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18 — Vanguard, FRIDAY, NOVEMBER 18, 2022 LAGOS is not just a state and the former Federal Capital Territory, it is also the economic melting pot of Nigeria. It is home for all Nigerians as well as foreign nationals. Every part of the country deserves to be secured, no doubt. But the security of Lagos and the Federal Capital Territory, Abuja, is of particular significance because they are the despite the laws prohibiting open nation’s final frontiers. If insecurity grazing of livestock, nomadic overwhelms these two cities, the herdsmen and their animals still occupy perception of Nigeria’s state failure will the forests and farmlands adjoining be complete. This must not be allowed Lagos and its immediate neighbouring to happen. states of Ogun and Oyo, through which Fortunately, the threat of a terrorist the Lagos-Ibadan Expressway runs. attack in Lagos has not materialized, at Moreover, the Long Bridge, linking least not officially. Nigerians of all Arepo in Ogun State and Isheri in Lagos ethno-religious and regional State, is home to thousands of backgrounds have been cohabiting in undocumented migrants from within relative harmony. But enough strategic and beyond the territorial precincts of steps have not been taken to make the nation. absolutely sure that evil elements do When people with no fixed addresses not succeed in rupturing the peace and or identities are allowed to occupy the security of the city-state. forests and live under bridges, such Like in most parts of the country, and places, right in the heart of our Bandits at Lagos’s door economic capital, become ungoverned spaces. There is no way of preventing sleeper cells of terrorists, bandits, kidnappers, ritualists, drug merchants, and other heinous criminals from hibernating among them.“It was only a matter of time before the terrorism, banditry, and kidnapping that have been sweeping the North, especially the Abuja-Kaduna Expressway, descended on the Lagos-Ibadan Expressway, the nation’s number one transportation corridor. To tackle terrorism, banditry, herdsmen’s militant attacks, and kidnapping, we must start by discouraging nomadism. It may be some people’s "culture,", but it is pitting armed strangers against indigenous landowners. Everywhere nomads occupy in Nigeria is an ungoverned space because these people and government machinery are unknown to each other. Indigenous nomads should be settled in ranches in their states of origin. Anyone who wants to do livestock business outside his state of origin is free to do so under the usual terms of doing any other business. Allowing migrants to settle without having a fixed address is playing with fire. The police can continue "beefing up security." Vigilantes like the Oodua People’s Congress (OPC), the Amotekun Corps, hunters, and others can routinely organize to comb the forests. These are mere palliatives. Unless we integrate the bush- and underbridge-dwelling strangers into the full purview of governance, innocent citizens will remain exposed to the insecurity they breed. YESTERDAY, the National Bureau of Statistics, NBS, released the result of a survey which it conducted, with the result that no less than 63 percent of Nigerians are poor as at 2022. Using a population figure of 200 million, that is about 126 million of our fellow compatriots statistically determined to be poor. The NBS survey, contained in a report titled: "The National Multidimensional Poverty Index, MPI, Survey Results for 2022," also showed that 67.5 percent of children within the ages of 0–17 years are poor. That is interesting, given that the survey is now drawing attention to child poverty, which is a phenomenon that has been staring our politicians in the face ever since I could read and write. At the launch of the NBS survey report in Abuja, yesterday, President Muhammadu Buhari, represented by his Chief of Staff, Professor Ibrahim Gambari, reaffirmed the nation’s commitment to eradicating poverty, which was in line with the Sustainable Development Goal, SDG. His words: "I reaffirm our commitment to the first goal of the SDG, which is eradicating poverty in all its dimensions. This government recognises the importance of the data and the need to deploy it in sharing your story with a broad spectrum of stakeholders, both domestically and internationally. It is my hope that with the report being launched today, every stakeholder Again, the national poverty conundrum will rise to the challenge. Providing needed political leadership, strategic vision, and creative hard work to move the needle towards eradicating extreme poverty in Nigeria." This is where I generate issues with our politicians. For a long time, we have been fed rhetoric of this nature on countless occasions. Just words all the time, while the situation continues to worsen, exponentially, if I can say so. In fact, one leader, in the 90s, promised ‘Health for All by Year 2000’, and ‘Housing for All by Year 2000’, among other promises. The magical year 2000 came and went, by which time the situation in the health and housing sectors had worsened considerably. Twenty two years later, we cannot even begin to talk of challenges in the housing sector, where a deficit of nearly 20 million housing units is said to exist. In the health sector, the situation is best explained by our president, who once spent a record 103 days in London for medicals. Only recently, he went back and spent another two weeks. Shame.“The question for me is: "After identifying these problems, what concrete, verifiable actions have been taken to solve them? Daily, we hear of humongous What happened to Buhari’s rice revolution? I remember the pyramids showcased several months ago; what happened? Why should rice cost more than N10,000? figures announced by people, which they claim to have spent on one poverty alleviation initiative or the other. There are no results, and poverty is deepening, and the situation is worsening. In deed and without words in evidence, the power elite stand accused of deepening poverty by refusing to do what it takes to reduce poverty. Take the strike action of a fortnight ago by commercial drivers in Lagos. Deep down, the strike is a rebellion against deepening poverty in the transportation sector, where politicians looked on and permitted the creation, operation, and perpetuation of one of the most ruthless extortion systems ever devised by man on this planet. That is why Buhari's exhortations at the launch of the NBS Poverty Survey should be taken with a pinch of salt, if at all. No action will be taken.“Cleverly, as politicians go about campaigning, there is very little talk about food poverty. Those of the ruling party are not talking about it for obvious reasons, while those of the opposition parties are circling around the issue lest the instruments and agencies of incumbency come against them. But the reality is with all of us. With a sachet of ‘pure water’ now selling at N20, up from N5 seven years ago, and a bag of rice at nearly N45,000, up from N6,000 seven years ago too, food poverty, or famine if you like, is here. So, what happened to Buhari’s rice revolution? I remember the pyramids showcased several months ago. What happened? Why should rice cost more than N10,000? Who didn’t do what? What happened to him or her? Remember the amount of money said to have been spent on feeding schoolchildren? During the pandemic lockdown? Or the billions spent training fewer than 500 youths on phone repairs? Still on the poverty issue, let me warn us that we should expect more rhetoric from our new leaders at the end of this transition. This is because very few people in the civil service and the public service don’t do their work. Many just go to their airconditioned offices, scratch a few files with their felt-tipped gold pens, attend one or two meetings, and close for the day. I urge them to emulate their Chinese counterparts. One of the reasons for the success of China’s statesponsored capitalism beyond its borders is its committed civil service, which tracks funds allocated for foreign enterprise worldwide and ensures beneficiaries remain accountable. We must change. It is easy to blame our leaders, but the followership is no better. I remain unshaken in my belief that right now, Nigerians do not want a good country that works for all. They, me, and you are only interested in extracting as much as we can from the Nigerian system, building houses here, owning homes abroad, and flaunting our wealth in front of others who can't see a way to the national exchequer. That must change. If it does not, we are doomed, and poverty will continue to worsen.
FG says debt sustainability now threatened by low revenue •DMO urges immediate action By Emma Ujah, Abuja Bureau Chief THE Federal Government, FG, has indicated that Nigeria’s debt sustainability has CURRENCY BUYING SELLING US DOLLAR POUNDS EURO FRANC YEN CFA WAUA RENMINBI RIYAL RAND Danish Krona 155.35 -1.4 2506.00 + 5.00 20.34 +0.04 92.27 - 1.5 93.14 -1.55 441.52 442.02 442.52 524.1725 524.7661 525.3597 459.6223 460.1428 460.6633 469.1033 469.6345 470.1657 3.1693 3.1729 3.1765 0.6743 0.6843 0.6943 576.2546 576.9072 577.5598 62.6438 62.7152 62.7866 117.4568 117.5898 117.7228 25.6487 25.6778 25.7068 59.0766 59.1438 59.211 CBN Exchange rate as at 17/11/2022 ECONOMY now come under serious threat following the recent rise in its revenue shortfalls. Making this disclosure yesterday at a workshop for members of the Senate Committee on Local and Foreign Debts and House Committee on Aids, Loans and Debt Management in Abuja, the Director-General of the Debt Management Office AWARENESS DAY — From left: Prince Mare Olusesi, Lagos State Traditional Medicine Board Member (LSTMB); Prof. Adefule-Oshitelu, Chairperson LSTMB; Dr. Edison Christian, Chairman, Nigeria Association of Clinical Acupuncturists ( NACA); Mrs. Temilade Fayemi, LSTMB member; Mr. Idowu Richards; Dr. Oduwaye Elisha, Rep of Commissioner and Permanent Secretary, Lagos State Ministry of Youth and Social Development and Dr.Elisha, Secretary, NACA at the World Acupuncture Awareness Day, in Lagos. Experts list solutions to FX challenges ECONOMY By Jimoh Babatunde AN industrialist and Chief Executive Officer, Erisco Foods Ltd, Chief Eric Umeofia, has called for support for locally manufactured goods saying that the biggest challenge being faced by indigenous manufacturing organisations is lack of support and patronage from Ministries, Departments and Agencies (MDAs). Speaking at the company’s product unveiling and distributors reward event in Lagos, Umeofia said that if Nigerian Customs Service, NAFDAC and CBN implement their duties judiciously, Nigeria’s economy would improve within six months. According to him, the biggest challenge Erisco Foods face as By Nkiruka Nnorom SOME economic experts have pointed direction to Nigeria’s exit from the perennial foreign exchange crisis plaguing the economy. Speaking during a breakout session at the just concluded 28th edition of the Nigerian Economic Summit with the theme, “Monetary Policy Management In Challenging Times” , Group Managing Director of Parthian Partners, Oluseye Olusoga, urged Nigeria to return to the path of productivity in order to save the country from foreign exchange (FX) crises. He said pressure on Nigeria’s forex happens when foreign investors come in to buy the nation’s securities and, in the bid to repatriate their money, they demand for forex which has been causing distortions on the nation’s forex market. He stated: “When foreign money comes into the country and it’s not increasing production, it’s not different from rent seeking. The truth is that if we don’t produce, we’ll be poor. “Once we can produce and have value added services and exports, then naturally our reserves will increase. As long as we don’t produce, the turbulence will continue.” Also, other panelists during the session argued that Nigeria may not be able to tackle her inflation headlong except she taps the potentials inherent in the non-oil sector of the economy. According to the Executive Secretary/CEO, Nigeria Investment Promotion Commission (NIPC), Mrs. Saratu Umar, there is a need for Nigeria to channel investment to the non-oil sector for massive forex inflows. Umar explained that the diaspora remittances should also be channeled to the non-oil sector, stressing that portfolio investment has never helped the country in any form. “Nigeria has abundant cash crops of cocoa, coffee, cotton, groundnut, cassava, hides and skins among others that if well tapped and processed are capable of increasing the nation’s foreign exchange earnings that will impact positively on the country’s foreign reserves and by extension, her gross Domestic product (GDP). Also speaking, former President, Manufacturers Association of Nigeria (MAN), Engr. Mansur Ahmed, said that the COVID-19 pandemic affected manufacturing all over the world but the intervention of the federal government helped the industry to be resilient. According to him, without the government’s intervention, the sector would have witnessed more troubles. Vanguard, FRIDAY, NOVEMBER 18, 2022 —19 (DMO) Ms. Patience Oniha, further said that interest rates had sharply increased at both domestic and international capital markets, thereby making loans more expensive and debt service more burdensome. She, therefore called for urgent actions to raise the nation’s revenue base. Her words, “Debt has grown Zenith Tech Fair to attract global IT practitioners THE second edition of the Ze nith Tech Fair, themed “Future Forward 2.0”, will be held on Tuesday, November 22 and Wednesday, November 23, 2022, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island Lagos. Conceived in the mould of global technological events such as the Consumer Electronics Show (CES) and EmTech Asia, the Fair will showcase leading technology innovations that cut across different aspects of life, such as Artificial Intelligence, Computing, Machine Learning, Blockchain, Robotics, Big Data, FinTech, amongst others. The two-day Fair will feature a welcome address by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and opening remarks by Ebenezer Onyeagwu, Group Managing Director of Zenith Bank Plc and Chairman, Body of Banks’ CEOs, Nigeria. The keynote address, “The Future of Banking: Digital Transformation Journey”, will be Multigate gets SWIFT license to improve treasury mgt for businesses By Cynthia Alo MULTIGATE, a licensed financial services platform, has announced its qualification as a SWIFT Lite2 for business application provider. In a statement made available to Vanguard, the firm said that the certification validates its business application and provides connectivity for its customers to thousands of financial institutions globally. Co-Founder and CEO of Multigate, Eghosa Nehikhare, stated that with the certification Multigate will address the treasury and cash management Industrialist calls for support for locally manufactured goods ECONOMY an indigenous manufacturing organisation is lack of support and patronage from MDAs and some Nigerians who prefer anything foreign. He added that the company was yet to utilise 15 per cent of its 450,000 Metric Tonnes per annum processing capacity due to the lack of patronage from the MDAs and frustration in obtaining foreign exchange from financial institutions. Chief Eric Umeofia also appealed to the Central Bank of Nigeria (CBN) to unify the country’s exchange rate to aid economic stability and recovery. He noted that the multiple foreign exchange rates had caused economic disruptions, “If the country wants to rid itself of unstable foreign exchange rates, we should remove different exchange rates, the parallel market is about N770 while the official rate is around N440. “The reality is that many businesses source their foreign exchange from the parallel market as access to foreign exchange from the official market is hard. Umeofia noted that the apex bank should evolve a clear strategy and timeline on how it intends to achieve full unification of the country’s multiple exchange rates. According to him, this will enhance the naira’s strength, boost liquidity, promote both domestic and foreign investment and stimulate economic growth. Also, Mr Nnamdi Umeofia, the Managing Director, Erisco Foods, appealed to the Lagos State Government to ensure an enabling business environment, saying that the activities of some of its personnel were inimical to business growth. and we all know why. Revenue base is low and we often don’t achieve annual revenue targets in the annual budgets. Even if we achieve the revenue targets 100 percent, they are still too low for a country the size of Nigeria. “We have been dependent on borrowing as a country for a very long time. We have been borrowing because the revenue base is low. Because the revenue base is low, it is now threatening debt sustainability. “We need urgent actions to moderate the level of new borrowing because debt service to revenue ratio would have been low if the revenue base had been very strong. “There has been a lot of talk about raising revenue. We now need urgent actions. We need a stronger revenue base to ensure that our debt remains sustainable.” MONEY MARKET delivered by Brett King, a renowned futurist, bestselling author, awardwinning speaker, Founder of Moven and Author of Bank 4.0. The Fair will feature three panel discussions. The first panel, which will examine “The future of payments: what next and how can we get there”, has Prof. Yinka David West of Lagos Business School as the host, with four discussants, including Agada Apochi, Managing Director, UPSL; Olu Akanmu, Managing Director, Opay; Premier Oiwoh, Managing Director, NIBBS; and Kari Tukur, V/P & Head of Products East/West Africa, MasterCard. The second panel will explore the theme, “What are the main challenges of digital transformation in the financial industry? How do we solve them?”, while the third panel will discuss: “Driving the global trade revolution with technology: current transformation trends”. ICT needs of African corporates both regionally and globally. According to him, Multigate which was founded in 2017 is also focused on enabling seamless processes for consolidating accounts for local or international payouts from any bank. He stated: “Our goal as a company is to advance the African economy by enabling seamless and instant transactions for our customers and by simplifying the complexities of managing multiple banking portals onto a single platform. “By leveraging the SWIFT network as a certified connectivity provider, we provide a secure treasury and liquidity management experience through our innovative digital platform governed by the highest regulatory standards” Also speaking, Head of Corporate, Middle East, Turkey, and Africa at SWIFT, Michael Thomas, stated: “Having Multigate certified as the first L2BA provider in Africa is key for the adoption of SWIFT connectivity by the corporates within Africa. It also allows the Corporates to benefit from the Added Value of SWIFT fully. He explained that to qualify as a SWIFT Lite2 for Business Applications provider, the company has successfully met all legal, financial, security, operational and Business requirements by SWIFT.
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