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Lagos Chamber Of Commerce Responds To President Tinubu’s Address To The Nation

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3 years ago

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Tinubu Reaffirms Nigeria's Readiness To Play Vital Role Within G-20

 

Lagos Chamber Of Commerce Responds To President Tinubu’s Address To The Nation

 

 

THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY
STATEMENT ON PRESIDENT BOLA AHMED TINUBU’S ADDRESS ON THE STATE OF THE NATION ON 31 JULY 2023, BY ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD

 

 

Lagos Chamber Of Commerce Responds To President Tinubu's Address To The Nation

The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend President Bola Tinubu on his second State of the Nation address as the country grapples with the short-term economic hardship resulting from subsidy removal and exchange rate harmonization. The President’s address showed leadership, responsibility, and accountability, and he demonstrated empathy as he unveiled a broad plan to ease the cost of living pains for Nigerians. He also provided clarity on the palliative measures and strategies for implementation.

 

 

 

LCCI also commends the President on the palliative plan to support businesses, the working class, and the most vulnerable, as well as a policy intervention to check rising inflation and ensure exchange rate stability. The President covered most of the strategic sectors of the economy, but nothing was said about security, which is a critical factor in national development.
The President described the plan to spend the 500 billion naira ($652 million) package to boost the economy by easing transportation costs, boosting manufacturing, and enhancing food supply. It will also provide conditional grants to at least a million small businesses. To ensure affordable food prices, it is good that strategic reserves of grains will be released to households, and support for agriculture, including farmland cultivation, will be a priority.

 

 

 

 

These plans demonstrate that the President is listening to Nigerians. The Chamber supports the move to invest in the manufacturing sector. However, it would be pertinent to consider more enterprises as 75 enterprises would not significantly impact the economy. However, we commend the effort to kick-start sustainable economic growth and improve productivity. We believe that if this plan is rigorously pursued, economic growth through the real sector of the economy would be achieved and could revive Nigeria’s sluggish industrialization and expand the GDP.

 

 

 

We wish to call attention to the cost of funds. The plan is to offer loans to 75 scalable enterprises with enormous prospects at 9% per annum, repayable over a maximum period of 60 months. The government would need to closely monitor the banking sector in the provision of these loan facilities so that the eventual cost of funds is not above 9% from other banking fees and charges. It may be judicious to stipulate that the total costs of funds is benchmarked to 9% regardless of the charges and fees.

 

 

 

 

The focus on improving public transportation, including providing buses to be fueled by compressed natural gas (CNG) for deployment in all the states, is a means to provide affordable transportation across Nigeria. This will help ease the problem of moving persons and goods across the nation. It will also reduce the cost of doing business which burdens most small enterprises.

 

 

 

 

The Chamber hereby expresses concerns about the role of the State and Local governments as well as transparency in the implementation of the palliative strategies as the government plans to introduce an Infrastructure Support Fund for the states to invest in critical areas and revamp healthcare and educational infrastructure.
·        We urge the government to ensure smooth and promising implementation of the measures and regularly engage the citizens and the organized private sector to ensure accountability. There should be proper monitoring and evaluation of the implementation process to ensure benefits to the people.
·        We also wish to nudge the government to share in the sacrifice made by Nigerians by reducing the high cost of governance in all its tiers and ensuring fiscal leakages and corruption are strategically dealt with. As we commend the government’s courage in enacting a series of policies, we trust that government would be courageous enough to cut the cost of governance. This will demonstrate to Nigerians that the leaders share in the suffering and sacrifice of the people. The perks available to public office holders are so enormous that it is difficult for the average Nigerian to understand why they suffer so much and those in leadership are unaffected. We urge Mr. President to do the needful, and we expect further announcements on the measure to cut the cost of governance.
·        As mentioned, security has not been given sufficient attention. It is also of utmost importance to deal with the issue of insecurity because, without security, there can be no prosperity. If the issue of insecurity is not adequately dealt with, the implementation of these strategies could be in jeopardy.
·        The issue of oil theft must not be sidelined at this stage, as it has critical implications for the rule of law and our economic well-being as a nation. This will demonstrate that there is a holistic effort to revamp the economy and chart a new path for Nigerians. Government should also track down and apprehend the culprits of oil theft as this will act as a deterrent and communicate powerfully that crime must be punished.
·        The fuel subsidy regime is sometimes described as a scam due to the opacity and lack of integrity of the arrangement, and it has indeed become a burden on the economy and a source of enrichment for a select group of individuals. Therefore, the Chamber calls on the government to make the required effort to identify and investigate the select group of individuals that plundered our national wealth and enriched themselves through the fuel subsidy regime. They should be brought to book to prevent a recurrence of such criminal actions that have destroyed our economy. Going forward, the system should also have sufficient transparency, accountability, and integrity, particularly with product pricing.
·        We urge Nigerians to exercise some patience, as emphasized by the President. The degradation of our economy has occurred over several decades and it can not be reversed within a few short months. It would take a concerted effort by all and focus on the strategic alignment of our national goals for change to occur. In reality, it is inevitable that we suffer some pain for these reforms to be successfully implemented. We all want a better and brighter future for Nigeria, so let us work together to make it happen.
ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD
PRESIDENT / CHAIRMAN OF COUNCIL,
LAGOS CHAMBER OF COMMERCE & INDUSTRY
1 AUGUST, 2023

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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General Buratai to deliver University of Ilorin’s distinguished personality lecture

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2 days ago

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May 20, 2026

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Tinubu’s ‘Renewed Hope’ Agenda: General Buratai Remains Loyal, Rebuffs Misinformation – Engr Hassan

​General Buratai to deliver University of Ilorin’s distinguished personality lecture

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​The Department of Criminology and Security Studies at the University of Ilorin has announced that a former Chief of Army Staff and former Ambassador to the Republic of Benin, Ambassador Lt. General (Rtd) Tukur Buratai (CFR), will deliver its prestigious Distinguished Personality Lecture.

 

​The lecture is scheduled to take place on Saturday, 23rd May 2026, at the University Auditorium by 10:00 a.m. The Vice-Chancellor of the University, Prof. Wahab Olasupo Egbewole (SAN), is expected to be the Chief Host, while Dr. Monsurat Isiaka (Ph.D.), Head of the Department, will serve as Host.

 

​Buratai, who brings a wealth of unmatched experience from his military and diplomatic service, will be speaking on the critical theme: “The Armed Forces of Nigeria and National Security: The Youth and National Aspirations.”

 

​The lecture aims to foster critical conversation about Nigeria’s future security landscape, the pivotal role of the armed forces in national stability, and the interplay between national aspirations and the country’s youth population.

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From Global Stages to Public Service: Media Mogul Fidelis Duker Officially Joins House of Reps Race for Akpabuyo/Bakassi/Calabar South

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3 days ago

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May 19, 2026

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From Global Stages to Public Service: Media Mogul Fidelis Duker Officially Joins House of Reps Race for Akpabuyo/Bakassi/Calabar South

 

CALABAR, NIGERIA – Renowned media practitioner, veteran filmmaker, and global cultural ambassador, Fidelis Duker, has officially declared his intention to run for the Federal House of Representatives, representing the Akpabuyo/Bakassi/Calabar South Federal Constituency.

In a definitive move that bridges the gap between international enterprise and grassroots governance, the Henshaw Town-born pioneer has successfully picked up his Expression of Interest (EOI) form under the platform of the NNigeria Democratic Congress (NDC).

Duker’s entry into the legislative race brings an unprecedented level of global exposure and professional pedigree to Cross River State’s political landscape. For over three decades, he has stood as a towering figure in Africa’s creative economy.

As the founder of the Abuja International Film Festival West Africa’s longest-running film festival, and the Regional Secretary General for the Federation of Pan African Filmmakers (FEPACI), Duker has consistently flown Nigeria’s flag at prestigious international fora worldwide. From presenting the brilliance of African storytelling at the legendary Cannes Film Festival in France to driving strategic industry dialogues across Europe and Africa, his extensive global travels have positioned him as a master of international relations and resource mobilization.

“Our constituency does not suffer from a lack of potential; it suffers from a lack of structured, globally competitive representation,” Duker stated following the collection of his nomination documents. “My career has been defined by creating wealth, building platforms, and placing Nigerian talent on the world map. I am stepping into this race to deploy that exact same global network, corporate discipline, and innovative leadership to bring sustainable development, youth empowerment, and infrastructure to Akpabuyo, Bakassi, and Calabar South.”

Duker’s visionary campaign is backed by an elite, multi-disciplinary educational background curated from top-tier local and international institutions. He holds credentials from the prestigious Nigerian Institute of Journalism and Crawford University, alongside advanced professional training from the University of California, Los Angeles (UCLA). His world-class expertise in broadcasting and mass communications was further sharpened at the globally acclaimed BBC Training Academy and the Deutsche Welle Training Akademie, complementing his academic roots at the Cross River University of Technology.

As the Chief Executive Officer of FAD Media Productions—the powerhouse behind FAD 93.1 FM Calabar, FAD FM 101.3 Abuja and FAD 360 TV, Duker is already one of the largest private-sector employers of youth in Cross River State. His legislative blueprint vows to replicate this success on a macro scale by introducing bills that will be tech-driven youth development projects, positioning bills that will attract foreign direct investment to the constituency’s coastal assets, and ensuring uncompromising transparency in the execution of constituency projects.

The NDC leadership and various community support groups have warmly received his candidacy, describing it as a breath of fresh air and a critical step toward elevating the constituency to international standards of governance and economic growth.

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Ileya Tonic : King Saheed Osupa Announces New 2-in-1 Album, Acapella & Metamorphosis

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6 days ago

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May 16, 2026

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Ileya Tonic : King Saheed Osupa Announces New 2-in-1 Album, Acapella & Metamorphosis

By Alhaji Arems (Baba Fuji)

 

 

Veteran Fuji musician King Saheed Osupa is set to release a new 2-in-1 album titled Acapella & Metamorphosis on May 26, 2026.

The announcement was revealed through promotional materials shared across the singer’s official social media pages, where anticipation has already started building among longtime fans of the Fuji icon. The artwork for the project presents Osupa in a calm and regal setting, matching the mature image he has maintained throughout his career.

While full details about the tracklist and featured artists are yet to be officially released, the title of the project has already sparked conversations online. “Metamorphosis” suggests a new phase or evolution, while “Acapella” hints at a more raw or expressive musical direction. Together, both titles point toward a project that may combine classic Fuji elements with a refreshed sound and message.

Over the years, Osupa has remained one of the most respected voices in Fuji music, known for his deep lyrical style, cultural storytelling, and loyal fanbase across Nigeria and beyond. Even as the music industry continues to evolve, the singer has maintained strong relevance, especially among audiences who appreciate traditional Yoruba-rooted sounds blended with contemporary production.

The decision to release a 2-in-1 album also stands out at a time when many artists are focusing on shorter projects and singles. For established acts like Osupa, larger releases often serve as a statement of longevity, consistency, and artistic confidence.

Fans have continued to react positively to the announcement online, with many already counting down to the release date. The project is expected to arrive on major streaming platforms including Spotify, Apple Music, Audiomack, Boomplay, YouTube Music, TIDAL, and Deezer.

With the official release now scheduled for May 26, listeners will be watching closely to see what King Saheed Osupa delivers on Acapella & Metamorphosis and whether the project marks another defining moment in his long-running career.

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