ONLY FEW NIGERIANS IN FIVE STATES, FCT OWN MAJORITY OF NIGERIAN’S WEALTH – BUHARI
President Muhammadu Buhari, today, lamented the widespread inequality in Nigeria, stating that a significant proportion of the country’s wealth is concentrated in the hands of a few Nigerians.
Speaking in Abuja, at the opening session of the 25th Nigerian Economic Summit, NES, Buhari disclosed that these few wealthy Nigerians are based in only five states of the federation and the Federal Capital Territory, FCT.
He, however, noted that the Federal Government was putting in place measures to promote inclusiveness, noting that over the last four years, the government had been focused on lifting a large percentage of Nigerians out of poverty, uplift the disadvantaged and encourage inclusivity.
Wealth, prosperity not same
He said, “Today, many mistake prosperity with wealth. They are not necessarily the same. Experts and analysts explain economic trends by making references to indicators of wealth. Wealth, however, in its simplistic form, is money or other assets. In recent years, global events have shown that when a society and its leaders are driven and motivated by these alone, the ultimate outcome is a divided state of severe inequalities.
But a prosperous society is one where the majority of its citizens have an acceptable standard of living and a decent quality of life.
Nigeria is a country with close to 200 million people living in 36 states and the FCT. A significant proportion of Nigeria’s prosperity today is concentrated in the hands of a few people living primarily in four or five states and the FCT. Some of the most prosperous Nigerians are here in this room.”
Buhari further noted that from his recent visits to the United Nations, Niger Republic, Japan and South Africa, he observed the increased consensus by leaders, both government and in the public and private sectors, that to address population growth, security and corruption matters in developing economies, policies and programs must focus on promoting inclusivity and collective prosperity.
NESG25 OPEN TO DISCUSS PRIVATE SECTOR LED ECONOMY FOR NIGERIA BY 2050
The 25th edition of the Nigerian Economic Summit, #NES25, opens on Monday with participants from all sectors of the economy aiming to set a new agenda for Nigeria.
Organisers said the summit, which will also celebrate its Silver jubilee, will mark a critical strategic shift for Nigeria to become a competitive private sector economy by 2050.
The theme of #NES25 will be “Nigeria 2050: Shifting Gears.”
Only a competitive private sector economy can help Nigeria achieve a high standard of living and economic prosperity for all Nigerians in 2050,” the NESG Chief Executive Officer, Laoye Jaiyeola, said.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said #NES25 will focus on the pillars of the country’s ‘4th Industrial Revolution.’
She said this year’s theme will emphasise the imperatives for the country’s move to a more robust competitive private sector economy.
Also, participants will discuss the implications of about 65 per cent of the country’s projected population of over 400 million by 2050 being under the age of 35.
Priority will be given to those already doing business for not more than three to five years and seeking to raise needed funds.
This year’s Summit would be setting a new agenda for Nigeria to key into the 4th Industrial Revolution as the Summit Sub-themes will focus on achieving rapid industrialization; transforming education and managing demography,” she said.
EXTERNAL RESERVES PLUNGE TO 20–MONTH LOW
PRESSURED by the impact of volatility in the price of crude oil, slow down in dollar inflows from foreign portfolio investors (FPIs), as well as increased dollar sales by the Central Bank of Nigeria (CBN), the nation’s external reserve is projected to fall this month to the lowest in 20 months, since January 2018.
The reserve which fell by $3.22 billion in the third quarter 2019 (Q3’19) to $41.852 billion at the end of September 2109 from $45.074 billion at the end of June, continued its downward trend in the first three days of this month.
Data from the CBN showed that the reserve fell to $41. 742 billion on Thursday last week (October 3rd) from $42.051 billion on Thursday of the previous week (September 24th), indicating week-on-week decline of $309 million dollars.
Analysts projected that the downward trend which started from $45.149 billion on July 5th will likely persist this month, with the possibility of touching the $40 billion mark.
Highlighting factors that will impact the reserve this month in his monthly economic review at the Lagos Business School, Chief Executive Officer, Financial Derivative Company Limited, Mr. Bismack Rewane said, “Demand for dollars will increase in the coming month due to inventory build up ahead of Christmas and this will mount pressure on external reserve, hence gross external reserve level may decline to $40 billion.”
Ayo Akinwunmi of Corporate Banking, FSDH Merchant Bank, said that “the direction of the reserve in October is unpredictable. However if it continues to decline the way it did between August and September, when it fell by about $3 billion, it may go below $40 billion by the end of this month. And as the reserves drop, foreign portfolio investors will be hesitant to bring in their money and this will further reduce accretion to the reserve.”
MAINONE SUBMARINE CABLE LANDS IN COTE D IVOIRE
Mainone has finally landed its submarine cable in Grand Bassam beach, Cote d’Iviore.
This is the final leg of its ongoing expansion to reach Senegal and Cote d’Ivoire. The landing, which follows the recent completion of the landing in Dakar, Senegal, will extend the reach of the cable into Cote d’Ivoire and neighbouring countries.
The deployment is also significant because it is the first commercial cable in service to deploy spectrum sharing capabilities guaranteed to deepen infrastructure sharing and lower the cost of delivering broadband services to the sub-region.
Following the landing at the beach in Abidjan, the cable will be connected to an existing branching unit on the MainOne cable trunk already strategically located offshore.
The upgrade of the electronics on the cable and the implementation of spectrum sharing functionality will now enable multiple operators share optical spectrum on the submarine pair with up to 10 Terabits of capacity. The availability of such increments in capacity is expected to further accelerate the deployment of 4G services in addition to fixed broadband across the region.
KEYSTONE BANK REWARDS CUSTOMERS IN ‘GROWBIZ ACCOUNT SAVE AND WIN PROMO
Keystone Bank Limited has launched a new savings promo tagged ‘Keystone Growbiz Account Save and Win Promo.’
The promo, which is open to new and existing customers of the bank and scheduled to run till November 30, 2019, will see lucky winners walk away with cash prizes and gift items such as refrigerators, television and lots of consolation prizes.
To participate in the promo, the lender, in a statement, explained that new and existing customers of the bank are to grow their Keystone Growbiz Account balance by N50, 000 and maintain it for 90 days to qualify for the raffle draw.
The Keystone Growbiz account is designed to meet the needs of business owners and organizations; sole proprietors, partnerships & limited liability companies.
The product is available in two variants: GrowBiz Gold Account (with minimum balance); GrowBiz Classic Account (without minimum balance). Each variant is broken down into three segments Individuals, SMEs/Traders and Corporates.
Speaking on the initiative, Executive Director, North & Public Sector of Keystone Bank, Mr. Lawal Ahmed, said that the objective of the campaign is to empower its customers by rewarding them with cash and gift items, whilst at the same time promoting the savings culture, in line with the financial inclusion drive of the Central Bank of Nigeria (CBN).
“We believe that it’s time to reward our loyal customers because they are invaluable to all that we do. It’s imperative to acknowledge their contributions to the growing fortunes of the bank,” Ahmed noted.