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Political Risk Threatens FG’s ERGP -Expert

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An economist, Prof. Uche Uwaleke, yesterday identified political risk as a major threat to the successful implementation of government Economic Recovery and Growth Plan (ERGP).
Uwaleke, the Head of Banking and Finance, Nasarawa State University, made this known in an interview with newsmen in Abuja.
“Indeed, numerous other vulnerabilities remain but the biggest threat to the ERGP, in my view, is the political risk that received no mention under the section.
“Nigeria’s experience over the years has shown that implementation of development plans suffer neglect whenever there is a change in government.
“The political will argument holds water only in the context of stability in government when the conceiver (the President) is in office throughout the Plan period.
“This condition is necessary for the success of the National plan,’’ he said.
According to Uwaleke, a review of key economic variables over the years indicated that the penultimate and ultimate election years affect economic performance.
The economist said that government spending usually increased in an election year, adding that this usually fuels inflation rather than encourages growth.
He said that in 2011 and 2015, Nigeria’s inflation rate increased due to high expenditure associated with the elections.
The economist said that the forthcoming 2019 election posed a threat to the ERGP’s goal of subduing inflation to single digit level by 2020.
He said that the success of the ERGP would depend not only on its implementation but also on the commitment of the succeeding administration to see it through to the terminal year.
Uwaleke, however, suggested that the country needed an enabling law to back up the ERGP.
He said, “The idea of setting up a Delivery Unit in the Presidency to assist the Ministry of Budget and National Planning in overseeing the ERGP implementation is good but not sufficient.
“If the Delivery Unit is not a creation of the Law, it lacks the capacity to discharge its duties.
“To this end, the Federal Government as a matter of urgency, should forward a Bill to be known as the ‘’Economic Recovery and Growth Bill’’ to the National Assembly.
“The Bill should take care of all issues specific to the ERGP distinct from the current Fiscal Responsibility Act of 2007 which focuses on annual budgets and the three year Medium Term Expenditure Framework.
“ The government has barely one more year to prove that the ERGP will not go the way of its forebears.
“ One of the key deliverables of the Plan is to reduce petroleum product imports by 60 per cent in 2018.
“Therefore, putting in place an enabling law and passing the Petroleum Industry Bill will safeguard the country against the major threat to the ERGP.
The Tide gathered that the Federal Government recently unveiled the ERGP, which contained the road map for Nigeria’s economic development.
The four-year plan (2017-2020) envisages that by 2020, ‘’Nigeria would have made significant progress towards achieving structural economic change with a more diversified and inclusive economy’’.
According to the plan, real GDP would grow by 4.6 per cent on average over the plan period while inflation rate would move to single digit by 2020.
The plan outlines initiatives such as boosting oil production to 2.5 million barrels per day by 2020, privatizing select public enterprises/assets and revamping local refineries to reduce petroleum product imports by 60 per cent by 2018.
Following the implementation of the plan, unemployment would reduce from 13.9 per cent as of Q3 2016 to 11.23 per cent by 2020.

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Minister Constitutes Tech Committee On Aviation Ties With Angola

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Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.

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NIWA Wants Deeper Private Investment In Blue Economy

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The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.

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Discount Airfares: Qatar Airways, Access Bank Extend To Dec

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The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.

Corlins Walter

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