Category: The Nation – Nigeria

The Anambra State Government has challenged former Governor Peter Obi’s argument that the $156 million he left in investments was sufficient to offset any other liabilities allegedly incurred during his tenure.

The Commissioner for Budget and Economic Planning, Chukwukadibia Okoye, in a reaction on Friday, said Obi still had questions to answer over the financial position of the state when he left office in 2014.

Okoye said Obi was ‘slowly drifting away from the facts’ of the controversy, which centres on the completeness of the financial records presented at the end of his administration.

He said, ‘In public accounting and generally accepted accounting principles, nobody refuses to account for a valid liability, and when it is brought to his attention, his defence becomes that the assets are sufficient to pay undisclosed liability.

‘At the minimum, such accounting records are withdrawn and restated. This is the globally accepted standard.’

The commissioner said the more fundamental issue was whether Obi’s claim that he left no liability other than the N5 billion disclosed in his handover note was accurate.

‘The Anambra State Government has presented records indicating that there were indeed external debts and other financial obligations that remained unsettled as at the date he left office,’ he said.

Okoye said the controversy was not simply about whether the state had assets capable of covering some liabilities, but whether the handover statement provided a complete and accurate picture of the state’s assets and liabilities as of March 17, 2014.

He also questioned the nature and valuation of some of the assets described as investments.

‘Not everything described as an investment necessarily represents cash or a readily realisable financial asset. For instance, an uncompleted project cannot ordinarily be treated in the same manner as cash or a liquid financial investment,’ he said.

According to him, such an asset should be regarded as work in progress, with its value independently established.

He also questioned the valuation of equity investments, citing the reported investment in Intafact, which he said had subsequently suffered a significant decline in value.

‘This raises an important accounting question: what was the basis of the valuation assigned to such investments at the point of handover, and were those valuations realistic, independently verifiable and realisable?’ he asked.

Obi’s 2014 handover document, which has been made public amid the dispute, listed $156 million in foreign-currency investments, N27 billion in local investments and other balances, with an estimated N5 billion liability deducted to arrive at a net balance of about N86.67 billion.

The Anambra government, however, has maintained that external loans and other financial obligations remained outstanding from the period of Obi’s administration.

It has cited records showing eight external loan facilities and an outstanding balance it puts at $92.35 million as of June 30, 2026.

Obi has rejected the government’s claims and maintained that he left office without outstanding salaries, pensions, gratuities or liabilities to contractors for duly executed and certified projects.

Okoye said the $156 million investment argument therefore did not, by itself, resolve the controversy.

‘The questions that need to be answered are much broader. What were the state’s complete liabilities and commitments on that same date? Have they been properly and fully disclosed? Does that report represent the true and fair position of the assets and liabilities of the state at handover date?

‘The real issue is the completeness and accuracy of the 2014 handover position,’ he told The Nation.

The names of African Democratic Congress (NDC) National Secretary, Rauf Aregbesola, and the National Publicity Secretary, Mallam Bolaji Abdullahi, are missing on the list of the party’s Presidential Campaign Council released yesterday.

On the list are the campaign principals – presidential candidate, Alhaji Atiku Abubakar, his running mate, Rotimi Amaechi, national chairman, Senator David Mark and former Kaduna State Governor Nasir El-Rufai.

El-Rufai is on trial and remains in the ICPC custody.

Also on the list are former presidential aspirant Mohammed Hayatu-Deen, former Central Bank Deputy Governor Prof. Kingsley Moghalu, Senator Dino Melaye and former presidential aide Lauretta Onochie.

A statement by Atiku’s media aide, Phrank Shaibu, said Senator Austin Akobundu will serve as Director-General and Campaign Manager while El-Rufai will serve as Deputy Chairman.

Alhaji Kashim Ibrahim-Imam was named as chairman of the council.

The structure includes a five-member Campaign Advisory Board chaired by former Edo State Governor John Oyegun, a six-member Policy Team headed by Hayatudeen and a seven-member group of Senior Campaign Advisers.

Akobundu will be supported by six Deputy Directors-General overseeing Administration, Operations, Media and Communications, Contact and Mobilization, Diversity and Support Groups, and Technical and Systems.

Dele Momodu will oversee Media and Communications; Dino Melaye, Contact and Mobilisation; Salihu Tanko Yakasai, Diversity and Support Groups; and Lauretta Onochie, Technical and Systems.

The campaign also named five presidential campaign spokespersons. They are Kenneth Okonkwo, Keturah King, Nana Kazaure, Uche Diala and Dahiru Maishanu.

Shaibu, Director of Strategic Communications to the campaign, said the council was designed as a lean structure.

He said the members will drive an issue-based campaign focusing on the cost of living, unemployment, insecurity and declining purchasing power.

He said: ‘Every directorate has a duty. Every director has an assignment. Every appointee must account for results.’

The campaign council is also made up of six Deputy Directors-General and 32 named portfolio heads across the six operational directorates.

Shaibu explained why Aregbesola and Abdullahi are excluded from the council, saying that they are among the party leaders who set it up.

He said: ‘These are National Working Committee (NWC) members who constituted the campaign council.’

It could not be confirmed whether the omission of Aregbesola and Abdullahi from the list is as a result of intrigues within the party.

Aregbesola has been absent from some activities of party chieftains, including the burial of vice presidential running mate Amaechi’s mum in Ubima in Rivers State early this month.

Aregbesola and the ADC also failed to make an impact in the Osun State governorship election last month.

Moghalu: I am not in Atiku’s team

However, Moghalu yesterday rejected his nomination.

In the campaign council, he is listed as a member of the policy team for the 2027 presidential election.

Moghalu said in a statement that he was ‘surprised’ to see his name included in the announcement, adding that he never agreed to serve on the team.

The statement reads: ‘I am surprised to see a statement from Atiku and ADC campaign team including my name as a member of former Vice-President Atiku Abubakar’s policy team for the 2027 presidential campaign.

‘I was not consulted and did not give my consent to my name being published as a member of the ADC candidate’s policy team.

Operatives of the Lagos State Police Command have discovered and sealed a suspected factory producing alleged fake alcoholic drinks at Yafin, Badagry, arresting a 48-year-old man.

The suspect, identified as Anaebo Emeka Hilary, was arrested following credible intelligence from the public about the alleged illegal operation.

Items recovered from the scene included adulterated alcoholic drinks, empty bottles, various wine labels and production utensils allegedly used to make and package the counterfeit drinks, a statement by the spokesperson for the command, Abimbola Adebisi, a Superintendent of Police, said.

According to Adebisi, the exhibits have been taken to the station for further investigation, and the suspect detained.

‘The Commissioner of Police, Lagos State Command, Tijani Fatai, commended the operatives for their vigilance and swift response to the tip-off. He reiterated the command’s commitment to intelligence-led operations against criminal activities across the state and urged residents to keep providing timely, credible information to the police.”

Adebisi urged the public to contact the police through its emergency lines.

Sterling Financial Holdings Company Plc (‘Sterling Financial’ or ‘the Group’) has commenced its approved share capital reconstruction, consolidating every ten existing ordinary shares into one new ordinary share.

Following the expansion of its equity base and balance sheet, this exercise is designed to improve capital-structure efficiency, support strategic growth and strengthen the Group’s positioning with institutional and retail investors.

Sterling Financial enters this phase following a first half in which profit after tax grew 20.4 percent to ?50.3 billion on gross earnings of ?279.6 billion. Total assets reached ?4.67 trillion while shareholders’ funds increased 27.8 percent to ?547.7 billion, supported by the Group’s capital raise.

The reconstruction forms part of its approach to optimising its share structure as it pursues sustainable earnings growth and stronger returns.

To implement the exercise, trading in the Group’s shares on the Nigerian Exchange Limited (NGX) was temporarily suspended on Wednesday, 23 September 2026. The announced suspension period runs for up to ten working days, through Wednesday, 7 October 2026, allowing the Central Securities Clearing System Plc (CSCS) and Pace Registrars Limited to reconcile holdings and update the shareholder register. NGX will communicate the resumption of trading after completion and confirmation.

Services across the Group’s subsidiaries – Sterling Bank, The Alternative Bank, and SterlingFI Wealth Management – continue as usual.

Sterling Financial expects the revised share structure to support more efficient price formation and strengthen its appeal to institutional and retail investors. Alongside consistently adjusted financial disclosures, the reconstruction is intended to make per-share performance easier to assess across reporting periods and support sharper comparisons with relevant sector peers.

A higher per-unit reference price also supports the Group’s intended positioning for a valuation that more fully reflects its earnings capacity, capital strength and growth prospects. Sustained valuation improvement will depend on operating performance, returns on capital, investor demand and market conditions. The proportional price adjustment itself does not increase the business’s economic value.

Shareholders approved the reconstruction at the Annual General Meeting on 9 June 2026. The requisite regulatory no-objections have been obtained and an order of the Federal High Court, dated 22 September 2026, confirmed the share reduction exercise.

Under the approved structure, issued ordinary shares will reduce from 68,502,331,708 to 6,850,233,171, each retaining a nominal value of 50 kobo. Issued share capital will consequently reduce from approximately ?34.25 billion to ?3.43 billion, with approximately ?30.83 billion transferred to a Share Reconstruction Reserve. This reclassification leaves total shareholders’ funds unchanged. It does not constitute a fresh capital raise or a cash distribution.

For individual shareholders, every 10,000 existing shares will become 1,000 reconstructed shares, with a corresponding tenfold adjustment to the reference price. This preserves the calculated holding value at the point of adjustment. Actual trading prices may rise or fall when trading resumes.

Voting and economic interests will continue in proportion to reconstructed holdings, subject to the approved treatment of fractional entitlements. Where a holding does not divide evenly by ten, whole shares will be credited and the remaining fractional entitlement aggregated with other fractions for sale. The company will distribute net proceeds from the sale proportionately to affected shareholders.

Accrued dividend entitlements remain intact. Future dividends, when declared, will be calculated on the reconstructed share base. The reconstruction does not itself determine the amount of any future dividend.

Conversion of eligible holdings is automatic and requires no application or payment. Shareholders with a valid CSCS account and stockbroker details will have their reconstructed shares credited electronically without further action. Holders of physical certificates should contact Pace Registrars and a licensed stockbroker for help converting their holdings into electronic form and providing the required account details.

CSCS maintains electronic securities records, while a Clearing House Number (CHN) identifies an investor within that system. Holdings without valid CSCS account details will remain with Pace Registrars under a non-tradeable Registrar Identification Number until the required process is complete. Shareholders with outdated or incomplete records should contact the registrar to update them.

Investors with transactions awaiting settlement around the suspension should confirm with their stockbroker and the registrar how the approved record date and settlement cut-off apply to their holdings. Once adjustments are completed, shareholders should check their revised balances through their stockbroker, CSCS or Pace Registrars and report any missing or incorrect balance promptly for reconciliation. The registrar will also provide details of fractional entitlement proceeds and payment arrangements.

President Bola Ahmed Tinubu yesterday demanded at least two permanent seats for Africa on the United Nations Security Council.

He said the continent could no longer remain excluded from the body’s permanent membership while bearing much of the burden of conflicts on its soil.

Tinubu, in a speech delivered by Vice President Kashim Shettima at the 81st United Nations General Assembly in New York, also called for five non-permanent seats for Africa, with permanent membership carrying the same rights and responsibilities as those of existing permanent members, including the veto for as long as it remains in existence.

He said Nigeria was also seeking reform of the international financial architecture to ease debt pressures on developing countries, while demanding predictable climate finance and technology transfer to enable African countries to pursue development without compromising climate goals.

The President further urged stronger international cooperation against terrorism, organised crime, cyberattacks and illicit finance, saying military victories alone could not guarantee lasting peace without addressing poverty, exclusion, injustice and lack of economic opportunities.

He also called for greater use of diplomacy in resolving conflicts, particularly in Sudan and other war-torn countries, and warned against the use of propaganda to obscure responsibility for attacks on civilians.

Tinubu said UN reform should begin with the Security Council.

He said: ‘The reform of this institution must begin with the reconstitution of the Security Council, for the world of 2026 cannot remain captive to the distribution of power in 1945.

‘Africa cannot continue to fill the Council’s agenda while remaining absent from its permanent membership.’

The UN was founded in 1945 after World War II.

Tinubu said: ‘Nigeria demands, in accordance with the Ezulwini Consensus and the Sirte Declaration, at least two permanent seats for Africa, with all the rights and responsibilities of permanent membership, including the veto for as long as it exists, and five non-permanent seats in total.

‘The authority to speak for humanity carries an obligation to represent it.’

Tinubu said Nigeria was prepared to assume greater responsibility in international peace and security, citing the country’s contributions to peace operations and regional security initiatives.

‘From Liberia and Sierra Leone to Darfur, Mali and The Gambia, we have committed personnel and resources when international solidarity required action,’ he said.

He added that Nigeria continued to support mediation, democratic governance, counter-terrorism and maritime security through the Economic Community of West African States (ECOWAS), the African Union and Gulf of Guinea partnerships.

The President linked Nigeria’s foreign policy to its domestic economic reforms, saying the country was pursuing sound macroeconomic management, stronger institutions, private-sector development and strategic public investment.

On climate change, Tinubu rejected what he described as a false choice between development and climate action.

‘Developing countries must industrialise, eradicate poverty and expand energy access through low-carbon pathways supported by technology transfer, capacity building and climate finance,’ he said.

He noted that Africa contributes less than four per cent of global greenhouse gas emissions but suffers disproportionate consequences of climate change.

Nigeria, he said, remained committed to the Paris Agreement and an equitable energy transition that took account of historical responsibility and the varying capacities of countries.

Under Nigeria’s Energy Transition Plan, Tinubu said the country was working towards net-zero emissions by 2060 while expanding access to affordable, reliable and sustainable energy.

He said the strategy included renewable energy, clean cooking, gas as a transitional fuel, climate-smart agriculture and nature-based solutions.

But he stressed that climate finance should be based on equity and shared responsibility rather than charity.

‘Finance must be governed by equity and shared responsibility rather than charity, with international commitments translated into accessible, predictable and adequately funded mechanisms enabling developing countries to pursue climate action without compromising development objectives,’ he said.

Tinubu also defended the responsible use of artificial intelligence, urging countries not to allow fear of the technology to prevent its potential benefits.

‘We refuse to surrender our technological future to paranoia,’ he said.

He compared AI to a knife, saying the same invention could cause harm or save lives depending on how it was used.

‘We can deploy artificial intelligence to wage war or use it to transform healthcare, education, agriculture, governance and economic productivity,’ he said.

He said Nigeria was investing in digital public infrastructure, broadband connectivity, innovation ecosystems, research institutions and technology entrepreneurship.

The President invited international partners to work with Nigerian youths to harness AI for development rather than destruction.

On financing for development, Tinubu said inadequate funding remained one of the greatest obstacles to sustainable development, particularly as developing countries devote substantial resources to servicing debts that could otherwise fund education, healthcare and infrastructure.

‘Nigeria therefore calls for reform of the international financial architecture, wider access to concessional financing and debt sustainability frameworks that recognise developmental needs,’ he said.

He also backed private capital, blended finance, South-South cooperation and strategic partnerships to fund sustainable development, climate adaptation and resilient infrastructure.

Tinubu described the African Continental Free Trade Area as one of Africa’s most transformative opportunities, saying it could strengthen regional value chains, increase intra-African trade, promote industrialisation and attract investment.

He urged African countries to move away from exporting raw materials towards greater value addition, manufacturing, technological innovation and knowledge-driven growth.

‘Our abundant natural resources must become engines of shared prosperity rather than sources of perpetual dependency,’ he said.

On security, the President said terrorism, organised crime, cyberattacks and illicit finance exploited gaps between national responses.

He said Nigeria’s experience in fighting Boko Haram, ISWAP and other armed groups had demonstrated that military action must be complemented by development and accountable governance.

‘Military victories require enduring foundations in education, economic opportunity, accountable governance and communities whose rights and dignity are protected,’ he said.

Tinubu called for greater intelligence sharing, stronger institutional capacity and measures to disrupt the financing of terrorism and prevent the movement of weapons across borders.

He said insecurity in the Sahel had demonstrated how instability in one country could affect neighbouring states through displacement, disruption of commerce and threats to democratic governance.

On global conflicts, the President said Nigeria remained committed to peaceful dispute resolution under the UN Charter.

He called for urgent diplomacy over the war in Sudan and other conflicts, insisting that parties must comply with international humanitarian and human rights law, protect civilians and facilitate humanitarian access.

‘Within and beyond our continent, no claim to security can justify starving children, denying relief to civilians or erasing communities from the land they call home,’ he said.

Tinubu also criticised the use of propaganda to shield perpetrators from accountability.

‘We should all be afraid of a world in which we can no longer tell the victim from the aggressor,’ he said.

‘When our investment in propaganda shields perpetrators from justice to the point that telling the truth becomes a crime, the promise of this institution stands betrayed.’

He said Nigeria believed lasting peace required dialogue, reconciliation and inclusive political processes rather than military victories alone.

He urged the UN to strengthen peacekeeping while giving greater attention to peacebuilding, mediation, institution-building and sustainable development.

‘Prevention must command greater resources and political attention,’ he said.

Tinubu said Africa’s youthful population, natural resources, expanding markets and resilience could make the continent a major driver of global growth.

He said developing countries should be treated as indispensable partners in finding global solutions rather than primarily as recipients of assistance.

The President said Nigeria would continue to support a UN that was inclusive and responsive to changing global realities.

‘Institutions that adapt preserve their relevance; those that resist change imperil it,’ he said.

He called for cooperation over confrontation, dialogue over division and partnership over isolation.

‘Whatever our differences, we must remember that humanity is our oldest citizenship, and peace is the inheritance we owe every child,’ Tinubu said.

Lagos State Deputy Governor and All Progressives Congress (APC) governorship candidate Dr. Obafemi Hamzat has spoken on the role he aspire to play as from May 29, next year.

He said: ‘At 62, I look ahead with renewed purpose, knowing that there is still much to do and an even greater Lagos to build.’

Hamzat, who recently celebrated his birthday, reflected on the journey so far, thanking God and his family for support.

He said:’Today, I woke up in deep reflection of my journey through life. As I celebrate yet another birthday, I’m indeed thankful to Almighty Allah (swt) for His blessings, guidance, protection and good health.

‘To my dear wife Oluremi, I say thank you for holding my hands, cheering me on, and supporting me. Thank you for keeping the sanctity of our home. My dear, the journey ahead is long, and might be challenging, but continue to keep the faith.

‘To my dear children, I say a big thank you for your kind understanding that I was built and made for service.’

The deputy governor also thanked family, friends, associates and Lagosians for their support and vote of confidence in his capabilities and capacity to serve.

He said: ‘Every chapter of my life has been a learning curve, and everyday I wake up with a renewed zeal for commitment to the people I serve.

‘Therefore, at 62, I look ahead with renewed purpose, knowing that there is still much to do and an even greater Lagos to build.

‘I thank the people of Lagos for the trust and support over the years. The journey continues and I am ready for the work ahead.’

The Supreme Court has upheld an appeal by the Independent National Electoral Commission (INEC) against a Court of Appeal decision that voided provisions of the Electoral Act 2026 relating to political party primaries and membership registers.

A seven-member panel of the apex court, led by Justice Adamu Jauro, held that Sections 77(5) and 84 of the Electoral Act 2026 are not inconsistent with the 1999 Constitution.

The court consequently set aside the July 16, 2026 judgment of the Abuja Division of the Court of Appeal, which had partly upheld an appeal by the Zenith Labour Party (ZLP), and restored the decision of the Federal High Court, Abuja.

It also awarded N2 million in costs against the ZLP.

The ZLP had, in suit No. FHC/ABJ/509/2026, challenged Sections 77(5), 77(6), 77(7) and 84(2) of the Electoral Act, arguing that the provisions amounted to unconstitutional interference in the internal affairs of political parties.

Sections 77(5), 77(6) and 77(7) deal with political parties’ membership registers, while Section 84(2) provides for direct primaries or consensus as methods through which parties may nominate candidates.

The party argued that the provisions conflicted with the 1999 Constitution.

However, the Federal High Court, in a May 5, 2026 judgment delivered by Justice Mohammed Umar, dismissed the suit.

The Court of Appeal subsequently allowed the ZLP’s appeal in part and voided some of the contested provisions, prompting INEC to approach the Supreme Court.

In a separate development, the Supreme Court dismissed an appeal filed by the Social Democratic Party (SDP) against INEC after hearing the matter on its merits.

The apex court also struck out an appeal filed by the Youth Party against INEC, after upholding the commission’s preliminary objection that the appeal was incompetent. The court held that the appeal was filed one day outside the period prescribed by law.

Ekiti State Governor Biodun Oyebanji has announced plans to revive the 5-km road project in each of the 16 local government areas of the state to improve rural connectivity and stimulate economic activities.

He said this yesterday during a town hall meeting with stakeholders from Ekiti South Senatorial District in Igbara-Odo, Ekiti Southwest Local Government, as part of consultations towards the preparation of the 2027 budget.

The governor said the programme will ensure every local government benefit from at least five kilometres of road construction, particularly to improve access to rural communities and boost economic activities.

He promised to intensify efforts to fast-track the disbursement of financial support to traders and artisans, while maintaining human capital development as a major priority of his administration.

Oyebanji said his administration would equally focus on improving electricity supply, road connectivity and educational facilities across the state, following demands made by stakeholders at the meeting.

Describing Ekiti people as his ‘benevolent employers,’ the governor said their views would continue to influence government policies and programmes.

‘I have absolute respect for Ekiti people and will never disrespect them. You put us in this position; you are our employers. Your voices must be heard and respected,’ he said.

Oyebanji also described Ekiti East Local Government Area as a strategic gateway to the northern part of the state, promising to attract private sector investments to accelerate development in the area.

Stakeholders from Ayekire, Ekiti Southwest and Ekiti East local governments called for the revival of the five-kilometre-per-local-government road initiative, as well as urgent intervention in erosion control, electricity, health care and education.

Representatives from Ikere, Ise/Orun and Emure councils also sought increased government investment in roads, power, health care and education, while calling for stronger security measures in boundary communities.

They urged the government to sustain forest-combing operations to tackle criminal activities and improve security in vulnerable areas.

A representative of persons living with disabilities, Damola Ogunleye, commended the governor for allocating five per cent of positions to persons with disabilities during the recent recruitment into the civil and teaching services.

Ogunleye said the policy had improved the socio-economic well-being of persons living with disabilities and demonstrated the administration’s commitment to inclusive governance.

Commissioner for Education, Dr Olabimpe Aderiye, says Ekiti currently has 958 public primary schools and 200 secondary schools.

Aderiye said the government was implementing free education and partnering with private institutions as part of efforts to reduce school dropout and improve learning outcomes.

President Bola Ahmed Tinubu’s administration is targeting a 17 per cent year-on-year growth in real output, thereby pursuing an increase in real Gross Domestic Product (GDP) to N23.2 trillion by implementing a new Bill mandating 30 per cent value addition to raw materials before export.

One of the premises of this target is that, according to the Nigerian National Bureau of Statistics (NBS), Nigeria’s real GDP in 2024 averaged N19.83 trillion, when Quarter-on-Quarter performance stood at N18.28 trillion, N18.29 trillion, N20.12 trillion, and N22.61 trillion for Q1 to Q4 of the preceding year.

Last year, the real GDP grew by 3.87 per cent. Therefore, an increase of 17 per cent in the average real output would push GDP to N23.2 trillion. It is an ambitious target, but achievable if the foundation and strategic pillars are properly set; and if the process of legislation is appropriate, and the consequent policy is well implemented, end-to-end.

In my view, this is a very important step in the right direction. I am therefore in support of the Bill.

As the engine room of incubation and development of innovation and materials and in Nigeria; the Raw Materials Research and Development Council (RMRDC), will play a key ‘focal point’ role to upscale the value of our production, industrial growth to international standards and more importantly to make our products to be effectively competitive, sellable and acceptable. This will surely add value to our export earnings, enable the achievement of the ‘Nigeria First’ policy of President Bola Tinubu, and consequently significantly upscale our GDP by ensuring sustainability.

Accordingly, over a year ago, on July 2, 2025, the Senate approved an amendment to the Raw Materials Research and Development Council Act, 2022, which will mandate that exporters must process at least 30% of raw materials locally before exporting.

While the bill is undergoing legislation, I reiterate (as I have stated in other forums) that the following key points should be noted:

The value addition policy and Nigeria’s competitiveness in the global market:

According to a Global Competitiveness Report published by the World Economic Forum, Nigeria scored 48.33 points out of 100 (48.33%) in 2019. Before then, the Competitiveness Index in Nigeria averaged 13.81 Points from 2007 until 2019, reaching an all-time high of 48.33 Points in 2019 and a record low of 3.37 Points in 2011. These are key indications of how important the value addition policy will be to upscaling the competitiveness of Nigeria’s products and services in the continental and global arena.

If the value addition policy is successful, our products and services will be more competitive in the international market. For example, in the agriculture sector, fruits, vegetables, and even flowers from Kenya, Morocco, South Africa, India, etc., are very competitive in the international market. But Nigerian exporters are not competitive due to value addition, post-harvest/post-production challenges like poor storage, poor logistics and supply chain infrastructure and systems, use of some pesticides during planting or post-harvest, etc.

Consequently, a lot of Nigerian products and services are rejected or underpriced. Therefore, the value addition is a welcome development if properly formulated, and more importantly, if the policy is well implemented.

Reversing trade deficits to become a trade surplus:

Essentially, Nigeria cannot achieve its social and economic objectives by just exporting raw materials, products, and services without processing and/ or value addition. I also strongly believe that the value addition policy, if properly implemented, will significantly change Nigeria’s trade deficits to become trade surpluses, and make the country more competitive in international trade and investment. This will significantly increase foreign exchange earnings and foreign direct investments in the real critical sectors of the economy.

Technology transfer and job creation:

Furthermore, the value addition policy will anchor foreign investors to situate their industries within Nigeria, thereby ensuring employment for our teeming youth, ensuring technology transfer and achieving economic values within the country and exports with concomitant effect on our economy, while also ensuring sustainability.

Standardisation:

In my view, during the process of Legislation, some germane questions should be addressed as stakeholders distill the ‘30%’ value addition within the framework of the Bill. For example; What are the standards? What makes up 30% value addition, in terms of the products? What are the standards for that 30% value addition? Because, again, in my view, value addition should also encompass storage, logistics and supply chain, infrastructure, facilities, and systems, etc. For example, in the case of agri-products, the quality of most products degrades by the time you move the products to the seaport or airport for export. This is notwithstanding the processing and value-addition on to the products. Therefore, the products (especially fruits and vegetables, and other perishables) will not be competitive, or will not even be sellable or acceptable in the global market.

Accordioning, I hope that there will be clear definitions and boundaries of standards with regard to value addition and processing. It is also crucial that almost all our national policies key into an overarching national development strategy, in terms of industrialization, trade, and investment, etc. Thus, there should be policy coordination and policy coherence as the Bill undergoes legislation, such that when enacted into law, the policy will not be in conflict with other Bills or policies that are already in place, and if so, for a realignment or streamlining to be done, so as to ensure success.

Infrastructure:

Infrastructure is crucial to the achievement of this very laudable bill. Particularly, logistics and supply chain platforms and systems (land, sea, and air), intermodal transportation networks, storage, etc., are also key to the success of the value addition policy. As an illustration, the Food and Agriculture Organization (FAO) of the United Nations has stated that over 50% of the agricultural products we produce in Nigeria get wasted from the farmland to the market or even to the dining table. Therefore, value addition and bridging the infrastructure deficit are crucial to our national economic diversification strategy, achieving the N2.3 trillion GDP, and also achieving the $1 trillion economy target set by President Bola Ahmed Tinubu. So, I hope that the foundation laying and the strategic pillars setting will key into an overarching national strategy, so that we are moving lockstep in the right direction, to achieve successful legislation and passage of this laudable Bill, and effective implementation.

Power/ energy as a sine qua non:

Earlier on, I stated that value addition and processing, cannot be achieved without infrastructure in terms of power. Nigeria is lagging far behind in terms of meeting its power/energy requirements for any meaningful economic turnaround, growth, and development.

Last year, President Tinubu signed into law, the legislation that enables all the 36 states and the Federal Capital Territory, to generate, transmit, and distribute their power/energy capacities to drive socio-economic development. Thus, Nigerians want to see value innovation by the governors. We also expect decisiveness by the federal and state governments in result-oriented moves to ensure that we have enough power/ energy that will recover and sustain our industrial sector, and the Micro-Small-and-Medium Scale Enterprises (MSMEs) in the short to mid-term, even if it is in a phased fashion. Our expectation is that governments at the federal and state levels are able to generate, distribute, transmit, and more power/energy for industries.

Infrastructure connectivity and interlinks:

Furthermore, as stated earlier, the other critical infrastructure, i.e., intermodal transportation, rural feeder roads and bridges, logistics and supply chain, are critical to the success of the value addition policy. When production/ processing/value addition is completed, the efficient and safe movement of products from production location to the market, whether domestic or international, is also critical in the value chain. Therefore, the qualities and standard of the road network, and airports (passenger and cargo) we build, should fit into our short to long-term socio-economic visions and strategies to support and sustain the economy. It is very important for us to also have effective interlinks between land, air, and sea transportation systems so that we are able to succeed in a timely and coordinated manner.

In conclusion, I advise that there should be policy consultation, and policy coherence so that there are efficient and effective synergies coordination across; Ministries, Departments and Agencies (MDAs), to ensure success and achievement of the desirable objective(s), i.e., national economic recovery, economic growth, and sustainable economic development.

President Bola Tinubu has urged Nigerians not to lose hope in the face of the country’s security challenges and economic difficulties, assuring that better days are ahead.

The President said peace was gradually returning to the country and that his administration was taking steps to put Nigeria firmly on the path of development.

Tinubu spoke on Friday at the 66th Independence Anniversary Juma’at Service held at the National Mosque, Abuja.

He was represented at the ceremony by the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas.

The President acknowledged that Nigeria had faced numerous challenges and missed opportunities over the years but said his administration was working to address the mistakes of the past.

He said, ‘Peace is coming back to this country. Development is coming back to this country. Things will get better as we progress in this democracy’.

Tinubu urged Nigerians to use the Independence anniversary to reflect on the country’s past while looking ahead to a more prosperous future.

He said the administration’s focus was to correct the cumulative mistakes and missed opportunities of previous years, stressing that the country was now on the right path.

According to him, both the government and citizens had made sacrifices to rebuild the nation and restore its prospects.

‘We should give this government more opportunity for it to come back and finish the good work,’ the President said.

The Independence prayer service was attended by the Deputy President of the Senate, Senator Barau Jibrin; Niger State Governor Mohammed Umaru Bago; Kogi State Governor Usman Ododo; Etsu Nupe, Alhaji Yahaya Abubakar, and other dignitaries.