News you can trust * Tuesday 07 November 2023 Vol. 21, No 1,544 N400 www.businessday.

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Supreme
Court verdict
total breach of
FG’s borrowing from
confidence - Obi
By Tony Ailemen & Iniobong Iwok
PETER Obi, the presidential
CBN still exceeds limit
…stands at N4.36tn after Buhari’s conversion
Hope Moses-Ashike tral bank to finance the govern-
candidate of the Labour Party ment in periods of temporary
(LP) in the 2023 election, said THE federal government’s bor-
rowing from the Central Bank budget shortfalls subject to
on Monday the judgement of chunk of the total debt, avail- limits imposed by law.
of Nigeria (CBN) stood at N4.36 madu Buhari had securitised
the Supreme Court on the able official data show. The total amount of such ad-
trillion as of June, a month after N22.7 trillion borrowed from
election dispute has damaged At the twilight of his eight-
President Bola Tinubu’s prede- the Ways and Means Advances,
the confidence Nigerians year tenure, President Muham- Continues on page 34
cessor securitised a substantial a loan facility used by the cen-
have in the judiciary.
Obi said this during a
press conference in Abuja on
Monday.
The apex court had last
month dismissed the appeals
of Obi and that of Atiku Abuba-
kar, his People’s Democratic
Party counterpart challenging
Continues on page 34

Nigeria’s mobile
money agent outlets
hits 6-yr high – IMF
>> Turn to page 2

Judiciary no longer
hope of the common
man, says Odinkalu, L-R: Jean Marie Koffi, secretary-general, Port Management Association of West and Central Africa (PMAWCA); Martin Boguikouma, president, PMAWCA; Babatunde
Bernard, representative of the secretary to the Government of the Federation; Segun Awolowo, secretary, National Action Committee on AFCFTA; Adegboyega Oyetola,
law professor minister of marine and blue economy; Mohammed Bello Koko, MD, Nigerian Ports Authority; Adewale Bashir, comptroller-general, Nigeria Customs Service; and Wasiu
>> Turn to page 27 Eshinlokun, chairman, Senate Committee on Marine Transportation, at the opening of the 43rd Council of PMAWCA, in Lagos.

Dangote-BUA spat calls for stiffer anti-competition rules

By Isaac Anyaogu against anti-competition behav- ice by a competitor, BUA Group, of President Bola Ahmed Tinubu by the authors of this misleading
iour by businesses. masquerading as a concerned and Mr. Jim Obazee, the Special allegation to give it a fresh life in
THE long-running feud between The management of Dangote Nigerian in 2016.” Investigator probing the CBN, the media is baffling as the two
two of Nigeria’s foremost indus- Industries Limited (DIL), while DIL management explained and subsequently different blogs newspapers that were misguided
trialists that spilt into newspaper refuting claims by online media that the same false report back and social media platforms have into publishing it as advertorial
headlines last week, with each that it was engaging in economic “in 2016 was now being given a been carrying variants of this ar- then (2016) have since publicly
company accusing the other of sabotage, described the allegation fresh false slant by one Ahmed rant falsehood to the detriment of
sabotage, has led to calls for stron- as “spurious and a rehash of a Fahad purporting it to be a new our corporate reputation.”
ger rules and better enforcement similar report peddled out of mal- petition directed to the attention The statement said “attempt Continues on page 35
2 www.businessday.ng TUESDAY 07 NOVEMBER 2023

NEWS

L-R: Julius Anelu, accountant-general, Edo State; Timothy Arowoogun, group head, public sector, FirstBank; Chuma Ezirim, group executive, e-business and retail products, FirstBank; Adaze Aguele-Kalu, commis-
sioner for finance, Edo State; Godwin Obaseki, governor, Edo State; Adesola Adeduntan, CEO, FirstBank Group; Patrick Iyamabo, executive director, chief financial officer, FirstBank; Osazee Uzzi, attorney general
and commissioner for justice, Edo State; and Goodluck Igbinedion, MD, Edo ICTA, during a courtesy visit by FirstBank executive management to the governor, recently.

Nigeria’s mobile money agent

into the financial net, said
Moses Ojo, a Lagos-based
economic analyst.
FG to cancel idle modular
outlets hits 6-yr high – IMF
“They are bringing those
who are not financially
included into the net by
refinery licences
Cynthia Egboboh & which was as a result of
opening accounts for them insecurity issues, lack of
and also embarking on fi- Abubakar Ibrahim
investments and all other
By Bunmi Bailey director at Inclusion for all pening in the fintech space. nancial transactions for THE federal government has concerns.
Initiative, said. He added that there has them,” he said. said it will cancel modular
THE number of registered She said there is a high been a significant increase
“But we are addressing
The mobile money refinery licences that are all those issues and I believe
mobile money agent out- mobile phone ownership/ in the number of fintech agents, widely described
lets per one thousand kilo- idle. that in the next few months,
access within the rural companies in the coun- as ‘human ATMs’, are third- Heineken Lokpobiri, min-
metres square in Nigeria and marginalised groups try. “The traditional banks we will be able to come up
party retail outlets con- ister of state for petroleum with a different report. But
surged to the highest in six which makes mobile money have also explored the fin- tracted by financial insti-
years, according to a new resources (oil), said that we have addressed the is-
accounts easy to adopt and tech space by establishing tutions to process clients’
report by the International Nigeria has a lot of modular sue of insecurity; we have
it is the fastest route to subsidiaries to carry out transactions. They are em-
Monetary Fund (IMF). refineries that have been rekindled the confidence of
formally include them in activities that a typical powered to reduce reliance
The report showed that formal financial services. fintech company would
given licences but the chal- international oil companies
on over-the-counter trans- lenge has been the feedstock.
the number of outlets rose “If mobile money agents normally carry out.” to come back and begin to
actions while providing “Even if you have the modu-
by 137.7 percent to 1,618.6 are in their communities, The IMF’s report is a reinvest.”
convenient personalised lar refinery do you have the
in 2022 from 680.9 in 2021. it addresses the distance to unique supply-side data- services.
On the rehabilitation of
The number of registered banks barrier that typically set that enables policy- crude to be able to refine?” the country’s refineries, he
The agents are equipped He said these in Abuja
mobile money accounts per precludes access to formal makers to measure and to carry out services that in- said the Nigerian National
1,000 adults also increased financial services for these monitor financial inclusion while fielding questions from Petroleum Company (NNPC)
clude account opening, cash
to 225.9 from 191.0. groups. Mobile money also and benchmark progress journalists at the end of the Limited will be held account-
deposit, airtime purchase,
The value of mobile enables their dependency against peers. Launched in three-day ministerial retreat able for it.
bills payment, withdrawals,
money transactions as a culture as they’re able to re- 2009, it is based on admin- at the State House Confer- The administration of
and money transfer.
percentage of the GDP grew liably receive financial sup- istrative data collected by ence Centre. President Bola Tinubu has
Globally, agency bank-
to 16.11 percent from 8.74 port from relatives in urban central banks or financial ing is recognised by policy-
Lokpobiri said: “That’s reiterated its commitment to
percent. locations,” she added. regulators from financial makers, researchers, and why I said unless we produce revamping the refineries in
“The increase is a pro- Gbolahan Ologunro, institutions and service development agencies as a sufficient quantities, even if Port Harcourt. Kaduna, and
gressive step in the right portfolio manager at FBN- providers. financial inclusion initia- the refineries are rehabilitat- Warri. Providing details on
direction in the country’s Quest, said the increase is Mobile money agents are tive that has remained an ed, there will be no feedstock. rehabilitating the refineries,
race to increased access to consistent with the explo- bridging the unbanked gap So my challenge is to ramp Lokpobiri said the project
formal financial services,” sion that is currently hap- by bringing more people up production so that we can was on course.
Chinasa Collins-Ogbuo, Continues on page 34 see how we can feed not only “Yes, the rehabilitation of
the big refineries but also the the refineries, if you could re-
modular refineries; these are member, was started by the

Nigeria’s S&P index exit leaves investors nursing losses the real employers of labour
and they will do the magic.
“What I have done is also
previous administration,”
he said. “And as part of the
President’s directive, I have
liberalise the process to ac- gone round all the refiner-
INVESTORS in a derivative- portfolio has been written president, took over in May. hard to get the money out quire licences. Before I came, ies and from what they have
linked “synthetic” exchange down to zero. The central bank has are easing,” he added. they said sometimes it takes briefed me, Port Harcourt
traded fund have been left In contrast, a physical since adopted a “willing- Given that liquidity in so long to acquire licences; has three phases; so phase
out of pocket after Nigeria index-tracking ETF or mu- buyer and willing-seller” the Nigerian stock market so I said I don’t want to know 1 will be ready by the end of
was axed from its underly- tual fund would — in theory model, with the Nigerian itself has always been ad- your face provided the re- this year.”
ing index, according to a re- at least — have been able to naira allowed to float more equate, that suggests inves- quirements are met, bring Lokpobiri added: “For
port by the Financial Times. sell the Nigerian holdings freely and the exchange tors in a physically replicat- them to me, I will sign them the Warri refinery, they
The losses may expose a and plough the proceeds rate determined by market ed ETF would not have seen within 24 hours and I have said phase 1 will be ready by
hitherto unidentified weak- back into the fund. forces. their Nigerian holdings signed them. the end of the year. Phase 2
ness of the synthetic ETF “This can be seen as a Charlie Robertson, head marked down to zero, even “I have also said I don’t and 3 in Port Harcourt will
structure, which relies on structural disadvantage of of macro strategy at FIM if there had been a delay in want to give people licences be ready next year and the
having a swap contract in swap-based exposures, as Partners, an asset manager receiving the proceeds from and they use them as sou- whole of Kaduna refinery
place with a counterparty physical managers have specialising in emerging their sale. venirs; if you are given a will be ready by the end of
to replicate the performance more flexibility to trade and frontier markets, said A number of physical licence, you must use it with- next year. That is what they
of the underlying assets, around such events,” said that under the old regime ETFs, such as the iShares in the terms, or else I will said and I am holding them
rather than actually own- Kenneth Lamont, senior investors had faced barriers Frontier and Select EM ETF cancel it. Just like t didn’t accountable to their own
ing the assets themselves, fund analyst for passive in repatriating money. (FM) and VanEck Africa know you before signing the words.
as a physically replicated strategies at Morningstar. “You could put money Index ETF (AFK), happily licence, I will also cancel “I will be going there in
ETF does. S&P Dow Jones removed in easily enough but you hold fully valued Nigerian without blinking an eye.” the next few weeks. I go there
Nigerian stocks account- Nigeria from the Select couldn’t get it out. You stocks in their portfolios. According to the minis- regularly and sometimes
ed for 4.8 per cent of the Frontier index due to “sig- might have to wait three However, Lamont said ter, the easiest way to get out without a schedule so that
£68mn Xtrackers S&P Select nificant delays in capital months or longer,” he said. that “in many cases the out- of the country’s petrol crisis nobody plans for me. I just ap-
Frontier Swap Ucits ETF repatriation” for those sell- However, Robertson said come for investors would be is to increase production. pear to see what is going on.
(DX2Z) until October 31. ing Lagos-listed stocks. “it looks like the FX market similar” between synthetic He said: “If we don’t, the “I believe that those refin-
However, on November Nigeria has long suffered has now gained liquidity”, and physical funds. He cit- midstream and downstream eries, if we can achieve some
1, S&P Dow Jones Indices from a scarcity of foreign with some foreign investors ed the example of Russian will also fail. We must pro- level of rehabilitation by the
stripped Nigeria from the exchange, with even import- now putting money into stocks being removed from duce the crude to refine be- end of this year, will also
S&P Select Frontier index ers of many goods barred Nigeria as the exchange rate emerging market bench- fore distribution. improve our domestic refin-
that the ETF tracks at a from accessing dollars at the has become more realistic. marks in 2022 when the “But our problem right ing capacity. But that is not
“zero-price.” As a result, official exchange rate until “That tends to suggest now which we inherited is even the problem, Dangote
this portion of the fund’s Bola Tinubu, the current the blockages that made it Continues on page 35 the low level of production refinery too is coming.”
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TUESDAY 07 NOVEMBER 2023 www.businessday.ng 9

OPINION
Effects of hardship, hunger and poverty on mental health
By Obiotika Wilfred Toochukwu discrimination, which can when it comes to stress and views could be likened to positive thinking. Lack of only affect mental health,
contribute to their isolation anxiety. Nowadays, we pay “Plato’s Allegory of the support and access to re- it has a toll on the physical
and make it difficult for them very high amounts for fuel, Cave”. The allegory imagi- sources in general affect health as well causing com-
to access support or oppor- gas, electricity, education, nes a group of people chained mental health. The most vul- plications of diabetes, ulcer
tunities for improvement. transportation etc. and this together inside an under- nerable segment of the popu- etc. Several interventions
Begging makes it difficult to definitely impacts our men- ground cave as prisoners. lation, children and women in the health system and the
IT does no one any good to break free from the cycle of tal health. On 29 June 2018, Nigeria has never had it are severely affected by pov- economy can help to salvage,
dissimulate or dissemble our poverty. The ability to seek ‘Psychiatric Times’ had clas- so divided, depraved, de- erty. Even though African prevent and control emerg-
feelings in a bid to hide or sustainable solutions such women are emotionally and ing trends. Some causes
escape the present-day reali- as education, employment mentally stronger, they still of mental health problems
ties in the lives of citizens all or social support systems is Mental health is a social issue and the pass through a whole lot be- include; child abuse, trau-
over the world. Yes, there is
high inflation, food insecu-
completely hindered from
them.
community and government must liaise to cause they could not afford
their best life due to poverty
ma, neglect, social isolation,
loneliness, discrimination,
rity all over the world but the Hitherto, begging does provide enabling support to the mentally especially while performing stigma, racism, poverty,
case in Africa and Nigeria in not only attract sympathy challenged their role as mothers. debt, bereavement, severe
particular calls for serious or elicit empathy from kind- Again, poverty is a multi- stress etc. Citizens can help
concern and attention. The hearted individuals, it also dimensional problem affect- themselves by being finan-
level of hardship and hun- sified inequality and poverty prived and disgruntled as
has economic implications ing the social, economic and cially responsible which
ger witnessed in Nigeria in as social determinants of in the present time. This is
for a decent society. It would cultural aspects of life. Clini- gives happiness. It’s not
recent times has never been mental health. so because by tackling the
not only affect tourism; it cal depression and cognitive about how much we have
imagined nor occurred to Furthermore, hunger is a root causes of poverty and
would also limit visitation decline are the outcome of but how much we can keep.
lack of access to enough food inequality, societies can
anybody as something that to places where beggars often poverty in the elderly. Pover- Do not always focus on the
to meet basic needs. A recent work towards healthy liv-
would come to be. Hard- flock. ty exacerbates circumstanc- display and activities on
CDC study on food insecurity ing and high productivity
ship, hunger and poverty are Besides, depression is a es of stress, anxiety, fam- social media. One can start
in America found that food from the citizenry. Going to
major social determinants socio-economic disease. It ily stress, and depression. journaling to record events
insecurity is associated with university is good, starting a
of health, and they have a is on record that patients Women from poor families and situational assessment.
257% higher risk of anxiety small business is wonderful
significant impact on men- with clinical depression have high rate of depression This may help to limit mind-
and 253% higher risk of de- but there is no guarantee of a
tal health. We may not take experience mood disorder and low self-esteem as well as less spending. Your physical
pression. Several nutritional successful outcome in recent
main cognizance of people when they suffer lack and elevated rate of suicide and health and mental health
deficiencies such as vitamin times. 40% of Nigerians go
who are already mentally want. A test with Baboons substance abuse. According will always benefit from how
B12, B9 (folate), and zinc, can into debt after marriage
challenged, but healthy in- in Kenya in the 1920s showed to ‘Psychology Today’, pov- you manage your money.
cause symptoms of depres- (wedding), childbirth, burial
dividuals who suffer lack that displaced baboons who erty decreases social support The rate of influence of your
sion and dementia such as etc. which affects mental
and want are likely to be lack food and space are usu- and having the emotional financial situation (security,
low mood, fatigue, cognitive health. Experts have stated
depressed due to discrimina- ally depressed and stressed. support of friends and family freedom) on your mental
decline, and irritability. that 25% of Nigerians suf-
tion and isolation. Financial stress is a major helps people cope with diffi- health cannot be over-em-
Letters on poverty, hard- fer mental health issues.
Due to the hardship in the cause of depression and anxi- cult situations in their lives. phasized. They are known
ship, food insecurity and Mental health is a social
country, a lot of people see ety disorder. Inequality is Poverty does not just affect as triggers to issues as anxi-
even write-ups about help- issue and the community
food and medicare in their one of the drivers of the men- human beings but animals ety and depression. Having
less Nigerians’ condition and government must liaise
dreams and not having food, tal health crisis and there is as well. It’s very obvious that a budget to determine how
flooded the media starting to provide enabling support
means of transportation are a link between mental health food is the costliest thing an much you have and how to
from 2015 to the present era to the mentally challenged.
great stressors which can and money. Going into a average earner can buy in spend it is very important.
signifying that a dark cloud Mental health problems cost
cause depression, anxiety recluse, withdrawal, avoid- Nigeria while the poor and One can still venture into
has covered the prosperity the UK government £117.9
and post-traumatic stress ing social functions, church low-income earners suffer digital businesses in the
of the nation plunging the billion in a year.
disorder (PTSD). Hardship attendance are various re- hunger and the health impli- face of rising high prices.
citizens to untold hardship In addition, people living
which comes in the form of actions of our mental state cations of lack of food. When Money management is a
and suffering. Suffering has below the poverty line are
financial insecurity, unem- which could be detrimental. the cost of living is extremely psychology.
a place in religion whereby 3-4x likely to have mental
ployment, homelessness, On the same note, ‘Japa’ high as it is in Nigeria, it first The effects of hardship,
the hope of recovery gives problems. Testimonies from
discrimination, violence can is already a syndrome in Ni- registers in the subconscious hunger and poverty on
whoever is going through suicide survivors attest to
lead to depression, anxiety geria and ‘Sapa’ is a mental mind and terrorizes the men- mental health can be far-
‘hell’ the possibility of a life the fact that they felt forsak-
or sleep problems. People condition. The grass is not tal stability of individuals. reaching. They can impact
in paradise or a glorious life en, unaided and abandoned.
who are struggling to make green in Nigeria making Some cases of pilfering, theft a person’s ability to function
in the golden city – Heaven. Poverty is a social and eco-
ends meet may worry about citizens unduly stressed and stealing are caused by at work, school and in their
Yet, suffering impacts our nomic issue according to
how to pay for rent, food and with ₦35,000 minimum wage hunger. relationships. By address-
worldview, mental health World Bank and one sixth
other necessities, lose hope which is less than $50 and the In conclusion, mental ing the social determinants
depending on the nature and of the world population live
and turn to beggars. government does not show health issues are common of health, making mental
cause of suffering. in poverty. Poverty causes
Moreover, beggars lack any sign or readiness to rem- but they don’t have to be health services more acces-
Convincingly, someone clinical depression, psycho-
access to basic hygiene, sani- edy the ugly situation. Not inevitable. Mental Health is sible and affordable, we can
may think or believe that logical problems and behav-
tation facilities, and medical being able to meet financial a human right and every re- create a society where eve-
there is nothing wrong with ioural disorders. Poverty in
care which could lead to goals whether monthly or an- sponsible government works ryone has the opportunity
the government in Nigeria children while growing up
illnesses, infections and the nually creates shame, guilt towards reducing incidences to thrive and live a mentally
owing to high inflation all as well as stress and trauma
spread of diseases. Beggars and discouragement. The of mental health disorders. healthy life.
over the world but such affect children’s ability for
often face social stigma and mind and body are connected Hardship and hunger do not

What next after the Re-opening of the Markets in Lagos?

By Olutayo Irantiola collector and head to their seamless management. For will be done to ensure that located across the state, curriculum for students of
various abodes. instance, Mile 12 markets, we get the best out of the there are still insufficient Lagos State so that we can
Yes, we will not, but wherein groceries are sold waste produced daily. So, waste truck collectors that begin to catch them young.
blame the traders for not at the open market, will we need to develop a strat- can serve these markets If the content of the train-
doing the appropriate always have perishable egy for markets that deal daily, and that is why the ing is made available to
IN the last few weeks, thing. However, with the items. There is a need for in motor parts, fashion, level of waste keeps grow- children through the class-
many markets across Lagos recent strategic move of the the government to know and accessories, pieces of ing geometrically and the room, they will, in turn,
State have been locked and Ministry of Environment if this waste can be used furniture, metals, amongst unending competitive need educate their parents, and
opened by the Ministry of and LAWMA, everybody to nourish the soil or even others. for the services of these this will lead to attitudinal
Environment and the Lagos will know that it is no more made into consumables for I would also want to waste collectors from the change in the community
Waste Management Au- business as usual. You have livestock. If this is done, drum up support for the residential areas to the at large.
thority (LAWMA). There to take full responsibility there will be a significant state government’s action. commercial areas. This Beyond the sanctions on
is no gainsaying that these for your environment, or drop in wastage that we As a result of the import- might warrant the closure residential and commercial
markets are due for clo- else, the state will deal currently face as a nation. dependent nature of the of the commercial spaces areas on issues of waste
sure. However, what next with you. At the moment, there Nigerian economy, many every week because of the management, a stakeholder
after the re-opening of the However, there needs to are some peculiar markets, traders have had the op- attendant waste. forum on effective waste
markets? be a pivotal strategy by the Computer Village and Ala- portunity to travel to na- The LAWMA Summer management for a mega
One of the places in town government to ensure that ba, Aswani and Yaba, with tions wherein they import Academy for children city like Lagos needs to be
synonymous with huge re- refuse does not become a products that the world their wares and also gone needs to be infused into the organized so that we can
fuse generation is the mar- menace for the traders, is still grappling with the on pilgrimage either to take lessons that will turn
kets. Many times, markets with the campaign on Cir- best way of handling its Jerusalem or Saudi Arabia. our waste into wealth.
are considered to belong to cular Economy and how to waste; these are the largely The famous saying, “Opopo The game is not over,
nobody; as such, traders achieve this. It is time to re- electronic-related-waste Mecca mo roro”, means the advocacy is not over,
want their immediate envi- ally put this into action for and clothes. We do not have the streets of Mecca are Irantiola, PR consultant, and the attitudinal change
ronment habitable for their the good of every Lagosian. a model that will resolve sparkling clean. However, creative writer and public should really begin now
businesses, and at the close The Lagos State Govern- waste, and it has become we all enjoy making our affairs analyst writes from across all societal strata
of the day, they “drop” the ment and LAWMA need to expedient to know how to roads stink. Lagos, Nigeria. He blogs on so that our Lagos can also
byproducts of their wares design a model of evacua- fix this challenge too. With the level of Govern- www.peodavies.com, and receive accolades for being
somewhere, mainly on the tion of refuse to these mar- The peculiarity of each ment investment in LAW- can be reached on +234 806 one of the cleanest states in
roadside by the huge refuse kets so that there would be market will determine what MA and the franchisees 429 4834 Nigeria and Africa at large.
10 www.businessday.ng TUESDAY 07 NOVEMBER 2023

OPINION

Politics of Statistics in Nigeria

with statisticians and sta- ment agencies. This lack of The first lesson is that of the use of statistics to principal officers need to
tistics viewed by many as clarity can lead to doubts most political leaders are make policy or for plan- be stronger in analysing
untrustworthy and almost about the accuracy and indifferent to statistics. ning. Though we have only data. They need more ca-
insulting. Some people’s reliability of the data. And They make bland and anecdotal data to support pacity to decipher relevant
sense of political decency finally, Nigeria’s vast and blind promises during this position, having been facts out of data. They pre-
is violated by reducing diverse population, along campaigns and even when in government for a con- fer fiction to facts.
social and economic issues with its geographic chal- they are in government. siderable period, I know The fifth lesson is that,
to numerical aggregates lenges, poses difficulties in There are many examples: this to be true. Policies and as a nation, we are not
and averages, especially accurately collecting data Politicians promise “Edu- decisions of leaders are investing in statistics be-
By Dakuku Peterside when these aggregates are across all regions. This cation for all” without based on sentiments and cause we cannot see the
perceived as the basis for can lead to disparities and quantifying this promise personal interests. link between statistics and
political gain or otherwise. inaccuracies in national based on available data – The third lesson is the the knowledge economy.
The politics of statistics problem of fragmenta - Statistics is an intangible,
in Nigeria has been a topic tion of statistics. This has non-kinetic and invisible
of concern for quite some caused us so much harm item/product compared
time, with several issues As a nation, we are not investing in statistics and has continued to harm to goods, construction,
affecting the credibility our quest for development. machinery, and equip-
and reliability of data in because we cannot see the link between Different unreliable statis- ment. Politicians and civil
the country. The first sig- statistics and the knowledge economy tics from various sources servants prefer brick-and-
nificant issue is instances have eroded the public mortar to non-tangible
of data manipulation and confidence in data and accomplishments. Mean-
politicisation of statistics diminished the value of while, I discovered that
to serve particular politi- statistics, making it chal- the questions they fail to statistics. The average NBS has an incredible
cal agendas. This has led lenging to develop effec- consider are: how many Nigerian does not believe load of data and statistics
to the distortion of essen- tive policies that cater pupils? How much per in whatever statistics is useful to almost all aspects
tial data, hindering ac- to the needs of the entire kid? How many teachers churned out, and it is, of national life. A lot of
curate policy formulation population. per school? How many therefore, not a basis in work is going on in NBS
and decision-making. The Nigeria and Nigerians classrooms are needed? real terms to solve prob- that Policy makers and
second is that in Nigeria, like controversy when Another example is the lems or measure progress. citizens who need it are
statistical agencies often it comes to numbers and promise of “Housing for The fourth lesson is not taking advantage of.
face challenges due to in- statistics. There is con- all.” The questions that that without a unified The current leadership of
adequate funding, which troversy about our actual merit consideration are: data/statistics repository NBS seems much focused
impacts the quality and population, deaths and How many units? At how that serves as a one-stop- and deserves support.
scope of data collection. births, number of unem- much? How much per shop for warehousing sta- There are many ways
Limited resources lead ployed persons, those liv- unit? In how many years? tistics across national and in which statistics can
to insufficient sampling ing below the poverty line, Their programmes are not subnational, planning is help the quest for authen-
sizes and compromised number of votes cast in an based on concrete figures groping in the dark in tic leadership. Statistics
data quality. The result election, cars, volume of or data. Because of this Nigeria. Policymakers can be used as a basis for
often does not reflect re- oil produced, even number lack of respect for data, and development planners planning and projections,
ality. Third, political in- of civil servants, up to fuel there is no basis for ac- often work in the dark be- a show of mastery of con-
terference in statistical consumption and number countability at the end of cause of a lack of reliable stituency needs, a basis for
processes and institutions of persons who got pal- their tenure. There is no data. It is, therefore, un- budgeting, a framework
can compromise the inde- liatives from the govern- concrete basis to compare derstandable why it is so for policy design and plan-
pendence and neutrality ment. All can be traced and measure the variance challenging to say policy ning, and a foundation for
STATISTICS should
of statistical data. This to two issues - Nigeria’s that shows progress or efforts are truly making a mapping implementation
help settle arguments, in
leads to a lack of trust in poor statistics collection lack thereof. difference. This partially timelines and evaluation
theory. We assume they
the data provided by both and analysis system and The second lesson is explains why planning of programme implemen-
provide stable reference
government and non-gov- the politicisation of all sta- that there needs to be more has not produced the de- tation.
points that everyone – no
ernmental agencies. tistical information. This uptake and use of statistics sired outcome and we as We have noted that one
matter what their opin-
Fourth, Nigeria, like explains my excitement for Policy Planning and de- a people do not take na- important tool to fight cor-
ion, persuasion, belief, or
many other developing and interest in participat- cision-making in Nigeria, tional development plans ruption is using statistics
politics is– can agree on.
countries, needs help ing in the workshop organ- which accounts for why seriously. Our politicians, because statistics and cor-
However, there has been
with accurate population ised by National Bureau we have poor outcomes policymakers, and project ruption are incompatible.
a global trend in recent
figures. The inability to of Statistics (NBS) on a for money spent by the and programme planners To address these issues,
years showcasing that
accurately capture the national strategy for the government at all levels. need high statistical lit- Nigeria must prioritise the
divergent levels of trust
population hinders ef- development of statistics, The principal value of sta- eracy. CEOs of MDAs and independence of statistical
in statistics have become
fective planning and re- and it was indeed an eye- tistics should be to guide agencies, ensure adequate
one of the fundamental
source allocation, leading opener. The organisers, policy and decision-mak- funding, improve data
schisms that have opened
to significant challenges NBS, paper presenters, ing. Here, on the supply collection methodologies,
up in both developed and
in implementing policies panellists and participants side by NBS and the States enhance transparency,
developing democracies.
and programmes. Fifth, did well. It was a robust Bureau of Statistics (SBS), and promote data-driven
Instead of diffusing con-
limited public access to and thought-stimulating the focus is on the produc- policies. Additionally,
troversy and polarisa -
data and a lack of transpar- engagement. After the tion of statistics and not fostering a culture of ac-
tion, statistics seem to be Peterside is a management
ency in the statistical pro- workshop, I took away usage. On the demand countability and integrity
stoking them. Apathy for turnaround professional,
cess have raised concerns five main lessons about side, most policymakers within the statistical sys-
statistics has become one leadership coach and public
about the credibility of Nigeria, Nigerians, and and civil servants have tem is essential to build-
of the hallmarks of the affairs analyst
data published by govern- statistics. little or no understanding ing trust in the accuracy
populists’ movements,

How Nigeria can revive its economy

Debt Restructuring: Ne- Inflation Control: The Infrastructure invest- ing, and technology. laborate with regional and
By Adetilewa A. Adebajo
gotiate with creditors to central bank should con- ment: Invest in critical Support small and international organiza-
restructure and extend the tinue to employ tight mon- infrastructure, such as medium-sized enterprises tions to access financial
maturities of debt, allow- etary policy to combat infla- transportation, energy, (SMEs) to foster entrepre- assistance, expertise, and
ing for more manageable tion, which is often associ- and technology, to reduce neurship and innovation. market opportunities.
repayments and reduced ated with stagflation. bottlenecks and improve Investor confidence: Cre- Public awareness and
interest rates. Interest rates: Maintain overall productivity. ate a stable and predictable support: Engage with the
Austerity measures: Im- positive real interest rates Human capital develop- investment environment by public, businesses, and
REVIVING the Nigerian plement fiscal discipline to attract foreign invest- ment implementing and enforc- civil society to gain their
economy, which is contend- by reducing non-essential ment and encourage sav- Education and skills: ing clear and consistent support for economic re-
ing with stagflation, low government spending, elim- ings. Enhance education and policies and regulations. forms.
Gross Domestic Product inating wasteful subsidies, Exchange rate manage- vocational training to build Encourage foreign direct Addressing stagflation
(GDP) growth, high levels and improving the effi- ment: Maintain a competi- a skilled workforce that investment (FDI) through and achieving sustainable
of debt, and fiscal deficits, ciency of public services. tive exchange rate to stimu- can meet the demands of investment-friendly poli- growth in Nigeria will re-
is indeed a complex and Revenue diversification: late exports and reduce a growing and diversified cies and incentives. quire a comprehensive and
challenging task. Expand the tax base, im- reliance on imports. economy. Social safety nets: Imple- coordinated effort from the
Nigeria, like many other prove tax collection, and Structural reforms: Healthcare: Improve ment social safety nets to government, the private
countries facing similar introduce new sources of Deregulation: Further healthcare services and protect vulnerable popu- sector, and the internation-
issues, can pursue a com- revenue, such as value- liberalize key sectors of the public health to increase la- lations during economic al community. It will take
bination of short-term and added tax (VAT) and prop- economy, such as energy bor force productivity and reforms. time, and progress may be
long-term strategies to re- erty taxes. and telecommunications, to reduce health-related costs. Technology and innova- gradual, but with the right
form its economy toward Transparency: Improve attract private investment Economic diversifica- tion: Promote innovation policies and sustained com-
sustainable growth. transparency and accounta- and foster competition. tion: and technology adoption to mitment, Nigeria can work
Here are some key steps bility in government spend- Trade facilitation: Reduce the heavy reli- enhance productivity and its way toward economic
to consider: ing to build public trust and Streamline trade processes ance on oil exports by pro- competitiveness. stability and growth.
Fiscal and debt manage- attract foreign investment. and reduce trade barriers to moting other sectors like Regional and interna- It’s a marathon not a
ment: Monetary policy: boost exports. agriculture, manufactur- tional collaboration: Col- sprint.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 11

OPINION

Rescuing the naira On stockbrokers and

through non-oil exports the Abeokuta agenda
By Olufemi Boyede serves, and its performance is toxic to humans and
in global trade – a terrain animals but when pressed on technology upgrades allowing foreign investors
described by the Interna- produces one of the most by the firms. Despite the to own 100 percent stake
tional Trade Centre (Gene- highly priced essential oils myriad headwinds plagu- in a company. But Nigeria
va) as fiercely competitive. in the international mar- ing the Nigerian economy had at a period in the past
There is, unfortunately, no ket, with China the world’s and the financial market, opened up its economy to
amount of Tinubunomics leading exporter and earn-
regulators and operators foreigners by allowing
that can reverse the cur- ing a whopping $500 million By Sola Oni
rent fall of the naira until per annum! The jatropha
have been working tire- them to own 100 percent
the Government takes a plant can grow anywhere lessly to further integrate in a company registered
bold step to boost non-oil and is even used to prevent the market. Expectation is in Nigeria. No country
exports. While being care- desert encroachment. The high that the Bola Tinubu allows such, hence the
ful not to be tagged a dooms- oil is also a raw material Administration shall re- Nigerian law has become
day prophet, we hasten to input into the production vive the economy. Nigeria trite. It has become neces-
state here that the spirited of Biodiesel. Should our has never been bereft of sary to protect the Nige-
efforts to “flood” the forex States and Federal govern- ideas, but implementa- rian economy from capital
space with $10 billion (or ments consider this as a tion. flight,” said the CEO.
IT is now almost a national I had some conversa- The issues raised by
sing-song that the nation’s tion with one of the most the CEO are expected to
currency, the “Almighty
Naira” of two generations
There is, unfortunately, no amount of cerebral Chief Executive be addressed at the 2023
Officers in the Nigerian Annual Conference of
past, is falling beyond re- Tinubunomics that can reverse the current financial market recently. Chartered Institute of
demption. All efforts by fall of the naira until the Government takes a He has just returned from Stockbrokers (CIS) in
the President Bola Ahmed
Tinubu administration to bold step to boost non-oil exports Ghana where he made a Abeokuta, an ancient city
brilliant presentation to and capital of Ogun State
shore up the strength of the
Naira appear to be yield-
a distinguished audience from Thursday, Novem-
ing a completely opposite even $50 billion) will, at special export opportunity
on how African countries ber 9 to Friday, Novem-
result. best, be a sporadic response and design a project around can address some impedi- ber 10. The Conference
The first two weeks of and temporary measure it, the export earnings will ments to trade among Theme: “ Appraising New
“floating the Naira” ap- as these are not sustain- certainly help in the fight themselves. He was par- Trends in the Global Capi-
peared to have driven a able over the long term. to revamp the dwindling ticularly perturbed about tal Market: Localizing the
final death-knell into the No amount of borrowing to fortunes of the nation’s the needless devaluation Benefits. “The Conference
notorious round-tripping shore up availability of new currency. of the Naira without any is expected to examine the
that weakened it during Dollars in the foreign ex- Ondo State produces justifiable reason. He merit and drawbacks of
the better-forgotten Eme- change market can provide 65% of Nigeria’s Cocoa lamented that Nigeria unbanning access to forex
fiele years at the helm of a sustainable (never even a and Nigeria is rated as was neither in recession on 43 items, the govern-
Nigeria’s apex bank. From permanent) solution to the the world’s sixth largest nor depression. “Ghana’s ment’s current strategy to
nearly N820 to the dollar, current crises. In the same exporter of Cocoa. What is economy went bankrupt address forex scarcity and
we witnessed a sharp reduc- vein, government’s current the ranking of Ondo State and the country defaulted implications of adoption
tion to N700/USD and a nev- efforts to widen the tax-net in World Cocoa deliveries? on its bond obligations. of a unified exchange rate
er-seen reduction in the gap will, doubtless enlarge the While its erstwhile peers THE trends in the global Mali was plunged into in Nigeria at the moment.
between the “official” and nation’s Internally Gener- in world cocoa production financial markets is a coup while Ukraine has The Conference, which
parallel market exchange ated Revenue (at the risk and exports, Ghana and wake-up call for those continued to slug it out will involve investiture of
rates to a bare fifty Naira of killing budding nano, Cote d’Ivoire have ramped who manage the Nigerian with Russia on the bat- the Fellows and induction
(N50). The cabal that had micro, small and, medium up their production and economy. In Nigeria, the tlefield. The currency of of new Associates is en-
held the national economy enterprises), they can never processing, between them inflation rate hit 26.72
by the jugular appeared to boost the nation’s foreign accounting for annual de-
each country has not suf- dorsed by the Ogun State
percent in September, fered huge devaluation. government. Participants
have lost their control as reserves; at least, not to the liveries of over two million
but this is a mere official Why did Nigeria which at the Conference, includ-
hope glittered. level that a virile non-oil metric tonnes per annum,
A false hope it has exports sector can! Nigeria’s production re-
figure. The Naira has been has no similar challenge ing top government of-
turned out to be as the Nai- The biggest killer of Ni- mains at less than 300,000 devalued by almost 1000 devalue its currency with ficials will direct search-
ra, unbelievably began the geria’s economy remains metric tonnes per annum. percent. Exchange of the reckless abandon? light on critical issues
downward spiral to almost the country’s erstwhile Delta, Edo, Akwa Ibom, Naira to Dollar and other “I was in Ghana recent- such as “ Pathways to
N1,350/USD. Although it over-dependence on crude and Cross Rivers States, convertible currencies is ly, it was sad that I have rejuvenate the Nigerian
is clear that the present oil exports as the main between them, have the always a sore point. Many to convert the Naira to Economy through the
administration inherited source of foreign exchange capacity to catch up with Nigerian youths are in Dollar before i can change Capital Market”, Capi-
an unbelievable myriad of earnings, since the damag- Malaysia on Palm Oil. But dire need of jobs while it to Cedi. Ghana imports tal Market Operations
headaches, the most damag- ing discovery of the demon where are they? The whole millions of Nigerians live many things, including Amidst Disruptive Tech-
ing as of today is, clearly, at Oloibiri in the early country is busy expending below one Dollar per day. cow and rice. While the nologies;” “Enhancing
the challenge of giving 1970s. The discovery, which good energy complaining The question that recurs members of European Un- the Nigerian Capital Mar-
value to the Naira. How was widely celebrated as, that Malaysia “stole” the like a decimal point is how ion take joint position on ket: An in-depth Explo-
did we get here? Is there and led the country into the: oil palm seed from Nigeria! did we get here? trade, African countries ration of the Functions
any hope of a reversal? Can Oil boom” era has turned The response should rather It is not a rocket sci- operate in silos. The mini- and Impact of Securities
the national currency ever out to be Nigeria’s doom. be to design an export ori- ence to say that inflation, mum that the Nigerian Exchanges” and “ Operat-
manage to rebound and Can the doom be reversed entation around all these international transac- government should do ing with CIS Certification
trade at a fair exchange rate and the economy reset onto natural resources that hold tions, government poli-
that enables the country to a path of new glory and long-term potential for sig-
to strengthen trade rela- in a Diverse Economy”.
cies, demand and supply tionship among African The choice of Abeokuta
rebuild the seemingly col- boom? We answer a very nificant foreign exchange
of goods and services, countries, is to review as the venue for the Con-
lapsed economy? big YES. But this yes de- earnings!
Going by the realities of pends on a firm understand-
speculation and expecta- tariffs at the Nigerian ference is intentional.
Now that we have high-
today, the answers to these ing of how Nigeria’s econ- lighted just a few of the tions, generally shape port. Our tariffs must be Stockbrokers understand
burning questions appear omy can be reconstructed veritable sources of sus- every financial market. competitive with that of how an environment can
to be a sadistic negative. using non-oil exports as tainable foreign exchange Our financial market the global community: stimulate creativity and
This article will attempt bricks and pillars. earnings from non-oil ex- has been integrated into This will significantly let ideas flow naturally.
to highlight critical issues The point we are making ports, what should be the the global market since minimize smuggling, and Abeokuta, renowned
that are either yet to be seen is that the potential in the next steps? How can the the abrogation of the Ex- other vices that are plagu- for commerce, has become
by the current managers of non-oil export sector is so Government harness these change Control Act of 1962 ing import and export a metaphor for Agenda
the nation’s economy, or huge. Every State in Nige- low hanging fruits off an and its replacement with trade. Government should Setting for the Nigerian
have built up to become in- ria can boast of at least two even lower hanging sector some investment Acts. liberalize export and im- economic revival. Indi-
surmountable mountains, products that can thrive of the economy? A global leader in port trade. vidual Stockbrokers and
and proffer a few recom- well in the global market The Nigeria Export Pro- digital transformation, “Other countries pro- their corporate members
mendations to what could and earn huge income in motion Council recently Capgemini Consulting, tect their economy by not - Association of Securities
become a veritable march foreign exchange for the coined a truthful mantra identified four basic Dealing Houses of Nige-
towards economic revival, country. Niger State is the “Export4Survival”. We trends that impact the ria (ASHON) and other
if taken into implementa- world’s largest producer of would add a marching- global capital markets, participants will speak to
ble consideration by the Shea Nuts Butter. Paradoxi- order timeframe to revo- particularly the interme-
powers-that-be. cally, 95% of this product lutionise this charge by re- the possibilities of a new
diary firms: Increased Oni, an Integrated Com- model of economic turna-
The first point we would grows in the wild. Why is coining the mantra to read
like to stress here is that
regulatory reforms; Ef- munications Strategist, round. The
Niger State not the world’s “ExportNOW4Survival”.
the exchange rate of a na- largest exporter of Shea The strategies to achieve
fects of dark pool trading Chartered Stockbroker Conference will open
tion’s currency cannot be Butter? this new direction and re- on the total volumes of and Commodity Broker, up conversations that will
legislated. The strength We must understand the store hope for Nigeria’s ail- trading; Likelihood of is the Chief Executive Of- form a blueprint for the
of a country’s currency is, humongous potential in Ja- ing Naira will be discussed increased consolidation ficer, Sofunix Investment federal government in its
in all cases, determined by tropha Oil, an agricultural in the next part of this arti- in the financial interme- and Communications bid to reform the Nigerian
that country’s foreign re- black gold whose plant cle. Stay tuned. diary industry and Focus financial market.
12 www.businessday.ng TUESDAY 07 NOVEMBER 2023

EDITORIAL
Necessity of controlling rising population
PUBLISHER/EDITOR-IN-CHIEF
Frank Aigbogun

EDITOR ACCORDING to estimates Nigeria’s rate of child part driven by the costly about 216 million in 2022,
Tayo Fagbule from the United Nations marriage, we learnt is about burden of raising a child. according to statistics from
(UN), last year, the global the highest in the Africa. As we put more people These are countries particu- the UN. This makes Nigeria
DEPUTY EDITORS
population reached 8 billion. Something is fundamentally into the world without larly in Europe, which are the sixth most populous
The UN as an international wrong when there is a preva- facing population decline be- country in the world. And it
Lolade Akinmurele body even suggested that a lence of child marriage in a understanding the cause enough babies are not is projected that the popula-
John Osadolor, Abuja surge in births in Less De- country without any laws
veloped Countries (LDCs) is to prevent it, but the same implications of our choice, born to replace the elderly.
When the family is small,
tion will grow between 2
percent and 3 percent a year
NEWS EDITORS
likely to create risks. Risks country plans to provide the value and quality of life it’s easy to manage. There is until 2050.
such as depletion of natural access to family planning peace because whatever the But there is currently a
Femi Asu (print) resources, environmental and counselling to underage are not only in decline, but family has, they are able to food shortage with double-
degradation, rising unem- children that are married.
Temiloluwa Bamgbose (online)
ployment, high cost of living, According to the UN pro- will disappear with time share. On the other hand,
overpopulation has hardly
digit food inflation of 23.72
percent in October 2022,
water shortage, malnutri- jections, sub-Saharan Af- been conducive to further- according to the NBS. We
tion, starvation and hunger rica’s (SSA) population will ing peace among peoples on need to control our popula-
CHIEF MARKETING & SALES – the risks associated with nearly double to more than The bulk of these countries our planet with its limited tion if our tomorrow is to be
MANAGER overpopulation, according 2 billion by mid-century. are in SSA. Countries such space. Things are likely to guaranteed. With overpopu-
to experts. The region is growing three as Nigeria, Ethiopia, Tanza- go wrong in countries with lation, more space would
Ijeoma Ude Bearing in mind many times faster than the global nia and emerging countries overpopulation. be occupied and the re-
risks associated with over- average and by 2070, it will in Asia like India, Pakistan Growing population in sources may not adequately
GM BUSINESS DEVELOPMENT (North) population, it’s unbelievable become the most populous and the Philippines are also the midst of rising poverty go round 216 million people.
Bashir Ibrahim Hassan that the world’s population place globally, surpassing included in the overpopula- constitutes a permanent Overpopulation breeds
continues to rise at such a Asia. tion network. menace to peace. Overpopu- hunger, poverty, unemploy-
scary rate. Overpopulation Africa has the youngest This definitely will cre- lation also strains democrat- ment, poor health, insecu-
ADVERTISEMENT MANAGER gives an impression that all population in the world, ate a challenge for the above ic institutions and increases rity, illiteracy, etcetera.
Queen Nkwocha efforts and commitments to which experts suggest could stated countries and others pressure on services. Why, This is a common feature
control the world’s popula- be a boom for the continent, which suffer from relatively you may ask? Many more in Third World countries.
tion by political leadership or worsen poverty, depend- low income per capita – people means increased We need more develop-
FINANCE MANAGER globally have not yielded any ing on how countries lever- with more young people demand for food, water, ment so that jobs can be
Adedayo Adetoye meaningful result. age this age group for eco- likely to put a further strain housing, healthcare, trans- provided for those who are
Most people in the world nomic growth. For African on limited resources like portation and others. unemployed in our society.
do not want to speak of over- nations to have economic education, healthcare and The effect of Nigeria’s The question we need to ask
COPY SALES MANAGER transportation among other
population either because of growth, most children, par- rapid population growth ourselves as Nigerians on
Florence Kadiri religious or cultural beliefs. ticularly females must go infrastructural facilities. is evident. A report was rising population figures
Or, a combination of both to school. When children As we put more people recently released by the Na- is: Who is going to lead the
DIGITAL ADVERT SALES MANAGER factors. Some public intel- attend compulsory second- into the world without un- tional Bureau of Statistics advocacy for self-restraint
lectuals have strongly argued ary education, it will reduce derstanding the implica- (NBS) that the number of in the number of children
Linda Ochugbua tions of our choice, the value
that overpopulation is a fail- population over time. poor people in Nigeria has brought to the world?
ure of policy in any country. The UN forecasts that and quality of life are not risen to 133 million in 2022, The government must
However, according to MA much of the world’s future only in decline, but will with serious implications show commitment about
EDITORIAL ADVISORY BOARD Johnson, a columnist, “I add population growth will be disappear with time. for development. empowering young wom-
with deep sense of respon- concentrated in low-income It has been observed by With about 45 million en through education and
Imo Itsueli experts that there are fewer
sibility that overpopulation countries with just eight ac- people at independence in skills acquisition, and be
Mohammed Hayatudeen is an overwhelming failure counting for the majority of a babies in rich countries. 1960, Nigeria now has a serious about promoting
Afolabi Oladele of both policy and strategy.” projected increase until 2050. The slowdown is in large population estimated at family planning.
Vincent Maduka
Opeyemi Agbaje
Amina Oyagbola
Bolanle Onagoruwa
Fola Laoye
Chuka Mordi
Akinsola Johnson
Juliet Anammah
Charles Anudu
Tunji Adegbesan
Eyo Ekpo
Wiebe Boer
Paul Arinze
Ivana Osagie
Boye Olusanya
Ayo Gbeleyi
Haruna Jalo-Waziri
Clement Isong

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TUESDAY 07 NOVEMBER 2023 www.businessday.ng 13

NEWS
ECONOMY
Nigeria’s capital importation decline
to $5.32bn from $16.812bn in 2018
By Joy Odor, Abuja tions in 2022. from the top five countries
According to the details, amounted to N3.44 trillion
REPORT from the 2024-2026 total exports recorded by representing a share of 60.05
Medium Term Expenditure Nigeria stood at N7.02 tril- percent of total imports. Pre-
Framework (MTEF) and lion while total imports mium motor spirit (petrol)
Fiscal Strategy Paper (FSP) amounted to N5.73 trillion. import accounted for 21.5
on Monday showed that Ni- According to the docu- percent (N1.23 trillion).
geria’s capital importation ment, the Netherlands’ ex- Other imports included
for three consecutive years ports stood at N788.85 billion, used vehicles, and automo-
declined from an annual representing 11.24 percent of tive gas oil (diesel).
level of $16.812 billion in 2018 total exports; United States Total exports increased
to $5.32 billion in 2022. of America with N718.63 bil- by 8.15 percent when com-
As shown in the docu- lion; Indonesia with N550.18 pared to the amount record-
ment, quarterly capital im- billion; France with N540.73 ed in the first quarter of 2023
portation also declined by billion and Spain with (N6.49 trillion) but declined
51.51 percent from $2.187 N504.45 billion. by 5.20 percent compared to
billion recorded in Q4 2021 Altogether, exports to the the corresponding quarter
to $1.06 billion in Q4 2022. top five countries amounted in 2022 (N7,400.89 billion).
According to the report, to 44.23 percent of the total The largest export prod-
trade deficits, loans, cur- value of exports. uct was ‘Petroleum oils
rency deposits represented Total imports increased and oils obtained from bi-
the largest component of by 2.99 percent compared tuminous minerals, crude’
capital importation in 2022, to the value recorded in the valued at N5.59 trillion rep-
accounting for 65.17 percent first quarter of 2023 (N5.56 resenting 79.63 percent. Oth-
($691.23 million) of total cap- trillion) but declined by ers were Liquefied Natural
ital importation in Q4 2022. 10.37 percent when com- Gas (LNG) liquefied billion
This is followed by port- pared to the value recorded and Urea.
folio investment with 26.89 in the corresponding quar- Foreign portfolio invest-
percent ($285.26 million) ter of 2022 (N6.39 trillion). ment (FPI) was the largest
and foreign direct invest- The top five countries of amount of capital importa-
ment (FDI) with 7.94 percent origin of imports to Nigeria tion by type, $3.30 billion.
($84.23 million). in Q2 2023 were China, the This is however 34.1 per-
The MTEF/FSP report United States, Belgium, cent lower compared to the
also showed that Nigeria’s India and the Netherlands. $5.14 billion recorded in
foreign trade as of June With imports valued at 2020. Foreign direct invest-
2023 stood at N12.74 trillion N1.27 trillion representing ment in Nigeria was a paltry
while the Netherlands, the 22.17%) China is the largest $696.78 million, 32 percent
United States of America, country of origin for Nige- lower than the $1.03 billion
and Indonesia topped the list rian imports. recorded in the preceding
of Nigeria’s export destina- The value of imports year.

DISASTER
Two feared
killed as fire
guts Canadian
Embassy Abuja
By Godsgift Onyedinefu, Abuja

AT least two people are

feared dead after a fire broke
out at the Canadian Em-
bassy in Abuja, Nigeria.
The fire was said to have
been caused by a power
generating plant during
repairs, which left at least
three other persons fatally
injured.
According to reports,
some persons were blown
out of the powerhouse due
to the force of the sudden
explosion.
The fire broke out around
11:30 am, and firefighting
trucks were called in to put
out the flames. Staff mem-
bers were moved to safety
under trees and other safe
spaces within the embassy
enclosure. An ambulance
was also called in to evacu-
ate those affected.
Amiola Adebayo, head
of operations, FCT Fire
Service, confirmed the inci-
dent, stating that two people
lost their lives in the in-
cident, while about three
or four other victims were
rushed to hospitals.
“We have two fatally
injured beyond recognition,
and others in the hospital,
either three or four,” he
said.
14 www.businessday.ng TUESDAY 07 NOVEMBER 2023

PROPERTY&LIFESTYLE
Dayspring excites office market as Sanwo-Olu inaugurates 20-floor Centre Point Tower
By Chuka Uroko comprises lettable office unparalleled occupier-ex- noted that the mandate
spaces, owner-occupied periences. of Dayspring Properties
AMID the slowdown in eco- office spaces and multipur- DSPDC has a long-stand- was to bring internation-
nomic activities in Nigeria, pose hall each with a dedi- ing history of contribut- al standards of property
Dayspring Property Devel- cated well-appointed en- ing to the socio-economic development to Nigeria.
opment Company (DSPDC) trance at the ground floor. growth of Lagos. In addi- “Centre Point is not merely
brought excitement to the The building also boasts tion to Centre Point, this a commercial building, it
commercial office segment a multipurpose hall on the luxury property develop- is a new landmark with a
of the property market 8th floor, a gymnasium and ment company also owns lasting legacy. To us, it’s a
with the commissioning restaurant on the 9th mez- other high-profile build- bold declaration of elegance
of its 20-floor Centre Point zanine floor, a helipad with ings, such as the Rose of and innovation, attracting
Tower. a dedicated waiting lounge Sharon Tower in Victoria talents and investments
The iconic office build- at the top of the tower, Island. from all corners of Nigeria,
ing, strategically located and a total of 266 car park “This magnificent various parts of Africa, and
on Kingsway Road, Ikoyi, spaces to cater for all its oc- structure is an embodi- the world,” he said.
was inaugurated by Baba- cupants. Its interior design, ment of international col- As a major player in Ni-
jide Sonwo-Olu, the gov- meticulously curated by re- laboration, transcending geria’s real estate market,
ernor of Lagos State, who nowned experts, leaves no borders and cultures to DSPDC also offers facility
described the building as detail untouched, resulting create a centre of excel- management services for
“a magnificent edifice, a in an environment of sheer lence unparalleled not all its properties, ensuring
place of elegance, beauty luxury. only in Nigeria but across that they are always in
and class,” adding, “Centre Positioned as Africa’s African. It stands as a top condition and running
Point represents a new era premier workspace, Centre testament to the power of smoothly. From routine
for Lagos and Nigeria, sym- Point broaches dynamic unity and the sharing of cleaning and maintenance
bolizing our unwavering space that isn’t just re- expertise from different to state-of-the-art build-
commitment to sustainable served for tenants, but also teams on various con- ing management systems,
growth.” open to the public, inviting tinents,” Dele Alakija, their team of seasoned pro-
“This remarkable edi- everyone to partake in ex- an Executive Director at fessionals is committed to
fice is a place where beauty and added a big flavour to rica’s premier workspace, traordinary events. Each Famfa Oil, a sister com- providing the best level of
and tourism have come Lagos. This is a beauty that Centre Point rises 103 me- facet the building boasts pany to DSPDC, said. service to their clients and
together. This is truly what our Lagos can become,” the ters high with a gross floor its own distinct and styl- In the same vein, Rotimi maintaining the highest
Lagos is all about. You governor noted. area (GFA) of approximate- ish entrance on the ground Alakija, also an Execu- levels of excellence in all
have indeed raised the bar Aptly referred to as Af- ly 55,000square metres and level, setting the stage for tive Director at Famfa Oil, theirfacilities.

Developer assures buyers of enhanced Building planning permit:

affordability, offers low-rate mortgage option Here’s what Lagos has
By Chuka Uroko rector and chief executive in general in his quest to significant milestones in done to boost compliance
officer of the company, gave carry out corporate social terms of growth, expansion
A frontline real estate de- this assurance after receiv- responsibilities through and adding value in its area By Chuka Uroko N10, 000 for one to 650 square
veloper has assured home ing Excellence Award from meeting his tax obligation to of specialization, providing meters and N4,000 for subse-
buyers of making his houses EOM Business Network at a government and improving choice houses and other real IN June this year, the Lagos quent 1,000 square meters
all the more affordable by moderate ceremony in Lagos the environment,”Elkanah estate services to Nigerians. State government increased for all areas, while stage
offering mortgage option at recently. The award, accord- Mowarin, executive director, “For these reasons and building planning permit certification was 35 per cent
7percent interest rate per an- ing to the business network, EOM Business Network, said more, we present this dis- rates by 100 percent. The dust of building assessment and
num. The mortgage facility is which is an arm of Silverbird while presenting the award tinguished ‘CEO Honours raised by that increase could registration, and applica-
to be provided by the federal Television, is in recognition to Durojaiye. Award for 2023 to the Deacon, not settle until recently when tion N5, 000 and N25, 000
mortgage bank of Nigeria of the company’s contribu- Mowarin recalled the im- John Babajide Durojaiye, the government reversed respectively for all areas. The
(FMBN), the country’s apex tion to the development of pact of economic recession Founder, Executive Chair- itself by reviewing the rates renovation fees were 25 per
mortgage institution. humanity, improvement of 2016 to 2020 and Covid-19 man, Group Managing Di- downwards, ostensibly on cent with former permit and
The developer, known as of the environment and job of 2019 t0 2022 which led to rector and CEO of Legrande the advice of built environ- 100 per cent with no proof of
Legrande Properties Devel- creation. the collapse of many busi- Properties Limited, one of ment professionals. former permit.
opment Company Limited, “We are pleased to hon- nesses in Nigeria, yet “some the frontline real estate firms According to official gov- A recent memo addressed
also assures that, going for- our this great citizen of Ni- dogged companies were in Nigeria,” Mowarin said. ernment sources, the rates to all heads of departments
ward, those who will buy the geria—a man who has done able to weather the storm An elated Durojaiye have been brought down and units under the state’s
houses they are building and well for himself in pursuing and we make bold to say thanked Mowarin and his Ministry of Physical Plan-
by 40 percent. Though this
selling will have no need to his personal goals and aspi- that Legrande Properties team for the award, stress- ning and Urban Develop-
rations, and also in impact- is among that weathered seems significant, the pro-
worry about rising energy ing that the award would ment by the Permanent
ing families by employing the storm amid challenging spur them to do more for fessionals, especially town
cost as it is perfecting plans planners acting under the Secretary, Oluwole Sotire,
to introduce solar energy in people in his business. operating environment.” their existing and intend- said that the ministry had
He has contributed to the He added that the com- ing customers by offering aegis of Nigerian Institute of
all the houses. Town planners (NITP), are obtained the approval of the
Babajide Durojaiye (a development of Lagos State pany did not only survive them more value for their governor for the review of
in particular and Nigeria this period, but also recorded money. urging the state government
Deacon), the managing di- some rates used for physical
to bring it down further in
order to boost voluntary planning process.
compliance. This approval applied
According to the profes- mostly to the fees being is-
sionals, the 100 per cent in- sued presently by the Lagos
crease amid sluggish eco- State Physical Planning Per-
nomic situation, exchange mit Authority (LASPPPA)
rate volatility, cost-push as contained in Schedule 11
inflation and rising building and 13 of the state’s physical
materials prices would lower planning permit regulation
real estate sector’s contribu- 2019 as amended.
tion to the Gross Domestic The proposed new rates
Product, as well as reduce cover four zones of the state.
construction activities. In Zone one which covers
Among the 36 states of Eti-Osa, the rate shows that
the country, Lagos has the N320 is for ground to fourth
most active construction floor building; N600 for five
sites, accounting for over to 10-floor buildings while
10,000 active housing pro- 11-floor and above is N1000.
jects. BusinessDay learnt Residential units are 1,000,
that landlords and property 000 and stage fee is 40 per cent.
owners would capitalise on “For zone two covering
the situation to raise their Lagos Island, Kosofe, So-
rents, a development that molu, Surulere, Oshodi-Isolo,
could further compound Lagos mainland, Apapa,
homelessness among the Amuwo -Odofin, Ibeju-Lekki
state’s 22 million population. and Ikeja, the rate shows that
The official sources re- N200 is for ground to four-
Babajide Durojaiye (second left), chairman/CEO, Legrande Properties Development Company Limited, with some members of his staff, veal that, before the increase, floor building, N500 for five
displaying the Award of Excellence presented to him by EOM Business Network, at a ceremony in Lagos recently. building assessment was to 10-floor, while 11-floor and
above is N800.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 15
16 www.businessday.ng TUESDAY 07 NOVEMBER 2023
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 17

Cyber attacks on healthcare

companies rise most in 3 years
By Frank Eleanya Leaders, we found that the organisations surveyed
median time from the start declined from 66 percent
ORGANISATIONS in the of a ransomware attack in 2022 to 60 percent this
healthcare sector saw a to detection was only five year.
significant bump in cyber days. We also found that A root cause of the
criminality as attackers 90 percent of ransomware ransomware attacks
successfully encrypted attacks took place after against healthcare
data in nearly 75 percent regular business hours. organisations was
of ransomware attacks The ransomware threat has compromised credentials
in 2023, according to the simply become too complex followed by exploits. The
latest Sophos report on the for most companies number of organisations
sector. to go at it alone. All surveyed that paid ransom
The State of organisations, especially payments declined from
Ransomware in those in healthcare, 61 percent last year to 42
Healthcare 2023 report need to modernise their percent this year, marking
notes that this is the defensive approach to a decline compared to the
highest rate of encryption cybercrime, moving from cross-sector average of 46
in the past three years being solely preventive to percent.
and a significant increase actively monitoring and “Cyberspace today
from the 61 percent of investigating alerts 24/7 is ripe with technically
healthcare organistions and securing outside help sophisticated actors
that reported having their in the form of services looking for vulnerabilities
data encrypted last year. like managed detection to exploit. What all
The report also shows and response (MDR),” this translates to is a
that the majority of Wisniewski said. multidimensional cyber
healthcare companies are Other highlights of the threat of actors who have
not prepared to counter the sector over the past “For the healthcare attack in progress,” said reports include the sad the tools to paralyse entire
an attack. In 2023, only 24 three years. sector, however, this Wisniewski. reality that healthcare hospitals. Partnering
percent of organisations B u t C h e s t e r number is quite low - only Wisniewski highlights organisations are slower with the private sector is
were able to disrupt a Wisniewski, director, 24 percent. What’s more, two problems including the to recover from an attack. critical to our mission.
ransomware attack before field CTO, Sophos, says the this number is declining, sophistication of growing Only 47 percent were The information (they)
the attackers encrypted percentage of organisation which suggests the sector attacks and attackers able to recover in a week share has real-world
their data compared to that successfully stop an is actively losing ground speeding up the timelines compared to 54 percent last impacts and can save real
34 percent in 2022. This attack before encryption against cyber attackers for the attacks. year. However, the overall businesses and real lives,”
represents the lowest rate shows a strong indication and is increasingly unable “In the latest Active number of ransomware said Christopher Wray,
of disruption reported by of security maturity. to detect and stop an Adversary Report for Tech attacks against healthcare FBI Director.

PalmPay to redouble financial inclusion drive after 30m users

By Frank Eleanya In September 2023, the money agents. the Fintech Category. efforts to support the financial products on
company announced that it Nwosu was speaking According to the government’s drive include our PalmPay platform,
CHIKA NWOSU, managing had hit 30 million registered at the 2023 Digital Nigeria PalmPay CEO, the millions of unbanked resulting in over 30 million
director of PalmPay has users using its terminals Conference organised by company has since 2019 Nigerians economically users and 1.1 million
said the company will for various transactions. the National Information provided Nigerians with by bridging the country’s businesses, including
redouble its efforts in PalmPay offers money Technology Development fast, seamless and secure financial inclusion gap. 600,000 merchants and
bridging the gap between transfers, bill payments, Agency (NITDA). At the financial transactions. “This drive has led us 500,000 agents as part of
the banked and the credit services, and savings event, PalmPay received The award therefore is a over the years to develop our cashless payment
unbanked in Nigeria. on its app and via its mobile the award of Excellence in recognition of PalmPay’s an impressive suite of ecosystem,” Nwosu said.
18 www.businessday.ng TUESDAY 07 NOVEMBER 2023

Harvard
Business MANAGEMENT DIGEST
Review

Research: flexible work is having a mixed impact

on employee well-being and productivity
By Jeremie Brecheisen teams. Job done, right?
Not quite. More than half
FLEXIBLE work is having — 57% — of U.S. manag-
an impact on employee ers told Gallup they had
well-being, according to received zero formal or
recent Gallup data. In our informal training on man-
2023 State of the Global aging remote or hybrid
Workplace report, which teams.
represents more than 140 One major issue is that
countries, employed indi- trainings are often option-
viduals who were working al and often coupled with a
remotely either full time message to “own your own
or part time (hybrid) said development.” In these
they were experiencing situations, what manag-
more stress and more an- ers and employees hear is:
ger than employees who You are on your own. Help
were working on-site full is not on the way, so figure
time. it out by yourself.
We also asked human Overwhelmed manag-
resources leaders at For- ers aren’t likely to com-
tune 500 companies, who plete these kinds of train-
are typically responsi- ny leaders: Full flexibility prising: 50% of the U.S. about the well-being of its ings. Gallup research has
ble for their company’s means employee well-be- workforce want to be employees, 65% strongly found that managers lead-
health benefits, whether ing might be in jeopardy. splitters and 50% want agreed that this was the ing hybrid teams are more
they thought employees’ But if you’re going to re- to be blenders. This var- case. However, less than a likely to report they are
jobs were having a posi- quire employees to be in ies somewhat by type of quarter of U.S. employees burning out as compared
tive or negative impact on the office full time, you work: 45% of white-col- could strongly agree their to managers leading either
employee mental health. may need to mitigate low- lar employees and 62% organization cares about remote or on-site teams.
Only 27% of chief human er engagement and lower of blue-collar employ- their well-being. You might be thinking
resources officers who productivity. ees want to be splitters, Leaders may feel like managers will figure it
offer the most flexibility So what can organiza- whereas 55% of white-col- their organization cares out, but what Gallup dis-
(requiring zero days in tions do to promote both lar employees and 28% about their employees — covered is that they are
the office) said they saw well-being and productiv- of blue-collar employees but that doesn’t matter if not finding their way, but
a positive impact on men- ity wherever employees want to be blenders. Our your employees don’t feel instead are losing them-
tal health, as compared to are working? survey of large-compa- like you care. selves.
29% of HR leaders who re- ny CHROs found that HR If your well-being strat- With mental health,
quire one or two days per HELP PEOPLE LIVE leaders consistently un- egy is based on programs engagement, productivi-
week in the office, 37% of THEIR BEST LIVES WITH derestimated the percent that few people use, then ty and more on the line,
HR leaders who require THEIR DEFINITION OF of workers who want to be you have failed to bridge leaders should require
three days per week, and BALANCE. splitters. the gap between your car- training on leading hybrid
47% of HR leaders who re- A common mispercep- This matters quite a bit ing and your employees teams that also teaches
quire four to five days per tion leaders have about because when employees feeling cared for. Man- managers how to put on
week. flexible work is that em- are not working in their agers must not only un- their own oxygen masks
At the same time, Gal- ployees want to be mixing preferred ways — mean- derstand what programs before helping others
lup data shows that re- their work and personal ing if they prefer to be a are available, they must — because their mental
mote and hybrid employ- lives during the day. But splitter, but their work re- also be trained on how to health is at just as much
ees across the world were Gallup asked a represen- quires them to be a blender talk to employees about risk.
consistently more engaged tative sample of the U.S. (or the other way around) their well-being. While To be truly engaged
than on-site employees, workforce: In your best life — they are less engaged, 72% of CHROs said their and productive, your em-
which correlates with imaginable, which of the more likely to report burn- managers were trained ployees must thrive in
higher productivity and following work schedules ing out at work and more on well-being programs, both their work and their
performance. Again, For- would you prefer Monday likely to be watching for or less than half (49%) said life. Organizations that
tune 500 HR leaders agree: through Friday, whether actively seeking a new job. they were training manag- help employees find their
41% of HR leaders with the at home or in the office? Leaders need to make ers how to have a conver- version of balance, prior-
most flexible policies said 1. A job in which you sure they understand what sation with their people itize their feelings of be-
their productivity had work 9 a.m. to 5 p.m. and their employees want be- about their well-being. ing cared for, and ensure
generally increased in the attend to other life activi- fore building solutions. managers are actually
past year, as compared to ties before or after work Otherwise, mental health REQUIRE MANAGER equipped to lead remote
33% of HR leaders who re- (Gallup calls these employ- and productivity are both TRAINING ON LEADING and hybrid teams have a
quired one or two days per ees “splitters”) at risk. REMOTE AND HYBRID good chance of improving
week, 32% who require 2. A job in which you TEAMS. both well-being and pro-
three days per week, and alternate between work MAKE SURE YOUR EM- Ninety-one percent of ductivity in our new era of
32% of HR leaders who re- and other life activities PLOYEES FEEL CARED HR leaders said they have work.
quire four to five days per throughout the day (Gal- FOR. provided some sort of for-
week. lup calls these employees When Gallup asked mal or informal training Jeremie Brecheisen is a partner
This presents a compli- “blenders”) large-company CHROs if to their managers around and managing director of The Gal-
cated challenge for compa- The results were sur- their organization cares leading remote and hybrid lup CHRO Roundtable.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 19

LIVE @ THE EXCHANGES

Top Gainers/Losers as at Monday 06 November 2023 Market Statistics as at
Monday 06 November 2023
GAINERS LOSERS
Company Opening Closing Change Company Opening Closing Change Company Opening Closing Change ASI (Points) 70,479.62
THOMASWY [RTS] 3.7 3.9 4.07 ABCTRANS 0.86 0.78 0.78 DEALS (Numbers)
RTBRISCOE 0.43 0.46 0.46 6,837
CHAMS 2.02 2.04 2.22 CORNERST 1.51 1.37 1.37
FIDELITYBK 8.45 8.5 9 VOLUME
GLAXOSMITH 12.4 13.6 13.6 CHAMPION [BLS] 3.7 3.36 3.36 (Numbers) 391,013,619
STERLINGNG 3.41 3.44 3.58
OANDO [MRF] 8.8 9.3 9.65 INTBREW [BLS] 4.55 4.15 4.15 VALUE (N billion) 7.705
BUACEMENT 100.5 105 105
JAPAULGOLD 1.27 1.34 1.39 DAARCOMM 0.23 0.21 0.21
GUINEAINS 0.24 0.25 0.25 MARKET CAP
MCNICHOLS 0.56 0.61 0.61 (N Trn) 38.712
MBENEFIT 0.53 0.49 0.49

GSK, Oando, Chams, others Mecure to list 4bn shares on NGX

Main Board at N2.96 per share
drive market higher by 0.40% ....will add N11.84bn to market capitalisation
MECURE Industries
Limited, a leading hu-
formulation called Liq-
Oando which rose from change Limited (NGX) ing increased market uitab Floatcap. Today,
Stories by Iheanyi Nwachukwu
N8.80 to N9.65, adding All-Share Index (ASI) activity level and turn- man pharmaceuticals as a leading healthcare
85kobo or 9.66percent. and equities Mar- over, strengthening and nutraceuticals man- company serving mil-
NIGERIA’S equities ufacturing company will lions of patients, MeCure
Also, Thomas Wyatt ket Capitalisation in- of the Naira, and the
list 4 billion ordinary continues to be an entre-
market opened the new went up from N3.70 to creased from preced- measures taken by the shares on Nigerian Ex- preneurial, technology‐
week on a positive note, N4.07, adding 37kobo or ing trading day’s lows Central Bank of Nige- change Limited (NGX) driven enterprise dedi-
rising by 0.40 percent on 10percent. Chams rose of 70,196.77 points and ria (CBN) to address FX by introduction at N2.96 cated to helping people
Monday November 6. from N2.02 to N2.22, add- N38.557trillion respec- backlog issues,” said per share. fight everyday illness.
Stock investors ing 20kobo or 9.90per- tively to 70,479.62 points analysts at Lagos-based This is another major With MeCure listing
gained N155billion at the cent, while Japaul Gold and N38.712trillion on Meristem. listing for NGX in the on the Exchange, NGX
close of trading, driven was up from N1.27 to Monday November 6. They however did not pharmaceuticals indus- further reinforces itself
majorly by GSK, Oando, N1.39, after adding “We project that the rule out the prospects of try as the company will as a platform of choice
Chams, Thomas Wyatt, 12kobo or 9.45percent. prevailing positive sen- profit-taking activities add N11.84billion to the for corporates looking to
and Japaul Gold. The stock market’s timent will influence and a potential rotation market capitalisation raise capital. Already, the
GSK went up most, year-to-date (YtD) return the direction of the of funds to this week’s T- of the Exchange upon Exchange has secured list-
from N12.40 to N13.60, increased to 37.52per- market this week. This bills auction (influenced its addition to the Main ings from VFD Group, Ni-
after adding N1.20 or cent. is supported by recent by the uptick in fixed in- Board. For more than a geria Infrastructure Debt
9.68percent, followed by The Nigerian Ex- developments, includ- come yields). decade, the Mecure In- Fund (NIDF) and Africa
dustries Plc has tapped Plus Partners in 2023.
into the power of new NGX continues to
technology and innova- strengthen its value prop-
tion to advance the prac- osition for corporates to
tice of medicine. consider the Nigerian cap-
MeCure pioneered the ital market for their fund-
development of novel raising needs, reinventing
products based on ad- itself and maintaining ad-
vances in technology vocacy with policymakers
and launched the phar- and regulators to make
maceutical industry’s listing in the public mar-
first tablet in a capsule kets attractive.

FCMB makes dreams come true as

new millionaires emerge in promo
FIRST City Monument and I can attest to it. I am
Bank (FCMB) has turned also determined to make
dreams into reality with a positive impact in soci-
its ongoing Millionaire ety, much like the Bank
Promo Season 9. This has done for me with this
time, the two lucky win- delightful and unexpected
ners of the N1million N1 million”.
grand prize are Inspec- Brigadier Gener-
tor Afolayan Kayode, an al Umar Abdulkadir
Officer of the Nigerian shared his delight, say-
Police Force based in La- ing: “I am happy. Win-
L-R: Rotn. Julius Adelusi-Adeluyi; pioneer district governor, Rotn. Ifeyinwa Ejezie, district governor, Rotary Club of Ogba, District 9110; gos, and Brigadier Gen- ning was beyond my ex-
Umaru Kwairanga, group chairman, Nigerian Exchange Group and Awojide Awesun, president, Rotary Club of Ogba, District 9110, Rotn. eral Umar Abdulkadir, pectations. I encourage
during the 40th Anniversary Luncheon and Installation of the 41st President of Rotary Club of Ogba, District 9110 held yesterday in Lagos. an Officer of the Nigerian fellow FCMB customers
Armed Forces in Kaduna and Nigerians to trust
State. They emerged the Bank, participate in
as winners during the the Promo, and embrace
Unity Bank outlines plans to reverse 9M’23 negative positions fourth electronic draw
of the Promo, which took
a culture of saving. I
will keep the money in
place on October 11, 2023. the same account until I
UNITY Bank Plc has out- said they are embarking portfolio investment. crease by 70,565percent In addition to these decide how to utilise it”.
lined plans to reverse the on recapitalisation of the The bank’s earnings from N54.005million For- grand prize winners, ap- Speaking on the Promo
record negatives in its institution, aggressively per share (basic) is in neg- eign Exchange (FX) reval- proximately 920 other and the emergence of the
recently released finan- driving asset creation, ative of 546.56kobo as at uation loss it recorded in FCMB customers got cash new set of 922 winners,
cials for the nine months introducing more inno- 9M’23 as against 23.15kobo nine months to Septem- prizes of N100,000, N50,000, Shamsideen Fashola, Di-
(9M) period ended Sep- vative retail products to earnings per share report- ber 2022. Unity Bank pro- N20,000, N10,000, and visional Head of Personal
tember 30, 2023. The compete favourably in ed in 9M’22. vides banking and other N5,000, respectively. The Banking at FCMB, stat-
bank’s financial results new markets, and relent- The share price has sur- financial services to cor- latest draw was overseen ed: “We are pleased that
released at the Nigerian lessly driving pursuit of prisingly risen by 74.5per- porate and individual by officials from the Fed- our millionaire promo is
Exchange Limited (NGX) digital banking innova- cent year-to-date (YtD) to customers. Such services eral Competition and Con- making a meaningful dif-
show loss after tax (LAT) tion in order to shake off 96kobo, even outperform- include but not limited to sumer Protection Com- ference in people’s lives
of N47.917billion, down and completely reverse ing the NGX All Share granting of loans and ad- mission (FCCPC) and the because our customers’
by 2,461percent from negative positions. Index (ASI) which closed vances, corporate bank- National Lottery Regula- success is our success.
profit after tax (PAT) of The bank also noted same Friday November 3 ing, retail banking, con- tory Commission (NLRC). We sincerely congratulate
N2.029billion in same nine that it is enhancing the at with year-to-date (YtD) sumer and trade finance, “This is a miracle,” Mr Afolayan Kayode and
months period of 2022. retail franchise through return at 36.97percent. international banking, exclaimed Inspector Umar Abdulkadir for join-
While responding to fintech partnerships, con- Unity Bank report- cash management, elec- Afolayan, one of the N1 ing the N1 million win-
BusinessDay questions sumer banking and other ed Foreign Exchange tronic banking services million winners, as he re- ners’ club and encourage
on the nine months fi- innovative retail loans, as (FX) revaluation loss and money market activi- ceived his prize. He added, more Nigerians to partici-
nancials, Unity Bank well as diversification of of N38.162billion, an in- ties. “The FCMB promo is real, pate in this Promo.”
20 www.businessday.ng TUESDAY 07 NOVEMBER 2023
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 21

BD TECH In association with

France commits $116m to support Nigerian startups

By Chinwe Michael that the I-DICE program their belief in the potential
is aligned with the French of Nigeria,” he said.
THE French government government’s priorities in Bosun Tijani, represent-
has committed $116 million Nigeria, which include sup- ing Vice President Kashim
to support startups in Nige- porting economic growth, Shettima said the I-DICE
ria through the Investment job creation, and youth program is a testament to
in Digital and Creative En- development. France’s commitment to
terprises (I-DICE) program. “We are committed to the growth of startups in
The agreement was working with the Nigerian Nigeria.
signed on November 3 by government to make the I- “This funding from the
Yusuf Tuggar, the Nige- DICE program a success,” AFD for the I-DICE pro-
rian Minister of Foreign she said. gramme is a testament to
Affairs, Yusuf Tuggar, and Tuggar said that the France’s historical com-
Catherine Colonnade, the I-DICE program is a “game- mitment to the growth of
French Minister for Eu- changer” for Nigeria. startups which is evidenced
rope and Foreign Affairs, “This program will help by its position as a leading
in Abuja. us to create jobs, boost our startup destination in Eu-
The I-DICE program is economy, and build a more rope,” he said.
a Nigerian government indirect jobs. Islamic Development Bank transform the Nigerian prosperous future for our The I-DICE program is
initiative aimed at promot- The French Develop- (ISDB), and the Bank of economy. people,” he said. expected to train two mil-
ing entrepreneurship and ment Agency (AFD) is con- Industry (BOI). “This program is about Tuggar also expressed lion young people in digital
innovation in the digital tributing 100 million euros In her remarks at the investing in the future of his gratitude to the French technology and creative
technology and creative (equivalent to $116 million) agreement signing ceremo- Nigeria,” she said. “It’s government for its support skills. The program will
industry sectors. The pro- to the I-DICE program. The ny, Colonnade said that the about investing in the crea- for the I-DICE program. also provide access to fi-
gram is expected to create other funding partners I-DICE program is a “bold tivity and ingenuity of the “We are grateful to the nancing for startups and
65,000 startups, 150,000 di- include the African Devel- and ambitious” initiative Nigerian people.” French government for small businesses in these
rect jobs, and 1.3 million opment Bank (AfDB), the that has the potential to Colonnade also noted their partnership and for sectors.

Elon Musk to release ChatGPT-like Google to solve mathematical

AI Chatbot ‘Grok’ problems through search
By Chinwe Michael lation Declaration” by 28 coun-
In a recent on-stage con- tries, including Nigeria. By Chinwe Michael solver, Google also released and videos.
ELON Musk is set to release versation with Rishi Sunak, The Bletchley Declaration a geometry solver. Since “Language and query
his version of ChatGPT, British Prime Minister, Musk is the world’s first agreement GOOGLE has announced a solving geometry problems understanding are com-
an AI chatbot called Grok renewed his call for regula- establishing a shared under- new feature update to help requires a lot of visualisa- plex challenges that require
through his xAI company. tion of artificial intelligence. standing of the opportunities visualise and solve prob- tion, Lens can now explain sophisticated systems to
Grok will be available to He said that regulation may and risks posed by frontier AI lems in more difficult sub- both the visual and the text ensure we’re producing
beta testers, and Musk says be annoying, but it is neces- and the need for governments jects like geometry, physics, components of the problem. the most helpful results —
it will be available to all X sary to ensure that AI is used to work together to meet the trigonometry and calculus. Robert Wong. who leads especially in cases where
Premium+ subscribers once for good and not for harm. most significant challenges. The update allows you the product offering at our systems are looking at
it is out of beta testing. Musk’s high-profile ap- The Declaration sets out to type an equation into the Google in a post said, “Lens information in multiple dif-
According to Musk, Grok pearance alongside Sunak an agreement that there is Search bar or take a photo can only interpret “certain ferent formats,” Wong said.
is designed to be more hu- capped off a two-day AI Safety “potential for serious, even with Lens to get the correct triangle problems.” “In this case, these features
morous than other AI chat- Summit in the UK. The sum- catastrophic, harm, either answer and a step-by-step “For our geometry expe- need to understand informa-
bots, and it will also have mit was marked by tensions deliberate or unintentional, explanation. rience, we wanted to focus tion across both text and im-
real-time access to informa- between those who are fo- stemming from the most The new feature also on a subset of problems that ages to correctly interpret a
tion on X. cused on supposed existen- significant capabilities of provides solutions to word could have a large impact problem and provide accu-
“This means that Grok tial risks from AI and those these AI models.” Countries problems. For instance, before eventually expand- rate step-by-step responses
will be able to provide us- who worry about near-term also noted the risks beyond the solver can explain high ing to cover a more diverse that include both text and
ers with the most up-to-date concerns, such as the technol- frontier AI, including bias school physics concepts like range of geometry prob- diagrams.”
information on a variety of ogy’s potential to fuel discrim- and privacy. finding the average accel- lems,” Wong added. In addition to prob-
topics,” he said. ination and misinformation. The signees, 28 countries eration using the equation He said the solver can lem-solving, Google also
Musk’s release of Grok Musk himself has repeatedly from across the globe includ- “vf= vi + at.” carry out major calculations launched new 3D models on
comes at a time when there raised alarms about AI’s fu- ing in Africa, the Middle East, According to Tech- using Heron’s formula, Isos- Search, letting you examine
is growing concern about the ture impact on civilization. and Asia, as well as the EU, crunch, you can also access celes Triangle Theorem and interactive diagrams re-
potential risks of AI. Musk The Bletchley Declara- agreed to the urgent need the math solver feature by Pythagorean Theorem. lated to nearly 1,000 topics,
himself has called for regula- tion to understand and collec- typing “[math solver]” di- For the physics and ge- such as biology, chemistry,
tion of AI, and he has warned Amid the rising concerns tively manage potential risks rectly into the search bar. ometry solver, Google lev- physics, astronomy and
that AI could pose a serious about the impact of AI, the through a new joint global ef- However, this function is eraged its Multitask Uni- more. Google introduced 3D
threat to civilisation if it is high point of the AI Sum- fort to ensure AI is developed only available on desktops. fied Model (MUM), which models in 2021, rolling out
not developed and deployed mit in the UK this week was and deployed in a safe, respon- It will launch on mobile by understands specific search diagrams for more than 200
responsibly. the signing of what is now sible way for the benefit of the the end of the year. queries across various for- chemistry, biology, physics
Musk Calls for AI Regu- known as the “Bletchley global community. Apart from a maths mats, including text, images and anatomy concepts.
22 www.businessday.ng TUESDAY 07 NOVEMBER 2023

T H E M E

Friday, 1 December 2023

The Stable Bode Thomas Street, Surulere, Lagos

ADAOHA VIVIAN AYO BANKOLE ESIRI AGBEYI JOSHUA CHIBUEZE LINDA ONYESOH
NJEMANZE Strategy & Partner, PWC Co-founder and Chief CEO, Merit
Public Relations & Transformation Nigeria Marketing Officer, Multiservices Inc.
Communications Professional Piggytech
Consultant

OMORUYI "UYILAW" EZEADICHIE PETER NWOFIA DR. SAMSON SATIRA

EDOIGIAWERIE ESQ. ONYEKA MICHAEL Partner, Tax & OLATUNDE OSEMUDIAMEN
Lead Partner, Founder, Haelsoft Regulatory Services, Founder, Digital CEO Principal Consultant,
Edoigiawerie and Mazars Tribe Satira Media & PR
Company LP

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Top 100 Fastest Growing SMEs In Nigeria

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TUESDAY 07 NOVEMBER 2023 www.businessday.ng 23

COMPANIES & MARKETS

GSK’s profit dips on FX pressures, rising OPEX
By Folake Balogun N28.69 billion while total
from N1.6 billion in the
GLAXOSmithKline similar period of 2022. liabilities stood at N20.04
Consumer Nigeria has Finance income in- billion from N19.44 bil-
recorded a 7 percent de- creased to N394.44 mil- lion.
cline in profit after tax, lion in 9M’2023 from Total equity stood at
a development that can N124.98 million in the N9.32 billion as of Sep-
be attributable to foreign same period of 2022. tember 30, 2023, from
exchange (FX) pressures Impairment loss N9.24 billion in the simi-
and rising operating ex- on financial assets in- lar period of 2022.
penses (OPEX). creased to N95.4 million Net cash generated
The firm’s profit after in 9M’2023 from N29.31 by operating activities
tax dropped to N448.09 million in the same pe- rose to N3.77 billion in
million in 9M’2023 from riod of 2022. 9M’2023 from N5.47 bil-
N483.54 million in the Tax paid during lion in 9M’2022.
same period of 2022. the period amounted Net cash flows gener-
“The business en- to N274.27 million in ated by investing ac-
vironment continued 9M’2023 from N232.82 tivities surged to N649.27
to be very challenging million in the similar million from N228.53
with foreign exchange period of 2022. million during the com-
availability in the peri- GSK spent N85.85 mil- parable period.
od affecting the group’s lion on electricity, fuel, Net cash flows used
ability to settle foreign and utility in 9M’2023 in financing activi-
currency-denominat- from N78.83 million in ties stood at a negative
ed trade payables with the same period of 2022. of N376.11 million in
product suppliers. As a sales of pharmaceuti- Depreciation by 9M’2023 from a negative
result, it remained diffi- eign exchange gains Revenue dropped cal brands amounted to property, plant, and of N244.82 million in the
cult to maintain consist- amounted to N945.05 to N10.89 billion from N2.9 billion in 9M’2023. equipment dipped to same period of 2022.
ent supply to the mar- million from no realised N20.43 billion while cost Selling and distri- 60.1 million in 9M’2023 Cash and cash equiva-
ket,” GSK said in a note. foreign exchange gains of sales also dropped bution costs dipped to from N65.91 million in lents increased to N24.17
Unrealised foreign in the same period of the to N7.42 billion from N2.36 billion in 9M’2023 the same period of 2022 billion in 9M’2023 from
exchange losses in- previous year. N15.25 billion. from N2.84 billion in the while depreciation by N18.2 billion in the simi-
creased to N11.29 bil- GSK’s operating ex- Revenue obtained same period of 2022. investment property in- lar period of 2022.
lion in 9M’2023 from penses surged to N5.03 from the sale of consum- On the flip side, creased to N8.65 million Basic earnings per
N11.26 million in the billion in 9M’2023 from er healthcare brands GSK’s administrative from N3.49 million. share dropped to N37 per
same period of 2022. N4.45 billion in the simi- contributed the most expenses increased to Total assets increased share in 9M’2023 from
However, realised for- lar period of 2022. of N7.99 billion while N2.67 billion in 9M’2023 to N29.37 billion from N40 per share in 9M’2022.

Lagos, EnterpriseNGR inaugurate financial council Alternative Bank advances

THE Lagos State Gov- not just going to Lon- economic growth and investors, the State,
expansion of non-interest
ernment has inaugu-
rated the Lagos Interna-
don for the parade and
pageantry; this visit
innovation within the
state, Lagos aims to
and the communities
at large.
banking in Africa
tional Financial Centre has a more strategic captivate global inves- Obi Ibekwe, the chief By Amaka Anagor-Ewuzie non-interest banking mar-
Council in partnership purpose. This is a prime tors, unveil its poten- executive officer of En- ket,” he said.
with advocacy group, opportunity to show- tial as an investment terpriseNGR, in her DETERMINED to expand Malick Joof, team lead
EnterpriseNGR, to pro- case Lagos on a global destination of choice, comments said, “En- its reach beyond the shores for BSIC and Director of
mote investment in the platform. The newly-in- and pave the way for a terpriseNGR’s partici- of Nigeria, The Alternative the Islamic Banking Win-
state. augurated LIFC Coun- transformative era of pation in this historic Bank (TAB) has hosted a dow, said this visit provides
This was disclosed cil signifies not just an economic prosperity.” delegation to the Lord delegation from Banque them an opportunity to
in a statement issued institutional milestone, Also speaking, Aig- Mayor’s Show under- Sahelo-Saharienne pour learn first-hand from the
on Friday, which also but a commitment to a boje Aig-Imoukhuede, scores the critical role L’Investissement et le Com- largest ethical banking or-
revealed that the state bold vision—position- EnterpriseNGR’s we play in driving merce (BSIC group), a Gam- ganisation in one of the
has been invited to par- ing Lagos as the beacon Chairman, who joins transformative change bian bank on a study on most technologically ad-
ticipate in the Lord of financial innovation the governor as co- within Nigeria’s Finan- Islamic Banking. vanced financial services
Mayor’s Show’s 805th in Africa.” chair of the council cial and Professional The two-week exchange markets on the continent.
procession in London. “The Lord Mayor, added; “EnterpriseN- Services sector. We are programme is to promote “With this visit, we can
Lagos contributes Professor Michael GR stands as a cata- not just advocating for collaboration between the take forward learnings that
more than 30 per cent Mainelli’s invitation lyst for transformative growth; we are actively non-interest banking sec- will further improve our
tors of Nigeria and that of operations in Gambia, and
to Nigeria’s GDP. The stands as a resounding change in Nigeria’s Fi- working to create a dy-
The Gambia. hopefully begin to lay the
state is responsible for endorsement of Lagos nancial and Profession- namic, interconnected Hassan Yusuf, manag- foundations for collabora-
90 per cent of Nigeria’s State’s commitment al Services sector. Our and thriving FPS sec- ing director of TAB, said tions with the potential to ex-
foreign trade flow and to excellence, as well vision extends beyond tor. The inauguration of that a four-member delega- pand ethical banking across
leads in terms of foreign as recognition of its advocacy; it’s a com- the Lagos International tion from BSIC is embark- the continent,” Joof said.
capital importation. increasing economic mitment to incentivise Financial Centreville ing on a study tour of TAB’s BSIC was established by
Speaking on the ini- prominence. This invi- investments that go Council is a testament operational and business the CEN-SAD community
tiative, Babajide San- tation aligns harmoni- beyond financial gains. to our unwavering com- processes as part of the in April 1999 with a mission
wo-Olu, the governor ously with the council’s As we embark on mitment to fostering prerequisites of capacity to serve as the financial
of Lagos State, who is mission to establish this historic delega- strategic partnerships development for issuance vehicle for the economic
the chair of the council Lagos as a global finan- tion to showcase Lagos that contribute to the of an Islamic Banking Win- integration of the CEN-SAD
emphasised that the cial hub, attracting in- on the global stage, we economic prosperity of dow License by The Central nations and to facilitate the
key objective of this vestments that will fuel recognise the profound Lagos and Nigeria.” Bank of The Gambia. regional integration of the
historic participation sustainable economic significance of attract- EnterpriseNGR is a Yusuf said the visit will African continent.
in the Lord Mayor’s development. ing investments. In- member-led advocacy help nurture stronger re- It operates in 14 African
Show is to showcase “With the LIFC vestment isn’t merely group that promotes lationships between The countries and aspires to be
the investment poten- Council leading the a transaction; it’s a the growth and develop- Alternative Bank and BSIC. a prominent banking group
tial of Lagos and to charge, and in line catalyst for job crea- ment of Nigeria’s Finan- “The exchange pro- on the continent, distin-
position the State as a with its strategic man- tion, driving sustain- cial and Professional gramme has the potential guishing itself as the sole
global investment des- date, to not only attract able development and Services sector as a for significant impact on bank providing investment
Gambia’s financial land- and commercial services
tination. global investors but fostering a symbiotic catalyst for economic
scape specifically, on the in the Gambian banking
He said, “Lagos is also to ignite a wave of relationship between development. broader scope of continent’s industry.
24 www.businessday.ng TUESDAY 07 NOVEMBER 2023

Business Event
COMPANIES & MARKETS
Stanbic IBTC converts banking
subsidiary to private company
By Olamide Ologunagbe sion, noting that this has the proper alignment of
not changed the lender’s the bank’s entity status
THE banking subsidiary status as a firm under the and eliminate the ex-
of Stanbic IBTC Holdings holding company. isting brand confusion
Plc, Stanbic IBTC Bank “Stanbic IBTC Hold- as many investors and
Plc, has been re-regis- ings PLC hereby notifies members of the public
tered with the Corpo- the Nigeria Exchange hitherto referred to the
rate Affairs Commission Limited and the investing Bank as the listed entity
(CAC) as a private firm. public that following the and not Stanbic IBTC
A statement from the receipt of all required reg- Holdings PLC. L-R: Bunmi Oke, CEO, Ladybird Advertising; Mojisola Coker, head, brand marketing and communications,
parent organisation dis- ulatory and shareholders’ “It is important to note Access Pensions; Adaeze Raji, corporate business development manager, Access Pensions; and Obinna
closed that the conver- approvals, the re-regis- that the Bank remains a Aniche, president, Red Slate Group, presenting the ‘fast-growing PFA 2023’ award, at the Brandcom Awards
sion was done as a re- tration of our banking wholly owned subsidiary 2023 to Access Pensions over the weekend.
sult of brand confusion subsidiary, Stanbic IBTC of Stanbic IBTC Holdings
among investors and Bank, from a public com- PLC and no change of
members of the public. pany limited by shares to ownership, shareholding
It was stated that some a private company lim- structure, or business
investors confuse the ited by shares has been objects of the company
parent company with the concluded. will occur by virtue of
banking business and to “Accordingly, with ef- its re-registration to a
clear the confusion, the fect from today, October private company.
banking arm of the firm 31, 2023, the bank ceases “The change will also
has been changed to a to be a public company not impact the Bank’s
private limited liability and shall going forward existing relationships,
company from a public be referred to by its new contractual agreements,
liability entity. name Stanbic IBTC Bank or any ongoing regula-
Stanbic IBTC said it Limited. tory obligations,” the
has obtained regulatory “The re-registration statement from Stanbic
approvals for the conver- would however ensure IBTC stated.

Norrenberger unveils ‘Turbo Fund’ to

L-R: Leye Kupoluyi, chairman, Trade Promotion Board and vice president, Lagos Chamber of Commerce
strengthen Nigeria’s investment climate and Industry (LCCI); , Lucia Shittu, representative of minister for industry, trade and investment; Michael
Olawale-Cole, president, LCCI; Nike Akande, past president, LCCI; John Odeyemi, chairman, board of
period, institutional inves- ing approach. trustees, LCCI; and Folasade Ambrose-Medebem, Lagos state commissioner for commerce, coopera-
By Cynthia Egboboh, Abuja
tors including pension fund “ Consistent with our tive, trade and investment, representing Lagos State governor, at the opening ceremony of the Lagos
NORRENBERGER, an in- administrators, insurance promise, our goal continues International Trade Fair 2023, at TBS Lagos.
dustry-leading, integrated companies, corporate enti- to be the creation of sustain-
financial services group, has ties, public sector agencies, able and inclusive financial
unveiled its ‘Turbo Fund’ and other asset managers solutions for every household
initiative to strengthen the who seek to diversify their by 2025. The Fund seeks to
nation’s investment envi- portfolio holdings and earn provide investors with a low-
ronment while empowering attractive returns. risk investment and stable
customers to achieve their For him, the fund seek to and competitive returns by
financial goals. promote responsible invest- investing in fixed income
Commenting on the fund ing, as it is structured to securities and investment
in Abuja, Tony Edeh, the adapt to changing market products while achieving
group managing director at dynamics and aims to pro- income generation.”
Norrenberger, said that the vide a sustainable source of Others who form part of
fund is designed to provide financial prosperity for its the target list include retail
a unique and well-balanced investors. investors with a bias for fixed
investment portfolio that “The Norrenberger Turbo income investments.
promises growth, stability, Fund represents a significant Some of the features of the
and impressive returns. milestone in our commit- Norrenberger Turbo Fund
He explained that the ment to helping our clients include free entry and exit
fund is an open-ended col- achieve their financial objec- for investors subject to the
lective investment scheme tives. Our team has dedicated prevailing bid and offer price,
registered by the Securities considerable effort to creat- a well-diversified portfolio, ac-
and Exchange Commission ing a well-rounded invest- cessibility to both institution-
(SEC). It is targeted toward ment solution that combines al and individual investors,
investors with the capacity our extensive expertise with thus making it an inclusive L-R: Vishal Shah, chief sustainability officer, Lagos Free Zone (LFZ); Hayatu Garba, zonal administrator,
to stay invested for a long a responsible, forward-look- investment solution. Nigeria Export Processing Zone Authority; Oluremi Alogba, vice chairman, Lekki LCDA; and Oje Ivagba,
deputy program director, Ishk Tolaram Foundation, during the commissioning of the Ishk Tolaram Skills
Centre organized in partnership with LFZ, at the Zone.

Naseni signs $200m procurement

deal with rea
THE National Agency NASENI, highlight- holders’ high expecta-
for Science and Engi- ing the agency’s ongo- tions
neering Infrastructure ing collaborations and “Expect some prod-
has signed a $200m growing interest from ucts from NASENI’s
procurement agree- various stakeholders. R&D efforts in the
ment with the Rural Khalil, recently ap- market during the
Electrification Agen- pointed by President first quarter of 2024.
cy. Bola Tinubu, shared “We are going to do
Khalil Suleiman, his ambitious vision a national rebranding
NASENI’s Executive for NASENI, noting to have footsteps of
Vice Chairman, an- that the products and NASENI products in
nounced the deal dur- technologies of the every household in the
ing his first televised agency will be made country in the next few
media interaction at accessible to every years. This is what Ni-
the agency’s head- household in Nigeria gerians should expect.
quarters. in the coming years. We are no longer going
He said the partner- He emphasised the to sit back to watch end- L-R: Emeka Iwelunmor, deputy director, field operations, Nigerian Institute of Management (NIM)Chartered;
Ibrahim Anas, chairman, North Central zone, NIM; Baba Inna, representative of the chief of the Naval Staff;
ship signified REA’s agency’s commitment less research and proto- Abimbola Ayuba, deputy president, NIM and representative of the president and chairman of Council, NIM;
commitment to pro- to transparency and types, keeping them on Raymond Ihenacho, national treasurer, NIM; and Christie Adejoh, Council member, during the Institute’s
cure equipment from focus to meet stake- the shelves. courtesy visit to the chief of the Naval Staff at Naval Headquarters, Abuja.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 25

TRANSPORT

Here are top 10 automotive

exporting countries in 2022
By Amaka Anagor-Ewuzie their factories in Mexico
country. The country’s
AUTOMOTIVE products, competitive edge includes
according to the World cheaper labour and a land
Trade Organisation (WTO) border to the United States.
include motor vehicles, Similarly, South Korea,
parts, accessories for motor whose growth is largely
vehicles, and internal com- attributed to the success of
bustion engines for propel- the Hyundai Motor Compa-
ling vehicles. This grouping ny, a company that recently
excludes motorcycles and became the third largest au-
trailers. tomaker on a global basis,
Data from the WTO re- trailing only Toyota and
vealed that the European Volkswagen.
Union was the highest ex- The automotive export-
porter of automotive prod- ers that declined the most
ucts to markets in other since 2000 are Canada, Ja-
parts of the world in 2022. pan and the United States.
European Union con- Canada’s automotive
trols 46.1 percent of the ve- industry is largely concen-
hicle export market, which trated in the province of
is valued at $699 billion. Ontario, which neighbours
This was followed by Michigan, the top state for
the United States, which US car production.
controlled about 9.1 percent Canada’s auto industry
of the market share and is has experienced a steady
valued at $138 billion in decline in recent years,
the export of automotive but there is a likelihood
products. that new Electric Vehicle-
Japan was ranked as the related investments could
third-largest automotive review, was ranked as the trols 2.7 percent of the mar- world’s automotive export the growth of its domestic turn things around in the
exporter in 2022 with an fifth largest exporter of ket and exported products market, moved products automakers. It is also home near future.
8.9 percent market share auto products while South valued at $41 billion, was valued at $25 billion in 2022. to some of the world’s big- In March 2022, Stellantis
valued at $135 billion while Korea emerged as the sixth ranked as the eighth high- WTO further listed gest automotive suppliers, and LG Energy Solutions
Mexico emerged as the largest auto exporter with est vehicle export country countries including China, including Weichai known announced the construc-
fourth biggest exporter of a 5.1 percent market share in the world. Mexico, and South Korea as for making diesel engines, tion of a $3.5 billion EV
auto products with an 8.5 valued at $77 billion. Thailand, which con- automotive exporters that Hasco Automotive known battery plant in Windsor,
percent market share and Canada was ranked as trols about 2 percent of the have grown their share of for its drivetrain and air Ontario.
export trade valued at $129 the seventh-highest export- world’s automotive export the global value of the total conditioning systems, and Meanwhile, the Euro-
billion. er of automotive vehicles in market, moved vehicles automotive export market CATL masters in the pro- pean Automobile Manu-
China, which controlled 2022 with a market share of valued at $30 billion within most since 2000. duction of EV batteries. facturers’ Association said
about 8 percent market 3.3 percent and exports val- the period under review China became the Also, Mexico grew its that over 85 million motor
share valued at $121 billion ued at $50 billion while the while Turkey which con- world’s largest car market auto industry by attracting vehicles were built around
within the period under United Kingdom which con- trols about 1.7 percent of the back in 2009 and accelerated global brands to construct the world in 2022.

6 ways to improve resale value of your car Toyota to recall over 1.8m RAV4
model for potential fire risk
By Amaka Anagor-Ewuzie able the car to maintain a car brake pads every 25,000 self, changing your engine
good quality in the second- miles because it not only oil, checking your spark By Amaka Anagor-Ewuzie ment 12-volt batteries are
MOST car owners do not hand market. helps to ensure safe driv- plugs every 30,000 miles too small. If a replacement
consider the resale value Maintain quality car ing but will also help to and changing your trans- TOYOTA is concluding an battery is too small and
of their vehicles until they tires improve the car’s resale mission oil, coolant, brake arrangement to recall a total the hold-down clamp is not
decide to sell their cars Having properly inflated value in the future. Invest fluid, and power steering of 1.854 million RAV4 mod- tightened correctly, the
for one personal reason or tires will improve your in semi-metallic or ceramic fluid. els over an increased fire driver is at increased risk of
another. A car owner who fuel mileage by as much pads that last longer and Maintain the wind- risk. The affected RAV4s the battery moving during
wants to get a good offer as 3 percent in most cases. perform better. screen span from the 2013 through aggressive cornering.
for his or her used vehicle Therefore, it is important Perform minor repairs Driving with a cracked the 2018 model years. The movement can then
needs to be committed to always to balance and align There are so many re- windscreen is dangerous The increased fire risk cause the positive battery
maintaining the car for it your tires frequently to pairs you can do in your to yourself and your pas- stems from replacement 12- terminal to contact the hold-
to have a high resale value avoid unnecessary wear on car by yourself to help im- sengers. If you intend on volt batteries, and the com- down clamp and short cir-
in the second market. your car. prove the value of your car selling your car with a pany is currently preparing cuit, increasing the risk of
It is very important that Maintain the brakes over time. They include windshield chip or crack, a solution. a fire.
car owners continue to Always replace your changing the battery your- you could be losing value Owners of the affected Meanwhile, Toyota is not
maintain their cars on a on your car. Always fix car models are expected to visit issuing a stop-drive warn-
regular basis and not wait windscreen cracks as they the National Highway Traf- ing, nor is it asking owners
until he or she is ready to keep the car looking decent. fic Safety Administration to park their vehicles away
sell the car. Buy cars with high (NHTSA), an agency of the from structures and other
Regular car mainte- market value United States federal gov- vehicles.
nance adds up the resale Buying a car that best ernment recall website, to The company is current-
value over time. To do so, retains value is one of the enter their vehicle identi- ly working on a solution.
here are things you should easiest ways to keep your fication number (VIN) or Once the solution is avail-
do to improve the resale car’s value high. Exam- license plate information able, Toyota dealers will re-
value of your car: ples of cars with high re- to see if their vehicle is place the battery hold-down
Regular maintenance sale value especially in the involved in the voluntary clamp, battery tray, and
A car owner must in- Nigerian market include recall operation by the Japa- positive terminal cover with
vest in regular mainte- Toyota, Lexus, and Honda nese automaker. improved versions for free.
nance of the vehicle to cars. They are some of the According to the au- Toyota will notify custom-
reduce the rate of wear and best brands with great re- tomaker, the dimensions ers with affected vehicles by
tear on the vehicle and en- sale value in Nigeria. of the top of some replace- late December 2023.
26 www.businessday.ng TUESDAY 07 NOVEMBER 2023

ENERGY INTELLIGENCE
‘Nigeria holds pivotal role in shaping future of African energy industry’
JAMES SHINDI is the Chief Executive of Brevity Anderson, a trade advisory consultancy specializing in strategic meetings and facilitation to enhance international trade and business efficiency. He is
renowned for organizing the annual Nigeria International Energy Summit (N.I.E.S), previously known as the Nigeria International Petroleum Summit (N.I.P.S). In this interview, Shindi discussed his
vision for the future of Nigeria’s energy industry, provided insights into the upcoming N.I.E.S 2024 amongst other issues. Isaac Anyaogu brings Excerpts;

WE have heard from numer- a sustainable more secure, and development, and cultural in-
ous quarters how past and economically viable energy tegration. By respecting local
indeed, the present govern- future. customs and traditions, active-
ment officials have rou- ly involving communities, and
tinely bounced ideas off you In your opinion, what role making them stakeholders, a
before making final calls. does Nigeria play in shap- smooth transition to sustain-
How do you react to these ing the future of the African able energy practices can be
stories? energy industry, and how achieved. This approach, if im-
I am not in a position to either can NIES 2024 contribute to plemented genuinely, not only
confirm nor deny stories about this vision? empowers local communities
how the government decides Nigeria holds a pivotal role in but also contributes to Nige-
to conduct their business. shaping the future of the Afri- ria’s energy transition goals,
However, what I would say is can energy industry due to its potentially serving as a model
that we run an international abundant natural resources, for other regions dealing with
consultancy outfit that pro- economic importance, and energy poverty.
vides non-political world class growing population. The Nige-
advisory services to govern- ria International Energy Sum- How can the energy sector
ments. We have the expertise mit (NIES) acts as a catalyst for incorporate opportunities
to translate ideas into action- collaboration and innovation, for the youth to actively
able policies for governments bringing together industry contribute to the sector’s
and that is a valuable service, leaders and policymakers to growth and innovation?
especially in the complex field address challenges and find Developing the energy sector
of oil and gas. sustainable solutions. NIES in a country like Nigeria, with
The Nigeria International promotes local talent, attracts a significant youth population,
Energy Summit, which is the international attention and requires a multifaceted ap-
only official oil and gas trade investment, and contributes to proach that incorporates skill
event of the Federal Govern- who had been designing the icant event endorsed by the Ni- the growth and sustainability development, employment op-
ment, is one of our flagship framework and driving a mas- gerian government, aimed at of the entire African continent. portunities, and active partici-
projects. The government sive emphasis to Gas. We gave positioning the country in the Efforts like NIES are crucial pation in the sector’s growth
engaged us to produce this the idea the wings to fly as it global energy arena. It serves for fostering a progressive and and innovation. Initiatives
conference on their behalf. were. as a platform for discussions, sustainable energy industry such as vocational training,
Part of our mandate is to crys- Let us not forget that it was interactions, and high-level in Africa. specialized energy courses
talise the ideas coming from also that it was Sylva who took deals involving governments, in universities, mentorship,
the event and streamline them the proposal to the President oil companies, investors, and Can you share your vision funding, and grants for energy
into workable policies that to sell it. Buhari was totally service providers. The focus for the future of the Nigerian innovation are crucial. En-
government can take a look at on board after meeting Sylva. is on attracting investments, energy sector? ergy companies should offer
and possibly implement. They both agreed launching showcasing Nigeria’s energy In the future, Nigeria needs to apprenticeships, and govern-
This, I believe is the reason the Decade of Gas could liter- potential, and fostering global take her destiny into her own ment agencies should allocate
why the event has grown in ally make a generational im- collaborations and technology hands. Nigeria must prioritize funds for research involving
popularity and is now a must pact. It was after that meeting transfers. Looking ahead to ending energy poverty as a key youth. Incentives for compa-
attend industry event with that I went back to the drawing NIES 2024, it is anticipated to goal. While renewable energy nies investing in youth devel-
top level attendees from no board with my team to come up be transformative, promising opportunities should not be ig- opment can drive sustainable
fewer than 65 countries. The with a proper roadmap. a prosperous and sustainable nored, all energy sources must economic growth and energy
fact that the event has gained I need to also praise NNPC future for Nigeria’s energy be considered for inclusivity. security in Nigeria.
international recognition and Ltd led by Mallam Melee sector through innovation, Economic and energy inde-
attracts attendees from numer- Kyari, the NNLG Ltd, and collaboration, and excellence. pendence go hand in hand, What benchmarks or indi-
ous countries speaks to the sig- their entire leadership at the and diversifying the energy cators should be in place to
nificance of the work you do. time. They were and still are What is the main theme of sector is crucial. This includes evaluate the progress made
The networking opportuni- very instrumental in driving NIES 2024, and how does the increased investment in re- in the energy sector in the
ties are incredible and I guess the whole DoG agenda. There theme reflect the current newables like solar and wind coming years?
this explains why clients keep are individuals like Dr. Justice challenges and opportuni- power, reliance on natural gas While I am not a government
coming back and in February Derefaka one of the technical ties in the energy sector? for cleaner energy, and im- official, I can provide general
2024, we expect to again play advisers to the Minister of The theme of NIES 2024 is plementing energy efficiency guidance on how policymak-
host to key stakeholders and State for Petroleum at the time, “Navigating the New World measures. Rural areas will ers and stakeholders could
run a side exhibition that al- and Philip Afolami at NLNG Order: Security, Transition, receive electricity through measure the success of their
lows companies market their together with his team and also and Finance.” This theme decentralized systems, and vision for the energy sector
services directly to decision Ed Ubong from the Nigerian highlights the challenges and innovation through digital and the indicators they might
makers. But don’t forget, we Gas Association (NGA) who opportunities in the global technologies, research, and consider.
work for and advise several currently chairs the steering energy sector. international partnerships Key indicators include
other governments. committee on Decade of Gas. Securing energy infrastruc- will drive sustainable prac- tracking electrification rate,
The current Permanent Sec- ture is vital due to rising geo- tices. However, the future of renewable energy percent-
Can you reflect on your role retary, Federal Ministry of political tensions and cyber Nigeria’s energy sector will age, energy infrastructure
in the launch of Nigeria’s Petroleum Resources, Ambas- threats. Nations need to invest be shaped by various factors improvements, sector in-
‘Decade of Gas’ agenda, a sador Gabriel Aduda, has been in physical and digital security such as political, econom- vestments, energy-efficient
seismic initiative, consider- phenomenal too. This country measures, diversify energy ic, social, and technological technology adoption, reduced
ing that Gas is now taking is blessed to have these people sources, and combat energy considerations, as well as greenhouse gas emissions,
center stage? Can you look running things and I know his- poverty. Ending energy pov- government policies, market electricity affordability, em-
back with pride at what you tory will be kind to them. I am erty requires a concerted effort demands, and environmental ployment opportunities, re-
achieved? honestly more than delighted from the government, private concerns. search progress, and consumer
I am definitely proud of the that DoG has now taken a life sector, and civil society and feedback.
Decade of Gas (DoG) project. of its own, with a proper struc- implementing a combination How can the country in- These indicators, among
When we launched it, the then ture and resources to succeed. of strategies that includes all volve local communities to others, can provide a compre-
President, Muhammadu Buha- energy sources from fossil fu- actively participate in the hensive view of the progress
ri, attended, in spite of COVID. Can you elaborate on the key els to renewables. Financing energy transition process? made in the energy sector and
That is a statement on its own. objectives of the Nigeria In- energy projects is also a chal- To engage local communities help in evaluating the suc-
It marked a very significant ternational Energy Summit lenge that requires sustainable in Nigeria’s energy sector, a cess of any vision or plan. It
journey for Nigeria. and how it aims to position investments, and collaboration comprehensive approach is is crucial for policymakers to
The then Honourable Min- Nigeria in the global energy between governments and fi- needed, involving education, regularly assess these metrics
ister of State for Petroleum landscape? nancial institutions. Thus, ad- infrastructure development, fi- to make informed decisions
Resources, Timipre Sylva, The Nigeria International En- dressing security, transition, nancial support, skill enhance- and adjust strategies as needed
worked with an amazing team ergy Summit (NIES) is a signif- and finance pillars is vital for ment, collaboration, policy to achieve their goals.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 27

INTERVIEW
Nigeria’s judiciary no longer hope of the common man
says Odinkalu, respected law professor and activist
Chidi Anslem Odinkalu, was born on June 12, 1968. He is a Nigerian human rights activist, lawyer, professor and writer.
He was the former Chairman of Nigeria’s National Human Rights Commission and was recently the senior team manager
for the Africa Program of Open Society Justice Initiative. Days ago, he spoke extensively about the rot in the Nigerian
judiciary and what can be done about it. Here are excerpts from the interview conducted by Channels television.
HOW bad is corruption in the dangerous for the country. I am
Judiciary in view of recent not referring to anybody. The
speech by retired Justice Dat- office of the Chief Justice has
tijo Muhammad? to be unbundled.
When Justice Samson Uwaifo
was retiring from the Supreme What are those commonly
Court in 2004, that is nearly 20 perpetuated evil in the bench
years ago, he complained that in that we need to expose?
the 70s and 80s that corruption Over the 20 years period from
in the judiciary was confined to 1999 to 2019, the NJC considered
the magistrate and that in the over 1,000 petitions against
90s it appeared to have climbed Judges and the strike rate of
up to the High Court and by the success was about 15%, that
time he was retiring he was was decided there was a case
afraid it has gotten to the appel- and there was cupability of the
late level. Judges.
That is a very high strike
He also said people who rate considering that the NJC
did not have the intellectual is very reluctant to discipline
capabilities for success at the Judges. Then let us look at the
legal profession were been ap- kind of allegations that was
pointed to the Judiciary at the found. In 2005 for example,
High Court and he feared that you have a case in respect of
these inadequate people where senator Ugochukwu Ubani,
going to rise to the cream of concerning Anambra South
the appellate court system in a Senatorial District, where two
short time. Justices of the Court of Appeal
In 2011, if you would remem- were found on record by the
ber, two stories broke. One was NJC to have collected money.
the quarrel between the Presi- In that case that we are talking
dent of the Court of Appeal and about, one was given N15 mil-
the then Chief Justice. The story Chidi Anslem Odinkalu lion, the other collected N12
was that the then Chief Justice million. I can give you their
sought to direct the Court of Ap- names if you want because
peal on how to decide the case the common man, I would agree with Justice Egboegbo, I kept the common man, we have to there is now public record, I’m
relating to the governorship with you. Are the Nigerian bothering him on the issue, un- address it. not putting it up.
election then in Sokoto State. courts today the last hope of the til he was retired. But that was I should also mention here
That ultimately led to the firing common man? No sir. We can- the beginning of the problem, Do we still have good men that out of the three Justices
of the President of the Court of not be honest with ourselves if now we have an epidemic. and women that can serve on in the case, one of them Justice
Appeal. The Chief Justice then we cannot admit that the Chief If it has got up to the Supreme the bench today and where Akas refused to collect money
retired under a clowd. Justice appointing his son and Court, you have to acknowledge can we find them? and ruled according to the evi-
In that year, the then Speak- swearing him in is a problem. that if you have a Judiciary in There are good men and good dence of the law and became the
er of the House of Representa- We cannot be honest if we don’t which Judges of the Supreme women, these good men and minority in the case. But do you
tives was credited in a cable agree that the President of the Court are saying that the Su- women are not confined to the know the good thing? He got up
transmitted by the American Court of Appeal sitting in NJC preme Court itself is a prob- sons, daughters and mistresses to the Supreme Court because
ambassador then of having approving the appointment lem then you have a credible of Judges and politicians. That he refused to be corrupted.
told the ambassador that the her son Inlaw and daughter is problem. Its can no longer be is the problem. Look around
Supreme Court collected money a problem. described as the last hope of today. The sixteen Senior Ad- We are not just telling
to decide the appeal in respect of The best they can do is when vocates of Nigeria in Kogi State stories of corruption in the
the 2007 presidential election. these things come up they ex- are asking that appointments to courts
I am not making this up, all of cuse themselves; because being the bench is suspended because Let nobody think I am here
what I said is in writing. a Judge is not a family inheri- the Governor, they alleged to keep telling stories about cor-
What the retired Supreme tance. Being a Judge is not a wants to make his wife a High rupt people or judiciary officers,
Court Judge Dattijo Muham- sexually transmitted condition, Let nobody think I am Court Judge. we also have examples of incor-
mad said reflects a trend that
was fully documented and the
husband don’t inseminate their
wife’s with Judgeship. Men here to keep telling Every senior politician
wants the person who is in their
ruptible Judiciary officers. The
problem now is that; they are
timeline reflected the history
of remarks by retiring Justices
don’t inseminate their mis-
tresses with Judgeship in the
stories about corrupt bedroom and family member
to become a High Court Judge.
few and far between and they
don’t go high enough and we
of the Supreme Court over the bedroom. people or judiciary How do you run a country like have to fix that.
last twenty years. that? Honest people don’t even We have to fix the situation
How do we deal with this? Is it now an epidemic? officers, we also get a chance to be considered. where the only people who
First of all we deal with it
by acknowledging it honestly.
Sorry, we have to be brutal
with ourselves this has got too
have examples of People who are decent, suc-
cessful, intelligent no longer
are now getting processed to
appointments are the sons,
I do not agree with you that far. Every time I say this I get
abused, but I am going to insist
incorruptible Judiciary have a opportunity to be consid-
ered, if they don’t have people
daughters, husbands, wives and
the Nigerian Court today is the mistresses of sitting Judges and
last hope of the common man and keep saying it, because the officers. The problem from their political class mak- politicians.
stakes are too high. The issues ing the appointments that is the
or woman. If you had said the
court should be the last hope are too important, ordinary now is that; they are problem.
That is the biggest problem,
and why is that a problem? Be-
of the common man, I should
agree.
people are being ruined by this
and we cannot continue to pre-
few and far between How about unbundling the
cause it is front-loading the cor-
ruption. It is no longer buying
tend as if we don’t know that and they don’t go high office of the Supreme Court? and selling of court judgement;
Are things so bad within this is a problem. When a retiring Supreme it is that people are now plant-
the bench that we can’t rely Now, we are hearing it from enough and we have to Court Judge say we must un- ing their families in corrupt re-
on our courts?
Yes they are. I am not going
the Judges themselves. So, I
am not the only one saying it fix that bundle the office of the Chief
Justice; we have to take that
lationships with the Judiciary
system to make sure that down
to come here and lie to you. The anymore. I started saying this seriously. The Chief Justice as the road you cannot even get
court should be the last hope of over 25 years ago, I disagreed an institution has become too any idea of Justice.
 28 www.businessday.ng TUESDAY 07 NOVEMBER 2023

MARKETING
How Nigeria can reduce N165bn spending on juice Schweppes brand moves to
enhance consumers’ experience,
concentrate importation – RMRDC official unveils 40cl pet bottle
NIGERIA’s annual expendi- The RMRDC official stat-
ture of a whooping N165 ed that the council is work- SCHWEPPES beverage Adesoji Omoigui, Senior
billion on the importation of ing closely with relevant brand has introduced a new Marketing Manager, Fla-
juice concentrate could be re- institutions to develop new sleek 40cl pet bottle into vours, Coca-Cola Nigeria,
duced through the training of and improved varieties of the Nigerian market. The emphasised that “the newest
farmers and food processors, agricultural seeds. recently introduced bottle is inclusion to the Schweppes
a top official of Raw Materi- “ There are several chal- an extension of the elegance family aims to provide el-
als Research and Develop- lenges that hinder our agri- of the three Schweppes brand evated and gratifying social-
ment Council (RMRDC) said. cultural progress, and it is variants: Virgin Mojito, izing experience. The Vir-
Fruit juice concentrate is our responsibility to address Chapman, and Pineapple gin Mojito, Chapman, and
fruit juice from which most them collectively. with malt extract Pineapple with Malt Extract
of the water has been ex- “That is why the council Yusuf Murtala, the Mar- variants in the PET bottles
tracted to form a thick syrup. is collaborating with the keting Director, Coca-Cola are the perfect fusion of taste
Asabe Mustapha, the Islamic Development Bank Nigeria, said the aim of the and style.”
Assistant Director, Textile to enhance capacity in the Schweppes 40cl PET Bottle The event held in Lagos
and Garment Division, at fruits and vegetables value launch is to revolutionize was attended by Nigerian
RMRDC, said this last week- chain of production, process- the approach to how people celebrities from the enter-
end in Abuja at the end of a ing, storage, and marketing,” socialize and foster positive tainment industry as well as
5-day capacity building train- she said. connections. many corporate executives.
ing organised by the council She maintained that the “Schweppes has an illus- Top music acts like Byno,
in collaboration with the training would increase trious history of delivering Chike, Wande Coal, Dbanj
Islamic Development Bank awareness and interest in exceptional and timeless and the Okoye brothers, P
(ISDB) in a reverse linkage fruit juice concentrate pro- flavors. Our objective is to Square engaged the audi-
programme. duction, reduce the need for elevate our consumers’ ex- ence with their energetic
“The importation of con- importation, and enhance perience with the brand. and classical songs that left
centrates has adversely im- tion. ment of indigenous techno- competitiveness in the fruit With our innovative new guests excited all through the
pacted local fruit cultivation “This training will ad- logical capabilities to enable industry. bottles, consumers can now party. The soiree also saw the
for juice processing, result- dress major constraints in Nigeria to become a major “ The training focuses on savor our premium brand Brand Ambassadors Ebuka
ing in significant annual the fruit industry, promote player in the global technol- fruit juice concentrates, in- and experience refreshment Obi-Uchendu and Nollywood
losses and capital flight,” elite accessions of tropical ogy space. cluding but not limited to or- whenever and wherever they sensation Sharon Ooja in at-
she said. fruits, and foster investment According to her, the pri- ange, pineapple, mixed fruit, desire,” he remarked tendance.
She lamented that the in local fruit juice concen- mary mandate of RMRDC apple, red grape, mango, and
dependence on imports has trate plants.” is to foster self-reliance by guava concentrates.
impeded the competitiveness Mustapha who is also the optimising the use of lo- “ This training also con-
of local fruit juice produc- Coordinator of the RMRDC/
ISDB Reverse Linkage Pro-
cal raw material resources
for sustainable industrial
centrates on efficient trans- International community paying
tion, hindering investment portation of fresh fruits,
prospects in value addition gramme, noted that agricul- growth and advancement storage while preserving close attention to Nigeria, says
and processing of tropical ture plays a vital role in the within the country. the essential nutrients and
fruits within Nigeria. Nigerian economy with the “Noteworthy pro- flavors of the fruit and reduc- Japanese ambassador
Mustapha said it was in fruit and vegetables sector grammes of the council in- ing wastage,” she said.
order to mitigate the chal- holding immense potential clude annual distribution of The News Agency of Ni-
By Daniel Obi He sees Lagos as the gate-
lenges that “the Reverse for economic growth and improved agricultural seeds geria (NAN) reports that no way to attracting foreign
Linkage Programme aims prosperity. to farmers through farmers’ fewer than 50 farmers and investment into Nigeria, and
to achieve several objectives, She expressed regret for associations and capacity food processors were trained MATSUNAGA Kazuyoshi, “ the Lagos International
including capacity building the over-dependence of Nige- building initiatives for best in the processing of fruits Japanese ambassador to Trade Fair 2023 will be a
in process technology for rians on foreign concentrates agricultural practices,” she and vegetables. (NAN) Nigeria has said that the distinct showcase of the mo-
juice concentrate produc- and called for the encourage- added.
international business com- mentum for growth through
munity is now paying close trade and investment.
attention to the potential of “Lagos is the most ex-
Nigeria more than ever. citing commercial hub of
Business Summit 2023: BusyBee to discuss Speaking at the on-go-
ing Lagos Trade fair, the
ambassador reiterated the
Nigeria; Nigeria is the most
robust economic hub in Af-
rica; and Africa is and will be

y importance of tech in event management enormous potentials in the

economy, population, natu-
ral resources, growing hu-
the hub of the international
trade and investment. This
Trade Fair exemplifies such
THE organiser of the Bus- NECA House Event Centre, Similarly, Sotunde re- man capital and rich culture. strong ties between Lagos,
event business community,
yBee Event Business Sum- Alausa Ikeja and Detutu vealed the value of the event He said it was because of Nigeria and the internation-
The Well-Watered Garden
mit, BusyBee Events Group, Events Place, Ogudu Lagos. planning industry in Nigeria the understanding of the im- al communities”, Matsunaga
Tribe (WWGT) and leading
has announced speakers, Sotunde who spoke about to be $20billion. According to mense potential of the Nige- Kazuyoshi said.
awards platform in the in-
panellists and other activi- the forthcoming 7th edi- her, “This industry can be rian economy that Japan has Also speaking to news-
dustry, BusyBee Excellence
ties lined up for the 7th edi- tion of the event summit deepened with more value long deepened its economic men, Tokashi Oku, the man-
Awards, spoke about the
tion of the event business stated that “BusyBee Event if the federal and state gov- relationship with Nigeria. aging director and trade com-
importance of technology in
summit in Lagos. Business Summit is an an- ernments partner with the “More than 80 years have missioner of Japan External
the event planning business.
In a media parley in Lagos nual conference, which players in the industry to already passed since Japan’s Trade Organization, JETRO
According to her, “The
recently, the Convener, Bus- started in November 2017. push Nigeria positives in trade office, now the Japan there are 51 Japanese compa-
importance of technology
yBee Event Business Sum- It is designed to foster sound different ways. External Trade Organiza- nies in Nigeria as both Nige-
in event business cannot be
mit, Bisi Sotunde said that entrepreneurial practices For instance, Nigeria has tion, JETRO, was opened in ria and Japan are enjoying
overemphasized. We have
the Show Director Experi- amongst event profession- a lot of sites, people includ- Lagos in 1939, preceding the good trade relationship. “We
seen technology drive growth
ential Planner Expo (EPEX) als such as event planners, ing foreigners can explore establishment of diplomatic are working with Nigerian
in the financial space, educa-
Dubai, Ibrahim Eddie Bashir decorators, caterers, and the for relaxation and events, relations in 1960”. companies to introduce more
tional sector, commerce and
is the Keynote Speaker while general event ecosystem. she added. At the trade fair, 33 Japa- products into the country”,
industry among others and
Fireside Chat session would From inception, the sum- She said if governments nese companies compared he said.
this can be replicated in the
be handled by Group CEO, mit has hosted over 1000 either at the federal or state 19 companies last year , are Guests, including the
event industry.
Wakanow, Bayo Adedeji. delegates, she said. levels partners with the in- exhibiting their ‘Made in Ja- President of Lagos Cham-
Therefore, players in the
The event, which is “Over the years, the sum- dustry, “we can invite for- pan’ products and technolo- ber of Commerce, Michael
event industry cannot pre-
themed: “Tech in Event mit has had both Nigerian eigners and locals to visit our gies which the ambassador Olawole Cole, his members,
tend to operate in a different
Business; The New Nar- and International Speakers beautiful sites where they said it is a demonstration government representa-
economy. Tech is a critical
rative” would also feature grace the event and shared can relax or use as events that Japanese businesses tives, Lai Mohammed, for-
growth factor for all sectors
Kunmi Ariyo, CEO, Mirus insights with participants outside their homes”. are beginning to see Nigeria mer Minister of Informa-
so, it is now our time in the
Events; Adeife Abiodun- both virtually and physi- The three-day event would as their place to be. “Japan tion and other participants
events, tourism and hospi-
Adeyemi, CEO, Ifectivtouch; cally. begin with a Welcome Cock- is here to work with you to were entertained with Jap-
tality business to embrace
Tobi Olanihun, CEO, Wow contribute to the economic anese cultural dance at
This Year’s summit is de- technology. tail Night at NECA House
Connect and Arese Osakwe, diversification in Nigeria the Japan’s pavilion at the
signed to provide additional She urged stakeholders in Event Centre in Alausa that
Senior Growth Associate, and to its future growth”. trade fair which has the
values for both local and the event planning industry would afford participants
Tix Africa as panelists. Matsunaga Kazuyoshi theme, connecting busi-
international participants. to embrace tech to be able the opportunity to network,
Meanwhile, David Odun- however said that to truly ness, creating value.
The summit is planned to to scale appropriately. “As while day-2 would feature
lami, Blurange Consult, achieve economic growth Speaking earlier, Michael
enable participants to gain stakeholders in the events Masterclass session at De-
Pamela Nwonu, Nwandos business, we must be inten- in Nigeria, trade and invest- Olawole Cole acknowledged
practical knowledge that tutu Events Place in Ogudu
Signature Events and others tional in this pursuit and ment play an indispensable the difficult period Nigeria is
is needed to scale up in the and the third day would
have been named facilitators BusyBee Event Business role. “They serve as the cata- going through informed by
event industry,” BusyBee feature BusyBee Excellence
for Breakout sessions during Summit is at the vanguard lyst for job creation, higher many factors. He however
Event Business Summit boss Awards, celebrating out-
the three-day event sched- of driving this course, that is productivity, capital access, said the challenges call for
narrated. standing Event professionals
uled to hold from November the key reason a Summit like learning and innovation, and innovation, collaboration
Sotunde who also estab- who have done excellently
21st to November 23rd at this has been put together.” expansion for technology and togetherness to foster
lished the most effective well in their businesses.
spill overs economic growth.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 29
30 www.businessday.ng TUESDAY 07 NOVEMBER 2023

NEWS
REVENUE BRANDING
HR professionals outline
FAAC: FG, states, LGs ways personal branding can
share N1.8trn in August tackle unemployment
By Bunmi Bailey Fidelity Bank, personal
comprised N1.15 trillion government received a to- an Upstream Petroleum branding is very important,
By Cynthia Egboboh, Abuja
recorded from the statuto- tal of N345.56 billion, states Regulatory Commission HUMAN Resource (HR) especially in a very tough
THE Federation Account ry account, N56.31 billion received a total of N295.95 (NUPRC), received N15.51 professionals have outlined and saturated market like
Allocation Committee exchange rate differen- billion, and local govern- billion, N39.53 billion, and important ways people, es- Nigeria.
(FAAC) disbursed N1.80 pecially the younger ones, “You have about five
tial, N283.91 billion from ments got N218.06 billion. N7.38 billion respectively,
trillion to the federal, can build and position their million people joining the
exchange gain, N13.37 A further breakdown as cost of revenue collec-
states and local govern- personal brand to tap op- labour market every year.
billion from electronic of the report indicates tions in the period. This brings the reason why
ment areas in August portunities in Nigeria’s
money transfer levy, and that N56.49 billion was The report showed that labour market. you need to focus on you as
from the total revenue N298.79 billion from value shared among the oil- 18.16 billion was spent as Speaking at the Iconic a person that is your per-
generated in July 2023, added tax. producing states from a 13 percent refund on the Brand Awards Conference sonal brand so that you can
according to the National Of the total amount the 13 percent derivation subsidy priority project, held on Saturday in Lagos, stand out in the country,”
Bureau of Statistics (NBS) disbursed, the federal gov- fund, compared to N47.48 North East Development he said.
Omobabinrin Osideko, con-
report. ernment received N391.93 billion shared in July. Commission received venor of the event, said per- He added that people’s
The allocation, the NBS billion; state governments Also, revenue-gener- N8.40 billion, while the sonal branding has become online and offline presence
report says, is a slight de- got N319.52 billion, while ating agencies, compris- transfer to the Nigerian a vital asset for entrepre- matters and that network-
crease compared to N1.89 the local governments ing the Nigeria Customs Midstream and Down- neurs, executives, influenc- ing and referrals help peo-
trillion disbursed in the received N236.23 billion. Service (NCS), Federal stream Petroleum Regula- ers, and aspiring profes- ple to get job opportunities.
previous month. Meanwhile, in the Inland Revenue Service tory Authority (NMDPRA) sionals in today’s fiercely Oluwakemi Shonubi,
The amount disbursed month of July, the federal (FIRS), and the Nigeri- was N13.72 billion. competitive economy. an HR executive and con-
“Personal branding is sultant noted that capac-
about knowing yourself, ity building, learning, re-
potential, strengths, weak- search and reading help to
nesses and also promoting build one’s brand.
them. Even if you have “You cannot build your-
any strength and you don’t self if the knowledge you
promote, employers will had yesterday is what you
not know about it except are playing from. What
you talk and display them,” sets you apart from the rest
Osideko said. is that extra. Be a person
She said a lot of talents of value and tell yourself
have what it takes to get that there is nothing you
jobs but that the inability cannot do.
to promote themselves as “Be deliberate in being a
they should makes employ- person of value. Build your
ers feel that they are not niche so that you will be
capable. known for something. It is
“So, when we know how also important to know how
to position ourselves as in- to communicate your brand
dividuals, we will have the to people,” she added.
chance to tap into resources On the tips on getting
and the opportunities in jobs during interviews, Tai-
the labour market which wo Dayo-Abatan, regional
ultimately solves the un- head of HR Sub Saharan Af-
employment issues in the rica at VFS Global, advised
country,” she said. job seekers to use the act of
According to Bayo Ad- storytelling by showcasing
eyinka, executive techni- their skills and the things
L-R: Akinwumi Akinola, behavioural insight lead, Policy Innovation Centre; Osasuyi Dirisu, executive director, Policy Innovation Centre; cal assistant to the MD of they have done in the past.
Tayo Aduloju, CEO-designate, Nigerian Economic Summit Group; Rinmicit Aboki, chair, Local Organising Council (LOC) 2023 Gender
and Inclusion Summit; Afeez Olajire, deputy chair, LOC, 2023 Gender and Inclusion Summit; and Adekemi Omole, gender and inclusion
advisor, Policy Innovation Centre, during the press conference of the 2023 Gender and Inclusion Summit in Abuja, yesterday.
SPORT
Anthony Joshua rules out potential
POLITICS
fight with Francis Ngannou
PDP demands removal of Sylvia Agu as Imo REC By Anthony Nlebem thony Joshua said during
their discussions that he
By Tony Ailemen, Abuja Bayelsa, Imo and Kogi of Assembly elections in election principally lies FORMER WBA, IBF, WBO has, “Absolutely no inter-
States in response to the Imo State in favour of the in the confidence of the and IBO heavyweight est at all,” in the fight,
THE Peoples Democratic outcry and demand of APC, which is still in the electorate in the electoral world champion Anthony before adding: “I want
Party (PDP) on Monday the people for neutrality public domain. process. Joshua has informed his to become heavyweight
called on Mahmood Yaku- in the November 11, 2023 The party, therefore, “Sylvia Agu has lost promoter Eddie Hearn world champion again,
bu, chairman of the Inde- governorship election in sees the redeployment the rectitude as Resident that he has no interest I’ve got no interest in fight-
pendent National Elec- these states. of Sylvia Agu out of Imo Electoral Commissioner in fighting former UFC ing Francis Ngannou.”
toral Commission (INEC), According to Ologu- State, as “the only way to and should not be part of champion Francis Ngan- Previously, Hearn had
to immediately redeploy nagba, “Yakubu should restore confidence in the the conduct of the Novem- nou when they discussed discussed the notion of
Sylvia Agu, the Imo State forestall an impending electoral process, guar- ber 11, 2023 governorship the opportunity of a big- contacting Ngannou’s
Resident Electoral Com- crisis in the Imo State antee a credible election election. Her continuing money crossover clash. team and advising Joshua
missioner (REC). election by heeding the and avert the crisis in the stay in office as Imo State, Hearn, a veteran to ‘take the fight in a heart-
Debo Ologunagba, insistent outcry, peti- state” REC is vexatious and a 44-year-old boxing pro- beat’.
the PDP national public- tions and protests by the “This is especially recipe for crisis. moter said the Nigerian- “Francis Ngannou
ity Secretary, said the people of Imo State, politi- so as there are disturb- “The PDP, therefore, born British boxer and came to me, we had a very
request followed reports cal parties, civil society ing allegations in the restates its demand on former two-time world nice meeting and he’s got a
that Agu was allegedly organisations as well as heavyweight champion great story,” Hearn added.
public space of clandes- the INEC chairman to im-
is not willing to take the WBC heavyweight
being “compromised to Ohaneze Youth Council tine meetings between mediately redeploy Sylvia
fight, despite the major champion Tyson Fury
manipulate the November for the removal of the Agu and certain APC Agu out of Imo State so as
money that is at stake. survived what could be the
11, 2023 governorship elec- Sylvia Agu who has been agents said to have been to restore the confidence biggest upset in the history
When they discussed
tion in Imo State in favour allegedly compromised by facilitated by her close of the people and the in- the possibility, Hearn of boxing in a fight against
of the All Progressives the APC” relative, who is an APC tegrity of the electoral claimed that it was not former UFC champion
Congress (APC)” “The people of Imo national officer, ahead process.” even on his fighter’s radar, Ngannou in Riyadh, Saudi
The PDP urged the State cannot accept any of the November 11, 2023 This is coming just which is covered com- Arabia.
INEC chairman to take electoral process with governorship election in days about to the Novem- pletely by his path back to Fury claimed a contro-
a cue from the inspec- Agu as REC, given her Imo State. ber 11 gubernatorial elec- heavyweight gold. versial split decision vic-
tor general of police who reported role in the bra- The PDP called on the tions to be conducted by In an interview with tory over former Ngannou
has redeployed the Com- zen manipulation of the INEC chairman to note the INEC in Imo, Bayelsa talkSPORT, Hearn told in a ‘Battle of the Baddest’
missioners of Police in 2023 National and House that the integrity of an and Kogi. host Jim White that An- fight on Saturday night.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 31

NEWS
APPROPRIATION INVESTIGATION

Minister confirms N5bn presidential Senate demands probe of

toddler’s death in Abia school
yacht delivered since June THE Senate has urged the
police to investigate the
that babies and toddlers
under their care were
…as FG to launch credit scheme for startups, MSMEs circumstances leading to
the death of a toddler, Da-
properly monitored and
prevented from falling off
By Onyinye Nwachukwu the Navy and it was a mis- According to him, the national community against vid Udo, in a creche at a high-rise buildings in their
conception that the presi- president is pleased with the consistent travel advisories nursery school in Aba, premises.
MOHAMMED Idris, min- dent had planned to use speedy and decisive passage bothering on insecurity, Abia. She said that the case
ister of information and it for leisure at a time of N2.17 trillion Supplemen- saying that such has the This followed the adop- of Udo was pathetic and
national orientation on economic downturn. tary Appropriation Bill by tendency to create panic and tion of a motion on “Urgent heart-breaking and re-
Monday confirmed that the “On the yacht, I think the National Assembly, thus discredit the country which need to mandate schools quired the Senate to criti-
presidential yacht which that information has been guaranteeing the liquidity is currently yearning for to locate their creche and cally look into the safety
some N5.2 billion was pro- put out there and has gener- needed for critical interven- investments. nursery classes to ground issues and protocols in
vided in the 2023 supplemen- ated a lot of controversy. But tions in road infrastructure, In a recent note, the US floors of their high-rise schools across the country,
tary budget, was actually we want Nigerians to know agriculture, student loan while cautioning its citi- buildings and implement including school building
delivered since June this that it is not as if it is for the schemes, health, security, zens, said there were “el- safety protocols, by Adeb- and facility design and ar-
year. comfort or enjoyment of Mr and housing, social invest- evated threats” to major ule Oluranti (APC-Lagos) rangement.
He was, however, silent President, but was actually ment, amongst other critical hotels in the “larger cities” on Monday in Abuja. Victor Umeh (LP-Anam-
on whether it was fully paid procured for the Navy. national needs. of the country- though it Presenting the motion, bra) said the death of the
for since there has not been “It is true that delivery Idris further mentioned equally admitted that Ni- Oluranti said that Udo died toddler had exposed neg-
any appropriation for it to has actually taken place that the Federal Govern- gerian security agencies on October 24 after failing ligence in the systems by
date. since June of this year. So, ment would soon launch an were working to forestall a from a building at the Em- relevant authorities.
The minister disclosed it’s not as if the president access-to-credit programme possible attack. erald International School “What we are suffering
during a press conference is procuring a yacht for his for startups and MSMEs, At the meeting, the min- Aba, Abia. in this country is lack of
in Abuja - his first since as- comfort to the detriment providing N50 billion in ister said the federal govern- She said that the inci- control and design approval.
sumption of office. of Nigerians. You can also conditional grants to one ment understands such con- dent brought to the fore the “We cannot build a
The N5.2 billion provi- see that the House of Rep- million nano-businesses cerns by the United States issue of safety in schools, house that will not pass
sion for the yacht which got resentatives removed the across Nigeria between now government, but noted that particularly for babies building approval, build-
a push-back, was submitted provision and added it to and March 2024; and a new it is imperative not to gen- and toddlers in creche and ing of schools must pass
by President Tinubu as a the student loan provision. single-digit interest-rate eralise isolated incidents nursery schools in Nigeria. through the approval.”
provision in the N2.17 tril- This shows that the gov- Fund to provide N75 billion across the entire hospitality “The ultimate is for in- Umeh commended the
lion 2023 Supplementary ernment is very sensitive, to support manufacturing industry. vestigations to cause state sponsor of the motion,
Budget. It was approved by and always responding to enterprises; among others. “What we have seen is policy direction that will describing her as a nation-
the Senate but rejected by the yearnings of all Nigeri- It is also finalising the that such advisories do not permanently prevent the alist, though from Lagos
members of the House of ans and therefore, whenever process for payment of achieve anything other than recurrence of these hei- state, but sponsored a mo-
Representatives who, rath- there is any commentary or N25,000 monthly cash trans- needless panic, and they can nous accidents,” she said. tion of human interest that
er, reallocated the money observation about some of fer payment to 15 million of have severe adverse eco- She expressed concern occurred in Abia.
for the student loan project. the actions of government, the poorest and most vulner- nomic impact, not to talk of that state policies or school Sen Abba Moro (PDP-
Speaking on the matter, it will continue to respond able households in Nigeria, what they do to undermine operators and managers Benue) also called for the
the minister explained that appropriately to the benefit for three months. the government’s efforts to were expected to display proper design of school
the said yacht belonged to of all Nigerians.” He also warned the inter- attract investment. duty of care and ensure structures. NAN
32 www.businessday.ng TUESDAY 07 NOVEMBER 2023

NEWS
REVENUE
FG to sell 2-yr savings bond at
higher interest rate of 12.5%
…3-yr bond at 13.46%
By Folake Balogun than the 12.07 percent it
sold for last month.
THE Federal Government According to the Debt
of Nigeria (FGN) has opened Management Office (DMO),
the sale of its Savings Bond the minimum amount that
to retail investors with the can be invested in the Sav-
promise of a higher return ings Bond is N5,000 while
than last month’s auction a maximum of N50 million
as an interest rate adjust- can be invested.
ment in West Africa’s big- The offer opened on
gest economy gathers pace. Monday, November 6 and
The government will sell the closing date is Novem-
a two-year savings bond at ber 10, while the settlement
L-R: Moshood Adewuyi Adewale, auditor-general, Lagos State; Fashola Abdulrafiu, secretary, staff housing and loans board; Oluwatoyin 12.46 percent per annum, date is November 15, 2023.
Adegbuyi-Onikoyi, chairman, audit service commission; and Kehinde Olaide Joseph, at the 14th annual auditors’ retreat, in Lagos. 139 basis points higher than The interest payment
the 11.07 percent it went for will be paid quarterly with
in October while the three- coupon payment dates on
AGRICULTURE year bond will be sold at February 15, May 15, Au-
13.46 percent, also higher gust 15, and November 15.

FG moves to boost food production INSECURITY

…unveils agricultural extension policy FCTA gives squatters one week to
By Cynthia Egboboh, Abuja government programme Speaking further, Ti- she said, limits extension

PRESIDENT Bola Tinubu

activities as well as create
jobs, achieve economic
nubu said that it has become
imperative for stakeholders
service effectiveness that
smallholder farmers really
relocate from Dutse Scrap market
has launched a national ag- growth, prosperity for all, to make the sector market- need to increase their pro- By Godsgift Onyedinefu, Abuja ried out to the squatters to
ricultural extension policy and end poverty. oriented and move away ductivity. relocate or face demolition
document aimed at driving “Agricultural extension from subsistence farming. “To close this gap, US- THE joint task force of the within one week.
increased food production plays a critical role in bring- In achieving this, he said AID, through our partners, Federal Capital Territory He noted that the place
and development in the ing relevant and improved the government has come uses a private-sector ex- Administration (FCTA) has been allocated for resi-
agricultural sector. technologies developed by up with programmes such tension delivery model. has given illegal squatters dential purposes and the
Speaking during the 6th National Agricultural Re- as the National Agriculture We engaged almost three in the Apo Dutse scrap team would clear the area
‘Africa-Wide Agricultural search Institutions (NARIs), Growth Scheme-Agro-pock- hundred (300) micro, small, market, Dutse District, for the owners to take over
Extension Week’ in Abuja inputs suppliers and mar- et where millions of farm- and medium enterprises one week to relocate. their plot and begin devel-
on Monday, Tinubu said keters to farmers. ers are supported through to provide extension mes- Mukhtar Galadima, the opment.
his administration recog- “And to strengthen agri- training on Good Agri- saging to more than six coordinator of the FCT Peter Olumiji, secre-
nises the huge potential of cultural extension delivery cultural Practices (GAP), hundred thousand (600,000) management joint task tary of command and con-
agriculture as a key sec- services in Nigeria, the certified inputs such as smallholder farmers. team and director of de- trol, explained that the
tor in driving the nation’s Federal Ministry of Agri- improved seeds, organic “We estimate that the velopment control, said task force has been receiv-
economy and as a tool to culture and Food Security and inorganic fertilisers participating farmers re- the task force received ing reports of criminal
fight unemployment, hun- has put together the first- and irrigation equipment at alised $1.2 billion in sales an intelligence report of activities and attacks on
ger, and poverty. ever Harmonised Exten- subsidised prices. as a result of the messaging challenges associated with the estate. Once the area
Representing by Aliyu sion Manual in Nigeria Michelle Corzine, direc- and support from private robbery cases in the area. is cleared, it will reduce
Sabi Abdullahi, minister and National Agricultural tor, USAID/Nigeria Eco- sector extension services. In Galadima said the place the crime rate within the
of state for agriculture and Extension Policy. nomic Growth and Environ- addition, the private sector had earlier been demol- district.
food security, the president “The extension policy ment Office, noted that the delivery model created more ished before by a previous Olumiji added that the
said, “It is against this back- seeks to provide a pragmat- Nigerian agricultural exten- than 500 jobs for youth. administration, adding task team has given the
ground that the present ic, effective, and efficient sion service delivery system “So, when we heard that that sensitisation was car- squatters time to leave.
administration is pursuing demand-driven ICT-enabled has long faced challenges in the ministry of agriculture
an 8-point agenda which and market-oriented exten- achieving food security and and food security was de-
includes food security; pov- sion service to all stake- economic growth, adding veloping a new extension
erty eradication; growth, that at the core of this prob-
PALLIATIVE
holders including youths, policy and training manual,
job creation and access to
capital amongst others.
women, and people with
special needs to optimally
lem was the large extension
agent-to-farmer gap.
we wanted to support this
agenda because we know
Makinde to pay workers
“The Federal Govern-
ment seeks to restructure
use resources to promote
sustainable agriculture and
According to her, the cur-
rent estimate is that there
that a private sector exten-
sion system is a key comple-
N25,000, pensioners N15,000
the economy from unneces- socio-economic develop- is one extension agent for ment to the public sector’s By Remi Feyisipo, Ibadan N2.2 billion would have a
sary borrowing to finance ment of the country.” every 10,000 farmers. This, work,” she said. direct impact on the state’s
GOVERNOR Seyi Makinde finances. He said “We are
of Oyo State on Monday determined to make this
promised to pay N25,000 promise to the workers
to workers and N15,000 to come to fruition, the pay-
MARITIME pensioners as wage awards ment will start from Octo-
Nigerian ports begin full automation to tap opportunities in AfCFTA to cushion the effect of the
subsidy removal.
ber and will be sustained
for the next six months.
By Amaka Anagor-Ewuzie boyega Oyetola, the min- Tinubu also urged Afri- pursuing a thorough port Addressing the workers It would be recalled
ister of marine and blue can leaders on the need to modernisation programme during a solidarity rally that the governor had four
THE Federal Government economy, the president prioritise the blue econo- that involves comprehen- held at the state secretariat weeks ago inaugurated an
said it has commenced the said his government has my, which he said held the sive rehabilitation and re- in Ibadan, Makinde said the 11-member ad-hoc inter-
full automation and mod- given the Nigerian Ports key to Africa’s prosperity. construction of dilapidated payment would be for six ministerial committee on
ernisation of all Nigerian Authority (NPA) the full According to him, Af- port infrastructure. months. the harmonisation of the
ports to gain from the op- backing to develop the port rica’s blue economy pre- According to him, the The workers had demands of labour unions
portunities in the African community system, which sented the continent with government has also start- stormed the governor’s of- in the state.
Continental Free Trade will serve as a precursor untapped opportunities for ed strict implementation of fice as part of the decision The governor charged
Area (AfCFTA). to the implementation of growth and development. a policy for new port devel- taken during their congress members of the committee
Speaking in Lagos on the National Single Win- “We must acknowledge opment across the country, on Monday to ensure the to be open-minded and to
Monday at the opening of dow, as essential tools that that the maritime sector drawing from the success issue was resolved once come up with homegrown
the 43rd council meeting streamline port operations. is a central driver for the story of the Lekki Deep and for all. solutions on issues border-
of the Port Management Tinubu said that full sustainable development Seaport, which would be The governor, who was ing on workers’ welfare in
Association of West & Cen- automation was the way of our nations. This is be- replicated in approved deep in the company of labour the state.
tral Africa (PMAWCA), forward if African ports cause, despite national seaports in the country. leaders, including Kayode Makinde also tasked
President Bola Tinubu said were to remain competi- boundaries, the waters He said the success sto- Martins (NLC), Bosun Ola- the committee, headed by
that port automation was tive on the international serve as a natural source ry of Lekki Deep Seaport biyi (TUC), Olaonipekun the secretary to the state
crucial to ensure the com- stage, adding that seam- of connectivity,” he said. would govern the opera- Oluwaseun (JNC Public government (SSG), Olanike
petitiveness of the ports less and efficient cargo On his part, Adegboyega tionalisation of the already Sector), said this would be Adeyemo to come up with
in the global maritime handling was vital for port Oyetola, minister of ma- approved Badagry, Ondo “an additional N2.2 billion a report on the modalities
industry. competitiveness in the Af- rine and blue economy, Deep Seaports, Snake Is- to the wage bill of the state. for the implementation of
Represented by Adeg- rican context. said Nigeria was currently land and Burutu Ports. According to him, the workers’ demands.
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 33
34 www.businessday.ng TUESDAY 07 NOVEMBER 2023

NEWS
Supreme Court verdict total...
Continued from page 1
largely acted in defiance
President Bola Tinubu’s of constitutional tenets,
victory. precedents, and estab-
The former Anambra lished ground rules. Po-
governor rejected the litical expediency has
judgement by the Supreme preceded judicial re-
Court, saying it fell short sponsibility. A mechani-
of the expectations of the cal application of techni-
people and needed justice. calities has superseded
He said the Supreme the pursuit of justice and
Court abandoned its re- fairness. Both INEC and
sponsibility as a court of the Supreme Court as
law and policy, adding that the referees, respectively
the court’s decision con- shifted the goalposts in
tradicts “the overwhelm- the middle of the game.
ing evidence of election “ Where the value and
rigging, false claim of a import of the recent Su-
technical glitch, substan- preme Court ruling ends
tial non-compliance with is where our commit-
rules set by the Indepen- ment to a New Nigeria
dent National Electoral begins.”
Commission (INEC).” Obi, however, prom-
He said: “Without ised that he will not aban-
equivocation, this judge- don the manifesto the LP
ment amounts to a total presented to Nigerians
breach of the confidence in the 2023 polls, saying
L-R: Vincent Ajala, executive vice chairman, Masters Energy Group; Patience Dappa, GMD, Masters Energy Group; Dayo Akinmoyo, the Nigerian people have they would expand the
executive director, Nigerian National Petroleum Corporation Gas Trading; Oseni Adewale, deputy director, operations, Nigerian in our judiciary. To that confines of their message
Midstream and Downstream Petroleum Regulatory Authority; Ibrahim Onoja, MD, Port Harcourt Refining Company; Ngozi Ogah, extent, it is a show of un- to the rest of the country.
executive director, finance, Masters Energy; Felix Eribo, executive director, operations, Masters Energy; Uche Ogah, president and reasonable force against He said: “We shall now
promoter, Masters Energy Group; and Chukwuemeka Woji Okocha Olumeni XII, paramount ruler of Rumuolumeni Community, the very Nigerian people expand the confines of
during the laying of foundation for the $500m gas plant project by Masters Energy Oil and Gas Limited, Port Harcourt, Rivers State. from whom the power of our message of hope to
the Constitution derives. the rest of the country.
and not exceed the limit In September, the “This Supreme Court We shall meet the people
FG’s borrowing from CBN... provided by the law. headline inflation rate ruling may represent the in the places where they
“This administration increased to 26.72 per- state of the law in 2023 but feel pain and answer their
Continued from page 1 to increase the amount not the present demand
the federal government came in May, meaning cent from 25.80 percent needs for hope. At mar-
the N4 trillion was part in August, according to for substantive justice. ketplaces, motor parks,
vances outstanding shall can borrow from the cen- The judgement mixed
not at any time exceed five tral bank in a year to 15 of what the previous ad- the National Bureau of town halls, board rooms,
ministration left. It was Statistics. principles and precepts. and university and col-
percent of the previous percent of the previous Indeed, the rationale and
year’s actual revenue of year’s revenue. But it has probably not incurred by Yemi Cardoso, gover- lege campuses, we all
this administration.” nor of the CBN, said the premise of the Supreme
the Federal Government, not been signed by the carry and deliver the mes-
Ayodele Akinwunmi, apex bank was considering Court judgement have
according to Section 38 of President into law, Busi- sage of a new Nigeria. As
relationship manager, cor- control options to enforce become clearer in the
the CBN Act, 2007. nessDay findings show. stakeholders and elected
porate banking at FSDH statutory limits in the use of light of the deep revealing
The outstanding debt of “The loan that was se- and troubling valedic- Labour Party officials, we
N4.36 trillion far exceeds curitised accumulated Merchant Bank Limited, ways and means for financ- shall remain loyal to our
said there “is a commit- ing public sector deficits. tory remarks by Justice
five percent of the federal so much. The ways and Musa Dattijo Muham- manifesto.
government’s revenue of means work like over- ment by the current ad- Capital Economics, “We will continue to
ministration to ensure that London-based economic mad, (JSC) on Friday 27th
N8.8 trillion for last year. draft. You go to the bank October 2023.” canvas for good gover-
The debt owed to the for overdraft, they give ways and means are within research firm, said rev- nance and focus on issues
the approved limit.” enue collected by the Obi said that “in dis-
central bank had surged you and within two or agreeing very strongly that promote national in-
to N26.95 trillion in May three months, you settle it. “As a banker to the federal government over
with the ruling of both terest, unity, and cohe-
before the securitisation, But what happened under Federal Government of January-July this year
the Presidential Petitions sion. We will continue to
which enabled N22.7 tril- Godwin Emefiele, former Nigeria, the CBN also around 20 percent lower
Court (PEPC) and the give primacy to our
lion to be added to the CBN governor was not advises on loan structure than originally budgeted,
Supreme Court on the Constitution, the rule of
country’s public debt treated like overdraft. It and management but the leading to a widening
DMO is vested with the budget deficit. outcome of the 25th Feb- law, and the protection
stock. The Debt Man- became a major revenue ruary 2023 Presidential of ordered liberties.”
agement Office said in source, which was not responsibility to manage It noted that oil rev-
the debt of the country,” enues themselves have election as declared by Obi said his dream for a
September that the total fully disclosed even to the Independent National new Nigeria has not ended
public debt rose to N87.38 National Assembly; that he added. underperformed this year
The World Bank said in despite higher global oil Electoral Commission with the verdict of the Su-
trillion as of June from was why it accumulated (INEC), as democrats who
June that the monetisation prices, underlining the preme Court.
N49.85 trillion as of May. so much,” Muda Yusuf, believe in the rule of law,
of the fiscal deficit through scale of the fiscal chal- Although the 62-year-
Aside from the securi- chief executive officer, we recognise that the
expensive Ways and Means lenge facing Nigeria. old businessman, who ad-
tisation, another contrib- Centre for the Promotion Supreme Court is the end
uting factor to the jump Advances, and the CBN’s “All this points to the dressed the media along-
of Private Enterprise, said. stage of the quest for legal
in the public debt was the provision of development public finances looking side his running mate,
According to him, the closure to the matter.
large devaluation of the government cannot run finance at subsidised increasingly less sustain- Datti Baba-Ahmed, did not
rates had weakened the able. Spending pressures “As a party and as can- explicitly disclose whether
naira in June. away completely from didates, Datti and I have
The CBN data show ways and means advances effectiveness of monetary will likely build given he would run for president
policy, increased money that inflation is set to now exhausted all legal again in 2027, he said the
that the federal govern- because as it is spending, and constitutional rem-
ment borrowed N2.99 tril- sometimes there is a lag be- supply, and contributed to surge further. And this end has not come for his
high inflation. risks seeing Nigeria’s edies available to us.” journey for a new Nigeria.
lion from the Ways and tween the time the govern- He described the judge-
Means Advances in the ment wants to spend and the Money supply (M3) in- public debt-GDP burden Obi further appreci-
creased by 26.44 percent increase. In this scenario ment as another beginning ated the energy and dedi-
first half of this year. time the revenue will come. in “our quest for the vin-
Towards the end of He said: “It is not as if to N67.18 trillion in Sep- options like financial re- cation of Nigerian youths
tember 2023 from N53.13 pression may be neces- dication of the hope of the
Buhari’s administration, the government cannot and the Obidient move-
trillion in January of the sary to bring the debt bur- common man for a better
the National Assembly borrow from the CBN. ment during the cam-
same year. den down,” the firm said. country. After all, sover-
amended the CBN Act But it has to be short term paign for the 2023 polls.
eignty belongs to the peo-
Addressing his sup-
ple. If only for historical
porters popularly known
purposes, it behooves us
as ‘Obidients’, he said
the number of ATMs and adults increased by 28 and to place our disagreement
Nigeria’s mobile money agent... bank branches declined by 24 percent in Africa and with and deep reserva-
a destination is not an
nine percent over the same Asia and Pacific regions, event but a journey.
Continued from page 2 and bank branches gradu- tions about this judgment
period,” they said. respectively.” “I want to assure them
ally declining while non- on public record.
integral tool in developing They added that the con- The Central Bank of Ni- that this is not the end of
traditional access points “We have long been
economies, particularly tinued growth in access geria in 2012 adopted the our journey but in fact
such as retail agents and aware of how weak na-
in the areas of poverty re- points to digital financial National Financial Inclu- the beginning. Nigerians
mobile money agents are tional institutions have
duction, employment gen- services has naturally been sion Strategy, which was heard you, the world has
growing rapidly, accord- accompanied by an increase built on four strategic ar- negatively affected our
eration, wealth creation, ing to authors of the IMF taken note and we will
in their usage, as measured eas: agency banking, mobile democracy. This year 2023
and improving welfare and report. not forget easily. We shall
by the number and volume banking/mobile payments, has been quite remarkable
general standard of living. “For example, in mid- endure; persist until we
The means to access fi- of digital financial transac- linkage models, and client and revealing. INEC has
dle income economies, the reach our destination
nance have been rapidly tions. empowerment. displayed incompetence
number of retail agents and because new Nigeria is
changing in recent years, “Between 2021 and 2022, And in 2018, the apex in the conduct of its statu-
mobile money agents com- our destination. A desti-
with traditional financial the number of mobile mon- tory duty.
bined more than doubled ey transactions per 1,000 nation is not an event.”
access points such as ATMs between 2019 and 2022 while Continues on page 35 “The judiciary has
TUESDAY 07 NOVEMBER 2023 www.businessday.ng 35

NEWS
Nigeria’s S&P index exit leaves...
Continued from page 2 can be offloaded to the swap
counterparty instead.
country launched its full- “You have to balance
scale invasion of Ukraine. risks against benefits,” he
“There are many [physi- said. “You have much bet-
cal] funds out there that still ter tracking [with a syn-
technically hold Russian thetic ETF] because you
equities but are unable to don’t have the tracking
sell them,” he said. risk in your fund, it’s with
Michael Mohr, global the counterparty. You of-
head of Xtracker products, ten see outperformance,”
struck a similar note. Mohr added, referring to
Mohr said he had seen an anomaly in the Chinese
structural market risks, as market that often allows
in Nigeria’s case, or geopo- synthetic ETFs to beat their
litical risks, as with Russia, benchmarks.
blow a hole in synthetic “You have to weigh
ETFs twice in his 25-year against this the risk that in
career, with both occurring these very extreme market
in the past two years. scenarios, you may not have
Physical ETFs do not hope,” he added.
necessarily fare better in Manooj Mistry, chief
these episodes, though, he operating officer at white-
argued. label ETF provider HANetf,
“What you have in that also believed there were
direct replication scenario pros and cons to an ETF’s
is hope. Hope that one day underlying structure.
tradable prices are coming Mistry launched Xtrack-
back,” and investors can ers during his time as co-
recover at least some value head of index investing at
L-R: Tinuola Akinbolagbe, MD/CEO, Private Sector Health Alliance of Nigeria (PSHAN); Siri Banigo, head, strategy, BusinessDay DWS, including rolling out
Media receives outstanding health investigation award from Titilayo Fowokan, group head, strategic tax and compliance, Dangote from the affected securities.
Synthetic ETFs account the S&P Select Frontier
Industries, at the PSHAN Annual Gala and Awards Night, in Lagos. Pic by David Apara
for €26bn of the €147bn ETF Swap Ucits ETF in 2008 as
book of Xtrackers, the ETF the first such vehicle in
have drawn considerable abuse by a company with a arm of DWS, Germany’s the world.
Dangote-BUA spat calls for stiffer... attention but with both com- dominant position in a mar- largest asset manager, With a synthetic ap-
panies publishing dirt about ket. which is majority-owned by proach “the tracking risk
Continued from page 1 warehouses shuttered, and
each other, it remains to be “A company is said to Deutsche Bank. In total they is borne by the counterpart
our spirit tested. Yet, from
seen how this would enhance abuse its dominant position account for €169bn, or 11 per and the fund gets perfect
apologised to the Manage- the ashes of deceit, BUA sur-
vived,” it said. their individual esteem in the where it charges an excessive cent, of Europe’s €1.5tn ETF replication. That’s maybe
ment of Dangote Industries
It went downhill from public’s eye. price; refuses to give a com- market, according to Morn- an advantage when it comes
Limited in writing as well
there. The company accused More importantly, experts petitor access to an essential ingstar Direct, down from a to tracking profiles. Maybe
as retracted the adverto-
the Dangote attempting to say it points to Nigeria’s need facility when it is economi- peak of 17.6 per cent in 2017. when it comes to something
rial in its entirety in their
scuttle its plans for a sugar re- for stronger anti-competition cally feasible to do so; and Mohr argued that swap- like this it’s a disadvan-
respective publications.”
finery in Lagos through those rules. The very nature of engages in an exclusionary based products can offer tage,” he said.
DIL re-emphasised that
with political power. capitalism lends itself to anti- act unless it can show that the advantages, particularly in More broadly, though,
foreign exchange for its proj-
BUA also accused Dangote competition behaviour; this technological efficiency and emerging markets where a Mistry said that in frontier
ects were sourced strictly
of trying to run it out of the is why governments ensure other pro-competitive gains fund manager would other- markets “there are always
from interbank foreign ex-
cement business after being market rules engender fair outweighs the anti-competi- wise have to open securities these risks anyway. I’m
change market in compli-
issued licence by the Yar’adua competition. tive effect,” said Ozi Nwadike, accounts in every coun- sure most investors are
ance with the central bank’s
government. In the late 19th century, a legal expert at Pristine and try in which it invests and aware of this risk when
approvals and that letters of
It said: “Our application the United States developed Sage Attorney. will often face restrictions they go in,” given that
credit were established for
to dock the floating terminal competition policy to coun- There is also a penalty around limits on foreign it will be outlined in the
the construction of the vari-
in Lagos met with resistance. terbalance concentrated eco- for flouting the rule. “The ownership, a problem that ETF’s prospectus.
ous operational plants and
We then decided to berth the nomic power, which reform- punishment for contraven-
for the purchase of heavy tion is a fine not less than
ship at the terminal we owned ers feared might be wielded to
equipment and spares re- 10 percent of its turnover in
quired for the take-off of the in Port Harcourt. Despite this,
we faced considerable push-
influence political outcomes
or trammel independent pro- the preceding business year Nigeria’s mobile money agent...
Dangote Cement plants. prietors with unfair business or such higher percentage
The company further stat- back and it took the decisive Continued from page 34 lions of new agents, but
intervention of late President tactics. as the court may determine mobile money services are
ed that funds invested in its The growth of large-scale under the circumstances of
expansion project across Af- Yar Adua, who directed that bank set up the Shared now accessible to more
the Minister of Transport and firms along with technologi- the particular case,” said people in Africa’s largest
rican countries are legitimate Agent Network Expansion
the Chairman of NPA honour cal advances in industrial Nwadike. economy,” he added.
capital investments in those Facility (SANEF) to recruit,
our right to contribute to the and agricultural production, But applying these rules According to the report,
countries and the repatria- train and support more peo-
nation’s growth. improvements in transpor- to politically-connected per- Nigeria contributed to the
tion of FX in the sum of $576 ple to become agents. The
“But the hurdles didn’t end tation and communication sons has been a tad difficult. staggering 41 percent in-
million so far has helped to facility also provides fund-
there. The drama intensified networks and deflationary A critical examination of the crease in the number of
boost FX earnings in Nigeria ing to companies, incentiv-
when Orwell Brown, a Deputy circles undermined weaker claims and counterclaims mobile money agents to
and stabilise the FX market. ising them to expand agent
Comptroller General who firms and encouraged cor- by both BUA and Dangote around 17 million last year
In its response, BUA networks in underserved
was also an older brother to poration consolidations that indicate efforts to influence from 12 million in 2021.
Group said: “It’s with a pro- cities across the country.
a Dangote Staff, launched a attained greater economies government officials to give “Much of this growth
found sense of responsibility Data from the SANEF
sudden strike, attempting to of scale and scope in the 19th aid or undermine a rival. was in Nigeria where a lib-
and a heavy heart that we show that the number of
deport our vessel’s entire ex- century, says a Harvard Re- “In other words, there is eralised regulatory regime
address the claims and very bank agents surged to 1.3
patriate crew. It was a Friday view article. no way you can operate in has led to an increase in
cheap attempts at blackmail million in 2022 from 83,500
that is forever seared into our These conditions are grad- these industries without sell- Mobile Money Providers.
levelled against BUA by Aliko in 2018.
memory—the shock of our ually becoming prevalent in ing your soul to politicians Agents are an important
Dangote in a recent 7-page A recent report by the
expatriates rounded up, their Nigeria as firms like Dangote since they hold the powers part of any mobile network
editorial following months GSM Association noted
confusion as they were shep- Industries and BUA Group to advance or cut you off,” service and were respon-
of sponsored campaigns of that global mobile mon-
herded onto a Dangote-funded are increasingly playing piv- said Ndubuisi Ekewe, a pro- sible for two-thirds of all
calumny against us using ey accounts grew by 13
one-way local flight from Port otal roles in the economies fessor and head of Tekedia cash-in transactions in
third-party platforms. percent in 2022 thanks to
Harcourt to Lagos en-route of Nigeria and other African Institute, a business manage- 2022,” it said.
“To put things in perspec- regulatory changes in SSA,
Asia via Emirates. countries. ment outfit. Last year, the World
tive, it’s imperative to revisit particularly in Nigeria and
“Upon hearing of what Anti-competition regu- He further said in a post Bank said higher adoption
history — a history not of ri- Ethiopia.
had happened, we reached lation in Nigeria on social media: “As these of mobile money is driving
valry but of resilience; not of It said registered mobile
out to Tanimu Yakubu, the The Federal Competition two men fight, they are send- the growth of account own-
enmity, but of endurance.” money accounts rose to
then Chief Economic Adviser, and Consumer Protection ing the wrong messages to ership in financial institu-
The company went as far 1.6 billion from 1.4 billion
who acted with the urgency Act 2018 (the Act) is the main the world on some of these tions particularly in Sub-
back as 30 years ago narrat- in 2021.
that the situation demanded. anti-competition law in Ni- critical sectors: how fast a Saharan Africa countries.
ing tales of alleged under- “Some of the key contrib-
His call to the CG of Immigra- geria. The Act establishes president or a minister could Nigeria’s banked popu-
hand dealings by Dangote to utors to the growth of mo-
tion was a lifeline, and our the Federal Competition and pick your call is what really lation increased by 15.6
snuff life out of the business. bile money in the past few
expatriate team was brought Consumer Protection Com- matters, and not the ideas you percentage points to 45.3
The company alleged that years have been regulatory
back from the Emirates air- mission (FCCPC) as the regu- are bringing to the market.” percent in 2021, the highest
it started with the presenta- changes in large markets,”
craft and not deported. The latory body. The FCCPC has Competition encourages in 10 years from 29.7 percent
tion of dud cheque by their Mats Granryd, director gen-
aftermath was swift action by far-reaching powers including individual businesses to in- in 2011.
rival. “He gave us a Societe eral at GSMA, said.
the President, who ensured the power to enter and search novate and find ways to work “Mobile money has be-
Generale Bank of Nigeria He said in Nigeria, for
that such a misuse of power premises, summon and ex- more efficiently resulting come an important enabler
Cheque, which bounced upon example, new licenses have
would not go unchecked. DCG amine witnesses, call for and in gains like lower prices, of financial inclusion in
presentation to the bank. seen many new mobile
Brown, caught in a tangle of examine documents, and do better quality products and Sub-Saharan Africa, espe-
Unbeknown to us, this was a money players emerge,
undue influence, admitted such other things as it consid- services and more choice cially for women as a driver
ruse that would lead to a court- and with this a 41 percent
what he did to the Minister, ers necessary for the effective for consumers. This rarely of account ownership and of
sanctioned freeze of our assets growth in the number of
and he was later dismissed.” performance of its functions. leads to the emergence of account usage through mo-
orchestrated by Dangote. For registered agents.
As expected, these accusa- The Act further empow- stupendous wealth amid bile payments, saving, and
three agonising months, our “Not only has this cre-
tions and counter-accusations ers the commission to check mind-boggling penury. borrowing,” the report said.
accounts were garnisheed, ated employment for mil-
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INSIGHT
Cost of living crisis and neoliberalism in West Africa
By Damilola Ojikutu cits are haunted by the ghost
of free trade. For years many
PURCHASING power in the have argued that Africa should
Sahel region has stagnated use its position as a resource
over the past decade being rich and cheap labour to utilize
strongly linked to the rising its “comparative advantage”
cost of living. In 2013, the av- and invest in any relevant
erage GDP per capita in West sectors. The argument by free
Africa stood at $1,905. Fast for- traders began with Portugal
ward to 2022 we can see a GDP and UK (which ended up with
per capita of $1,690, indicating mass unemployment in Portu-
very negative growth region- guese industries and the defi-
ally. This trend correlates with cits were only co-operated with
an uptick of inflation in vari- colonial plunder) and now is
ous Sahel countries, as well as being applied to the African
a surge in violence by bandits continent.
and jihadist groups. What free-traders fail to see
To comprehensively anal- is that the theory of free trade
yse the reasons for these set- does not co-equally benefit
backs we must revisit the vari- both partners in a free trade
ous themes found in all of these agreement. The countries that
governmental styles. In the benefited the most from free
Sahel, we can analyse a more trade have had cycles of protec-
relaxed neoliberal style of gov- tionism growing its industries
ernance as commonplace and had emphasized previously a most cases this was a free for all, In a lot of cases the concept of allowing it to outcompete,
as a de facto way of governance developmental model of import the people that were able to buy labour power is stressed where outproduce and oversaturate
for most states. Alongside this substitution industrialization, these enterprises were people it is seen that Africa having market share in comparison to
we can see that generally these undertook the gradual priva- from the government and the a large population of manual the poor countries specializa-
states share the same trade po- tization of hundreds of public very rich. These private enter- laborers could attract invest- tions. It is very difficult to grow
sitionality, as poor free market enterprises known today as prises lost even more oversight ment the way that China did via export-led development
states with large trade deficits Infitah. This greatly exasper- and due to their institutional in the 1970s. as historically the era of free
and we can also see a decline in ated the inequities between ties and wealth they are able The main issue with this trade (1980s onward) has been
investment in the latter years rich and poor Egyptians and to lobby in a way that makes assessment is that capital marked by reduced terms of
of the decade. these indigenous enterprises corruption even worse for the invests primarily in sectors trade and poverty between Af-
could not generally compete government to tackle. where the profit rate is much rica and the Developed world.
Neoliberalism causing mass unemployment Despite declining GDP and higher, meaning that is more Overall, high wage countries
Neoliberalism as aptly defined and the slashing of wages. This living standards, there has likely to invest in richer, more have more productive tech-
by David Harvey is a “theory was directly linked to the cost been little correction in the educated sectors of the world. niques and therefore more of
of political economic practices of living crisis and the prom- face of economic crises in these In 2022, Africa only made up an advantage, huge economic
that proposes that human well- ised aid and assistance dried African nations. These coun- 45 billion of FDI compared to blocs like the EU can prevent
being can best be advanced up creating a poor class of tries are encouraged to priva- 1.295 trillion of total invest- countries from exporting what
by liberating individual en- people that could not afford the tize their public enterprises, ment around the world, less they would like by limiting im-
trepreneurial freedoms and amenities that were promised resulting in the displacement than 3% of total FDI. Capital- ports. African countries don’t
skills within an institutional with economic liberalization. of thousands from public sec- ists prefer high wage countries have the finesse to prevent
framework characterized by Many countries suffering from tor jobs. Subsidies, designed where there is high purchasing this; exporting to the west at
strong private property rights, balance of payment problems to assist the working class in power to afford products. With negative terms of trade is better
free markets and free trade.” found themselves in this co- affording essentials like fuel the developed world primarily than having fewer markets to
As argued by him neoliberal nundrum and ultimately took and consumer goods, are being in crisis, the demand for the export too (which would cause
frameworks at minimum set to becoming much poorer due reduced, leaving millions with products of African countries even more unemployment and
up military, defence and legal to the end of protectionism diminished purchasing power. will decrease. FDI is a niche deficit issues). When free trad-
structures that defend private protecting their emerging IMF conditionalities often hin- that only some rapidly devel- ers point to a global reduction
property and allow at its most industries. der countries from using loans oping countries can depend on in poverty, this can only be seen
basic for the market to func- Many African nations took productively; instead, they are but they are the exceptions. It with China’s heterodox politi-
tion. It helps create markets these measures with the belief used as temporary fixes for is near impossible to facilitate cal model, poverty in Africa has
where they are not present that public sector and govern- perpetual budget shortfalls. growth from “comparative not reduced significantly with
(for example a for profit health mental corruption would be For instance, in Ghana, which advantage.” from labour in- this political model.
care system versus a single offset by having a strong private is grappling with soaring infla- vestment.
payer one). State intervention sector that would avoid corrup- tion and a cost of living crisis, In China and the Asian ti- Conclusion
in the economy is discouraged tion and be profitable. But in the IMF required a freeze on gers investment primarily The Sahel has faced significant
as the state is seen as a statist public sector eagles and hiring came from Cold War political economic issues over the past
villain. Neoliberals argue that in exchange for loans, lead- contexts, a lot of them focused decade, leading to stagnation
whatever the state can do, the ing to layoffs and heightened heavily on obtaining an edu- in purchasing power and de-
market can do better. This has poverty among these workers. cated population. In China, this clining living standards. The
been a common vision of eco- The current strategy of was facilitated through tech link is undeniable. The aver-
nomic thinking since the elec- The African these governments, which transfers and an industrial base age per capita GDP in West
prioritize expanding market originating from its communist Africa has declined showing
tion of Thatcher in Britain and
practiced in countries such as
continent due to mechanisms at the expense of political history. Viewing these negative prospects for future
Chile under Pinochet. Deregu- underdevelopment, workers, has proven to be un- specific conditions as being growth under this mode. West
successful and fails to generate able to be copied is obscene Africa’s economic challenges
lation and Privatization have
been lauded in African think
is pushed to the the level of growth required to when comparing two different should be based on a rejection
tanks as a prerequisite for periphery of the become a rapidly developing specific models of investment. of this current economic mod-
economy. Developed industries even if el, better investment practices
development when we can see
the negatives of state agencies
world economy. their rentier (like a majority of and trade practices that show
and the cost of living. The continued Retreat in investment Third World Resource develop- finesse and understanding of
There has been a net decline ment) attract investment not Africa’s current role in the
Africa itself transitioned
into these types of economic
deficits are haunted in investment in Africa which just “ease of trade.” world economy. The way to
models after the oil crisis of by the ghost of free has negatively impacted the fight underdevelopment in
economies of the Sahel. In gen- Trade positionality West Africa should be based
the 1980s. While neoliberal-
ism is a typical West African
trade eral, more money flows outside The African continent due to in a departure from the status
economic orientation, this of Africa than into Africa. Neg- underdevelopment, is pushed quo and a commitment to
was modelled first with Sa- ative regional growth lowers to the periphery of the world addressing the average West
dat’s reforms. Egypt, which the possibility of investment. economy. The continued defi- African workers’ concerns.

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