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Tag: Stakeholders

  • Critical stakeholders plead with Tinubu to review appointment of DG, National Agricultural Seed Council

    Critical stakeholders plead with Tinubu to review appointment of DG, National Agricultural Seed Council

    Critical stakeholders and experts in the Seed Sector of Nigeria have appealed to President Bola Ahmed Tinubu to review the recent appointment of a substantive Director General for the National Agricultural Seed Council (NASC).

     

    Stakeholders’ concern stemmed from the fact that Hon Fatuhu Mohammed Buhari who was appointed as substantive Director General of the Council did not possess the requisite professional qualification and cognate experience in seed science and technology as provided for in the Act establishing the Council.

     

    In the open letter of appeal to President Tinubu signed on behalf of the Seed Sector by Engineer Olagbaju Akeju, a technical consultant/seed processor, the group cited a breach of Part III, Section 6 of the National Seed Council Act of 2019, which is the regulatory framework to establish food governance and remove quackery from the Nigeria Seed System.

     

    Specifically, Part III, Section 6, states: “The President shall appoint on the recommendation of the Hon. Minister, candidate who possesses professional qualification and cognate experience in Seed Science and Technology.”

     

    The group said that: “This requirement is very fundamental to continue to sustain the gain and international recognition of the Nigerian Agricultural Seed System as African model.”

     

    According to the group, “It is for this purpose that Mr. President’s attention is invited to take another look at the appointment of Hon. Fatuhu Mohammed Buhari as Director General of the Council as earlier announced and confirmed, pending the request for Dr. Ishiaku Othman Khalid to serve as substantive Director-General of the Council for a single term.”

     

    It would be recalled that until a few days ago, before the announcement of Hon. Fatuhu Mohammed Buhari as the Director-General by Mr. President, the Acting Director-General, Dr. Ishiaku Othman Khalid, a seasoned Seed Expert who grew within the system to become a director, was expected to be confirmed as the substantive Director General.

     

    “During his tenure in acting capacity, the Seed Council attained international recognition as testified by the Council of Head of States in Africa Union for Food Security Committee. The Nigeria Seed System has also become remarkable as a model working for Nigeria and should be adopted by other African countries.”

     

    On appointment of core professionals to head the Council, the group noted: “Since its establishment, the leadership of this unique agency has always been selected among the professionals in the relevant seed science and technology for the post of Director-General.

     

    “It appeared that Mr. President was misled to appoint a non-professional as Director-General. This appointment did not only contravene the extant law but also breach Mr. President’s belief to give opportunity for serving officers to reach the pinnacle of their careers.”

  • Ex- Convict Toga: Stakeholders ask FG to fire Enugu Federal Neuropsychiatric Medical Director

    Ex- Convict Toga: Stakeholders ask FG to fire Enugu Federal Neuropsychiatric Medical Director

    Critical stakeholders have urged the Federal Government to review the appointment of the acting Medical Director of the Federal Neuropsychiatric Hospital, Enugu, Dr Ngozi Unaogu, following her conviction for flagrant disobedience to a court order.

    They said that fresh determination of Dr Unaogu’s position would end the three- year old crisis rocking the health facility, with the active involvement of the hospital boss.

    The stakeholders said that Unaogu as an ex- convict can no longer preside over the affairs of the Neuropsychiatric Hospital, citing the case of a former Attorney General of Edo State, Dr Obayiuwana, under Senator Adams Oshiohmole, then as governor as an example.

    The Enugu High Court, presided over by Justice Ngozi Oji, convicted Dr Unaogu,. alongside the Director of Clinical Services of the hospital, Dr Vincent Ubochi, last week for contempt of court and ordered their remand in prison, until they purged themselves of the contempt, through total obedience to a court judgement on December 10, 2021, by another female judge, Justice Ebele Mabel Egunmgbe.

    A court order as defined by Black’s Law Dictionary is a written instruction or directive given by a court or judge.

    It can also, be the court’s mandate or decision regarding a subsidiary or collateral matter that arises in a case, not ruling on the matter but deciding a preliminary issue or prescribing a course of action.

    Justice Egumgbe had in her judgement granted a perpetual injunction against the hospital management and restrained them from further scrutinising the credentials of the applicant, Dr. Afam Ndu, after he was cleared by the Federal Ministry of Health of any wrongdoing.

    The plaintiff, Ndu, a suspended Principal of the hospital’s School of Mental and Basic Psychiatric Nursing, had filed the suit against the contemptnor.

    The suit followed the allegations of  rape, murder and possession of fake certificates against the plaintiff by the contemptnor, alongside two other doctors. Unhappy with the accusations, Ndu approached the court in 2017 seeking for redress, and N20 million damages.

    The court later awarded N2.5 million cost against Dr. Unaogu, Dr Ubochi and two other doctors working with the hospital after proving that their allegations against Ndu were false and defamatory.
    The court, among other things, ordered the defendants to retract the defamatory publication in a national Newspaper within 30 days with effect from the day of the judgment on the case,  December 10, 2021.

    The defendants were further restrained from further publishing of the defamatory allegations against the plaintiff, but the judgment was however challenged at the Court of Appeal, which upheld the decision of the trial court on January 24, 2024.

    However, despite the court order, both contemptnor: the Medical Director and the Head of Clinical Services went ahead to constitute another senior staff committee headed by her to further scrutinise Ndu’s NYSC discharge certificate, claiming it was a directive emanating from the office of the Federal Minister of Health and Social Welfare.

    But, the court in delivering the judgment last Monday, held that the constitution of the senior staff committee by the Medical Director was a flagrant disregard of the courts order and therefore, sentenced the duo to prison.
    Justice Oji, further held that the two doctors should be remanded in prison custody until they purged themselves of all contempt by obeying the court order contained in the judgment delivered on December 10, 2021.

    However, reacting to the conviction of Dr Unaogu, a spokesman for the stakeholders, Chief James Idoko, told  reporters weekend, that the acting medical director, having been convicted by a competent court, can no longer preside over the affairs of the hospital  “as an ex-vonvict.”
    Citing the case of the former Attorney General of Edo State, Dr Obayiuwana among others who lost their exalted positions after their convictions for various infractions of the law, Idoko said, “The civil service rule is clear on the issue of civil or public servants who are convicted for cr

  • Stakeholders throw weight behind Amendment Bill on RMRDC Act

    Stakeholders throw weight behind Amendment Bill on RMRDC Act

    Critical stakeholders on Wednesday threw their weight behind the Bill seeking to amend the Raw Materials Research and Development Council ( RMRDC) Act 2022 during a public hearing organised by the Senate Committee on Science and Technology.

    The Bill conceptualized by the Raw Materials Research and Development Council ( RMRDC) and sponsored by Senator Peter Onyekachi Nwebonyi, basically aims at processing raw materials in Nigeria before exporting them .

    In their separate presentations , stakeholders like the Ministry of Solid Minerals , Standard Organization of Nigeria ( SON) , Manufacturers Association of Nigeria ( MAN) etc , threw their weights behind expeditious consideration and passage of the bill .

    Representatives of the stakeholders described intendment of the amendment bill as required catalyst to turnaround the fortune of the country from exporting jobs and wealth abroad to generating them here.

    Specifically , the Director – General of Raw Materials Research and Development Council , Professor Nnanyelugo Ike Muonso said final consideration and passage of the bill , will stop exportation of wealth and jobs to foreign countries by Nigeria through processing of raw materials before exporting them .

    ” Today is my happiest day with the 100% support the amendment bill got from the various stakeholders”, he said .

    In his closing remarks the Chairman of the Committee , Senator Iya Abbas , said since there was no opposing views to the proposed amendment bill , the committee will accordingly submit its report to the Senate soonest for final consideration and passage .

  • NDDC, stakeholders urge youths to leverage digital technology for National Development

    NDDC, stakeholders urge youths to leverage digital technology for National Development

    The Management of the Niger Delta Development Commission (NDDC), alongside regional stakeholders, has called on Nigerian youths, particularly those in the Niger Delta, to embrace digital technology as a transformative tool to enhance their skills and contribute to national development.

    This call was a key resolution from the International Youth Day celebration for Delta youths, held on Wednesday at Agba Sol Hotel, Oleh, Delta State.

    Organized by the NDDC, the event sought to honor and recognize young innovators who have created impactful digital solutions in the region.

    Themed “Youth Digital Pathways for Sustainable Development,” the program underscored the pivotal role of young people in harnessing digital tools to drive sustainable development.

    According to the NDDC management, the initiative aimed to empower youths with digital skills, provide a platform for showcasing innovations, and foster partnerships that support youth-driven digital solutions.

    In his welcome address, NDDC Chairman Mr. Chiedu Ebie, represented by Comrade Michael Akpobire, urged Niger Delta youths to fully embrace digital technology, emphasizing its capacity to unlock significant opportunities. He noted that digital tools can transform young people from job seekers into employers of labour, stressing that the internet space, when used productively, can act as a catalyst for sustainable development in the region.

    Stakeholders urge youths to leverage digital technology

    The keynote speakers Prof. Presly Obukadata, a brand and strategic communication expert from Delta State University Abraka and Dr. Okpako Ejeata, Dean of Computing, University of Delta Agbor, explored the endless opportunities that can be leveraged by youths to contribute to National development and improve on their wellbeing.

    Prof. Obukadata in his keynote address titled: “From Clicks to Progress: Youth Digital Pathways for Sustainable Development,” said that the topic speaks directly to one of the most urgent challenges facing our nation. Reflecting on Nigeria’s economic journey over the past decades reveals that our over-reliance on the status quo has left many youths vulnerable and disconnected from sustainable development.

    According to him, we have often made theoretical commitments without translating them into actionable change.”
    In the presentation, he explored how we can harness Nigeria’s abundant resources and our vibrant youth to spark meaningful progress and ensure sustainable growth.

    “There is a palpable urgency to this conversation. As our youth population grows – dynamic, tech-savvy, and eager for change – we must seize this moment to redefine our economic landscape. We must unlock the potential of our young people to make the 17 SDGs not just goals, but realities.

    “The phrase “clicks to progress” encapsulates the transformative potential of digital engagement among youth in driving sustainable development.

    The digital landscape has fundamentally altered how young people interact with information, resources, and each other. Specifically, the proliferation of digital technologies enables youth to engage with the Sustainable Development Goals (SDGs) in innovative ways.

    Scholarly research indicates that digital platforms serve as both a medium for knowledge dissemination and a space for collaboration. For instance, social media can amplify youth voices, fostering a sense of community and shared purpose around sustainability issues.

    This connectivity allows for the rapid exchange of ideas and best practices, which can lead to collective action and advocacy for sustainable initiatives.

    “From a pragmatic standpoint, the phrase “clicks to progress” highlights the need for actionable pathways that translate online engagement into tangible outcomes. While digital tools provide avenues for awareness and mobilization, they must be complemented by structured opportunities for youth to contribute meaningfully to sustainable development. Initiatives that bridge the digital divide, such as training programmes in digital literacy and access to technology, are essential. These efforts ensure that all youth, regardless of socioeconomic background, can harness the power of digital tools to effect change,” he added.

    Coraborating these points, Dr. Ejeata, called on Delta youths involved in yahoo scam to turn their skills and intellect to more lawful and productive engagement by becoming registered ethical hackers which has more lasting reward and guarantees peace of mind.

    He noted that using the internet and digital technology fraudulently can provide momentary gains which cannot last the taste of time, because no matter how smart a criminal thinks he is, the law will some day catch up with him or her.

    He therefore, urged relevant government, religious and none governmental organizations to work and redirect the focus and energy Niger Delta youths to use digital platforms and technology positively to the overall benefits of the nation.

  • Tax bills: We’re consulting stakeholders to address concerns – Speaker Abbas

    Tax bills: We’re consulting stakeholders to address concerns – Speaker Abbas

    The Speaker of the House of Representatives Hon. Abbas Tajudeen, has said that the leadership of the House has commenced a series of engagements with the relevant stakeholders to address the concerns raised on the four tax reform bills forwarded to the National Assembly by President Bola Ahmed Tinubu, GCFR.

    Some of the stakeholders that the Speaker personally engaged so far included states governors, caucus leaders, among others.

    Speaking while delivering the votes of thanks during the presentation of the 2025 budget to a joint session of the National Assembly by President Tinubu, the Speaker noted that Nigeria needs “comprehensive tax reforms to broaden our tax base.”

    Speaker Abbas noted that the House, and indeed the National Assembly, would ensure equity and the protection of vulnerable Nigerians.

    He said, “Nigeria’s low tax revenue also remains a major constraint. Our tax-to-GDP ratio, currently at approximately 10.9 per cent for 2024, is among the lowest in Africa, significantly below the continental average of 15.6 per cent. In comparison, South Africa’s tax-to-GDP ratio stands at 25.4 per cent, while Rwanda and Ghana, with much smaller populations, report ratios of 15.1 per cent and 14.1 per cent, respectively.

    “Even our VAT collection efficiency – at approximately 20 per cent – is notably below the near 70 per cent efficiency achieved by South Africa, Equatorial Guinea, and Zambia.”

    Speaker Abbas noted that, “Addressing these challenges requires urgent and comprehensive tax reforms to broaden our tax base, improve compliance, streamline administration and reduce reliance on borrowing.”

    Speaker Abbas, therefore, expressed the readiness of the National Assembly to work with the Tinubu administration towards achieving the required reforms.

    He stated: “The National Assembly will continue to work with your administration to ensure that such reforms are equitable, effective, and considerate of the needs of vulnerable populations.

    “To this end, we have engaged stakeholders to address concerns raised on the tax reform bills, fostering trust and cooperation. I have personally led numerous high-level meetings and consultations with state governors and other key stakeholders on this issue, achieving positive outcomes.”

    The Speaker also noted that the reforms by the Tinubu administration have “disrupted the status quo, sparking resistance from vested interests.” He added: “Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.”

    However, Speaker Abbas pointed out that: “The National Assembly stands ready to support these reforms through legislative backing and to facilitate public engagement for greater understanding and acceptance.”

    The Speaker noted that collaboration between arm the arms of the government remains essential to achieving the shared objectives.

  • Delta Central PDP leaders, stakeholders pass confidence vote on Oborevwori

    Delta Central PDP leaders, stakeholders pass confidence vote on Oborevwori

    Leaders and other stakeholders of the Peoples Democratic Party (PDP) in Delta Central Senatorial District have passed a vote of confidence on Governor Sheriff Oborevwori.

    The motion for the vote of confidence was sequel to a motion moved by former member of the House of Representatives, Hon. Sunny Emeyese, during a meeting of all elected and appointed political office holders in Delta Central, at Osubi, Okpe Local Government Area of the state, on Friday.

    The motion was seconded by former member representing Sapele Constituency in the State House of Assembly, Hon. Felix Anirah, and it was unanimously adopted.

    The leaders chronicled the achievements of the governor in the last 18 months and vowed to work together with other leaders from Delta North and Delta South Senatorial districts to return the Governor for a second term in office, come 2027.

    They urged party faithful in the district to remain united and dedicated to the ideals of the party and work towards victory for the governor and all the party’s candidates, come 2027.

    The meeting was presided over by Delta Central PDP Chairman, Hon Anthony Akpomiemie, Deputy Speaker of the Delta State House of Assembly, Rt Hon Arthur Akpowowo, Prof Sam Oyovbaire, Senator Emmanuel Aguariavwodo, Chief Emmanuel Ighomena, Chief Solomon Ighrakpata, Elegbete Moses Odibo, Prof Andrew Ekakitie, Chief Eddie Ono-Sorhue, Hon Charles Oniyere, Chief Godwin Atuse and all other elected and appointed political office holders from Delta Central.

  • Alia’s call for Akume’s removal ignites outcry from Benue critical stakeholders

    Alia’s call for Akume’s removal ignites outcry from Benue critical stakeholders

    The Alliance for Truth and Justice (ATJ) has strongly opposed a protest allegedly organized by groups affiliated with Benue State Governor Hyacinth Alia, which calls for the removal of Senator George Akume from his position as Secretary to the Government of the Federation (SGF).

    The ATJ views this protest as a concerning attack on a respected leader from Benue, raising issues about unity and priorities within the state.

    In an official statement, ATJ President Aloysius Gbakaan expressed disappointment over Governor Alia’s actions, calling them a betrayal of Benue’s unity. Gbakaan highlighted that instead of promoting collaboration among the people, the governor is fostering division by targeting Senator Akume, a prominent figure who holds an important national position.

    The statement reads: “We, the Alliance for Truth and Justice (ATJ), express our deepest shock, sadness and disappointment regarding the recent action taken by the groups under the aegis of Benue Renaissance and the Gubernatorial Liaison Officers, who staged a protest demanding the removal of Senator George Akume from his position as Secretary to the Government of the Federation (SGF).

    The protest which was ostensibly instigated by Governor Hyacinth Alia, indicated a disturbing and condescending attack on a fellow Benue son and a respected leader who has been elevated to serve our great nation in a key position as the SGF.

    “We hereby condemn this action for the following reasons:

    “ Betrayal of Benue Unity:
    It is disheartening that Governor Alia, who should be working towards unity among the Benue people, has chosen to incite divisions by targeting Senator Akume and other prominent Benue sons. This betrayal is not just a personal attack; it also undermines the collective interests of our people.

    “Misguided Priorities:
    The first assignment given to the Gubernatorial Liaison Officers recently inaugurated by Governor Hyacinth Alia – to orchestrate the removal of a fellow Benue man from a sensitive federal position – reflects a severe misjudgment of priorities on the part of the governor. Rather than focusing on the development and welfare of Benue State, Governor Alia is directing efforts towards undermining a key representative of our people.

    “Illusion of Power:
    The belief that removing Senator Akume will bring any tangible benefits to Benue State is a mere mirage. Even if the SGF position were vacated by Senator Akume, as Governor Alia desperately wants, it is unrealistic to expect the seat to be filled by another Benue son. This is an oversimplified view of political influence that tends to ignore the complexities of federal appointments.

    “ A Long-standing Bond:
    Senator Akume and President Bola Tinubu share a longstanding relationship built on mutual respect and collaboration. The petty local sentiments being inflamed by Governor Alia’s loyalists cannot and should not overshadow this bond. Such sentiments can only trivialize the hard work and dedication that both leaders have invested in their respective roles.

    “ Also A Note of Caution:
    We caution those who are complicit in this campaign against Senator Akume. Their actions are not only threatening the political stability of Benue State but also disregarding the will of thousands of Benue people who stand in support of Senator Akume as the SGF. The backlash from our people will be significant, as we will not allow the greed and ambition of a few to dictate our collective future.

    “Senator George Akume is doing a fantastic job in his position as the SGF by linking the centre with our dear state in various aspects of development. What Senator Akume deserves is maximum support not distractions and the insults being directed at him by individuals loyal to Alia and the Governor’s appointees.

    “6. Call for Solidarity:
    We urge the people of Benue State to recognize the importance of standing together in support of Senator George Akume who is representing us exceptionally well at the national level as the SGF. We must reject any attempts to castigate our leader in order to make him look bad before the rest of the country.

    “If Governor Alia has wasted his goodwill and fallen out of favour with the majority of Benue people, he should not use SGF Akume as a straw to hold onto and prevent his political ship from sinking. He should sink alone and blame only himself.

    “Finally, we demand an immediate cessation of these unwarranted attacks against Senator George Akume by Governor Alia and his band of supporters. The SGF is very busy coordinating administrative affairs for Mr President and the entire Federal Executive Council and deserves to be allowed to concentrate on his duties”, the group concluded.

  • Stakeholders raise alarm over deplorable state of PHCs in Benue

    Stakeholders raise alarm over deplorable state of PHCs in Benue

    The Benue state government has been tasked to immediately address the deplorable state of Primary Health Care Centres (PHCs) affecting several communities across the state.

     

    The call for action follows an investigative report by Premium Times disclosing that PHCs in Otukpo, Logo, Ohimini, And Vandeikya local government areas (LGAs) of the state do not meet the minimum standard or non-existent thereby making access to health care a life-threatening ordeal and hellish.

     

    The Managing Director of The Comforter and Diagnostic Centre, Dr Ola Golden, urged the Benue State government to quickly intervene in the plight of rural dwellers while asking citizens to hold their leaders to account.

     

    The medical practitioner made the call during an anti-corruption radio program, PUBLIC CONSCIENCE, produced by the Progressive Impact Organization for Community Development, PRIMORG, Wednesday in Abuja.

     

    He stressed that the Governor Hyacinth Alia-led government must prioritize primary health care as it is the most basic port of care while identifying that much effort is required to change how PHCs are managed in Nigeria.

     

    Dr. Golden lamented that PHCs are unfortunately not insulated from the pervasive corruption ravaging several sectors in Nigeria, adding that citizens must take advantage of the Supreme Court’s recent ruling granting financial autonomy to local governments by demanding accountability from leaders at that level.

     

    His words: “The state government (Benue) should know that health is wealth and without health every other thing they budget for is nothing. They should take the health system as their primary responsibility.

     

    “The local and the state governments should be held accountable because now that there is a law that makes payments to the local government directly, now is the time to hold them accountable.

     

    “Before now, it has always been the state government that had been covering up the inactivity of the local government areas, but now that they’ll be paying them directly, it is time to hold them to account.

     

    “It will take a whole lot of effort to be able to change the way the primary health care is being run generally in this country. Until such a time where the healthcare workers are being encouraged to stay near where people are, it will be a waste of money to keep building different types of structures around the country in the name of primary healthcare centers”.

     

    On his part, Project Associate at the Centre for Journalism Innovation and Development (CJID), Uchenna Igwe, urged the Benue state government to act on the investigation and ensure there is value for funds allocated to the PHCs.

     

    While regretting that citizens are at the receiving end of the deplorable state of PHCs, Igwe stressed that “health facilities at rural communities are perpetually set up to fail.”

     

    He said: “The major problems of PHCs remain poor funding, corruption, and mismanagement,” hoping that the financial autonomy granted to LGAs across Nigeria will improve the poor state of healthcare at the grassroots.

     

    A Benue state-based investigative journalist, Manasseh Mbachii, called on the state government for a swift intervention while decrying the lack of action despite investigations exposed that PHCs in Otukpo, Logo, Ohimini, And Vandeikya LGAs are either dilapidated, non-existent or unfit for human use.

     

    Mbachii also identified corruption, lack of accountability, and monitoring by government agencies as major factors compounding the woes of rural dwellers in accessing health care at PHCs in the North-central state.

     

    Public Conscience is a syndicated weekly anti-corruption radio program PRIMORG uses to draw government and citizens’ attention to corruption and integrity issues in Nigeria.

    The program has the support of the MacArthur Foundation.

  • Stakeholders applaud Government’s decision of not increasing taxes for Sugar Sweetened Beverages

    Stakeholders applaud Government’s decision of not increasing taxes for Sugar Sweetened Beverages

    Stakeholders in Nigeria have applauded the federal government’s decision of not increasing taxes on sugar-sweetened beverages (SSBs), describing the move as a lifeline for a sector facing numerous challenges. The decision was hailed as having the potential to reignite manufacturing growth and protect jobs.

    The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, revealed the government’s plans to stabilize the economy on Wednesday when the National Action on Sugar Reduction (NASR), a coalition of non-governmental organisations, visited him in Abuja. According to the Minister, the decision is part of a broader strategy aimed at stimulating economic growth, supporting local industries, and ultimately alleviating the financial pressures on manufacturers in the country.

    In his announcement, the Minister emphasised the government’s commitment to creating a conducive environment for businesses to thrive, noting that the measure will help beverage companies navigate the current economic difficulties without going under.

    The call for increasing the taxes on SSB has been a contentious issue, with stakeholders across the country arguing that it disproportionately affects both producers and consumers. A discriminatory tax on sugar sweetened beverages negatively impacts businesses and the jobs they create. These taxes not only harm the business environment but also its upstream suppliers and downstream distributors and retailers – and, ultimately, does not raise the desired revenues for government.They raised concerns regarding the proposed review of the tax policy, citing that it will adversely affect the sector’s growth and sustainability. They pointed out that the sector had consistently been making losses, although its tax burden had continued to rise.

    In four of the last six years, the SSB industry has endured significant losses, yet continued to shoulder increasing tax burdens. Remarkably, in 2021 and 2022, the industry’s total tax contributions soared to 4-8 times their Profit After Tax, underscoring the immense financial strain on this struggling sector.

    The full-year performance of many of the companies operating in the sector tells the story of the harsh realities, with many of them including Nigerian Breweries, International Breweries and Guinness Nigeria Plc recording huge losses. It will be recalled that Guiness Nigeria, recently joined the growing list of foreign companies to exit the Nigerian market. The company agreed to sell 58.02 per cent of its shareholding to Singapore-based Tolaram Group.

    While proponents of SSB taxes base their call for an increase on the supposed health gains, stakeholders have continued to argue that Nigeria does not have a sugar problem. They contend that with an 8.3 kg per capita consumption of sugar, Nigeria consumes less sugar than the WHO prescribed threshold of 9.1 kg per capita and is, in fact, one of the lowest in Africa. Other practitioners have also pointed out that the real worry should be the consequence of burdening an already struggling sector. They believe the aftermath of such a measure will only lead to more problems including, outright closures and job losses.
    Beyond the economic issues, there are also concerns about the stress and health impact that may accompany the fear of losing one’s means of livelihood—something that can lead to overall mental and emotional health issues, and significantly increasing the occurrence of cardiovascular events in the country.

    Undoubtedly, the beverage industry is vital to Nigeria’s manufacturing sector, contributing significantly to employment and economic activity. The government’s decision to delay the increase in taxes for SSB is expected to bolster the sector’s resilience and drive further investments, ultimately benefiting the Nigerian economy.

  • Interest rate will come down soon – Cardoso

    Interest rate will come down soon – Cardoso

    Following the complaints by stakeholders in the private and public sector on the impact of the high interest rate in the country, the Governor of the Central Bank of Nigeria (CBN) Dr Olayemi Cardoso has assured that the high interest rate regime would not last forever, saying it will begin to come down soon.

    Speaking at the fireside session at the Businessday CEO Forum in Lagos, the CBN governor noted that himself alongside the Monetary Policy Committee of the CBN whilst desiring growth of the Nigerian economy is committed to taming inflation which has risen to 33.95 per cent as at June.

    Benchmark interest rate currently stands at 26.25 per cent, and business owners, analysts, manufacturing companies and state governments have lamented the high interest rate, saying the high cost of borrowing would not only lead to job losses but also stifle economic growth in the country.

    However, Cardoso noted that the high interest rate had become necessary to combat the consequences of the huge money supply into the system prior to his ascension as CBN governor.

    “Sadly, we have a situation where we were all there when a lot of money supply went into the system. We all saw Ways and Means soar to N27 trillion. We saw interventions N10.5 trillion. It has its consequences. Painful, but it has its consequences. And to a large respect, that is what we’re paying for now.

    “Interest rates are not set by the governor of the central bank. Interest rates are set by the Monetary Policy Committee. And thankfully, we have a monetary comments policy committee comprised of independent minded thinking people. And these are people who are not given to emotion. What they look at is data, and they basically go along with what the data says. The MPC has made it very clear that for them the major issue is taming inflation have also made it very clear that they will do whatever is necessary to tame inflation.

    “The MPC is not oblivious to the fact that ultimately we do want to grow. The country does need growth. If these hikes were not done at the time they were done. If you recall, naira to dollar was almost tipping over. This helps to stabilise. Also, it is a time issue This is not something that I expect would remain with us forever. To the extent that the right policies are used, and obviously, with the results we’ve seen the right policies are being used. I believe that in the not too distant future, things will begin to modulate and interest rates will come down.”