Stakeholders highlight role of passion and mentorship in startup success at WES

Pioneers and successful players in startup businesses have unanimously advised that success can only come to upcoming entrepreneurs through passion and perseverance rather than the desire to get rich quick. They gave the advice on Thursday at the breakout session on the WorldStage Economic Summit 2023 held at the event centre of the Nigerian Exchange Group (NGX), Lagos, themed “The Game Changer.” Moderated by the Editor-in-Chief of Global Financial Digest, Oludare Mayowa, guest speakers that took turns to share their experiences and address issues that were critical factors in understanding and running startup businesses to succeed were CEO, New Horizons Nigeria, Tim Akano, and Managing Director, HumanManager Limited, Adekunbi Ademiluyi, who represented the Group Managing Director of SystemSpecs Holdings, Nigeria, John Tani Obaro. Giving a presentation on startups as the game changer, Akano admitted that it was always tough at the beginning but that passion and perseverance would help starters overcome any challenge that might come their way in the build-up stages. Reliving personal experience, he said it took him over 12 months to convince Nigerians about his startup, which he started about 20 years ago after resigning from lucrative jobs with Coca-Cola and Dunlop. According to Akano, it takes perseverance to overcome challenges, and it’s not a bed of roses to scale various hurdles for anyone ambitious enough to venture into startups. But every startup entrepreneur must have it in the back of their minds that the reward for solving problems is money, and therefore make problem solving their focus if they desire to make headway, he stated. Sounding out would-be startup entrepreneurs against failure, he warned against partnering with the wrong people and to cut off with negative individuals who were only good at seeing challenges but not solutions. “Don’t make a company of negative people, particularly the learned and academic who are fond of analysis and paralysis, only rolling out problems rather than solutions,” he warned. there iswith He also advised upcoming startups that there is nothing wrong with sharing ideas with people who may not be experts to avoid discouragement by people with more knowledge. Asked if it’s advisable to engage partners from the start, he replied that it might be difficult to build a company with just one brain. “The fear is understandable, but there’s no straight answer to it,” he said. He, however, reminded the audience that Google was a product of some students and professors and that, therefore, it might not be a bad idea to have partners who are like-minded from the beginning. He advised the youth not to be dominated by fear of the risk of bringing in people to co-own startup businesses. Speaking on the benefits of mentoring and mentorship, Akano argued that not everyone could be a mentor, but real mentors were called to serve other people with little concern for reward. Describing how critical mentors are to the generation of upcoming entrepreneurs, he quoted a statement by Albert Eistein that ‘he sees far by standing on the shoulder of a giant’ to support his position on the significance of mentorship. “One has to be very bold to seek help, and youths have to be disciplined, trust-worthy, and have value to contribute,” he admonished. break-even,fails Akao highlighted other challenges to upcoming startups as fear of the unknown, overconfidence about break-even, which in most cases fails expectations, and cash flow, which according to him is about retaining cash coming in rather than just inflowing cash. Launchaspiring In her own presentation on ‘Journey from Conception to Launch, Mrs. Adekunbi Ademiluyi agreed with Akano that understanding and knowing one’s passion is key to upcoming entrepreneurs achieving success. “Focus on your goals even when your plan is cascading,” she counselled. She outlined other factors for success in entrepreneurship as understanding and engaging with the community; asking the right questions with ideation; challenging the status quo; listening to the unmet needs and desires of the world; conceptualising by shaping ideas into tangible, viable, and scalable solutions; determining a solution that fits the problem; creating a value proposition; defining the business model; and putting a legal structure in place. Ademiluyi also recommended execution based on nurturing ideas, refining and bringing them to life, processing product development, building a workable team, and planning resources. “A successful launch isn’t where the story ends; going live aims at monetization, customers’ satisfaction, and creating new markets,” she elaborated. Asked how ideas could be translated to reality, she recommended that a plan be created, concerns should be shared, structure should be put in place, ideas should be shared, a strategic partnership should be initiated, and knowledge of what moving from point A to B in the growth process meant and entailed must be established. Micro finance banks, She mentioned the contributions of the government to businesses, such as establishments such as institutions such as banks (BoI), microfinance banks, etc.), to ensure easy access to funding for financially deprived individuals that sought to go into startups. Responding to the question about the fintech sector being dominated by technical people, she said it was because investors and venture capitalists always looked for technologists and that those who applied for their jobs were people with backgrounds in financial technology. To halt or curb the “japa” syndrome currently depriving Nigeria of the services of her bulk of professionals, Ademiluyi submitted that it’s a global challenge that’s not limited to Nigeria alone. However, she saw an opportunity in the challenge. “In every problem, there is an opportunity. It’s a global issue. There’s even domestic Japan, where people resign their jobs and prefer to work on their own. There are opportunities in Nigeria; we only need to adjust ourselves to curb the lure of Japan,” she reasoned. To further curb the phenomenon of 'japa', she called on the government at all levels to improve infrastructure for people to be interested in the country. She equally advocated the improvement of the educational system as well as social factors. In his opening remarks, the President and CEO of WorldStage, Segun Adeleye, said WES 2023 was accommodating a special breakout session tagged Startups on WorldStage with the theme ‘The Game Changers’ for founders, startup enthusiasts, corporate, angel investors, and media to network and chart the way forward. He said that WorldStage, a globally focused media group with strong business and economic content, is leveraging its capacity to engage emerging startups and project them for global visibility. “Data from the National Bureau of Statistics indicated that unemployment and underemployment rates increased to an all-time high of 56.1 percent in 2020, pushing 133 million Nigerians into multidimensional poverty, with economic growth not inclusive as it faced key challenges of lower productivity and weak expansion of sectors with high employment elasticity,” he said. “Getting the youths to work must be an immediate task for the government and will be driven by fixing productivity through combinations of policies that cut across some strategic sectors of the economy. “Many startups that need to be encouraged are developing technology to solve identified problems in payment systems, insurance, agribusiness, and e-commerce, among others. The beauty of their emergence is that their concepts are globally acceptable, making them eligible to expand to other countries while attracting foreign exchange and creating new jobs."

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President Tinubu jets out Saturday to Berlin for G20 investment summit

Nigeria's President Bola Tinubu will jet out to Berlin on Saturday to attend the G20 Compact with Africa conference as he seeks to attract investments in energy and infrastructure and boost trade, his office said. The conference, hosted by German Chancellor Olaf Scholz, will focus on enhancing economic and business cooperation between African nations and G20 countries, spokesperson Ajuri Ngelale said in a statement. Tinubu will also participate in the fourth G20 Investment Summit, co-hosted by the German government, where he will make a case for Nigeria as an investment destination, Ngelale said. Nigeria is seeking to boost investment rather than rely on debt to revive its economy that is weighed down by sluggish growth, record debt, double-digit inflation, foreign currency shortages and thefts of crude oil, its main export.

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Liberia President George Weah concedes defeat to main rival in presidential election Boakai

Liberia President George Weah on Friday conceded election defeat to opposition leader Joseph Boakai after a tight race, ending a presidency marred by graft allegations but helping to ensure a smooth transition of power in the once volatile African nation. Boakai, 78, a former vice president who lost to Weah in the 2017 election, led with 50.9% of the vote over Weah's 49.1%, with nearly all the votes counted, the country's elections commission said on Friday. The result marks a stark turnaround from 2017, when global soccer legend Weah, buoyed by a wave of hope, trounced Boakai with 62 percent of the vote. Many have since grown disillusioned with the lack of progress: Poverty, unemployment, food insecurity and poor electricity supply persist. "A few moments ago, I spoke with president elect Joseph Boakai to congratulate him on his victory," Weah said on national radio. "I urge you to follow my example and accept the results of the elections." Weah's concession paves the way for Liberia's second democratic transfer of power in over seven decades - the first was when Weah swept to power six years ago. His comments stood out in West and Central Africa where there have been eight military coups in three years, eroding faith in democratic elections. When elections do go ahead in the region, accusations of fraud abound and results are frequently contested in court. Instead, Boakai supporters in the capital Monrovia danced, shouted and honked car horns in the rain after the near-final results were announced. "We have a job ahead of us to do and I'm excited that the citizens have given us approval," Boakai told Reuters shortly after the results were announced. "First and foremost, we want to have a message of peace and reconciliation." Boakai, a softly spoken career politician, emerged neck-and-neck with Weah in the first round of voting in October but below the 50% needed to secure an outright victory, leading to Tuesday's run-off. Liberia is struggling to recover from two civil wars that killed more than 250,000 people between 1989 and 2003, and from a 2013-16 Ebola epidemic that killed thousands. Many felt that Weah did not follow through on promises to alleviate poverty and improve the country's crumbling infrastructure. Arkoi Sarkor, 43, told Reuters she supported Boakai because she was not able to get a job during Weah's term. "I am very hopeful because I know Boakai is... a man of principles and I know when he gets in here, he is going to bring changes," she said. "Some things that were not done, that were not correct, he will put it in place, I am hopeful of that."

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Nigeria Must Prioritise Revenue Generation Over Borrowing for the 2024 Budget ~Finmin Edun

In a recent development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the need for Nigeria to refrain from relying on borrowing to finance the 2024 national budget. Speaking before the joint Senate Committee overseeing the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF–FSP), Edun, alongside FIRS Chairman Zacch Adedeji and DMO Director General Patience Oniha, advocated for increased revenue generation and reduced budget deficits. Edun highlighted that spending on revenue-generating infrastructure was crucial for sustainable budget financing. He also pointed out that accessing foreign loans could be prohibitively expensive, given the current international economic climate. Edun stated, "The last thing you can think of is to pile up more debts," emphasising the importance of prioritising revenue sources. Expressing concern, Committee Chairman Sani Musa cautioned against external interventions, noting discrepancies between the revenue projections of government agencies and the federal government's proposed income for the 2024 fiscal year. Musa called attention to revenue leakages, delayed remittances by MDAs, and the impact of waivers on Customs Service revenues. The Senate Committee on Finance seeks clarity on customs modernization (e-customs) agreements to prevent deficit budgets. As Nigeria navigates financial challenges, Edun underscored the significance of optimising government spending and enhancing revenue streams for economic stability and growth.

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CBN monetary policy reforms evidencing positive impact on economy ~Spokesman

The Central Bank of Nigeria (CBN) has reported that its strategic monetary policy reforms are beginning to yield positive outcomes for the nation's economy. The Director of the CBN's Corporate Communications Department, Isa AbdulMumin, highlighted this development in Abuja while discussing the recently released inflation figures by the National Bureau of Statistics (NBS) on Wednesday. The NBS revealed that Nigeria's inflation rate rose to 27.33 percent in October, a marginal increase of 0.61 percent from September's 26.72 percent. AbdulMumin noted that the current inflation data suggests a gradual integration of the CBN's monetary policy reforms into the broader economic landscape. He emphasised that the slight uptick in the average price level for October indicates the effectiveness of the CBN's monetary policy stance and market reforms.

AbdulMumin underscored the CBN's commitment to its core mandate of naira stabilisation and inflation reduction, pointing out that the implementation of robust monetary tightening, employing diverse liquidity mechanisms, has led to a notable rise in open-buyback rates, aligning with the present monetary policy rate. Key mechanisms include lifting the cap on the standing deposit facility and open market operations. Despite the modest increase in inflation, AbdulMumin assured stakeholders that the CBN remains steadfast in achieving its goal of price stability. He noted that the initial signs of price deceleration were evident in September, and subsequent money market reforms in October contributed to a significant reduction in month-on-month changes. The director attributed the moderation in price changes to reforms in the money market and the relative stability observed in the foreign exchange market. As the CBN continues its monetary policy initiatives, the positive indicators suggest a proactive approach towards fostering economic stability and mitigating inflationary pressures in Nigeria.

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Access Bank chief says banks are not indebted to telecoms firms

“There is no such thing as an obligation due from banks to telcos,” Herbert Wigwe, chief executive officer of Access Bank Plc, said READ MORE

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Egypt detains container ship that blocked Suez Canal until payment of compensation

“The ship is ready,” Osama Rabie said in an interview on Egyptian television. Once “we agree on compensation, the ship departs and the matter is closed.” READ MORE

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CBN orders Access Bank, FCMB to block accounts of 7 firms on suspicious transactions

According to the notice posted on its websites, the court empowered the governor of the CBN or his agent to direct Access Bank to freeze the bank accounts of  Bluebeam Capital Limited. READ MORE

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ICAN Delists, Suspends 25,000 Members Over Financial Issues

The Institute of Chartered Accountants of Nigeria has delisted 14,337 non-financial members who are owing the association dues for more than three years effective from November 1, 2019.

The professional accountancy body, in a statement signed by its registrar John I. Evbodaghe, said it has also suspended 11,240 members who are owing dues covering between six months to three years.
“Council has directed that members should be given two weeks grace period ending November 19, 2019 to further reconcile their financial status with the Institute.” the statement said.
The institute said it will publish names indebted members’ details in national Newspapers after the expiration of the “two weeks grace period” if they fail to pay.

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EFCC To Arrest Doctors Issuing Fake Medical Reports

Nigeria's anti-graft agency, the Economic and Finance Crimes Commission (EFCC) says it will extend its investigation to doctors that issue fake medical reports to those facing prosecution for alleged economic and financial crimes.

Acting Chairman of the commission, Ibrahim Magu, disclosed this at an interactive session with newsmen in Abuja on Friday.
“We will extend our investigation to doctors who connive with criminals and give them fake medical report. We have to go after them and fight them.
“Those facing corrupt allegations go as far of getting fake reports from abroad. So, the practice of giving fake medical report must stop,”
Magu, who also said that most of the corruption cases were not properly reported during prosecution, urged journalists to help in fighting corruption in the country.
“Most of the cases during prosecution are not properly reported. The stories are not balanced. I don’t know how many people go to court to report the actual incident and the facts.
“That is why we have endless cases in court. We are seriously going back to the drawing board and we will call all the lawyers handling our cases to tell us the status of the cases ongoing.
“Some would win senate and present serial medical results that they can not appear in court. Some would be brought to the courtroom in a stretcher,” he added.
He, however, added that the commission was carrying out investigations into some Non-Governmental Organisations (NGO) operating in the North-East as they were being used to move cash around.

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Government Stops Salaries Of University Teachers, Others Over IPPIS

Nigeria on Wednesday made good its threat to stop the salaries of all its workers, especially members of the Academic Staff Union of Universities (ASUU), who are not featured on the Integrated Payroll and Personnel Information System (IPPIS).

President Muhammadu Buhari had while presenting the 2020 budget proposal to the National Assembly, declared: “I have directed the stoppage of the salary of any Federal Government staff (sic) that is not captured on the Integrated Payroll and Personnel Information System (IPPIS) platform by the end of October 2019.”
With the development, the affected workers would not only fail to receive their salaries this month and the next, but they also face the prospect of a cash-strapped Christmas celebration.
Following Tuesday’s National Economic Council (NEC) meeting at the Presidential Villa, Abuja, Minister of Finance, Budget and National Planning, Zainab Ahmed, had told reporters: “It is a pity if ASUU carries out this strike because what ASUU is saying now is that they should be treated differently from other staff of the government of Nigeria who is also on IPPIS. We will be engaging ASUU. We will be discussing it with them. But at the end of the day, as far as I am concerned, my instruction is from the president.”
Efforts to speak with Zainab and the Accountant General of the Federation, Ahmed Idris, whose office oversees the IPPIS, were unsuccessful as they were reportedly involved in a marathon meeting on the matter.
A top functionary of the ministry said: “There is no going back on the decision to cut off all MDAs, ASUU inclusive. There is no sparing anyone because this is a policy of government. There is nothing such as shifting grounds on this matter. The action has now been affected, in line with the order of the president.”
The official, who asked not to be named, said further: “If there is going to be a review tomorrow, I don’t know. But for now, that is the resolution. The minister and all the relevant officials have met on this and have effected the cut-off.”
The official condemned the penchant of ASUU members for receiving several salaries monthly from different institutions. This, he said, was the basis of their objection to IPPIS, which according to him is designed to stop the practice.
He said it was annoying that a section of the workforce would attempt to sabotage a system that has helped to stem corruption in the public service.
ASUU, meanwhile, suspended its planned strike yesterday, with its president, Biodun Ogunyemi, disclosing that the union had come up with an alternative pay system for its members. According to him, the proposal would be university-based and could be easily monitored by governing councils.
Contrary to claims that the union is against IPPIS because it wants to perpetuate corruption, Ogunyemi said: “It is easier to control corruption at the lower level than at the centre. Given the mechanism we have in place, the laws governing the universities have said where the governing council is not performing, dissolve it and set up another one. Government is shying away from that because they are politicising appointments into the councils and would not want to offend their friends.
“The details of the proposal are being worked out by our team of experts. We are concerned about probity, transparency, and accountability as any other person in this country because we have no other job than working in the system. Let nobody say ASUU’s opposition to IPPIS is an endorsement of corruption. That is cheap blackmail and cannot stand.”
“We met with the Senate leadership, and the lawmakers have given us a challenge. From our discussion, we believe that they are willing to listen to us and we also believe that through the National Assembly, our voice would be heard that we are not against the war against corruption. We are fully in support, but IPPIS cannot guarantee the war against corruption.”
He added: “IPPIS is so carelessly handled that those who are already on it are suffering in silence. We have our colleagues who are consulting for teaching hospitals, who told us what they have been suffering. Salaries have been inconsistently paid. They have to leave their stations for Abuja to rectify the problem. There are cases where they could travel for five or six times, paying for their transportation to Abuja, to correct an error in their salaries. Are we going to subject scholars from all parts of the world to that kind of arrangement?
“The mandate of a university is research. To do good research, there must be an enabling environment, which includes international comparison. I challenge the government to tell us any country in the world where the payment of lecturers are centralised. Is it in the United States, South Africa, United Kingdom, and Australia?
“Nigerian government should stop domesticating us at a time we should be internationalising. When people say ASUU is endorsing corruption by rejecting IPPIS, it is because they don’t know what universities are established to do. Universities are supposed to be at the cutting edge of dynamism. IPPIS would not just slow us down; it would reverse our ranking.”

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Nigerian Customs Seize 32 Containers Of Expired Rice

Officers of the Nigeria Customs Service on Tuesday impounded 32 containers of expired rice imported through the Tincan Port, Apapa in Lagos

The rice, which had expired since 2018, were imported from China and Thailand and were about to be smuggled into the Nigerian market.
Hameed Ali, the Controller General of Customs, while inspecting one of the containers found some empty bags with new dates, apparently, to be used to rebag the expired rice.
The discovery comes barely a day after five containers laden with rotten fish and other edibles were discovered in one of the terminals in the Apapa area.

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Lagos-Ibadan Rail Line Opens For Test-Run, Free Rides In November

Nigeria will start test-run on its standard gauge rail line linking the commercial nerve center Lagos with the ancient city of Ibadan from the end of November with passengers to enjoy free ride, minister of transport Rotimi Amaechi has said.

In a series of tweets on Monday, Amaechi stated that test-run and free rides would commence at the end of next month (November).
“I just mandated our Chinese contractors on the Lagos-Ibadan rail line to ensure completion of at least one of the tracks up to Ebute Metta station by the end of November. They have to triple their output to make up for the rainy days.
“Completion of the eight minor stations along the Lagos-Ibadan rail line is also part of their mandate, while they take a little more time to complete the four major stations. We hope to test-run and start free rides at the end of next month so people travelling along this route during the end of year holiday season can enjoy the trains.”
This comes as cheering news but while the road users are already stress-weary over the unending reconstruction ongoing on the Lagos-Ibadan expressway, there is keen yet subdued elation at the development as this is not the first time citizens had looked forward to when the Lagos-Ibadan rail would be ready for use. The previous timeline was in June 2019.
The Lagos-Abeokuta rail had been completed earlier in the year when passengers were offered a three-month free ride, though the period of the free ride was later shortened.
Already, the prospects of living in Abeokuta or Ibadan, capital cities of Ogun and Oyo states respectively, while working in Lagos is exciting to many citizens who are seeking ways to escape the chaotic city life and exorbitant accommodation/living expenses in Lagos.
Addressing some concerns over the delay, Amaechi, while inspecting the project at Kajola, Ogun State on Monday, reiterated that the government has given China Civil Engineering Construction Corporation (CCECC) till November 25th to complete the construction of the seven minor stations on the Lagos-Ibadan rail project and also to complete the construction of the rail tracks from Iju to Ebute Metta.
The minister noted that the construction firm had not lived up to its promise of completing the stations in three months. “They said before the dissolution of the cabinet that they were going to complete the stations in three months. May, June, and July but we are here today in October and the station is not completed. You have refused to bring your materials in and we are not owning you one kobo, we have paid everything so what is the problem?”
Coming up alongside the rail line is the Kajola project. During President Muhammadu Buhari’s last week’s trip to Russia, two firms, Russian Joint Stock Company Russian Railway and Transmash Holding signed an agreement with Nigeria to among other things build a rail manufacturing company at Kajola, which the Vice President will be laying the foundation stone in coming weeks.

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New Minimum Wage Payment Depends On Capacity Of Each State~NGF

The Nigeria Governors’ Forum on Monday said the consequential increments in the implementation of the N30,000 Minimum Wage Law would depend on the capacity of each state government.

The chairman of NGF and Governor of Ekiti State, Kayode Fayemi, stated this while briefing newsmen at the end of the meeting of the Forum in Abuja.
Reading the meeting’s communique, Fayemi said the NGF made the resolution when it met and reviewed current progress in the implementation of the minimum wage law.
Clarifying the Forum’s position and Federal Economic Council’s decision, Fayemi said while state governors agreed to the N30,000, FEC did not determine what happens in the states.
He said that each state had its State Executive Council, which is the highest decision making body at the state level.
“The forum as the representative body of the states keenly followed what happened in the negotiations that led to that template.
“As far as we are concerned, the best the forum can do is to stick with what has been agreed with the states. States are part of the tripartite negotiations.
“States agreed to that N30,000 minimum wage increase.
“States also know that there will be consequential adjustment but that will be determined by what happened on the state-by-state basic.
“Because there are different number of workers and different issues at the state level.
“Every state has its own trade union joint negotiating committee and they will undertake this discussion with their state governments.
“The day after this agreement was reached with labour, it was on record that I was on a national television and made the position of the governors clear.
“That for us this was a national minimum wage increase, not a general minimum wage review.
“Yes, that may necessitate consequential increment, we have no doubt about that but that is a matter for the states to discuss with their workers,’’ he said.
Fayemi also pledged the governors’ commitment to counterpart resources to strengthen mass vaccination campaigns against yellow fever at the states.
He commended the rapid response of the Nigeria Centre for Disease Control and the National Primary Health Care Development Agency to nip in the bud the August yellow fever outbreak in parts of the country.
“Members commended the progress made by state governments through their Social Health Insurance Authorities to enrol and provide health insurance cover for citizens across the country.
“In the last one year, state governments have registered over two million people compared to five million Nigerians registered under the National Health Insurance Scheme over the last 14 years,’’ he said.

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Nigeria's Border Closure Has Help Create Jobs, Says CBN Governor

Nigeria's central bank governor, Godwin Emefiele on Monday said the closure of the country’s land borders with her neighbours has helped create “jobs.”

“So when you asked, what is the benefit, the benefit of the border closure on the economy of Nigeria, I just used two products – poultry and rice,” Emefiele said in Abuja after meeting President Muhammadu Buhari on Monday.
“The benefit is that it has helped to create jobs for our people, it has helped to bring our integrated rice milling that we have in the country back into business again and they are making money.”
In August, Nigeria had ordered partial closure of land borders to curtail smuggling of rice and other products into the country, citing non-compliance of neighbouring countries with ECOWAS protocols on the transit of goods.
The move intends to create an opportunity for local producers of commodities such as rice, vegetable oil, palm oil and other agricultural produce to increase production and meet local demand.
However, criticism has trailed the border closure as many Nigerians lamented the high price of food commodities like rice, poultry, and vegetable oils.
The country’s inflation rate also became the first casualty of policy-induced pressure with a 0.22 percent rise to 11.24 percent in September, against 11.02 in August.
The average prices month-on-month basis, rose by 1.04 percent in September, in both food (13.5 percent) and non-food (8.9 percent) items, particularly the prices of bread and cereals, oils and fats, meat, potatoes, yam, and other tubers, fish and vegetables.
But the CBN governor maintained that the border closure has improved the country’s economy abundantly. He said rural communities are bubbling because there are activities, as rice farmers are able to sell their produce.
“The poultry business is also doing well, and also maize farmers who produce maize from which feeds are produced are also doing business,” Emefiele said.

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President Buhari To Spend 2-week In London On Private Visit

President Muhammadu Buhari will travel to London at the end of his trip to Saudi Arabia on Saturday.

Femi Adesina, presidential spokesman, who disclosed this in a statement, said the president will spend two weeks in London on a private visit.
”President Muhammadu Buhari leaves the country on Monday on an official trip to the Kingdom of Saudi Arabia to attend Economic Forum of the Future Investment Initiative (FII) in Riyadh,” he said.
”On the sideline of the event, President Buhari will hold bilateral talks with His Majesty King Salman and His Majesty King Abdullah ll of Jordan.
”On Wednesday, 30th October 2019, the President will participate in the High-Level Event titled “What is Next for Africa: How will Investment and Trade Transform the Continent into the Next Great Economic Success Story?” with Presidents of Kenya, Congo-Brazzaville, and Burkina Faso.
”At the end of the summit, President Buhari will on Saturday 2nd November 2019, proceed to the United Kingdom on a private visit. He is expected to return to Nigeria on 17th November 2019.”
In April, the president traveled to the UK on a 10-day private visit.

In 2017, Buhari spent about three months in London on medical vacation.

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We’ll Protect Nigerians Across The World~ Buhari

President Muhammadu Buhari on Thursday night assured that his administration will protect all Nigerians wherever they live around the world.
He gave the assurance in Sochi, Russia.

“The life of every Nigerian, in every part of the world matters,’’ President Buhari stated
He promised to stretch government’s resources and capacity in protecting all Nigerians, not minding the distance.
“Our government will protect Nigerians at home, and abroad,’’ the President told a gathering of students and professionals in Sochi, towards the conclusion of his three-day visit to Russia, where he participated in the Russia-Africa Summit, which had about 40 Heads of State and governments.
President Buhari, in a statement said the Nigeria Diaspora Commission, headed by Abike Dabiri-Erewa, was established to ensure a forward and backward link for all Nigerians living outside the country by catering for their safety and needs, and providing a platform for many who would like to contribute to the development of the country with their skills, knowledge, and resources.
“Don’t forget your home,’’ the President said, advising all Nigerians living in foreign countries to be law abiding and work very hard to excel in their studies and chosen careers.”
The President assured that his administration will always be people-focused, pointing out that all the programmes of the administration had been tailored to buoy the economy and protect the poor and vulnerable.
“We must create jobs to meet the growing demands in the country, and we are looking at agriculture already,’’ he added.
Buhari noted that the government also introduced Social Investment Programmes to directly impact the lives of poor people.
“Yesterday I met with Russian President, Vladimir Putin and we discussed some of the areas of shared interest which include pushing for diversification of the economy in agriculture and solid minerals. Incidentally, we have a lot in common.
“Russia exports crude oil like Nigeria, and it is the second largest producer of gas in the world. A lot can be learnt from their journey. We will collaborate in agriculture, oil and gas, and solid minerals exploration,’’ he said.
The Nigerian Ambassador, Prof Steve Davies Ugbah, said the President had restored the pride of all Nigerians by consistently meeting with citizens in countries he visited.
In his remarks, the President of Nigerians in Diaspora Organisation (NIDO) in Russia, Chukwujeku Ejike Sam-Fester, said President Buhari demonstrated a high sense of maturity and patriotism by visiting South Africa on October 3rd, 2019, to discuss issues relating to attacks on foreigners, including Nigerians, in the country.

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Nigeria To Float N10 Trn Infrastructure Bond

The Senate on Thursday agreed with the Federal Government on the need to float an Infrastructure Bond of N10trillion towards creating a financial pool to meet funding gaps and road infrastructure deficit in the country.

The Minister of Works and Housing, Babatunde Raji Fashola made the proposal when he appeared before the National Assembly Joint Committee on Works for the defence of the ministry’s 2020 budget estimates.
The Chairman of the Joint Committee, Senator Adamu Aliero said from the observation of members of the Committee, the Federal Government would require funds in the size of the 2020 budget which is N10.33trillion to finance the 540 roads planned to be completed under the 2020 fiscal year.
Fashola said the bond when realised would help close gaps in fund releases and annual deficits in the capital budget.
According to Minister, the proposed bond should be given a legal backing with a very competitive coupon rate, saying investors, ministries and government agencies would readily commit their money, if backed by law.
“What I will recommend, which I have addressed during my confirmation here was that we should launch the National Infrastructure Bond and this would be the responsibility of the Ministry of Finance and Debt Management Office.
“I think that is one way to entice and inspire agencies like the pension fund to invest money in a secured Government backed instrument. They are investing in Treasury Bills because it is Government instrument and it is secured.”
Aliero, on his part said the bond has become necessary to be able to bridge infrastructure gaps even if it means the roads would be tolled to recoup the funds.
“We require N10 trillion to build these roads. Our country is where roads are built by the government.
‘’People are interested in investing in the road project and requires to be encouraged, by allowing them to construct, maintain while they build toll gates to recover their funds.
“In countries like Malaysia and Morocco, private investors are directly involved in the construction of roads, with toll gates also built on the roads to recoup their investments.
“Thereafter, such roads are returned to the Federal Government,” Aliero said.
Meanwhile, the Ministry of Works and Housing has proposed the sum of N287.2billion for its 2019 budget as against N428.4 billion appropriated for the ministry of power, works and housing in the 2019 fiscal year.
Fashola who disclosed this during the hearing, said out of the N428.4billion for 2019, the works sector received N251.7 billion, with N223.3 billion for capital projects.
He said that as at October 15, only N53.3 billion had been released to the works sector which amount to 23.88 per cent capital budget performance.
He added that N45.3 billion of the N53.3 billion was utilized for the part payment for outstanding certificates on roads, bridges and maintenance works.
As at October 15, according to the Minister, the Federal Government is indebted to contractors to the tune of N321.1billion currently working on ongoing highway projects.
‘He said: “The sum of N273, 919,607.18 was released to the ministry for overhead costs for the period January-June, 2019, which represents 57% of the budgetary provisions of N480,186,739.13.”
540 highway projects at a total contract sum of N4.8 trillion spread over six geo-political zones in the country.

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Nigeria To Import Doctors From Europe, United States

Nigeria's shambolic health sector seems to be grabbing attention from both the government and other stakeholders as the country is mulling importing medical personnel, including doctors to help revive the sector.
Osagie Ehanire, the nation's health minister said on Thursday that Nigeria is planning to employ the services of medical experts from Europe and America.
The disclosure came at a time that some stakeholders are expressing concern about the migration of health workers from the country.
Ehanire said officials of the ministry were in touch with foreign embassies for specialists who would work in hospitals across the country for specified periods.
The minister, who stated this during the 2020 budget defence session, said the move would strengthen the nation’s health sector.
He was responding to a question from a member of the Tolulope Akande Sodipe-led House of Representatives Committee on Diaspora Matters about plans for curbing medical tourism.
Ehanire said the experts, already exposed to sophisticated practice in the advanced world, would not only attend to the health needs of Nigerians but also use the opportunity to share expertise with their local counterparts.
There are equally plans to make indigenous consultants and surgeons spend some time abroad and come back to improve the Nigerian healthcare system, the minister said.
He maintained that the country’s teaching hospitals were adequately equipped and manned by experienced and qualified doctors but noted that more work needed to be done to build the confidence of Nigerians on the facilities.
The minister added that the sector requires more funds to also create an enabling atmosphere for Nigerian experts in the diaspora to return and render free services to the homeland.
In a reaction, president of the Nigerian Medical Association (NMA), Dr. Francis Adedayo Faduyile, queried the plan to bring experts from abroad.
“Is it the four percent budgetary allocation for health? Is it the equipment that is not there and is not working? Where will they work with empty seats and chairs at most hospitals? The health minister needs to tell himself some truth. No doctor in the Diaspora will want to come back under the present circumstances. The health system is not functioning optimally and we have to fix it and prevent brain drain before thinking of attracting doctors practising abroad,” Faduyile said.
Also faulting the idea, a former president of the Pharmaceutical Society of Nigeria (PSN), Olumide Akintayo, said: “I hope this is not connected with the plans to sell all the teaching hospitals and federal health institutions in the name of privatisation? We should be thinking of how to improve the conditions of service of health professionals in the system and stem brain drain. The plan by the minister is unfortunate and ill-advised. I am sure that all health workers except the doctors will reject this plan. This is not what we need now.”
In a 2018 report on why medical personnel were leaving the country, The Guardian noted that about 5,405 Nigerian-trained doctors and nurses were working with the British National Health Service (NHS) in the United Kingdom (UK).
The figure, released by the British government, meant that Nigerian medics constituted 3.9 percent of the 137,000 foreign staffers of 202 nationalities working alongside British doctors and nurses.
The investigation showed that many more Nigerian doctors could join the migration because the UK needed medics from Commonwealth countries, since some doctors in the European Union (EU) were reportedly leaving because of Brexit.
It was gathered that most of the Nigerian doctors and nurses were leaving because of better conditions of service and that the migration worsened the physician-patient ratio in the country from 1:4,000 to 1:5,000, contrary to the World Health Organisation’s (WHO) recommended 1:600. The physician-patient ratio in the UK is 1:300.
Figures sourced from the NMA showed that about 45,000 doctors were practising in Nigeria at present. This meant that 12 per cent of 45,000 Nigerian doctors (5,405) were practising in the UK and the country was left with fewer than 40,000, excluding those working in the U.S., South Africa, Saudi Arabia and others.
Consultant public health physician, Prof. Akin Osibogun, had said the brain drain could be reversed if the Federal Government made the National Insurance Scheme (NHIS) compulsory for all citizens. According to him, this would provide enough funds to improve the conditions of service and working environment for health professionals.
“The few ones we have are leaving because of poor conditions of service, working environment and after service package. It means the physician-patient ratio has worsened, maybe from 1:3,000 to 1:5,000. When you compare, those countries that have better physician-patient ratio have better treatment outcomes.
“We need to make working conditions attractive. If they know they will have a house after 20 years of training, the lure to leave would be reduced. What are the benefits attached to the job? What are the provisions for the doctor’s family? What are the long-term prospects for the staff?
“We need to improve the work environment in terms of financing. Make it work-friendly, not crowding 10 persons in one office. Talk about electricity supply; you come to work and you are scheduled to do a surgery but there is no electricity. We need to be more drastic; re-organising the way we fund health service. There should be compulsory NHIS that will bring a pool of funds. We have to adopt a more holistic approach.”

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Nigeria, Togo, S/Africa Are Big Winners In Ease Of Doing Business In Africa

Regulatory reforms in Nigeria and Togo have propelled the two neighbours' economies to be rated among the most improved in the World Bank’s rankings for ease of doing business.

Nigeria, which vies with South Africa as the continent’s biggest economy, rose to 131 from 146 after making improvements in six areas. These include cutting the time it takes to register a business, upgrading its electronic system for imports and exports, and enabling e-payments for trade fees. The continent’s most-populous nation closed its land borders in August in a bid to curb smuggling.
Togo, Nigeria's next-door neighbour rocketed 40 places to 97, according to the report released Wednesday in Washington. That’s after introducing five reforms, which included lowering electricity costs and fees for construction permits, and streamlining business- and property-registration processes. The West African nation secured its first credit assessments this year -- S&P Global Ratings assigned it B, five levels below investment grade. Moody’s Investors Service rated it one step lower.
Mauritius is the highest-ranked sub-Saharan African economy overall.
South Africa, the continent’s most industrialized nation fell two spots to 84, dealing a blow to President Cyril Ramaphosa’s reform agenda and his aim to secure a top-50 position within three years. In 13th position, the Indian Ocean island nation of Mauritius remains the easiest place to do business in the region.
Sub-Saharan African economies implemented 73 reforms during the year, down from a record high of 108, the bank said. The regional average score was 51.8 compared with a global average of 63, it said.
Note: Doing business measures getting a building permit, obtaining an electricity connection, transferring property, getting access to credit, protecting minority investors, paying taxes, engaging in international trade, enforcing contracts and resolving insolvency

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