Nigeria Needs Resilient, Sustainable Economic Model—Ahmed

Image

By Modupe Gbadeyanka

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has disclosed that Nigeria will need an economic model that can withstand several shocks.

Speaking at the 19th National Council on Development Planning (NCDP) held last week at the Nigerian Air Force (NAF) Conference Centre and Suites in Abuja, she stated that the national economic plans performed below expectations as a result of lack of cooperation.

But to change the tide, she submitted that the various governments at all levels must work together to come up with policies that would address the different issues that could attempt to weaken the economy.

“[There is a need] for an urgent strategy to develop a more resilient and sustainable economic model that could stand the test of time. Achieving this would require maximum cooperation and collaboration at all levels of government,” the Minister said.

Mrs Ahmed said since the administration of President Muhammadu Buhari came into power, there have been deliberate efforts to achieve this goal.

“The ongoing Medium-Term National Development Plans (MTNDP) 2021-2025 and Nigeria Agenda 2050 were designed to address these concerns,” she assured.

According to her, “You would agree with me that previous plans witnessed a varying degree of successes. For instance, the Economic Recovery and Growth Plan (ERGP) 2017-2020, which was crafted in the wake of the global economic meltdown of 2016, was able to pull Nigeria economy out of recession.”

She expressed confidence that the NCDP themed National Development Planning in Nigeria: Issues and Challenges would stimulate robust discussions on a new adaptable approach towards the formulation of effective national plans that will serve as a successor to the NV20: 2020 and the ERGP 2017-2020 which ended in December 2020.

“This meeting is an annual event is organised along with the Joint Planning Board (JPB) meeting by the Budget and Planning arm of the Federal Ministry of Finance, Budget and National Planning in conjunction with state governments for policy formulation and implementation of contemporary economic issues with a view to proposing policy options geared towards enhancing the economic management process of the nation.

“The outbreak of COVID-19 in 2020 and its myriad consequences have impacted so much on the economy and norms that it would take decades for the world to recover.

“The economy plunged into another wave of recession in 2020 which was, however, short-lived by proactive measures put in place by the current administration.

“The meeting is aimed at ratifying key resolutions reached in the last two days and to formulate critical actionable strategies towards repositioning the Nigeria economy into a prosperous and all-inclusive one.

“I, therefore, implore your cooperation as true citizens in the development of our great country, towards the realisation of the objectives of this meeting,” she said.

At the two-day hybrid meeting, participants deliberated on ways of charting a new economic pathway that will sustain national development.

Share
Related Stories
Image
27-February-2024

BREAKING: CBN Raises Interest Rate by 400bps to 22.75%

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has announced a 400 basis points or 4.00 per cent hike in the Monetary Policy Rate (MPR). The Governor of the CBN, Mr Yemi Cardoso, while addressing journalists at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said the team agreed to push the benchmark interest rate to 22.75 per cent from the 18.75 per cent it was increased to in July 2023, when the MPC was last held. Business Post reports that the Cash Reserve Ratio (CRR) was raised by 12.5 per cent to

Image
26-February-2024

Yields to Remain High for Money Market Investors in Nigeria

By Aduragbemi Omiyale Money market investors in Nigeria have been assured that despite the current economic challenges, yields will remain high this year. According to analysts at FBNQuest, this would be supported by the resolve of the Central Bank of Nigeria (CBN) to sustain tight monetary policy amid inflationary pressure and the foreign exchange (FX) liquidity crisis. The National Bureau of Statistics (NBS) recently said inflation for last month increased by 29.90 per cent on the back of aggravated food prices. A few weeks ago, the central bank raised the stop rates of treasury bills to 19 per cent in

Image
27-February-2024

CBN Resumes FX Sales to BDCs, Pegs Rate at N1,301/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) will begin selling Dollars to eligible Bureau De Change operators (BDCs) at a pegged rate of N1,301/$1 in its latest effort to improve liquidity in the Nigerian foreign exchange market. The apex bank will begin those sales after proposing more stringent rules for BDC operators last week, according to a circular published on Tuesday. According to the notice signed by Mr Hassan Mahmud, the CBN Director of Trade and Exchange Department and seen by Business Post, the CBN said it carrying out the move due to “the continued price distortions at

Image
27-February-2024

EXPLAINER: How CBN’s 22.75% Interest Rate Hike May Affect You

By Dipo Olowookere Today, the Central Bank of Nigeria (CBN), through its Monetary Policy Committee (MPC) raised the benchmark interest rate, the Monetary Policy Rate (MPR), by 4.00 per cent or 400 basis points to 22.75 per cent from 18.75 per cent. This rate hike was inevitable, though the margin of increase was not expected. I know you are asking how this affects you. Hey, listen carefully, you should be bothered and I will explain why. Now, the MPR is called the benchmark interest rate because it is what commercial banks use to determine the interest rate they give loans

More Stories
Image
23-March-2021

Nigeria’s Oil Production Within OPEC+ Limits—NNPC

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has revealed that Nigeria has complied with the oil production quota allotted to the country by the Organisation of the Petroleum Exporting Countries (OPEC). The Group Managing Director (GMD) of the state oil company, Mr Mele Kyari, in an interview with Channels TV on Monday evening, disclosed that Nigeria’s oil production is between 1.6 million barrels per day and 1.7 million barrels per day. Mr Kyari said that prior to the COVID-19 pandemic, Nigeria had reached its highest output in 10 years, which was cut short by the effect of the

Image
08-March-2019

Court Sentences Lekan Shonde to Death for Wife’s Death

By Dipo Olowookere The man accused of killing his banker wife in 2016, Mr Lekan Shonde, has been sentenced to death by hanging by a Lagos State High Court sitting in the Ikeja area of the state. Justice Josephine Oyefeso, who ruled on the matter on Friday, said Mr Shonde was guilty of beating his wife, Mrs Ronke Shonde, to death at their Tiemo Crescent home in the Egbeda area of the metropolis. The judge held that the convict should be put to death by hanging for the gruesome murder of his wife, who he (Mr Shonde) accused of sleeping

Image
18-February-2021

Briclinks Mulls New Business Opportunities

By Dipo Olowookere The newest member of the Nigerian Stock Exchange (NSE), Briclinks Africa Plc, is considering exploring new business opportunities. This it hopes will make it have better earnings and return to profitability. On Friday, February 5, 2021, Briclinks was admitted to the growth board of the exchange through a listing by introduction. The firm quoted its 10 million ordinary shares of N1.00 each at N6.26 per unit on the platform. At the ceremony to mark its entry into the space, the chief executive of Briclinks, Mr Mohammed Buhari, who controls 50 per cent stake of the firm, explained

Image
22-April-2023

Customs Area 1 Grows Revenue by 23% to N28.5bn in Q1 2023

By Bon Peters The Nigeria Customs Service Area 1 Port Harcourt, Rivers State, says it collected about N28.5 billion from January to March 2023. Addressing newsmen in his office in Port Harcourt, the Rivers state capital recently, the Customs Area Controller of the Command, Comptroller CD Wada, said this was 23 per cent or N5 billion higher than N23.2 billion generated in the same period of 2022. He noted that the Command recorded 119 interventions in the first quarter of this year, translating to N582.6 million, higher than the 91 interventions and N373.8 million reported in the corresponding period of

Image
13-June-2022

Aluminium Extrusion Corrects Error in 50 Kobo Dividend Declaration

By Dipo Olowookere The board of Aluminium Extrusion Industries Plc has announced that shareholders of the company will no longer receive the 50 kobo dividend it earlier proposed for payment for the 2021 financial year. In a statement issued over the weekend, the firm explained that the amount of the proposed cash reward was a mistake as it ought to be 5 kobo. In the notice filed to the Nigerian Exchange (NGX) Limited, Aluminium Extrusion apologised “for any inconvenience this erroneous information might have caused.” “Aluminium Extrusion Industries Plc hereby announces the following to Nigerian Exchange Limited (NGX), its shareholders

Image
18-May-2023

Elixir in Court Over N3bn Investments

Elixir Asset Management Limited and Elixir Investment Partners Limited, along with two of their directors, have been dragged before the Federal High Court sitting in Ikoyi, Lagos, on allegations of fraud of over N3 billion. Elixir Asset Management Limited, Elixir Investment Partners Limited, Clara Bittinger Mshelia-Whyte and Sarah Ogbemudia were arraigned for promoting an unregistered market product, the Elixir Treasury and offering the same to the investing public. In a four-count charge brought against the companies and their promoters by the Federal Republic of Nigeria, they are accused of offering for subscription an unregistered product, ‘Elixir Treasury Product’ valued at

Image
26-June-2020

Oyo to Fly Flags at Half-Mast Friday for Ajimobi

By Dipo Olowookere Flags in Oyo State will be flown at half-mast on Friday (today) to honour the immediate past Governor of the state, Mr Abiola Ajimobi. The death of the former Governor was announced on Thursday night and he was initially reported dead about a week ago. The current Governor of Oyo State, Mr Seyi Makinde, while reacting to the demise of his predecessor in a statement last night, expressed sadness at the demise of Mr Ajimobi. In a condolence message to the Ajimobi family and the people of Oyo State, Mr Makinde said the former Governor would be

Image
24-August-2022

LIRS Whistle-Blower Initiative Will Promote Accountability—Group

By Modupe Gbadeyanka The Lagos State Internal Revenue Service (LIRS) has been commended for introducing a Whistle-Blower Initiative aimed to boost the trust of taxpayers in its activities. According to a civil society organisation, Vanguard for Transparency and Accountability, this policy will promote openness, and accountability and ultimately enhance citizens’ participation in governance and then put the agency under public scrutiny. In a statement, the president of the anti-corruption crusade group, Mr Paulycap Nnabuogor, said the LIRS led by Mr Ayodele Subair has done well to sustain its pace-setting records in tax management reforms in Nigeria. He expressed optimism that

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect