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Nigerian States Are undiscovered Jewels With Huge Economic Potentials –Osinbajo
In a speech that highlighted the tremendous local and international economic potentials of States of the Nigerian Federation.
Acting President Yemi Osinbajo, has described states in Nigeria as undiscovered jewels, opining that Niger state alone with its rich agricultural potentials and resources has the capacity to feed both the country and about half of the African continent.
The Acting President said this Minna, at the Investment Summit organised by Niger State tagged “Truly Niger” to showcase the rich potentials of the State to investors.
He said, “Indeed, this State like most of Nigeria is largely an undiscovered jewel; a real treasure hiding in plain sight. The vision is to position Niger State to feed at least 50% of Africa. This may sound like a tall order given today’s level of production. But we should always set our sights high.”
Delivering the keynote address as Special Guest of Honour at the ceremony chaired by former President Olusegun Obasanjo, the Acting President spoke on the theme; Impacting Investment For Advancing Agricultural Economy and Innovationstating, stating, “even in the best days of oil dominance in Nigeria, agriculture provided jobs for 30 percent of our population, and about the same percentage in contribution to GDP.”
Continuing, he noted that Agriculture is clearly the surest pathway to diversifying the economy, ensuring food security and improving foreign exchange earnings.
Speaking to industry chieftains, bankers, financial experts and senior government officials at the Legbo Kutigi International Conference Centre, in Minna, Osinbajo noted that Niger State “boasts of size, occupying 10% of Nigeria’s land area and hence has the potential to be serve as an agricultural hub.
He described Niger State as having the largest tracts of arable land in the sub-region, the largest number of hydro-power assets, a hardworking, resourceful, youthful population and an experienced and purposeful leadership.”
He noted that the State “is rightly proactively seeking sustainable, long-term investments that will support the inclusive, sustainable and resilient growth and development that the State needs. I expect that the summit will deliver the connections, the networks and investment collaboration that it was designed for.”
Before declaring the investment summit open, Prof. Osinbajo recalled the efforts of the Niger State government to make the State more business-friendly, and implored the State government to leverage on existing measures such as the creation of the Niger State Geographic Information System (NIGIS); the streamlined issuance of certificates of occupancy within 72 hours; and the reduction in the cost of getting a Certificate of Occupancy by 90% (from between N150,000 – N180,000) to only N15,000 to achieve its investment objectives.
Osinbajo noted that the State must utilize “its advantage of being close to New York, a model which Ogun State is also successfully implementing in relation to Lagos State, ” adding that the State must take advantage of its location close to the Federal Capital Territory to become a manufacturing hub.
“This is especially the case for Small and Medium enterprises that can produce light manufacturers to serve the rapidly growing population of Abuja,” the Acting President stated.
“During his remarks at the occasion, the Governor of the State, Alhaji Sani Bello said the summit was conceived to showcase the rich agricultural potentials of the State to investors, promising that the outcome of the summit would be implemented by his government”
Dignitaries at the event include besides, former President Obasanjo included the former Head of State, Gen. Abdulsalam Abubakar; Governor of Sokoto State, Aminu Waziri Tambuwal; Deputy Governor of Niger State, Alhaji Ahmed Kesto; Minister of Agriculture, Chief Audi Ogbeh; Minister of Women Affairs and Hajia Aisha Jummai Al-Hassan; Minister of State for Aviation
Also present include, Senator Hadi Sirika; Minister of State for Solid Minerals, Alh Bawa Bwari; Minister of State for Trade, Industry and Investment, Hajia Aisha Abubakar, the Sultan of Sokoto, His Eminence, Muhammad Sa’ad Abubabkar and several other 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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