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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.
News
Federal Ministry of Youth Development, NDPC Sign MOU to train 5,000 Youths on Data Protection
By Kayode Sanni-Arewa
In line with the 8 Presidential Priorities and the Renewed Hope Agenda of President Bola Ahmed Tinubu, the Federal Ministry of Youth Development and Nigeria Data Protection Commission (NDPC) have signed a Memorandum of Understanding to train youths on Data Privacy and Protection.
In his remarks during the signing ceremony, the Hon. Minister of State for Youth Development, Engr. Ayodele Olawande, expressed optimism about the opportunities being created for jobs and wealth creation by NDPC under the leadership of the National Commissioner/CEO, Dr Vincent Olatunji. “No less than 80% of human capital development under the administration of the President are targeted at youths and this initiative is aimed at equipping 5,000 youths with the requisite technical skills for new jobs in the data protection ecosystem,” the Hon Minister remarked.
While explaining the importance of the training, Dr Olatunji emphasized the importance of building trust and confidence as Nigeria repositions her economy to attract foreign direct investment. “Investors will be eager to do business in Nigeria if we are able to demonstrate accountability in relation to their data assets. There are at least 500,000 data controllers in Nigeria who are required to have at least one data protection officer each. Nigerian youths now have a great opportunity to become professionals to take up the estimated 500,000 new jobs in the ecosystem.
“In addition, we are also making sure that the subsequent certification will not be a burden on our foreign exchange. We have already licensed an in-country certification body who will issue globally recognized certificates to eligible trainees.” Dr. Olatunji stated.
On his part, the Permanent Secretary, Federal Ministry of Youth Development, Mr. Olubunmi Olusanya, lauded NDPC for its quest on data privacy and protection and expressed the preparedness of the Ministry to set the necessary machinery in motion in order to make the collaboration a success.
B.B. Bamigboye Esq. CDPRP
Head, Legal, Enforcement & Regulations
News
Abure’s tenure as LP chair as Chairman has ended; Says INEC, confirms new chair
By Kayode Sanni-Arewa
In a counter-affidavit filed by INEC,
The Independent National Electoral Commission (INEC) says it no longer recognises Julius Abure as the National Chairman of the Labour Party (LP), declaring his continued claim to the position as “illegal and unconstitutional.”
According to INEC, Abure’s tenure, along with that of the party’s national working committee, expired in June 2024.
In a counter-affidavit filed by INEC, the electoral body responded to a lawsuit by the Labour Party, which challenged its exclusion from the commission’s refresher training for uploading party agents ahead of the Edo and Ondo governorship elections.
INEC argued that the party’s leadership, including Abure, is invalid and that the March 2024 National Convention that re-elected Abure as chairman violated both the Nigerian Constitution and the Electoral Act.
INEC emphasised, “It only deals with parties that have legitimate leadership in place.”
The electoral body, through its legal team led by Tanko Inuwa, SAN, also stated that the Labour Party’s suit sought declaratory reliefs that could not be granted based on admissions alone, asserting that the party needed to prove its case.
Due to the failure of the Labour Party to meet legal requirements for holding its national convention, INEC argued, the party no longer has valid leadership.
The commission urged the court to dismiss the Labour Party’s suit, maintaining, “The Labour Party is not entitled to the reliefs it is seeking.”
SaharaReporters had reported that during a press conference in Abuja, Abure had refuted allegations of embezzlement, asserting that he had no direct access to or involvement with the campaign funds.
“The party and I have been accused of being responsible for Peter Obi’s failure in the 2023 general election. They stated that the campaign, election donations and funds for the payment of agents were mismanaged by the party hence Peter Obi failed in the election,” Abure had stated.
He had alleged, “The election funding was done by Obi himself. As per the donations, the party was not involved. The signatories to these accounts were Aisha Yesufu and Pastor Itua Ighodalo. They were equally responsible for the payment of Polling Unit Agents.”
While reacting to Abure’s comment in a viral video posted on her official YouTube account, Yesufu, who is also the chairman of the campaign fundraising team, called Abure “very shameless” for claiming that polling unit agents were not paid.
She questioned, “What happened to all the millions that people used to buy tickets? You couldn’t use any of it to pay agents.”
She accused Abure of engaging in outdated practices, saying, “Abure thinks it is in those days when they were doing unionism when nobody had access to the internet, and nobody kept records. They would say anything and get away with it.”
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Construction: Wike moves to help reduce cost in FCT
By Kayode Sanni-Arewa
The Federal Capital Territory(FCT), Minister of the Federal Capital Territory Administration (FCTA), Barr Nyesom Wike has moved to ensure that the cost of construction is reduced in the Territory.
He took this position during an inspection tour to Zeberced Limited Quarry Saturday in Abuja which is the largest in the whole of West Africa.
Wike, who was amazed at the scale of operations, described it as a game-changer for the construction industry in the region.
He said: “It’s a factory right here in the FCT, and the Managing Director has always invited me to see the facility, which is the biggest quarry in West Africa. I had never been here before, but today, I’ve taken the opportunity to assess the environment and see firsthand the incredible work being done,” Wike remarked during his tour of the factory.
The minister’s visit comes amidst rising construction costs in the capital city.
Wike stressed that the abundant availability of raw materials within the FCT should, in fact, lower construction expenses, particularly when it comes to aggregates used in building roads and infrastructure
He stated, “That shows that ordinarily, the cost of construction ought not to be very expensive, particularly in the FCT. Apart from the equipment that is imported, the raw material is available here. I wonder why contractors should be talking about the high cost of aggregates as if these materials are imported they’re made right here.”
With over 800 workers directly employed at the quarry, Wike commended the company’s contribution to job creation and local economic growth.
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He further revealed that the same company is spearheading the development of an industrial park at Idu, a project the FCT Administration is fully supporting.
“I sent out a letter to the Ministry of Finance just yesterday to facilitate some tax credits, which will enable them to carry out the expansion of a single-carriage road to a double-carriage way, a project currently being handled by Salini Construction Company. We’re giving them all the necessary support to make this a reality,” Wike added.
The minister, visibly impressed by the quarry’s operations, expressed some concerns about the environmental impact but was reassured that all assessments were up to standard. “My only concern was the environmental impact assessments, but I’ve been assured that everything is in compliance. I’m very impressed with what I’ve seen here.”
Wike’s visit underscores the FCT Administration’s focus on driving industrial growth while encouraging local manufacturing to support infrastructure development.
With local resources available, he emphasized the need for contractors to re-evaluate pricing structures, particularly in the FCT, to reflect the advantages of sourcing materials locally.
Wike’s endorsement of the quarry and the upcoming industrial park at Idu marks a step towards a more sustainable and cost-efficient approach to construction in the capital, aligning with President Bola Tinubu’s administration’s vision for economic growth and infrastructural development.
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