Prof. Umar Garba Danbatta, the Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC) explained that economic diversification and ethical leadership at all levels of government are the key remedies to the current economic headwinds in Nigeria.
This statement was made by Professor Danbatta during the presentation of a paper titled: “Ethical Leadership as an Instrument for National Sustainability in the Post-Oil Nigerian Economy: A Public Sector Perspective” at a two-day hybrid (online and onsite) Annual Directors Conference (ADC) organized by the Institute of Directors (IoD).
During his presentation, he said that the centrality of economic diversification and ethical leadership at all levels of government is the panacea to the current economic headwinds in Nigeria.
Danbatta explained that Nigeria’s economic shift to oil revenue following the discovery of oil in the 1970s, led to the relegation of agriculture, which was the source of Nigeria’s foreign exchange earnings.
However, he disclosed that the government has realized that Nigeria cannot be solely dependent on oil earnings anymore, hence the decision of the FG to explore ways of diversifying the economy.
Economic diversification, according to Danbatta, is the process of shifting an economy away from a single income source towards multiple sources from a growing range of sectors and markets.
However, a well-implemented diversification strategy would bring about inclusive growth across all sectors of the economy, and this will increase productivity, create jobs, and provide the basis for sustained economic growth.
The EVC noted that the Federal Government has made several attempts at economic diversification and such attempts have had little impact as the majority of them have folded up, while others are finding it difficult to survive.
He explained that the situation has further been compounded by the recent economic recession and the COVID-19 pandemic, which adversely affected the global economy, including Nigeria. He disclosed that Ethical Leadership in this regard will play a huge role in ensuring National Sustainability.
Zeroing on the centrality of ethical leadership in the public sector, Danbatta said in order to achieve national sustainability in the post-oil Nigerian economy, the highest standard of ethical leadership is required of all leaders especially in the public sector.
What they are saying
While speaking at the event, The EVC of NCC said, “Ethical leadership is essential for sustainable development of a Country. Nurturing an ethical leadership culture is essential and this will determine the transformation and overall development of the Country. Nigeria stands at the threshold of history and would definitely need ethical leaders to ensure sustainability in the post-oil era as government takes positive steps to diversify the economy.”
InfraCredit to increase guarantee portfolio to N100bn in 2021
InfraCredit has revealed plans to raise funding through debt and equity capital to fund infrastructure projects in Nigeria in 2021.
Nigeria’s Infrastructure Credit Guarantee Company, InfraCredit, has revealed plans to raise funding through debt and equity capital to fund infrastructure projects in Nigeria in 2021. The company plans to increase its guarantee portfolio to N100 billion by 2021 and raise $40 million in funding.
“You need access to funding to kick-start the economy,” Azubike said. He revealed plans to increase its guarantee portfolio to N100billion naira in 2021 and also raise capital of $40 million, which would be used for infrastructure financing in Nigeria.
“In addition to our guarantee services, we work with our development partners to render technical assistance to companies to come up with bankable projects,” he said.
Public and private sectors must work together to transform the economy – Osinbajo
Vice President, Yemi Osinbajo has stated that public and private sectors must work together to transform the economy.
The Nigerian Economic Summit Group (NESG) and the Ministry of Finance, Budget and Economic Planning recently held the 26th National Economic Summit (NES#26) Group Conference, themed: “Building Partnerships for Resilience”.
The summit held virtually and physically at the Transcorp Hilton Hotel and was attended by the Vice President of Nigeria, Prof. Yemi Osinbajo.
In his welcome address, the Chairman of NESG, Mr Asue Ighodalo, said the focus of the summit is primarily on building partnerships for resilience of Nigeria’s households, businesses, and the general economy.
“This became important due to the pandemic and its far reaching health and economic consequences. The restiveness of our huge youth population, a population growth rate that exceeds our rate of economic growth and development; the high rate of unemployment and underemployment as well as the resultant high levels of poverty in our economy.”
Prof. Osinbajo, who delivered the opening remark on behalf of President Buhari, remarked that the theme is quite appropriate at this time in the history of the nation, as vital partnerships are quite critical lessons to be learnt from the COVID-19 pandemic and emphasized the need for both public and private sectors to work together to transform the economy and build a fair and just society.
According to Prof. Osinbajo, “Our national journey to economic prosperity is a long one, so we must all certainly work together. As we saw, partnerships were essential when we were faced with the serious challenge of combatting COVID-19 pandemic. They are also necessary for framing medium and long-term development plans. They are needed for transforming our economy and certainly indispensable to ensuring that we build a fair and just society.
“We saw the key role that partnerships played in our national effort to combat the COVID-19 crisis. While, Federal and State Governments worked together to manage the health response and ensure the establishment of isolation centres, availability of test kits, personal protective equipment, and medicines. The private sector also played an active role as individual entities and also worked together in groups like the Coalition Against COVID-19.”
The Executive Secretary/CEO of Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku, who spoke during the session on a topic, “Attracting Foreign Investments” said there is a greater improvements by Nigeria as shown in the Ease of Doing Business ranking in the last five years and more could be achieved if the government institutionalize its economic reform process.
What you need to know
- NES#26 is the 26th Nigerian Economic Summit and the annual economic summit of the Nigerian Economic Summit Group (NESG). It is expected to focus on building strategic partnerships and cooperation between governments, businesses, and the civil society for resilience.
- To drive greater attention to subnational investment opportunities in Nigeria, NIPC had developed the Book of States which contains summaries of critical information about 36 States and the FCT needed for investment promotion and facilitation.
- NIPC is also working with the States to identifying high net-worth individuals that can invest in the profiled investment opportunities across the states.
Medical Free Zone to save Nigeria about $1billion in annual medical tourism – NEPZA
NEPZA has stated that it is considering setting up 15 Medical Free zones in at least 15 states of the federation.
The Nigeria Exports Processing Zones Authority (NEPZA) is thoughtfully considering setting up 15 Medical Free zones in at least 15 states of the federation, not minding the torrential pressures from the State governments lobbying to skew the location of the novel Medical Free Zones to their own states.
This disclosure was made by the Managing Director of NEPZA, Prof. Adesoji Adesugba, when he was visited recently by the new President of the Healthcare Federation of Nigeria (HFN), Dr. Pamela Ajayi.
According to Prof. Adesugba, the Medical Free Zone is a novel concept and project that is intended to revolutionize the healthcare sector in the country. He said that a number of the Governors are jostling for their states to be selected, as they can see the full benefits of this project to their states and the health-care delivery systems.
“The push by these State governments shows acceptability of the project premised upon its viability. NEPZA is, therefore, considering if the project can be located in more than one state.”
He further said that the Federal Government through NEPZA is favourably disposed to siting the novel project in any state that meets all the requirements, as the Authority would not be willing to relax any of its guidelines in the process due to the sensitive nature of the sector.
What you should know
NEPZA is amenable to partner with relevant stakeholders to deliver the proposed world-class medical enclave to Nigerians.
The project is critically important as it would save about $1billion expended on medical tourism annually by Nigerians. It will provide Nigerians access to some of the best hospitals in the world, that our people spend huge sums of money in for treatments.
A total of 15 world-class foreign hospitals and a handful from within the country are expected to be part of this project to deliver impeccable services in 2021.
The Healthcare Federation of Nigeria and some of its affiliates are already buying into this great opportunity to invest in. When fully developed, the proposed Medical Free Zone would reposition the local health sector and enable the local operators to compete with themselves and their foreign healthcare providers.