Business
ONICCIMA Decries Rising Poverty Level
The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) has decried what it termed the poor state of the national economy and the rising poverty level in the country.
The President of ONICCIMA, Mr Uchenna Apakama, said this in his valedictory address during the chamber’s 29th Annual General Meeting in Onitsha.
Apakama said that a situation where 67.1 per cent of the population live below a dollar per day was worrisome.
According to him, power generation is still a nightmare, adding that electricity tariff is soaring with distribution companies across the country unable to provide customers pre-paid meters.
He said that the current economic recession in the country, coupled other macro-economic challenges, had continued to pose a threat to the Organized Private Sector (OPS).
“The monetary policy rate is still pegged at a higher rate of 14 per cent since July 2016, with lending rate of between 20 per cent and 30 per cent remaining unattractive to the OPS, while the rate of inflation is almost 18 per cent.”
According to him, 130 million Nigerians lack adequate sanitation, with 57 million lacking access to safe drinking water, leading to the death of some 45,000 children annually due to diarrhoea.
“Unemployment rate across the land is threateningly high, hovering at 42.24 per cent in 2016, with thousands of graduates joining the labour market every year.
“Corruption, insecurity and crime, including armed robbery, kidnapping, Boko Haram, and the herdsmen attacks are assuming pervasive with horrendous dimensions now than ever before.”
Apakama, therefore, urged governments at all levels to take proactive measures in order to reduce the high incidence of poverty in the land.
The outgoing president welcomed Federal Government initiative in establishing the ‘Ease of Doing Business Commission’ headed by Acting President Yemi Osinbajo.
He also commended the Central Bank of Nigeria (CBN) for issuing a licence for the establishment of the Development Bank of Nigeria (DBN), saying that it would bring succour to the industrial and other strategic sectors of the economy.
While also lauding the decision to establish the South-East Economic Integration, he urged the governors of the zone to show political will and commitment to the project.
Furthermore, Apakama, whose tenure ends in August, urged the Federal Government to address critical issues such as cases of human rights abuses, lack of equity and justice in appointments and the abuse of political power, among others.
Earlier, Mrs Alaba Lawson, the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), commended the efforts of ONICCIMA to grow the economy of the country.
Lawson, who was represented by Mr Humphery Ngonadi, urged the Federal Government to involve the OPS in the annual budget preparations and allocations.
She also urged the OPS to identify with the chamber in the South-East, rather than clustering around Abuja and Lagos chambers.
According to her, most of those who made Abuja and Lagos chambers to bubble are mainly from the South-East.
“It is important for ONICCIMA to continue to build upon the achievement of NACCIMA in developing the nation’s economy,” Lawson added.
Also speaking, the state Commissioner for Economic Planning, Mr Mark Okoye, urged ONICCIMA to enlist into the Anambra State government’s three-year development planning process for the state.
Okoye gave an assurance that the state government would continue to support the chamber’s activities and provide adequate security for businesses to thrive.
The Tide correspondent reports that the highlight of the occasion was the presentation of awards to some captains of industry who had distinguished themselves in the various businesses.
Business
Nigeria’s Gold, Other Solid Minerals Being Stolen – NEC
The National Economic Council has expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control to cover illegal mining.
This is just as the council raised the alarm that the nation’s solid minerals, including gold, are being mined and stolen.
Imo State Governor, Hope Uzodimma, who chairs the committee, disclosed this while briefing State House correspondents after the 153rd NEC meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, yesterday.
Uzodimma said the expanded mandate is part of the government’s efforts to curb resource theft and increase revenue from Nigeria’s solid minerals sector.
“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council.
“NEC received our report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen and not adding to national revenue,” said Uzodma.
He noted that the expanded role would enable the committee to coordinate with the Ministry of Solid Minerals Development and other federal and subnational institutions to combat widespread illegal gold mining and other forms of mineral smuggling that have deprived the country of much-needed foreign exchange.
“Going forward, our committee, working with other government agencies, will look at how to ensure that the revenue of the country arising from solid minerals like gold and other forms of solid minerals are not allowed to be stolen,” the governor added.
NEC’s Ad-hoc Committee on Crude Oil Theft Prevention and Control was first established under former President Muhammadu Buhari in August 2022.
It was reconstituted under President Bola Tinubu in December 2023 with Uzodinma as chairman.
The committee was initially mandated to address the challenge of crude oil theft and pipeline vandalism.
Its creation followed rising oil theft that had crippled national production and forced international oil companies to shut down key pipelines.
At the time, oil production had crashed to around 700,000–800,000 barrels per day, far below Nigeria’s OPEC quota, costing the government billions of dollars in lost export revenue.
Uzodimma explained that through what he called a “collaborative approach” involving regulators, operators, and the security forces, the committee had helped raise daily crude oil production to over 1.7 million barrels per day in the past 22 months.
The governor stated, “Before May 29, 2023, when President Bola Tinubu was sworn in, our crude oil production was around 700,000 to 800,000 barrels a day.
“Working with stakeholders, the regulators, operators in the industry, and the Navy, we were able to involve all the governors of crude oil-producing states and raise different security organisations.
“You would agree with me that as I speak, daily production is now in excess of 1.7 million barrels a day, and cases of pipeline vandalism and vandalisation of oil assets have also been on the decline.”
The council, he said, was satisfied with the progress and decided to deploy the same model of intergovernmental coordination, private-sector partnership, and multi-agency surveillance to the mining sector, plagued by resource theft.
“We are determined to ensure that crude oil production and gas are properly preserved for the benefit of our citizens.
“Now, with this new directive, we will also protect our gold and solid mineral assets,” Uzodinma added.
Nigeria’s illegal mining economy, particularly in gold, lithium, and other high-value minerals, has grown into a multibillion-naira shadow industry.
According to data from the Nigeria Extractive Industries Transparency Initiative, the country loses an estimated $9bn annually to illegal mineral extraction and smuggling.
The Federal Government has linked several unlicensed mining operations to armed groups in the North-West and North-Central regions, where gold has become a source of illicit financing for bandits.
A 2023 NEITI audit also showed that over 80 per cent of mining activities in Nigeria were conducted informally, without licenses or environmental oversight.
In September 2024, the Ministry of Solid Minerals Development revoked over 900 dormant licences and announced plans for a national gold reserve policy. But enforcement remains difficult, with weak surveillance, limited manpower, and overlapping regulatory mandates.
According to Uzodimma, the expanded mandate aims to integrate the fight against illegal mining into the broader national resource protection framework previously used in the oil sector.
“We have done well,” he claimed, adding, “Among other things, we recommended that NNPC, working with security agencies and their consultants, should strengthen security in all the creeks and extend coverage to offshore regions. That will help in curtailing and supervising illegal entries and exits of vessels into our export terminals. This same spirit will now guide our solid minerals sector.”
The committee is expected to submit its first progress report on the expanded mandate at the next NEC meeting in November.
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