Economy
It is better you sell off Nigeria than take another N6tr loan, Timi Frank tells Buhari

Fresh plans by President Muhammadu Buhari to borrow another N6trillion, has been condemned by former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank.
He said rather than continue to take loans thereby perpetually enslaving Nigerians, the the political activist said it is better for Buhari to sell Nigeria as an entity.
The fresh loan, according to Buhari in a letter to the Speaker of the House of Representatives, Femi Gbajabiamila, is meant to finance deficit in the 2022 budget.
Buhari’s letter reads in part: “As you are aware Mr Speaker, the new development both in the global economy as well as the domestic economy has necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based.
“The total budget deficit is projected to increase from N965.42 billion to N7.35 trillion representing 3.99 percent of the GDP.
“The increment of the deficit will be financed by new borrowings from the domestic market.”
Frank who is the United Liberation Movement for West Papua (ULMWP) Ambassador to East Africa and Middle East, in a statement in Abuja, described the move to further pile up debt by Buhari as unconscionable, immoral, anti-people and anti-God.
He insisted that it is better for Buhari to sell Nigeria and share the money among APC loyalists since his appetite for both domestic and foreign borrowings appears insatiable.
He urged Buhari to know that poverty in Nigeria has grown in equal proportion with loans already taken as the true intention for the debt has not been for development but to be shared through corrupt deals.
He lamented that despite the huge amount of loans already amassed by the Buhari regime the country was still ranked the poverty capital of the world, a clear evidence that the loans never benefited the poor masses or the completely knocked down nation’s economy.
“How can we have a President that only knows how to borrow with no tangible project to show for what has been borrowed.
“Nigeria today is beset by insecurity but Buhari cannot account for over N10trillion defence budget since 2015.
“Nigeria was fortunate to secure debt forgiveness and cancellation during the administration of President Olusegun Obasanjo. But Buhari has since acquired over ten times the value of Nigeria’s debt that was written off by the Bretton Woods Institutions, that is, the World Bank and the International Monetary Fund (IMF).
“It is unfortunate that the Buhari’s regime has turned out to be the worst government since this democratic dispensation in view of its attempt to completely subjugate Nigerians to poverty by making them slaves to creditor nations and institutions across the world.
“As the 2023 general elections draw near, Nigerians are being presented with an opportunity to vote in better and credible political leaders that would help free the country from the debt burden foisted on it by the Buhari-led APC regime, and ensure genuine development of the country,” Frank said.
Economy
AfCTA: Marine and Blue Economy minister delighted as NPA hosts West, Central African Ports in Nigeria

The Minister of Marine and Blue Economy, Adegboyega Oyetola has expressed delight in the prospects of the hosting right conferred on the Nigeria Ports Authority (NPA) for the 43rd Annual Council and 18th Managing Directors’ Roundtable by the Port Management Association of West & Central Africa (PMAWCA).
The NPA won the hosting right in recognition of the remarkable improvements it demonstrated in advancing the frontiers of trade facilitation.
The gathering of 24 littoral African countries scheduled to hold from November 6 to 9 at the Lagos Continental Hotel Victoria Island Lagos is expected to be declared open by President Bola Ahmed Tinubu.
The Council has as theme: “The Role of Ports in the African Continental Free Trade Area (AfCFTA).
The annual council provides a platform for the cross-fertilisation of ideas, experiences and knowledge sharing to guide necessary policy action towards maximizing the maritime comparative advantage of the sub-region.
Speaking on Nigeria’s preparedness and expectations from the conference, the Minister said, “This gathering of maritime experts is very timely as it is coming when Nigeria is eager to provide the leadership necessary to convert our marine and blue economy potentials to actualities in a bid to provide opportunities for our growing youth population.”
He added that, “to demonstrate the premium we place on maximizing the emerging opportunities of AfCFTA which is the focal point of the conference, we have given the Nigerian Ports Authority all the support necessary for a flawless hosting.”
Responding during a media chat preparatory to the occasion at the NPA Headquarters in Marina, Managing Director, NPA, Mohammed Bello Koko, mentioned that, “our confidence in hosting this conference is in demonstration of our readiness to provide regional leadership in ports competitiveness and is inspired by the uncommon trade facilitation orientation of Mr. President who is already endorsing some of our initiatives for the maximization of our littoral assets under the auspices of the Ministry of Marine and Blue Economy.”
Economy
DG ACCI commends Dangote group for scaling up volume of Nigeria’s Foreign Exchange

By Ahmed Rufa’i, Dutse
The Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Mrs. Victoria Akwai, has commended Dangote Group of Companies for helping to scale up the volume of foreign exchange through export of his products.
Mrs Akwai who gave the commendation in his speech delivered at the Special Day of the Dangote Group at the ongoing 18th Abuja International Trade Fair (AITF) said exports of the company’s’ products such as Fertilizer, Cement to other countries has boosted Nigeria’s foreign reserve.
She identified Dangote Group of Companies as one of Nigeria’s biggest earners of Foreign Exchange thereby contributing to the growth and development of the country’s economy.
According to her “This year’s Trade Fair looked at the issue of Made in Nigeria, and we are proud that the Dangote Group is the champion of Made in Nigeria products”.
She commended the Dangote Group for the sponsorship of the 18th Trade Fair, which has as its theme: “Sustainable Finance and Taxation as Drivers of the New Economy.”
The Dangote Group’s Executive Director, Government and Stakeholders Relations, Mansur Ahmed, an Engineer, said the company is committed to its industrialization project in Africa.
While noting that the Dangote Group is the biggest employer of labour, he said the company’s’ President Aliko Dangote is passionate about Corporate Social Responsibility (CSR) and Corporate Philanthropy.
Mr. Ahmed commended the Bola Ahmed Tinubu-led government over its reform effort, and numerous steps taken to ginger the economy.
According to Mr. Ahmed the partnership with ACCI offers the company the opportunity to display its numerous innovative products while contributing its quota to the Nigerian economy through Trade Fairs and expos.
At the trade fair, the company’s pavilion became a mecca of a sort as participants trooped to catch glimpse of the several innovative products on display.
A statement by the Branding and Corporate Communications Department of the company said a special help desk has been set up at the company’s pavilion to respond to queries while urging participants to leverage on the numerous innovative products which included the: Dangote Fertiliser, Dangote Sugar, Dangote Cement, Dangote Salt, and lots more.
The Trade Fair will run between September 28 and October 9, 2023.
Economy
Economic downturn: Fasua, other experts, say, Nigeria needs home grown solutions

The Special Adviser to the Vice President, Kashim Shettima on Economic Affairs, Tope Fasua, has indicated that Nigeria has all what is needed to overcome all of its current economic challenges given the country’s abundant human and natural resources.
Fasua spoke on Thursday at a colloquium organized in his honour to mark his 52nd birthday anniversary in Abuja.
He said all that the country needs is for it to unlock its full potentials by developing its own “home grown solutions”, and taking advantage of the limitless opportunities that abound in the country to address its needs especially in the short run.
“All I see are Opportunities for development. I do not like to see the economy from the position of its challenges. I see only opportunities and prospects. This economy has not even started yet, hopefully it will start to grow with this administration
Speaking further, he advised that while the country steps up its fight against corruption, the country must not lose sight of the need to grow its economy, pointing out that this can be better achieved by looking more inwardly instead of relying on foreign interventions.
He said Nigeria can start by ramping up production which will then attract more Foreign investment Investments and ultimately create job opportunities, rake in foreign exchange and strengthen the Naira.
Speaking to Journalists on the sidelines, Director General, Bureau of Public Service Reforms, Dasuki Arabi shared similar sentiments with Fasua on the need for government to look inward for answers to Nigeria’s economic challenges.
He noted that President Bola Tinubu had in his inaugural speech set the pace with a clear roadmap towards economic recovery and that with people like Fasua having opportunity to work closely with him, Nigeria will in no time bounce back.
“We are happy he has a place in this government, as I said it we cannot get outsiders to do it for us it has to be a home grown solution to the problem that we are facing and we have a president that is giving people the space to address the challenges and problems facing this country.
“If you look at his inaugural speech he spoke about value addition improvement in foreign exchange earnings
“Most especially that message of saying use what we produce what we eat that will reduce our demand for foreign dependency on import and we look inwards to solving our problem.”
In his goodwill message, former Director General, Nigeria Maritime Administration and Safety Agency, (NIMASA), Dakuku Peterside said the major ingredient needed to jumpstart the Nigerian economy is quality leadership which he said is embodied in the current administration.
Five books authored by Tope Fasua were also presented at the intellectual discourse with many of them providing answers to Nigeria’s economic challenges.
The event had in attendance a crème of other prominent economic experts and policy matters.
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