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State Of The Nigerian Economy

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Nigeria is the most populous country in West Africa with an
estimated population of about 137,253,133 million people that b elong to more
than 250 ethnic groups. Nigeria came into being in October 1, 1960, when she
declared her Independence from the British rule.

As the country marks her 52nd Independence Anniversary
today, it becomes necessary to x-ray the state of her economy in order to determine
her growth and development rate.

The economy of a country speaks volumes about the well being
of such a country. In the case of Nigeria at 52, we will look at the state of
her economy in relation to her investment profile, jobs creation efforts, the fate
of the manufacturing sector and the quality of her local content.

Nigerian Investment, Promotion Council (NIPC) has worked
tirelessly to raise the investment profile of the country to make it attractive
for the foreigners seeking to partner with Nigeria in one business or the
other.

At the 12th meeting of the Honourary International Investors
Council (HIIC) at the Presidential Villa on Thursday July 5th 2012, President
Goodluck Jonathan commended the council for its unrelenting efforts to raise
Nigeria’s investment profile and also make the country a preferred investment
destination.

The President is quoted as saying “We are steadily building
up our Excess Crude Account and our Foreign Reserves. We are also on the verge
of launching the Sovereign  Wealth
Fund.”  He also  made the council know that the government’s
transformation agenda is about turning Nigeria’s huge potential into
developmental realities.

Nigeria, however, operates a market economy that is
dominated by crude oil exports with the revenue earnings accounting for about
90 per cent of foreign exchange and 65 per cent of budgetary revenues. Nigeria
ranks the 12th largest producer of petroleum in the world and the 8th largest
exporter and founding members of OPEC.

The country also export cocoa, palm oil, groundnuts, cotton,
timber and rubber, though there are opportunities for the exploitation and
export of natural gas, limestone, coal, tin, gold, silver, lead-zinc, glass
sand, iron-ore among others.

Nigeria according to statistics, offer a large market in
sub-Saharan Africa with a population of about 120 million people, with a market
potential that also stretches into the growing West African Sub-region.

The government has also created a favourable climate for
business and industrial venture. Administrative and bureaucratic procedures
have been greatly streamlined as policies and programmes that guarantee a free
market economy has been put in place.

Tremendous investment opportunities also exists in other
natural resources like agricultural sector products which include groundnuts,
coconut, citrus fruits, maize, millet, cassava, yams and even leather and
textile.

In the midst of this robust investment opportunities in the
country, one of the greatest challenges of the nation at 52 has been the problem
of unemployment. This problem has resulted to anti-social vices, ranging from
militancy, Boko Haram, prostitution, armed robbery among other societal ills.

Successive administrations always have the agenda of
eradication of unemployment in the society, but the problem has persisted till
now.

The leadership of President Jonathan thought it wise to
fight against the menace through encouragement and involvement of the private
sector which he alleged will have multiplier effect on the economy.

“The present administration is committed to creating jobs
for Nigerians. And jobs can be created through direct employment by government
and her parastatals and agencies, but we believe that a more sustainable
approach to job creation, is encouraging the private sector. “And to do that,
we need to build young entrepreneurs who will be able to employ five or more
people and that multiplier effect will give us more job opportunities than even
government expanding the parastatals that will make them less productive. That is
one of the cardinal points of youths enterprise with innovative in Nigeria
(YouWin), “ President Jonathan said in one of the YouWin inaugurations.

Under the phase, 1,200 women (entrepreneurs) would receive
between N1m and N10m over the next 12 to 18 months.

Federal Government also has kick-started the provision of
370,000 jobs across Nigeria through Federal Government Community Service Scheme
held in Yola.

The Minister of Finance and Coordinating Minister of the
Economy, Mrs Ngozi Okonjo-Iweala said the project is under the Subsidy
Reinvestment and Empowerment Programme (SURE-P). Each state is expected to have
10,000 job with each participant getting N10,000 monthly.

The President has also appealed to International development
partners and private sector to support his government’s effort to create jobs
for the youths.

Job opportunities also exist in the  oil and gas sector using the local content
policy. Government has passed a local content law which says that Nigerian
indigenously formed oil company must have nothing  less than 40 per cent stake in the oil
industry so as to enable citizens to have access to their money.

Experts think that the operation of cartel in the oil
industry is affecting the job opportunities that abound in this sector, hence,
the need for whatever efforts made by stakeholders in the quest to reduce or
eliminate unemployment in the country to be backed by government through the
enforcement of the constitutional instrument of the Local Content Policy Act.

The problem is that vacancies and related openings that
exist annually at the various levels and in different capacities in the oil
companies that are meant for Nigerians are not given to them as a result of
lack of specialised certification and prerequisite training.

The Managing Director of Backlang  Technical Development Company, Dr. Chudi
Egbunike, who was a former executive member of the American Welding Society
said the implication is that the deficiencies in knowledge, training, exposure
and certification will now expose foreigners to the jobs, especially those from
India, China, Philipines and Lebanon.

He said that the way out is to create massive employment
opportunities for Nigerians and open up the sector for more of the Local
Content Act to be effective, especially in the area of getting more employment
openings for Nigerians by exposing them to specialise trainings and
certification.

The quality of Nigeria Local Content also affected by
pricing policy, bidding practices and cost factors, where NAPIMS directive to
the operating partners said all contracts should be awarded to the lowest
bidder’s price.

This encourages non-professionals to under-cut prices in
order to win a contract that cannot be executed at the bidded prices which
causes Nigeria to end up paying more for their wells for a rework.

Petroleum Technology of Nigeria (PETAN) suggest that the
only way forward to successfully implement the Local Content Policy is to build
local capacity where stakeholder must review the current bidding pricing and
award strategies.

Meanwhile, the country and its leadership has been trying to
also exploit the non oil sector in order to avoid the country’s over dependence
on the oil sector and to expand the economic base of the nation. Government has
also pursued economic reforms marked by the privatisation and deregulation
which seek to transfer state ownership of institutions to the private sector,
so as to engender efficiency in the productive sector.

At 52 Nigerian manufacturing sector has not made any
impressive mark or contribution to the Gross Domestic Product (GDP). As at 2011
the manufacturing sector’s contribution to GDP according to The National Bureau
of Statistics is less than 5 per cent, 4.1 per cent in 2010.

The efforts of past and present administrations to boost the
sector through various policies has not yielded the desired results.

The inability to effectively control the allocation of
import licenses and foreign exchange to have also largely aggravated the pace
of industrial decline.

Manufacturing sector has refused to respond to critical
structural transformation necessary for it to play a leading role in economic
growth and development.

Bureau Statistics pegged the issues affecting the sector to
inadequate infrastructure, shortage of skilled manpower, poor linkage of
industrial sub-sectors, over dependence on the external sector for raw
materials and capital goods which were discovered in 1970s.

In 2012, most of these problems still persist like
infrastructural decay, lack of steady power supply, insecurity and economic
instability.

The fate of the sector thereby lie in the solution to the
challenges facing the sector, especially inadequate infrastructure and power
supply. There is also the need for consistent and persistent efforts to be made
by government to check the importation of goods that can be produced locally.

If the words of the President is anything to go by, the
manufacturing sector need to poise for competitive production at competitive
prices.

President Jonathan said “We are vigorously pursuing the
implementation of our road map on power sector reforms.

“We must, therefore, begin to upgrade our production
technologies to save energy and produce quality goods at very competitive
prices in tune with modern global practices.”

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Investing In Nyesom Wike: A Story Of Dedication, Sacrifice And Ultimate Loss

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In 2015, I made a conscious decision to invest my financial resources, my time, and energy into supporting Nyesom Wike’s gubernatorial campaign. I poured my heart and soul into ensuring Nyesom Wike emerged victorious even at the risk of my personal safety.
Again in 2019, I doubled down on my commitment. I invested a significant amount of money to procure campaign outfits for all twenty-three Local Governments Areas of Rivers State. I spared no expense in supplementing Wike’s election efforts in my own local government, and once again putting myself at great risk to safeguard the fairness and transparency of the electoral process.
However, despite my unwavering loyalty and sacrifices, I found myself abandoned and forgotten by Wike. Throughout his eight-year tenure, he failed to acknowledge my contributions or fulfill his promises and agreements. Even as a former Deputy Governor, Wike denied me my severance benefit.
My investment in Wike’s governorship was not just financial – it was a commitment of passion, dedication, and belief in a better future for Rivers State. Yet, his leadership style of dishonesty, greed, drunkenness and rash abuse of senior citizens brought me nothing but disappointment, misery and losses.
By the grace of God, today I speak not as a victim, but as a hero. I have accepted my losses, and I have moved on. And as I reflect on my experience, I cannot help but urge Wike to do the same and allow peace and development to reign in Rivers State.
Nyesom Wike, when you speak of investing in Governor Sim Fubara’s election, remember those like me who also invested in you. Remember the sacrifices I made, the risks I took, and the promises and agreements you left unfulfilled.
It is time for you, Wike, to let go of the past and allow Governor Sim Fubara the breathing space he needs to lead Rivers State forward. Allow him to focus on the challenges of good governance and the aspirations of the people. Spare him these unwarranted and ill-conceived political manoeuvrings founded on personal agenda and not for general good of Rivers State and her people.
I may have lost my investment on Wike, but I have not lost hope in the future of Rivers State. And together, we will continue to strive for a brighter tomorrow.
Long Live the Governor to Rivers State, Sir Siminialayi Fubara!
Long Live the Good People of Rivers State!!
Long Live the Federal Republic of Nigeria!!!
Engr Ikuru is former Deputy Governor of Rivers State.

Tele Ikuru

 

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Is Okocha A Happy Man Being Perpetual Hireling?

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The man Tony Okocha, the devastated tattered ragtag remnant Rivers APC factional, but Caretaker, Chairman, is known for being notoriously a hireling willing to play in the mud just for the pay or settlement. To Rt Hon Chibuike Rotimi Amaechi, he did against Chief Nyesom Wike. To Senator Magnus Abe, he did against Rotimi Amaechi. To Chief Nyesom Wike, he did against Magnus Abe. Having maintained such unbefitting character trait, it is not surprising to see him at his demeaned best showing off his tainted skill of grandstanding and loquaciously struggling fruitlessly almost every day to castigate the popular Rivers people’s Governor with very glaring false, bogus and unsubstantiated claims such as:
1. That Governor Fubara is wasting state fund in the name of thanksgiving across 23 Local Government Areas.
2. That Governor Fubara has withheld Local Government funds.
3. That Governor Fubara runs the government without input from the State Executive Council.
4. That nothing is happening in the State with respect to governance.
To the above false claims of Tony Okocha, every reasonable, right thinking and well-meaning Rivers person would effortlessly puncture all as rascality and mendacity taken too far.
Apart from the fact that Governor Siminalayi Fubara had said he is not sponsoring the massive SIMplified Movement Thanksgiving events across the Local Government Areas of the State being organised by elated Rivers people who feel liberated from an era of overbearing and suppressive form of leadership in the State, Tony Okocha should be asked to prove his false claim with indisputable facts and figures. Until then, let Tony Okocha respect himself and learn to keep quiet as an elderly person who is saddled with such a responsible position as Rivers State Representative in the Niger Delta Development Commission (NDDC) Board. A position that places a huge responsibility on him to ensure that the core objectives of the commission are actualised in the State, by not only ensuring that Rivers State gets its fair share of its dues in terms of projects, programmes and activities, but by synergising with the state government on development matters concerning the state vis-a-vis the responsibilities of NDDC to the State. In summary, the SIMplified Movement is all about a happy and joyful people of Rivers State who have decided to stand and stick together to defend and uphold their common heritage and patrimony. It is a voluntary venture, not sponsored by the government.
To his claim that the Governor has withheld Local Government funds, Mr Tony Okocha should also be asked to prove that with facts and figures and explain why the Governor would do such. More so, what is Tony Okocha’s business, assuming, but not conceding, that a PDP Governor withholds money against PDP-led 23 Local Government authorities? Did Local Government workers across the state complain to Okocha, the meddlesome hireling, an acclaimed APC Caretaker Committee Chairman in Rivers State?
On his ignorant and false claim that the Governor runs the government without input from the state exco, Okocha, the busybody wannabe should explain how he was employed or engaged as the spokesperson of members of the Rivers State Executive Council. He should also tell us his source of information to that effect, if it is not just a proof that he is making himself known as a perpetually irredeemable hireling notoriously good for playing the spoiler’s role.
On Mr Okocha’s assertion, probably, borne out of lack of more convincing lies, that nothing is happening in the State with respect to governance, is sure a proof that the man is only acting a bad and an unsellable script to justify the reward of expected gratifying filthy lucre, which is the compelling reason for condescending so low and evilly so. How else is governance measured, if not by executing meaningful and impactful projects, giving hope, inspiring and putting smiles on the faces of the people with joy of fulfilment in their hearts, both civil servants and everyone living and doing business in the State? Is Okocha blind to see and deaf to hear of the good works of the Governor Fubara led Rivers State Government? Civil servants are happy, teachers are highly elated. Several projects are ongoing. Investors are trooping in. The health sector, education, agriculture, sports have been highly boosted under Governor Fubara-led administration. To Okocha, there’s no governance in the State because patronage of free money is not getting to him from the Governor but from other sources that are likely against the Governor.
Let Tony Okocha weep more. Rivers State is breathing fresh air already and is liberated.
Let Tony Okocha tell us how he has, so far, as Rivers State Representative in the Niger Delta Development Commission (NDDC), clearly effected development in the State through the NDDC, and why he lied that there was Cholera outbreak with deaths recorded in Soku in Akuku-Toru Local Government Area with the intent of raking in about ¦ N5billion for non-existent mitigation programmes?
Odike is Special Assistant to Rivers State Governor on Social/New Media .
Bernard C. Idike
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Day Asari-Toru Declared Massive Support For Fubara

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Franklin Delano Roosevelt, commonly known as FDR, was an American statesman and politician who served as the 32nd President of the United States from 1933 until his death in 1945. He was a member of the Democratic Party and is the only United States President to have served more than two terms.
In one of his popular quotes, he said, “The creed of our democracy is that liberty is acquired and kept by men and women who are strong and self-reliant, and possessed of such wisdom as God gives mankind – men and women who are just, and understanding, and generous to others — men and women who are capable of disciplining themselves. For they are the rulers and they must rule themselves.”
This explains the recent gathering of creme la creme of Asari-Toru political gladiators converged at the inauguration of the Simplified Movement, ASALGA chapter to reiterate their unflinching support for the Rivers State Governor, His Excellency, Sir Siminalayi Fubara whose mantra revolves around liberation.
The event which took place at the Autograph in Port Harcourt on the 1st of March, 2024, to galvanise strong support for Governor Fubara attracted over 500 members of the Simplified Movement from the Asari-Toru Local Government Area of Rivers State.
The gathering of supporters of Governor Fubara’s government, under the umbrella of the Simplified Movement, the ASALGA chapter led by an astute politician, former member of the Federal House of Representatives and two- time member of the Rivers State Executive Council as Commissioner, Chief Hon. Paworiso Samuel Horsfall comprised both the old and young generation political helmsmen drawn from all the 13 Wards of the local government area.
The nerve-““““““wracking gathering had the likes of the 1999 democratic system pioneer Chairman of Asari-Toru Local Government Council and former two-time Special Adviser to ex-Governor Nyesom Wike, Hon. Opakirite Mackson Jackreece; former member of the House of Representatives, Hon. Adokiye Young-Harry; former member of the State House of Assembly, Hon. Daisy West and former Special Adviser to ex-Governor Nyesom Wike, Chief Hon. Iboroma Norman Wokoma.
Others were the incumbent Vice Chairman of Asari-Toru Local Government Council, Hon. (Mrs.) Tekena Wokoma; former Commissioner of the Rivers State Independent Electoral Commission, Hon. Dr. Hope Barango; the South-West Vice Chairman of the Peoples Democratic Party (PDP), Dr. Sule Amachree and the Secretary of the Local Government chapter of the Peoples Democratic Party (PDP), Hon. Cladious Princewill; former Chief of Staff of Council, Hon. Ajumogobia West and former Chairman of Peoples Democratic Party (PDP), ASALGA, Hon. Onari Awo Tariah.
Also present at the event were past caretaker committee chairmen of the Local Government Council including, Hon. Waite Harry, Hon. Dawari Hamilton Ibinabo, Hon. Wright Warmate and former Deputy Mayor of the Port Harcourt City Council, Hon. Adokiye Horsfall amongst others. My humble self belongs to the movement. The list is inexhaustible.
Speaking at the inauguration, the member representing Asari-Toru/Akuku-Toru Federal Constituency and leader of the Asari-Toru political family, Hon. Boma Goodhead assured the people of the commitment of the Rivers State Governor, Sir Siminalayi Fubara to extend visible dividends of democracy to the people of ASALGA.
The federal lawmaker who spoke through her representative, Dr. Sule Amachree, said Governor Fubara means well for Rivers people, particularly the people of ASALGA and urged them to remain calm, peaceful and resolute in their support to the administration of the State Governor.
“His Excellency, Sir Siminalayi Fubara is the Governor ordained by God to liberate Rivers people from the snares of poverty and oppression. He is God-sent to bring visible and even development to Rivers State and Asari-Toru people are on the top of that agenda of development,” she said.
Hon. Goodhead reiterated her confidence in the capacity of the leader of the Simplified Movement, ASALGA chapter, Chief Hon. Paworiso Samuel Horsfall to mobilise massive support and a huge source of encouragement for the Government of Sir Siminalayi Fubara to succeed.
“I urge you to continue to stand firm with our Governor. Be rest assured that His Excellency, Sir Siminalayi Fubara is a man of peace, focused and determined to deliver on the mandate given to him by the people of Rivers State. He will not fail you,” she said.
In his speech, the leader of the ASALGA chapter of the Simplified Movement, Chief Hon. Paworiso Samuel Horsfall described the movement as a child of necessity born out of the hunger of Rivers people for a paradigm shift from oppression to liberation.
“As witnessed across the length and breadth of Rivers State, the Simplified Movement is a child of necessity, born out of the hunger for a paradigm shift from oppression to liberation, with one core objective to promote and defend the interests of Rivers State and her people. It is on this account, we stand as dependable allies giving strong support to the Executive Governor, His Excellency, Sir Siminalayi Fubara in his pursuit of peace and commitment to the genuine development of Rivers State.
“It is our position that with the elections come and gone, it is practically a time to face governance and to ensure deliverables of dividends to the people of Rivers State in the atmosphere of peace, security and stability,” he said.
Chief Samuel Horsfall explained that Rivers people saw the leadership qualities needed to achieve the sole objective to genuinely defend and promote the interest of the State in Governor Fubara, hence the spontaneous massive support expressed in the birth of the Simplified Movement.
He recounted avalanche of achievements made by Governor Fubara within six months in office. “We appreciate the Governor of Rivers State, His Excellency, Sir Siminalayi Fubara for his resilience and determination to make a difference. It is on record and attestable by all, the numerous projects being executed by his administration.
“Such as the ongoing construction of the gigantic Port Harcourt Ring Road project, the 20,000 housing units for low income earners, the Ogoni-Andoni-Opobo-Nkoro Unity road, the near completion of the 10km Old Port Harcourt-Bori road, the Emohua-Kalabari road, the 6.5km Woji-Alesa-Refinery link road and the inclusion of the remaining part of the Trans-Kalabari road project in the 2024 budget. “Moreover, the promotion of the State civil servants, first time in history payment of N100,000.00 Christmas bonus to civil servants across board, approval of promotions and implementation of N30,000.00 minimum wage for local government workers and the N4 billion single digit interest loans facility for Small and Medium Scale business operators in Rivers State. All these achievements within six months in office are eloquent testimonies of Governor Fubara to deliberately improve the welfare of Rivers people.
“We are convinced that such a proven great mind and well experienced, tested and trusted administrator/technocrat, Governor Fubara has demonstrated the capacity to deliver effectively the needed democratic dividends to Rivers people. It is on this convention we are gathered here for the umpteenth time to reaffirm our unalloyed support and commitment to his administration,” Chief Samuel Horsfall declared.
He disclosed that the gathering was to put in place citizens mobilisation strategy to forge a collaborative bond with the Governor to foster partnership for the development of ASALGA and the State. He, therefore, advised those he called detractors of Governor Fubara’s administration to desist forthwith and allow the Governor to remain focused in his quest to deliver on his mandate.
“All detractors should desist from further attacks on the Governor and the Chief of Staff, Government House, Rt. Hon. Edison Ehie and allow the Governor to focus on the delivery of the good policies and programmes to Rivers people. We unequivocally condemn attempts by disgruntled Abuja politicians to employ intimidation antics against the former Speaker of the 10th State Assembly and current Chief of Staff, Government House, Rt. Hon. Edison Ehie and others who are standing on the path of justice and good conscience for the collective good of Rivers State.
“We equally urge the Nigerian Police and other security agencies to be discreet in the discharge of their constitutional responsibilities in the State and not to allow themselves to be used by selfish individuals who do not mean well to fuel political crisis in Rivers State.
Chief Samuel Horsfall also commended the federal lawmaker, Hon. Boma Goodhead for her doggedness and resilience in supporting Governor Fubara since the wake of the political crisis in the State.
Several other personalities spoke to express their support to the State Governor and urged the people to ASALGA to maintain their peaceful disposition and remain steadfast in the Simplified Movement to give the state government maximum support to continue to render good governance to Rivers people.
Highlights of the event were the inauguration of the elders and stakeholders of the Simplified Movement for the 13 Wards as well as the executive committee of the movement in Asari-Toru Local Government Area.

Amieyeofori Ibim

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