Business
Utomi Tasks Govt On Economic Challenges, Investors
A political economist, has said that the Public Private Partnership (PPP), Professor Pat Utomi, initiative would not be effective if the government failed to address challenges in key sectors of the economy.
Utomi made the observation yesterday in Lagos at a PPP forum on “Strategy for Infrastructural Development and Modernisation in The Nigerian Maritime Sector”.
He said that the state of institutions in the health, education, maritime and other areas must be restructured to attract private investors.
According to him, the privatisation of some sectors of the economy is good, but has not achieved desired results because the policy is not well implemented.
The political economist said that change in governance could affect infrastructure and human capital and in turn the overall development.
“Private investors will find it difficult to participate in state affairs because of the fear that a change in governance can create a new policy that will be unfavourable.
“In performance, the right policy frame work is a key to achieving the goal of government. There is the need to build trust,” Utomi said.
He said that culture also played important role because if the values of people or a country were wrong, corruption would set in and the goal would not be achieved.
He said that lack of motivation and unclear national strategy could obstruct effective participation of investors in national development.
Utomi urged maritime stakeholders to look into the Nigerian Maritime Administration and Safety Agency (NIMASA) agenda to help develop the capacity of indigenous shipping companies.
He also advised that the people should key into human capital capacity building.
The political economist said that there was the need to aid the development of integrated operational capacity to enable NIMASA discharge its coastal, flag and port state responsibilities.
He said that uncertainty, institutions and transition management was the biggest threat to the PPP strategy.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.