pressure on production costs negatively impact profitability erode shareholders value and undermine investors confidence In most cases increases in production costs cannot be transferred to consumers by industrialists and by implication producers are also taking a major hit Tackling inflation requires urgent government intervention to address the challenges bedevelling the supply side of the economy and the moderation of fiscal deficit monetisation he said NewsSourceCredit NAN
    Govt. needs to address unabating drivers of inflation – CPPE boss
     Dr Muda Yusuf Founder Centre for the Promotion of Private Enterprises CPPE has called on the Federal Government to address the unabating drivers of inflation to provide succour for the citizens Yusuf made the call on Thursday in Lagos while reacting to the August inflation rate of 20 52 per cent which is 0 88 per cent higher than that of the preceding month The News Agency of Nigeria reports that analysis by the National Bureau of Statistics NBS revealed that food inflation for the period under review also surged to 23 12 per cent an increase of 1 1 per cent month on month According to Yusuf the reality is that the major inflation drivers have not abated if anything some have become even more intense He stated that factors responsible for inflationary pressure included high transportation costs increasing logistics challenges worsening exchange rate depreciation and foreign exchange liquidity issues Others the former Director General Lagos Chamber of Commerce and Industry LCCI said were hike in energy prices climate change issues insecurity in many farming communities and structural bottlenecks to production He stated that the accelerated fiscal deficit financing by the Central Bank of Nigeria CBN was also a significant inflation driver Yusuf noted that the financing of fiscal deficit had been elevated to disturbing levels at almost N20 trillion All these he stressed had huge implications for money supply and knock on effect on inflation CBN financing of deficit is high powered money and very inflationary it is inflation tax Mounting inflationary pressures weaken purchasing power of citizens as real incomes are eroded aggravate pressure on production costs negatively impact profitability erode shareholders value and undermine investors confidence In most cases increases in production costs cannot be transferred to consumers by industrialists and by implication producers are also taking a major hit Tackling inflation requires urgent government intervention to address the challenges bedevelling the supply side of the economy and the moderation of fiscal deficit monetisation he said NewsSourceCredit NAN
    Govt. needs to address unabating drivers of inflation – CPPE boss
    Economy2 weeks ago

    Govt. needs to address unabating drivers of inflation – CPPE boss

    Dr Muda Yusuf, Founder, Centre for the Promotion of Private Enterprises (CPPE), has called on the Federal Government to address the unabating drivers of inflation to provide succour for the citizens.

    Yusuf, made the call on Thursday in Lagos, while reacting to the August inflation rate of 20.52 per cent which is 0.88 per cent higher than that of the preceding month.

    The News Agency of Nigeria reports that analysis by the National Bureau of Statistics (NBS) revealed that food inflation for the period under review also surged to 23.12 per cent; an increase of 1.1 per cent month on month.

    According to Yusuf, the reality is that the major inflation drivers have not abated, if anything, some have become even more intense.

    He stated that factors responsible for inflationary pressure included high transportation costs, increasing logistics challenges, worsening exchange rate depreciation and foreign exchange liquidity issues.

    Others, the former Director General, Lagos Chamber of Commerce and Industry (LCCI) said were hike in energy prices, climate change issues, insecurity in many farming communities and structural bottlenecks to production.

    He stated that the accelerated fiscal deficit financing by the Central Bank of Nigeria (CBN) was also a significant inflation driver.

    Yusuf noted that the financing of fiscal deficit had been elevated to disturbing levels at almost N20 trillion.

    All these, he stressed, had huge implications for money supply and knock on effect on inflation.

    “CBN financing of deficit is high powered money and very inflationary; it is inflation tax.

    “Mounting inflationary pressures weaken purchasing power of citizens as real incomes are eroded, aggravate pressure on production costs, negatively impact profitability, erode shareholders value and undermine investors’ confidence.

    “In most cases, increases in production costs cannot be transferred to consumers by industrialists and by implication, producers are also taking a major hit.

    “Tackling inflation requires urgent government intervention to address the challenges bedevelling the supply side of the economy and the moderation of fiscal deficit monetisation,” he said.


    NewsSourceCredit: NAN

  •  Presidential candidate of the Peoples Democratic Party PDP Atiku Abubakar played a major role in pushing millions of Nigerians into the unemployment market and into poverty as Vice President between 1999 and 2007 This according to the Buhari Media Organisation BMO is contrary to the impression Atiku sold in his presentation at the recent Lagos Chamber of Commerce and Industry LCCI Presidential Economic Agenda Forum BMO said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that the former Vice President and his party were largely responsible for the mess the All Progressives Congress APC led administration had been cleaning in the last seven years It was meant to be an economic forum for the Peoples Democratic Party s flag bearer to give the Organized Private Sector OPS an insight into what he has to offer but he preferred to use it as an opportunity to again demonize President Buhari and his administration So not surprising Atiku went ahead to limit all the problems in the country to the tenure of the incumbent government which he claimed was responsible for massive and regrettable level of unemployment But what he deliberately left out is the fact that Nigeria s unemployment figure in the PDP era was 112million out of a population of 160m inspite of a higher oil revenue for a sustainable period with no global pandemic or a war with grave worldwide economic implication It is public knowledge the former Vice President laid the groundwork for that high number of unemployed people as the man who presided over the much abused privatisation programme that led to massive job cuts with no fall back plans for those pushed into the labour market We find it funny that same man is pledging funding for small businesses when the administration he served and the party were more interested in protecting the interest of the political elite for 16 years rather than providing a social safety net for the poor and vulnerable The PDP candidate also made it look like Nigeria began running a budget deficit under Buhari when publicly available information showed that it started in 2011 when the country actually had an oil boom but with little effort at economic diversification It was also a period that the country s infrastructure deficit began to rise menacingly with successive PDP administrations doing little or nothing to bridge the gap that Atiku is now pledging to commit 20billion dollars to with private sector support the group said BMO added that it was interesting to see the former Vice President promising things that the Buhari administration has already put in place in a different way The APC led Buhari administration has already put in place several Public Private Partnership PPP initiatives in infrastructure on the back of Executive Order 7 which a number of key private sector players have already embraced to reconstruct some roads in exchange for tax credit across the six geo political zones This is aside from the National Council on Infrastructure that has already been set up to encourage private sector involvement in infrastructure development and the Presidential Infrastructure Development Fund PIDF which is already up and running So what the perennial presidential candidate is doing amounts to seeking to giraffing or spying nothing more in proposing OPS involvement in infrastructure development But what we like many Nigerians find laughable is Atiku s plan to propose a legislation to remove electricity from the exclusive list even when it has been in the news for at least three months that President Buhari and the National Assembly have began a process of decentralizing the power sector So we agree with those who say that the former Vice President had stayed too long in Dubai that he has lost track of what is happening in the country The group said that the former Vice President simply showed in his LCCI presentation that he has nothing to offer Nigeria and Nigerians ABI NewsSourceCredit NAN
    How Atiku, PDP engineered mass poverty on Nigerians: BMO
     Presidential candidate of the Peoples Democratic Party PDP Atiku Abubakar played a major role in pushing millions of Nigerians into the unemployment market and into poverty as Vice President between 1999 and 2007 This according to the Buhari Media Organisation BMO is contrary to the impression Atiku sold in his presentation at the recent Lagos Chamber of Commerce and Industry LCCI Presidential Economic Agenda Forum BMO said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that the former Vice President and his party were largely responsible for the mess the All Progressives Congress APC led administration had been cleaning in the last seven years It was meant to be an economic forum for the Peoples Democratic Party s flag bearer to give the Organized Private Sector OPS an insight into what he has to offer but he preferred to use it as an opportunity to again demonize President Buhari and his administration So not surprising Atiku went ahead to limit all the problems in the country to the tenure of the incumbent government which he claimed was responsible for massive and regrettable level of unemployment But what he deliberately left out is the fact that Nigeria s unemployment figure in the PDP era was 112million out of a population of 160m inspite of a higher oil revenue for a sustainable period with no global pandemic or a war with grave worldwide economic implication It is public knowledge the former Vice President laid the groundwork for that high number of unemployed people as the man who presided over the much abused privatisation programme that led to massive job cuts with no fall back plans for those pushed into the labour market We find it funny that same man is pledging funding for small businesses when the administration he served and the party were more interested in protecting the interest of the political elite for 16 years rather than providing a social safety net for the poor and vulnerable The PDP candidate also made it look like Nigeria began running a budget deficit under Buhari when publicly available information showed that it started in 2011 when the country actually had an oil boom but with little effort at economic diversification It was also a period that the country s infrastructure deficit began to rise menacingly with successive PDP administrations doing little or nothing to bridge the gap that Atiku is now pledging to commit 20billion dollars to with private sector support the group said BMO added that it was interesting to see the former Vice President promising things that the Buhari administration has already put in place in a different way The APC led Buhari administration has already put in place several Public Private Partnership PPP initiatives in infrastructure on the back of Executive Order 7 which a number of key private sector players have already embraced to reconstruct some roads in exchange for tax credit across the six geo political zones This is aside from the National Council on Infrastructure that has already been set up to encourage private sector involvement in infrastructure development and the Presidential Infrastructure Development Fund PIDF which is already up and running So what the perennial presidential candidate is doing amounts to seeking to giraffing or spying nothing more in proposing OPS involvement in infrastructure development But what we like many Nigerians find laughable is Atiku s plan to propose a legislation to remove electricity from the exclusive list even when it has been in the news for at least three months that President Buhari and the National Assembly have began a process of decentralizing the power sector So we agree with those who say that the former Vice President had stayed too long in Dubai that he has lost track of what is happening in the country The group said that the former Vice President simply showed in his LCCI presentation that he has nothing to offer Nigeria and Nigerians ABI NewsSourceCredit NAN
    How Atiku, PDP engineered mass poverty on Nigerians: BMO
    General news2 weeks ago

    How Atiku, PDP engineered mass poverty on Nigerians: BMO

    Presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar played a major role in pushing millions of Nigerians into the unemployment market and into poverty as Vice President between 1999 and 2007. This, according to the Buhari Media Organisation (BMO), is contrary to the impression Atiku sold in his presentation at the recent Lagos Chamber of Commerce and Industry (LCCI) Presidential Economic Agenda Forum.

    BMO said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, that the former Vice President and his party were largely responsible for the mess the All Progressives Congress APC-led administration had been cleaning in the last seven years.

    “It was meant to be an economic forum for the Peoples Democratic Party’s flag bearer to give the Organized Private Sector (OPS) an insight into what he has to offer, but he preferred to use it as an opportunity to again demonize President Buhari and his administration.

    “So, not surprising, Atiku went ahead to limit all the problems in the country to the tenure of the incumbent government which he claimed was responsible for massive and regrettable level of unemployment.

    “But what he deliberately left out is the fact that Nigeria’s unemployment figure in the PDP era was 112million out of a population of 160m, inspite of a higher oil revenue for a sustainable period with no global pandemic or a war with grave  worldwide economic implication.

    “It is public knowledge the former Vice President laid the groundwork for that high number of unemployed people as the man who presided over the much abused privatisation programme that led to massive job cuts with no fall back plans for those pushed into the labour market.

    “We find it funny that same man is pledging funding for small businesses when the administration he served and the party were more interested in protecting the interest of the political elite for 16 years rather than providing a social safety net for the poor and vulnerable.

    “The PDP candidate also made it look like Nigeria began running a budget deficit under Buhari, when publicly available information showed that it started in 2011 when the country actually had an oil boom but with little effort at economic diversification.

    “It was also a period that the country’s infrastructure deficit began to rise menacingly with successive PDP administrations doing little or nothing to bridge the gap that Atiku is now pledging to commit 20billion dollars to, with private sector support,” the group said.

    BMO added that it was interesting to see the former Vice President promising things that the Buhari administration has already put in place in a different way.

    “The APC-led Buhari administration has already put in place several Public Private Partnership (PPP) initiatives in infrastructure on the back of Executive Order 7 which a number of key private sector players have already embraced to reconstruct some roads in exchange for tax credit across the six geo-political zones.

    “This is aside from the National Council on Infrastructure that has already been set up to encourage private sector involvement in infrastructure development and the Presidential Infrastructure Development Fund (PIDF) which is already up and running.

    “So what the perennial presidential candidate is doing amounts to seeking to ‘giraffing’ or spying; nothing more, in proposing OPS involvement in infrastructure development.

    “But what we, like many Nigerians, find laughable is Atiku’s plan to propose a legislation to remove electricity from the exclusive list even when it has been in the news for at least three months, that President Buhari and the National Assembly have began a process of decentralizing the power sector.

    “So we agree with those who say that  the former Vice President had stayed too long in Dubai that he has lost track of what is happening in the country.

    ” The group said that the former Vice-President simply showed in his LCCI presentation that he has nothing to offer Nigeria and Nigerians.

    ABI  
    NewsSourceCredit: NAN

  •  The presidential candidate of the Peoples Democratic Party PDP Alhaji Atiku Abubakar said economic prosperity through partnership with the private sector was top on his soon to be unveiled five point agenda Abubakar said this at the Lagos Chamber of Commerce and Industry LCCI Private Sector Economic Forum on the 2023 Presidential Election on Tuesday in Lagos He said the agenda if voted as president would foster economic prosperity restore the country s unity strengthen national security improve education delivery and restructure the polity He stated that collaboration with the private sector was desirable because of its critical role in Nigeria s development as indicated by its 78 9 per cent contribution to national consumption expenditure Similarly Abubakar noted that about 85 per cent of the investments in the Medium Term National Development Plan 2021 2025 was envisaged to be private sector funded He stressed that the country could not overcome its economic challenges without significant reforms to restructure the economy and to support the private sector to unleash its growth potential According to the Nigeria Infrastructure Master Plan Nigeria has an infrastructure financing deficit of approximately 3 trillion dollars over the next 30 years This means a financing requirement of approximately 100 billion dollars per annum which cannot be met by the public sector For these and many other reasons a warm handshake with the private sector is inevitable for any economic policy or programme to succeed Indeed private sector leadership in driving growth is the first of three key principles of my economic growth and development agenda as encapsulated in my covenant with Nigerians We would listen to the private sector more and secure their buy in when policies are designed to determine the success of our economic growth and development agenda he said The PDP presidential candidate stressed that creating economic opportunities for Nigeria would represent significant implications for social cohesion and national security He said increased jobs and income opportunities would reduce the likelihood of the Nigerian youth being involved in crime violence and conflicts motivated by manipulating religious or ethic differences Abubakar stated that his emergence was critical given the current state of the country s economy which he described as crawling characterised by unemployment poverty policy uncertainties and lack of investors confidence He said his economic growth and development agenda would stimulate growth and birth an economy that was modern dynamic competitive and capable of taking its rightful place among the top 20 economies of the world Nigeria has the potential to double its Gross Domestic Product GDP by 2030 and achieve a per capita income of approximately 5 000 dollars We anticipate growth from our policies that seek to revitalise the real sectors including agriculture manufacturing and Micro Small and Medium Enterprises MSME Rebuilding infrastructure and reducing infrastructure deficit would enhance the carrying capacity of the economy and unleash growth and wealth creation We will elevate production for export to a top policy and long term investment priority and promote export of manufactured goods I have always nurtured a desire to create abundant opportunities for people and enhance the capability to explore those opportunities so that they can live a happy healthy and productive life as I feel fulfilled when I create prosperity for others he said Abubakar unveiled plans to restore investors confidence in the Nigerian economy to take risks and invest capital by providing more clarity coherence and consistency in the polity He stated that the monetary and fiscal authorities would be better coordinated to ensure a stable macroeconomic environment with low inflation stable exchange and interest rates We will allow the Central Bank of Nigeria the independence to pursue its mandate but ensure that such policies are not detrimental to Nigeria s quest for Foreign Direct Investment FDI and to Nigeria s long term growth I will break the jinx in infrastructure financing lead Nigeria out of darkness be more strategic and circumspect on debt accumulation and undertake far reaching reforms to engender efficiency and reduce administrative costs he said The Former Vice President however stressed that the enormity of the tasks ahead must not be downplayed seeing the daunting challenge of restoring confidence in the future of Nigeria as a more dynamic economy and stable democracy The LCCI President Dr Michael Olawale Cole stated that while the chamber was non partisan it was however interested in the economic agenda of the candidates and their plans to make a better Nigeria in the next dispensation This he said was in view of the chamber s awareness of the over shadowing effect of politics over managing the nigerian economy and would therefore wish to contribute to the setting of a new order that could take the economy out of the doldrums He noted that beyond economic management the chamber understood that countries would naturally rise or fall through leadership and governance and Nigerians had another opportunity to decide who would lead them from 2023 2027 For the past 16 years the LCCI has organised this session in every election cycle as part of its public policy advocacy to provide a first hand opportunity for presidential candidates of the leading political parties to speak to the organised private sector on their economic blueprint for nigeria All patriotic nigerians would like to know the plans and intentions of a future president and this will most likely enhance the choices people make at the polls New policy directions institutional reforms and sound governance are critical to creating a new economic order in nigeria This is why we are gathered here today he said NewsSourceCredit NAN
    Economic prosperity via private sector engagement, my priority – Abubakar
     The presidential candidate of the Peoples Democratic Party PDP Alhaji Atiku Abubakar said economic prosperity through partnership with the private sector was top on his soon to be unveiled five point agenda Abubakar said this at the Lagos Chamber of Commerce and Industry LCCI Private Sector Economic Forum on the 2023 Presidential Election on Tuesday in Lagos He said the agenda if voted as president would foster economic prosperity restore the country s unity strengthen national security improve education delivery and restructure the polity He stated that collaboration with the private sector was desirable because of its critical role in Nigeria s development as indicated by its 78 9 per cent contribution to national consumption expenditure Similarly Abubakar noted that about 85 per cent of the investments in the Medium Term National Development Plan 2021 2025 was envisaged to be private sector funded He stressed that the country could not overcome its economic challenges without significant reforms to restructure the economy and to support the private sector to unleash its growth potential According to the Nigeria Infrastructure Master Plan Nigeria has an infrastructure financing deficit of approximately 3 trillion dollars over the next 30 years This means a financing requirement of approximately 100 billion dollars per annum which cannot be met by the public sector For these and many other reasons a warm handshake with the private sector is inevitable for any economic policy or programme to succeed Indeed private sector leadership in driving growth is the first of three key principles of my economic growth and development agenda as encapsulated in my covenant with Nigerians We would listen to the private sector more and secure their buy in when policies are designed to determine the success of our economic growth and development agenda he said The PDP presidential candidate stressed that creating economic opportunities for Nigeria would represent significant implications for social cohesion and national security He said increased jobs and income opportunities would reduce the likelihood of the Nigerian youth being involved in crime violence and conflicts motivated by manipulating religious or ethic differences Abubakar stated that his emergence was critical given the current state of the country s economy which he described as crawling characterised by unemployment poverty policy uncertainties and lack of investors confidence He said his economic growth and development agenda would stimulate growth and birth an economy that was modern dynamic competitive and capable of taking its rightful place among the top 20 economies of the world Nigeria has the potential to double its Gross Domestic Product GDP by 2030 and achieve a per capita income of approximately 5 000 dollars We anticipate growth from our policies that seek to revitalise the real sectors including agriculture manufacturing and Micro Small and Medium Enterprises MSME Rebuilding infrastructure and reducing infrastructure deficit would enhance the carrying capacity of the economy and unleash growth and wealth creation We will elevate production for export to a top policy and long term investment priority and promote export of manufactured goods I have always nurtured a desire to create abundant opportunities for people and enhance the capability to explore those opportunities so that they can live a happy healthy and productive life as I feel fulfilled when I create prosperity for others he said Abubakar unveiled plans to restore investors confidence in the Nigerian economy to take risks and invest capital by providing more clarity coherence and consistency in the polity He stated that the monetary and fiscal authorities would be better coordinated to ensure a stable macroeconomic environment with low inflation stable exchange and interest rates We will allow the Central Bank of Nigeria the independence to pursue its mandate but ensure that such policies are not detrimental to Nigeria s quest for Foreign Direct Investment FDI and to Nigeria s long term growth I will break the jinx in infrastructure financing lead Nigeria out of darkness be more strategic and circumspect on debt accumulation and undertake far reaching reforms to engender efficiency and reduce administrative costs he said The Former Vice President however stressed that the enormity of the tasks ahead must not be downplayed seeing the daunting challenge of restoring confidence in the future of Nigeria as a more dynamic economy and stable democracy The LCCI President Dr Michael Olawale Cole stated that while the chamber was non partisan it was however interested in the economic agenda of the candidates and their plans to make a better Nigeria in the next dispensation This he said was in view of the chamber s awareness of the over shadowing effect of politics over managing the nigerian economy and would therefore wish to contribute to the setting of a new order that could take the economy out of the doldrums He noted that beyond economic management the chamber understood that countries would naturally rise or fall through leadership and governance and Nigerians had another opportunity to decide who would lead them from 2023 2027 For the past 16 years the LCCI has organised this session in every election cycle as part of its public policy advocacy to provide a first hand opportunity for presidential candidates of the leading political parties to speak to the organised private sector on their economic blueprint for nigeria All patriotic nigerians would like to know the plans and intentions of a future president and this will most likely enhance the choices people make at the polls New policy directions institutional reforms and sound governance are critical to creating a new economic order in nigeria This is why we are gathered here today he said NewsSourceCredit NAN
    Economic prosperity via private sector engagement, my priority – Abubakar
    Economy2 weeks ago

    Economic prosperity via private sector engagement, my priority – Abubakar

    The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, said economic prosperity, through partnership with the private sector was top on his soon to be unveiled five-point agenda.

    Abubakar said this at the Lagos Chamber of Commerce and Industry (LCCI) Private Sector Economic Forum on the 2023 Presidential Election on Tuesday in Lagos.

    He said the agenda, if voted as president, would foster economic prosperity, restore the country’s unity, strengthen national security, improve education delivery and restructure the polity.

    He stated that collaboration with the private sector was desirable because of its critical role in Nigeria’s development, as indicated by its 78.9 per cent contribution to national consumption expenditure.

    Similarly, Abubakar noted that about 85 per cent of the investments in the Medium Term National Development Plan 2021-2025 was envisaged to be private sector funded.

    He stressed that the country could not overcome its economic challenges without significant reforms to restructure the economy and to support the private sector to unleash its growth potential.

    “According to the Nigeria Infrastructure Master Plan, Nigeria has an infrastructure financing deficit of approximately 3 trillion dollars over the next 30 years.

    “This means a financing requirement of approximately 100 billion dollars per annum, which cannot be met by the public sector.

    “For these and many other reasons, a warm handshake with the private sector is inevitable for any economic policy or programme to succeed.

    “Indeed, private sector leadership in driving growth is the first of three key principles of my economic growth and development agenda, as encapsulated in my covenant with Nigerians.

    “We would listen to the private sector more and secure their buy-in when policies are designed to determine the success of our economic growth and development agenda,” he said.

    The PDP presidential candidate stressed that creating economic opportunities for Nigeria would represent significant implications for social cohesion and national security.

    He said increased jobs and income opportunities would reduce the likelihood of the Nigerian youth being involved in crime, violence and conflicts motivated by manipulating religious or ethic differences.

    Abubakar stated that his emergence was critical given the current state of the country’s economy, which he described as crawling, characterised by unemployment, poverty, policy uncertainties and lack of investors’ confidence.

    He said his economic growth and development agenda would stimulate growth and birth an economy that was modern, dynamic, competitive and capable of taking its rightful place among the top 20 economies of the world.

    “Nigeria has the potential to double its Gross Domestic Product (GDP) by 2030 and achieve a per capita income of approximately 5,000 dollars.

    “We anticipate growth from our policies that seek to revitalise the real sectors including agriculture, manufacturing and Micro, Small and Medium Enterprises (MSME).

    “Rebuilding infrastructure and reducing infrastructure deficit would enhance the carrying capacity of the economy and unleash growth and wealth creation.

    “We will elevate production for export to a top policy and long term investment priority and promote export of manufactured goods.

    “I have always nurtured a desire to create abundant opportunities for people and enhance the capability to explore those opportunities so that they can live a happy, healthy and productive life as I feel fulfilled when I create prosperity for others,” he said.

    Abubakar unveiled plans to restore investors’ confidence in the Nigerian economy to take risks and invest capital by providing more clarity, coherence and consistency in the polity.

    He stated that the monetary and fiscal authorities would be better coordinated to ensure a stable macroeconomic environment with low inflation, stable exchange and interest rates.

    “We will allow the Central Bank of Nigeria the independence to pursue its mandate but ensure that such policies are not detrimental to Nigeria’s quest for Foreign Direct Investment (FDI) and to Nigeria’s long term growth.

    “I will break the jinx in infrastructure financing, lead Nigeria out of darkness, be more strategic and circumspect on debt accumulation, and undertake far reaching reforms to engender efficiency and reduce administrative costs,” he said.

    The Former Vice President, however, stressed that the enormity of the tasks ahead must not be downplayed, seeing the daunting challenge of restoring confidence in the future of Nigeria as a more dynamic economy and stable democracy.

    The LCCI President, Dr Michael Olawale-Cole, stated that while the chamber was non-partisan, it was, however, interested in the economic agenda of the candidates and their plans to make a better Nigeria in the next dispensation.

    This, he said, was in view of the chamber’s awareness of the over-shadowing effect of politics over managing the nigerian economy and would, therefore, wish to contribute to the setting of a new order that could take the economy out of the doldrums.

    He noted that beyond economic management, the chamber understood that countries would naturally rise or fall through leadership and governance and Nigerians had another opportunity to decide who would lead them from 2023-2027. “For the past 16 years; the LCCI has organised this session in every election cycle as part of its public policy advocacy to provide a first-hand opportunity for presidential candidates of the leading political parties to speak to the organised private sector on their economic blueprint for nigeria.

    “All patriotic nigerians would like to know the plans and intentions of a future president, and this will most likely enhance the choices people make at the polls.

    “New policy directions, institutional reforms, and sound governance are critical to creating a new economic order in nigeria.

    This is why we are gathered here today,” he said.


    NewsSourceCredit: NAN

  •  Chieftains and members of the PDP on Tuesday trooped out en mass to receive the party s Presidential Candidate Alhaji Atiku Abubakar at the Muritala Mohammed International Airport 2 in Lagos The News Agency of Nigeria reports that cheerful party leaders and members who gathered as early as 7 00a m sang and danced round the presidential wing of the airport waiting the arrival of Abubakar Abubakar is yet to arrive as at the time of filing this report at 1 00p m Speaking to NAN Mr Hakeem Amode the Lagos PDP Publicity Secretary said that the party only mobilised party leaders and few members to welcome the former vice president to the state Amode also the Chairman Media and Publicity Committee for Lagos PDP Governorship Candidate Dr Abdul Azeez Adediran said that the party was delighted to have Abubakar in Lagos State According to him the party is not relenting efforts in grassroots mobilisation for all its candidates for various elective positions in the 2023 general elections He assured that PDP would not fail the residents if given the mandate in the forthcoming elections NAN reports that Abubakar is to attend the Lagos Chamber of Commerce and Industry LCCI 2022 edition of Private Sector Economic Forum for the 2023 presidential election and the Nigerian Guild of Editors Forum on the 2023 general elections and a PDP stakeholders meeting in Ikeja NAN reports that Adediran the Lagos PDP governorship candidate party executives and other stalwart were among dignitaries waiting to receive Abubakar There is security presences in and outside the premises of the Presidential wing of the airport NewsSourceCredit NAN
    PDP leaders, members troop out to receive Atiku at Lagos airport
     Chieftains and members of the PDP on Tuesday trooped out en mass to receive the party s Presidential Candidate Alhaji Atiku Abubakar at the Muritala Mohammed International Airport 2 in Lagos The News Agency of Nigeria reports that cheerful party leaders and members who gathered as early as 7 00a m sang and danced round the presidential wing of the airport waiting the arrival of Abubakar Abubakar is yet to arrive as at the time of filing this report at 1 00p m Speaking to NAN Mr Hakeem Amode the Lagos PDP Publicity Secretary said that the party only mobilised party leaders and few members to welcome the former vice president to the state Amode also the Chairman Media and Publicity Committee for Lagos PDP Governorship Candidate Dr Abdul Azeez Adediran said that the party was delighted to have Abubakar in Lagos State According to him the party is not relenting efforts in grassroots mobilisation for all its candidates for various elective positions in the 2023 general elections He assured that PDP would not fail the residents if given the mandate in the forthcoming elections NAN reports that Abubakar is to attend the Lagos Chamber of Commerce and Industry LCCI 2022 edition of Private Sector Economic Forum for the 2023 presidential election and the Nigerian Guild of Editors Forum on the 2023 general elections and a PDP stakeholders meeting in Ikeja NAN reports that Adediran the Lagos PDP governorship candidate party executives and other stalwart were among dignitaries waiting to receive Abubakar There is security presences in and outside the premises of the Presidential wing of the airport NewsSourceCredit NAN
    PDP leaders, members troop out to receive Atiku at Lagos airport
    General news2 weeks ago

    PDP leaders, members troop out to receive Atiku at Lagos airport

    Chieftains and members of the PDP on Tuesday,  trooped out en mass to receive the party’s Presidential Candidate, Alhaji Atiku Abubakar at the Muritala Mohammed International Airport 2 in Lagos.

    The News Agency of Nigeria reports that cheerful party leaders and members, who gathered as early as 7.00a.

    m., sang and danced round the presidential wing of the airport, waiting the arrival of Abubakar.

    Abubakar is yet to arrive as at the time of filing this report at 1.00p.

    m. Speaking to NAN, Mr Hakeem Amode, the Lagos PDP Publicity Secretary said that the party only mobilised party leaders and few members to welcome the former vice president to the state.

    Amode, also the Chairman, Media and Publicity Committee for Lagos PDP Governorship Candidate, Dr Abdul-Azeez Adediran, said that the party was delighted to have Abubakar in Lagos State.

    According to him, the party is not relenting efforts in grassroots mobilisation for all its candidates for various elective positions in the 2023 general elections.

    He assured that PDP would not fail the residents if given the mandate in the forthcoming elections.

    NAN reports that Abubakar is  to attend the Lagos Chamber of Commerce and Industry (LCCI)  2022 edition of  Private Sector Economic Forum for the 2023 presidential election, and  the Nigerian Guild of Editors’ Forum on the 2023 general elections and a PDP stakeholders’ meeting in Ikeja.

    NAN reports that Adediran, the Lagos PDP governorship candidate, party executives and other stalwart were among dignitaries waiting to receive Abubakar.

    There is security presences in and outside the premises of the Presidential wing of the airport.


    NewsSourceCredit: NAN

  •  Women encouraged to take up global positionsConsul General of South Africa to Nigeria Darkey Africa has said that Africa would not grow to maximise its full potential if it fails to involve women He told African leaders that in pursuing the objectives and aspirations of Agenda 2063 they should ensure that women are not a footnote of what will happen in the future because they should be allowed to contribute adequately to the society He said this as South Africa consulate General in Lagos commemorated the country s yearly Women s Day Celebration in Lagos It was themed Women s Socio economic Rights and Empowerment Building Back Better for Women Resilence South Africa marks its Women s Day in August to pay tribute to the over 20 000 women who marched to the Union Buildings on Aug 9 1956 to protest against the extension of Pass Laws to women Africa noted that there are certain prejudice and stereotypes that limit the ability of the African continent to achieve its purpose Over 50 per cent of the continent which are women are denied the opportunities that they should have If we have half of our population which are the women not allowed to help us solve our problems we would not grow Africa has got everything it takes to become great If we can leave out certain traditions religious biases used to suppress women we are going to go far he said Women were urged to take up global positions especially in politics They were also encouraged to support other women striving to make impacts in their various fields Policies that encourage and enhance women s participation in all parts of government were also buttressed Speaking from the diplomatic angle Consul General of the Cameroonian Consulate in Nigeria Manga Bessem said there are no limits in diplomacy When you are a woman you have an advantage because collectively when women are on the table the discussion is different I am out there to encourage more women into politics As women we should support other women trying to make impacts she said Bessem called for deeper collaboration among women Founder Black Roots Media Lusanda Chauke noted that from a media perspective women are winning the fight by producing things that tell their stories Women are taking the lead and in the forefront of media The forefront conversations are always that we have to tell the stories We shouldn t be afraid to tell our stories she added She explained that as females their role is to create sisterhoods where support and encouragement is the norm Senior Lecturer Mathematics and Statistics University of Lagos Mary Akinyemi said its time for a change of narrative which should start with the girl child She called for more policies that encourage and enhance womens participation in all parts of government She stressed that women need to be family builders and show the girl child that they can balance family and career We can t separate the fact that we need women to be family builders We need to tell our girls that they can balance family and career We have nine female Vice Chancellors with at least 202 universities in Nigeria We still have a long way to go Akinyemi said Director General DG Lagos Chamber of Commerce and Industry LCCI Dr Chinyere Almona said that the current challenge is that the girl child is not sufficiently equipped to become the women we want them to be As women we should bring up a boy child to be aware of the fact that women are the same as them We should do more to raise the boy child She noted that there are traditional barriers that needs to be named and dealt with Almona urged women to get mentorship and be open to learn from others Look around your environment and find out who is doing what you want to do Learn from others because this is a great way to move ahead she said Managing director CEO of NMO Management Limited Ngozi Omambala called on women to get involved in politics because that s where policies are made and where they can make their voices heard
    Africa will not grow if it fails to engage women, says Envoy
     Women encouraged to take up global positionsConsul General of South Africa to Nigeria Darkey Africa has said that Africa would not grow to maximise its full potential if it fails to involve women He told African leaders that in pursuing the objectives and aspirations of Agenda 2063 they should ensure that women are not a footnote of what will happen in the future because they should be allowed to contribute adequately to the society He said this as South Africa consulate General in Lagos commemorated the country s yearly Women s Day Celebration in Lagos It was themed Women s Socio economic Rights and Empowerment Building Back Better for Women Resilence South Africa marks its Women s Day in August to pay tribute to the over 20 000 women who marched to the Union Buildings on Aug 9 1956 to protest against the extension of Pass Laws to women Africa noted that there are certain prejudice and stereotypes that limit the ability of the African continent to achieve its purpose Over 50 per cent of the continent which are women are denied the opportunities that they should have If we have half of our population which are the women not allowed to help us solve our problems we would not grow Africa has got everything it takes to become great If we can leave out certain traditions religious biases used to suppress women we are going to go far he said Women were urged to take up global positions especially in politics They were also encouraged to support other women striving to make impacts in their various fields Policies that encourage and enhance women s participation in all parts of government were also buttressed Speaking from the diplomatic angle Consul General of the Cameroonian Consulate in Nigeria Manga Bessem said there are no limits in diplomacy When you are a woman you have an advantage because collectively when women are on the table the discussion is different I am out there to encourage more women into politics As women we should support other women trying to make impacts she said Bessem called for deeper collaboration among women Founder Black Roots Media Lusanda Chauke noted that from a media perspective women are winning the fight by producing things that tell their stories Women are taking the lead and in the forefront of media The forefront conversations are always that we have to tell the stories We shouldn t be afraid to tell our stories she added She explained that as females their role is to create sisterhoods where support and encouragement is the norm Senior Lecturer Mathematics and Statistics University of Lagos Mary Akinyemi said its time for a change of narrative which should start with the girl child She called for more policies that encourage and enhance womens participation in all parts of government She stressed that women need to be family builders and show the girl child that they can balance family and career We can t separate the fact that we need women to be family builders We need to tell our girls that they can balance family and career We have nine female Vice Chancellors with at least 202 universities in Nigeria We still have a long way to go Akinyemi said Director General DG Lagos Chamber of Commerce and Industry LCCI Dr Chinyere Almona said that the current challenge is that the girl child is not sufficiently equipped to become the women we want them to be As women we should bring up a boy child to be aware of the fact that women are the same as them We should do more to raise the boy child She noted that there are traditional barriers that needs to be named and dealt with Almona urged women to get mentorship and be open to learn from others Look around your environment and find out who is doing what you want to do Learn from others because this is a great way to move ahead she said Managing director CEO of NMO Management Limited Ngozi Omambala called on women to get involved in politics because that s where policies are made and where they can make their voices heard
    Africa will not grow if it fails to engage women, says Envoy
    Foreign4 weeks ago

    Africa will not grow if it fails to engage women, says Envoy

    Women encouraged to take up global positionsConsul General of South Africa to Nigeria, Darkey Africa has said that Africa would not grow to maximise its full potential if it fails to involve women.

    He told African leaders, that in pursuing the objectives and aspirations of Agenda 2063, they should ensure that women are not a footnote of what will happen in the future because they should be allowed to contribute adequately to the society.

    He said this as South Africa consulate General in Lagos, commemorated the country’s yearly Women’s Day Celebration in Lagos.

    It was themed, ‘Women’s Socio-economic Rights and Empowerment: Building Back Better for Women Resilence.

    ’South Africa marks its Women’s Day in August to pay tribute to the over 20,000 women who marched to the Union Buildings on Aug. 9, 1956 to protest against the extension of Pass Laws to women.

    Africa noted that there are certain prejudice and stereotypes that limit the ability of the African continent to achieve its purpose.

    “Over 50 per cent of the continent, which are women are denied the opportunities that they should have.

    “If we have half of our population, which are the women, not allowed to help us solve our problems, we would not grow.

    Africa has got everything it takes to become great.

    If we can leave out certain traditions, religious biases used to suppress women, we are going to go far,” he said.

    Women were urged to take up global positions especially in politics.

    They were also encouraged to support other women striving to make impacts in their various fields.

    Policies that encourage and enhance women’s participation in all parts of government were also buttressed.

    Speaking from the diplomatic angle, Consul General of the Cameroonian Consulate in Nigeria, Manga Bessem, said there are no limits in diplomacy.

    “When you are a woman, you have an advantage, because collectively, when women are on the table, the discussion is different.

    I am out there to encourage more women into politics.

    As women, we should support other women trying to make impacts,” she said.

    Bessem called for deeper collaboration among women.

    Founder, Black Roots Media, Lusanda Chauke, noted that from a media perspective, women are winning the fight by producing things that tell their stories.

    “Women are taking the lead and in the forefront of media.

    The forefront conversations are always that we have to tell the stories.

    We shouldn’t be afraid to tell our stories,” she added.

    She explained that as females, their role is to create sisterhoods where support and encouragement is the norm.

    Senior Lecturer, Mathematics and Statistics, University of Lagos, Mary Akinyemi, said its time for a change of narrative, which should start with the girl child.

    She called for more policies that encourage and enhance womens participation in all parts of government.

    She stressed that women need to be family builders and show the girl child that they can balance family and career.

    “We can’t separate the fact that we need women to be family builders.

    We need to tell our girls that they can balance family and career.

    We have nine female Vice Chancellors with at least 202 universities in Nigeria.

    We still have a long way to go,” Akinyemi said.

    Director General (DG), Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, said that the current challenge is that the girl child is not sufficiently equipped to become the women we want them to be.

    “As women, we should bring up a boy child to be aware of the fact that women are the same as them.

    We should do more to raise the boy child.

    She noted that there are traditional barriers that needs to be named and dealt with.

    Almona urged women to get mentorship and be open to learn from others.

    “Look around your environment and find out who is doing what you want to do.

    Learn from others because this is a great way to move ahead,” she said.

    Managing director/ CEO of NMO Management Limited, Ngozi Omambala, called on women to get involved in politics because that’s where policies are made and where they can make their voices heard.