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If not Buhari, Nigeria would have collapsed – Odigie-Oyegun
National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun, has stated that had President Muhammadu Buhari not put in place various diversification efforts upon his assuming office in 2015, Nigeria would have collapsed.
He said the present administration was building a new economic model which will be sustainable, production-based and will diversify from oil to agriculture, solid minerals and other viable sectors.
Odigie-Oyegun said this at the APC National Secretariat in Abuja when he received political leaders from Delta Central Senatorial district, who defected from the Peoples Democratic Party (PDP) to the APC.
The decampees were led by Johnson Boro, former Commissioner in the Delta State Oil Producing Area Development Commission (DESOPADEC).
Other decampees are: Immediate-past PDP Chairman, Ughelli South LGA, Francis Aguonigho; Sleek Oshare; Isaiah Kekeje; Mathew Kwode; Robert Ojo; Sunny Ogbududu; David Edonor; Comrade Saturday Nukueye and Charles Otaiye.
The APC National Chairman stated that with the globally decrease in the demand for oil, Nigeria’s economic mainstay, the need to diversify the Nigerian economy has become increasingly imperative.
He added that the efforts of the Buhari administration will be evident in a few years as the country will be counted as one of the industrial power houses in Africa.
Odigie-Oyegun said: “Economically, things are difficult, there is no question about it. But in spite of that people of your quality sat down and still want to join the boat, because you have seen the future and you know the future belong to a changed country. A country that produces, not only consumes.
“In the last sixteen years of previous administrations, we just consumed. Thank God this nation brought President Buhari at the point it was about to collapse and all we are doing today is putting the pieces back together again. It is a difficult experience and as a result of that our people are going through some hardship. But there is no question at all, that you can see the silver lining that is on the way.
“By the end of this year, we will be net exporters of rice, today we have started to export formally yam. Today we are about certain that all the grains in this country can be produce locally. These are all part of the building blocks towards the Nigeria that we foresee in another year or two. So, tremendous is progress is being made to reverse the road at which we were travelling, to build a new economy, an economy based on what we can produce. An economy based on agriculture, based on our solid minerals.
“It is clear today that oil is gone. Britain has declared that in 40 years vehicles that consume fossil fuel will be phased out. The United States of America and other countries of Europe have made similar declarations. So it is fortunate that President Buhari is today in office taking us painfully through the process of change such that this nation will be counted in another few years as one of the industrial power houses of the African continent.”.
While welcoming the new entrants to the APC, Odigie-Oyegun said one of the resolutions of the Party’s National Leadership was to bring the South-South back into the mainstream of Nigerian politics. The APC National Chairman described the zone as one of the “strongest pillar for unity” in the country.
“I cannot resist but speak like somebody from the South-South on this very special occasion even though I belong to the nation as APC National Chairman.
“The point about us is that we are not tribal. The South-South is perhaps the strongest pillar for unity in this nation. The reality about the South-South is because we believe in the unity and oneness of this nation so strongly, we are ready to work with anybody who stands for one nation and one Nigeria.
“Today, two years now we have a new regime of change. Unfortunately to a large extent, we missed the boat. We have only one state in the entire South-South, Edo State. It is our resolve here at national headquarters to bring the South-South back into the mainstream of Nigerian politics. Because at the greatest point of danger for this country, it was the South-Southerners that stood firm at risk to themselves, at risk to their lives that this nation must remain one,” the APC national Chairman said.
He said with the new entrants from Delta Central, another solid block had been added to the APC’s aspiration to bring Delta State and indeed the South-South into the Progressives fold.
“I know how crucial central is in Delta state and with your entry into the Party, we have firmed up the central and can project from there to take Delta State and eventually take the entire South-South. Today we are adding one more solid block towards the unity, development and great of this country.
“I am aware there are scores of you, but because the ceremony is taking place at the National Secretariat, we had to limit the number of persons who could come, I know that at the appropriate time we will have a great big unity rally in Delta state where all those who have joined us in the recent past will be formally received and where we will also formally launch the movement for the recovery of Delta state,” the APC National Chairman said.
Speaking earlier, the APC National Vice Chairman (South-South), Prince Hilliard Eta said the defection of the PDP leaders from Delta Central to the APC was testimony of the paradigm shift being witnessed in the South-South.
Eta: “As you are aware, the other Party hitherto was in domination of our zone but because of the good work of this government, because of the leadership of this Party, there has been a paradigm shift. Our people are moving from the other party to the progressive family to actualise the development of the South-South, the Niger Delta and indeed Nigeria. It is in that line that we have distinguished sons of Delta State who have come to add value to our Party in Delta state, in the South-South region and in Nigeria.”
Chief Johnson Boro who led the decampees thanked the APC leadership, particularly the National Chairman for the reception. “We are extremely delighted with the reception you have accorded us today. We now believe that we are coming to a home where we will be accepted.“ He said.
Other APC National Working Committee (NWC) members at the meeting included: National Secretary, Hon. Mai Mala Buni; Deputy National Chairman (North), Sen. Lawal Shuaibu; Deputy National Chairman (South), Engr, Segun Oni and Deputy National Secretary, Hon. Tombari Giadom.
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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