Economy

By Bilyamin Abdulmumin 

Last Tuesday, the Federal Executive Council approved several development projects. One of these projects is Malando-Wara-Ngaski Road in Kebbi State. Ngaski Local Government hosts GB Foods Africa, Africa’s largest integrated tomato paste processing facility.

Earlier this year, President Bola Ahmed Tinubu, represented by Minister of Agriculture Senator Abubakar Kyari, inaugurated the 2,400-tonne GB Foods tomato farm and concentrate factory. The project employed about 2,000 people, and another 5,000 outgrowers were trained and engaged. This is the height of impact that the industry can achieve in a state. 

This project was started during the second term of the industrious visionary leader, the current minister of budget and national planning. The project is now sealed with the firm support of the president and his successor, Dr Nasir Idris. 

The success of this project has gone a long way, vindicating one of my articles. When the Nigerians voted for Tinubu in the last general presidential election, I pointed to the imperative of voting for Dr Nasir Idris to succeed Senator Atiku Bagudu in Kebbi State. Imagine if the opposition party had secured the leadership of Kebbi State; it would have been much more difficult for both leaders to cooperate and much more challenging for the president to champion the project. Political scheming can never be overruled, even in developmental projects.

Another equally significant project undertaken by the former Kebbi State governor is the bioethanol plant. The project is also located in the Kebbi South, Danko/Wasagu local government; the project is even said to be more ambitious than the GB Food, as about 47,000 hectares of cassava are needed to supply the plant. If GB Food needs farmland of only about 1500 hectares to secure 7000 jobs, now do the math to figure out how many jobs the plant that, at full capacity, will require output of 47,000 hectares can create.  

During one of my seminar presentations, a professor decried the government’s lack of commitment to the B10 policy (a policy that envisaged the use of 10 per cent ethanol in petrol). Having the privilege of insider information, as one of the team of my supervisors is a consultant to the policy, I eased the Prof worry, explaining that the policy in Kebbi State is receiving a green light. The pilot plant has already been test run, about 5000 hectares of cassava have been cultivated, and the consultant’s hands are on the desk fishing out final torches of feasibility studies.

The rice revolution was the first industrialisation to be bagged through the Bagudu vision. The minister’s interest in industrialisation coincided with the then federal government’s interest in agriculture, so the appointment of Bagudu as chairman of the presidential task force on rice and wheat production proved to be a success story. Thanks to the mega to small-scale rice processing plants in the state, Kebbi has since become synonymous with rice production in Nigeria. One factor that points to the success of the rice revolution is the improvement of IGR in Kebbi State, which accrued from rice processing activities. When Bola Ahmed Tinubu, a successful business magnate who appeared to identify with competence, saw this uncommon performance, he could not help but delegate the responsibility of the Ministry of Budget and National Planning to the ace economist.

Industrialisation was a fit for purpose and value for money in Kebbi State, as farming was the bedrock economic activity of the state. All these industries rely on the farmers’ output to process their products. GB food processes tomatoes, bioethanol plants use cassava and sugarcane as raw materials, and rice processing plants need paddy rice.   

Nevertheless, dear Minister, while the success of the GB Foods tomato and rice industries can never be overemphasised, similar achievements need to be replicated in the bioethanol sector (the pace of bioethanol development seems to progress slowly), ensuring your continued vision of diversification of Kebbi’s industrial base.

By Zayyad I. Muhammad 

In systems thinking, infrastructure and social developments don’t occur in isolation; projects and programmes are built using a series of interconnected systems that complement each other’s purposes and functions. Governor Fintiri is applying this approach to his development programmes, projects, and policies.

A typical example is the modernization of the Jimeta Shopping Complex, which aims to connect its purpose and functions with those of the new flyover at the old Mubi Roundabout while also providing a befitting shopping complex at the centre of Jimeta City for economic and aesthetic development as part of the urban renewal programme.

The new flyover at the old Mubi Roundabout will connect travellers to Jimeta’s economic activities and natural beauty. At one end, it will lead to the Gerio Swamp and the historic Jimeta Bridge over the River Benue, offering a glimpse of the area’s natural charm. At the other end, it will provide access to the Jimeta Modern Shopping Complex and ease traffic within the city—economic and social development knit together.

The new Jimeta Shopping Complex will feature a world-class, 24-hour, one-stop shopping mall with high-rise buildings. The redevelopment plan of the complex includes a diverse range of shops, boutiques, arcades, food courts, cinemas, banks, smart parking facilities, Wi-Fi connectivity, interactive displays, and a customer service desk.

Adamawa’s three senatorial zones each boast important urban and rural markets. In the southern zone, spanning from the Ganye grain market to the historic Mayo Belwa market, there are connections to the central zone’s Ngurore cattle market, the Jimeta modern market, the new Jimeta shopping complex, the Jimeta old market, the Yola-town market, and the Hong agriculture market.

In the northern zone, notable markets include the Mubi International Cattle Market, Michika Market, and various weekly markets. Plans are underway to transform these markets into modern trading hubs catering to local, national, and international trade. The markets in the northern zone and the Fufore markets serve as crucial centres for traders from Cameroon, Chad, and several Central African countries.

The redevelopment of the Mubi International Market is already underway, with plans to rebuild and remodel the burned Yola Town Market. Additionally, other major markets across Adamawa State are slated for modernization. The markets will undergo systematic redevelopment following Governor Fintiri’s government’s series-system development process.

Governor Fintiri’s comprehensive plan for market development focuses on revitalising economic activities across the state by introducing modern markets and shopping centres. This initiative aims to create vibrant commercial hubs catering to diverse needs. 

Central to the plan is a robust market redevelopment policy, streamlining bureaucratic processes and attracting local and international investors. Job creation is prioritised, with the goal of stimulating employment opportunities through market revitalization and new commercial spaces.

The policy also emphasises sustainability, promoting private sector participation to diversify revenue streams and reduce dependence on the dollar. Overall, Governor Fintiri’s vision for market development encompasses economic transformation, community empowerment, and a prosperous future for the state.

Zayyad I. Muhammad writes from Abuja via zaymohd@yahoo.com.

By Uzair Adam Imam

The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough in the fight against corruption, returning 14 properties to the Enugu State government and 324 houses to Kano State pensioners.

The properties, valued at millions of naira, were recovered through diligent investigation and prosecution.

The Enugu State properties were formally handed over to the state government at the EFCC headquarters in Abuja, while the 324 houses were returned to Kano State pensioners who had been defrauded of their benefits.

EFCC Chairman, Ola Olukoyede, commended the Enugu State government and Kano State pensioners for their cooperation throughout the investigation and recovery process.

He assured that the EFCC would continue to work tirelessly to recover stolen assets and bring corrupt individuals to justice.

Enugu State Governor, Peter Mbah, expressed gratitude to the EFCC for its efforts in recovering the stolen assets and praised President Bola Tinubu for his prompt action in ceding the assets to the people and government of Enugu State.

This milestone marks a significant achievement in the fight against corruption and asset recovery, demonstrating the EFCC’s commitment to ensuring that corrupt individuals are held accountable and that stolen assets are returned to their rightful owners.

By Salihi Adamu Takai

The personal anecdote of Robert T. Kiyosaki’s Rich Dad and Rich Dad’s Guide to Investing is alluring. The author’s insatiable appetite for investment doesn’t reveal excessive love for money. Instead, it’s just a guide for future students’ financial capacity. His voracious appetite for investment started when he was based in Huawei and met his friend and his Rich Dad. 

Robert was, of course, a fortune student who graduated from college and got a job with the Marine Corps as a pilot. He was able to survive on $12,000 annually. However,  in 1973, his mindset changed, and he became reluctant to continue working as a self-employed and government employee.

Robert believed that if he didn’t become an investor,  he would continue to be poor like his Poor Dad, who ended up with a paycheck-to-paycheck life. Eventually, he was guided by his Rich Dad. He became a sophisticated investor as he planned it — learning from his Rich Dad.

Investments vary as the business does. Since Rich Dad refused to let Robert invest in his business due to a lack of funds, it taught him that before investing with people, ensure you are financially and educationally equal to them. Robert didn’t have the minimum amount of $35,000 to invest in Rich Dad’s business, which disqualified him.

Therefore, as a university student, you must be open-minded and never limit your thoughts on becoming a self-employed or government employee (working with the government!). Try to be optimistic about money and believe that it’s simple to invest.

When you think that money is difficult to get, it will be difficult for you to become rich. Save your little income to invest it, starting a business with an open mind.

Salihi Adamu Takai wrote via salihiadamu8888@gmail.com.

By Sabiu Abdullahi

The Comptroller-General of Nigeria Customs, Adewale Adeniyi, led a team to the Headquarters of Huawei in Shenzhen, China, on Thursday, May 9, 2024, to explore opportunities for the Nigeria Customs Service Trade Modernization Project.

The visit was part of the CGC’s official trip to China for the 6th Global AEO Conference, held in Shenzhen from May 8-10, 2024. 

During the visit, CGC Adeniyi stated, “We are delighted to associate with the Global Leader Technology Services through the Team of Trade Modernization.”

This follows the Nigeria Customs Service’s expression of interest in deploying Huawei’s latest products for its trade modernisation project during the Huawei Connect 2023 in Shanghai last October. 

The CGC urged Huawei’s leadership to sustain their digitalisation services to the NCS and sought their support to collaborate with the Nigeria Customs Service on its transformative journey.

Xujing Xu, Huawei’s Vice President of Smart Transportation, welcomed the delegation and expressed confidence that their collaboration will benefit all parties involved, noting that “the foundational work for this transformation is already underway.” 

The TMP Chairman, Saleh Ahmadu, praised Huawei for living up to expectations in delivering its mandate under the Trade Modernization Project Limited.

He appreciated the support of the CGC and his management team towards the success of the NCS Trade Modernization Project. 

The CGC and the Trade Modernization Project team also visited Lantan Port to witness the level of automation and technological solutions provided by Huawei and other tech partners.

Also, Huawei organised a training program on Trends and Digital Solutions for Customs officials and the Trade Modernization Project team, focusing on equipping officials with the necessary skills to navigate the digital landscape of modern trade.

A separate training on Business Management, themed “The Journey of Huawei’s Continuous Growth”, aimed to enhance the capacity of officials to manage trade facilitation in Nigeria.

By Sabiu Abdullahi

The Nigeria Customs Service (NCS) has signed a Memorandum of Understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) to enhance bilateral trade and economic growth. 

Comptroller-General of Customs (CGC) Adewale Adeniyi, who led a management team to Shenzhen, China, on May 8, 2024, noted the significance of the partnership, stating, “The relationship will create a cooperative mechanism for NCS and the GACC to collaborate on supply chain security standards and enhance the economic stability of both nations.” 

CGC Adeniyi expressed optimism that the MoU will boost import-export operations and benefit Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria.

He also showed the exponential rise in e-commerce development, saying, “We know a lot of Nigerian companies and SMEs take advantage of the opportunities aided through e-commerce.” 

Representing Vice Minister Sun Yuning, Mr. Wang Lingjun of the General Administration of Customs signed the MoU on behalf of China and praised

CGC Adeniyi’s vision for the partnership, stating that it will create opportunities for Nigeria and China to collaborate on a wide range of economic issues and trade facilitation. 

The CGC appreciated the interest shown by China in signing the MoU and acknowledged the significant trade volume between the two nations, saying, “China is making the biggest trade in Nigeria, and the basic context of International Trade is ‘your export is our import’.” 

This development is expected to strengthen trade relations between Nigeria and China, promoting economic growth and cooperation between the two nations.

By Sabiu Abdullahi

President Bola Ahmed Tinubu has instructed the Central Bank of Nigeria (CBN) to postpone the introduction of the cybersecurity levy.

The source revealed that the President is “sensitive to what Nigerians feel” and does not want to proceed with implementing a policy that adds to the burden of the people.

Therefore, he has asked the CBN to “hold off on that policy and review things again.” 

The cybersecurity levy was enacted in 2015 and signed by former President Goodluck Jonathan, but its implementation was scheduled to begin during Tinubu’s administration.

However, the President has decided to review the law to ensure that his government is not seen as “insensitive” to the needs of Nigerians. 

The source stated, “The President’s goal is not to just tax Nigerians like that. That is not his intention.”

As a result, the CBN has held off on instructing banks to start charging customers the cybersecurity levy. 

This development is seen as a welcome relief to Nigerians who were concerned about the additional financial burden the levy would have imposed.

The review of the cybersecurity levy is expected to take into account the concerns of stakeholders and ensure that any future implementation is done in a way that is fair and considerate of the needs of Nigerians.

By Uzair Adam Imam

Amidst the devaluation of the Nigerian currency, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to embassies, instructing them not to demand foreign currency for goods and services within the country.

In a memo addressed to the Minister of Foreign Affairs, EFCC Chairman Ola Olukoyede emphasized the illegality of collecting any currency other than the Naira in Nigeria.

The memo, dated May 5, 2024, highlighted the violation of Nigerian laws and financial regulations by embassies invoicing consular services in United States Dollars.

Olukoyede underscored the significance of adhering to Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the sole legal tender in the country.

The EFCC boss condemned the refusal of some embassies to accept the Naira for consular services, describing it as an affront to Nigeria’s sovereignty and undermining its monetary policy and economic development objectives.

Expressing zero tolerance for this trend, Olukoyede urged the Minister to convey the Commission’s displeasure to all embassies in Nigeria, reiterating Nigeria’s expectation for their operations to comply with existing laws and regulations.

This move by the EFCC comes as embassies in Nigeria persist in demanding and collecting Dollars for goods and services, a practice detrimental to the local currency.

By Mutalib Jibril

 The Consumers’ Dilemma 

A visit to some popular markets in Sokoto State shows that many consumers still prefer rotten tomatoes.

Zainab, a retired school teacher and grandmother, carefully selects the least spoiled tomatoes she can find. “What choice do we have?” she asks, a note of defiance in her voice. “These are half the price of the fresh ones. With my pension cut, I have to make do.”

Like Zainab, another buyer, a mother of three, picks carefully through a pile of tomatoes, trying to find the least spoiled among them. “Look, we all know it’s not the best,” she admits, her voice tinged with resignation. “But when you have to feed a family and every penny counts, sometimes you compromise where you shouldn’t.”

Many consumers are aware of the health risks, including potential liver damage, associated with consuming deteriorated tomatoes but have no option due to the economic hardship ravaging the country.

The Sellers’ Side

He shares his perspective at the shop of a middle-aged vendor in Sokoto State with a genial smile that belies his struggle. “It’s not like I don’t know the risks,” he says, gesturing to the less-than-perfect tomatoes. “But these come cheaper from the farmers, and if I don’t sell them, I don’t earn anything. People still buy them because they’re cheaper, and every sale helps me keep my own family afloat.”

Questions about accountability and choice arise. Why sell a product known to be harmful? He sighs, “It’s a vicious cycle. Honestly, we need better support from our leaders and better economic policies that can help both the sellers and the buyers choose health over cost.”

Also, Yakub, a wholesaler, provides insight into the logistics issues plaguing the supply chain. “Transportation delays and poor infrastructure mean that a lot of the produce spoils before it even reaches the market,” he explains. The economic downturn has exacerbated these issues, with fuel prices soaring and maintenance costs skyrocketing, making it difficult to deliver fresh produce efficiently.

Yakub admits to facing a moral dilemma. “I hate selling these, but it’s this or let my business die. We need government support to upgrade our transport and storage facilities.”

Voices from the farm

The tomatoes start fine,” Alhaji Buba explains. “But with the cost of proper storage and transport being so high, some spoil before reaching the market.”

Alhaji Buba’s plight highlights a crucial gap in infrastructure that affects both the quality of produce and consumers’ health. He emphasizes government intervention: “We need access to better facilities and services to keep our produce fresh until it reaches the consumer. This would benefit everyone.”

For Yusuf, each day begins with the promise of a new harvest and the weight of responsibility. “We take pride in growing quality tomatoes,” he explains, his hands weathered from years of tending the land. “But without proper infrastructure and market access, our efforts often go unrewarded.”

His story mirrors the struggles of farmers across Nigeria, whose tireless labour sustains the nation even amidst adversity.

Farmers like Yusuf face many challenges, from unpredictable weather patterns to fluctuating market prices. “We need support to improve irrigation systems and market access,” he asserts firmly. “With the right investments, Nigerian agriculture can thrive.”

Experts Opinions

A Clinical Nutritionist at the Nigerian Institute of Medical Research, Yaba, Lagos, Susan Holbrooke, said rotten tomatoes are unsafe for consumption and may damage the liver, impair child development, and also cause miscarriage.

She said rotten tomatoes contain aflatoxin and would have been contaminated by fungi diseases.

Experts say tomatoes are the major dietary source of antioxidants that protect against cell damage. They add that they are also high in Lycopene, a plant compound linked to good heart health, cancer prevention, and protection against sunburns.

Speaking in an exclusive interview with PUNCH Healthwise, the nutritionist said rotten tomatoes contain mycotoxin, which can damage the liver of those who consume them.

According to her, what we consume is expected to serve as nutrients and medicine for the body, not as a disease.

She explained, “Rotten tomatoes are unsafe for consumption. They can cause liver damage. For a pregnant woman with too much mycotoxin in her system, it can cause the child to be stunted. That’s why aflatoxins are poisonous to the liver. Our liver is like a powerhouse that promotes both the good and the bad things.

In a 2016 study published by PMC journal, the researchers said dietary exposure to aflatoxins is considered a major public health concern, especially for subsistence farming communities in sub-Saharan Africa and South Asia. Due to hot and humid climates and poor storage, dietary staple food crops such as groundnuts and maize are often highly contaminated with aflatoxin.

“Aflatoxin exposure can occur at any stage of life and is a major risk factor for hepatocellular carcinoma, especially when hepatitis B infection is present.

Over the years, there have been warnings that rotten tomatoes can be dangerous to health when consumed.

In 2018, the National Agency for Food and Drug Administration and Control (NAFDAC) warned Nigerians against consuming rotten tomatoes to prevent cancer.

Christiana Essenwa, a Deputy Director at the Agency who issued the warning, said rotten tomatoes contain microorganisms that induce cancer.

In her words: “Some people think that rotten tomatoes, which are cheap, can be consumed after washing and heating, stressing that the toxins could not be washed or killed by heating since they are heat resistant.”

By Sabiu Abdullahi 

The Federal Government has directed all Point-of-Sales (PoS) operators to register with the Corporate Affairs Commission (CAC) by July 7, 2024, to reduce kidnapping and fraudulent activities.

According to the Registrar-General of CAC, Hussaini Magaji, the registration will help security agencies track and arrest recipients of ransom payments from kidnap victims. 

Magaji stated that the registration process aligns with legal requirements and Central Bank of Nigeria (CBN) directives, and defaulters will face punishment after the deadline.

He stated that the registration is not intended to target specific groups or individuals but aims to safeguard businesses and strengthen the economy. 

The CAC boss explained that the registration will provide data to security agencies to track fraudulent activities and enable them to provide details of persons behind companies involved in fraud.

He added that registration goes beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements. 

PoS agents have reacted to the directive, with some agreeing with the CBN while others believe it will place a burden on operators, especially those in rural communities.

The National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafa Fasasi, questioned the directive, stating that it may reverse the 74% financial inclusion rate. 

However, the immediate past president of the association, Victor Olojo, backed the move, stating that it is necessary for standardisation and enhanced security. 

The government has launched a 24-hour service centre to facilitate registration and has warned that the deadline will not be extended.

With the rise of fraudulent activities involving PoS terminals, the government is taking measures to ensure the safety and security of businesses and individuals.