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Falling Oil Prices: Nigeria’s Hopes Now Rest On Mining, Agriculture – Buhari

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President Muhammadu Buhari on Tuesday night reiterated his administration’s commitment to increasing the productivity of Nigeria’s agriculture and solid minerals sectors to save the nation from the harsh effects of falling crude oil prices.

Speaking at a meeting with leading members of the Council of Saudi Arabia’s Chambers of Commerce and Industry, President Buhari said that with revenues from Nigeria’s economic mainstay – crude oil – declining, hopes of economic resurgence now lie in the rapid development of the country’s immense agricultural and solid mineral resources.

While beckoning on Saudi Arabian businessmen to take advantage of renewed government interest in agriculture and solid minerals, the president assured that his administration will welcome greater foreign investment in support of its efforts to rapidly diversify the Nigerian economy.

Buhari, in a statement by his Special Adviser on Media and Publicity, Femi Adesina, said that Nigeria had regrettably depended too much on crude oil exports to the neglect of other resources and was now reaping the negative consequences of failing to diversify its economy early enough.

He said: “With the downturn in the global prices of oil, we now have to prospect our solid minerals. We have to return to agriculture. Mining and agriculture are our hopes now.

“We will welcome investments in these areas. We will appreciate an in-flow of more resources and expertise to help us achieve our objective of economic diversification”.

The governors of Osun, Ogun, Katsina, Borno, and Zamfara states, who were part of the president’s delegation, took turns to address the Saudi Arabian businessmen on investment possibilities in their states, assuring them of good returns.

The Chairman of the Council of the Saudi Arabian Chambers of Commerce and Industry, Dr Abdulrahman Al Zamil, said that agriculture was a very important area of investment for its members, adding that they were already in Brazil, the United States of America and Sudan, “where we have huge farms”.

Declaring that they were willing to invest in Nigeria Dr. Al Zamil pointed out that the Saudis were the leading investors in Egypt, Morocco, Tunisia, Kenya and Ethiopia.

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Akeredolu Sacks Ondo Attorney-General, Olawoye

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Akeredolu Removes Ondo Attorney-General, Olawoye

Governor Akeredolu

Governor Rotimi Akeredolu of Ondo State has sacked the state Attorney-General and Commissioner for Justice, Mr. Kola Olawoye.

This was made known in a statement on Monday by the Chief Press Secretary to the governor, Mr. Segun Ajiboye.

Akeredolu immediately appointed a human rights lawyer, Mr. Charles Titiloye, as the new Attorney-General and Commissioner for Justice.

Also Read: #ENDSARS: Challenge CBN’s Action In Court If Your Account Is Frozen – Akeredolu

According to the statement, the Ondo State governor would forward Titiloye’s name to the State House of Assembly for confirmation.

Akeredolu also expressed his appreciation to the sacked commissioner for services rendered to the state.

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Focus On Reducing Poverty, Not 2023 Elections – Peter Obi

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Focus On Reducing Poverty, Not 2023 Elections – Peter Obi

Peter Obi

Former Governor of Anambra State, Peter Obi, has called on his fellow politicians to put issues of 2023 aside and focus on how to rescue the country from the current economic crisis.

Obi said that solving the economic problems of Nigeria was more important than political permutations geared towards the next general elections.

The former Anambra State Governor stated during an appearance on Channels Television’s Sunday Politics.

Also Read: Recession: Nigeria Is Broke, Can’t Afford 2021 Budget – Atiku

He expressed that the next election has no impact on people’s current livelihoods.

Obi also blamed President Muhammadu Buhari’s administration for not adequately preparing Nigerians for the impact of COVID-19, stating the monies borrowed by this government were not properly put to use.

“Every other country is discussing the recession and how to pull their people out of poverty.

“So what we should do now is to concentrate on the monetary and fiscal policies to start pulling people out of poverty,” Obi said.

 

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Recession: Nigeria Is Broke, Can’t Afford 2021 Budget – Atiku

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Recession: Nigeria Is Broke, Can’t Afford 2021 Budget – Atiku

Atiku Abubakar

Former Vice-President of Nigeria, Atiku Abubakar has expressed that the Federal Government should reconsider the 2021 budget owing to the recession.

Nigeria officially entered into its worst economic recession in 33 years after the nation recorded a GDP contraction of 3.62 percent in the third quarter of 2020.

He stated that Nigeria is broke and cannot afford the luxurious items in the N13.08 trillion budget proposal.

Atiku in a Twitter thread on Sunday stated that COVID-19 only complicated an existing economic problem.

Atiu went on to express that had President Muhammadu Buhari-led administration listened to advice, the recession could have been avoided.

Also Read: Recession: SERAP Asks Buhari To Cut Cost Of Governance

“We could have avoided this fate by a disciplined and prudent management of our economy.”

“This could have been avoided had this administration taken heed to the patriotic counsel given by myself and other well-meaning Nigerians on cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing,” Atiku said.

He further said that now is not the time to trade blames but to focus on ways to manage the situation and called on Buhari’s government to “swallow its pride, and accept its limitations, so that they can open their minds to ideas, without caring who the messenger is.”

 

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