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Economic downturn: Billionaires Dangote, Elumelu to lead private sector in Tinubu’s Economic Advisory Panel
By Emmanuel Agaji
Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote
President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector.
This resulted from talks between the President and key stakeholders at the State House, Abuja, on Sunday evening.
The development came as the falling naira exchange rate, rising inflation and other economic headwinds have continued to worsen the cost of living crisis.
Some of the prominent members of the private sector that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote.
Speaking at the meeting on behalf of the federal government, Tinubu said the goal “is to provide additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.
He said, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As I have said many times, the people of this country are only the people we have to please.
“And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide hope and reassurance that economic recovery is on its way.
“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”
At the meeting, Tinubu discussed food security, job creation and the exchange rate.
Dangote, who was part of the private sector delegation on the committee, said Sunday’s gathering stakeholders the opportunity to clarify the specifics of their roles in President Tinubu’s Renewed Hope Agenda.
He explained, “I think we had a very good meeting. What we discussed is generally about the economy, food security and security of the nation. We discussed everything in detail.
“The economic presidential advisory committee which has been set up…will look at all the issues and address them, coming from job creation and food security.
“So, all these things have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.”
Meanwhile, Elumelu noted implementing the decisions made that the gathering “will have propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table of Nigerians.”
The Chairman of the BUA Group, Abdul Samad Rabiu, revealed that the committee held frank and exhaustive discussions with the President on the foreign exchange rate.
Citing the recent volatility of the naira against the dollar, Rabiu said, “We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial. It is manipulative and thank God the CBN is doing quite a lot.”
Meanwhile, states have expressed readiness to partner with the federal government’s welfare interventions to alleviate the hardship on Nigerians. They said the advisory committee’s decision would only yield results when execution is prioritised.
Governor Dapo Abiodun of Ogun State said, “As a governor, I can assure you that all hands on deck. All governors have resolved to join hands with Mr president to ensure that he provides the necessary intervention to cushion the effect of what we’re going through while we are waiting for the implementation and the evidence of the fiscal and monetary policies already in place.
“In my state and other states, we are bringing in rice, we’re bringing food items and selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all these to bring succour to the common man until we begin to see the evidence of the fiscal and monetary policies.”
On his part, Governor Charles Soludo of Anambra State said the tripartite committee “will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and the nation as well.”
The Director-General of the Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, affirmed that the private sector “will play a very significant role” in promulgating workable recommendations to the President on economic matters.
The Senator representing Taraba Central, Manu Haruna white washed officials of NAFDAC for poor budget presentation during 2025 budget defense on Friday.
In a video, Senator Manu a former Deputy Governor of Taraba State opened the underbelly of NAFDAC on improper presentation of figures in the outlines.
He pointedly told the officials that the presentation was designed to mislead senators.
Watch video below:
The Kano State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Tajo Othman, who was recently in the news for returning N100 million excess fund to the state government, has revealed the reason behind his action.
The commissioner while addressing newsmen in Kano on Friday said his action was influenced by the state governor’s “exemplary leadership style,” adding that in an ideal situation, leaders are always a pace setter for others to follow.
He said he did not expect Governor Kabir Abba Yusuf to reveal the act to the public, but the governor chose to do so during the flag-off of the free uniform distribution to encourage the future generation to be transparent.
He said, “In an ideal governance setting, the leader is a pace setter for others to follow. We have seen the governor’s body language and as such we fall in. That is what exactly happened. it is the wish of the governor that everybody should be as transparent as possible.
“He is a transparent governor and therefore we should be transparent as well. I never expected the governor to go public with it, but I believe the reason behind his announcement is indeed genuine.”
The commissioner added that as the head of the committee for school uniform distribution, the state governor entrusted him with the task and advised the committee to execute it to the best of their ability.
The commissioner who was a retired customs officer was in the news when the Governor Yusuf publicly commended him for returning N100 million in unspent funds from a N2 billion budget earmarked for the production of 798,000 uniforms for pupils of primary 1 in the state.
A new global survey report from Ipsos and Google has shown widespread use of Artificial Intelligence (AI) tools among Nigerian online population.
The study, tagged: “Our Life with AI: From Innovation to Application,” surveyed 21,000 people across 21 countries, and observed that global AI usage has jumped to 48 per cent and excitement about its potential now exceeds concerns (57 per cent vs. 43 per cent, up from 50 per cent / 50 per cent last year).
According to the report, in Nigeria, AI adoption and enthusiasm are even higher, as 70 per cent of the Nigerian online population used generative AI, surpassing the 48 per cent global average. Moreover, 87 per cent are excited about AI’s potential and see its benefits outweighing the risks.
Analysing the report, President of Global Affairs, Google & Alphabet, Kent Walker, said: “AI is starting to deliver magic at scale, making people’s lives easier and better. The survey results show the more people use these tools, the more excited they get about the possibilities and about the personal, professional, and scientific breakthroughs on the way.”
The survey results indicate that optimism about AI is growing within the surveyed online community in Nigeria. Key findings from the survey, show that among survey participants in Nigeria, 70 per cent reported using generative AI in the past year, which is significantly higher than the global average of 48 per cent. A substantial 87 per cent of Nigerian respondents feel that AI’s potential benefits outweigh the associated risks, suggesting a strong belief in the positive impact of AI. A significant 81 per cent of surveyed Nigerian adults believe AI will positively change the economy.
Furthermore, 90 per cent of the survey respondents in Nigeria anticipate AI having a positive impact on science and medicine, demonstrating the widespread belief in the potential of AI to drive progress in these sectors.
According to the report, Nigeria’s online population demonstrates a higher level of excitement and adoption of AI when compared to other regions. The survey indicates: Nigeria is among the top countries in terms of AI usage and excitement about its potential.
This contrasts with more cautious sentiment in some European and North American countries.
The report also said the Nigerian online community saw immense potential for AI in science and medical advancements:
“A significant 90 per cent of survey respondents expect AI to have a positive impact on science and medicine. This is one of the highest rates globally, highlighting the strong anticipation of breakthroughs in these fields through AI,” the report said, and onlinerd that the population in Nigeria recognised AI’s potential to enhance personal and professional development:
“Many believe AI can make people’s lives better by boosting productivity and providing access to resources. Within the Nigerian online population surveyed, there is a prevailing sentiment that supports the fostering of AI advancement rather than restrictive regulations. This suggests that those surveyed are keen to embrace innovation,” the report further said.
The survey results highlight the strong enthusiasm and optimism of the surveyed online population in Nigeria about the role of AI in various aspects of life, particularly in the economy, healthcare, and scientific advancement. The findings suggest that Nigeria’s online community is among the most enthusiastic globally about the transformative potential of AI.
Google has been pursuing AI boldly and responsibly for years. In 2018, Google was one of the first companies to establish AI Principles grounded in beneficial use and avoidance of harm. Two years ago, it unveiled its opportunity agenda, which shard concrete recommendations for governments to ensure AI benefits the broadest range of people possible.
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