He made the remarks yesterday while addressing business leaders at the 2025 International Business Conference & Expo of the Lagos Chamber of Commerce and Industry, LCCI.

Adams, who assumed the role of All On Board Chairman last month, quoted statistics showing that over 80 million Nigerians lacked access to reliable electricity.

“The consequences of the deficit are far-reaching: stifled productivity, limited access to quality healthcare and education and stunted economic potentials,” he said.

But Adams was optimistic that, with the right policies and investments, the deficit could translate to a $10–20 billion market opportunity, especially in off-grid energy solutions such as mini-grids, solar home systems and clean cooking technologies.

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He said that All On, which was established by Shell in 2016, had achieved over 50 direct investments, committed over $40 million and supported ventures that had brought clean energy to over 1.2 million Nigerians across 190 underserved communities across the country.

Adams called for more investments, highlighting the importance of strategic collaborations not just in energy, but across agriculture, digital technology, manufacturing, infrastructure and financial services.

He commended efforts to attract foreign investment, including the launch of Investopedia, a digital platform showcasing opportunities across the 36 states.

He added: “We invite local and international investors to seize the moment and help unlock the full potentials of Nigeria’s renewable energy market. Together, we can build a future that is inclusive, sustainable, and resilient.”

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This is just as the Lagos Chamber of Commerce and Industries, LCCI, described the company as the pillar and strength of the nation’s economy with its many investments.

Dangote said while it produced critical household items, some of its other products served as either feedstock or raw materials for other manufacturers as a sure way of galvanizing the nation’s economic independent through industrialization.

The company’s position came from the Group Executive Director, Commercial Operations, Dangote Industries Limited, DIL, Hajiya Fatima Aliko-Dangote, during the Dangote Group Special Day ceremony at the ongoing 2024 Lagos International Trade Fair in Lagos  just as the president of Lagos Chamber of Commerce & Industry, LCCI, Mr. Gabriel Idahosa, described the company as a pillar of industrial strength and resilience for the country.

The Group Executive Director, represented by the Director, Depot and Logistics, Dangote Cement Plc, Mr. Dolapo Alli, said “as a strategic sponsor of the Lagos International Trade Fair, this year’s theme, “Connecting Businesses, Creating Value,” resonates deeply with business objectives of the Conglomerate.

She noted that “at Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own.”

“This commitment informs our active membership in the LCCI and our consistent participation in its activities. Businesses need connections at various levels—business-to-business, distributorship, and ultimately with the final consumers.”

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She pointed out that “our recent flagship project, the Dangote Refinery and Petrochemicals, has commenced operations with the rollout of Premium Motor Spirit, PMS, automotive gas oil, JET A1, and other products, including polypropylene.

“We are optimistic that many new manufacturing outfits will emerge relying on both the products and by-products of the petroleum complex as feedstock in their production processes.”

According to Hajiya Aliko-Dangote, the evolution of these mutual interdependent industries is expected to revolutionize Nigeria’s economy by creating linkages between different industrial sectors.

The linkages will provide cushions to the economy, preventing disruptions in production as raw materials are available.

“Linkages are vital in sustainable economic and industrial development. We are envisaging a connected and interlinked manufacturing sector that will produce goods that are usually imported, and in the process create more jobs for the growing youth population.”

She emphasized that “our participation in this Fair, apart from the exhibitions, is to seek connections with other businesses. We have dedicated staff on ground manning the offices at our stand who are to provide necessary information to all businesses and individuals who desire to do business with us.”

On the Group’s interventions, Aliko-Dangote added that “we have commenced export of products from our petroleum refinery to other parts of the world. We also export fertiliser.

“Dangote Group has actively participated in road construction and rehabilitation projects aimed at improving transport conditions. The Group also plays a critical role in export financing, particularly through its cement business.

“Our business units are at the forefront of creating values. It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has helped also reduced pressure on foreign exchange.”

She further said “Dangote Fertiliser Limited is the largest Granulated Urea Fertiliser complex in Africa. Dangote Sugar is committed to ensure that Nigeria ends the importation of raw sugar into the country by actively intensifying its execution of the Sugar Backward Integration.”

Also, the President of Lagos Chamber of Commerce & Industry, LCCI, Mr. Gabriel Idahosa, said that in a nation facing complex economic challenges, the Dangote Group has remained a pillar of industrial strength and resilience, embodying the values of innovation, diversification, and a steadfast commitment to Nigeria’s economic growth.

He added that the Dangote Group’s journey is a story of strategic diversification and visionary leadership, capitalizing on Nigeria’s rich natural resources and creating millions of jobs, opportunities for SMEs, and an environment for foreign investments.

He further said that the Group’s commitment to backward integration, where inputs are sourced locally whenever possible, has not only reduced its exposure to foreign exchange volatility but also spurred local industry development.

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Yusuf, a renowned economist and former Director General, DG, of the Lagos Chamber of Commerce and Industry, LCCI, is the chairman of the 3rd National Conference being put together by Oriental News Nigeria, coming up on July 25th, 2024, at Radisson Blue GRA Ikeja, Lagos by 9 a.m.

In recent years, economies all around the world have been experiencing a protracted slowdown driven by structural, global, and cyclical factors.

Economic strategies that have been implemented to tackle recession and achieve rapid economic development have endangered sustainable growth by contributing to environmental degradation, global warming, and other negative repercussions.

Changing the paradigm to a green economy will boost natural capital stocks, safeguard the environment, and ensure social justice by providing practical tools and approaches to achieve sustainable growth while reducing environmental risks and ecological scarcities.

A transition to a green economy, however, faces challenges such as a lack of an appropriate policy framework, inadequate capital expenditure, varying levels of development, and resource endowments.

Therefore, for green sustainable development, newer business models, strategic changes and innovation in the use of resources, responsible and cleaner business practices, and green technologies are needed.

Above issues will form part of discussion to be spearheaded by Yusuf, who will further highlight challenges and how to accelerate the process.

Also, the Ag. Managing Director and Chief Executive Officer, MD/CEO of the Rural Electrification Agency, REA, Abba Abubakar Aliyu, will be addressing key energy professionals and other government officials on the agency’s current drive towards delivering clean and reliable electricity across Nigeria.

READ ALSO: PIAFo: Stakeholders list obstacles to FG’s 90,000km fibre project

Aliyu, who has confirmed his participation at the conference will take audience through World Bank approved Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project.

At the event also, the Director General, D-G of the Securities and Exchange Commission, SEC, Dr. Emomotimi Agama, would be x-raying key policies and options available in the country’s drive to strengthen her national economy while aligning with global push towards promoting green economy.

All of these will be the high point at the 3rd National Conference.

Oriental News Nigeria, a leading digital media platform would gather key policy makers, government and non governmental organisations, industry experts in Nigeria’s financial sector to the conference which revolves around Nigeria’s Green Economy Initiative.

The theme of the 2024 Conference: “Green Economy, Sustainable Growth and Infrastructure Transformation”, considers various options available for Nigeria to sustain economic development and growth.

Sub-themes of the conference include, Green Finance, marketing, and supply chain, Strategies and Policies for a green economy, Renewable energy and Ecosystem for a green economy and Digital economy Entrepreneurship.

Agama, who has confirmed his attendance, expressed the belief that opportunities in terms of green economy were linked to the enormous possibilities for sustainable agriculture, renewable energy, ecotourism, and coastal development.

Also, other stakeholders have highlighted that Nigeria’s commitment to harnessing its natural resource potential could make the country a pioneer in promoting green economy development, hence the choice of the theme of the conference.

The conference is segmented into two main broad areas, with the opening programme to address the key thematic topic through the guest speakers intervention and chairman’s remarks with comments from participants which centres around the conference theme.

The second segment is round-table discussion through wider engagement by select professionals to discuss the main theme and sub-themes of the conference.

The conference will draw together and engage researchers, eminent practitioners, and policymakers from across the country who will form part of the plenary (Round-Table) session that will deliberate on the latest findings on practices and policies for a green economy and sustainable growth through strategic change and identify priorities for action by stakeholders to pursue the most promising policies and practices.

The conference will also serve as a venue where academic peers may exchange information, share experiences, collaborate, and develop management answers to pressing business issues.

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Mr Stanley Nkwocha, spokesperson of the vice-president in a statement on Saturday, said Shettima stated this at a meeting with officials of the Lagos Chamber of Commerce and Industry, LCCI, at the President Villa, Abuja.

He said President Bola Tinubu ended the fuel subsidy and ensured the unification of the multiple exchange rate because the former arrangement was producing billionaires overnight.

“Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend.

“Asiwaju knows the game, and truly the Naira is gaining and the difference will drop further.”

He recalled that the quality of leadership provided by President Tinubu as governor of Lagos laid the foundation for the massive development witnessed in the state.

READ ALSO: Tinubu appoints Halima Kyari as chairperson of NAICOM board

Shettima assured that the Tinubu administration was doing its best to address challenges in the power sector.

According to him, Tinubu’s administration was aware that power was absolutely essential for development.

“We are determined to ensure that we generate jobs for our youths. Honestly, the president’s obsession is to live in a place of glory, to transform this country to a higher pedestal.

“He wants to leave a legacy, one of qualitative leadership because the hope of the black man, the hope of Africa rests with Nigeria.

“I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend.”

Earlier, the president of LCCI, Gabriel Idahosa, emphasised the need for the federal government to consider more innovations to address the insecurity challenge in the country.

He also urged the Tinubu administration to ensure a significant upswing in the pace and scale of alternative policy measures that promote credit access, stimulate investment, and support entrepreneurship.

“This could include targeted interventions such as concessional lending facilities, loan guarantees, and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing and power technology.”

Source: NAN

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The work by Professor Hippolite Amadi is a significant innovation that has introduced three technological innovations that make the delivery of oxygen cheap and easy for medically challenged newborns in Nigeria.

The Nigeria Prize for Science, a prestigious initiative sponsored by NLNG, over the years, continues to play a pivotal role in stimulating ground-breaking innovations aimed at improving healthcare, especially for the most vulnerable populations.

Speaking at the event, General Manager of External Relations and Sustainable Development, Andy Odeh, represented by Yemi Adeyemi, Acting Manager, Corporate Communication and Public Affairs, said a report by the World Health Organization, WHO, in 2023 ranked Nigeria as the country with the second highest number of maternal, neonatal and child deaths worldwide, adding that Nigeria stood the risk of normalising neonatal mortality if nothing was done to stop it.

“The groundbreaking innovations of Professor Amadi, as recognised by The Nigeria Prize for Science, are not merely a step forward for our nation but a beacon of hope for the countless newborns that hang in the balance. We cannot afford to let the cries of our newborns fade into the background of our daily lives. The urgency to combat neonatal mortality is a solemn duty to safeguard the future of our nation’s children, and we must answer that call with unwavering determination and immediate, decisive measures.

“NLNG is very proud of Professor Amadi’s discoveries through The Nigeria Prize for Science. Our vision of helping to build a better Nigeria is the core of the prize, and we believe strongly that the 2023 winning entry speaks in unambiguous terms as one of the ways we can achieve this vision. NLNG remains committed to the prize and will not relent in finding solutions to the nation’s development issues,” he stated.

The guests at the event included the 2023 winner of the Nigeria Prize for Science, Professor Amadi; LCCI President, Mr. Gabriel Idahosa; the LCCI Director-General, Dr. Chinyere Almona; and other LCCI executives.

The LCCI Director-General, Mr. Gabriel Idahosa, stated in his address that the business interactive forum provided a unique opportunity for the Nigerian business community to learn from Professor Amadi’s work. He said that if Nigeria, given its natural endowments, was to successfully transform its economy and achieve significant growth, science and technology and its integration into the socio-economic development process must be accorded the highest priority.

“It is important to note the recognition of Professor Amadi’s work in the field of newborn and child healthcare, which was selected from over a hundred entries. The work is not only based on how it can significantly advance neonatal care in Nigeria but also on how it can improve access and reduce neonatal care costs. We urge the government to provide targeted funding toward the local production of healthcare and pharmaceutical devices, as this will help reduce the burden of foreign exchange spent on importing most of our healthcare needs in Nigeria. Several lessons can be drawn from this achievement regarding our daily business and personal life,” he said.

He applauded NLNG, the prize sponsor, for being one of the best-run public-private partnerships that had consistently contributed to the Nigerian economy through dividends and taxes.

The Nigeria Prize for Science is $100,000, sponsored by NLNG to proffer innovations in science and technology to solve age-long problems and drive development in Nigeria.

This is in addition to other contributions in the health sector through other investments for the enhancement and furnishing of critical aspects of medical care in some Federal Medical Institutions across the country through its ongoing Hospital Support Programme (HSP) initiative.

This initiative aims to engender state-of-the-art facilities and resources for the healthcare institutions towards delivering high-quality care to patients.

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The LCCI made the commendation on Monday in reaction to the nationwide New Year address by the president.

The president, in the address, stated the efforts of the government to solve the problems of economic hardship, insecurity and infrastructure development among others in the country.

In its reaction contained in a statement by its Director General, Dr. Chinyere Almona, the LCCI, said it had reviewed the president’s speech and commended him for his commitment to addressing critical issues that impact the economic landscape of Nigeria.

It also made suggestions as to how the problems in the country could be well addressed.

The statement reads in full:

“The Lagos Chamber of Commerce and Industry (LCCI) thanks President Bola Ahmed Tinubu for his New Year’s address to the nation. As the voice and representative of the business community, we acknowledge the challenges faced in the past year and commend the President for his commitment to addressing critical issues that impact the economic landscape of Nigeria.

“The Chamber carefully reviewed the President’s speech as he highlighted vital aspects of his administration’s achievements and challenges faced and outlined plans to address these critical concerns. The LCCI has identified positive and concerning elements from the address to foster constructive dialogue and provide a comprehensive analysis.

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“The commitment to power projects, including the Siemens Energy initiative and efforts to enhance the reliability of transmission lines, is a positive step towards addressing the critical issue of electricity supply, which aligns with the business community’s aspirations for a robust and diversified economy. However, there is an urgent need to address the structure of the power sector. The Government needs to consider bringing private sector investment into the transmission segment of the power sector. This would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth.

“The focus on cultivating farmlands to grow staple crops and boost food security aligns with the need to ensure constant food supply, security, and affordability for citizens. However, LCCI cautions that the productivity of the farmlands and the effectiveness of investments in food production are subject to adequate security measures. Investment in agriculture has a limited chance of success as long as the Government fails to deal with the security issues. LCCI recommends that the Government consider fast-tracking the movement of the Police from the Exclusive list to the Concurrent list to be legislated upon by the Federal and State Governments. This will guarantee effective policing of the nooks and crannies of the society, particularly the farmlands.

“The announcement of a new national living wage is a positive step towards ensuring the well-being of workers and promoting inclusive economic growth. The dedication to creating a conducive business environment is commendable. The assurance to simplify fiscal and tax policies, the commitment to removing obstacles hindering business competitiveness, and the call for collaboration with the private sector resonate well with the Chamber’s vision for a thriving business environment.

“The LCCI believes that while removing the fuel subsidy was necessary, its impact on individuals, families, and businesses, leading to discomfort, must be carefully managed. The potential ripple effects on the cost of living and inflation must be closely monitored. Acknowledging the challenges of high inflation (above 28%) and an unacceptable under-employment rate is crucial. However, specific strategies to address these issues were not mentioned, leaving room for concerns about the impact on citizens.

“While efforts to address security challenges were mentioned, specific details on comprehensive security strategies were limited. The acknowledgment that security problems are not entirely solved raises questions about the effectiveness of current measures.

“The commitment to building a fair and equitable society and addressing inequality is commendable. However, specific policy measures to close the widening wealth gap are unclear. Despite the setting parameters for the evaluation of ministers and heads of agencies mentioned, there is a need for transparency in these evaluations to ensure accountability and performance improvement.

The LCCI appreciates the President’s efforts to address these critical issues facing the nation. However, the Chamber urges the administration to provide more detailed plans and strategies to tackle these challenges, such as inflation, under-employment, security, and social inequality. A transparent and inclusive approach to governance will contribute to building public confidence and achieving sustainable economic growth.”

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He told industry leaders and Information and Communication Technology, ICT, innovators, who gathered at the 2023 edition of the Information, Communication, Technology and Telecommunications, ICTEL, expo organised by the Lagos Chamber of Commerce and Industry, LCCI, in Lagos, that advancements made in the global ICT industry had become business and enhancing.

Danbatta, who was represented by the Director of Consumer Affairs Bureau at the Commission, Mr. Alkasim Umar, said technology had always played a significant role in shaping the world people live in.

He, however, said that in recent years, advancements havd accelerated at an unprecedented rate.

The NCC helmsman said as the world grappled with the 4th Industrial Revolution driven by the Internet, advancements in many facets of ICTs were fundamentally changing all aspects of people’s lives and reshaping economic, social and cultural paradigms across the world.

READ ALSO: Nigerian, 13, emerges youngest certified AWS developer associate

He listed such disruptive technologies to include Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), Blockchain Technology, Virtual Reality (VR), Augmented Reality (AR), Fifth Generation (5G) and other emerging technologies which have demonstrated the potential of transforming industries and business models.

“Today, we find ourselves amid a digital revolution, where the boundaries between physical and virtual worlds are blurring.  So, as we navigate the era of tech disruptions, it is crucial for businesses to embrace innovation and adapt to the changing landscape. Companies that are agile and willing to experiment with these emerging technologies will gain a competitive advantage in their respective industries,” Danbatta said.

The NCC CEO further assured that the NCC’s strategic management plan represented the Commission’s commitment to leveraging technology and innovation to transform industries and drive positive change.

“By embracing tech disruption, we are empowering individuals, businesses, and communities to thrive in the digital age. Together, let us build a Nigeria where technology is a catalyst for inclusive growth, innovation flourishes, and the benefits of connectivity reach every Nigerian,” the EVC said.

President of LCCI, Dr. Michael Olawale-Cole, who appreciated the commission’s efforts in providing a predictable telecom regulatory environment, noted that the theme of this year’s edition of the ICTEL Expo had been carefully chosen considering the far-reaching impact disruptive technologies were having on businesses around the world.

NCC’s Zonal Controller, Lagos, Engr. Yomi Arowosafe, who was part of the team to the well-attended ICT Expo, received an LCCI Appreciation Award presented to Prof. Danbatta by the Vice President of LCCI, Leye Kupoluyi, in recognition of Danbatta’s contribution towards the success of the 2023 ICTEL Expo held on July 25 – 26, 2023 at Landmark Event Centre, Victoria Island, Lagos.

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They made the statement at the opening ceremony of the 36th edition of the Lagos International Trade Fair, with the theme: “Connecting Businesses, Creating Value” held at the Tafawa Balewa Square (TBS), Lagos.

Buhari, who was represented by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the federal government would continue to ensure that the atmosphere was right for businesses, especially manufacturing and export to thrive.

He said Nigeria’s signing of the African Continental Free Trade Agreement, AfCFTA, would be a great opportunity for Nigeria as the country’s international trade recorded a trade surplus of N3.2 trillion between January and June this year.

Adebayo, who noted that the international trade records could be better with the collaboration of both the public and private sectors, described the Lagos International Trade Fair as a great opportunity to showcase Nigeria’s capacity to produce to international standards.

READ ALSO: Lagos trade fair: Dangote promises to deepen economic activities

“The private sector can help boost the demand for Nigerian products by aggressively pursuing value addition greatly to the quality of goods originating from our country,” he said.

In his address, Governor Sanwo-Olu, who was the Guest of Honour at the ceremony, restated his administration’s commitment to prioritising the growth and development of Micro, Small and Medium Enterprises, MSMEs, to further drive the economic growth and development of the state.

He said his administration will continue to partner with the Organised Private Sector to boost the economy of Lagos State, adding that his government would further create policies that would deliberately engender ease of doing business to enable the state to attract investments and allow businesses to thrive.

Governor Sanwo-Olu outlined how his administration had been boosting MSMEs with soft loans from Lagos State Employment Trust Fund, LSETF, and Lagos State Science Research and Innovation Council, LASRIC, among others, urged business owners in Lagos to take advantage of the opportunities to grow their business and further boost the economy.

The governor, who described MSMEs as the heartbeat of any economy, said their development was critical, particularly in the face of the current harsh global uncertainties posed by the COVID-19 pandemic and the Ukraine- Russian war.

He said: “On our part, we have continued to make giant strides by formulating and implementing policies, programmes and projects that have impacted and stimulated economic growth in the state. In our quest to building a globally competitive economy, especially through the MSMEs, we have improved considerably our Economic Policy Coordination and Implementation. We have encouraged Partnership Building between the Public and Private Sectors and we have prioritised labour to facilitate and promote investment in the development of a quality workforce for the various categories of enterprises in the state.

“We have also been working to lower the Cost of Doing Business, Improve Ease of Doing Business, Build Skills, Support Innovation and Strengthen the Function of the Labour Market to improve capabilities, reduce conflict and foster harmonious industrial relations. Without a doubt, my administration has been proactive and intentional in its support and interventions to improve and reinvigorate MSMEs.”

Governor Sanwo-Olu stressed further that “It is also instructive to note that we successfully steered the state and the economy through the turbulent period of the COVID-19 pandemic. We led with confidence, provided direction and offered support to businesses that faced severe challenges. Permit me to state that through the various economic policies we have implemented, Lagos State has continued to attract direct foreign investments, while our sustainable infrastructure projects continue to serve as support to industrial, commercial and other economic activities to foster shared prosperity among residents.

“Let me further assure you that we shall not rest on our oars until business prosperity is guaranteed. This is because our administration is not oblivious to the fact that for us to achieve our dream of becoming Africa’s model megacity by 2025, we must continue to improve our business climate so as to attract more private sector investments, create jobs and increase productivity.”

Sanwo-Olu also commended the Lagos Chamber of Commerce and Industry, LCCI, organisers of the fair for being an unrelenting partner, especially through its policy advocacy that has been yielding positive results not only Lagos State but also Nigeria as a whole.

He urged the Chamber to continue to initiate and develop more opportunities for supporting businesses, especially the young entrepreneurs, who have great potential of re-writing Lagos State’s business story and revitalise Nigeria’s economic fortunes.

In an opening address, the president of LCCI, Dr. Michael Olawale-Cole said the Lagos International Trade Fair was one of the ways the Chamber had been boosting commerce and trade despite huge challenges.

Olawale-Cole, who commended the Lagos State government for its continued support to grow small businesses, said the business community was looking forward to the outcome of the national trade policy currently being reviewed.

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The request was made by LCCI when its delegation visited the commission in Abuja recently.

Speaking during the visit, which took place at NCC’s Head Office (Annex) Mbora, Abuja, the Director, Trade Promotions, LCCI, Seriki Oyediran, said that the objective of the visitation was to discuss with the management of NCC toward achieving the objectives of the 8th Edition of the ICTEL Expo focusing on: “Ensuring Efficient Digital  Infrastructure in Nigeria.”

Oyediran acknowledged that the participation of NCC at the annual trade fair in previous years had added colour, focus and clarity, and ensured the success of previous events.

He, therefore, called on the commission to partner with the Chamber to enable it record greater success in the ICTEL 2022 edition.

Responding, Director, Digital Economy, Dr. Austin Nwaulune, who received the delegation on behalf of the Executive Vice Chairman of NCC, Prof. Umar Danbatta, applauded LCCI for its consistency in organising the annual conference.

Nwaulune stated that the theme of this year’s conference aligned with the commission’s focus on facilitating infrastructural development and deployment to enhance socio-economic development of Nigeria.

Demonstrating the connection between the thematic focus of the conference and NCC mandates and activities, Nwaulune explained that, through the NCC, the federal government has established various policies such as the Nigerian National Broadband Plan (2020-2025), which is being vigorously implemented to improve broadband infrastructure across the country.

The Director Digital Economy Department at the Commission, also recalled efforts of the commission in ensuring that the seven Infrastructure Companies, InfraCos, already licensed by the telecom regulator accelerated their infrastructure deployment across the six geo-political zones of the country.

The director commended the organisers for the calibre of sponsors listed for the expo and asserted that the event would be a hub for stakeholders such as Mobile Network Operators, MNOs, InfraCos and international organisations, and offerred them the opportunity to glean developments in the country and to deepen their interests in promoting innovation, competition.

In his comments, the NCC Director, Consumer Affairs Bureau, Efosa Idehen, explained that the commission had evidently adopted an open-door policy and particularly through its consumer-centric initiatives.

He also emphasised that the commission appreciated collaboration with stakeholders whose programmes allowed consumers to interact with the service providers.

“The NCC prioritises the consumers. We therefore see this forthcoming expo as another opportunity for the consumer’s voice to be heard as they interface with service providers. This is based on our regulatory mandate of ensuring that consumers of telecommunications services get value for their money and are treated right as critical stakeholders in the telecom ecosystem,” Idehen stated to reiterate NCC’s commitment to the promotion, protection and defence of the interests of telecom consumers.

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The outgoing Director-General, LCCI, Dr. Muda Yusuf, gave the advice in an interview with the News Agency of Nigeria, NAN, on Sunday in Lagos.

Headline inflation, according to the National Bureau of Statistics, NBS, reduced marginally by 0.18 per cent from 17.93 per cent in May to 17.75 per cent in June.

Similarly, the food inflation sub index dropped marginally by 0.45 per cent from 22.28 per cent in May to 21.83 per cent in June 2021.

Meanwhile, the month-on-month inflation maintained it upwards trajectory in June with it accelerating marginally from 1.01 per cent in May to 1.06 per cent in June 2021.

Yusuf said three principal drivers of inflation were cost push factor, supply chain disruptions and monetisation of fiscal deficit or inflation tax.

He listed high energy cost, which included the spike in the cost of diesel, electricity and aviation fuel, high transportation and cost of logistics, and high import tariff as major cost push factor influencers.

“Headline inflation of 17.75 per cent is still a reflection of intense and persistent inflationary pressure on the Nigerian economy.

“Even more worrisome is the incessant high food inflation, which was 21.83 per cent in June.

“High inflation hurts investment, it is injurious to the welfare of the people and detrimental to the economy.

“The main factors that have disrupted output in the economy are also heightened insecurity,  exclusion of some critical industries from the official foreign exchange window, trade policy issues, among others,” he said.

Yusuf said other variables to be addressed included reviewing import tariff on selected inputs for production, stemming exchange rate depreciation, addressing security problems and improving productivity across all sectors.

He also urged the Central Bank of Nigeria, CBN, to reduce its financing of fiscal deficit to levels provided for in the CBN Act, saying fiscal deficit financing by the Apex Bank acted as a major inflation driver.

“The infusion of this financing typically increases money supply and aggravates inflation.

“It is high powered money and also characterised as inflation tax.

“Reports of interest payments of over 480 billion naira on ways and means financing by the apex bank between January and May 2021 is quite instructive,” he said.

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