Business

Investing in the Nigerian People: the Osinbajo’s paradigm

Published

7 years ago

April 6, 2018

By AmaechiAgbo

“A successful economic development strategy must focus on improving the skills of the country’s workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in the nation’s economy” – Rod Blagojevich

Nigeria’s Vice President, Professor Oluyemi Osibanjo is one man who has taken the monumental task of spearheading the diversification of the Nigerian economy from a mono-economy to one that has a multiplicity of sources towards breaking the tag of oil as the mainstay of the nation’s revenue.

Weeks ago, the Vice President told a global audience how the government of President Muhammad Buhari has revamped Nigerian economy through purposeful policies and programmes.

Speaking during the 10th year Colloquium of former Lagos State governor and leader of the All Progressives Congress, APC, Senator Ahmed Tinubu in Lagos, recently, the Vice President recounted how the present administration inherited a weak economy ravaged by corruption and ineffective policies that sooner than later plunged the country into avoidable recession had past governments did the needful in stabilizing the economy.

To pull the country out of recession and create jobs for Nigerian youths, the Vice President highlighted that the administration was left with only two options: heavy investment in agriculture and the need to put in place an audacious Social Investment Programme to the tune of N500 billion, the largest pro-poor programme in Nigeria’s history, and the largest social safety net, at least in Sub-Saharan Africa to date.

The Vice President went further to note that other policies such as N-Power Programme has created 200,000 jobs for undergraduates employed as well as 300,000 more waiting to be employed; the beneficiaries have been pre-selected stressing that over 7 million children are being fed daily in 22 States so far; beneficiaries of microcredit loans going to about 300,000; and almost 300,000 households benefiting from conditional cash transfers.

The successes recorded by its social investment programmes are clear indications that the President MohammaduBuhari administration’s Economic Recovery and Growth Plan (ERGP) is making progress.

To actualise the set target of ERGP, the economic team, headed by the Vice President had two options to explore. One of which was investing heavily in agriculture thereby creating jobs in the hinterlands, providing enough food locally and for all of the urban areas. In the agriculture programme, the ERGP has been a tremendous success as several millions of Nigerians have been employed in agriculture. This has led Mr. President to confess that some people who have abandoned their farms, in his own village where they used to let out farms or lease out their farms to farmers from Kano have decided to retain their farms for their own agricultural uses. Who wants to be left out anyway? The President added that nobody in Katsina State is leasing out their farms anymore as they all have gone back to farm.

The second option which the Economic Team explored also to the fullest was putting in place an audacious Social Investment Programme, SIP, to the tune of N500 billion; the largest pro-poor programme in Nigeria’s history, and the largest social safety net, at least in Sub-Saharan Africa. This was despite the fact that by 2015, oil prices fell by over 50% and Nigeria’s production also fell from over 2 million barrels a day to less than 700,000 barrels a day, sometimes even 500,000 barrels in 2016.

But today, the empirical evidence of the successes of this programme, and all of that is evident for Nigerians to see and listen to several testimonies and stories.

The social investment programmes, which are a key component of the administration’s Economic Recovery and Growth Plan (ERGP), have made significant strides nationwide because of the administration’s political will and vision to make the needed investments, for today and the future.

The Federal Government is leveraging on the creativity and innovation of young Nigerians to steady the economy and improve the living standards of the citizenry.

For instance, 200,000 jobs have been created for graduates employed under the N-Power programme with 300,000 more waiting to be employed after they have been pre-selected.

N-Power, is known as the jobs-for-graduates component of the Social Investment Programme. It deploys young Nigerians to work as health and teaching assistants, and agriculture extension workers, thus bringing healthcare, quality education and improved agriculture output to more people across the country.

Also, over 7 million children are being fed daily in 22 States so far; another 300,000 beneficiaries receive microcredit loans; and almost 300,000 households are benefiting from the Buhari conditional cash transfers of 5,000 monthly.

The federal government commenced the implementation of its Conditional Cash Transfer (CCT) payments to beneficiaries in nine states early last year. The nine pilot states are Borno, Kwara, Bauchi, Cross River, Niger, Kogi, Oyo, Ogun and Ekiti. Last year, the federal government allocated N500 billion for the implementation of its social welfare agenda.

The nine pilot states were chosen because they have an existing social register that identified the most vulnerable and poorest Nigerians in their localities through a community-based targeting method designed by the World Bank.

However, other states that have already begun developing their social registers have been included in the subsequent phases of the CCT implementation with the number of states implementing the CCT programme now 22 as at August last year.

The cash transfer programme, which the APC-led national government is delivering with the support of the World Bank, makes it imperative for beneficiaries to fulfil certain conditions relating to health or education, before they can receive their monthly stipends. These conditions range from mandatory ante-natal care for pregnant women, to mandatory immunisations for nursing mothers, to minimum school attendance rates for parents of school-age children.

With the primary aim of ERGP being to invest in the Nigerian people, the federal government is expanding the reach and quality of the nation’s healthcare, through the National Health Insurance Scheme (NHIS); and working to guarantee basic education for all persons, whilst also upgrading and modernising the quality of secondary and post-secondary education.

The Buhari led administration is not paying lip-service to investing in the Nigerian people. And Vice President Osinbajo has been the key driver – as the head of the country’s economic management team. He has provided astute idea-driven and capable leadership. Like most investments, the fruits may not come out immediately, but assuredly, decades from today, Nigerians would indeed be thankful for the Buhari – Osinbajo Presidency.

AmaechiAgbo is a public affairs analyst based in Abuja

[email protected]

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

Published

16 hours ago

December 22, 2024

Sahara Weekly

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

2 days ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

2 days ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.