Nigeria’s Economic & Political Landscape in 2024

Predicting the future is always tricky, but peering into the political and economic landscape for 2024 reveals a complex picture. Challenges abound within the political economy, especially with regards to tackling problems of insecurity, socio-economic issues, especially cost of living crisis, caused by worrisome inflation that has pushed a lot of people below the poverty line.

The Federal government faces some tough decisions to tackle economic problems and security this year, with the possibility of President Bola Ahmed Tinubu and top echelons of the military, police force and security services going into serious dialogue and engagements with traditional rulers, elders and other stakeholders.

Tinubu needs to act swiftly. The more farmlands are destroyed and farmers killed or abducted, the more poverty worsens. This will negatively affect the nation’s Gross Domestic Product. Therefore, the government is left with no choice but to contain insecurity as terrorist groups like Boko Haram and bandits seem to have sprung up anew.

Governance outlook

The Governors Forum has a lot of job and creative thinking to do this year to enable the gains of the Federal government policies to reach the people. So also will attention of prominent national leaders be needed in the course of the year. Among these are prominent individuals like former President Olusegun Obasanjo, Chief Ayo Adebanjo, General T.Y. Danjuma, General Abdulsalam Abubakar, Chief Edwin Clark, the Sultan of Sokoto, the Ooni of Ife, Bishop Matthew Hassan-Kukah, Sheik Muhamad Gumi, Chief Emmanuel Iwuayanwu. Apart from these prominent people, traditional rulers , across the country, opinion leaders and youth leaders will also play some roles.

These leaders and nationalists will feature prominently on national stage this year as Nigeria grapples with numerous challenges within the socio-economic and security arenas. Their support and working with government stands as a way to curb terrorism, kidnapping and sundry crimes in the land. This is for the simple reason that these leaders symbolise unity and peace in the country and are closer to the people.

Sadly, the operations of these terrorist groups have been claiming many lives in recent times. The main motives of these assailants are to destroy property, kidnap loved ones and leave families in unending grief, with many farmers driven out of their farms.

Northern states have exposed to these more than other parts of the country. And this is affecting farming and food production in the region where the bulk of food production take place.

With the ugly scenario, analysts are of the view that the Federal Government will take some proactive measures to tackle this menace. According to them, this will involve giving some engagements with communities and traditional rulers.

This means co-opting traditional fathers, village heads and others with local security experts. The traditional rulers allocate vacant land and forest. Knowing full well that some of the vacant lands are being used by kidnappers as hideouts, the government will work with the traditional rulers and the emirs, in the case of the North, to track and locate some of these terrorists wreaking havoc in such lands.

“Instead of sacrificing the lives of unrelenting soldiers on a daily basis, President Bola Tinubu should summon a meeting with traditional fathers, especially with the emirs of northern states

From time immemorial, emirs have been the great rulers in their local communities/districts and people accord them greater respect than political office holders.

Economic outlook

Many economists project Nigeria’s economic growth this year 2024 to be modest, likely ranging between 2.5% and 3.5%. While this falls short of the government’s target of 4.6%, it still represents a positive trajectory. The success of government policies, the global economic climate, and unforeseen events will ultimately determine the actual outcome.

Recently, the Nigerian National Bureau of Statistics reported that Nigeria’s real GDP was 2.9 percent year-on-year last year, which was in line with the market consensus and slightly lower than the official target of about 3 percent. The showing is not too bad if compared with the IMF’s forecast of 3 percent growth for the global economy last year. However, the biggest challenge Nigeria faces is not about figures, but the generally low degree of confidence inside and outside the country.

Headwinds:

Global Slowdown
Inflation
Nigeria’s debt burden: debt-to-GDP ratio
Exchange Rate Pressures

The International Monetary Fund (IMF) predicts a global economic slowdown in 2024, impacting growth in emerging markets like Nigeria. Persistent inflation continues to butt at the country. Inflation remains stubbornly high, currently hovering around 28%, eroding purchasing power and dampening consumer confidence. The country is carrying a lot of debt burden Its debt-to-GDP ratio continues to rise, raising concerns about fiscal sustainability and limiting the government’s ability to invest in critical sectors. Exchange rate pressures are impacting Naira. In recent times, the country has faced depreciation pressures, impacting import costs and adding to inflationary woes.

Nigeria’s economic performance in the past year had been somewhat surprising to the rest of the world. Initially, there was speculation that the country was returning to appreciable growth of pre-COVID-19 period of early 2020 and that it would quickly lift the nation’s economy. Indeed Nigeria’s economic performance in the first quarter of last year was close to market expectations, with real GDP rising by about 1,2 percent from a year earlier,

However, Nigeria’s momentum slowed in the third quarter, with the removal of fuel subsidy by President Bola Ahmed Tinubu on May 29, 2023. Since then, news of sluggish consumption, declining exports, a struggling property market , a rising debt burden, part of which is commercial loans.

Exposure to commercial foreign loans is heavy. Local debts have continued to rise as well. Data from the Debt Management Office (DMO) further put Nigeria’s public debt at N87.91trillion or US$114.35 in September 2023. Total external debt stood at N31.98trillion or US$41.6. And domestic debt amounted to N55.93trillion .

All these have continued leading other countries to adopt a conservative attitude toward Nigeria’s economic outlook, with pessimistic predictions becoming mainstream.

Nigeria growth target for this year is similar to last year’s, as policymakers aim to boost investors’ confidence as the target is made with the 2024 budget. However, the biggest problem and a hidden concern for Nigeria’s economy is not about the give or take of one or two percentage points in the GDP growth target, but a question of overall confidence in the country.

Recently , a slew of economic data accompanying the GDP figures showed a mixed view of the economy and suggested a fragile recovery ahead, as weak domestic consumption, low employment and further weakening of the property market continue to be key risks to country’s economy this year, and a downturn in the manufacturing sector. There is frightening rise in infrastructure deficit, unemployment, grinding poverty, socioeconomic distortions, all crystallising in some disquiet in many parts of the country. Longer-term, Nigeria is confronted with another urgent issue and that is insecurity in the land, evidenced by frequent herders/farmers clashes.

As such, fiscal and monetary policy support remain crucial to Nigeria’s economic woes, but unfortunately the measures Abuja has offered so far have not be able to turn around the country’s economy fast. From agro-business value-chain to manufacturing and to property sector. For example, last year saw land sales being quite low, falling property investment and tepid sales growth. The weak fundamentals are likely to stay unimproved this year. Coupled with the external environment growing increasingly uncertain and the withdrawal of some crucial foreign manufacturing companies from the country’s economy in 2023. And no appreciable foreign capital came into the country.

Tailwinds:

The global oil prices could benefit Nigeria, if there’s a global price rally above 80 dollar for much parts of the year, boosting government revenue and foreign exchange inflows. Non-oil sector is recording some improvement. Diversification efforts could bear fruit, with sectors like agriculture, manufacturing, and services showing promising growth potential. In regards to structural reforms, Nigerian government is implementing various reforms, including trade facilitation and ease of doing business initiatives,that could attract investment and stimulate economic activity. Nigeria has strong population power. It boasts a young and growing population, offering a vast pool of labor and a vibrant consumer market.

Key areas to watch:

Inflation control
Exchange rate stability
Economic Diversification away from oil dependence.
Governance and transparency

Bringing inflation under control is crucial for stabilizing the economy and boosting consumer confidence. The continuous depreciation of the naira, petrol subsidy removal, and insecurity have contributed to the persistent rise in inflation. Those tasked with the management of the economy appear bereft of ideas on how to tame the surging inflationary pressure.

The excessively high rate has been partly blamed for Nigeria’s deepening poverty. Between January and May 2023, inflation plunged an estimated four million people into poverty, per the World Bank. It stated that the continued spike in inflation would push a further 2.8 million people into poverty by 2023’s end.

The bank said, “Sluggish growth and rising inflation have increased poverty from 40 per cent in 2018 to 46 per cent in 2023, pushing an additional 24 million people below the national poverty line.”

On its part, the IMF said, “Growth in Nigeria is projected to decline from 3.3 per cent in 2022 to 2.9 per cent in 2023 and 3.1 per cent in 2024, with negative effects of high inflation on consumption taking hold.”

In the immediate, the main triggers of the high rate are government’s unification of the naira rates and the removal of subsidy on petrol, which led to an instant increase in fuel and commodity, as well as goods and services’ prices without a corresponding rise in income.

The unification of the different exchange rates has failed to achieve the desired effects of eliminating the need to navigate through various rates and associated complications by allowing the CBN to better manage inflation, interest rates, and money supply, thereby fostering economic stability and predictability.

The naira opened at 464.51 per dollar on May 26, three days before President Bola Tinubu was sworn in. At the parallel market, a dollar sold for N780 on May 28, 2023. On January 23, the official exchange rate of the US dollar to the naira was N900.26 and N1,365 at the parallel market.

The weakening naira and forex fluctuations, as well as insecurity are causing multinationals to divest from the country at a very alarming rate.

So far, most of the knee-jerk interventions it has applied are not working. Olayemi Cardoso, the CBN Governor, said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.” This is overly optimistic.

Analysts say government must re-strategise and implement robust solutions to attain this target, adding that President Tinubu needs to constitute a solid Economic Management Team to rejuvenate the economy by promoting productivity, cutting down on wastage, and catalysing employment through the private sector.

Productivity is severely hampered by the miserable power supply of around 4,500 megawatts, with manufacturers relying heavily on self-generated electricity. The tariff on the little being generated keeps rising.

They point out that inflation rose worldwide after COVID-19, but it is tapering down elsewhere, Nigeria should not be an exception. The government is going to rely heavily on borrowings to fund the promised increment in workers’ salaries, and this can only mean one thing: the road ahead is long, winding, and uncertain.

The Central Bank of Nigeria needs to pay serious attention to its core mandate of maintain stability, in the two spheres of the term-price stability and exchange rate stability. In the first sphere, CBN needs to do serious inflation targeting. The apex bank’s recent interest rate hikes are a step in the right direction, but continued vigilance is needed. It should also pay attention to exchange rate stability. Stabilizing the Naira is essential for promoting investment and trade. The Central Bank’s interventions and efforts to boost non-oil exports and the SMEs could play a critical role here. Moving away from oil dependence and nurturing other sectors like agriculture and manufacturing is vital for long-term economic resilience. Improving governance and transparency and tackling corruption will boost investor confidence and attract much-needed foreign capital.

Nigeria’s economic future in 2024 hangs in the balance. While challenges persist, growth opportunities also exist. The government’s commitment to sound policies, effective implementation, and fostering a conducive environment for businesses will be crucial in determining whether Nigeria navigates the headwinds and unlocks its full economic potential.

This year faces even more difficulties and risks a downward trend for another year unless Abuja greatly and effectively expands its policy support.

Inflation and Foreign Exchange Crisis: A Call for Prudent Economic Measures

For quite sometimes now, Nigeria, the economic powerhouse of Africa, has been grappling with some challenges, which include unemployment, low capital, poverty, inflation and insecurity, in some parts of the country. But, inflation, so far, has been the most formidable of these. Today, it is a challenge that threatens the country’s stability and growth – inflation coupled with a foreign exchange crisis. These twin crises have far-reaching implications for the country’s economy, its citizens, and the broader regional landscape. Addressing these issues demands a multifaceted approach, grounded in sound economic principles and political will by President Bola Ahmed Tinubu and his team. There is need to look the free market principles now if Nigeria must survive inflation woes.

With a gap of over 6percent between core inflation and headline inflation, inflation in Nigeria is no longer creeping. It is walking! With the removal of fuel subsidy by President Tinubu on May 29, 2023 when he took over power, prices of basic commodities have soared to alarming levels, especially in the last one year, seriously eroding the purchasing power of the citizens and putting pressure on household budgets. Worryingly, it seems the Central Bank of Nigeria (CBN) under Dr Yemi Cardoso is not working hard enough to ensure stability in the economy, on the two legs of the term-price stability and foreign exchange stability.

The root causes of this inflationary surge are multifaceted, though subsidy removal is the major catalyst. Others include supply chain disruptions, fiscal mismanagement, and external shocks such as the Russia-Ukrainian War. The unchecked printing of money by the Federal Government, under former President, Muhammadu Buhari, to finance its expenditure has further exacerbated the situation, fueling inflationary pressures.

The consequences of runaway inflation are dire. It diminishes the value of savings, discourages investment, and undermines consumer confidence. Moreover, it disproportionately affects the most vulnerable segments of society, pushing more people into poverty and exacerbating social inequalities.

While inflation rages on, Nigeria faces a foreign exchange crisis, simultaneously. The transition to floating exchange rate seems to have created more problems than when the country was in fixed exchange rate regime, characterized by a widening depreciation of the Naira. This reflects underlying weaknesses in the country’s external sector, including declining oil revenues, limited export diversification, and persistent capital flight. As a result, businesses struggle to access foreign currency for essential imports, hindering productivity and stalling economic growth.

The scarcity of foreign exchange not only hampers business operations but also undermines investor confidence and deters foreign direct investment. It creates uncertainty in the market, leading to speculative activities and further depreciation of the local currency. To address this crisis, government must pursue policies aimed at bolstering its foreign reserves, promoting export-led growth, and enhancing investor confidence through transparency and stability.

Telescope Magazine believes that resolving Nigeria’s inflation and foreign exchange crises necessitates bold and decisive action on multiple fronts. The government must prioritize fiscal discipline, curtail excessive borrowing from the Central Bank of Nigeria through money printing, and pursue structural reforms to enhance the efficiency of the economy. Additionally, there is a pressing need for greater transparency and accountability in the management of public finances to rebuild trust and confidence among investors and citizens alike.

Furthermore, President Tinubu must pursue a diversified economic strategy that reduces the country’s reliance on oil exports and fosters the development of non-oil sectors such as agriculture, manufacturing, technology and support for activities that can support youth employment. This diversification will not only enhance resilience against external shocks but also bring in more foreign exchange, and create new opportunities for growth and employment.

In conclusion, Nigeria stands at a critical juncture, grappling with the formidable challenges of inflation and a foreign exchange crisis. Addressing these issues requires a concerted effort from policymakers, businesses, and citizens alike. By embracing prudent economic measures, fostering innovation, and promoting inclusive growth, Nigeria can navigate through these turbulent waters and emerge stronger and more resilient in the global arena.

The Outstanding Impact of Dumo Lulu-Briggs, the Golden Boy of Leadership and Philanthrophy

The tall, handsome and soft-spoken man greets you politely as you are ushered into his palatial office in Portharcourt, Rivers State. With smiles on his face, he listens to what you want to say and then he engages you in honest and frank dialogue on why he needs to do more for his people. He discusses objectively and helps you understand things better as you seek the best paths.

We need leaders that quickly overcome the barrier of misunderstanding to promote dialogue to reach cooperation again and again. Chief (Barr) Dumo Lulu-Briggs is one of these. DLB as he is fondly called is creative and down to earth and street-smart.

Rivers State has always been blessed with great men, and it continues to be so, amid all uncertainties. One of these blessings is Chief (Barr) Dumo Lulu-Briggs, OON, chairman of Platform Petroleum Limited, a reputable indigenous oil exploration and prospecting company. He is also the Chairman and chief executive officer of DLB group, a conglomerate of companies with interest in oil & gas, and marine.

He is one of the entrepreneurs who help not only to strengthen Nigeria’s economic power with their endeavors, but also flank the nation’s socio-cultural space and diplomatic thrust and enhance the reservoir of goodwill for the country.

Chief Lulu Briggs hails from an illustrious Portharcourt family. And this probably accounts for his long chain of values. No wonder, Briggs’s uncontested moral leadership in different fields –service, business, community development.

Lulu-Briggs also demonstrates great sartorial elegance, cultured breed and accommodation, humility and humanitarian bend. He is known for his admirable dressing style, enthralling presence that endears him to people-old and young alike and his allure, and more so for his brave, generous, and effective contributions to the development of Nigeria through commerce and industry, peace-building, tolerance and community development.

Lulu-Briggs is a seasoned legal practitioner of over 35 years experence, an accomplished businessman, technocrat, politician, philanthropist and grassroots mobilizer. Born on June 13, 1964 in the city of Lagos, Nigeria to the family of High Chief O.B, Lulu-Briggs, he hails from Abonnema, a community in Akuku-Toru Local Government area of Rivers State.

Chief Lulu-Briggs started his education at Port Harcourt Township primary school from 1970 to 1975. Then fro his secondary school education, he moved to Government Comprehensive Secondary School Port Harcourt, between 1975 – 1980. He attended Ahmadu Bello University, Zaria (1985) where he bagged an LLB degree in Law. He also holds a Masters degree (LLM) in Law from the prestigious London School of Economics (University of London); and was called to the Nigerian Bar in October 1986. He did his National Youth Service at the Institute of Legal Administration, Katsina State Polytechnic, Katsina, from 1988 – 1989.

As soon as he finished the National service, he took up appointment in a law firm and began to build his career before moving into business. Thus he has an excellent and distinguished working career in the private and public sectors in Nigeria. He was in Private Legal Practice from 1989 to 1994. He was the legal adviser/company secretary and contributing editor to Associate Media Limited 1990 – 1991, Solicitor and Notional Head of Chambers, Edu & Mohammed (Solicitor) 1991 – 1992, Principal partner in Nwoka & Lulu-Briggs Law office from 1992 – 1998. He also worked as Company secretary/Legal adviser to Moni Pulo Limited (Petroleum Development). He later served as the Managing Director, Pioneer Executive Director and Chief Operating Officer of Moni Pulo Limited; an indigenous, independent oil and gas exploration and production company from 1995 to 2004. He sits atop and/ or chairs several boards of Oil, Gas & Marine companies. He was past Chairman of two Federal Parastatals (Boards) namely, chairman, governing council, Maritime Academy of Nigeria, Oron, and Chairman, Board of Management, Federal Medical Centre, Owerri. He was a Member- Rivers State Economic Advisory Council for four years (2007-2011).

In the quest to build his leadership capacity, Lulu-Briggs attended several executive leadership courses including Southern Methodist University, Dallas, Texas, USA in 1999 to study Senior Executive training on Oil & Gas and JFK School of Government (Harvard University) Boston, Massachusetts on Training in Leadership for the 21^st in 2001.

Political philosophy

Chief (Barr) Dumo Lulu-Briggs has not given up on his dream of “changing people’s life” as his passion has always been to serve the people where it matters most. And he does not have to be a ‘professional politician’ to do that. In fact, Lulu-Briggs is wary of people making a living from politics. The tag “professional politician” is a toga he argues nobody should be proud to adorn. Successful politicians, he points out, should make their mark in a profession or business of theirs.

As a man that has good intentions for the future of people of Rivers, Lulu-Briggs believes that the basis of politics and governance is to secure the life and well-being of the people as a guarantee for the future of the nation. According to him, “While some politicians think about how to enrich themselves, he thinks of how to secure the future through fostering a healthy nation with equal opportunities for all and not for a few.”

Lulu-Briggs is a very rare Statesman; He has a pet project, Women for Development, an initiative driven by his Dumo Lulu-Briggs (DLB) Support Group, which focuses on women’s health and development. He is also the Grand Patron of one of the most outstanding non-partisan youth organizations in Nigeria: the Dumo Lulu-Briggs Youths Foundation (DYF23), founded and duly registered and preaching peace amongst youths. This is a major tool for youth enlightenment and development. DYF23 since its inception, he has been mentoring youths to be worthy ambassadors in all ramifications, prepared to help build a strong and inclusive Rivers State and ultimately Nigeria and Africa, and preparing our youth for leadership.

Through this youth foundation, DYF23, he is able to reach out to youths in the 23 local government councils in Rivers State, campaigning against anti-socio vices and youth restiveness in the society, He has inspired and empowered countless youths into entrepreneurship, equipping them with the tools they need to succeed in this 21st century. He is ever ready to employ benevolence and selfless service to humanity. Dumo Lulu – Briggs Youths Foundation (DYF23) driving motto is: REPOSITIONING THE YOUTH FOR A BETTER TOMORROW!

He is a well acknowledged Giver and Philanthropist of high repute who does not relent in reaching out regularly to the less privileged in places like The Children Home, Home for the Elderly, and The Home For Street Kids in Port Harcourt. He gives grants regularly to women to start small trades, and pays for vocational training for young men and women to acquire relevant and marketable Skills.

As a result of his numerous contributions to development Chief (Barr) Dumo Lulu-Briggs is honoured with some chieftancy titles. He is a traditional title holder of the Iniikeiroari VI of Kalabari Kingdom and the Paramount Head, Oruwari / Briggs War Canoe House of Abonnema in Rivers State.

Quite religious , he is a church worker, contributing immensely to church activities both physically and financially. Yearly, he awards scholarships to indigent students from Rivers State across the 23 LGAs. He also gives financial assistance to persons with different health challenges including sponsorship of major surgeries locally and abroad. He is very passionate about helping the less-privileged because he believes that ultimately, it is in giving that humanity finds fulfillment. The true worth of a man is in the ways he responds to his environment he often preaches. Most of the beneficiaries of his philanthropy he may never know

One great thing about Chief Lulu-Briggs is religious tolerance. He recited two psalms in the course of responding to questions on religion. He embraces christain hymns passionately. Of course,

No wonder Lulu-Briggs is so tolerant and accommodating. Of course, he attributes this to family upbringing and culture. Listen to his views on religion.

“What is religion? It is just about serving God and you love your neighbor. That’s it.”

The world has already noticed Chief Lulu-Briggs on the entrepreneurial landscape and political scene or more than 20 years now without a blemish on his name or business brand. He is Nigeria’s entrepreneurial mirror. So young people aspiring to leadership should look into this mirror, as the world is about to start noticing your progress too, even though the majority have not made much progress.

This is the world of Chief Dumo Lulu-Briggs, a man on a mission to do more for his people and help move Rivers State to the next level.

The Innovative Leadership of Bashir Adewale Adeniyi in the Nigerian Customs Service

Bashir Adewale Adeniyi, Comptroller General (CG), Nigerian Customs Service (NCS), is a leader-manager who inspires by developing trust, coaching and teaching, and attracting and nurturing talent. With these values, he has been repositioning the NCS by institutionalizing credible leadership and strong managerial acumen to achieve the objective of the federal government.

In a landscape where leadership often falters, CG Adeniyi stands as a beacon of hope, spearheading a transformation within the Nigerian Customs Service (NCS) that resonates with trust, innovation, and meritocracy. Since assuming the role of Comptroller General (CG) on June 19, 2023, Adeniyi has redefined the contours of leadership, reshaping the NCS into a dynamic service for progress.

On 5 February 2024, CGC Adeniyi, presented the Service’s 2024 budget to the Nigeria Senate Committee on Customs at the National Assembly. The CG, while defending the 2024 budget of 706.43 billion naira, focused attention on consolidating carried-over projects, increasing staff welfare by improving and motivating officers’ performance, and integrating technologies into Customs processes. Regarding Officers’ welfare, CG Adeniyi mentioned that Officers would be encouraged in various ways to increase efficiency and improve their well-being, adding that this would be done through awards, promotions, and payment of allowances.

Additionally, the Comptroller General pledges to surpass the revenue target of 5.079 trillion naira in 2024. According to him, the revenue target for 2024 is 27.75 percent higher than the target of 2023. Furthermore, the Comptroller-General outlined strategies to achieve the 2024 target, including implementing the National Single Window championed by the Federal Ministry of Finance. He also harps on strategies to agonize and standardize Customs processes, port decongestion, collaboration with other agencies for efficiency and competitiveness, anti-smuggling operations, integrating ICT into operations, investing in capacity building, and stakeholder engagement, among others.

The CG also emphasized supporting local production and taking food security seriously. He stated, “We intend to grant waivers to vehicle owners to pay duties within a specific time to avoid sanctions and to regularize the importation of vehicles through payment of duties.” He added, “The service plans to recruit 1,600 personnel in 2024. The low figure is due to the small vacancies we have available. These vacancies are primarily for junior staff who will carry out Customs operations and guard duties. In subsequent years, more recruitment exercises will be carried out.” CG Bashir, however, noted that the Service had a shortfall by 12.62 percent in its 2023 revenue target, citing concessions in section 99 of the Common External Tariff (CET), import duty exemption certificates, cash crunch, general elections, and other factors affecting revenue generation negatively. He assured of a positive outcome in 2024.

Senator Isa Jibrin, Chairman of the Senate Committee on Customs, applauded the CG for the progress and success achieved in his brief tenure in Office, beckoning him to perform better as the house will support him in terms of remuneration and infrastructure to meet up with the 2024 target. The senator is right, indeed, for then CGC has made some achievements since coming into office.

Adeniyi’s ascent to the pinnacle of the NCS was not a result of political patronage or ethnic affiliations but a testament to his unparalleled expertise and commitment. Few can match his dexterity in navigating the Nigeria Customs’s matrix or relationship rapport with its partners and global players. Appointing such a distinguished talent to the CGC level also signalled meritocracy in play. Against this backdrop, the waves of praises witnessed when he was appointed stand astonishingly to the type of person he is.

Thus he is no outsider parachuted into leadership level overnight by political patronage or ethnic connections. His leadership ethos revolves around the principles of trust-building, coaching, talent nurturing, and institutionalizing credible leadership. Under his stewardship, the NCS has undergone a profound metamorphosis, driven by a relentless pursuit of excellence and a vision for a modernized customs service.

At the heart of Adeniyi’s strategy lies a digital creative drive aimed at enhancing customs’ efficiency. Leveraging cutting-edge technologies such as robotics and Artificial Intelligence (AI), Adeniyi has orchestrated a wave of innovation within the NCS, yielding tangible and verifiable results. Collaborations both locally and internationally have paved the way for transformative projects that not only empower customs personnel but also bolster the nation’s economy.

Through this, he has helped in creating innovative projects that are repositioning the fortunes of Customs personnel, officers and the overall economy at large. He has shown leadership and value creation in different fronts.

Adeniyi’s leadership acumen has earned accolades on multiple fronts. His adept navigation of the complexities within the NCS and his strategic rapport with global stakeholders underscore his unrivaled dexterity. By championing meritocracy and value creation, Adeniyi has set a new standard for leadership excellence, inspiring a wave of praise and admiration. In the area of human resource development, he is doing wonders. Here CG Adeniyi on this.

“In order to achieve our objectives, it is imperative that we bridge the current human resource gap within our ranks. We recognize the importance of capacity building and career advancement for our officers. The administration will work diligently to implement career advancement opportunities approved by the board, ensuring that competence remains.”

According to him, the sole criterion for assigning responsibilities and measuring effectiveness is by merit. Said he: “Our focus is on cultivating a highly skilled workforce that is equipped to face the challenges of a rapidly changing world.”

This, he has accomplished, in part, through training and graduation of over 50 customs officers. The Ag. CG also inspected the proposed 100 hectares of land for the Federal Operations Unit A, Government Warehouse and Customs Training School, close to the Ogun Agro International Airport Project Site, on Monday, 7th August, 2023.

In asserting the relevance and authority of the Zonal Headquarter, Adewale Adeniyi said the office will be relocated and given a facelift – this is coming after 48 years.

In the area of NCS staff welfare, the CG is also doing much. He acknowledge the harsh and hostile environment in which his officers and men are compelled to function. As a result, he prioritize the welfare and well-being of customs personnel.

“By providing better remunerations, improved accommodation, life insurance, and quality healthcare, we aim to create an environment that supports and motivates our workforce. We understand that a well-motivated team is instrumental in achieving our aims and objectives.”

While speaking on this development, he also highlighted the need for collaboration and partnerships. “We value the relationships we have built with our Partner Government Agencies and the private sector. These collaborations have been vital to our adoption of technology as a tool to enhance revenue generation and streamline processes.”

The partnerships, he said, would be strengthened with more stakeholder engagement, through revitalized platforms.

Equally, last August 2023, under his watch, 50 Officers of Junior (Course 16) graduated from the Nigeria Customs Command and Staff College in Gwagwalada, Abuja. The feat was in the commitment of the staff college’s dogged efforts to refine the work efficiency of the Officers and Men of the Nigeria Customs Service through training and re-training,

He further ensured insurance gaps were bridged and additional accommodation were also provided for officers. Similarly, the Ag. Comptroller-General of Customs Bashir Adewale Adeniyi MFR, following his tour to the Kaduna Area Command, paid a sightseeing visit to Customs Primary School, Barnawa, to assess the condition of the facility with the aim of renovating the school. This aligns with his efforts to promote education through Customs’ Social Program to the society.

Speaking to the School’s Assistant Headmaster, Adeshina Fatai, the CGC vowed to address both the short, medium and long-term needs of the school to create a conducive atmosphere for teaching and learning.
According to him, the Nigeria Customs Service, under his leadership, will view the problem at a superficial level and will do the best to raise the spirit of the school to educate the wards of the residents properly.

In the same August CGC, Adeniyi , extended a hand of fellowship to Dorian Home in Akure, Ondo State, an Orphanage home for Charity and Social Development.

According to him, the service has a responsibility to support and assist communities where they operate and carry out their mandates. Dorian Home has the structure, commitment and passion to drive its objectives.

He said the home has a capacity for almost a thousand kids, as there will be a need to feed, clothe and administer the proper medication to them. He assured of the assistance of the Service to the home.

The Customs CG also pledged his support to establish Customs primary and Secondary Schools Nationwide; he pledged after receiving the COWA delegation led by the National President and Wife of the CGC, Mrs. Kikelomo Adewale Adeniyi.

Most importantly, CG Adeniyi has engaged in strategic discussions with partners such as the WCO, Japan International Cooperation Agency (JICA), and the Japan Customs Administration. The discussions aim to garner support for establishing a customs laboratory, a significant milestone in enhancing customs operations and trade facilitation across Nigeria.

The NCS laboratory will provide comprehensive solutions to address challenges such as counterfeit goods, smuggling, and non-compliant imports, thereby bolstering revenue generation and ensuring the protection of public health and safety.

With its advanced analytical capabilities, the laboratory is expected to deliver precise identification, verification, and classification of goods, enabling efficient enforcement measures and informed decision-making while fostering an environment of trust and credibility within Nigeria’s trade ecosystem, marking a transformative step towards achieving seamless customs operations, trade competitiveness, and national economic growth in line with the vision of the President Tinubu-led Administration.

His engagements extended to fruitful discussions with relevant experts and donors, focusing on crucial areas such as conducting a Time Release Study (TRS), implementing the Authorized Economic Operator (AEO) program, leadership, and management development. These discussions underscore his commitment to comprehensive improvements and his inclination to adopt innovative solutions across various customs domains, ultimately enhancing operations.

In the area of port decongestion, he is at full throttle.
Reinvigorated by the collaboration with the Federal Ministry of Transport to decongest ports, the Permanent Secretary, Ministry of Transportation, Magdalene Ajani, and her team paid a visit to the CGC at Customs Headquarters Abuja on 6 July 2023. At the meeting, CG Adeniyi stressed the need to implement policies that create sufficient space at the ports.

The Permanent Secretary also assured the CGC that the overtime cargo disposal committee is working assiduously to implement policies that will decongest the four major ports in the country. “We are working in different dimensions, but the result will be prodigious, after launching a sensitization exercise to stakeholders and members of the ports community about the process.” She said,

Another of CG Adeniyi’s success strategy is sustaining critical bond with stakeholders.
Being a former PRO of the customs, he has no problems with consensus building. He has started a sustainable stakeholder’s parley, starting with sister security agencies. He has personally been to all the zones across the country leaving behind him, unbreakable bonds sealed with MoUs and partnership agreements.

Such bonds are visible with the Federal Road Safety Corps (FRSC), the Nigerian Drug Law Enforcement Agency (NDLEA), the Nigeria Police Force, as well as leaders of neighboring countries that share land borders with Nigeria, amongst others.

In July, 2023, he paid official visit to Seme border in Lagos State and Jibia border Katsina State At Seme, Badagry and its environs, he urged local communities to support Law Enforcement Agencies in enhancing border security. His first port of call was the Palace of the Akran of Badagry Kingdom, His Royal Majesty, De Wheno Aholu, Menu-Toyi I.

Shortly after the decision by President Ahmed Tinubu to shut down the Nigerian/Niger borders, the Customs Boss visited the Governor of Katsina State, Dikko Radda, to solicit cooperation of border communities. He emphasized that while implementing the closure of the Jibia border, the Service will also devote energy to sensitize members of the communities on the reason behind the decision.

As a leader, Adeniyi through his accomplishments, is instilling on officers of the NCS and Nigerians, hope for success and a belief in the system. And as a forward-looking leader he is pro-actively empowering the workforce and also inspiring them to effortlessly accomplish their assigned duties.

The CGC is in renewed collaboration with Yobe State to ensure the state continues to benefit from the Service. He has also strengthened Customs community relations in Oyo State. The NCS has further aligned with the Borno State government to re-establish Cross-border Trade in the Northeastern part of Nigeria.

In July 2023, during a courtesy visit to Mr Babajide Sanwo-Olu, Governor of Lagos state, which controls 70 to 75 percent of NCS’ total revenue collection. There, CGC Adeniyi said he was committed to steadily maintain a sound relationship with the state, where the bulk of its revenue comes from. He pledged partnership with the state government.

His words: “I also need to inform you that there’s an approval for a Badagry port. The whole idea is to build strategic infrastructure for our citizens; Lekki is on the eastern part, Badagry is on the western part so that we can decongest Apapa and Tin-can that have stretched their capacity”, he noted.

Critical Posting and strategic appointments forms a plank of his achievements. To boost service delivery, CGC Adeniyi made some strategic appointments and announced significant redeployment within the Customs department. They included the appointments of Comptrollers Florence Nanu Ogar-Modey and Queen Ogbudu as Acting Assistant Comptroller Generals Training and Doctrine Command (TRADOC) and Zonal Coordinator Zone B, respectively.

Also, some of the Comptrollers redeployed to various Customs formations, including Compt. Jaiyeoba Jide from Oyo/Osun Area Command to Apapa Area Command, Compt; Dera Nnadifrom Seme to Tin-Can Island Port; Compt. Timi Bomodi from KLT to Seme; Compt. Ahmed Abe from PCA Zone ‘C’ to Kaduna Area Command; and Compt. Babandede Mohammad from Lilypond Export Command to Lagos Free Trade Zone Command.

In addition to the redeployment, Compt. Dauda Ibrahim Chana from Investigation Headquarters to Kano/Jigawa Area Command, Compt. Martina Tilleygyado from Non-Intrusive Inspection to KLT Area Command, Compt. Oloyode Adekunle from Tin-Can Island Port to Import &/Export Headquarters while Compt. Zanna Chiroma will be leaving Import & Export for PCA Zone ‘C, among many others.

The newly appointed and redeployed officers were charged to double their effort in achieving the service’s core mandates of revenue generation, suppression of smuggling, and trade facilitation.

Under his guidance, the NCS has been achieving significant milestones, marking a paradigm shift in its operational landscape. From streamlining processes to fostering innovation. As the custodian of the NCS, Bashir Adewale Adeniyi epitomizes the transformative power of visionary leadership. Through his unwavering commitment to excellence and innovation, he continues to redefine the narrative of the Nigerian Customs Service, ushering in an era of prosperity and progress. In him, Nigeria finds not just a leader, but a catalyst for change, whose legacy will endure for generations to come.

Armstrong Takang: Shaping Economic Renaissance & Safeguarding the Commonwealth of Nigeria at the Ministry of Finance Incorporated

Dr Armstrong Ume Takang, the Managing Director/CEO of Ministry of Finance Incorporated (MOFI), is a forward-thinking leader with ability to cultivate high-performing teams, fostering a culture of continuous learning and collaboration. He is one of the brightest resources in the landscape of finance and governance in Nigeria. And he is more than capable to meet the present challenges and proactively shape the future of financial governance in Nigeria through MOFI.

Happily, his being in office as the CEO of MOFI is a strategic move toward ushering in a new era of financial leadership, inclusivity, and discipline in managing public investments. Under his watch, MOFI has been strongly supporting the Federal Government’s efforts towards addressing economic challenges, while spurring the renewal of the economy.

This year brings a landmark action at MOFI, so dedicated to financial governance and performance from government assets, all of which are being revived for strong performance so they continue to earn revenue for government. Much of this work is inspired by the commitment of Dr Takang, as someone who feels deeply connected to a commitment to transparency, innovative thinking, and talent development.

Takang is fascinated by practices, such as,transparency that fosters trust and high standards of fiscal responsibility. But he has progressive mindset for success in the face of evolving economic landscapes. He also places a premium on talent development and team collaboration to drive sustainable growth.

He could, of course, just be a big metaphor for something great and encouraging in Nigeria and in the human psyche. He perhaps represents order at a time of chaos. Perhaps, most of all, he represents something within us, that part of ourselves which strives to achieve the best for one’s country.

His blend of academic excellence, extensive experience, commitment to transparency, innovative thinking, and emphasis on talent development makes him the perfect fit for steering MOFI towards greater heights at this time when government’s revenue earnings need to be improved.

Amazingly, not many are aware that Dr Armstrong was pivotal in designing and implementing several national initiatives like the Integrated Payroll and Personnel Information System (IPPIS), the Office for Nigerian Content Development in ICT under NITDA, the ICT component of the Economic and Financial Crimes Commission (EFCC)/Nigeria Financial Intelligence Unit (NFIU), among others.

And with his experience, track record and what he represents, Takang is a most ideal candidate for the leadership role at the Ministry of Finance Incorporated, bringing with him a wealth of experience, a proven track record, and a vision for transformative change.

This transformation he has started with the power sector now. This January, MOFI took over the Federal government 40 equity holdings in the eleven power Distribution Companies from the Bureau of Public Enterprises (BPE).

The federal government had in 2013 privatised the Power Holding Company of Nigeria.

According to a statement signed by Dr Takang, it followed a directive by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to the Board of Directors of MOFI to terminate the Power of Attorney (POA) granted by MOFI to the Bureau of Public Enterprises (BPE) in 2012.

According to Takang, MOFI is to assume ownership, control and management of all outstanding federal government equity in all existing electricity successor companies. MOFI is a statutory corporation-sole established by the MOFI Act, 1959.

Takang explained that because MOFI could not exercise its powers due to constraints posed by the Act, the power of Attorney had to be given to the BPE to enable it fulfill the legal requirements and complete the various electricity privatisation (share sale) transactions.

“BPE had since then held shares in the Discos on behalf of MOFI. This continued for over 10 years after the sales were completed in 2013, until the recent order by the Minister of Finance, Takang said.

According to him, “MOFI would restructured and repositioned as an active asset management corporation; develop a strategy for creating a National Assets Register that aggregates and profiles all national assets and investments; develop and implement policies and regulations that ensure the creation and management of assets from debt-related transactions; develop and implement policies and regulations that ensure creation and management of assets from concession-related transactions; and create a robust pipeline of FG-owned and FG-linked investment opportunities.

“It was further determined that in line with global best practice, MOFI would take on an expanded and more active role, not to directly take over and run the corporate entities created around these FG assets but rather to work with its co-promoters and co shareholders to develop and implement corporate policies and practices that ensure that these assets are operated for maximum value.”

Takang further said that the process of reform and restructuring would lead to consolidation and assumption of the ownership rights of MOFI’s shareholdings across various asset classes.

“This strengthens the FG’s shareholder rights and ensures that entities in which MOFI holds equity stakes fulfil their socio-economic responsibilities and generate substantial financial returns for the FGN.

“MOFI’s resumption of its rights of management of the FG’s 40% shareholding in the eleven electricity distribution companies and the various equity stakes in related energy sector companies is an essential element of this consolidation. It will drive operating efficiency, best corporate governance practices and ultimately maximise the value derived from these electricity assets, in line with alignment with the President’s economic growth agenda.

“MOFI extends its gratitude to the BPE for its stewardship of these shares. As a reformed and active entity, MOFI is taking significant steps to ensure that these assets deliver full value to the country.

“We look forward to collaborating with our key stakeholders and, through our concerted efforts, making a tangible impact in contributing to a thriving, resilient and growing Nigeria,” he further said.

Indeed, the appointment of a CEO/Managing Director of MOFI has been a blessing to the country. This plays a pivotal role in shaping the trajectory of landscape of finance and governance in Nigeria. One of Dr. Takang’s standout qualities is his commitment to transparency and accountability.

At a time when financial governance is under intense scrutiny, his track record of implementing robust financial controls and ensuring adherence to international standards is commendable.This commitment to transparency not only fosters trust but also aligns with MOFI’s mission to uphold the highest standards of fiscal responsibility. Furthermore, Dr. Takang’s innovative approach to problem-solving sets him apart as a forward-thinking leader.

All these were what prompted President Bola Tinubu to re-appoint him last year. Last November, President, Bola Ahmed Tinubu appointed a new leadership for the Ministry of Finance Incorporated (MOFI), an asset holding and management company under the Federal Ministry of Finance, with mandate as the sole manager of all federal government investment interests.

According to a statement by Presidential Spokesman, Ajuri Ngelale, former Finance Minister, Dr. Shamsudeen Usman is reappointed as Chairman of a 10-man Board of Directors of MOFI, while Dr. Takang is also reappointed to serve as the Managing Director/CEO of the organisation. According to analysts, there is no gainsaying the fact that the leadership of MOFI, is a perfect combination.

The other appointees include Tajudeen Datti Ahmed, Executive Director, Portfolio Management; Femi Ogunseinde, Executive Director, Investment Management and Mrs. Oluwakemi Owonubi, Executive Director, Risk. The non-executive directors are Mr. Ike Chioke, Ms. Chantelle Abdul, Mr. Alheri Nyako, Mr. Bolaji Rafiu Elelu and Mrs. Fatima Nana Mede.

And this tumultuous time of social and economic headwinds sets the stage for the emergence of best in MOFI. And Takang is a potent symbol for financial governance navigating a predominantly a tough scene to achieve great results, having been saddled with the responsibility of the day-to-day running of the organization.

Dr. Takang’s academic background, marked by advanced degrees in Computer Science, Finance and Business exposure/experience, sets the stage for his understanding of the intricate dynamics within the financial, business and investment sector(s). He is well equipped with strategies for exploring progressive solutions to economic challenges.

Prior to being appointed MOFI’s CEO, Takang was the CEO of Growth Alliance Partners (GAP), a pan-African firm focused on providing post-investment value-add services to Private Equity backed businesses. He helped to turn around several businesses to create shareholder value.

His decades-long career in investment consultancy and public reforms traverses the public and private sectors across Africa, and in the US, where he worked at the New York Office of the KPMG.

He was Team Lead for a Private Banking Group, managed the Integrated Financial and Economic Management Information System (IFEMIS) Project in Nigeria, and led the Voluntary Asset and Income Declaration Scheme (VAIDS).

His tenure as the Chief Executive Officer of a leading multinational corporation showcased his ability to navigate complex landscapes, implement strategic financial planning, and drive sustainable growth.

These experiences uniquely position him to bring a fresh perspective to the Ministry of Finance Incorporated.

His past initiatives, such as spearheading digital transformation in financial processes and advocating for sustainable financial practices, underscore his ability to embrace change and leverage technology to deliver result. And at a time when agility and adaptability are crucial, Takang’s progressive mindset positions MOFI for success in the face of evolving economic landscapes.

As a leader, Dr. Takang places a premium on talent development and team collaboration. His previous roles have seen him cultivate high-performing teams by fostering a culture of continuous learning and collaboration.

This emphasis on human capital is pivotal for the MOFI, ensuring that it can effectively navigate the challenges of an ever-changing global economy. Beyond his professional acumen, Dr. Takang is known for his civic engagement and commitment to corporate social responsibility.

His involvement in community development projects demonstrates a great understanding of the impact businesses can have on society. His previous positions, leadership roles and achievements speak volumes for him.

No wonder analysts hailed President Tinubu’ decision to re-appoint the duo of Shamsudeen Usman and Armstrong Takong is an act of patriotism. They also praised him for the appointment of Mr. Ike Chioke, the Group Managing Director at Afrinvest West Africa Limited, as a non-executive director. These analysts are of the view that with the calibre of persons on the present MOFI leadership team, failure is not an option.

MOFI is shaking the finance governance landscape positively to support the Federal Government’s efforts towards addressing economic challenges, while spurring the renewal of the economy. And these are already happening under the watch of Dr Takang., shaping Economic Renaissance & Safeguarding the Commonwealth of Nigeria.

Olalekan Bakare-Oki: A Proven Track Record and Logical Solution to Robust Traffic Management and Efficiency at LASTMA GM

Mr. Olalekan Bakare-Oki, the Acting General Manager/CEO of the Lagos State Traffic Management Authority (LASTMA), is a proactive person with cooperative approach brewed for efficient solutions in critical times.

In an era where agility and adaptability are crucial, someone with Bakare-Oki’s progressive mindset is needed to position things for success in the face of evolving social and economic landscapes today. He has the wealth of experience, a proven track record, and a vision for transformative development which he is using to run LASTMA today.

As a leader, Bakare-Oki doesn’t joke with talent development and team collaboration. His previous roles at the Lagos State Ministry of Transport have seen him cultivate high-performing teams with a culture of continuous learning and collaboration.

This emphasis on human capital is pivotal for LASTMA, ensuring that it can effectively navigate the challenges of chaotic traffic through a robust traffic management system in an ever-changing and growing Lagos economy.

Beyond his professional acumen, Bakare-Oki is known for his discipline, civic engagement and commitment to corporate responsibility. This commitment to corporate governance issues not only fosters trust but also aligns with LASTMA’s mission to uphold the highest standards of responsibility.

The mission of Mr. Olalekan Bakare-Oki, as the Acting General Manager of the Lagos State Traffic Management Authority, LASTMA .centers on the task of elevating LASTMA’s importance and efficiency on a bigger scale and in promoting greater understanding between the traffic management agency and the motoring public, which its serves for socioeconomic prosperity in the state. His secret to success, however, lies not only on this distinctive goal, but in on his unique approach to shaping traffic management in the state.

It takes into account the perspectives, and the concerns of the road users so the agency can further improve in its service delivery, while at the same time, taking into account the broader public perspective issue of discipline within the ranks of personnel at LASTMA itself and finding ways to marry them. As a result of these, he raises the awareness of the public to the existence of various windows through which complaints can be channeled to LASTMA office for prompt action.

And this is a unique way that allows for policy to move forward with a committed set of stakeholders,

With the way he brews traffic solution and enforce discipline, the LASTMA General manager has justified Governor Sanwo-Olu’s confidence in his appointment by rising up to the occasion, while bringing his wealth of experience to take the Agency to greater heights.

The Lagos State Governor, Mr. Babajide Sanwo-Olu, on November 23, 2023, approved the appointment of Mr. Olalekan Bakare-Oki, as the Acting General Manager of the Lagos State Traffic Management Authority, LASTMA.

At that time, a statement by the Permanent Secretary Ministry of Transportation, Mr. Olawale Musa, noted that “the appointment of Bakare-Oki is for better performance, eradicating incidences of misdemeanours among staff and continued efficient/effective traffic management on Lagos roads.”

Bakare-Oki joined the Lagos State Public Service on April 25, 2000, and rose through the ranks over the years to the post of Deputy Director, Logistics and Engineering Department of LASTMA, before his new appointment as General Manager.

He holds a Masters’s Degree in Transportation Planning and Management from the University of Lagos and has attended several capacity-building programmes on inter-modal traffic management systems locally and internationally.

Recently, five officials of the Lagos State Traffic Management Authority (LASTMA) have been dismissed while two others were reprimanded by the Personnel Management Board by the Lagos State Civil Service Commission (CSC).

According to a press statement signed by the Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, confirmed that every recommendation made by the Personnel Management Board on the 7 indicted Lastma officials during their meeting on Tuesday, 19th of August, 2023 was ratified by the Lagos State Civil Service Commission.

Mr. Adebayo said, “While Five LASTMA officials indicted for corruption received letters of Termination of appointment’, the remaining two received letters of ‘Reprimand’ for absence from duty posts without leave”.

Additionally, Mr. Bakare- Oki has stated that the disciplinary action taken was in line with the extant rules as guided by the Lagos State Civil Service Rules and Regulations. He maintained that the Agency would only get better if and when members of the public shared their experiences, including positive ones, and provided evidence where applicable of perceived misdemeanours. He implored road users in Lagos to always comply with the State Traffic Law in order not to run foul of the law, which would attract penalties as stated in the law.

Listen to him, “This is necessary for all of us to promote a Greater Lagos for the benefit of all and the realization of Governor Babajide Olusola Sanwo-Olu’s objectives in the First Pillar of the THEMES Plus Development Agenda (Traffic Management and Transportation)”.

“We wish to add by informing well-meaning and concerned Lagos residents and the motoring public that we have various windows through which complaints can be channelled for prompt action. He assured that such complaints shall be investigated dispassionately with despatch.

While enjoining every motoring public to abide by the Lagos State Transportation Sector Reform Law 2018, Bakare Oki disclosed that cases against the remaining 14 indicted LASTMA Officials are undergoing additional administrative review.

The agency is also working to address the issue of indiscriminate parking along the roads, especially by tankers in some parts of Lagos metropolis. Areas leading to Apapa ports, especially along 2nd Rainbow down to Mile 2 Bridge, Oshodi -Apapa Expressway are notorious for indiscriminate parking by tanker drivers.

This necessitates some enforcement operations. According to Mr. Peter Gbejemede (LASTMA Director of Operations), the enforcement exercise is in accordance with the Law and would be continuous until zero tolerance is achieved on illegal/ indiscriminate parking across the State.

Mr Bakare-Oki‘s appointment as the CEO of LASTMA is a strategic move toward ushering in a new era of leadership, inclusivity, and discipline in managing traffic in Lagos.

His blend of academic excellence, extensive experience, commitment to transparency, innovative thinking, and emphasis on talent development makes him the perfect fit for steering LASTMA towards greater heights and deliver value to the people of Lagos state.

Breadbasket to Brink:Tackling Nigeria’s Food Insecurity

Recently the Niger state government came out with a decision to ban large-scale buying of food products for movement outside the state. That decision by the Niger state government serves as a stark reminder of our precarious food security situation. With Niger state’s pivotal role in food staples production, any disruption will have far-reaching consequences.

This clearly indicates that Nigeria faces a severe food security problem which, if nothing is done urgently, could transform into a huge crisis. Coming at time Nigeria faces the specter of high cost of living crisis, this does give analysts some fear.

The roots of this impending fooddisaster are complex, spanning from governmental neglect to outdated policies and a dearth of support for young farmers and agricultural innovators. At the heart of Nigeria’s food security challenges lies a fundamental disconnect between government policymakers and the realities of the agricultural sector. While ministries of agriculture exist at federal and state levels, they often lack individuals with firsthand farming experience or genuine passion for agriculture. Decisions made in bureaucratic offices far removed from the fields result in policies that fail to address farmers’ needs or stimulate agricultural growth. Moreover, inadequate financial support exacerbates the situation, with limited access to suitable loans deterring many aspiring farmers, particularly the youth, from entering or expanding operations.

Adding to these challenges is the government’s reluctance to embrace technological advancements and modern agricultural practices. Despite a wealth of young experts with innovative agritech skills, bureaucratic hurdles and resistance hinder their efforts to implement new technologies, stifling innovation and hindering sectoral adaptability.

The consequences of these shortcomings are stark. Rising food prices, fueled by inflation and supply chain disruptions, burden Nigerian households. The recent decision by the Niger state government to restrict large-scale food commodity purchases threatens to exacerbate the situation further, deepening food insecurity across the country.

To avert disaster, urgent action is imperative.

The situation paints a dire picture of Nigeria’s agricultural sector and its potential consequences on food security. To address these challenges, several key actions need to be taken:

Policy Overhaul: The government needs to revamp its agricultural policies to better reflect the needs of farmers and encourage innovation. This includes involving stakeholders from the agricultural sector in policy-making processes to ensure that decisions are informed by practical experience and knowledge. There is need to overhaul outdated agricultural policies, prioritizing farmer needs and innovation. This includes tailored lending policies and incentives for modern farming techniques adoption.
Financial Support: Access to affordable financing is crucial for farmers to invest in their operations and adopt modern techniques. The government should provide tailored financial assistance programs, such as low-interest loans, grants, and subsidies, to support farmers, particularly young and aspiring ones.
Technology Adoption: Embracing technological advancements and modern agricultural practices can significantly enhance productivity and resilience in the face of challenges like climate change and resource scarcity. The government should actively support the adoption of agritech solutions and provide incentives for innovation in agriculture.
Education and Training: Making agriculture more attractive to the younger generation requires investment in education and training programs that highlight the opportunities for innovation and entrepreneurship within the sector. This includes promoting agricultural courses in schools and universities and offering vocational training for aspiring farmers and agribusiness professionals.
Regional Cooperation: Collaboration with neighboring countries and international organizations can help alleviate food shortages through trade and resource sharing. Nigeria can explore partnerships for agricultural development and food security initiatives within the region.
Community Engagement: Engaging local communities in agricultural development efforts can foster ownership and sustainability. Initiatives such as community-based farming cooperatives and extension services can empower farmers with knowledge and resources to improve their livelihoods.
Long-Term Planning: Addressing food security challenges requires a comprehensive, long-term approach that considers the interconnectedness of agriculture with other sectors such as infrastructure, health, and education. The government should prioritize sustainable development goals and invest in infrastructure that supports agricultural production, processing, and distribution.

By implementing these measures, Nigeria can mitigate the looming food security crisis and build a more resilient agricultural sector capable of feeding its population and contributing to regional and global food markets, becoming a key player.

However, swift and coordinated action is essential to address the root causes of the crisis and prevent further deterioration of the situation. So, government needs to take decisive action before it’s too late, as the consequences of inaction are too grave to ignore. Together, Nigeria must strive for a future where agriculture thrives, ensuring food security for generations to come.

Third Party Insurance and Prompt of Insurance Claims

In Nigeria, automobile third-party insurance is a crucial aspect of vehicle ownership and operation. It provides financial protection against liabilities arising from third-party bodily injury, death, or property damage caused by the insured vehicle. Understanding the intricacies of third-party insurance is essential for both vehicle owners and road users. This article aims to shed light on the significance, coverage, and regulations surrounding automobile third-party insurance in Nigeria.

Significance of Third-Party Insurance: Automobile third-party insurance is mandated by law in Nigeria under the Compulsory Insurance Act of 2003. Its primary purpose is to protect third parties, such as pedestrians, passengers, or other motorists, from financial losses resulting from accidents involving insured vehicles. Without third-party insurance, vehicle owners risk facing legal penalties, including fines or vehicle impoundment.

Coverage Offered: Third-party insurance provides coverage for the following scenarios:

Bodily Injury: Compensation for medical expenses, rehabilitation costs, and loss of income incurred by third parties injured in accidents involving the insured vehicle.
Death: Financial support for the dependents of individuals who lose their lives in accidents caused by the insured vehicle.
Property Damage: Reimbursement for repair or replacement costs of third-party property damaged in accidents.

It’s important to note that third-party insurance does not cover damages to the insured vehicle or its occupants. Vehicle owners may opt for comprehensive insurance to safeguard against such risks.

However, without claims being made by insurance companies, people are not likely to take up insurance up insurance policies, and insurance companies will not maximized profits. Thus claim payment in insurance contracts serves as spice that contract to potential policy holders to insurance patronage.

The National Insurance Commission (NAICOM) needs to make its regulatory power felt on insurance companies with regard to third party insurance and response to claims. It needs to look into challenges and solutions necessary to curb sharp practices, as some insurance companies do play game with response to third party claims. Since NAICOM oversees the regulation and supervision of insurance activities in Nigeria. It sets guidelines and standards for insurance companies operating in the country, ensuring compliance with applicable laws and regulations. Insurance companies offering third-party insurance must adhere to NAICOM’s regulations regarding pricing, coverage, and claims settlement procedures.

Despite the legal requirement for third-party insurance, compliance remains a challenge in Nigeria. Many motorists either purchase fake insurance certificates or operate without any coverage, exposing themselves and others to significant financial risks. To address this issue, stakeholders, including regulatory authorities, insurance companies, and law enforcement agencies, need to collaborate on awareness campaigns, enforcement efforts, and technological solutions such as digital verification platforms to curb fraud and enhance compliance.

Automobile third-party insurance is a vital component of road safety and financial security in Nigeria. By understanding its importance, coverage, and regulatory framework, vehicle owners can fulfill their legal obligations and protect themselves from potential liabilities. Continued efforts to promote awareness, improve enforcement, and enhance insurance industry practices are essential for ensuring widespread compliance and effective risk management on the nation’s roads.

Monthly Archives: March 2024