Economy
‘Nigeria needs real time investment in other sectors to achieve diversification’

The Governor of Kebbi State, Atiku Bagudu has advocated for real time investment in other sectors of the nation’s economy if the much talked about diversification of the economy from oil and gas must be a reality.
Bagudu spoke Monday at a public hearing on a bill for an Act to establish the Nigerian economic diversification council organised by the Senate Committee on National Planning and Economic Affairs.
The governor, who is a former senator said Nigeria is a blessed nation in all sense of the world and “we need to support different sectors of Nigeria, we need to support different constituents of Nigeria to do better.
“We have done well in petroleum and gas not because it is the only sector, but that is where we put in the most money. May be we have put, on an average basis between 1990 to 2010, which have been investing about 10 billion dollars in petroleum and gas when I say we, it is both public and private sectors”.
According to him “if you measure how much has been going into agriculture, for example, in that period, may be, it is less than 500 million dollars.
He said it will not be surprising that the outcome will be different, adding, “may be if we take mining, whether it is gold, which every state has something to offer, again may be we have not invested as much.
For him, “diversification has restructuring as an element of that so that we support the constituent parts whether they are states or sectors so that each can contribute more than it is contributing.
“Some of the anger we have had in the land may be result from the lack of inclusion when oil production was contaminating water bodies or in the oil producing states.
“Those who hitherto used those fresh water bodies as sources of livelihood for fisheries so those water bodies taken over by weed. And they also got angry and they said it doesn’t matter, you can go on producing oil but what about us.
He said late President Umaru Yar’Adua recognised that we had an amnesty programme that was restraining them and may be similarl things are happening elsewhere that if we recognise and provide legislative backing to our diversification quest, we will be able to tell the world we are serious about diversification.
“The evidence in the last seven years had some positive traction that we can build and we can do better and quicker, adding that “it’s a collective”.
“Nigeria is a trillion dollar investment destination. Nigeria, what is our federal budget, less than 35 billion dollars, may be the national assembly is about to pass the 2023 budget I’m sure it won’t be up to 40 billion dollars. What is the budget of Brazil a country that is similar to Nigeria in terms of population, about 700 billion dollars.
“So if somebody is taking care of 220 million people with 700 billion dollars, you are taking care of 200 with less than 10 per cent of that. Isn’t it a no brainer that you will not be able to achieve as much. But we have to all come together, we have to borrow more money if that is what is required or we have to support all sectors to produce more money so that we can fund all our priorities bad.
On the forthcoming election, he thinks “we have made a statement enough in Nigeria that everyone is convinced that free, fair and transparent elections always lead to more confidence in the society, less rancour in the society.
He said the value of free, fair and transparent election is there for all to appreciate, adding “what is important is for everyone to see what more can I do to ensure that we have free, fair and transparent election.
“Sometimes, we are all guilty in the sense that we think it’s somebody who should solve the problem.
However, he said even transparent elections do not guarantee the best outcomes, sometimes still, democracy is based on appeal of populist leaders, leaders who are popular at a particular time.
“We should all play a role to ensure that our processes are strengthened And they are strengthening. Today INEC is enhancing the transparency of election by better accreditation, speedy accreditation, better transmission of results in good time, security agencies are helping, above all President Buhari has committed to free, fair and transparent election even in states where our party has lost elections.
“We are a blessed nation in all sense of the word and we have to support and we need to support different constituents of Nigeria”, he concluded.
Mr. Thomson Akpabio from Nigeria Employers Consultative Association (NECA) drew the attention of the committee to section 332 which stipulates 2% tax on imported textile while it imposes 10% on locally produced one thereby serving as a disincentive to local manufacturing.
The sponsor of the bill, Sabi Abdullahi (Niger North) expressed his delight that the public hearing was well attended as stakeholders made very meaningful contributions that will enrich the legislation.
Economy
FG pays off N4.5tr Ways and Means, moves to pay additional N2.5tr

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has disclosed that Federal Government has taken bold steps towards reducing the N7.3 trillion Ways and Means it inherited with the
payment of the sum of N4.8 trillion.
He stated this on Tuesday in Abuja during the Ministerial Press Briefing on the achievements of his Ministry in the one year administration of the President as activities marking the celebration continues
He indicated that another N2.5 trillion will be paid in the second quarter of 2024
According to him, due to improved fiscal discipline, the Government has largely financed debt service obligations. including foreign debt service, without resort to Ways and Means Account
Such payments he added included outstanding commitments/shareholding to multilateral development banks
(MDBs) and international organizations, including over US$200m to Islamic Development Bank.
Wale Edun stated that on the National Single Window, the Federal Government launched the NSW, a technology platform for trade facilitation and import administration with the potential of annual economic benefit of US$2.7 billion.
He added that, the Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) is in the process of tax Harmonization and streamlining of tax collection processes which he said has come up with strategies for broadening tax net as well advanced in the single-digit tax system to reduce the number of taxes in the country,
Briefing on the Oil Revenue Increases, the Minister noted that Oil revenue of N1,1 trillion was achieved in the first quarter of 2024, as against N460 billion in the same period of the preceding year (2023),
Edun maintained that the oil revenue flowed from an impressive increase in oil production, which recorded 1.7mbpd in the first quarter of this year, up from 1.3mbpd in June 2023.
The Minister indicated that Federal Government revenues from GOEs also substantially
increased (Q1’2024 ₦835.7B vs ₦154.3B Q1’2023).
The impressive revenue record of the period under consideration was made possible by the introduction of technology-driven strategy systems to automatically deduct revenue due toFGN.
Similarly, he said the FGN has earned more FX income under the new revenue model.
“Specifically, the Nigeria Customs Service recorded unprecedented increases in the first quarter 87% Increase in 2023 revenue mobilization, as well as a 122% revenue increase in Q1 2024 compared to Q1 2023
In addition, he said that the Federal Inland Revenue recorded a 107% achievement of 2023 target and a 56% revenue improvement in Q1 2024 compared to Q1 2023.
Under the Fiscal Policies & Financial Management Edun said, the administration launched the Incentives Monitoring & Evaluation Platform (IMEP) to prevent the misuse of tax incentives by blocking and limiting access to those who do not qualify for the incentives.
“We also strengthened the implementation of fiscal policies around the Import Duty Tax Incentive to boost key economic sectors and deliver more sustainable socio-economic impacts.
He disclosed that the FGN, via the Debt Management Office (“DMO”), raised ₦4.8 trillion from domestic capital markets to repay outstanding obligations to the Central Bank of Nigeria as it
works towards bringing the Ways and Means balance within legal limits and progressed to the final approval stages of a $2.25 billion single-digit interest loan from the World Bank for a 40-year-term with 10 years moratorium at 1% interest rate.
On Domestic USD Bond Issuance, the Minister revealed that the President has issued an executive order for local issuance of foreign-denominated securities. In a move that will showcase the resilience of Nigerian capital markets, the issuance of the first domestic foreign currency debt instrument is being processed by the capital marketfirms.
These bonds will be mainly marketed to both Nigerian and non-Nigerian investors with foreign exchange balances abroad* he said.
FDIs, MoF, under the leadership of Mr. President, he said, has actively engaged with a broad range of international investors from the Middle East, Europe and India to showcase the reformed economic policies of the FGN.
*It is anticipated that well advanced discussions with investors from the Middle East will yield positive results in the near term* Edun affirmed
He said that Infrastructure/Housing Finance Fund (MOFI) is partnering with Government Agencies and the private sector to boost investment in infrastructure, housing,
and to provide 25-year low interest rate mortgages.
“It is anticipated that long term funding from institutional investors will be mobilized via capital market funding”, he noted
While briefing on Improved Credit Rating, the Minister stated that over the last 12 months, two international credit rating agencies have reviewed Nigeria’s credit rating from ‘stable’ to ‘positive’ outlook.
Wale Edun, who was accompanied to the media briefing by the Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya and the Permanent Secretary Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo,
Heads of Agencies under his supervision as well as Directors of the Ministry explained to the media on the issue of Coordination of Fiscal and Monetary Policies, that through the issuance of government debt securities by the DMO at higher interest rates, MoF has supported monetary policy authorities in attracting the inflow of foreign exchange from FPIs; and in stabilizing the exchange rate of the Naira.
New Monetary and Fiscal Coordination Committee was established.
He stated that on Financing of Major Infrastructure Projects,
MoF has provided from internal finances critical initial funding to kick-start major infrastructure projects such as the Lagos-Calabar Coastal Road.
In his closing remarks, the Honourable Minister of Information and National Orientation Mohammed Idris stated that the detailed presentation by the Honourable Minister of Finance and Co-ordinating Minister of the Economy Mr Wale Edun on the state of the Economy in year review has shown the commitment of the President Bola Ahmed Tinubu-led Administration in its avowed determination to ensure the general improvement in the lives of Nigerians and as such deserves our commendation.
He assured that Government will continue to formulate and implement policies, initiatives, programmes and projects that will impact positively on the lives of the citizenry in line with its Renewed Hope Agenda.
Economy
Edun harps on inter-agency collaboration to drive economic growth, attract investments

To ensure full implementation of President Bola Ahmed Tinubu’s 8-Point Agenda which is aimed at boosting economic growth and development to attract foreign investors and expertise into the country, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has urged Heads of Agencies and Parastatals under his Ministry to work together.
Speaking during a quarterly performance review briefing with Heads of Agencies and Parastatals in Abuja, the Minister emphasized the importance of synergy and effective implementation to achieve the goals outlined in the President’s blueprint.
Director of Information and Public Relations, Mohammed Manga in a statement quoted the minister to have described the gathering as very crucial benchmark where they can brain storm on where they need to get to and how they intend to get there
He highlighted the progress made so far under the present Administration and encouraged the Agencies and Parastatals within his jurisdiction to continue working together so as to drive economic growth and prosperity for all Nigerians.
He indicated that the meeting would also serve as a benchmark towards the implementation of the performance bond signed by Mr. President, which is aimed at reviewing the achievements made in the last one year, address challenges and chart a way forward for improved performance of the Ministry.
“We have all signed performance bonds. We all know the plan and blueprint, which are the eight point agenda of Mr. President. It has been categorised as a house. “The pillars are the fundamentals that you need for the Economy and society to thrive that is, security, rule of law, and at the very top is the roof, that is, the outcomes: food security and other measures of a good standard.
“Our collective efforts and shared commitment is not only pivotal in ensuring the efficient and effective management of the nation’s economy, but should also go a long way in facilitating the realization of the agenda of Mr. President*, he said
Edun explained further that the
call to action was imperative, especially as it is expected to galvanize the agencies to work collaboratively and efficiently towards achieving the objectives of the 8-point agenda.
The Minister pointed out that by working together, the Agencies can help create a conducive environment for economic growth, attract investors, and make opportunities available for Nigerians to thrive.
“President Bola Ahmed Tinubu led-Administration has helped stabilize the exchange rate and is working towards lower interest rates that would invite the bases for additional investments in the nation.
“It is, therefore, incumbent upon us to pursue the achievements of our deliverables with diligence and determination by establishing clear targets, timelines, and consequences for non- compliance with our respective Agencies/Parastatals.
“We can help to create a framework that incenticizes excellence and service delivery as well as build the needed synergy and partnership that can facilitate the implementation of the transformative economic policies of this administration.” Edun said
The Minister expressed optimism that with the calibre of persons heading the Agencies under his stewardship, the Ministry is sure to deliver on its mandate in compliance with the Renewed Hope Agenda of the present administration.
Earlier in her welcome address, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, stated that the
engagement would provide a unique platform for robust discussions, especially in the area of implementation of the transformative policies of the present administration, which she said, aims at improving the nation’s economy, promoting job creation, and poverty reduction as well as a safety environment that will attract investments into the country.
She assured that the Ministry will continue to provide an enabling environment for the full implementation of the policies, programmes and projects of the Federal Government, in line with its mandate.
Also speaking, the Ministry’s Permanent Secretary, Special Duties, Mr. Okokon Ekenam Udo advised the Agencies to collectively align their efforts with the fiscal goals set by the Federal Government with a view to ensuring the realization of its policy objective.
He therefore called on them to bring in their wealth of experience to bear in making sure that the Agencies deliver on their respective mandates in accordance with the policy thrust of the present administration.
Economy
CUPP scribe expresses concern over exodus of foreign investors

***Says, APC ABRACADABRA Propaganda can not solve the problem
The National Secretary of the Coalition of United Political Parties (CUPP) High Chief Peter Ameh has bemoaned the downturn in the investment climate occasioned by insecurity that is causing apprehension among foreign investors who are now leaving Nigeria in droves to other African countries.
Ameh spoke against the backdrop of the News that Microsoft is closing its office in Nigeria which he said is very disturbing.
The organization announced that they will close their Ikoyi office this week.
Ameh quoted the Managing Divecter of Okomu Oli Palm Pic, Graham Holter, who said it is absurd that they pay over N12 billion in taxes to government annually and still are left to fend and seek security for equipment and personnel themselves.
“What kind of Investment-friendly environment are you providing?”
Ameh lamented that situation is devastating and there is no end in sight.
“70% of crisis the country is facing today is the result of insecurity. Government must take the bull by the horn to address it now before it’s too late but those in Government will rather prefer to be harassing Journalists and opposition parties/leaders.
‘Without effective Security Measures for the country we are in danger of losing Foreign Direct Investments (FDI) and at risk of losing the investors confidence in our economy.
“Security, good roads and train services will remain essential to ensure that we are able to protect our country from being abandoned by investors.”
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