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Economy

NEPC Boss: Why Nigeria must Diversify from Crude Oil Exports

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Nigeria exports non-oil products worth $2.6bn first half of 2022—NEPC

The Nigerian Export Promotion Council (NEPC) on Monday in Abuja reiterated the need to promote non-oil exports for Nigeria to meet its national and global economic demands.

Dr Ezra Yakusak, Executive Director/CEO of NEPC said this at a five-day export promotion capacity-building programme.

The programme designed to train stakeholders in the export sector was organised by Fidelity Bank PLC in partnership with the Lagos Business School (LBS) and NEPC.

Represented by Mr Babatunde Falake, Director, International Export Office, NEPC, Yakusak said that emphasis must shift from crude oil export and be laid on the export of Nigeria’s vast resources.

“Recent developments in our national economy and indeed the global economy have made it clear to us that more emphasis should now be laid on the export of our vast resources if we must survive as a nation.

“It is unfortunate that Nigeria, having been blessed with resources in agriculture, solid minerals, entertainment industry, creative arts, Information and Communication Technology, fashion and of course manufacturing has continued to rely on the export of crude oil as the major source of foreign exchange,’’ Yakusak said.

He said that the council’s zero oil plan developed in response to the recession in 2016 following the crash in crude oil prices, was targeted to prepare Nigeria for a world with less emphasis on the export of crude oil.

According to Yakusak, it is a strategy for boosting foreign exchange through the non-oil export policies for 22 major products that could generate up to $30 billion in foreign exchange within a period of five years

“The 22 products include cotton, petrochemicals, fertilizers, palm oil, rubber, cement, tomatoes, and bananas.

Others are oranges, cashew, cassava, sesame, spices, ginger, shea butter and cowpea,’’ he said.

He expressed NEPC’s commitment to continue to support efforts in sensitising Nigerians to embrace non-oil export as a viable option for economic growth and survival.

“The Council recently launched the ‘Export 4 Survival’ campaign which is aimed at sensitising Nigerians from all walks of life to embrace non-oil export as a viable option for our economic growth and survival.

“The campaign is already making an impact as the council with its activities is now more on the limelight nationwide.

“It is expected that this will definitely result to increased revenue from the non-oil sector in the near future.

“What we are doing today through a partnership with Fidelity Bank and Lagos Business School is highly commendable.

“A look at the various topics for discussion clearly demonstrates our readiness to equip the participants with the required knowledge and skills for successful export business and especially to curtail the rejection of non-oil exports from Nigeria,’’ Yakusak said.

One of the facilitators, Dr Frank Ojadi, Faculty member, Lagos Business School, said that building the capacity of Nigerians and providing the needed infrastructure was critical in attracting people to exports.

“One of the challenges of export trade lies more in equipping people, building their capacity in what exporting means and therefore you need to learn the trade, the processes and the procedures.

“But of course some of the things required for you to export also lie with the infrastructural capabilities of the country and as long as that continues to be a problem, it will impede trade.

“Only recently, I was looking at coastal shipping which ideally should encourage and enhance the AfCFTA trade that has just been signed but of course, the high cost of port shipping is contributing to our not being very competitive enough to export products.

“So, I think very seriously that coastal shipping would help particularly with respect to AfCFTA and then, of course, infrastructural difficulties with shipping would also affect trade going to different parts of the world,’’ Ojadi said.

Mr Emmanuel Nwalor, Team Lead, Export and Agriculture, Fidelity Bank, said that there was a possibility of failure if an exporter lacked the capacity and knowledge to export.

“ Recent developments in the global market occasioned by COVID-19 and volatilities in the oil sector have heightened the need for Nigeria to diversify its economy away from oil.

“To boost non-oil exports and build sustainable export capabilities for Nigerian businesses, Fidelity Bank Plc, Lagos Business School and Nigeria Export Promotion Council initiated the Export Promotion Capacity Building Programme.

“This five-day programme is designed to equip participants with the knowledge, tools and skills required to develop their export business.

“This is in line with global standards, taking advantage of the AFCFTA treaty as well as the new Central Bank of Nigeria’s policy on foreign exchange which emphasises value addition,’’ Nwalor said.

The programme provided a platform for gaining practical insights on non-oil exports and accessing opportunities presented by the African Continental Free Trade Area (AfCFTA) agreement and the RT200 FX Programme.

Entrepreneurs, prospective exporters and financiers of exports are participating in the programme.

Others are export sector regulators, policy makers, Micro Small and Medium Entrepreneurs, State and Federal Government agencies and logistics service providers.

They were taken through topics including an overview of Nigeria’s export activities, an assessment of the potential to become a successful exporter and how to list products on major international e-commerce platforms.

 

Economy

Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

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Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

Gov. Babajide Sanwo-Olu of Lagos State has called for the use of innovative technologies in resolving the economic and social challenges of the country.

Sanwo-Olu said this on Wednesday during the pioneer graduation of the Lateef Jakande Leadership Academy (LJLA) at Konga Place in Lekki.

He said that the new platform of globalisation and Internet of things must be significantly employed to resolve new challenges encountered in the course of improving the living standards of citizens.

30 students, 15 men and 15 women, between 18 and 35 years, graduated from the academy after a one-year course and mentorship in leadership.

The Lagos Leadership Summit (LLS) is a pivotal platform dedicated to empowering Nigeria’s young professionals with the skills and insights essential for success in various leadership roles.

With a focus on leadership excellence, ethical governance, and youth inclusion in governance, the summit offers a unique opportunity for participants to engage with renowned leaders and industry experts.

” You have to be able to innovate for us, you are here as leaders of not tomorrow but today. Proffer solutions that the government can use as a tool, to solve the challenges that we are facing today but more importantly to solve global issues.

“And that is why we started the Lateef Jakande Leadership Academy. For us as a government, we felt how well can we honour a man than for us in public sector to set up a cream of new leaders.

“So we set up this school that has the first set, the one-year fellowship, who indeed have not only shown us that we took the right step, they have been outstanding individuals,” the governor said.

The guest speaker and former governor of Lagos State, Babatunde Fashola, noted that it was important for followers to trust their leaders for a successful outcome.

“The people need to trust the government, they must know the capability of their leaders so that when issues beyond human expectations happen, the followers can show empathy to the plight of their leaders.

” I have always been an advocate that believes that the process is as important as the result, the end shouldn’t justify the means, the process is crucial, it serves as a blueprint for others coming behind,” he said.

Similarly, Dr Obafemi Hamzat, Deputy Governor, who spoke on “Leadership And Community Engagement”, stated that to achieve effective leadership in Nigeria, there was the need to navigate complex political, economic and social landscapes.

Hamzat urged the citizens to be involved in governance while stressing the need for collaborations with private stakeholders and the public sector.

According to him, community engagement with government at all levels is pivotal to the nation’s development.

In her address, Mrs Ayisat Agbaje-Okunade, LIJA’s Executive Secretary, noted that the challenges faced required leaders who are not only capable but compassionate, visionary, and adaptable.

According to her, leadership must transcend rhetoric and manifest tangible outcomes.

“We need leaders who inspire confidence, foster unity, and drive transformation.”

Agbaje-Okunade urged the participants to embrace the responsibility that comes with leadership and pave the way for a generation of new leaders.

The keynote speaker, Mr Abubakar Suleiman, Chief Executive Officer, Sterling Bank, said that leadership is about leading people on a new purposeful journey.

Suleiman said being a strategic thinker and a transformational leader was what makes leadership different from management, adding that the future is being crafted in leadership.

“In essence, as a leader, you must be able to lead people to the future hence, you must be convincing for people to be bold to follow you, able to trust and believe in you.

“For one to be a leader, the people must be able to believe and trust you to take them to the future where you have never been to,” he said.

Also speaking, Mr Tunbosun Alake, Commissioner, Innovation, Science and Technology, stressed that leadership had nothing to do with being young or old but having good values and character.

The commissioner advised the participants to pursue excellence in their various career paths to succeed in life.

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Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

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Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

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