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Mineral resources alone can’t take Nigeria to prosperity – Makinde
Oyo State Governor, Engineer Seyi Makinde, said on Sunday that natural resources alone cannot take Nigeria to its desired prosperity.
The Governor, who spoke during a church service in respect of the 2020 Armed Forces Remembrance Day Celebration, held at Cathedral of St. Peter, Aremo, Ibadan, said that education and human capital development would remain the top priority of his Administration.
A statement by the Chief Press Secretary to the Governor, Mr. Taiwo Adisa, quoted the Governor as saying the no country of the world became prosperous by merely relying on natural resources.
Governor Makinde said: “Knowledge is power and that is why, in this administration, education will still remain top priority.”
He said that the Nigerian Armed Forces has sacrificed heavily including making supreme sacrifices for the peace and unity of Nigeria.
He added: “I want to appreciate the officers and men of the Nigerian Armed forces because you have done well for this country. Your colleagues have made supreme sacrifice for the unity of this country and for peace of the world because we have a record of members of the Armed forces that actually fought in the World War. So, they have contributed to peace in the world.
“So, we know you have taken a lot of risk on behalf of all of us and we just want to say thank you.”
The Governor said the effective management and usage of our natural resources by those at the helms of affairs of this country was the only thing that could take “us out of the poverty in Nigeria.
“And on the occasion of this celebration, when I came in, as I was listening to what the Archbishop was saying, I picked some certain things from his statement. He said that God has blessed us a lot in this country but the leadership has only been managing poverty. That is actually true but I also beg to differ slightly, because natural resources alone can never take any country or society out of poverty.
“The only thing that can take us out of poverty is how we can organise ourselves and how we utilize those natural resources. We can have an abundance of it and we still waste it. As a matter of fact, if we look at the trajectory of countries that have been successful, for example, Japan, they barely have any natural resources but when we look at their people, they utilise the brain God has given to them, developed it and utilised it. Even, they take natural resources from other countries, refine them and sell it back to the countries they got it from at a high cost. So, this is how they were able to take themselves out of poverty.”
The Governor charged Nigerians to emulate the Armed Forces by organising themselves and doing the right thing at the right time, adding that we should look beyond the natural resources God has given us and utilise the talents that we have inherent in us as individuals, because according to him, that is what can take this country out of poverty.
“One of the things that is fascinating to me is how the Armed Forces have been organised. When you go to their function, I cherish the way they carry themselves,” he said.
He, therefore, wished the members of Nigerian Armed Forces and their families a fruitful celebration and pledged the continuous support of his administration.
“On this note, I want to wish the members of Nigerian Armed Forces and their families a happy celebration and know that we are with them always,” he said.
Earlier in his sermon, the Archbishop of Ibadan Province, Most Reverend Segun Okubadejo, appreciated the members of the Nigerians Armed Forces for protecting the lives and properties of the Citizens in Nigeria.
He admonished them to always put God first in all their dealings, even as he maintained that members of the Armed Forces were known to be indispensable in the society.
This was as the Archbishop called on all leaders in the country to manage the nation’s natural resources well so that the poverty in the land could be alleviated.
Personalities that attended the service included the wife of the Governor, Mrs Tamunominini Makinde; the Secretary to the State Government, Mrs Olubamiwo Adeosun; Deputy Chief of Staff, Hon. Mojeed Mogbonjubola; General Officer Commanding 2 Division, Nigerian Army, Major-General A.B. Omozoje; Commander 2 Division, Garrison Nigerian Army, Brigadier-General O.O. Soyele; Chairman Nigerian Legion, Oyo State Command, Deacon Micheal Fajimi; military officers, members of paramilitary organizations and many top government officials.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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