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World Bank VP, Arunma Otteh Proffer Solutions To Save Nigeria’s Dying Economy

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Arunma-Oteh

For Nigeria to survive the falling global oil prices, government must diversify the economy, the World Bank Vice President and Treasurer, Ms. Arunma Otteh has said.

She said Nigeria ranks 152 out of 188 in the Human Development Index and ranks below the average for sub-saharan Africa.

Otteh, who was head of Nigeria’s Securities and Exchange Commission, SEC, spoke in Lagos while delivering the inaugural Philip Asiodu Lecture Series, with the theme: “The proper role of oil in the context of accelerating growth and development in Nigeria”.

The lecture was organised in honour of Mr. Asiodu, a former diplomat and Minister of Petroleum.

The World Bank VP noted that life expectancy in Nigeria is 53; eight years lower than in Ghana and 21 years lower than in Brazil.

On corruption, she made reference to the Transparency International’s 2015 report, which placed Nigeria on 136 out of 168 most corrupt countries. This, she said, affects the flow of foreign direct investment (FDI).

“Nigeria rapid GDP growth over the past decade has not translated into strong human development and competitiveness compared to the rest of the world even when compared to many of its Sub-Saharan African peers”, she said.

According to Otteh, Nigeria can no longer depend only on revenue from oil, which now sells for as low as $26 per barrel, and which accounts for 95 per cent of the country’s foreign exchange.

“Given the level of price uncertainty and Nigeria’s dependence on oil, it is all the more important to diversify away from oil”, she said.

The former SEC boss also stressed the need for reforms in the oil industry, especially through amendment of laws governing the sector, some of which she said date back to the 1950s.

Calling for the passage of the Petroleum Industry Bill, she said: “A legal framework is extremely important because weaknesses in the sector have other consequences”.

Otteh said the Nigerian National Petroleum Corporation (NNPC) should be listed in the stock market as this will lead to more transparency in the management of petroleum resources and prevent “discretionary spending” and lack of accountability

“Abundant availability of oil is one of Nigeria’s comparative advantages and diversifying its economy away from oil should not be construed as not taking advantage of efficient linkages between oil and related industries”, she said.

Otteh also expressed optimism that conceptualizing sound development plans, effectively implementing and monitoring them, backed by a vision that should be regularly re-evaluated, will take Nigeria to the next level.

“Nigeria’s future must be captured in a comprehensive development plan. Nigeria must do more to improve on the wellbeing of its citizens”, she said.

Metro News

Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

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 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.

 

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TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities

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The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%
cashback.

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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Metro News

BREAKING: Court Jails Rep Member For Lying

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BREAKING: Court Jails Rep Member For Lying

Court

A member of the House of Representatives, Victor Mela has been sentenced to one-month imprisonment by a Magistrate Court in Wuse, Zone 6.

The lawmaker who represents Billiri/Balanga federal constituency was, however, given an option of fine.

Also Read: North Is The Worst Place To Live In Nigeria -Sultan of Sokoto

Recall that on November 10 that a magistrate court found the lawmaker guilty of lying under oath while filling the CD001 INEC form prior to the 2019 elections.

The magistrate had, however, set a different date for sentencing of the lawmaker after his lawyer pleaded for leniency.

Mr Mela swore to an affidavit thrice, denying citizenship of another country whereas he has a British passport.

 

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