Osinbajo For 2017 The Economist’s Nigeria Summit

Image

Osinbajo

**Shifts Focus on Nigeria’s Economy Future

By Modupe Gbadeyanka

Riding on last year’s successful summit, The Economist Events’ Nigeria Summit has disclosed that the 2017 edition of the event will explore strategic opportunities available for Nigeria’s economic growth as she seeks solutions to her current financial downturn.

Already, Nigeria’s Vice President, Prof Yemi Osinbajo, is expected to deliver the opening address.

Delegates at the 2016 Summit concluded that “Nigeria needs to move quickly—the rest of the world is not waiting for Nigeria to catch up.

But at the same time it should not risk having the policy reversals of the past”. Many delegates stressed that Nigeria must identify its main strengths, and then act decisively to support them.

Chief Executive Officer of Access Bank, Mr Herbert Wigwe, argued that, “We need to prioritise and look at the sectors where we have the greatest efficiencies and where we can invest our resources to get the big impact that is required.”

Now in its 12th year, the Nigeria Summit has become one of the leading events in Africa where business, government and ideas people meet to chart a course for Nigeria’s economy.

The 2017 summit will be a 2-day event, themed, “Paving the Way”, and will be held on March 6 and 7, 2017 at the Intercontinental Hotel, Victoria Island, Lagos.

Other speakers for the summit include; Michel Arron, Head of Delegation to the Federal Republic of Nigeria, EU,  Paul Arkwright, High Commissioner to the Federal Republic of Nigeria, United Kingdom, Bilikiss Adebiyi, Chief Executive Officer, Wecyclers Corporation, Jonathan Rosenthal, Africa Editor, The Economist amongst others.

This year’s summit is expected to bring together more than 350 participants drawn from different walks of life including Nigeria’s public and private sectors, international business leaders, representatives of Nigerian civil society, international investors, economists and academics

According to The Economist Events, the discussion comes at a crucial time as Nigeria is facing an economic downtime. For the first six months of 2016 Nigeria has been in the grip of a severe foreign currency shortage.

Many businesses have been unable to import inputs from raw materials to machine parts as well as simple supermarket products. As the economy has slowed, foreign investors have pulled back.

The number of unemployed and underemployed Nigerians has risen. The question then is how Nigeria can get out of her present economic quagmire?

“The 2017 Nigeria Summit will explore the economic and social progress discussed during the last summit, as well as provide an in-depth analysis on the way forward for Nigeria to return to its strong economic growth,” said, Jonathan Rosenthal, Africa Editor, The Economist.

Attendees will be looking at a wide range of issues from the economic policy and diversification to digital disruption, manufacturing, power supply, and education during the panel discussions, which will be chaired by Jonathan Rosenthal.

Other topics to be discussed include; Nigeria on the regional and global stage, Securing a peaceful Nigerian future, Nigeria’s investment landscape from private equity to entrepreneurs, the future for Nigeria’s banking sector, Nigeria’s digital revolution, Skills and education-growing Nigeria’s people power, Powering Nigeria’s future etc. Being at the heart of the continent’s economic renaissance, speakers will also be expected to review Nigeria‘s role on the African continent as well as on a global stage.

Share
Related Stories
Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Navigating the Complex World of Investing: What Novices Need to Know

Have you finally decided to take the leap into the exciting arena of investing? Not only is this an excellent way to secure a lucrative nest egg for the future, but many have begun to use these opportunities as a springboard for their businesses. However, appreciating the intricacies of online trading is no easy task. A great deal of preparation will be required and mistakes can occur on occasion. This is why knowing where to begin is one of the best ways to establish strong foundations. Let us therefore cut through a fair amount of “fluff” and examine a handful

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in

Image
29-February-2024

The Nigerian Government’s Crypto Crackdown and the Role of USDT

In the last couple of weeks, Nigeria has found itself at the centre of a currency crisis, with the value of the Naira drastically falling against the US Dollar. Amidst this economic turmoil, recall that at the beginning of the year, the value of the Naira to Dollar was between N900 and N1,100 to $1, however, the Naira now goes for N1,600 to $1. This issue has raised a lot of concerns for the Nigerian government. In a bid to safeguard the Naira and tidy up the multiple systems of various exchange rates, the government has restricted access to some

More Stories
Image
26-November-2023

Nigeria Lost $1.4bn to FX Ban on 43 Items in Four Years—Cardoso

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

Image
13-December-2021

Baileys Sponsors Networking Programme for Career Women, SheBlooms

By Modupe Gbadeyanka A premium liqueur with a strong female appeal, Baileys Delight, has thrown its weight behind a networking event specifically designed for young career women, SheBlooms. SheBlooms is an initiative of The Lighthouse Network, one of the leading female networking organisations in Nigeria, established by Ms Nkiru Olumide-Ojo. Ms Olumide-Ojo stated that the event is targeted towards career women between the ages of 22 and 55, who work for or own corporate organisations. She further said it was created to drive career awareness and conscious growth in the Working Girl and will include coaching sessions with various speakers

Image
03-April-2017

Diamond Bank Gets Extra 30 Days to File 2016 Audited Accounts

By Modupe Gbadeyanka The Nigerian Stock Exchange and the Securities and Exchange Commission (SEC) have granted Diamond Bank Plc a one-month grace period to file its 2016 audited financial statements. Diamond Bank had failed to file its 2016 audited accounts by March 31, 2017, as required by the NSE. The bank explained that it could not meet the deadline because it had been informed that “due to the stage of review of our accounts by the Central Bank of Nigeria (CBN), it is unlikely that this will be concluded in line for us to comply with the NSE and other

Image
09-July-2021

Nigeria, Others to Receive 220 million J&J Vaccine Doses

By Adedapo Adesanya Nigeria and the other 54-member states of the African Union (AU) will receive the supply of up to 220 million doses of the Johnson & Johnson single-shot vaccine by the end of 2022. The expected delivery of the J&J vaccine doses followed an agreement signed by the United Nations Children Fund (UNICEF) with Janssen Pharmaceutica NV, which will see some 35 million doses delivered by the end of this year, UNICEF stated in a statement issued in New York. The agreement between UNICEF and Janssen Pharmaceutica NV will help implement the Advance Purchase Commitment (APC) signed between the African

Image
01-August-2018

Nigeria’s Manufacturing Index Records 16th Successive Expansion in July

By Modupe Gbadeyanka For the 16th consecutive month, the manufacturing Purchasing Managers’ Index (PMI) recorded an expansion in the month of July 2018. According to the index released by the Central Bank of Nigeria (CBN) on Tuesday, the index grew to 56.8 index points. The apex bank, in the report, said the index however expanded at a slower rate when compared with the index in the previous month. It said of the 14 subsectors surveyed, 13 reported growth in the review month in the following order: petroleum & coal products; printing & related support activities; paper products; electrical equipment; primary

Image
26-October-2021

World Bank Blacklists 18 Nigerians, Firms

By Adedapo Adesanya The World Bank said it blacklisted 18 Nigerian individuals and firms for engaging in corrupt practices, fraud and collusive practices in its 2021 fiscal year. This was disclosed by the global lender in a new report titled World Bank Group Sanctions System FY21. It further stated that the debarments were made by the World Bank Sanctions Board, World Bank Chief Suspension and Debarment Officer and the African Development Bank (AfDB). The debarments made by AfDB were recognised by the World Bank, making the affected firms to be barred under the cross-debarment policy. World Bank Group’s David Malpass

Image
11-March-2018

Mara Corporation to Unveil Android One Phone Q2 2018

By Dipo Olowookere Mara Corporation Limited (MC) has disclosed that it plans to launch its Mara X for the African market in the second quarter of 2018. The Mara X, according to the firm, will be a one-of-a-kind high-quality smartphone in partnership with Google. A statement issued by Mara Corporation explained that the Mara X will be launched as part of Google’s Android One portfolio, getting a software experience designed by Google to be smart, secure and simply amazing. It comes with the latest innovations from Google and will run the latest operating system, Android 8.0 Oreo; with two years

Image
17-July-2018

European Stocks Struggle as Oil Extend Losses

By Investors Hub European stocks are struggling for direction on Tuesday as oil extended the previous session’s losses, corporate earnings proved a mixed bag and investors awaited Federal Reserve Chairman Jerome Powell’s testimony for possible clues on the outlook for U.S. interest rates. While the U.K.?s FTSE 100 Index is just below the unchanged line, the German DAX Index is down by 0.1 percent and the French CAC 40 Index is down by 0.3 percent. Norwegian telecom company Telenor has moved to the downside after its underlying sales growth slowed in the second quarter. Property giant British Land Co. has

Ad
Ad
Recent Stories
Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in

Image
01-March-2024

Reps Investigate Nigeria’s Public Private Partnerships, Concessions Since 1999

By Adedapo Adesanya The House of Representatives is investigating and executing performance assessments of Public Private Partnerships (PPP) and concession agreements in the country since 1999. At a hearing of the Joint Committees on Public Assets and Special Duties on Thursday in Abuja, the Speaker of the House, Mr Tajudeen Abbas, said the objective was to meticulously dissect the triumphs, challenges, and overall impact of PPPs and concession agreements on our public infrastructure and services. “While PPPs have indeed played a crucial role in propelling development, it is imperative that their effectiveness undergoes a comprehensive analysis. “Therefore, this hearing presents

Image
01-March-2024

Jose Peseiro Exits Position as Super Eagles Coach

By Dipo Olowookere Portuguese tactician, Mr Jose Peseiro, has left his job as the coach of Nigeria’s male football national team, the Super Eagles. He exited the team barely a month after he led the country to the final of the 2023 Africa Cup of Nations (AFCON) hosted by Cote d’Ivoire. The host nation defeated Mr Peseiro’s men by 2-1 from a goal down in the final to lift the trophy. The Super Eagles had beaten the Elephants in the group stage of the tournament by a lone goal before meeting again in the final. Before the competition ended, there

Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s