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Rewane: Nigeria needs domestic, international capital to attain $1.5trn GDP by 2030 

Economist and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane has said Nigeria needs to attract both domestic and international capital to achieve a gross domestic product level of $1.5trn by 2030 when the country’s population would be 250 million.
Rewane, who is a member of the Presidential Enabling Business Environment Council (PEBEC) initiatives, noted that this will lead to an accelerated, sustainable and inclusive growth for the country.
Nigeria has the largest GDP in Africa with $446.543bn growth.
He spoke at a public lecture to mark the 64th birthday of the Vice President, Prof Yemi Osinbajo on Monday in Abuja.
The lecture which had “Building the Future of Nigeria through Enterprise and Innovation,” as its theme, was organised by a Pan-Nigerian coalition, Building the Future Forum (BTFF) in honour of the vice president.
He said that the country needs to grow the economy at seven to eight per cent a year for the next five – ten years based on an investment-led strategy.
Rewane warned that if we fail to do this very soon, the problems of multi-dimensional poverty, debt, and insecurity may consume us in the next decade.
He said: “We have our work cut out for us and if we are going to achieve accelerated, sustainable and inclusive growth, we need to attract domestic and international capital with its attendant investment multiplier to achieve a GDP level of $1.5trn by 2030 when our population could be 250mn or more.
“We need to grow the economy at least at 7-8 per cent a year for 5-10 years based on an investment-led strategy. If we fail to do this very soon, the problems of multidimensional poverty, debt, and insecurity may consume us in the next
The financial analyst said that much work needed to be done despite Nigeria making remarkable achievements in the ease of doing business matrix,
According to him, Nigeria is the leading country according to the Economist Pocket Book of figures with 39.9 per cent of its citizens either as nascent or direct entrepreneurs.
On key accomplishment as a nation, he said the issue was not whether Nigeria has made some achievements and successes, but compared to its potential, Nigeria is still a laggard in many respects.
Rewane, while speaking on stolen assets, said it is necessary to recover stolen assets but it is not sufficient to solve Nigeria’s management problems.
“Nigeria today has made remarkable achievements in the ease of doing business matrix. Nigeria is the leading country according to the Economist Pocket Book of Figures with 39.9% of its citizens either as nascent or direct entrepreneurs.

“The issue however is not whether Nigeria has made some achievements and successes, but compared to its potential, Nigeria is still a laggard in many respects,” he said.

Rewane said the nation needs the intellectual depth of academics like Prof Osinbajo and people in public life who have candour like him who can make the private sector feel at ease in the policy-making community.
“We need the intellectual depth of academics like Prof Yemi. We need Godfearing clerics like Professor Oluleke. We need people in public life who have candor like Prof Osinbajo and more than anything else, we need people like him who can make the private sector feel at ease in the policy-making community,” he added.
At the event, Minister of Interior and former Governor of Osun State,  Rauf Aregbesola noted that Nigerians are very industrious but lacked the ability to generate enough output that would boost the country’s economic fortunes. 
According to the minister, Nigerians are not in anyway lazy, saying that they go about their jobs with diligence and dedication.
Despite their dedication, the minister lamented that the level of productivity of Nigerians was too low to salvage the country from the grips of poverty.
He made a comparison between a farmer in Nigeria who cultivates a hectare of land and another in China who cultivates the same one hectare of land, saying while that of Nigeria gets less yields despite all factors being in his favour, the Chinese farmer may end up getting better yields at the end of the exercise.
“Do not get me wrong, Nigerians are very hard working and industrious but when you look at the output compared to the efforts they put into their work is very very low, such kind of things cannot navigate the country out of poverty, “he stated.
Aregbesola also extolled the women folk on the occasion of commemorating the international women’s day, insisting that women are much more goal oriented than their male folks.
He said women are less prone to crimes and anti social vices in the society, stressing that during his administration as Osun state governor women appointed into sensitive offices delivered better results.
Osinbajo, who addressed the gathering virtually, commended the organisers for the honour.
The event was attended by Aregbesola; Minister of Works and Housing, Babatunde Fashola; Gov Abdullahi Sule of Nasarawa state; Chairman of Nigerian Governors’ Forum and Ekiti state governor, Kayode Fayemi,
Others are: United Arab Emirates Ambassador to Nigeria, a representative of the Dantata family, Saad Dantata,  former Minister of State for Trade & Investment, Hajia Aisha Abubakar, ex- Sports Minister Solomon Dalung.
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Nigeria’s Minister of State for Petroleum, Ibe Kachikwu, on Tuesday held a closed-door meeting with Acting President Yemi Osinbajo, with one of the major subjects of discussion being the Malabu OPL 245 scandal. Prof. Yemi Osinbajo accompanied by Dr. Ibe Kachikwu Prof. Yemi Osinbajo accompanied by Dr. Ibe Kachikwu Tuesday’s meeting comes about five days after Mr. Kachikwu told journalists that ongoing investigation and prosecution of two multinational oil firms, Shell and ENI, in Nigeria and Italy, for their alleged roles in the Malabu scandal, will not lead to a stoppage of work on the controversial oil block, OPL 245. The Tuesday meeting at the Aso Villa, Abuja, was also attended by ENI officials represented by officials of its Nigerian subsidiary, NAOC; as well as officials of the Nigerian state oil firm, NNPC. Mr. Kachikwu confirmed to journalists after Tuesday’s meeting that Zabazaba field, part of the OPL 245, was a major topic of discussion during the meeting. “The Acting President chaired two meetings this morning. The first was with the ministry of Petroleum, NNPC and Agip Oil Company. “In the first meeting, we dealt largely with issues relating to Agip’s investment on Zabazaba Field,” Mr. Kachikwu said, adding that the discussion also centred on “their cooperation with us in terms of repairs of the Port Harcourt refinery where they are working with Oando and a few other people.” Mr. Kachikwu’s stance on the OPL 245 scandal, which saw ENI and Shell pay $1.1 billion through the Nigerian government to private accounts of a convicted money launderer, is at variance with that of the anti-graft EFCC which wants the block returned to the Nigerian government since it was ‘fraudulently’ obtained. PREMIUM TIMES had reported how the block was awarded in 1998 to Malabu, a firm partly owned by then petroleum minister, Dan Etete, in violation of Nigerian laws. Mr. Etete would later be convicted of money laundering in France. Former Minister Dan Etete, the man behind Malabu Tuesday’s meeting appears to be Mr. Kachikwu’s way of getting Mr. Osinbajo to agree with his position on resolving the scandal, which is to focus more on the business side of the oil block rather than the EFCC’s criminal trial. “Total investment from Agip involved in both the Zabazaba field, the power plant and the new refinery is in excess of $15 billion. That is major push in terms of our search for investment,’’ Mr. Kachikwu said after the meeting. The potential deal would also allow Agip to “build a brand new refinery of 150,000 barrels capacity in Port-Harcourt or Brass, Bayelsa State,” Mr. Kachikwu said. The minister did not explain if the proposal for the refinery is tied to ENI and Shell continuing to operate OPL 245 or if they were separate unrelated deals. The minister said Nigerian government and Agip officials are currently drafting a memorandum of understanding that will see the new deals through. Mr. Kachikwu said last week that the administration would focus on getting Shell and ENI to continue work on Zabazaba field, which is part of the OPL 245 in offshore Bayelsa. “We need to talk because without any impact in terms of the project, which must continue, these are huge billions of dollars of investment in Nigeria, I am not going to shut that down. “The issue of the criminality is outside my realm,” he said. “My realm is doing two things: Make sure the investments go ahead so we can get returns, and two, get back the one billion dollars from wherever they said they have put it and give me back the money so that the Federal Government can have it back.” The Zabazaba deepwater is a greenfield offshore licence block located in the OPL 245 along the eastern coast of Niger Delta with water depths ranging from 1,200 to 2,400 metres. The OPL 245 is considered one of the richest oil blocks in Africa estimated to contain billions of barrels of crude oil. Mr. Kachikwu’s insistence that Shell and Eni must continue the project contradicts ongoing efforts by the Economic and Financial Crimes Commission to charge the Malabu scandal suspects to court and recover the entire field for the Nigerian government. Although a court granted an EFCC request to return the oil block to the Nigerian government, the court reversed that ruling after Shell and ENI appealed against it. In Italy, prosecutors are ramping up plans to arraign a former Attorney General, Bello Adoke, former Minister of Petroleum, Dan Etete, and 11 others, including Shell and ENI officials, for their alleged roles in the controversial deal. Summary of Malabu’s history The EFCC accused Mr. Adoke of being on the run, and the anti-graft agency earlier this month sought a court order to compel him to appear for trial. Last month, Mr. Adoke vowed not to return to Nigeria until he secured assurances from the Nigerian government that he would not be persecuted. “I will definitely come back, if I have the assurance that they will not harm me, they will not humiliate me any further, they will respect the laws of the land,” Mr. Adoke told The Cable in an interview published on April 18. Apart from the ongoing criminal probe of the field, Mohammed Abacha and other stakeholders in the Malabu Oil and Gas Limited, a questionable company that secured the OPL 245 in 1998, are also seeking to repossess the oil block in an ongoing litigation. Infographic—Malabu

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