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President Tinubu outlines ambitious vision for Nigeria’s trillion-dollar economy

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President Tinubu outlines ambitious vision for Nigeria’s trillion-dollar economy

In a groundbreaking revelation, President Bola Ahmed Tinubu has unveiled his administration’s ambitious plan to transform Nigeria into a trillion-dollar economy within the next decade. Addressing attendees at the 2023 National Engineering Conference in Abuja, President Tinubu highlighted key elements of his Renewed Hope Agenda, emphasising economic potential, job creation, and battling societal challenges.

 

Leveraging population and resources

 

President Tinubu stressed the need to leverage Nigeria’s vast population and abundant resources as the cornerstone of his economic vision. Speaking through Vice President Kashim Shettima, he asserted that by focusing on job creation, capital accessibility for businesses, inclusiveness, the rule of law, and combatting hunger, poverty, and corruption, the trillion-dollar milestone could be reached.

 

The President expressed confidence in this vision while acknowledging the importance of the conference theme, “Manufacturing, Competitiveness, and Economic Growth,” as integral to achieving such an ambitious goal.

 

Commitment to economic transformation

 

“The Renewed Hope Agenda of my administration is defined by our commitment to unleashing our country’s full economic potential,” President Tinubu declared. He acknowledged the temporary difficulties faced by many Nigerians but assured them that the long-term benefits would be permanent.

 

President Tinubu highlighted various challenges facing the manufacturing sector, including access to low-cost capital, multiple taxation, infrastructure issues, and foreign exchange obstacles. He reassured stakeholders that his administration was addressing these challenges with unprecedented boldness and decisiveness.

 

Strategic approaches

 

President Tinubu outlined strategic approaches to tackle economic hurdles. On taxation, he pledged to streamline processes, introduce efficiency, and eliminate loopholes, delivering less burdensome tax regimes to businesses. In terms of foreign exchange, the focus is on abolishing unwieldy rate regimes to attract substantial inflows into a transparent and well-run official market.

 

Infrastructure development also took centre stage. The President stated, “We are supporting the States with seed financing for a transformational Infrastructure Fund,” and highlighted the positive impact of petrol subsidy reforms on subnational revenues.

 

To address the crucial issue of access to capital, President Tinubu announced the creation of a new single-digit interest-rate fund, providing N75 billion to support manufacturing enterprises.

 

Call for collaboration with NSE

 

President Tinubu called on the Nigerian Society of Engineers (NSE) to collaborate closely with the government and other stakeholders to chart a path to lasting prosperity. He urged frank deliberations and the creation of a comprehensive roadmap, leveraging manufacturing, technology, and innovation to achieve the administration’s Renewed Hope Agenda.

 

Highlighting the importance of monitoring and evaluation, the President challenged private sector leaders to measure achievements not only by profits but also by their impact on poverty reduction, job creation, and the fight against corruption.

 

Dignitaries in attendance

 

Several dignitaries attended the event, including the Deputy Speaker of the House of Representatives Benjamin Kalu, Governor Abdullahi Sule of Nasarawa State, and President of the World Federation of Engineers Mustapha Balarabe Shehu, among others.

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EFCC, NUPENG Join forces against oil theft

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The National Union of Petroleum and Natural Gas Workers, (NUPENG)is seeking a collaboration with the Economic and Financial Crimes Commission, (EFCC)to fight the scourge of illegal oil bunkering in the country.

 

 

The President of the Union, William Akporeha made the request when he led members of his executive to the corporate headquarters of the EFCC in Abuja.

 

 

 

Akporeha, who commended the EFCC boss for repositioning the anti-graft agency on the path of professionalism and rule of law, stressed the need to sanitise the oil and gas industry.

 

 

Akporeha itemised some of the challenges involved in the movement of petroleum products across the country, pleading with the EFCC to always come to the aid of truck drivers experiencing difficulties in the course of their works.

 

 

 

In his response, Olukoyede said it is important that major players in the oil and gas sector collaborated with the EFCC to confront the National Economic sabotage in the sector.

 

 

 

He assured members of the union that the Commission would not arrest or detain any truck or driver who did not dabble into shady deals, noting that the process of profiling suspected oil thieves and evaluation of petroleum products involved are often long drawn.

 

 

Olukoyede promises to continue to work with every stakeholder in the oil and gas sector to ensure sanity in their operations.

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Kidnap kingpin, Boderi, feared killed as troops battle terrorists in Kaduna

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Troops of the Nigerian Army operating in 1 Division area of responsibility have neutralised some insurgents and recovered more firearms and ammunition in encounters with the criminals in the General area of Igabi, Giwa and Birnin Gwari Local Government Areas of Kaduna State.

 

A Statement by the Army spokeperson, Major General Onyema Nwachukwu said a notorious terrorist, Boderi, who orchestrated many high profile kidnappings including those of the Yauri school girls, Greenfield University students and the Nigerian Defence Academy attack may have been killed alongside another kingpin, Bodejo in the ambush.

 

The statement said while on a fighting patrol along Maganda-Dausayi – Mugaba axis, troops came under fire from insurgents who employed rustled herds of cattle as shields while they engaged the troops with direct fire. Two of the terrorists were killed in the process and arms as well as other items including 1 Techno phone, 3 Hilux vehicles and motorcycle keys, wraps of substance suspected to be marijuana, tramadol tablets and the sum of 13,200 Naira only, were recovered.

 

Also, during the encounter, some of the rustled livestock used as shield by the insurgents were caught in the crossfire. Troops are still on the trail of the fleeing insurgents and remain resolute on ridding the area of armed violence according to the army.

 

In a separate operation, conducted by troops of 1 Division of the Nigerian Army on Wednesday 22 February 2024, the troops successfully ambushed marauding insurgents along the Bada – Riyawa axis on the Kaduna – Birnin Gwari Road. In the encounter, troops killed 6 insurgents and recovered arms and 19 motorcycles which were destroyed.

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Senate confirms Cardoso Chairman, CBN’s Monetary Policy Committee, 11 others as members

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The Nigerian Senate has confirmed the appointment of Governor of the Central Bank of Nigeria, Olayemi Cardoso, as Chairman of the Monetary Policy Committee alongside eleven others.

 

 

The confirmation follows the adoption of a report of the committee on Banking and other Financial Institutions presented by its chairman Adetokunbo Abiru (APC Lagos East).

 

 

Abiru, in his presentation, said the nominees possess the academic qualifications, technical knowledge and professional experience to be members of the Monetary Policy Committee.

 

 

Abiru further stated that the Senate Committee on Banking did not receive any petition against the nominees.

 

 

He added that the nominees were all cleared by the Nigeria Police Force and the State Security Services and possessed the Code of Conduct Bureau acknowledgment slip.

 

 

 

Other lawmakers in their submission charged the newly confirmed Members of the MPC to come up with proper economic policies to salvage the current situation in the country.

 

 

Those confirmed are CBN Deputy Governors, Mohamed Sani Abdullahi , Bala Bello, Emem Usoro and Philip Ikeazor.

 

 

Others are the Director General, Security and Exchange Commission (SEC), Lamido Yuguda, Permanent Secretary Ministry of Finance, Jafiya Shehu, murtala Sabo Sagagi, Aloysius Uche, Aku Paulin, Mustapha Akinwumi and Bandele Amon.

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