Business
‘LGAs Can Dev Into Business Empires’
A Port Harcourt-based businessman, Chief Dighobo Obaghama, has said that local government councils in the country have the capacity to transform their areas into business empires.
Obaghama, who is the Managing Director of Fixit Optimum Solutions Company Limited (FOS) made the disclosure while speaking to our correspondent recently in Port Harcourt.
He said as the third tier of government he was convinced that the federal government has over pampered local government councils in the country.
According to him, most local governments are capable of generating enough revenue to pay salaries and even embark on major projects.
He opined that if local councils decide to pinpoint areas that they have comparative advantage they can create wealth for themselves for developmental activities and create employment.
The issue of being fully dependent on the federal government could be a thing of the past if those heading the councils realise the human and material resources that were at their disposal.
The Fixit Solutions boss said councils if properly run could break away from the traditional payment of workers salaries and delve into other meaningful ventures by establishing cottage industries and become centres for human development.
He frowned at the dependence of local councils in the country on federal allocations and called for a paradigm shift in order to stem the tide of rural urban migration.
He said Rivers State for example has abundance of water resources that if councils decide to go into fish farming they could generate funds for themselves, including the engagement of the youth in fish farming.
Obaghama emphasised that the leadership of the councils were not “thinking straight” even as he said they have intentionally refused to diversify in order to make the councils business driven centres.
“They have decided to rely on the allocation and they do not want to use the allocations to create wealth for themselves,” he said.
He further called on the government at the centre and the states to encourage the councils to create wealth for themselves by concentrating and improving on what they have.
Throwing more light, he opined that the councils know what to do but unfortunately, they were politicising the running of the councils.
He said even though politics comes into play the issue of voting and brining into office the right people should be prioritised.
“Let it be that, persons voted in are not only seen to be capable but should be capable of moving the councils forward.
“The only way to choose the right persons is when the leaders decide to do certain things that will make the people self reliant, rich and be on their own,” he said.
On whether local councils have fared any better in the present dispensation, the FOS boss said it has not even crossed their mind to see that the resources they have could be used to go into certain things that would help the grass roots people even as he said they were only concerned with sharing monthly allocations.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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