Nation
Non-Oil Sector Capable Of Sustaining Nigeria’s Economy -RMAFC
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stressed the need to generate more revenue from the non-oil sector to sustain the country’s economy.
Chairman of the Commission, Chief Elias Mbam, said this when the Chief Executive Officer of Nigeria Exchange Commodities, Mrs Zaheera Ari, visited him in Abuja.
The RMAFC boss said that the commission would collaborate with government agencies working towards enhancing revenue generation.
Mbam, who emphasised the need to diversify the country’s economy from an oil-based one, which according to him, capable of sustaining the economy, said that more efforts were needed to explore the potential in the non-oil sector.
“A typical example is that the solid mineral was not contributing to the federation account.
“But as a result of the sensitisation and advocacy and the collaboration between the commission and the ministry of mines and steel, they are now contributing reasonably.
“And we are saying that if proper things are done the non-oil revenue is capable of sustaining the economy of this country.
“In recent times, oil has not been contributing much to federation account and we are falling back to the non-oil sector which includes agriculture, tourism and solid minerals.
“And, the commission will always be ready to work with any agency that is working towards enhancing revenue generation.
“In order words, we are willing, ready and capable of working with the Nigeria Commodity Exchange for the success of this initiative,’’ Mbam said.
The RMAFC said that a six man committee would be constituted from both agencies to produce a draft of Memorandum of Understanding (MoU) to serve as a working document to guide the duo in the collaboration.
“I think this is necessary and is in line with government’s policy on diversification,’’ Mbam said.
He added “we as a commission has a primary role to mobilise revenue to diversify and advice all tiers of government on fiscal efficiency.
“Before now we have gone round the six geo political zones of this country to carry out advocacy and sensitisation programme of all tiers of government on the need to diversify and also bring to their knowledge what exists around them that they are not using’’.
Earlier, Ari said that the Nigeria Commodity Exchange’s quest for collaboration with RMAFC was propelled by the need to generate more revenue to the country through the non-oil sector, particularly agriculture.
According to her, we can work together to move the country forward because we know that your major mandate is to move round and generate revenue for the country.
She said that the Nigeria Commodity Exchange would serve as a veritable platform for farmers to sell their commodities and make profit for themselves and generate revenue for the country.
“This would ensure that farmers improve their productivity and their livelihoods.
“Farmers are to do their production and come and trade at the exchange. The exchange does not buy neither does it sell.
“What the exchange does is to provide that transparent trading platform so that farmers can come through a broker to trade so that they can get the exact price of their commodities,” she said.
According to her, this will ensure that the quality of the commodities are of world standard and improve productivity. This will also encourage transparency and ensure improved standard.
“Instead of shares and stock what we are trading is commodities.
“The essence of setting this up is for farmers to have a platform to sell their commodities.
“We do exactly what Nigeria stock exchange of old does and the only thing is that instead of shares and stock we are trading commodities,” she said
She said that the major bane of the Nigerian farmer wass storage.
“At harvest period, they don’t have where to store their commodities.
“And, they are forced to sell off these commodities at very low prices most times below production cost.
“So, this platform would discourage that as the farmers now have a platform to sell their commodities through a broker and make their profit as well as generate revenue for the country,’’ Ari said.
An Information and Communication Technology (ICT) Centre is set to be established in Omoku, Ogba/Egbema /Ndoni Local Government Area of Rivers State.
The initiative is being championed by the Omoku People’s Forum, a global association of Omoku elites, under the leadership of its President-General, Dr. George Ada Ubah.
As part of efforts to ensure the successful execution of the project, a prominent son of Omoku, Chief (Barr.) Dennis Masi, has been appointed by the Forum as the Chairman of the ICT Centre Project Committee, entrusted with the responsibility of coordinating and driving the initiative to fruition. Upon completion, the ICT Centre is expected to serve as a major hub for the training and empowerment of youths in digital and technological skills, equipping them to actively participate in the increasingly technology-driven global environment.
The project is also widely regarded as a significant step towards positioning Omoku as an emerging ICT hub within Rivers State, fostering innovation, digital literacy, and economic development in the region.
Concerned Rivers Chiefs For Peace And Development has said it formation was not politically motivated or has any links to political parties or candidates.
The group which said this at a media briefing at Abuloma in Port Harcourt City Local Government Area said it’s formation has nothing to do with politics.
According to the text for the briefing jointly signed by Chief Boma Kele Oyika it’s chairman and Chief Inemo T Ikama Deputy Secretary General said the organization is expected to focus on conflict Resolution, community engagement, collaboration with government and private sector actors
‘it mandate also includes promoting peace building initiative, supporting local economic empowerment programms and strengthening traditional institutions in our state and beyond as partners in governance ”
It said the body is led by a team of respected traditional leaders serving as trustees
“Their collective leadership reflects a blend of experience cultural authority and grassroots connection
“Key elements considered vital for addressing long standing,socio economic and security challenges in the region”
The release further says ” the formation of this organization comes at a time when communities in Rivers state continue to navigate between issues ranging from youth unemployment, environmental concerns and intermittent conflicts amongst the traditional rulers and beyond
“By bringing together influential traditional figures under a unified platform, the group aims at serving as stabilizing force while advocating for inclusive development policies ” it said
It also described its emergence as a new chapter in grass roots leadership and regional development
Earlier, chairman of the body, Chief Boma Kele Oyika said the organization will work with relevant authorities to promote peaceful coexistence in the state, reduce crime and promote economic development.
He said it is open to all Chiefs from the 23 local government areas.
The Chairman of The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture NDCCTMA,Ambassador Idaere Gogo Ogan and the Managing Director of the Niger Delta Development Commission ( NDDC ) Dr Samuel Ogbuku have challenged Niger Delta entrepreneurs to close the gap in Gross Demostic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.
The two leaders spoke at a business round table organized by NDDCTMA in Port Harcourt
Chairman of NDDCTMA Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.
He said no other persons can do this except sons and daughters from the region.
“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here”
Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.
“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase “he said
Ogan said the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where
“That is why we are gathered here in this room “he said.
Also speaking Managing Director/Chief Executive officer of the Niger Delta Development Commission( NDDC) Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment as every part of the country have in one time or the other experienced crisis.
Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.
“With little threat we have left the city,we have gone to Lagos,we have moved our families to Abuja and Lagos
“If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.
The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.
He said time has come for potential investors from the region to have a change of heart by coming home to invest.
John Bibor