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Lagos to use Ehingbeti summit to sustain socio-economic development

Ehingbeti has played a pivotal role in the transformation of Lagos State, with useful inputs.

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Lagos State government has stated that it would use its upcoming Ehingbeti Economic Summit to sustain socio-economic development in the state.

This was disclosed by Olayemi Cardoso, Co-Chair of the 2020 Ehingbeti Economic Summit, on Thursday via the state’s Twitter handle.

As economies around the world begin to implement recovery strategies from the shockwave of Coronavirus, Cardoso explained that the Lagos Economic Summit Group (LESG), which will hold virtually on November 10 – 12, 2020, will provide a robust platform for deliberations on pragmatic optimization of the inherent opportunities in Africa’s 5th largest economy, and offer perspectives on how to manage the peculiar socio-economic landscape of the State in the coming decade.

He said, “The three-day summit, which will be a hybrid of virtual and live events, will draw participation from various sectors of the economy and across the globe.

“With the absence of the economic summit in the past four years, there seemed to be a decline in the rate of public-private collaboration in this State. This year’s summit is aimed at reconnecting with the private sector, which is the bedrock of the Lagos Economic Summit.

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“The quest to strengthen existing relationship between government and the private sector is one of the major goals of this summit since greater private sector participation in governance is a prerequisite for a functional state.”

The Group has also refreshed the Ehingbeti logo to reflect the contemporary outlook of the annual summit without disconnecting from the economic heritage of the Marina and Broad Streets areas of Lagos, which served as the springboard for Nigerian and West African economic development since the European incursion in the 15th century.

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“The new Ehingbeti logo is an embodiment of meanings and expression of the LESG ideals. The convergence of colours in the logo connotes the essence of Ehingbeti as a participatory forum for integrating local and international stakeholders to exchange ideas and chart a path for the socio-economic development of Lagos State.

“The bright star above the image of the iconic ‘Agba Meta’ is a depiction of the result of working together to deliver the stellar accomplishments that define the city state of Lagos and the pervasive atmosphere of economic stability in the State. I am happy to let you know that the image of the ‘Agba Meta’ is a representation of the sculpted white cap chiefs built to welcome people into Lagos,” he added.

According to him, the logo is to emphasise the state’s pride in culture as it welcomes participants to Ehingbeti 2002 and beyond.

Sam Egube, the Commissioner for Economic Planning and Budget, also explained that the last two decades, Ehingbeti has played a pivotal role in the transformation of Lagos State, with useful inputs into Lagos State Development Plans (LSDP).

Egube, who is also a Co-chair of the Steering Committee, said, “Our realities from 2000 when the first Ehingbeti held, exactly 20 years ago, have significantly changed. As a state, we now have to cater for the infrastructural needs of more than 22million population and ensure that Lagos remains on the path of continuous growth.”

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Economy & Politics

Nigeria’s Ngozi Okonjo-Iweala close to being announced as new DG of WTO

Ngozi Okonjo-Iweala is expected to be announced as the new DG of the World Trade Organisation.

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WTO, Nigeria’s former finance minister, Okonjo-Iweala, gets IMF appointment

Nigeria’s former Finance Minister, Dr Ngozi Okonji-Iweala, is close to being appointed as the new Director-General of the World Trade Organisation (WTO).

READ: Okonjo-Iweala gets Organised private sector’s endorsement for WTO job

According to Reuters, a group of ambassadors also known as “troika” has proposed Ngozi Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.

READ: Buhari assures Okonjo-Iweala that the country will push until she emerges WTO DG

Most Nigerian Media houses have already announced NOI as the winner of the process even though this is yet to be made official by the WTO.

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The winner for the role of DG of WTO is expected to be announced formally by the WTO later today.

However, there appears to be a new twist, in the expected announcement of her emergence as the new Director-General of the WTO.

The United States through its representative at the WTO has insisted that the South Korean candidate is still in contention and that Washington will not recognize Okonjo-Iweala as the consensus candidate for appointment as Director-General.

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As a result, the General Counsel of WTO, postponed the announcement of a new Director-General until November 9, after the US presidential election, after further consultations would have been made.

The announcement of Okonjo-Iweala, who is reported to have gotten the support of a vast majority of members states, including the EU, Japan and China, as the new boss of the World Trade Organization, would have been a huge boost for Africa

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Economy & Politics

Kano State presents N147.9 billion budget for 2021 fiscal year

Governor Ganduje has presented the total sum of N147.9 billion as Kano State’s proposed budget for 2021 fiscal year.

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Dala Inland Dry Port set to take off after N2.3 billion investment - Kano Govt., DB to support 1.26 million farmers with $95 million

Kano State Governor, Abdullahi Ganduje has presented the total sum of N147.9 billion as its proposed budget for 2021 fiscal year before the Kano State House of Assembly today.

Presenting the budget tagged “Budget for Economic Recovery and Sustainable Development,”Governor Ganduje said the budget is in furtherance of his administration’s vision for diversification of the state sources of revenue which will engineer development in the future.

Backstory: Recall that Nairametrics had earlier reported the drive and optimism by Kano State government to boost its Internally Generated Revenue. This might probably explain why IGR increased by almost 10% between 2020 allocations and proposed estimates for 2021.

What you should know: The breakdown of the budget verified by Nairametrics showed the following key highlights:

  • The total budget increased by approximately 7.0% from N138.279 billion in 2020 to N147.935 billion in 2021.
  • Capital expenditure for the periods under view increased by 10.93% from N60.485 billion to N67.095 billion.
  • Recurrent expenditure also increased from N77.79 billion to N80.839 billion, indicating a 3.92%. increase for the periods under view.
  • Internally Generated Revenue (IGR) increased by approximately 10% from N24 billion to N26.395 billion during the period under view.
  • A breakdown of the budget showed that the Education sector has over N37 Billion representing 25% of the total budget while the health care delivery service has over N25 Billion representing 17% of the total budget.

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Economy & Politics

Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu

Professor Kingsley Moghalu has thrown support behind Dr. Ngozi Okonjo-Iweala to win the World Trade Organization top job.

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Why Okonjo-Iweala should win the WTO DG role- Prof. Moghalu

A former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has publicly canvassed support for Dr. Ngozi Okonjo Iweala to win the World Trade Organization (WTO) top job.

The former professor of public policy at Fletcher School, Tufts University, made the disclosure via his official Twitter handle, as seen by Nairametrics

READ: WTO: Okonjo-Iweala invites volunteers, says she has no money for PR firm

Prof. Moghalu made a strong case for why Africa’s candidate should be considered for the top shot, noting that the need for Africa to get a better deal in the world trading system should be a major criterion in selecting the next WTO DG. He also believed that correcting this negatively skewed trade deal will help tackle poverty and underdevelopment in Africa.

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READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support

What you should know

Nairametrics had earlier reported that Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee have emerged as the last two candidates for the top WTO job.

Prof. Moghalu also disclosed that the final selection decision is expected this week or very early next week.

(READ MORE:WTO DG: Okonjo-Iweala gets the backing of 79 countries so far)

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Prof. Moghalu said, “The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn, I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-General of @wto.

“The final selection decision is expected this week or very early next. Alongside the case for why the African candidate Okonjo-Iweala is best placed to lead WTO, I make the case for the continent more broadly as to how and why it must get a better deal in the world trading system.”

READ: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt

What this means

If finally selected for the top job, the opportunity will present Dr. Okonjo the platform to solve some global trade-related issues, one of which is Africa’s trade position with the rest of the world.

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