Saudi Aramco is the official Saudi Arabian oil company, which is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia.

President of Dangote Group, Aliko Dangote, revealed this on Tuesday during a visit by the Nigerian Economic Summit Group, NESG, team to both Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos.

Dangote said exporting products to the global markets, especially Saudi Aramco, was because of his refinery’s world-class standards and advanced technologies.

“We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco,” he said.

Since its production began in 2024, the Dangote refinery has steadily increased its output, now reaching 550,000 barrels per day.

While commending Aliko Dangote for establishing the $20 billion refinery – the largest single-train refinery in the world – NESG Chairman, Mr. Niyi Yusuf, stated that Nigeria needed more investments of that calibre to reach its $1 trillion economy goal.

“To achieve a $1 trillion economy, much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country. This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental,” he said. “My hope is that God grants you the strength, courage, and health to realise your ambitions and that in your lifetime, a new Nigeria will emerge.”

READ ALSO: Tinubu approves 65 years retirement age for doctors, healthcare workers

Yusuf emphasised that such local industries were essential to Nigeria’s industrialisation and would help foster the growth of Small and Medium Enterprises (SMEs).

He added that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity.

He lamented that Nigeria had become a dumping ground for foreign products and stressed that the country must support its entrepreneurs to become a global player.

“It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens.”

Yusuf also praised Dangote’s bold vision for making Nigeria self-sufficient in several key sectors.

“The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter,” he said. “We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change.”

Yusuf, alongside NESG board members and stakeholders, toured the refinery and fertiliser plants, lauding the level of investment, technology, and sophistication of young Nigerian engineers running world-class laboratories and central control units.

He acknowledged Dangote’s perseverance and success in overcoming numerous challenges.

Dangote, in his response, reiterated the importance of the private sector in national development, asserting that Nigeria’s challenges could largely be overcome by providing gainful employment to its people.

He stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency.

Dangote also cited the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.

“The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he remarked.

He further emphasised that the government stood to gain substantially when the private sector flourishes, noting that 52 kobo (52%) of every naira Dangote Cement generates goes to the government.

Dangote also pointed out the significant challenges involved, in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure.

He stressed that investors were often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government.

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These appointments reflect the NESG’s steadfast dedication to promoting visionary leadership and strengthening partnerships with key business leaders and private sector stakeholders.

The addition of these accomplished professionals is expected to drive strategic initiatives aimed at transforming and advancing Nigeria’s economic landscape.

Wole Adeniyi is the Chief Executive Officer of Stanbic IBTC Bank Ltd and is responsible for driving the institution’s strategy across her Technology, Digital Transformation, Corporate & Investment Banking arm, and Retail banking arm.

Before assuming this role, he was the Deputy Chief Executive Officer of the bank.

Until July 2020, he was Executive Director of personal and business banking retail and commercial banking business of Stanbic IBTC Holdings PLC that covers personal banking, including private banking, business (sole proprietor to SME) and commercial segments.

Until November 2018, Wole was Executive Director, Operations responsible for Operations, Group Real Estate Service and Procurement and Business Transformation Program for the bank.

READ ALSO: Federal Civil Service Commission begins recruitment nationwide

Before this appointment, he served as Executive Director of Business Support until November 2011.

Wole has a wealth of banking experience spanning almost three decades in technology and digital transformation, domestic and international banking operations, programme management, and retail banking.

He is credited with formulating and deploying strategies to help turn around Stanbic Bank Nigeria’s Operations and Technology.

Wole sits on the Nigeria-Interbank Settlement System PLC (NIBBS) board.

He holds a first-class degree in Business Administration from the University of Benin and an MBA in Business Administration from the University of Manchester.

He is a Fellow of the Institute of Chartered Accountants of Nigeria, an Associate of the Chartered Institute of Taxation and a Certified Information Systems Auditor.

Mohamad Darwish has over 20 years of experience working in the telecommunications sector and is IHS Nigeria’s Chief Executive Officer, overseeing IHS Tower’s largest market.

Mohamad Darwish has worked in various finance and technical functions and served as the Business Development Director and Deputy CEO before becoming the CEO of IHS Nigeria.

Mohamad is responsible for leading the team committed to growing IHS Nigeria’s operations and further strengthening its position as the leading tower company in Nigeria.

He oversees the development of the IHS Nigeria strategic plan and the rollout of new sales strategies and manages key relationships with clients, regulators, ministries and NGOs.

As a member of the IHS Finance and Banking, Risk Management, Ethics, and Compliance committees, Mohamad also focuses on defining IHS Towers’ strategic plans on a group level while ensuring full compliance with international standards and best practices.

Mohamad is deeply committed to initiatives and programs that position African countries globally, inspire long-term economic growth, and promote sustainable business behaviour. Mohamad holds a Master of Engineering in Applied Operation Research from Cornell University, a Master of Business Administration with Honours from Rollins College, and a Bachelor of Electrical Engineering from the American University of Beirut.

Olusegun Alebiosu was appointed the Managing Director/Chief Executive Officer of FirstBank of Nigeria Limited in June 2024.

In addition to this role, he serves as a Non-Executive Director of FirstBank UK, further solidifying his leadership presence across the group’s international operations.

With over 28 years of experience in the Banking and Financial Services industry, Olusegun has demonstrated exceptional expertise and leadership in various roles.

Between 2016 and 2024, he served as Executive Director, Chief Risk Officer, and Executive Compliance Officer at FirstBank.

His professional experience spans various disciplines, including credit risk management, financial planning and control, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation (aviation and shipping), and project financing.

An accomplished academic, Olusegun is an alumnus of Harvard Business School, where he completed the Advanced Management Programme and the Harvard Kennedy School of Government.

He holds a bachelor’s degree in industrial relations and Personnel Management and a master’s in international law and diplomacy from the University of Lagos.

Additionally, he earned a master’s degree in development studies from the London School of Economics and Political Science.

Beyond the boardroom, Olusegun is an avid golfer and adventurer.

He is happily married and a proud father, balancing his professional achievements with a fulfilling personal life.

*Culled From Proshare News

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Speaking at an audience on Thursday in Abuja with members of the Board and Management of the Nigeria Economic Support Group, NESG, the president reiterated his unequivocal resolve to fully implement the eight priority reform areas under the Renewed Hope Agenda within the next three years.

The president emphasized that Nigeria is blessed with rich human and natural resources, in addition to deficit opportunities, which can quickly be leveraged into new prosperity.

He called for the urgent exploitation of Nigeria’s diversity for collective gain, with an eye on new think tanks in the agricultural sector and the establishment of a commodity exchange.

“We have gone through the past. I will not look back. The focus of my horse and my race remains forward-looking. We have an abundance of knowledge and untapped mineral resources, and an agricultural sector that is God-given, but we tend to shy away from taking those gigantic steps that will result in prosperity for our people. We are not exploiting our diversity for prosperity, we are at each other’s throats, arguing about unnecessary things, instead of thinking and doing for our people,” the president said.

The president noted that he was elected on a “no excuses” platform for renewed hope and that he will not accept excuses from anyone in his government as they set out to deliver on his agenda.

“Looking backwards is retrogressive for any reformer. Looking forward can give you the leaps that will propel you in the right direction. We need think tanks in the agricultural sector. I don’t see why Nigeria will be so blessed with good soil and not have a commodity exchange. I don’t see why we have not been able to interrogate our real estate sector and propel it.

“I don’t see why we have not used consumer credit to build the purchasing power of our people and the capacity of our very own manufacturing sector,” the president assessed.

While commending the NESG for believing in the reforms of his administration, the president said the “bitter pill” must be administered to an ailing nation and economy to build a better future for the country.

“I am here and I believe we can do it together. No single person succeeds alone. The world is dynamic. We are confronted with climate change and other challenges, but somewhere in the eye of the storm, there is a quiet and peaceful corner for those who can toil well. With patience and determination, we will succeed,” the president assured.

The chairman of NESG, Mr. Olaniyi Yusuf, welcomed the economic reforms announced by the Tinubu administration, specifically with respect to fuel subsidy removal, foreign exchange rate harmonization, food security and palliatives to sub-national governments.

The NESG chairman pledged that the NESG would work with the newly inaugurated cabinet to achieve the eight-point agenda of the administration.

“Your track record in the effective implementation of bold economic reforms as the Governor of Lagos leaves those of us in the private sector without doubt that you will achieve much greater feats as our nation’s president,” the NESG chairman confided.

He used the occasion of the courtesy visit to formally request the president to declare open the NESG Summit in October, as well as to direct Heads of Ministries, Departments and Agencies (MDAs) to partner with them and participate fully at the summit as part of efforts to ramp up local and foreign direct investment in Nigeria.

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The APC Presidential Candidate’s superlative and candid showing with the Nigeria Economic Summit Group on the 13th of January 2023 has naturally endeared him further to millions of voters across the country. A legion of former doubters including those who had based their opinions on skits put together by usually unserious minds who seek whatever they could twist in every speech, have now seen that they have been misguided. The momentum will ramp up even as we move closer to the election day, delivering what may turn out to be the cleanest landslide victory since Nigeria’s return to democracy in 1999.

What struck me is the candidness of the conversation and the fearlessness of the speech. The economic thinking that attracted me to Bola Ahmed a long time ago, and thus made it easy for me to pledge my unallowed support in his quest this time, was there for all to see. The ideas that he had espoused in his many colloquia, including his writeups in Premium Times and other media, are truly etched in his mind. He comes to the table, not to be bamboozled around by the usual pretenders to intellectuality, but with his worldview, knowledge, drive, and dream for his nation. Of recent, I realized that Bola Tinubu, just like the great Nnamdi Azikiwe, having studied extensively in a certain era in the United States, must have returned to Nigeria with a fervour to right the wrongs, and to prove that there was nothing wrong with the black man. You cannot immerse yourself in the United States without forming a strong opinion which propels you to want to give direction to your own people – except you forget where you are from and decide to share in the American dream, or you are incapacitated politically. That Tinubu has been on this quest for decades, going by how long he has spotted his broken chains (which I prefer to call the infinity) traditional cap, is worth noting for the perceptive and attentive. This man is a gift to Nigeria and humanity.

It is evident that in Tinubu we have a fearless, tested, experienced, urbane, businesslike, well-rounded, visionary candidate.

It is evident that in Tinubu we have a fearless, tested, experienced, urbane, businesslike, well-rounded, visionary candidate. He felt very much at home with the business community, who themselves can see by now, that Tinubu is their best bet for further prosperity and for the business community in Nigeria to remain the linchpin of Nigeria’s development, and to even play a larger role. But not only that. The delegates of the organized private sector present at the parley, or watching from the comfort of their offices, would have whipped out their scientific calculators (I remember the hp calculators bankers used to love), and worked out rates of returns on potential investments under the guidance and auspices of a business-oriented and transformative government of Asiwaju Tinubu, who continues to avert their minds to the sheer possibilities of our nation; a great nation waiting to soar, if only we could stay positive, attentive, cooperative, and connect our quest to a higher calling to lay a solid foundation for our children today, and those yet unborn. Tinubu’s vision is not only about Nigeria. From his trajectory, one can already see that he subscribes to that Chinese adage; ‘If your vision is one year, cultivate flowers; if your vision is ten years, cultivate trees; but if your vision is eternity, cultivate people’. Hands-down, his understanding of succession planning sets him apart. And his investment in raising leaders from among those he has identified over time, sometimes shames his peers who seemed to have simply concentrated on themselves and their children alone over the years. I had warned many of Tinubu’s traducers that his delivery and carriage will only improve, and that he will seem to age backwards, like the fictional Benjamin Button. I hope they are seeing with their eyes now.

He felt very much at home with the business community, who themselves can see by now, that Tinubu is their best bet for further prosperity and for the business community in Nigeria to remain the linchpin of Nigeria’s development, and to even play a larger role.

The meat – and there are several actually – of Tinubu’s discussion at the NESG parley could be itemized as follows:

1. A very candid discussion where reality is discussed, difficulties acknowledged, but without any fear to dream and envision a great Nigeria where the private sector will lead robust growth, powered and enabled by a refocused public sector.
2. An admission to the plurality and diversity of opinions necessary for national development. Asiwaju acknowledged upfront that he doesn’t have all the ideas, and some may disagree with some of the ideas he proposes. And that is important for robust engagements and progress.
3. In acknowledging diversity and plurality of ideas, Asiwaju emphasized the importance of teamwork between private and public sector, and his ability to put a committed and patriotic crack team together at the shortest possible time. His track record in Lagos comes in very handy and is unmatched by any other political leader in our time.
4. Unlike any other contender for the presidency in 2023, Bola Tinubu committed to a double-digit growth of the economy, in defiance to some of the tepid projections of multilateral agencies. This means that he is ready to drive a new thinking and show that we can begin to define our destiny as a people. As we are coming from a position of negative real growth, but we have potentials, this is a very laudable ambition because we have so much to do. A double-digit growth in GDP also means a surfeit of employment opportunities and profitability for private sector players.
5. Asiwaju also indicated his readiness to bring together the monetary and fiscal wings of the economy such that they synergize under strong and focused leadership. His ideas on trade are skewed towards value-addition, to consolidate on some of the achievements of the Buhari administration.
6. Asiwaju, while speaking with the NESG, prioritized security without which businesses cannot thrive. He intends to leverage on the ‘follow the money’ strategy of the Buhari administration to smoke out kidnappers, bandits and other criminals who are holding the nation back. He also intends to consolidate on the monetary reforms of this administration as it pertains to electronic transactions in the public service, guaranteed to improve value-for-money in government procurement and projects all over the country.
7. Bola Tinubu has an interesting take on inflation, which is ravaging the pockets of Nigerians at 21.47% today, largely due to the dislocations caused by COVID-19, especially the necessary spendings of that era geared at reviving the economy. He acknowledges that every country in the world had to engage in that counter-cyclical spending to revive their economy, thus leading to deficits and inflation. He however disagreed with the idea of raising interest rates stratospherically, hurting the private sector, in a bid to slowing down inflation. He suggested a focus on productivity instead. What I heard was; ‘We can work and produce our way out of this quagmire. It will not be easy at all. But we also don’t have a choice than to produce and add value’.
8. As with many of his writings and speeches, Tinubu excoriated the almost total reliance on foreign borrowing – which comes with a debilitating exchange risk. He challenged his listeners to think more broadly. He does not believe in the dollarization of the Nigerian economy but in the leveraging of our sovereign currency to solve more of our problems. This is a very bold proposition, worthy of further analysis.
9. The APC candidate further sensitized Nigerians to the need to move past the fuel subsidy era, especially because it opens Nigerians to being defrauded by a few. The integrated transportation system being proposed for all states in the federation will be enhanced to reduce the burden because 70% of fuel is used for transportation. Lagos State is already showing the beginnings of an example.
10. For agriculture, Asiwaju intends to extend the ideas of Buhari in prioritizing the growth of that sector, increasing the proportion of cultivated land in Nigeria, and returning to the era of commodity boards which serve to protect farmers of cash crops from the downsides of a slump in prices. The boards, which were removed with Babangida’s ill-fated foray into orthodox, far-right economics under what was known as Structural Adjustment Program in 1986, have turned out to be very beneficial still in the case of cocoa in Cote D’Ivoire and Ghana, which now produces ten and three times the volume of Nigeria’s cocoa respectively. Our farmers have been in limbo and disarray, and at the mercy of less-than-honest brokers of unknown origin. But at the same time as Asiwaju is proposing commodity boards, he is also moving for a modern solution to solving the problem – empowerment of commodity exchanges where farmers can get some assurances of future prices and also get forward contracts.
11. The centrality of infrastructure to economic growth and development was also emphasized by the candidate, who committed to the ‘faithful implementation’ of the Infrastructure Master Plan, especially Nigeria’s perennial issues with the power sector. He promised further private-sector-led reforms and also the promotion of alternative, green and clean energy, which will help with the climate change conundrum without slowing down Nigeria’s quest for rapid growth, employment creation, poverty eradication and the enhancement of productivity. A large part of the candidate’s plan is promised to be driven by Information and Communication Technology (ICT), keying into contemporary knowledge thrusts in Artificial Intelligence, Internet of Everything, Big Data, Robotics and the Fourth, Fifth and Sixth Industrial Revolutions which are already afoot and/or in play.

12. Small businesses which provide 80% of jobs in Nigeria also got a mention, with Asiwaju promising to continue to help such businesses reduce the challenges to Ease of Doing Business in Nigeria, perhaps by looking at some of the Nigerian peculiarities like multiple ‘tax’ burdens, infrastructure, transparency, and public-sector corruption. Asiwaju promises a positively disruptive governance.

13. Another revolutionary promise by Bola Ahmed Tinubu is the quest to reduce interest rates with a view to spurring a consumer credit and mortgage revolution. The consumer credit will be geared at locally produced goods, thereby generating more employment, while the mortgage revolution will be powered by Nigerian banks and will seek to transform the face of low-income housing in Nigeria in a significant manner. This is a veritable gamechanger and can contribute significantly towards the double-digit GDP growth target.
14. There was also a promise to tackle exchange rate differentials and to enable the fashion and entertainment sector players where millions of youths are employed to be able to contribute their quotas to economic development further by remitting their proceeds home rather than maintaining their wealth abroad. This also goes for other players like commodity and manufactured goods exporters.
15. Lastly, and very comfortingly, Asiwaju restated his worldview, which is that government in an economy at our stage of development, cannot be absent in the lives of people and cannot shirk all its responsibilities and capitulate to the capture of a few in the private sector. He has an expansive view of the economy and prosperity and comfort, through hard work, for the people of Nigeria. He says that he doesn’t believe that Nigeria has provided enough for her people through our yearly budgets and so we can do a whole lot more. He also challenged all to think in kaleidoscopic fashion, for a diversified economy, while we consolidate on the petroleum sector and remove bottlenecks to the implementation of the Petroleum Industry Act.

Unbiased minds will begin to see that the image of our dear nation is about to be repositioned for good under the leadership of this man, and the kind blessings and forbearance of the Almighty. Nigeria had floundered enough. May all the stars in the firmament align spectacularly for our redemption this time.

*Fasua, PhD is an Economist and Public Affairs Analyst

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The interaction, which was another opportunity for Tinubu to present his plans to another group of stakeholders just as he has been doing in various town hall meetings across the country, saw him itemise his administration’s path to economic recovery if elected in next month’s presidential election.

He noted that before economic recovery could be achieved the nation must be secured, stating that, “First, to achieve the economy we seek, we must resolve the pressing security issues. No nation can flourish with terrorists and kidnappers in their midst.”

The dialogue again gave him an opportunity to emphasise the importance of the private sector and his administration’s readiness to partner them.

He said, “My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the framework within which the private sector must operate. If that framework is sound, the private sector will flourish. If the framework is frail or incomplete, then the private sector will struggle.”

He added that his administration would immediately after getting to office, urgently address fiscal, monetary, and trade reforms to effectively increase domestic production, thus serving to curb imported inflation, and to ensure better macro-economic stability by accelerating inclusive growth and job creation across Nigeria.

To achieve this, he listed principles that will guide their plans and policies.

The principles include how to tackle inflation, petrol subsidy and monetary policy.

“I do not hold to the mainstream view that all forms of inflation are best tackled by interest rate hikes and shrinking the economy. Supply induced inflation does not lend itself to this harsh medicine, just as one does not cure a headache by plucking out one’s eye.

“I do not embrace the conventional wisdom that fiscal deficits by the national government are inherently bad. All governments, especially in this era of fiat currency, run secular budget deficits. This is an inherent part of modern governance. The most powerful and wealthiest governments run deficits, as do the poorest nations.

“A budget deficit is not necessarily bad. Look at the Japanese example with high government borrowing and low inflation. The real issue is whether deficit spending is productive or not. Unproductive deficit spending is a compound negative. Especially if backed by excessive borrowing of foreign currency. This is not classroom economics but it is the lesson of the real economic history of nations.

“It is based on this idea that I believe we must remove the PMS subsidy immediately. It has outlived its shelf life as a public good. We will neither subsidize neighbouring countries’ fuel consumption nor allow a select few to reap windfall profits and hoard products.

“And the subsidy money will not be ‘saved’ because that means elimination from the economy. Instead, we will redirect the funds into public infrastructure, transportation, affordable housing, education and health, and strengthen the social safety net for the poorest of the poor, thus averting increased security challenges.

“Fiscal policy will be the main driver. Monetary policy is weaker and a less effective instrument. Bad monetary policy is, of course, destructive. But even good monetary policy cannot carry the load the fiscal arm can.  Thus, we must steadily remove ourselves from the fiction of tying our budgets to dollar denominated oil revenues.

“This is effectively pegging our budget to a dollar standard.  It is as outdated as the fuel subsidy itself. It is also restrictive and ties the economy to slow growth. Just as the common man must mentally sever the cord to the subsidy, the elite must sever the cord to this artificial fiscal restraint,” he added.

He said his administration’s budgeting would be based on the projected spending levels needed to push real annual growth rate above 10 per cent, while reducing the unemployment rate, so that the economy can be doubled in seven years.

He added that to cater for the economic needs of the over 200 million Nigerians, his administration would expand the manufacturing base to provide jobs, and also create affordable goods and products for the population.

He added, “For our industries to thrive, they need inputs, many of which are agriculture based. The present Administration has invested heavily in agriculture, providing loans and expanding the country’s total area of cultivated land for crops, livestock and fisheries.  We will also promote vibrant commodity exchanges that will guarantee minimal pricing for produce.

“We will build on this, with a focus on using technology and expertise to accelerate growth in yields. We will deliver the critical infrastructure necessary to achieve the commodity transformations and agribusinesses to plug seamlessly into higher, more lucrative, entry points in regional and global value chains.

“Building on this foundation, we will accelerate the faithful implementation of the “Infrastructure Master Plan” by adopting proven financing structures till we deliver an acceptable stock of hard infrastructure through seaports and airports; and road, rail and water transportation linkages that can support our desired economic growth.

“Fixing the perennial problem of energy supply is a top priority.  There is no version of the world where Nigeria’s ambitions for itself can be achieved without solving the problem of how to provide energy to homes and businesses across the country.

“What we need to do, going forward, is to improve the enabling environment, further decentralize transmission, and deliver cost reflective tariffs to attract more private investments in the sector.”

The former Lagos State governor said restrictions were placed on import and foreign exchange to promote industrialisation, it has instead smuggling, reduced revenues, impoverished consumers, and raised production costs for firms.

To solve this, he said his administration would improve transparency, moving toward a unified exchange rate.

According to him, by relaxing stifling trade and capital control policies, domestic and foreign investors would be encouraged to invest more in the economy.

“Thus, unification of the Naira exchange, and the transparency it creates, will be a top priority of this Administration when elected,” Tinubu added.

On the major issue of unemployment in the country, Tinubu promised to focus on the creative sector, which has an opportunity to provide millions of jobs annually.

He said, “Taking the creative sector as one example of a sector that already engages millions of our youth, the sector has significant untapped potential for generating quality jobs and foreign exchange earnings for our country.

“From music to movies to fashion, when elected, our administration will create a legal environment that can attract much-needed private investment into the sector, eliminate widespread piracy and copyrights issues, as well as support the development of quality hard infrastructure needs.”

Tinubu also added: “We will work to ensure all borrowing is geared toward productive economic activity, focusing on internal debt discipline.

“Closing fiscal gaps, promoting domestic revenue mobilization, implementing tax reforms, curbing corruption and optimising budget implementation are crucial for economic viability. Streamlining bureaucracy and reducing cost of governance will be imperative.

“Policy options to boost non-oil revenues are key to our revenue mobilization strategy. The use of technology to drive reforms implementation is crucial.

“Despite the adoption of the Petroleum Industry Act 2021, government revenue from oil has continued to decline.  We shall work in a coordinated manner to implement reforms that will remove the bottlenecks to the PIA implementation and attract increased inflows of investment into the sector, address issues of oil theft and vandalization of oil infrastructure, and promote an increase in oil production to tap into the current high oil prices.”

Fielding questions after his presentation and responding to what he would do within his first 100 days if elected, Tinubu said he would hit the ground running by selecting a team of technocrats that will help him run the country as he did when he was governor, stating that building a good team is important.

The APC candidate was accompanied to the NESG session by Governors Atiku Bagudu (Kebbi); Nasir el-Rufai (Kaduna); Babajide Sanwo-olu (Lagos) and Dave Umahi (Ebonyi) as well as former governors Adams Oshiomhole, Kayode Fayemi (Ekiti) and Babatunde Raji Fashola who is Minister of Works, among others.

Tinubu was the first among the top candidates to appear at the presidential dialogue on the Nigerian economy put together by the NESG.

Welcoming guests to the dialogue, the chairman of the summit group, Mr. Niyi Yusuf, said the dialogue was to give effect to a common and shared ideas on the economy between the group and critical stakeholders.

He said NESG was set up to promote and champion the reform of the Nigerian economy into an open globally competitive economy.

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Ahmed said this on Tuesday in Abuja, during a press conference to mark the end of the 28th National Economic Summit, NES.

Fuel subsidy gulped N2.565 trillion between January and August 2022.

Also, in the Medium-Term Expenditure Framework, the federal government proposed to spend N3.3 trillion on fuel subsidy between January and June 2023.

According to Ahmed, removal of fuel subsidy was part of the federal government’s medium-term plan in the budget.

She, however, said that the challenge was how to go about removing the subsidy.

“First, we have to engage. We have already engaged with the states and the public before it was approved as part of the medium-term plan.

“We have to do it by systematically informing the citizens about the size and the quantum of the fuel subsidy.

“We also have to educate them about the opportunity cost of what we are unable to do because of the fuel subsidy,” she said.

According to the minister, the fuel subsidy, in addition to budget deficit, is putting enormous pressure on the “fiscals”.

“It is not money that we have; it is money that we have to borrow to maintain the fuel subsidy.

“Some countries introduced subsidy during COVID-19, and because of the Russia-Ukraine conflict, they are using their money to fund such subsidy.

“In our case, we are borrowing to pay the subsidy; that is double jeopardy. It is something that has to stop.

“We are glad that majority of people in decision-making positions, including the political parties, have agreed that subsidy is not sustainable.

“The plan is, by June 2023, we must have completely exited subsidy, and it has to be a gradual process,” she said.

Also speaking, the Minister of State for Budget and National Planning, Mr Clem Agba, said that the National Development Plan, NDP, put together by the Federal Government, would help boost the economy.

Agba said that the NDP was designed to encourage improved private-sector participation.

“It is not a federal government plan, it is a national plan put together by the federal government, the state governments, the local governments and the private sector.

“Together we identified the constraints that militate against the private sector from driving the economy.

“From the federal government side, we have started working on 18 laws. We realised that there are issues of multiplicity of taxes.

“So, rather than encourage businesses to grow, we are stifling them, especially the Micro, Small and Medium Enterprises (MSMEs),” he said.

Agba said that there were three different volumes of the NDP.

According to him, the second volume dealt with the prioritised programmes and projects, where about N350 trillion was identified as the requirement for capital investment.

The NES is organised annually by the National Economic Summit Group, NESG.

The NESG was formed in 1993 by a group of concerned private sector leaders representing key economic sectors, to proffer solutions to the country’s economic challenges.

The theme of the 2022 summit was “2023 and beyond: Priorities for Shared Prosperity.”

Source: NAN

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This was the crux of deliberations during a recent courtesy visit by a delegation of the National Assembly Business Environment Round Table, NASSBER, a policy unit at NESG led by Nnanna Ude and a member of the technical committee of NASSBER, Yemi Keri.

The need for stakeholder collaboration and engagement between the Commission and other stakeholders in order to conduct an impact assessment and gap analysis of the Nigerian Communications Act (NCA) 2003, which  will lead to improvement of the legal instrument and reflect new trends,  especially in a post-pandemic world, was the primary focus of the visit.

The two entities also considered synergy in the area of Research and Development, R&D; while NESG has expressed its desire to have the Commission feature prominently in the forthcoming Nigeria Economic Summit, NES, an annual summit organised by the NESG, scheduled to hold in October this year.

While receiving the delegation on behalf the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, the Director, Public Affairs, NCC, Dr. Ikechukwu Adinde, stated that the meeting was a welcome development, as it aligned with the telecom regulator’s strategic partnership and collaboration objectives.

Adinde stated that the NCA 2003 was a robust regulatory instrument, which had given the NCC the mandate to regulate the telecom sector effectively, as seen in the contribution to the overall economic development of the country.

He stated further that, by virtue of Section 70 of the NCA 2003, the Commission had developed various regulations and issued guidelines that had helped in addressing critical issues pertaining to its regulatory activities.

Other senior management staff of the Commission, including the Director, Licensing & Authorisation, Muhammed Babajika; Director, Technical Standards & Network Integrity, Bako Wakil and representatives of the departments of Legal & Regulatory Services; Policy Competition & Economic Analysis; and Financial Services of the Commission, took turns to talk about the activities of the Commission in implementing its regulatory mandate for the benefit of the country.

Mr Babajika spoke on the licensing regime of the Commission and its impact on innovation in the economy, while Engr Wakil spoke about NCC’s regulatory efforts and collaborations with various stakeholders, such as the Nigeria Governors’ Forum, NGF, towards addressing challenges to quality of service, QoS, in telecom industry.

The impact of these challenges such as multiple taxation and regulations, fibre cuts, vandalism, high cost of Right of Way (RoW), theft of telecoms facilities and the need for the passage of the Critical National Infrastructure (CNI) Bill into law.

Speaking earlier on behalf of the Chief Executive Officer of NESG, Laoye Jaiyeola; Ude acknowledged the critical role NCC was playing in the provision of essential digital support for the Nigerian economy.

He noted that, in 20 years of telecoms liberalisation, the Commission had been contributing significantly to the country’s Gross Domestic Product (GDP).

Ude explained that the visit was part of the efforts of the NESG to strengthen collaboration with key institutions of government such as the NCC.

He extolled the role of the Commission in driving telecommunications sector growth through efficient and result-oriented regulations, noting that the impact of the regulations were evident in industry performance indicators which had shown upward trajectory over the recent years.

“The NCC is key to the digital transformation agenda of the government and we can see the footprints of the readiness of the country on that journey, in terms of the level of broadband penetration, internet subscription, teledensity and other critical indicators,” he said.

Meanwhile, Adinde stated that the Commission was excited by the prospects of partnering with NESG and NASSBER, noting that such partnership would further enhance telecoms contribution to Nigeria’s socio-economic growth.

He added that “all the issues discussed will be articulated in a memorandum, which will be submitted to Management for consideration.”

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