Business

‘Long-Term Planning, Panacea For Economic Recovery’

Published

9 years ago

February 6, 2017

The President, Time Economics, Dr Ogho Okiti, says policy makers should implement policies that would foster long-term economic growth in efforts to pull the country out of recession.
Okiti said this last Wednesday in Abuja at the 2017 Nigeria Economic Outlook Conference aimed at examining the path taken by government towards economic growth and recovery.
He said, “Coming out of recession is the easiest thing to do for any government. “Any significant increase in oil production, any significant increase in oil revenue, any significant increase in government expenditure will of course just take us out of recession.
“But that is on the short term. But I think more importantly, we need to ask long term questions.
“In 2017 what we should really ask is that it’s not about us that are over 40 is what is going to happen to my children, what is going to happen to the prosperity of my own children.
“Sustainable recovery means dealing with the long term issues of low productivity.
“We have low productivity, we have low income, low real income and no jobs.
“Everything boils down to what we produce, how we produce it, at what price, at what quality?
“All the problems that we see whether in the public service or private sector, the desperation that you see they are all problems of low productivity,’’ he said
Okiti said also that at present, government policies were being implemented in half measures which in the long run would not lead to economic growth.
He cited the case of the fuel subsidy removal, which he says should be jerked up to N175 per liter to completely eliminate subsidy.
“From January until May, in my opinion the economy was virtually grounded.
“So government’s response, government decided to stop subsidy payment and allow fuel importers to charge up to N145 per liter.
“The decision was based on the exchange rate of N285 to a dollar and the second one is that, it was based on an oil price that was lower than 50 dollars per barrel.
“So when you look at those two caveats, you ask yourself is the problem actually solved. The answer is no, the problem has not been solved.
“If you remove subsidy, then you remove the structures of subsidy.
“Naira has not devalued below N285 so one caveat is already off the table. Crude oil price has also increased beyond 50 dollars. So, the two bases for that N145 has already collapsed.
“So, it is either we increase from N145 to N175 or we bite the bullet and just allow everybody sell fuel at the pump at whatever price they like. “You cannot remove subsidy without dismantling the two important structures of subsidy in Nigeria. “And those important structures are the Petroleum Equalisation Fund and the PPPRA. “Those are the structures set up for subsidy. They were not set up for any other reason.’’
Also, the Economic Councellor, U.S. Embassy, Mr Alan Tousignant said that foreign investors were looking forward to the content of the much anticipated economic recovery plan of the government.
“ The number one thing of course is productivity.
“So when I look at what to expect for this year, we will be looking at what that economic growth and recovery plan has on capital expenditure.
“For example in the power sector, in roads, in railways or across the board in infrastructure.
“And I think those are all productive investment because they will help empower the private sector, whether it is individual farmers or big farms or manufacturers or service providers.
“If they have better infrastructure, access to electricity to get their goods and services across the country, I think that will help improve productivity.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

6 hours ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

7 hours ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

3 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi