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Economic downturn: Billionaires Dangote, Elumelu to lead private sector in Tinubu’s Economic Advisory Panel

Published

5 months ago

February 26, 2024

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.

News

Po!n, betting sites recorded 162m Nigerian visitors in June – Report

Published

57 mins ago

July 27, 2024

Admin

A report by global data and business intelligence platform, StatiSense, has revealed that more than 162 million Nigerians visited porn and betting websites in June 2024.

According to the platform’s most recent data, which lists the top ten websites that Nigerians saw on their mobile devices in June, a sizable percentage of this traffic visited websites with gambling and pornographic content.

A post on StatiSense’s official X page revealed that a variety of search engines, social media apps, and betting platforms were among the most popular websites.

Notably, two pornographic websites, Xvideos and Xnxx, came in second and sixth place respectively with a total of 80.18 million visits.

In addition, Nigerian mobile users visited sporting websites 176.83 million times. Of these, 83.1 million visits were allocated to sports betting sites Sportybet and Bet9ja, which secured third and fourth places on the list.

Google and Facebook were also among the sites that featured prominently in the report.

News

Reps hail Wike, Tamuno over AICL’s improved revenue, infrastructure

Published

1 hour ago

July 27, 2024

Admin

Members of the House of Representatives’ Committee on FCT, led by Hon. Aliyu Muktar Betara have applauded the Minister of Federal Capital Territory (FCT), Nyesom Wike over ongoing infrastructural development projects across the nation’s capital city.

The lawmakers who spoke during an interactive session with the Group Managing Director of Abuja Investment Company Limited (AICL), Dr. Maureen Tamuno applauded her ingenuity towards improved revenue generation since her assumption of office.

While presenting her scorecard and strategy adopted in the turnaround of Abuja Investment Company Limited to the Committee, Dr. Tamuno disclosed that AICL only manages the district markets, not the entire markets across the territory.

According to her, Wuse Markets is owned 90 percent by the individuals who bought the shops while AICL owns 10 percent.

“For example, Wuse Market is owned 90 percent by the owners, we own 10 percent. What Abuja Management does for Wuse market is to manage the facility there through the toll taking which they do collect on our behalf and then they manage the facilities, they manage the refuse collections and they also work with the market association.”

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Tinubu serious in solving economic crisis — Wike

Published

1 hour ago

July 27, 2024

Admin

Minister of Federal Capital Territory (FCT), Nyesom Wike on Friday said President Bola Ahmed Tinubu is serious in solving the economic crisis in the country.

Wike gave the assurance during the inspection of the ongoing construction of the 7.3 kilometers Gaba/Tokulo road in Bwari Area Council.

He pleaded with Abuja residents to give the present administration the needed support to deliver the dividends of democracy.

Addressing reporters during the inspection visit, the FCT Minister expressed satisfaction with the speed and quality of work on the road project and assured that it will be adequately funded to ensure its timely completion by December this year.

The Minister who revealed that the project was 40 percent complete, said about 70 percent of the contractual sum has been paid to the contractor by the FCT Administration and expressed confidence in the capacity of the contractor to deliver the project within the agreed schedule.

Wike further disclosed that the Gaba/Tokulo road, when completed, will not only enhance transportation in the rural parts of the FCT, but will also improve food security in the nation’s capital by providing access to the farmlands, as well as access to the markets.

He also stressed the commitment of the FCT Administration to providing infrastructure in the FCT Area Councils, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

Wike said: “So many people have thought that we are only concentrating in the city. Yesterday, we were in Saburi, today we are in Bwari. Tomorrow, we will be in Kuje, so that people will understand that while we are doing in the city, we are also carrying out development in the satellite towns and the rural areas because by the Renewed Hope Agenda, development is not only to be concentrated within the city but also to take to the rural areas in order to improve the economy.

“Here is an agrarian area; without this road, how are they going to move their goods? And this is part of the problems we have in terms of food insecurity. People are talking about shortages of food, but if we don’t have means of transportation, that is also a problem.

“We are trying to solve that problem of transportation for farmers to be able to go and bring whatever they have produced for people to consume or to buy”.

Wike, while thanking the people of Bwari for their support for the government, also reiterated that President Tinubu was committed to addressing the economic problems of the country and called for their continued support.

He said: “We thank the people of Bwari and we want to also let them know that the government of President Tinubu is serious about solving the economic crisis we have. All we urge Nigerians is just to be patient.