Nation
Aviation, Pharmaceuticals To Drive Economic In 2023 – Rewane
Chief Executive Officer, Financial Derivatives Company Ltd. Mr Bismarck Rewane, has listed aviation, chemical and pharmaceuticals, manufacturing, construction and financial services as sectors that will drive Nigeria’s economic growth in 2023.
Rewane said this at the Nigerian-British Chamber of Commerce (NBCC) 2023 Macroeconomic Outlook held in Lagos, recently.
He predicted that global air travels would rebound in 2023 with the reopening of China’s economy and entrance of additional 40 aircraft into the aviation sector.
Rewane, however, noted that the challenges of high operational costs, poor maintenance structure and infrastructural development may impact the sector.
He expressed opitimism that the chemicals and pharmaceuticals sector would grow stupendously and hit $5.3 billion in 2024 and benefit from economic reforms including healthcare financing.
“Unstandardised herbal drugs in the market, scarce foreign exchange and illegal importation and sales of substandard products would challenge the sector’s potential.
“For the telecommunications sector, Nigeria should expect improved internet penetration and wider coverage of 5G, more dependence on blockchain technology.
“Under construction, there would be increased spending and investment on road infrastructure following the concessions of 12 federal highways.
“Manufacturing would record increasing use of technology for business activities and cost optimisation.
“However, the risks of foreign exchange scarcity, poor business environment, weak consumer demand, high energy cost still persists in the sector,” he said.
Rewane said the financial services sector would record stiff competition between traditional banks, fintechs and telecommunications forcing banks to collaborate with fintechs.
He said the realities for the country beyond elections in the third and fourth quarters would be characterised by handing over, protests, key appointments, supplementary budgets and negotiation for debts restructuring.
“No doubt, 2023 general election will hold and election runoff is inevitable and many developments will trail the outcome of the election.
“Irrespective of the political party or candidate that wins, we expect several economic reforms from the new administration as opportunities emerge after the elections.
“Nigeria needs to send signals that the shenanigans dwindling investors confidence are over such as single window for customs operations, ruthless efforts to end oil theft and investment in petrochemical value chain.
“Government must also address economic inequality by ensuring equitable distribution of income via taxes to deliver healthcare, education, infrastructure and feeding,” he said.
Nation
An ICT Centre Set To Be Established In Omoku
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.
Nation
Concerned Rivers Chiefs For Peace And Development Denies Political Affiliations
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.
Nation
NDCCTMA, NDDC MDS Challenge Niger Delta Indigenes on Investment in The Region
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
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