Connect with us

Uncategorized

Nigeria’s Economic Growth Outlook Positive – Adeosun …Targets 7% Growth in the Next Three Years …Ogun State Has Attracted over $2bn Investments – Amosun

Published

on

The Honourable Minister of Finance, Mrs. Kemi Adeosun, disclosed on Tuesday that the country’s economic outlook for the year 2018 and beyond was positive.

She stated that the country was now resilient after exiting recession and has the potential to achieve a seven per cent economic growth in the next two to three years.

The Minister gave this assurance at the fourth Ogun State Investors Forum attended by the Vice President, Prof. Yemi Osinbajo; Ogun State Governor, Senator Ibikunle Amosun; former President of Mexico, Mr. Felipe Calderone and eminent persons and captains of industries.

Adeosun disclosed that the current Administration had succeeded in building macroeconomic resilience for the country, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.

She said, “President Muhammadu Buhari has laid the foundation for the repositioning of the economy with a series of reforms which are being sequenced to ensure maximum impact and benefits to Nigeria and the citizens.

“These include massive investments in infrastructure and social welfare across the country, improved revenue mobilisation, rebuilding of foreign reserves and stabilization of exchange rate.”

The Nigerian economy had returned to growth in the second quarter of 2017 after five consecutive quarters of negative growth.

The country exited recession with a growth of 0.72 per cent, which was further consolidated with growths of 1.40 per cent and 1.92 per cent in the third and fourth quarters of last year, respectively.

The Minister explained that the quick reversal of the recession meant “less damage” was done to the economy and provided an opportunity for faster positive growth.

As revenue and growth return, Adeosun said the Government would increase the fiscal space for infrastructure spending.

According to her, revenue mobilisation is potentially the master key to unlocking Nigeria’s huge growth potentials and funding the infrastructure programmes.

“The Federal Government will continue to create more fiscal space for reforms to enhance productivity and opportunity in the non-oil sector.

“Greater focus will also be placed on cost efficiency, blocking revenue leakages and continued support to the States,” she added.

Recalling the actions taken by the Administration on assumption of office in May 2015, the Minister said it had two options of “balancing our books by cutting down on expenses and also investing massively in infrastructure and the economy”.

“If we had gone for the first option of cutting down on our costs, it means we would have laid off workers. But we chose to stimulate the economy with massive investments in roads, power, rails and other infrastructure as part of deliberate efforts to grow the economy.

“We have invested over N2.5 trillion in infrastructure, especially on capital projects, between 2015 and 2017. If you move round the country, you will see ongoing works in roads, power, bridges, rails and other projects. These are important building blocks for the Nigerian economy.

“Look at the road sector when we came in, it was N19 billion that was invested in the sector in 2015. We invested N307.4 billion on roads in 2016 and N208 billion in 2017.

“Capital spending for the Transport sector has also been remarkable. It was N6.49 billion in 2015, N143.1 billion in 2016 and N133.9 billion in 2017. From where we are coming from, it is a huge chunk, taking it from N6 billion to N133 billion. And there are so many other projects and sectors like that,” the Minister stated.

In his address at the Investors Forum, which has as theme “Consolidating the Gains and Accelerating Growth”, Governor Ibikunle Amosun disclosed that the State attracted 148 new industries that invested between a minimum of $200 million and in excess of $2 billion in the past seven years.

He noted that the State Government had improved the enabling environment for businesses to thrive.

“No investment can flourish in an unsecure environment. We made significant investments in our security infrastructure and architecture, and built strong collaborations with the security services, so as to guarantee the security of lives and property,” he said.

Amosun further noted that the State Government had entered into a partnership with a private firm to develop the Lisabi Independent Power Project in Abeokuta.

“This 12 megawatts power plant has been completed and is ready for commissioning. We have also signed MoUs with eight private power providers for the establishment of a total of 314 megawatts IPP in different parts of our State,” the Governor said.

He assured existing and prospective investors of the safety of their investments in the state, adding that improved approaches have been adopted by the State Government to consolidate the gains of the last few years.

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Uncategorized

Ajadi Visits Ilaji Resort, Commends Sanusi’s Vision for Oyo’s Economic Growth

Published

on

Ajadi Visits Ilaji Resort, Commends Sanusi’s Vision for Oyo’s Economic Growth

The leading gubernatorial aspirant in Oyo State under the Peoples Democratic Party (PDP), Olufemi Ajadi Oguntoyinbo, has lauded the transformative impact of private-sector investment on the state’s economy, following a courtesy visit to Ilaji Hotels and Sports Resort in Akanran, Ibadan.

Ajadi, who was warmly received on Sunday by the resort’s founder, Chief Dr Dotun Sanusi, described the facility as a symbol of what visionary leadership and indigenous enterprise can achieve in driving rural development, job creation, and tourism growth.

Speaking during the visit, Ajadi commended Sanusi’s commitment to Oyo State’s economic advancement, noting that Ilaji Resort stands as a model for sustainable development outside urban centres.

“What I have seen here today is not just a business venture, but a bold statement of belief in Oyo State’s potential,” Ajadi said. “Chief Sanusi has demonstrated that with vision, dedication, and strategic investment, we can transform our rural communities into thriving economic hubs. This aligns perfectly with my agenda to expand opportunities, empower our people, and sustain development across the state.”
[4/13, 6:34 PM] johnsonakinpelu: The PDP gubernatorial aspirant emphasised that his governorship ambition is rooted in supporting initiatives that promote local enterprise, tourism, and youth employment, adding that partnerships between government and private investors would be a priority if elected.

In his remarks, Sanusi, popularly known as Ilaji, expressed delight at hosting Ajadi and his entourage, describing the visit as encouraging for investors in the state.

“I am honoured to receive Ambassador Ajadi here at Ilaji Resort,” Sanusi said. “This project was born out of a desire to give back to society, create jobs for our youths, and showcase the rich cultural and tourism potential of Oyo State. When leaders recognise and support such efforts, it strengthens our resolve to do more.”

Sanusi further stressed the importance of continuity in governance and policies that encourage investment, noting that consistent support from government actors is crucial for long-term economic growth.

The visit also attracted notable political stakeholders, including the former Ona-Ara Local Government Chairman, Hon. Taiwo Oke, Hon. Bass Oloko, and Ajadi’s personal assistant, Kilamuwaye Badmus, among others.

Observers at the event described the meeting as a convergence of political leadership and entrepreneurial vision, highlighting the growing importance of collaboration in addressing developmental challenges in Oyo State.

Analysts see Ajadi’s visit to Ilaji Resort as part of his broader engagement with key stakeholders across sectors, as he continues to build momentum ahead of the 2027 governorship race.

Continue Reading

Uncategorized

FOPCHEN Calls for Dialogue as Court Fixes May 28 for Continuation

Published

on

FOPCHEN Calls for Dialogue as Court Fixes May 28 for Continuation

OTA, OGUN STATE — Proceedings in a widely followed legal case resumed on March 24, 2026, at the High Court of Ogun State, Ota Division, ending with a fresh adjournment as the court fixed May 28, 2026, for continuation.

During the session, legal representatives for all parties restated their positions and addressed preliminary matters, laying the groundwork for more substantive arguments at the next hearing. Observers noted that the case continues to attract significant public attention due to its perceived implications for law, culture, and societal values.

The Foundation for the Protection of Cultural Heritage in Nigeria (FOPCHEN) used the occasion to reiterate its call for constructive national dialogue. The group emphasized that while the judicial process must be respected, broader societal engagement remains essential.

 

According to the organization, issues relating to values, responsibility, and cultural identity should not be confined solely to courtroom deliberations but should involve active participation from various sectors of society.
Legal analysts present at the proceedings described the matter as one with far-reaching implications, noting that arguments advanced in court could shape future interpretations surrounding sensitive cultural and moral questions.

 

The presiding judge subsequently adjourned the case to May 28, granting all parties time to refine their submissions and respond to issues raised during the hearing.

 

As anticipation builds ahead of the next court date, Nigerians across different sectors continue to monitor developments closely, keen to see how the judiciary navigates the delicate balance between constitutional rights and cultural expectations.

Continue Reading

Uncategorized

CRG: Politicians Must Stop Witch-Hunting, Focus on Nation Building — Says NYSC Cleared Deputy Speaker Since 2023 

Published

on

CRG: Politicians Must Stop Witch-Hunting, Focus on Nation Building — Says NYSC Cleared Deputy Speaker Since 2023

By: Boye Ola 

 

The Centre for Responsible Governance (CRG) has called on political actors and interest groups to desist from what it described as needless witch-hunting of the Deputy Speaker of the House of Representatives, Benjamin Okezie Kalu, following renewed controversies surrounding his National Youth Service Corps records.

 

The organisation noted that the clarification by the National Youth Service Corps (NYSC) regarding the matter is not a recent development, as a formal verification letter had already been issued as far back as May 23, 2023.

 

 

The letter, referenced NYSC/CCD/VER/10/5.1/VOL1/02, had already addressed and cleared the questions surrounding the Deputy Speaker’s NYSC records.

Reacting to the renewed debate, the spokesman of the Centre,

 

Obande George, said it was troubling that issues which had already been clarified by a competent national institution were being resurrected for political purposes.

According to him, the time has come for political actors to move away from destructive engagements and concentrate on building the nation.

 

“It is important to note that the NYSC had already issued a verification letter dated May 23, 2023 addressing the matter.

Reopening issues that have already been clarified by a competent authority suggests that some individuals are more interested in political witch-hunting than in national progress,” George said.

 

The CRG stressed that democracy thrives when institutions are respected and their determinations are accepted in good faith rather than constantly questioned for political advantage.

George also commended the Deputy Speaker for demonstrating maturity and composure throughout the controversy, despite what he described as sustained provocations.

 

“Honourable Benjamin Kalu has shown remarkable calm and maturity in the face of intense public scrutiny and political provocation.

 

Instead of engaging in unnecessary public confrontation, he allowed institutions to speak through their records.”

 

The Centre warned that Nigeria’s political culture must evolve beyond constant character attacks and sensational allegations, which often distract public officials from their responsibilities.

 

According to the organisation, the country’s development requires constructive engagement among political actors rather than continuous attempts to discredit opponents.

 

“Nigeria cannot move forward if political energy is constantly spent on digging up allegations and amplifying rumours. Our leaders and political actors must redirect their focus to governance, policy and nation building.”

 

CRG therefore urged Nigerians to rely on verified information from credible institutions and avoid spreading speculative claims that could damage reputations or destabilise public discourse.

 

The organisation reiterated that respect for due process and institutional integrity remains essential for strengthening Nigeria’s democracy.

 

@The Centre for Responsible Governance, Email: [email protected], Instagram: crgngo6, Twitter: crgng06, Threads: crgngo6

Continue Reading

Cover Of The Week

Trending