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What Should Be Done For Economic Recovery, Growth In Africa – Okonjo-Iweala



How Govt Can Attract Investments To Nigeria's Economy - Okonjo-Iweala

…Explains Why COVID-19 Vaccine Is Scarce


John Michael Ojo

The Director-General of the World Trade Organisation and former Nigerian Minister of Finance, Dr Ngozi Okonjo-Iweala, has given a list of actions that must be taken by African leaders and entrepreneurs for the economic development of the continent.

Okonjo-Iweala disclosed this while appearing as a guest speaker at the UBA Africa Day celebration alongside President of Rwanda, Paul Kagame, World Health Organisation Director-General, Dr Tedros Adhanom Ghebreyesus, Managing Director of the International Finance Corporation (IFC), Makhtar Diop and the host, Chairman of UBA group, Tony O. Elumelu.

According to her, to catalyse the economic growth of the African continent, “Africa leaders must, first of all, solve the health problem, see the short- term economic policy, like how can we get more fiscal stimulus into our system ?

Okonjo-Iweala revealed that ” the developed countries are recovering very fast because they’ve been implementing a massive amount of fiscal stimulus. For the rich countries, 28 percent of GDP, the emerging market, 6.9 percent and for the poorer countries with about 2 percent.

” if we want to recover, Africans must invest not only in health but also in the economy.

“The good news is, all our Presidents like President Kagame have been pushing for SDR, Special Drawing Rights at the International Monetary Fund and $650 billion has been agreed and Africa will get $34 billion.

“We can use this to help implement more fiscal stimulus so that our economy can have the ability to recover.

“Of that, we should use some of the liquidity for the private sector.

“In the rich countries, private sectors have access to credit and liquidity, small and medium have been able to recover, we need to do that too. We need to look at how we can revive the service sector too,

” Many of our countries depend on tourism, some of our countries depend on logistics like aviation in Ethiopia. How to get these industries revived is very important, these are all in the short term.

“In the long term, we need to diversify our economy. We are too vulnerable to movement in commodity prices and we have seen it during the pandemic.

“The commodities we depend on have seen a lot of fluctuations, be it minerals, oil or gas.

READ ALSO: CBN Retains MPR At 11.5 Per Cent

“The countries that are doing better are those that have more diversified economy. So we need to do that in the long term.

“And we must take advantage of the African Continental Free Trade Area, specialise some of our countries in production, trade more with each other and also more with the outside.”

The WTO DG also revealed that the scarcity of COVID-19 vaccine around the world was as a result of the actions of some countries that went against the initial plan of the World Health Organization to vaccinate a certain proportion of the society.

According to her, in order to ensure an equitable distribution and access by various nations to the vaccine, the WHO through its Director-General, Dr. Tedros, created an ACT-Accelerator to enable people to access vaccine therapeutic and diagnostic.

The idea according to the WTO DG was “to try and ensure equity of access. That the world should vaccinate 3 per cent of the people who are frontline workers and then the next 20 per cent of those who are vulnerable.

“If everybody did that, we would have had access in an equitable fraction.

“But some countries decided to do otherwise and vaccinated everybody. And we got into this situation with the scarcity of supply and inequality,” the WTO DG added.


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BREAKING: NNPC Sacks  All Top Management Staff With Less Than 15 Months To Retire



CAC Incorporates NNPC

As part of further reorganization for effective operations, the Nigerian National Petroleum Company Limited (NNPC)  has sacked  top management staff who have less than 15 months to retire from the national oil company.

The development is coming days after the oil company announced the removal and replacement of three of the its Executive Vice Presidents (EVPs).

Those impacted by the previous shakeup included Abdulkabir Ahmed, who was hitherto in charge of gas, power and new energies; Adokiye Tombomieye, who headed the upstream segment as well as Adeyemi Adetunji, who was in charge of the downstream.

They were replaced by Olalekan Ogunleye as EVP gas, power and new energies; Oritsemeyiwa Eyesan for the company’s upstream operations, while Adedapo Segun took charge of the downstream.

In a brief statement Tuesday morning, the NNPC stated that the new reshuffling was in line with its aspiration to rejuvenate its workforce.

“In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.

“Consequently, in addition to the recent exit of three executive vice presidents, other members of management staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023,” the statement said.

The NNPC noted that the move was in line with its commitment to scale up its capabilities through targeted talent management and equal opportunity for all Nigerians.

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BREAKING: Tinubu Nominates Cardoso As CBN Governor



Dr Olayemi Cardoso

President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).

A press statement by presidential spokesman, Ajuri Ngelale, disclosed on Friday evening that Cardoso will serve for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

“Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate,” he stated.

The new Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Ngelale stated.

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We Help Nigerians Transform Their Dreams Of Studying Abroad Into Realities – Braimah



Sheriff Braimah

There is no gainsaying the fact that studying abroad opens doors to limitless opportunities. From getting a comprehensive and in-depth understanding of your desired choice of course – which positions you better than your peers – to the networking opportunities it provides, studying abroad can be the door to a better future.

On this premise, thousands of Nigerians dream of studying abroad and pursue that dream. Like every other dream for greatness, studying abroad is accompanied by several challenges including complex visa processes, financial constraints, and many more that often make some give up the dream or fail at it.

To help Nigerians, especially the youths, nurture their dreams of studying abroad, Redefined Consults Limited, a reputable educational consulting company with a team of dedicated and experienced travel professionals has helped many Nigerians process their applications seamlessly.

Having been in the global education competitive landscape for a while, Redefined Consults Limited understands the unique needs of its clients as well as the challenges that come with those needs, hence the need for a personalised approach to all applications they handle.

From choosing the right destination and university to advising on the courses that make application easy, up till the moment of obtaining a visa and settling into their new academic home, Redefined Consults makes it a core need to guide every client they have worked with through every step of the process.

The Founder and Team Lead, Redefined Consult Limited, Sheriff Braimah told our correspondent: “At Redefined Consults Limited, we recognise that education is not just about academics; it is also about personal growth and cultural enrichment. That is why we go beyond the conventional role of a consultancy firm. We are driven by a passion for excellence and a genuine desire to make a positive impact on the lives of individuals seeking quality education,”

He explained that the United Kingdom, Malta, Ireland, Canada, Australia, Malaysia, and China are some of the most sought-after travel destinations for Nigerians who desire to study abroad, and the educational consulting firm makes it a priority to research schools in these destinations, have a clear understanding of their requirements and provides the knowledge while helping them navigate the opportunities offered by each destination.

“With a core understanding of students’ recruitment, some of the services offered by our company include visa counseling and assistance to ensure a smooth and seamless process. Over the last three years, we have successfully helped more than 200 students achieve their dreams of studying abroad with the help of eight experts who are professionals and know their onions.

” If studying abroad is a dream you have had for a while but do not know how to pursue it or you have failed, Redefined Consult Limited is your hope to achieve that dream. With a proven track record of transforming study abroad dreams into reality, yours could be the next success story to tell,” Braimah added.

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