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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

Amotekun: Oyo Releases List Of Successful Applicants

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Amotekun: Oyo Releases List Of Successful Applicants
Amotekun: Oyo releases list of successful applicants

Amotekun Operation vehicles

The Oyo State Government has released the list of successful applicants for Amotekun Corps in the State.

The process of documentation for successful applicants is billed to commence on Tuesday at the Emmanuel Alayande College of Education.

Also Read: Stop Giving Us Awards… Challenge Us So We Can Sit Up, Wike Tells Journalists

This was contained in a statement made available by the State Commandant of the Amotekun Corps, Colonel Olayinka Olayanju on Saturday.

He indicated that all candidates are to check their names at their various local government headquarters or online through the Oyo State job portal.

 

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Zamfara Governor Commiserates With Victims Of Bandit Attack

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Zamfara Governor Commiserates With Victims Of Bandit Attack
Zamfara Governor Commiserates With Victims Of Bandit Attack

Bello Matawalle

Governor of Zamfara State, Bello Matawalle has commiserated with families of victims of the attack on citizens of Gidan Goga community by armed bandits.

The Governor assured that what is happening in terms of banditry attacks is not a security lapse but a momentary hiccup that will not be allowed to last.

Also Read: Governor Lalong says Plateau lost N75 billion to looters

He said the attack further exposed the desperation of the bandits who are experiencing heavy pressure from the offensive launched by security operatives in recent times.

“I want to assure our law obedient citizens of Zamfara State that the experience we are undergoing will not last. The bandits are experiencing our sustained pressure which they have reacted through cowardly and desperate attacks on innocent citizens,” Matawalle observed.

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First celebrity Limited Edition Smartphone in Sub Sahara Africa: Davido Special Edition of Infinix NOTE 8

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Over the last few weeks, Infinix has floated its candy before the eyes of tech enthusiast intensifying their craving for the soon to be released device. Through several social media posts, Infinix has hinted on the imminent release of the NOTE 8 and we all can’t wait for the device to hit the shelves.

Although the proposed date for the launch in its initial teaser videos and banners have passed without
any launch, we have reasons to believe that the launch will take place sometimes this month.

However, here’s a more interesting news. Infinix is set to be the first smart phone company in sub Sahara Africa to launch a limited edition device with a celebrity. A special edition of the NOTE 8 will be released alongside the primal version of the NOTE 8 and the NOTE 8i. The special edition is  signed by Infinix’s brand ambassador David Adeleke, popularly known as Davido.

The available stock for the special Davido-signed edition is limited. However, interested shoppers can
get one for themselves at exclusive SLOT outlets nationwide and on their website Here. Exciting free
gifts are also available if you’re among the lucky few to buy this device while stocks last.

The Infinix NOTE 8 is targeted at the mid-to-high-end market segment and it comes with several
interesting features. The device on-boards a super-fast processor – the MediaTek Helio G80
processor, which supports ultra-fast gaming speed, stable graphics in-game, easy multi-tasking as
well as an all-round optimal performance.

The device also sports six cameras in total. It comes with a dual selfie camera which is cut out from its
super-wide 6.95inches screen. On the back, the NOTE 8 crams a 64MP super night shot camera for
amazing night shot photographs and other photography needs.

Many of Infinix loyalists and smartphone enthusiasts are already clearing their carts and lining up in
preparation for the launch of the Infinix NOTE 8. Now that there’s a special Davido edition in sight, the
queue might just be doubling up.

To stay ahead of interested shoppers and ensure that you’re one of the first to get your hands on this
special edition of the NOTE 8, follow Infinix on Facebook, Twitter, and Instagram at @Infinixnigeria.

You can also join their community of young and vibrant fans on XClub via the app on your Infinix
device or click on this link to download the app if you’re a non Infinix user.

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