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Which Way Nigeria: The Imperatives of A New Economic Direction

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Presidency Clears The Air On Tinubu’s Planned Visit To Qatar

*Which Way Nigeria: The Imperatives of A New Economic Direction*

By Dapo Otubanjo, a financial analyst & real estate entreprenuer

 

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After eight months in the Villa, the clock ticking on President Tinubu’s administration has gathered enough time for us to start seeking accountability for his actions, and the delivery of his electoral promises to a Nigeria with an urgent need for national renaissance, and a new economic direction.

The realities of our lives today as Nigerians is gravely incongruous to the promise to renew hopes, and reinvent the economy for a new era of opportunities, and prosperity for all of us. The agony of excruciating economic stagflation is now more widespread, and tending towards a period of national economic depression.

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Nigerians understand, and have demonstrated severally in time past, that when time and government change, so must we the people as “new challenges require new responses”. Unfortunately the economic pains of this era are like a disaster with no solution in sight, leaving most folks in the terrifying situation of inadequate household income for survival talkless of a decent living.

Given Nigeria’s precarious economic situation post Buhari’s government of destructive economics, there was no doubt about the need, and urgency for appropriate reforms to reorganize the country for economic recovery, and national security. And whilst the reforms of Tinubunomics are requisite liberal policy prescriptions, the executions are mired in premature timing, terrible implementation, and insensitive partisan gloating over the government’s audacity to introduce the reforms rather than a democratic tolerance for national discussions on the devastating consequences of its impacts as leverage to gauge acceptance, and gather citizens feedbacks for reviews, adjustments, and corrective measures in its areas of deficiencies, and ineffectiveness.

However the opportunity still exist, for correction and, to arrest our miserable spiral towards economic doomsday, and President Tinubu must hurriedly embrace the wisdom to do a reset, and refine the wrong elements of his reforms for the achievement of better outcomes in critical areas of job creation, reducing, and stabilizing both the value of the naira, and inflation, and attracting significant local, and foreign investments for the immediate task of economic recovery, and recreation of a vibrant middle class that was totally wiped out by the previous APC government, and long term goals of industrialization, and sustainable growth in the economy, and our export sector.

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The best, and most imperative solution, and palliative for the rising cost of living is immediate wage increase across all sectors. The Federal government must seek to achieve wage increase of two hundred thousand naira for Federal workers, negotiate with the states for one hundred and fifty thousand naira for all state employees, and push the private sector towards fifty thousand naira as the barest minimum for the lowest set of workers to fuel consumer spending that was hitherto dwindling for obvious reasons, and improve households financial resources to minimally mitigate against worsening economic situation.

The inflationary effects of an unstable naira need a freeze otherwise the application of wage increase will be futile, and become a continuous demand. It is imperative for the government to return the provision of interventions in the FX market through partial exchange rates management until all foreign investors seeking full liberalization are willing to bring in their funds, and/or when the sale of government assets, and export earnings are sufficient enough to provide adequate supply for FX demands. The arbitrage gains of FX trading in the previous APC government made FX business highly profitable with devastating practices of round tripping, and speculative FX trading that continuously encourage a large number of folks to hoard, and hold on to a large pool of foreign currencies at the expense of a free fall in the value of the naira.

Through the CBN, the government need to urgently introduce appropriate monetary measures to curb these practices, and incentivize the release of more foreign currencies into the market.

Our national challenges cannot be resolved by government alone but the government have a crucial role to play in setting the agenda, and transforming the private sector into a pivot for growth, and national development. President Tinubu should as a matter of national emergency deploy all presidential support for the Dangote, and other refineries to achieve refining capacity sufficient enough for local fuel consumption, and make provisions to export excess supply to the West African sub region. And use the support, and other regulatory instruments to negotiate a stable fuel price over three to five year period as further safeguard against inflation, and forex pressure on the naira.

So many of our Federal assets are wallowing in the inefficiencies of terrible operations, corrupt government practices, and nepotistic managements delivering inadequate, and unreasonable returns for the Nigerian state. There should be an urgent consideration for their privatization, and sales to generate requisite, and significant revenues to shore up the economy, and engineer a long term foundation for sustainable growth, and national prosperity.

Our demands, and exploration for foreign investments must seek prospects in the Middle East, and some parts of Asia where there are abundance of liquidity for investment capital, and great probability for immediate result. The president should constantly deploy his most brilliant envoys to the region for continuous negotiations, and schedule all presidential investment travels around the region for closing of appropriate investment deals.

Recently, the government launched over a hundred billion naira housing programme. As good, and commendable that is, it is still a drop in the ocean, and too meagre for any significant social, and economic impact for a nation of over two hundred million population. We must seek to raise trillions of naira within a short term for the substantial growth of the sector, and its exponential impacts on the economy, and provide complementary infrastructure for urbanization, rural connections, and the financial reform of our mortgage system to reduce interest rates, increase period, and affordability, and expand access to more households. We have a large pool of idle funds in various pension schemes, and must explore a viable government means for these funds to find profitable returns in real estate business opportunities.

The erosion of value in our banking sector capitalization levels are critical challenges for our national ambitions, and obviously needs urgent rounds of renewal towards the trillions of naira capitalization threshold to adequately fund the expansion of national productivity, manufacturing, sustainable large scale credit industry, and a new middle class.

And those super highways (SHW) the president promised us need to start coming alive in urgent, and huge contract awards, and accelerated construction works as credible means to connect communities, and states across the country, and ease the movement of people, and products. Our rail networks need significant improvements, and expansion with appropriate security measures to complement the comprehensive renewal, and expansion of our transport means, and its impact in the boosting of trade, and commerce.
Generations of Nigerians have endured economic crises at different times of bad governance often with the deceptive cliché that the situation will eventually get better. President Tinubu must make a departure from that decades old political narrative, and explore credible means within the limitless possibilities of our potentials to stimulate immediate economic recovery, and long term sustainable growth, secure, and unite the country, and deliver the promise of a developing nation.

Today’s worsening economic situation is not a new territory for Nigeria as we have often travelled through tough national periods of economic stagnation, and recession, widespread poverty, and underdevelopment. The president should reasonably review thoroughly the economic reforms of the democratic government of 1999 – 2007, and draw appropriate economic lessons from the successful economic reforms of that era in reasonable FX market, and inflation management, naira stabilization, privatization, bank consolidation, the commencement of a credit system that was subsequently unscaled, a widening middle class, and amazing economic growth that put Nigeria at the forefront of the globally acclaimed narrative of Africa rising. And essentially gave a national rebirth to the audacious can do spirit of the Nigerian folks. It was an era of incredible demonstration of what we can achieve together through collective actions, and visionary leadership, and we must seek to replicate the same economic results as a navigating path out of our current economic downturn.

The current generation of Nigerians possess all that we require to transform ourselves from a nation perpetually travelling in the wrong direction into a developing country of proud citizens. The onus is essentially the president’s to lead from the front, and set forth a clear vision with opportunity for everyone to make appropriate contributions towards sustainable growth, and national development.

Tough times define great leaders. And time, and chance they say happen to all of us. There is a great moment for the president to seize, and more importantly for the sake of our nation, we hope he takes this period as an incredible chance to cement the foundation of his legacy, and unfold the greatness of Nigeria.

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PUBLIC NOTICE: URGENT APPEAL FOR PEACE AND SECURITY IN RIVERS STATE: A CALL TO ACTION FOR THE PRESIDENT*

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**PUBLIC NOTICE: URGENT APPEAL FOR PEACE AND SECURITY IN RIVERS STATE: A CALL TO ACTION FOR THE PRESIDENT**

Dear Esteemed Citizens of Nigeria,

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As concerned citizens and representatives of the Dwellers of Coastal and Waterways Communities of Africa (DCWCA), our hearts weigh heavy with concern for the safety and security of our beloved nation, particularly in Rivers State. Recent developments have seen allover the internet news online a troubling plot that threatens to undermine the peace and stability painstakingly built by our coastal communities.

We are gravely disturbed by reports indicating a sinister scheme aimed at disrupting the commendable efforts of Royal Fouchee Security Limited, spearheaded by the esteemed Alhaji Mujahid Dokubo Asari. It pains us deeply to learn that the very guardians of our security, the Nigeria Security Agencies, are allegedly orchestrating an assault on the dedicated workers of Royal Fouchee Security Agency and other private security entities in Rivers State.

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In this hour of uncertainty, we turn our eyes to the highest office of the land, the esteemed President of Nigeria, with an impassioned plea for intervention. Mr. President, we beseech you to heed our call and use your authority to halt any actions that may endanger the lives and well-being of our coastal citizens. Your decisive action is imperative in preventing further escalation of tensions and preserving the peace that is the lifeblood of our coastal communities.

While we cannot definitively prove the political undertones behind these alarming developments, the whispers of suspicion linger in the air. It is incumbent upon our leaders to rise above partisan interests and prioritize the safety and security of every Nigerian, particularly those in our coastal regions who are vulnerable to various challenges.

Let us not forget the lessons of our past, where political differences were allowed to sow seeds of discord and division among our coastal brethren. Instead, let us unite in solidarity, transcending political boundaries to safeguard the sanctity of our democracy and the welfare of our coastal people.

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Mr. President, we implore you to intervene swiftly and decisively, sending a clear message that the security and well-being of every coastal Nigerian is non-negotiable. Your actions today will shape the destiny of our nation and reaffirm our collective commitment to peace, unity, and progress.

With unwavering hope and trust in your leadership,

Dwellers of Coastal and Waterways Communities of Africa (DCWCA)
[Tom Inko-Tariah ACI arb
President/CEO]

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Edi Abali Group Raises Alarm Over Security Threat to Ancestral Home, Assets of Alhaji Mujahid Abubakr Dokubo-Asari

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Edi Abali Group Raises Alarm Over Security Threat to Ancestral Home, Assets of Alhaji Mujahid Abubakr Dokubo-Asari

Edi Abali Group Raises Alarm Over Security Threat to Ancestral Home, Assets of Alhaji Mujahid Abubakr Dokubo-Asari

 

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by The Army

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Sahara Weekly Reports That The Edi Abali Group has raised an alarm concerning a security threat to the ancestral home and assets of Alhaji Mujahid Abubakr Dokubo-Asari, the Paramount Ruler of Edi Abali Group of War Canoe and Chieftaincy Houses in the Kalabari Kingdom of Rivers State, by the military.

 

 

 

 

 

 

Edi Abali Group Raises Alarm Over Security Threat to Ancestral Home, Assets of Alhaji Mujahid Abubakr Dokubo-Asari

 

 

 

 

 

In a public notice issued by the Edi Abali Group it states that credible intelligence has revealed plans by elements within the 103 Battalion of the Nigerian Army in Obuama to provoke a confrontation and disrupt the peace in the area.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to the notice, the plot specifically targets Alhaji Mujahid Abubakr Dokubo-Asari, who is currently out of the country. The army allegedly plans to exploit his absence in order to create a crisis that could be wrongly attribited to the community members, resulting in attacks on innocent individuals. The Edi Abali Group clarifies that there are no issues between their community, the army, and Alhaji Mujahid Abubakr Dokubo-Asari or his company, Royal Fouche Services Limited.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The notice highlights that the tensions arose after Alhaji Mujahid Abubakr Dokubo-Asari spoke out about the involvement of some elements of the Nigerian Army in oil bunkering activities in the Niger Delta. These activities reportedly deprived the government of the much-needed revenue, leading to displeasure among these elements. The group believes that they are deliberately instigating a crisis involving the personnel of Royal Fouche Services to justify an attack on innocent indigenes of the Kalabari communities, particularly in Obuama where Alhaji Mujahid Abubakr Dokubo-Asari is based, as well as the 103 Battalion.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr Mpakaboari Pankin Braide said,

 

 

“The army in Obuama is aware of his absence from the country and plans to exploit this to create a crisis, which will be wrongly attributed to community members, leading to attacks on innocent individuals.”

 

 

 

 

 

 

 

 

 

 

 

 

The Edi Abali Group calls upon the Nigerian Army to be aware of this plot and to ensure that they are not manipulated into compromising peace and security in the area. They also highlight the proven record of collaboration between Alhaji Mujahid Abubakr Dokubo-Asari and Royal Fouche Services Limited with security agencies in combating terrorism, kidnapping, and insurgency.

 

 

 

 

 

 

 

 

The group aims to inform the public, as well as the people of Kalabari and Rivers State, about this planned provocation targeting innocent individuals, including Alhaji Mujahid Abubakr Dokubo-Asari. They emphasize his commitment to supporting President Bola Ahmed Tinubu-led Federal Government and Governor Sim Fubara-led Rivers State Governments in ensuring the safety and security of all Nigerians.

 

 

 

 

 

 

 

Said Mr Mpakaboari Pankin Braide

Secretary Edi Abali Group Of War Canoe and Chieftaincy Houses,

 

 

 

 

 

 

“We want the public, people of Kalabari and Rivers State to be aware of this planned provocation targeting innocent individuals, including Alhaji Mujahid Abubakr Dokubo-Asari, who remains committed to supporting the President Bola Ahmed Tinubu-led Federal Government and Governor Sim Fubara-led Rivers State Governments in ensuring safety and security for all Nigerians.”

 

 

 

 

 

Released and signed by;

Mr Mpakaboari Pankin Braide

Secretary Edi Abali Group Of War Canoe and Chieftaincy Houses

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Nigeria: The Changing Governance Story

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Nigeria: The Changing Governance Story

Today, however, Nigeria is home to the largest single-train refinery in the world, with the capacity to process 650,000 barrels of crude per day

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Nigeria: The Changing Governance Story

 

 

 

 

 

 

 

By Temitope Ajayi

 

 

 

 

 

 

 

Sahara Weekly Reports That Tracking many stories of remarkable progress currently taking place in Nigeria can be a challenging task. This is so because these important stories are lost to some who daily indulge in the cacophony of adverse reports. These negative news often dominates the headlines.

 

 

 

 

Nigeria: The Changing Governance Story

 

 

 

 

 

With a 24-hour news cycle that tends to focus mainly on distasteful narratives, several Nigerians have been made to accept the view that nothing good is happening in their country.

Those who rely on the mainstream media and social media as the only sources of news and information they consume are the worst hit by the cycle of misinformation that portrays our country as descending rapidly to the edge of the precipice. However, the reality is different: the country is making progress in leaps and bounds.

 

 

 

 

 

 

Late Swedish physician and Professor of International Health at Karolinska Institute, Hans Rosling, his son, Ola Rosling, and daughter-in-law, Anna Rosling, extensively dwell on this subject in “Factfulness: Ten Reasons We’re Wrong About the World – and Why Things Are Better Than You Think,” a book published in 2018. In the book, the authors demonstrate that most people are made to hold the wrong notion about the state of the world because the media project data, analyse trends and select stories to make people assume that things are getting worse around them. The authors assert that a majority of people view the world as poorer, less healthy, and a more dangerous place to live in than it actually is. In other words, many people believe they are living in a worse period in the history of mankind because of misinformation.

 

The same situation the Roslings describe in their book is at play in Nigeria, where individuals, interest groups, activists, analysts, self-serving politicians, and opposition elements constantly project and amplify negative stories.

It is as if we are in a race with those who can say the most horrible things about our country. Yet, we have an abundance of good stories to tell the world. We seem so numb to the good news that we are dismissive of breakthroughs and innovative trends. For instance, we downplay the significance of Dangote Petroleum Refinery and its possibilities to reflate the economy.

 

Many people forgot so soon that we had been importing petroleum products for over three decades because the state-owned refineries are moribund. Our national economy bled, and the country was in a fiscal cul-de-sac for those years as a result of subsidy payments on petroleum products.

 

Today, however, Nigeria is home to the largest single-train refinery in the world, with the capacity to process 650,000 barrels of crude per day. Cynics do not see this as a breakthrough.

 

Nigerians who are 60 years old and below started seeing modern rail infrastructure in 2016 when the All Progressives Congress-led administration of former President Muhammadu Buhari commissioned the standard gauge rail system, beginning with the Abuja-Kaduna route, later Lagos-Ibadan and then the Warri-Itakpe.

 

The national rail modernisation project is progressing with Kano-Katsina-Maradi and Kano-Kaduna standard gauge rail projects at different stages of completion. The contractor working on the rehabilitation of the Port Harcourt-Maiduguri narrow gauge recently announced the completion of the Port Harcourt-Aba section. While the Federal Government is rallying stakeholders to promote economic integration across the country, the Lagos State Government recently launched two metro rail lines -Blue and Red Rail lines – as part of the state’s elaborate master plan to build a modern and efficient megacity. Like Lagos State, there are visible signs of remarkable, quantifiable progress in several other states, including Kaduna, Kano, Akwa-Ibom, Rivers, Kebbi, Borno, Gombe, Oyo, Ekiti and Ogun, among others.

 

A few weeks ago, the President Bola Tinubu-led administration embarked on the construction of the 700 kilometres Lagos-Calabar Coastal Highway that will connect nine coastal states in another bold move to bolster economic growth further and open up the country to productive economic activities.

 

While it may be very easy for critics and other armchair analysts to ignore these developments and their significance to remaking Nigeria, there is no gainsaying that these projects and many more that are ongoing or about to be instituted across critical sectors are the core of President Tinubu’s Renewed Hope Agenda. Indeed, it is hard to process why the so-called critics and cynics can not see the Lagos-Calabar Highway project as a clear demonstration of the President’s commitment to harnessing the potential of our renascent Blue Economy.

 

Despite what is bandied by the most vociferous critics

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