Tag: Nigerian economy

  • Falana Urges INEC to Prosecute Electoral Offenders, Calls for Nigeria’s BRICS Membership

    Falana Urges INEC to Prosecute Electoral Offenders, Calls for Nigeria’s BRICS Membership

    Precious Nwonu, Enugu

    Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has called for stricter enforcement of electoral laws, prosecution of offenders and accountability for political actors to curb violence ahead of the 2027 general elections.

    He also urged the Federal Government to pursue full membership of the BRICS bloc and adopt alternative economic policies, declaring that Nigeria had no business remaining in poverty.

    Falana made the calls on Tuesday while delivering the keynote address at the sixth edition of the Frontier Discourse Annual Public Lecture Series and Awards, organised by Pacesetter Frontier Magazine at Merit House, Maitama, Abuja. He also received the Frontier Person Award at the event.

    The lecture, themed, “Barrel to Ballot: The Naturalisation of Violence, Nigeria’s Polity, and its Democratic Circus,” brought together stakeholders who expressed concern over political thuggery, restrictions on opposition campaigns, unemployment, insecurity and the failure to enforce laws protecting citizens.

    Speaking on electoral accountability, Falana urged the Independent National Electoral Commission (INEC) to establish a dedicated prosecution unit to investigate and prosecute electoral offenders.

    He said the commission should obtain reports from the police and other security agencies, investigate alleged violations and take those found culpable to court.

    Falana argued that the Electoral Act placed the responsibility for prosecuting electoral offenders on INEC, stressing that the commission should not leave the task entirely to the police and other security agencies.

    “I am suggesting that INEC should have a prosecution unit with a view to getting reports from the police and other security agencies about electoral offences and then take them to court,” he said.

    The senior advocate also faulted the National Assembly for failing to implement the recommendation for the establishment of an Electoral Offences Commission, alleging that politicians were deliberately allowing political thuggery to continue because of its usefulness to their interests.

    “The politicians in Abuja, members of the National Assembly have refused, deliberately so, to implement the recommendation that there shall be in the country an electoral offences commission.

    “Politicians do not want to distort the status quo. So they want us to continue to live with thuggery because the thugs are agents of politicians from all the political spectrum,” he said.

    Falana warned against portraying political violence as the exclusive preserve of any political party, noting that supporters of both the ruling party and opposition parties had been involved in attacks and other acts of violence.

    He alleged that opposition parties had been prevented from erecting campaign billboards in some states, while supporters of different political parties had engaged in vandalism and attacks against their opponents.

    He insisted that no political party should claim innocence or justify violence against its opponents, maintaining that all political actors must be held accountable for their actions.

    The lawyer also criticised state governments for allegedly imposing excessive charges on campaign billboards, saying some had introduced guidelines capable of limiting opposition parties’ access to campaign platforms.

    “In some states or many states in the country, state governments have brought out obnoxious electoral guidelines. If you want to erect your billboard, you must pay a fee of about N150m to N200m depending on which position you are contesting for.

    “I have submitted here that no state government has the power under the law to monetise campaign,” he said.

    Falana maintained that INEC was constitutionally empowered to issue guidelines for national elections and monitor political campaigns. He argued that state governments and other authorities should not introduce measures that restrict political participation.

    He called on the electoral commission to intervene and ensure that political parties and state governments withdrew actions capable of interfering with the electoral process.

    Citing the case of Balarabe Musa v. INEC, he argued that electoral guidelines must conform with the Constitution and should not be used to restrict the civic space.

    On the responsibilities of political parties, Falana said the Constitution required them to adopt and implement the fundamental objectives and directive principles of state policy, including provisions relating to education, healthcare and citizens’ welfare.

    Although Chapter Two of the Constitution is generally regarded as non-justiciable, he noted that some of its provisions had been given legal force through specific legislation.

    Citing the Child Rights Act, he said state governments had enacted laws providing for free and compulsory education from primary to secondary school, but poor implementation had left millions of children without access to education.

    He also identified the National Health Insurance Act and the Pension Reform Act as examples of legislation giving practical effect to citizens’ social and economic rights.

    Falana urged young Nigerians to hold political office seekers accountable by questioning their records on employment, security, social protection and education rather than allowing themselves to be recruited for electoral violence.

    He said political campaigns should provide opportunities for citizens to demand clear explanations from candidates on how they planned to address the needs of young people and vulnerable groups.

    He further argued that unemployed Nigerians should be able to approach relevant government institutions, including local government offices and the National Directorate of Employment, for assistance in line with constitutional provisions.

    On social protection, the senior advocate maintained that cash transfers to poor and vulnerable Nigerians should be treated as an obligation rather than merely a government policy.

    Falana Calls for BRICS Membership, Alternative Economic Policies

    Turning to the economy, Falana called on the Federal Government to pursue full membership of the BRICS bloc and adopt alternative economic programmes to address poverty, unemployment and revenue leakages.

    He noted that Nigeria became a BRICS partner country in January 2025 but urged the government to take its participation further by seeking full membership.

    According to him, BRICS provides an opportunity for participating countries to challenge the dominance of the United States dollar and deepen trade and economic cooperation using their national currencies.

    “It’s an organisation set up to challenge the dominance of the dollar, to challenge the West, to mould the full-fledged members so that we can take advantage and trade among ourselves in your own currencies,” he said.

    The lawyer also questioned the abandonment of the Nigeria-China currency swap arrangement, arguing that the country should explore opportunities to strengthen trade and economic relations.

    He identified domestic refining of crude oil as another priority, saying Nigeria could derive greater economic benefits from processing its natural resources locally instead of depending heavily on imported petroleum products.

    “Even within the bourgeois paradigm, within the bourgeois framework, consider some of them, including refining crude oil for domestic consumption in Nigeria,” he said.

    Falana also criticised the economic policies promoted by international financial institutions, particularly the International Monetary Fund (IMF) and the World Bank, arguing that their prescriptions had failed to deliver the desired development outcomes for developing countries.

    “No country in the world, none, has ever been developed by implementing the policies of these Bretton Woods institutions that were set up to underdevelop the economies of third world countries,” he said.

    On revenue losses, he referred to a 2021 government report on cargo tracking, which he said indicated that Nigeria lost $32bn during the 13 years the system was suspended.

    He estimated that the country lost an additional $10bn between 2021 and 2025, arguing that cargo tracking and other revenue-monitoring mechanisms could help address financial leakages.

    Falana questioned the country’s continued reliance on policies promoted by international financial institutions and called for economic programmes that would prioritise local production, self-reliance and improved living conditions.

    He maintained that Nigeria could achieve prosperity within a capitalist economic framework if government policies were designed to benefit the wider population rather than a few individuals.

    “I’m not campaigning here for the socialist reconstruction of Nigeria. That will be done elsewhere. But within your own capitalist ethos, you can run this economy in a way that will be beneficial to the entirety of the Nigerian people,” he said.

    He added that the implementation of neoliberal economic policies could undermine efforts to achieve widespread prosperity.

    “There can be no prosperity when you implement neoliberal policies,” he said.

    Falana declared that Nigeria had no business remaining in poverty and urged the government to reconsider its economic direction, strengthen local production and manage national resources more effectively.

    He concluded by calling on young Nigerians to exercise their sovereign power through the ballot rather than engage in activities capable of undermining the country.

    He urged them to participate actively in the 2027 general elections and vote for candidates of their choice at the federal, state and local government levels.

  • FG Defends $21.7bn Loan Plan, Says Funds Will Drive Infrastructure Development

    FG Defends $21.7bn Loan Plan, Says Funds Will Drive Infrastructure Development

    Precious Nwonu, Enugu

    The Federal Government has defended its proposed $21.7bn supplementary external financing plan, arguing that the funds are intended to support long-term infrastructure and economic development rather than simply increase the country’s debt burden.

    The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the explanation on Wednesday while briefing State House correspondents after the Federal Executive Council meeting presided over by President Bola Tinubu in Abuja.

    Oyedele said the proposed financing covered 46 projects across 11 sectors, with an average project lifespan of five years. He stressed that the plan represented a framework for financing development projects and did not necessarily mean the government would borrow the entire amount.

    According to the minister, about $10.6bn of the proposed financing would be directed towards transportation infrastructure, including sections of the Lagos-Calabar and Sokoto-Badagry highways and the Kano-Kaduna Metro Rail project.

    He said the projects were expected to improve connectivity, reduce the cost of transporting goods and support regional trade. Ten major projects account for about $12.5bn, representing 58 per cent of the proposed financing.

    The plan also covers power, agriculture, healthcare, education, social protection and climate-related initiatives. Oyedele said projects in social sectors, agriculture, energy, social protection, climate and education, valued at about $4bn, would be financed entirely through concessional funding.

    The minister disclosed that approximately $7.9bn would come from multilateral and bilateral development partners, with the World Bank accounting for $5bn at an average interest rate of 2.1 per cent.

    He put the indicative average interest rate for the commercial component at 7.8 per cent, below the 9.1 to 9.6 per cent yield on Nigeria’s November 2025 Eurobond. He attributed the difference partly to credit rating upgrades by Fitch, Moody’s and Standard & Poor’s.

    Oyedele also clarified that about $4.8bn of the proposed financing was intended for state governments and government agencies, rather than the Federal Government alone. Of that amount, $3.3bn would go directly to states, while approximately $1.45bn would be channelled through agencies and development finance institutions.

    He cited the Bank of Industry, Development Bank of Nigeria, Transmission Company of Nigeria and electricity distribution companies among the institutions expected to benefit from the financing arrangements.

    The minister argued that external financing could be justified where the resulting economic value exceeded the cost of borrowing, adding that major infrastructure projects often required funding beyond what could be accumulated through savings alone.

    FEC Approves Power, Rail And Customs Projects

    Oyedele said the Federal Executive Council approved 10 memoranda at Wednesday’s meeting, including financing arrangements for electricity infrastructure, rail transport, road development and customs operations.

    One approval involved a €155.9m credit facility from Deutsche Bank and other lenders to upgrade five 132/33kV substations under the first phase of the Presidential Power Initiative.

    He said the intervention was expected to improve electricity supply to households and businesses while helping to reduce energy costs.

    The council also approved a $970m syndicated term loan from Standard Chartered and the Africa Finance Corporation to provide rolling stock for the Karu-Maradi rail line. The government expects the project to support freight movement, regional commerce and the Northern Economic Corridor.

    Another approval was a €76.8m credit facility from the ECOWAS Bank for Investment and Development for Bauchi State’s Transport Infrastructure Development Programme. The project will cover rural and urban roads, including routes linking farms to markets.

    The council also approved investment in non-intrusive inspection scanners and technical support for the Nigeria Customs Service. The equipment is expected to speed up cargo clearance, improve the detection of misdeclared goods and strengthen efforts to intercept contraband and illegal weapons.

    Government Highlights Economic Indicators

    During the briefing, Oyedele defended the Tinubu administration’s economic reforms, comparing current indicators with conditions when the government took office in May 2023.

    He said inflation stood at 22.41 per cent at the time, while net foreign reserves were below $1bn. He also claimed that the previous administration had printed more than ₦30tn to finance spending, arguing that the resulting monetary pressures continued to affect prices.

    The minister said the government’s debt-service-to-revenue ratio had fallen from 97 per cent in 2023 to below 60 per cent, while economic growth increased from 2.74 per cent in May 2023 to 4.43 per cent in the second quarter of 2026.

    He also reported that inflation fell to 14.63 per cent in September 2026, compared with 20.98 per cent a year earlier. The figures were presented as evidence of improving macroeconomic conditions, although the minister acknowledged that many Nigerians continued to face economic hardship.

    Oyedele said foreign reserves had risen to more than $55bn, with net reserves exceeding $45bn, compared with less than $1bn three years earlier. He added that Nigeria’s tax-to-GDP ratio had increased from about seven per cent in 2023 to approximately 12.5 per cent at the end of 2025.

    The minister attributed the changes to the administration’s reforms, including the removal of petrol subsidies and adjustments to foreign exchange policy.

    He said the government had also introduced measures to cushion the effects of economic reforms, including student loans, cash transfers to vulnerable households and subsidised credit for small businesses.

    According to him, the Nigerian Education Loan Fund had disbursed ₦372.6bn to more than 1.5 million students, while over 10 million households had received cash transfers worth more than ₦600bn.

    He added that more than 800,000 micro, small and medium-sized enterprises had benefited from subsidised loans and that tax exemptions had been introduced for eligible low-income earners and small businesses.

     FG Targets Lower Food Prices

    Oyedele said the Federal Executive Council had adopted a priority resolution to stabilise food prices and work towards single-digit inflation by the end of 2027 or earlier.

    He explained that the government was coordinating with state governments under a 90-day action plan developed through the National Economic Council to address food supply and affordability.

    In the short term, the government intends to stabilise or reduce prices of major staples, including rice, yam, beans and maize, before the end of the year.

    Oyedele said authorities would assess the gap between domestic food production and consumption to determine whether targeted imports were necessary. He added that any rice imports under the plan would be limited to unprocessed brown rice to protect local milling and processing jobs.

    Over the longer term, the government plans to expand irrigation farming, improve crop yields through scientific methods and reduce post-harvest losses.

    The minister said the administration intended to increase domestic food production, make prices more affordable and expand exports of processed agricultural products.

    The borrowing proposal has attracted criticism from opposition figures, including African Democratic Congress presidential candidate Atiku Abubakar, who has urged the National Assembly to suspend consideration of the request until the government publishes details of the projects to be financed.

    The proposal remains subject to legislative scrutiny and approval by the National Assembly.

  • Tinubu Blames Past Leaders for Hunger, Seeks Second Term in 2027

    Tinubu Blames Past Leaders for Hunger, Seeks Second Term in 2027

    Precious Nwonu, Enugu

    President Bola Tinubu has blamed previous administrations and opposition figures for Nigeria’s hunger and poverty, while promising improved prosperity if re-elected in 2027.

    Tinubu made the remarks on Saturday at the All Progressives Congress presidential campaign flag-off at Ranchers Bees Stadium in Kaduna, where he urged Nigerians to support his re-election bid and other APC candidates in the forthcoming general elections.

    The President said his administration was working to address the country’s economic difficulties, adding that his government had maintained regular salary payments and that APC governors were making progress in their respective states.

    “I hear my opponents talking about hunger. Who created it? They did. They created hunger and poverty. We are trying to eradicate them,” Tinubu said.

    He assured Nigerians, particularly young people, that a second term would bring greater economic opportunities and prosperity.

    Tinubu also urged voters to obtain their Permanent Voter Cards and turn out for the elections, calling on them to support APC candidates contesting governorship, Senate, House of Representatives and state assembly seats.

    He defended his administration’s economic policies, including the removal of fuel subsidy, saying the country was moving towards a new phase of growth and recovery.

    Vice-President Kashim Shettima, who also addressed the rally, appealed to Nigerians to renew the APC’s mandate, arguing that the party had delivered on its promises and deserved another term.

    Shettima highlighted infrastructure projects being pursued by the administration, including the Abuja-Kaduna-Kano Road, Kano-Maradi railway and Lagos-Kano rail corridor.

    He also pointed to investments in education in Kaduna State, citing the Federal University of Applied Sciences in Kachia, the Federal University of Education in Zaria and vocational institutions which he said had produced more than 4,000 graduates.

    Shettima said the APC won the 2023 presidential election because voters considered the alternatives and chose the party, expressing confidence that Nigerians would again support Tinubu.

    Kaduna State Governor Uba Sani also endorsed the President’s re-election bid, citing federal infrastructure projects and security interventions in the state.

    Sani said reconstruction of the Abuja-Kaduna-Kano Expressway was 95 per cent complete. He also highlighted work on the Kaduna-Birnin Gwari Road, which he said had received N117bn in funding after remaining abandoned for more than 40 years.

    The governor added that efforts to improve security had enabled the reopening of some schools and primary healthcare centres previously shut because of insecurity.

    The Director-General of the APC Presidential Campaign Council, Abdulaziz Yari, said the party would campaign on the administration’s record in infrastructure, healthcare, education and human capital development.

    Yari said APC leaders were engaging traditional rulers, Islamic clerics and other influential figures in Northern Nigeria to mobilise support for Tinubu’s return to office, describing continuity as important to the country’s stability and development.

    The Kaduna event formally launched Tinubu’s campaign for the 2027 presidential election. The Independent National Electoral Commission has scheduled the poll for January 16, 2027.

    Several senior government and party officials attended the rally, including Senate President Godswill Akpabio, House of Representatives Speaker Tajudeen Abbas, First Lady Oluremi Tinubu, governors, ministers, lawmakers and APC national executives.

    Thousands of supporters gathered at the stadium, wearing party-branded clothing, waving flags and chanting slogans in support of Tinubu and other APC candidates.

  • Oyedele Warns Against Taxing Poor Nigerians, Urges AfCFTA Policy Alignment

    Oyedele Warns Against Taxing Poor Nigerians, Urges AfCFTA Policy Alignment

    Precious Nwonu, Enugu

    The Minister of Finance, Taiwo Oyedele, has warned African governments against imposing additional taxes on vulnerable citizens and productive businesses to address fiscal challenges, saying such measures could worsen hardship and undermine economic growth.

    Oyedele also called for stronger policy coordination among African countries to remove trade barriers and maximise the benefits of the African Continental Free Trade Area.

    He made the remarks during discussions at the Annual Meetings, where he addressed taxation, economic reforms, employment, development financing and regional trade integration.

    The minister said governments should focus on improving domestic revenue mobilisation and eliminating inefficient expenditure rather than introducing tax measures that place additional pressure on low-income households and businesses.

    According to him, excessive taxation could leave vulnerable families with fewer resources for essential needs, including food, healthcare and education, while placing pressure on businesses that generate jobs and economic activity.

    He noted that both taxation and borrowing had consequences, adding that governments needed to strike a balance that ensured sustainable public finances without compromising citizens’ welfare.

    “The essence of tax and of debts is to cater for the people. If you put people always at the centre of your policies, you will not be perfect, but you are likely to strike a balance that works and is sustainable,” he said.

    Oyedele also stressed that economic growth should be measured by its ability to create jobs, promote inclusion and improve living standards rather than by macroeconomic indicators alone.

    He warned that the growing adoption of artificial intelligence could affect employment opportunities if governments failed to develop appropriate policies to manage its impact.

    The minister said economic stability remained essential for sustainable growth, investment and prosperity, noting that governments needed a stable foundation to implement structural reforms and infrastructure programmes.

    On regional integration, Oyedele said the AfCFTA offered African countries an opportunity to combine their fragmented national markets into a larger continental market capable of attracting investment, expanding production and boosting trade.

    He, however, warned that the agreement would achieve limited results unless governments addressed barriers to cross-border commerce, particularly non-tariff restrictions.

    “The AfCFTA is trying to turn 54 countries into one market, so that way it’s easy for us to scale. But that will not happen until we remove the barriers, and many of them are actually non-tariff,” he said.

    Oyedele explained that effective implementation required consistent regulations, clear standards, supporting infrastructure and coordinated economic policies across the continent.

    He cited Nigeria’s National Single Window initiative as an effort to simplify border procedures and improve trade facilitation through technology.

    The minister also disclosed that Nigeria was developing an economic policy framework that incorporates its international commitments, including regional agreements.

    He said differences in trade, fiscal and monetary policies among African countries could make regional integration difficult, stressing the need for governments to align their approaches.

    Oyedele further identified policy consistency, strong institutions and public trust as essential conditions for attracting private investment to Africa.

    “Capital follows trust before it follows returns. They need to be able to plan and predict what you are going to do,” he said.

    Reflecting on Nigeria’s economic reforms, he said governments must clearly explain policy changes, communicate the consequences of inaction and implement reforms in the right sequence.

    He argued that reforms should be supported by legislation and strong institutions to ensure continuity beyond changes in political leadership.

    Oyedele also emphasised the need to protect vulnerable citizens from the immediate effects of economic adjustments while waiting for the benefits to materialise.

    He cited cash transfers reaching more than 10 million households and education funding supporting over 1.5 million students as examples of measures introduced to cushion the effects of reforms in Nigeria.

    The minister maintained that sustainable economic progress depended on combining macroeconomic stability with inclusive growth, reliable institutions, social protection and stronger regional cooperation.

  • Tinubu Says World Bank Report Validates Economic Reform

    Tinubu Says World Bank Report Validates Economic Reform

    Precious Nwonu, Enugu

    President Bola Tinubu has described the World Bank’s latest assessment of Nigeria’s economy as evidence that his administration’s economic reforms are yielding results, citing improvements in economic growth, government revenue and external reserves.

    Tinubu’s position was contained in a statement issued on Sunday by his Special Adviser on Information and Strategy, Bayo Onanuga, following the release of the World Bank’s October 2026 Nigeria Development Update, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities.

    The President said the report indicated that the country’s economy was becoming more stable and better positioned for sustained growth, while noting that poverty had stabilised for the first time since 2019.

    According to the statement, the World Bank reported that Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period in 2025.

    The bank projected that economic growth would average at least 4.4 per cent between 2026 and 2028, while poverty was expected to decline gradually as economic growth outpaced population growth.

    On inflation, Tinubu said the report showed that the rate fell from 27.6 per cent in January 2025 to 15.2 per cent in December of the same year.

    However, the statement noted that higher global fuel prices linked to the conflict in the Middle East had slowed the decline in inflation. The World Bank expects inflation to ease to about 12 per cent by 2028.

    The President also highlighted improvements in Nigeria’s external position, saying the country’s current account surplus rose to $12bn, representing seven per cent of gross domestic product, in the first half of 2026.

    This compared with $8.6bn recorded in the corresponding period of 2025.

    According to the statement, gross external reserves increased from $45.5bn at the end of 2025 to $53.8bn at the end of August 2026.

    Tinubu further said the World Bank attributed a 69 per cent real-term increase in federation revenue between 2023 and 2025 to reforms introduced by his administration, with state governments emerging as the largest beneficiaries.

    He said states used the additional revenue to increase capital expenditure by 151 per cent in real terms over the same period.

    The statement identified roads and other transport infrastructure, agriculture, energy and housing as major areas that benefited from the increased spending.

    It added that 29 of 33 states shifted more of their spending towards economic infrastructure, while real social spending per person increased in all but one state.

    The President also cited the report’s findings that internally generated revenue rose in real terms in 31 of 35 states, while 21 states reduced their debt-to-GDP ratios between 2021 and 2025.

    Nigeria’s overall public debt was projected to decline from 40 per cent of GDP in 2025 to 38.1 per cent in 2026, according to the statement.

    Tinubu said the findings reinforced his administration’s position that the removal of petrol subsidy, unification of the foreign exchange market and efforts to strengthen fiscal discipline had increased government revenue and created more resources for public investment.

    “The dividends of reform are becoming visible. But more work remains to ensure they fully translate into better living standards for every household, starting with lower food prices and decent jobs for our young people,” he said.

    He added that the government would continue implementing its Renewed Hope Agenda, with a stronger focus on inclusive growth and improved living conditions.

    Tinubu said the administration would expand targeted cash transfers, which he stated had reached more than 10 million households, accelerate the deployment of compressed natural gas, improve agricultural productivity and widen access to affordable healthcare and quality education.

    He also urged state governments to manage their increased revenues prudently and prioritise projects that would improve living standards, healthcare and education.

    The President commended the Economic Management Team, led by the Minister of Finance and Coordinating Minister of the Economy, alongside state governors and other stakeholders, for their role in implementing the reforms.

    He said the government remained committed to accelerating the delivery of shared prosperity under the Renewed Hope Agenda 2.0.

  • Atiku Accuses Tinubu Administration of Worsening Poverty, Insecurity

    Atiku Accuses Tinubu Administration of Worsening Poverty, Insecurity

    Precious Nwonu, Enugu

    Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has accused the administration of President Bola Tinubu of worsening poverty and the cost of living in Nigeria.

    Atiku made the allegations in a state-of-the-nation address delivered at the ADC secretariat in Abuja on Thursday as Nigeria marked its 66th Independence Anniversary.

    He criticised the Federal Government’s economic policies, particularly the removal of the petrol subsidy, arguing that the reforms had increased the financial burden on households.

    According to him, rising prices of food, transportation and other essential goods have left many Nigerians struggling to meet their basic needs.

    Atiku also faulted Tinubu’s claim that the country was entering an era of prosperity, arguing that economic growth and lower inflation would have limited meaning if Nigerians could not afford food, healthcare, transportation and education.

    He said, “At 66, Nigeria has come a long way. Independence has offered us liberty and self-determination. We are also making considerable progress in nation building.”

    The former vice president also criticised the government’s handling of insecurity, saying attacks by armed groups had displaced communities, affected farming activities and created fear among families.

    He further questioned the government’s management of public funds, debt and development projects, calling for greater transparency in contracts, loans and social intervention programmes.

    On the economy, Atiku proposed what he described as a capped and budgeted production subsidy for petrol refined in Nigeria, including fuel produced by modular refineries.

    He said the proposed scheme should be independently audited and designed to ensure that any benefit reached consumers through lower pump prices.

    Atiku also raised concerns about the government’s borrowing plans, citing Nigeria’s public debt and the proposed $1.5bn World Bank loan. He called for greater disclosure on how existing borrowed funds had been spent and the projects they had financed.

    The ADC candidate also criticised the government’s handling of student loans, budgets, contractors’ payments and cash-transfer programmes, demanding greater accountability.

    On security and civil liberties, Atiku called for the release of individuals he described as being unlawfully detained and urged the government to uphold due process.

    He also appealed to Nigerians to participate actively in the 2027 general election, urging voters to protect their ballots and reject intimidation.

    Atiku said the election would provide Nigerians with an opportunity to determine the country’s direction, while promising that, if elected, he would prioritise affordability, security, healthcare, education and accountability in public spending.

    He said Nigerians should scrutinise the programmes and promises of all candidates, including himself, and demand measurable commitments from those seeking public office.

    The former vice president concluded by urging Nigerians not to lose hope despite the economic and security challenges facing the country.

  • The windfall: Reinventing Nigerian Economy

     

    NIGERIA is an emerging market, middle income and mixed economy, and is ranked the 27th largest economy in the world. It has the largest natural gas economy in Africa and is also the largest oil and gas producer in the continent.

     

    The country had a good head start with a well-defined First National Development Plan (1962 -1968) and a strong focus on Import Substitution Industrialisation, ISI, policy which promoted and boosted manufacturing. The rate of development rose to over 10 percent of national income or net national product and with substantial development of manufacturing sectors with high rate of growth.

    But the economy contracted the “Dutch disease” which stunted and truncated the trajectory. “Dutch disease” has been defined as “the wind fall of income that leads to damages or destructive consequences in the economy”.

     

     

    The wind fall for Nigeria was from oil. The discovery and increase in oil exports led to the loss of interest and decline in other export commodities. As a result the economy became mono-product without a diversified base.

     

    The importance of economic diversification in the prosperity of nations cannot be over-emphasized. It engenders stability, sustainability and prosperity through favourable trade balances. The prosperity of advanced economies hinges on diversification, exports, manufacturing, innovations and well established financial markets.

     

    Germany, the fifth largest economy in the world exports vehicles, machinery, chemical goods, electronic products, computers and electrical equipment.

     

     

     

    Others include pharmaceuticals, transport equipment, basic metals, food products, rubber and plastics and many others. The share of industry in gross value added is 22 percent, the highest among G7 countries. According to IMF, Germany contributed 28 percent of the Euro areas economy in 2017.

     

    USA, the largest economy in the world exports soybean, corn, beef, pork, poultry, gems and precious stone, computers, vehicle parts and integrated circuits. Others include planes, helicopter, aircraft parts, spacecraft, crude and refined petroleum and a vast array of others.

     

    South Africa, the second largest economy in Africa exports corn, fruits, nuts, sugar, wool, gold, diamond, metal and minerals, gems and precious metals.

     

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    Others include iron, steel, vehicles, machinery including computers, ores, slag, ash, transportation equipment and others. South Africa is a manufacturing hub and technologically advanced with advanced infrastructure and well established financial market. It has the largest stock exchange in Africa which is strategic.

     

    Nigeria, the largest economy in Africa, exports crude petroleum, refined petroleum, petroleum gas, cocoa beans, vegetable products, tobacco, beverages, processed food, spirits, cashew nut, processed leather and others. It is the fourth leading exporter of cocoa in the world.

     

    Regardless, oil has continued to be the main stay, representing 90 percent of exports and 86 percent of the total export revenue. The development readily exposes the economy to global shocks and crisis. For stability, sustainability and prosperity, the economy needs to be re-invented through effective diversification and “the big push”. This may be an uphill task going by the extent of damage exerted by the “Dutch disease”, but it is achievable. All hands needs to be on deck.

     

    Central Bank of Nigeria has been on the forefront in the drive to re-invent the economy through diversification and self-sufficiency. The apex bank has been aggressive in the evolution of policies aimed at releasing growth forces virtually in all section of the economy. It has established several and enormous intervention funds aimed at fast-tracking the development of the manufacturing sector.

     

    The objectives of the funds are to provide access to credit to manufacturers, diversify the revenue base, increase foreign exchange earnings, provide inputs for the industrial sector on a sustainable basis, increase output and generate employment.

     

    The importance of manufacturing cannot be overemphasized. It expands trade and commerce and brings in the much needed foreign exchange. Next to agriculture, manufacturing also have the ability to create significant amount of jobs and generate incomes.

     

    Manufacturing feeds aggregate demand and is linked to the standard of the living of the people. Problems of manufacturing in Nigeria include power, irregular taxes, inadequate funding and structure.

     

    CBN intervention funds have opened windows of opportunities for manufacturer to access long term loans for acquisition of plants and machinery and working capital. Also to address the infrastructure challenge the apex bank is promoting a world-class infrastructure vehicle known as Infraco, to provide necessary infrastructure required to move agricultural product to processors, raw materials to factories and finished goods to market.

     

     

     

     

     

    Source: www.vanguardngr.com