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Buhari: Nigerians Must Accept  of Patronising Domestic Products a28a4679 muhammadu buhari 696x522 300x225


Buhari: Nigerians Must Accept  of Patronising Domestic Products
We must grow what we eat, consume what we produce
Dike Onwuamaeze and Chris Uba
President Muhammadu Buhari yesterday declared open the 2019 Lagos International Trade Fair (LITF), organised by the Lagos Chamber of Commerce and Industry (LCCI), with a call on Nigerians to patronise Made-in-Nigeria products and services.
The president, who was represented by the Minister of State for Industries, Trade and Investment, Marian Katagum, said: “I want to use this opportunity to reiterate my call to Nigerians to patronise Made- in-Nigeria products and services. We must accept our new reality of promoting home made products as it is evident that this is where our vision of new Nigeria will be relied.
“That is why I confidently emphasise that we must be a nation that grows what we eat and consume what we produce. This has led to nationwide agro awakening as our most viable option for economic diversification as a nation.”
He stated that the economic focus of his administration was to diversify from mono-product economy to non-oil sector by using the private sector as an arrow head.
“To achieve this, my administration has made concerted efforts at expanding the Export Expansion Grant (EEG), which is often given to deserving exporters while using the Bank of Industry (BoI) as a tool to promoting the small and medium enterprises (SMEs) guarantee scheme in an effort toward encouraging the growth of the SMEs subsectors.”
President Buhari also commended the LCCI for its consistency in organising the fair, which brought participants from inside and outside the country.
He also praised the resilience of the participants, especially the SMEs, whose commitment to the annual event has remained undaunted.
He said: “Trade fairs of this nature are vital economic tools for the realisation of my administration’s economic agenda for industrial upgrade and economic development of the country. This may not only enhance business confidence but may also lead to great foreign direct investment into the country.
“I have no doubt that the focal objective of this fair include showcasing of new products from our indigenous industries which will bring together wholesalers, manufacturers and consumers from all over the world to trade in a most robust manner while connecting businesses and creating value for the growth of the nation.
“Let me reiterate here that the task of transforming Nigeria into an industrial giant and ensure an inclusive and sustainable path of job creation economic development cannot be achieved without the participation of the private sector.
“My government, therefore, welcomes all good-intended efforts like yours and others from the private sector in helping to positively change the narrative by holding hands with the private sector in this patriotic drive.”
Buhari noted that the increasing number of unemployed youths vis-à-vis the unavailability of white collar jobs had made entrepreneurship development a viable platform to empower these job seekers and economically empower them.
“This has encouraged the Ministry of Industry to continue to push for the development of policies and initiatives that would engender conducive business environment.
“Strengthening of the micro and small enterprises, which form the bulk of participants in this fair, can lead to great utilisation of local raw materials and capacity utilisation, encouragement of rural development and building the capacity of business entrepreneurs.
“It is also pertinent to mention that the vast majority of developing and developed countries rely mainly on the dynamism and resourcefulness and risk taking of the SMEs to kick start bankable projects for sustained economic growth.
“The resolve of this administration is to leverage on this ideal. The federal government is fully alive to its mandate of providing systems that will guarantee growth of SMEs in ensuring that their products meet acceptable global standards,” he stressed.
Lagos State Governor, Babajide Sanwo-Olu, who was represented by his Deputy Governor, Dr. Kadri Obafemi Hamzat, noted that the 33rd annual LITF with the theme “Connecting Businesses and Creating Value”, is one the best in Africa “as most businesses at home and abroad look forward to the LITF as a great opportunity to market their goods and services.”
The governor added: “Such is the potency of the platform that the LITF has been providing over the years. It is commendable that the LCCI has been consistently providing major marketing support for networking and public advocacy.
“Let me then assure the LCCI and the business community that the Lagos State Government will continue to be your partner in progress and ensure that the business environment is made more conducive for businesses and investments to thrive. Our commitment to promoting inter border business remains unshaken. We shall leave no stone unturned in making the state a truly 21st century economy that support the growth of the local economy through the improved ease of doing business.
“Our aim is to be Africa’s mega city and a melting pot for business and industrial activities in this sub-region. We will not rest until our state is transformed to meet the expectation of business.”
The President of LCCI, Mr. Babatunde Paul Ruwase, said that the theme of the LITF underscored the importance of business in promoting the citizens’ welfare.
Ruwase added: “The force of globalisation has underscored the need to connect business as business linkages represent one of the best ways for SME’s to realise their competitiveness and acquire access to international market, finance, technology, management and specialised knowledge.
“Trade fairs create avenues for businesses and service providers and end users to meet and facilitate trade. This year’s trade fair is different from different ones with the creation of a special hall for exhibitors from other African nations. We are committed to ensuring that business environment is enabling for all actors.”
In her goodwill message, the National President of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, Saratu Iya Aliyu, said the LITF had grown in leaps and bounds to become a leading forum for enabling economic interactions between the Nigerian private sector and the rest of the world. “The LCCI has evolved a distinctive way of attracting manufacturers, suppliers and dealers in a wide set of goods and services as well as facilities for investments and trade promotion”, he added.
Aliyu called on governments in the country to promote good infrastructure, pointing out that “without infrastructure, industrial activities will not happen and without industrialisation there will be no development.”
Speaking in the same vein, the Ambassador of Japan to Nigeria, Mr. Kikuta Yutaka, said the LITF, “is a symbol of the strong ties between Nigeria and the international community,” adding that “international investment is essential for the development of every country’s economy.”
The Ethiopian Ambassador to Nigeria, Azanaw Tadesse Abreha, said that the LITF was the biggest in Africa that offered business people an opportunity to promote their potential.


Lawal Abdulsalam, Student of civil engineering, student from federal polytechnic Ede if you don't know Lawal Abdulsalam then perhaps you started blogging yesterday.He runs one of the most popular blogs on internet.

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War: US, China sign first deal




War: US, China sign first deal 20200117 020314

The U.S. and China signed a so-called ‘Phase One’ deal on Wednesday, thus putting on hold a trade war between the two economic giants but leaves in place massive tariffs on Beijing’s goods, while also sidestepping some of the thorniest issues.

The trade war has roiled world markets and slowed global growth over the past two years.

The approximately 90-page deal includes Chinese promises to buy some 200 billion dollars’ worth of U.S. products over two years and implement stronger rules on intellectual property, NAN reports

It also established a dispute resolution mechanism, which is meant to ensure the deal is enforceable, and provides further access to the Chinese market for U.S. financial service providers.

The U.S. said that if the sides could reach a more expansive Phase Two deal, Washington would roll back tariffs on hundreds of billions of dollars of Chinese imports.

The first phase leaves in place Washington’s tariffs on 370 billion dollars’ worth of Chinese imports, while reducing the tariff rate on some of those goods from 15 to 7.5 per cent.

Still, President Donald Trump hailed the “historic” agreement at a lengthy White House signing ceremony.

“Keeping these two giant and powerful nations together in harmony is so important for the world.

“The world is watching today.

“Together, we are righting the wrongs of the past,” Trump said, while stressing that he viewed the remaining tariffs as a negotiating tool.

China will buy 40 billion dollars in U.S. agriculture products “in line with market terms,” Chinese Vice Premier Liu He said at the ceremony, while noting that demand would also be a factor.

Trump has made closing the large trade deficit between the U.S. and China one of the goals of his administration.

He also has sought an end to abuses of U.S. intellectual property rights by Chinese companies along with forced technology transfers.

“We are not likely to see in this agreement any provisions addressing the key structural problems with China,” Jennifer Hillman, a trade expert at the New York-based Council on Foreign Relations, warned ahead of the ceremony.

Hillman cited Beijing’s use of subsidies to “prop up” companies that flood markets with goods and drive down prices among the practices.

Chinese President Xi Jinping, who did not attend the event in Washington, praised the deal, in a letter read out by Liu.

“In the next step the two sides need to implement the agreement in real earnest and optimize its positive impact,” Xi said.

“In that spirit, I hope the U.S. side will treat fairly Chinese companies and their regular trade and investment activities,” the letter added.

Senate Democratic leader Chuck Schumer said on Wednesday, “(The deal) is an extreme disappointment to me and to millions and millions of Americans who want to see us make China play fair.”

Chinese observers also feel like the deal, while halting a trade conflict that was spiralling out of control, may fail to serve China’s national interests.

Beijing might also find it hard to purchase the set amounts of U.S. agricultural, energy, and manufactured goods outlined in the agreement without alienating other countries, said Shi Yinhong, a professor of international relations at Renmin University.

“I think China has made a lot of concessions, and the implementation of the first phase of the agreement poses a considerable challenge,” he said.

Other countries have raised objections to the deal, saying it would force China to adopt a system of “managed trade” to the detriment of other nations, according to Joerg Wuttke, president of the European Chamber of Commerce in China.

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What Nigeria must do to stop extreme poverty – World Bank




What Nigeria must do to stop extreme poverty – World Bank worldbank

The World Bank latest economic analysis for Nigeria says increasing productivity will be vital to support robust growth and job creation and to keep millions from falling into extreme poverty.

In its latest publication on Africa’s largest nation titled “The Nigeria Economic Update, Jumpstarting Inclusive Growth: Unlocking the Productive Potential of Nigeria’s People and Resource Endowments”, the institution listed priority to include increased policy transparency and improved access to finance.

The report recommended areas where reforms can contribute to economic growth and expand the job market, such as in trade, education and the digital economy.

“Without robust productivity growth, the report warns that living standards will continue to deteriorate, and the number of people living in poverty will continue to rise, increasing by more than 30 million by 2030”, it said.

Marco Hernandez, World Bank Lead Economist for Nigeria, and co-author of the report said: “Nigeria’s population is expected to grow by as much as 35 million in the next decade.

“Unless the pace of growth and job creation accelerates, the country will account for a quarter of all people living in extreme poverty worldwide.

“Creating new opportunities for this rapidly increasing labor force will require a new economic model based on productivity growth.”

The update analyzes the evolution of productivity in Nigeria and identifies the policies and institutions which can help accelerate Nigeria’s economic expansion and create new job opportunities.

It further outlined four priority areas that would lay the foundation for Nigeria’s transition to a new economic model.

World Bank urged the Nigerian government to: “Ensure policy transparency and predictability, which will be critical to reduce investment risk and promote growth outside the extractive industry;

“Enhance factor quality by investing in infrastructure, strengthening land tenure security, improving educational outcomes, liberalizing the trade regime and enhancing trade and transport facilitation to help develop value chains and facilitate the efficient reallocation of factors of production, making Nigeria more cost-competitive;

“Reduce regulatory discretion to help attract foreign and domestic investment to the non-oil sector, encourage competition, and promote formalization;

“Improve access to finance, which could enable new firms to compete with incumbents and allow more productive firms to scale up their operations.

Additionally, the report recommends building momentum for reforms, which are essential to mitigate risks and promote faster, more inclusive and sustainable growth that improves living standards and reduces poverty.

Select reform areas include: “Leverage trade integration to harness the benefits of the Africa Continental Free Trade Area;

“Improve basic education financing to improve human capital outcomes;

“Monitor the impact of conflict on the welfare of households to protect poor and vulnerable people;

“Leverage digital technologies to diversify the economy and create jobs for young workers.”

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