News

LCCI urges Nigerian Govt to sustain N1.97trn Q2 trade surplus

Published

2 years ago

October 13, 2022

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to invest in export infrastructure and other mechanisms to sustain the country’s trade surplus of N1. 97 trillion recorded in the second quarter of 2022.

LCCI president, Dr Michael Olawale-Cole, made the call at a press conference on the state of the economy on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that the value of exports rose by 4.31 per cent to N7.41 trillion in Q2 from N7.10 trillion in Q1.

However, the value of imports declined by 7.89 per cent to N5.44 trillion in Q2 from N5.90 trillion in Q1 with the trade balance standing at a surplus of N1.97 trillion in the second quarter.

Olawale-Cole stressed that sustaining the trade surplus meant the country needed enhanced and automated port operations, tackling high production costs, and boosting the supply side of the foreign exchange market to improve liquidity and easy access.

He added that Nigeria also needed to diversify its exports by boosting local crude refining capacity, production of petrochemical products, and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months.

He commended the government on the initiative to produce the new national trade policy 2023-2027, which would replace the outdated trade policy that had been in place for years.

“It is hoped that when this policy is approved by the Federal Executive Council (FEC), it will support robust trade relations between Nigeria and the rest of the world,” he said.

Assessing the country’s domestic outlook, the LCCI president said the growth of 1.2 per cent recorded for agriculture and 3 per cent for manufacturing were low when compared with other sectors that grew above 5 per cent.

This, he said, indicated the threats facing these sectors that power the real sector and added that the woes in these two sectors were responsible for the frightening rise in the country’s inflation rate.

Olawale-Cole posited that the above, with the excruciating burden of debt service, subsidy payments, and worsening insecurity, may lead to the constraints of many more productions in the coming months.

The industrialist recommended that fuel subsidies should be removed, and oil theft curtailed, if not eliminated, to provide fiscal space for subsidised production of goods, services, infrastructure, health, and education financing.

He added that while the Central Bank of Nigeria (CBN) embarked on monetary tightening to tame inflation, it should ensure that targeted concessionary credit to the private sector was sustained for Micro, Small and Medium Enterprises (MSMEs).

“The CBN needs to gradually transition to a unified exchange rate system and allow for a market-reflective exchange rate.

“The CBN also needs to roll out more friendly supply-side policies to boost productive sectors, bolster investor confidence and help attract foreign investment inflows to the economy.

“As a matter of urgency, the government must tackle the flood menace in the country by implementing environmental guidelines and establishing preventive infrastructure.

“The impact of climate change on agriculture is becoming more evident by the day, and quick response is critical to avert food insecurity and worsening food inflation,” he said.

Addressing Nigeria’s power generation, Olawale-Cole noting the constant collapse of the national grid, said it was evident that it could not supply sufficient power to meet the electricity demand of Nigerians.

This, he said, was because of reported issues of vandalisation of power installations, a disrupted gas supply, challenges with 100 per cent metering, and the inability of distribution companies (DISCOs) to take up generated power.

He noted that with the cost of diesel at record levels and poor power supply, businesses were running at unsustainable costs and producing at uncompetitive prices.

This, he stressed, could lead to job losses if the output remained constrained due to the unbearable cost of production.

“If not quickly tackled, these challenges will likely subdue the Gross Domestic Product (GDP) growth potential and projections for 2022.

“We recommend that government should invest more in technology to fight the vandalism of pipelines and power installations.

“The government should create funding for critical infrastructure and special-purpose intervention in the power sector.

“The most sustainable solution to Nigeria’s power shortages is the transition to renewable energy and the decentralisation of the national grid,” he said.

On insecurity, the LCCI president commended the sacrifices of the Nigerian security personnel and urged them to consolidate the gains recorded.

This, he said, was important because of the forthcoming general elections in 2023 and, by extension, the stability of democratic governance in the country.

He noted that in the absence of peace and security, it would be challenging to hold credible, free, and fair elections that would reflect the choices of the electorate of those to lead them.

He also stressed the need to address the root causes of youth unemployment, drug abuse, uncontrolled small arms, and unmanned borders through which foreigners infiltrate the country.

(NAN)

LCCI urges Nigerian Govt to sustain N1.97trn Q2 trade surplus

News

Pope Francis urges global dialogue to prevent world war

Published

4 days ago

January 9, 2025

Matthew Eloyi

Pope Francis on Thursday expressed concern about “the increasingly concrete threat of a world war at a New Year’s reception for foreign ambassadors to the Holy See.

The head of the Catholic Church called on diplomats to engage in dialogue, even with difficult interlocutors.

Dialogue he said is the only way to break the chains of hatred and vengeance that bind and to defuse the explosive power of human selfishness, pride and arrogance, which is the root of every destructive determination to wage war.

He said his wish for 2025 was for the war in Ukraine to end, and repeated his appeal for a ceasefire in the Gaza conflict.

The 88-year-old pontiff also warned of the dangers of the spread of fake news, which not only distorts facts but also perceptions.

“This phenomenon generates false images of reality, a climate of suspicion that foments hate, undermines people’s sense of security and compromises civil coexistence and the stability of entire nations,” he said.

Since 2013, Pope Francis has been the leader not only of some 1.4 billion Catholics worldwide, but also the head of the Vatican City State.

The smallest state in the world maintains diplomatic relations with 184 countries.

Headlines

Afe Babalola bags 2024 Best Nigerian Patriot Award

Published

4 days ago

January 9, 2025

Matthew Eloyi

2023: Presidential election may not reflect the will of the people - Afe Babalola

An elderstatesman and legal icon, Chief Afe Babalola, has bagged the 2024 Best Nigerian Patriot Award for his outstanding performance in humanitarian activities, provision of quality education as well as promotion of peace.

The award was given at an induction ceremony and technical workshop for the inauguration and certification of UN Ambassadors for Peace on Thursday in Abuja.

The event with the theme, “Effective Approach to Anger Management and Tolerance as Panacea for Global Peace and Sustainable Development,” was organised by the Association of UN Ambassadors for Peace (ASUNAP).

The award was organised in collaboration with The Mighty One Empowerment Foundation (TEMOEFA) to support the United Nations efforts in promoting global peace and ethnic tolerance.

The News Agency of Nigeria (NAN) reports that no fewer than 10 persons were also inducted and certified as UN Ambassadors for Peace.

A former Minister of Education, Prof. Tunde Adeniran, who received the award on behalf of Babalola, said the association had done considerable research to come up with the nomination.

“It is one thing for individuals to be playing some roles, but it’s another thing for these roles to be recognised and to be appreciated by the society.

“As a scholar and a researcher, I know that when you do a thorough research into what individuals have contributed in this particular area, one would see that it would be difficult to find someone who has contributed more than Are Afe Babalola.

“This is quite evident from his forays into different areas of national life and continental life of Africa,” he said.

Adeniran called on Nigerians to key into the humanitarian gestures carried out by Babalola.

According to him, if more Nigerians embrace peace and conflict resolution, a lot would be achieved for the country and for humanity.

“This is because there is nothing as precious as peace; without peace, you will not have a stable polity.

“Without peace, there will be no development and love among the people.

“You will not be able to advance to the level where you can say you have reached the optimum.

“The ultimate goal of society is to actualise the potential of citizens, and to be able to get the very best for people.

“I will certainly encourage and plead with Nigerians to key into this, to do their very best, starting from the local, family, community and societal level,” he said.

Also speaking, the Global Director of Interfaith for ASUNAP, Emmanuel Emeka, said the event was aimed at recognising Nigerians in order to promote peace in the society.

Emeka said the association had holistically and comprehensively taken the data of Babalola’s performance, his impact in Nigeria and beyond and found him worthy of the award.

He said that voting was conducted across the nooks and crannies of the country, adding that his name came up with the highest number of votes among nominations.

He said the newly inducted ambassadors would be involved in conflict resolution and peacemaking.

In a keynote address, the Guest Speaker, Prof. Casmiar Obialom, charged the ambassadors not to give war a chance.

He noted that the cumulative effect of not implementing a Mrshall Plan of Action to abate the incidence of impunity had been the root cause of conflicts in society.

Among Nigerians inducted into the association were retired Brig.-Gen. Nuhu Milah, retired Commandant Anthony Nwegbo, Prof. Abiodun Ajibade, Maxwell Abubu, Mrs Comfort Arinze and Dr Raphael Gajere.

Headlines

Zulum inaugurates 3 health sector boards, orders comprehensive overhaul

Published

4 days ago

January 9, 2025

Matthew Eloyi

Zulum resettles 424 families displaced by B’Haram in Konduga

Gov. Babagana Zulum of Borno State has inaugurated three boards in the health sector and ordered a comprehensive overhaul of the state’s healthcare system to address pressing challenges.

The boards inaugurated on Thursday at the Council Chamber of the Government House, Maiduguri, include the Borno State Hospital Management Board, the Borno State Primary Healthcare Development Board and the Kashim Ibrahim University Teaching Hospital Management Board.

Speaking during the ceremony, Zulum said that reforms are necessary to strengthen the delivery of healthcare services, particularly at the primary level.

He added that “we are currently witnessing pressure on our secondary health facilities because primary healthcare is weak.

I want you to assess all hospitals individually and identify challenges related to staffing, equipment and medical supplies so that we can address the issues holistically.”

The governor also directed the boards to work toward resolving the problem of inadequate facilities, staffing and essential medical supplies.

Zulum also inaugurated the Borno State Local Government Service Commission Board, which comprises a chairman and four permanent commissioners.

He emphasised that the reforms and inaugurated boards are part of his administration’s commitment to providing accessible and efficient healthcare to the people.

Prof. Ahmed Ahidjo, the Chairman of the Kashim Ibrahim Teaching Hospital Management Board and Alhaji Modu Alhaji Musa, the Chairman, Local Government Service Commission, expressed gratitude for the honour given to them to serve and pledged to justify the confidence reposed in them.