Our economy has gone beyond phase of sabotage – Tinubu
The Nigerian economy has escaped the phase of sabotage as the present administration continues to pursue its target of ending the reign of economic saboteurs working against the nation’s progress, President Bola Ahmed Tinubu has said.
President Tinubu said this Monday at the meeting of African Heads of State and Government on the 21st Replenishment of the International Development Association (IDA21) in Nairobi, Kenya.
He spoke in a paper titled “The Path to Recovery: Nigeria’s Journey Beyond Sabotage.”
The president declared that Nigeria was set to harness the potential of its youthful population to transform into a global digital economy powerhouse.
This is coming as the African Heads of State and Government committed countries on the continent to strengthen implementation capacities, mobilising domestic resources, and partnering effectively with IDA to accelerate the continent’s economic transformation.
Represented by Vice President Kashim Shettima, President Tinubu told the gathering how the nation planned to become a global hub for outsourcing talent within the digital and creative economy.
In a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the president Tinubu told the African leaders in attendance of the sweeping reforms implemented by his administration to curb illicit activities and currency manipulation that had long hindered the nation’s progress.
He said: “Since assuming office, President Tinubu has remained steadfast in fulfilling his promise to end the reign of economic saboteurs who have long exploited and hindered the progress of our nation. I am pleased to report that our economy has escaped the phase of sabotage.”
Tinubu also reiterated his administration’s plans to build a vast digital market capable of absorbing cutting-edge innovations and technologies, positioning the country as a hub for outsourcing talent in the digital and creative economy spheres.
“Being a young country with a median age of about 18, our interventions in the digital economy have been so extensive that we are no longer boasting of having the most unicorns, but preparing to serve as a global hub for outsourcing talents.”
…Climate change, AfCFTA
On climate change and how Nigeria was responding to it, he said: “The tensions resulting from climate-induced disruptions serve as a pressing call to action. The profound impact of climate change on our continent’s security underscores our dedication to transforming innovative concepts from conference discussions into tangible actions. We aim to become an investment-friendly destination for carbon market investments.”
The president expressed Nigeria’s confidence that the summit’s communiqué would reflect the collective needs of African and IDA countries, capturing their “nuances, consensus, dreams, and projections.”
He also listed key priority areas for Nigeria’s economic recovery to include poverty alleviation, economic expansion, job creation, enhanced access to capital, food security and inclusivity.
On the significance of regional economic integration through instruments like the African Continental Free Trade Area (AfCFTA) Agreement, he said it was necessary to dismantle investment barriers and facilitate access to international markets.
He said: “Our path to the future depends on nurturing strategic partnerships with other nations and development organizations. Therefore, we will utilize our absolute and comparative advantages to establish partnerships across borders.”
…Ruto on summit’s importance
In his opening remarks, President of Kenya, William Ruto, described the summit as urgent, saying it was “convened at a critical juncture facing a convergence of global crises which include escalating geopolitical tensions that challenge international unity, a deepening development and debt crisis that threatens our economic stability, and an urgent climate emergency that demands immediate and collective action for our planet’s survival.”
Ruto cited some instances of the devastating impact of severe flooding in the East African region which, he said, had displaced thousands in Nairobi alone, and the vulnerability of the continent to extreme weather patterns, which points to the critical role of the IDA in financing Africa’s development and stability.
Ruto said: “This new normal demands our immediate and united action to safeguard our collective future. This underscores the critical role of the IDA for Africa Summit as a cornerstone for financing for Africa. IDA has directed 75% of its total commitment which is nearly $26 billion to Africa in the last fiscal year with African countries comprising 8 of IDA’s top 10 borrowers. This support is not just financial but it’s a lifeline for development and stability.”
Also speaking, World Bank President Ajay Banga assured of Africa’s potential. “It’s very easy to feel hopeful when we’re together anywhere in Africa,” adding that “you feel the infectious energy of young people.”
Banga affirmed the IDA’s commitment to accelerating progress on the continent, and promised to “move with urgency and purpose,” while making the institution more efficient and impactful.
He said: “We stand at the crossroads of a new era of growth and prosperity for Africa.”
At the end of the Summit, the meeting adopted a joint communiqué committing countries on the continent to accelerate the continent’s economic transformation by strengthening implementation capacities, mobilising domestic resources, and partnering effectively with IDA.
The Heads of State and Government similarly called for an ambitious replenishment of the IDA to support the continent’s development goals.
The communiqué also described IDA as Africa’s largest source of concessional financing, outlining priorities for IDA21 to include building human capital, creating jobs, boosting energy and digital access, enhancing resilience to climate change and fragility, and promoting inclusive growth policies among others.
‘…APC govt contending with disjointed decisions’
Meanwhile, National Chairman of the All Progressives Congress (APC), Dr. Abdulahi Umar Ganduje, has said the Tinubu administration is contending with accumulation of many years of neglect, policy summersaults and other disjointed decisions by previous administrations.
Ganduje, however, urged Nigerians to persevere with the administration, saying Tinubu is determined to take Nigeria to the next level.
The party chairman made the call Monday in Abuja when leaders of Persons With Disabilities (PwDs) in the states, paid him a courtesy visit during which they passed a confidence vote on him, which he described as a demonstration of their commitment and love for the party.
He said: “What we need to change the living standard of your members is skill acquisition in relation to the type of challenge that you have. It will not be a universal skill acquisition. It will be a specific skill acquisition prescribed for the type of challenge for your members.
“Some (PWDs) can use their voice and some can use their legs, and some can even use signals. So, we are fully aware of the challenges and we are here to solve the challenges.
“The President, from his extensive policies, is taking Nigeria to the next level, but we need to bear with him because what we are seeing is an accumulation of so many years of neglect, policy summersaults and other disjointed decisions by previous administrations.”
…APC PWDs’ leader remarks
On his part, APC National Leader (PWDs), Tolu Bankole, declared his group’s support for the Ganduje-led National Working Committee (NWC).
He said the cornerstone of this cooperation must be the active participation of persons with disabilities in their full diversity and full inclusion in all decision-making processes.
Bankole noted: “Indeed, government must do more for us. Disability is not inability. Disability only becomes a tragedy when society fails to provide the things needed to lead about one’s daily life.
“I have said it humorously but factually, that the PWDs constituency is the fastest growing community. People are recruited involuntarily daily. Disability is never by choice, and nobody is immune.
“Again, Your Excellency, we are committed to the success of your leadership and you can always depend on us as your loyal soldiers as you lead APC to continuous victory.”
…Ganduje at NBA forum
Also speaking at another forum the APC national chair expressed the Tinubu’s administration’s readiness to reform the country and also build a strong institution.
He spoke Monday in Abuja at the Nigerian Bar Association (NBA) Garki Branch, Abuja Law Week event and launch of a Law Journal authored by Senator Bashir Ajibola, the party’s national secretary.
The 2024 event which was held at the National Secretariat of the NBA was themed: ‘Making a Difference.’
Addressing the gathering, Ganduje said the APC government was already making a difference, especially in the area of economy, security and policy capable of turning around the fortune of the country.
He described the author and party scribe as a legal mind with rich academic prowess, urging the bar to take advantage of what the book has to offer.
He added: “The APC of course is making a difference and if you look at steps taken by Mr President so far especially pertaining to the economy where he is reforming the Central Bank of Nigeria and also in terms of curtailing all forms of insecurity in the country. The president is also keen at building a strong institution. So, APC is on course as far as reforming the system.
“We are so honoured to be part of this Journal launch and are proud of our National Secretary for this educational Journal, hoping that the NBA would benefit from it.”
In his welcome address, the branch chairman, Obioma Ezenwobodo said the trajectory of the branch had been one of fulfilling accomplishments and undying passion to make a difference and positively impact members of the branch and society.
In his keynote address, the deputy governor, Corporate Service, CBN, Dr. Mohammed Bala Bello, stated that the theme was apt and resonates with the apex bank’s desire to reposition it and return it to its core function of orthodox monetary policy.
“The bank has initiated several laudable measures leading to the appreciation of the naira,” Bello said.
….
…Emulate Tinubu on prudence, IMPI urges govs
Meanwhile, a think-tank policy group on the platform of Independent Media and Policy Initiative (IMPI) has challenged Nigerian governors across the country to emulate President Tinubu by curbing wastage in their financial expenditures.
The group also faulted what it called “lackadaisical attitude of some state Governors to the presidential commitment to cultivate 500,000 hectares of land nationwide.”
Addressing journalists Monday in Abuja, the IMPI chairman, Chief Niyi Akinsiju, urged the president to lay emphasis on the process of monitoring and compliance enforcement in the implementation of all infrastructural projects across the country to ensure that all projects are completed to time and specifications.
He said the government had taken the economy a notch higher with the introduction of the Consumer Credit Scheme known as The Nigerian Consumer Credit Corporation (CrediCorp).
The scheme, he said, has the potential to improve consumption capacity for Nigerians, resulting in expanded productive capacity for the manufacturing sector.
“This implies that you do not need to wait until you have saved so much to purchase what you desire.
“The establishment of the Credit Scheme and the extension of payment of Social Security to NCE graduates upward, with a commitment of N100bn by the President, and the approval of Social Security Unemployment Programme to alleviate economic difficulties for unemployed youths, are part of the actions and decisions of the Tinubu administration within the first quarter of the year, which we consider to be courageous, timely and commendable,” Akinsiju said.
On why the state governors should emulate the President, the group said: “Our findings indicated that the Tinubu economy saves an average of N1 trillion monthly from the withdrawal of petrol-subsidy in June 2023, while the three PDP regimes recorded a monthly loss from petrol-subsidy of N1 trillion over a period of 16 years, amounting to a total of N192 trillion. Little surprise, therefore, that Nigeria ranks among nations with the worst record of infrastructural deficit in the world.
“The presidential embargo on foreign trips by government officials further confirms the passion and seriousness of President Bola Tinubu to reduce the cost of governance in the country. The President’s action is ensuring prudence and discipline in the federal government’s spending, particularly now that the implementation of the capital expenditure component of the 2024 budget has commenced.
“We therefore call on the sub-nationals to emulate the President in curbing wastages in their financial expenditures, so that meaningful development can be adequately delivered to Nigerians at the grassroots especially now that there is an increased allocation from FAAC.”
While calling on the governors to refrain from acts capable of jeopardising the ongoing efforts by the Tinubu-led government to secure the nation, Akinsiju said as Chief Security Officers in their respective states, it would be counter-productive for governors to act at variance with the president on matters of national security and associated policies.
