Business
Nigeria undergoing economic reset, says Governor Soludo
Nigeria undergoing economic reset, says Governor Soludo
Nigeria’s economy is currently undergoing a reset with the removal of petrol subsidy and floating of the naira, Anambra State Governor, Prof Chukwuma Soludo, has said.
The governor said it was sensible to eliminate the ‘’debilitating scam’’ called subsidy which benefitted largely the urban elite.
He spoke on Thursday while giving the 13th convocation lecture of Abuja-based Veritas University.
Soludo, who was Central Bank of Nigeria (CBN) governor between May 2004 and May 2009, commended Tinubu for ending ‘forex and electricity subsidies.”
The governor said, “Nigeria is undergoing a fundamental and disruptive reset. Hopefully, we have ended the debilitating scam called fuel subsidy as well as the forex and electricity subsidies.
“We have entered a ‘muddling-through’ phase which we must navigate carefully. Soon we must migrate from the destructive subsidies that benefitted largely the urban elite to a productive social contract that creates opportunity for all.”
Soludo urged Nigerians to sit up and craft a pragmatic new deal and an emergency national infrastructure plan similar to the United States (US) Marshall Plan to take the nation to great heights.
He said, “As we muddle through the shocks occasioned by the needed disruptive changes, we must sit and craft a pragmatic New Deal for Nigeria plus an emergency national infrastructure plan akin to the U.S Marshall Plan for Europe after the Second World war.
‘’Some elements of the new deal such as the minimum wage legislation, draft tax reform bill, and planned cash transfers are positive signs.
“This moment calls for historic coordination between the federal and state governments to agree on the critical elements of the augmented New Deal and Marshall Plan as well as their implementation to deliver outcomes within the shortest possible time.
“A key issue will be the ‘national plan’ for the deployment of the apparent ‘fiscal/subsidy windfall’.
“I say ‘apparent’ windfall because much of the nominal increase in fiscal revenues is largely money illusion. In the US, dollar terms and real purchasing power terms, much of the current revenue windfall is still far lower than in previous years.
“For example, a state that received N5 billion or $43.4 million as monthly federation account allocation in 2007/8 when the exchange rate was N118 to a dollar and a bag of cement sold for a few hundred Naira would need to receive at least N77 billion a month at current exchange rate and prices to be restored to its 2007/8 position. But the state does not get even a third of such.
“Fixing the oil output will be a critical game changer in the short to medium term. However minuscule or even non-existent the windfall in real terms, the federation must be seen to intentionally execute a new deal that pragmatically coheres with our peculiar federalism while urgently addressing the needs of the people.
“Besides the humongous investment to build infrastructure for the 21st century, we urgently need to prioritise our national investment in human capital — to transform our abundant human resources into productive capital. In the 21st and 22nd centuries driven by digitalisation, only societies that intentionally mine their human capital will triumph.
“Deploying our depleting natural resources to invest in the bridge to the future—human capital—will not only give our teeming population a stake in society but also secure their future.
“As a country, we must aim to remember this time in our history as the moment when we dared to remove the negative subsidies but deployed a part of the windfall to benefit our children and youths—via their education and health.
“At the minimum, we should set a national target to bring down the out-of-school children to zero within 5-8 years, and qualitative tuition-free secondary education to all Nigerian children within 10 years, while mainstreaming selected centres of excellence for the exportable labour force.”
The governor charged the graduating students not to fail the country.
He said, “The future you seek is in your palms, and only those who plan can control the future. As I look into your eyes, I can see hope.
“Nigeria may not have offered you much, but in fulfilment of your divine purpose on earth, you will be expected to give more than you have received.’’
Auto
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
It is a double honour for Coscharis Motors Plc, one of the subsidiaries of the respected conglomerate, Coscharis Group, as it was declared Multi-Luxury Company of the Year and one of its iconic luxury brands, Range Rover Autobiography, was adjudged the Nigeria’s Luxury SUV of the Year at the 2024 edition of the Nigeria Auto Journalists Association Awards.
The well attended event was held recently at the prestigious Oriental Hotels, Lagos.
Coscharis Motors, a household name in topnotch globally respected luxury automobile brands in Nigeria, has been the exclusive representative of the British iconic luxury brand of the Jaguar Land Rover and the German pride in the luxury segment of the BMW brand over many decades.
The company in 2023 added another new luxury brand from United Kingdom into the Nigeria market which is the Grenadier from the Ineos group in UK. The Grenadier is a brand new product globally which is equally being represented in Nigeria by Coscharis Motors as a new addition to its existing ‘House of luxury’ when it comes to automobile of repute.
The luxury SUV category was keenly contested with other tested luxury brands but the Range Rover Autobiography came tops, according to the organizers, after strong consideration of the market acceptance of the Autobiography in all ramifications.
The All New Range Rover Autobiography variant is revolutionary, reliable and a class on its own with its special appeal, style that resonates with its priority audience when it comes to luxury, class, comfort and performance.
Receiving the award on behalf of Coscharis Motors, the General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde, dedicated the award to all the Coscharis Motors customers, especially the luxury brand enthusiasts for their acceptability of all the luxury brands in the Portfolio namely the Jaguar Land Rover, BMW and the new Grenadier respectively as their preferred luxury automobile of choice.
He said, “These awards only reconfirm our expertise in delivering top notch luxury experience to our premium customers while maintaining the global standard of brand positioning to discerning customers in the ever dynamic Nigerian market.
“Representing these globally respected iconic brands over the years exclusively in Nigeria involves consistent delivering of value for money that involves the total luxury experience from the point of brand awareness to the purchase stage and the aftersales service experience to deliver the peace of mind required.”
Group Managing Director of Coscharis Motors Plc, Mr. Josiah Samuel, also dedicated the awards to the company’s ever loyal customers for their patronage and acceptance of the brands with a promise to continually create more value in the automobile industry in Nigeria.
He said, “There can’t be another best way to end the business year in 2024 than with these set of prestigious awards despite all the business challenges in the year and more importantly that the awards are coming from a very critical stakeholder / partner like the media.”
The award event attracted various stakeholders that are players in the automotive sector in Nigeria.
Auto
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
By Bisi Kazeem
As the year winds down and Nigerians embark on end-of-year travels, the Federal Road Safety Corps (FRSC) has intensified its efforts to curb road crashes and ensure safer highways. Leading this charge is the Corps Marshal, Shehu Mohammed, who has set a sterling example of sacrificial leadership by actively participating in frontline operations during this critical period.
The end of the year is a notoriously perilous time on Nigeria’s roads, marked by increased traffic, heightened road traffic crash risks, and a surge in reckless driving.
However, under the proactive leadership of the Corps Marshal, the FRSC rolled out an unprecedented campaign to reduce road traffic crashes and fatalities, ensuring that the festive season is marked by joy rather than tragedy.
True leadership is not defined by words but by action. The Corps Marshal exemplifies this by personally leading field operations, patrolling highways, monitoring traffic flows, and directly engaging with road users.
His visible presence has reinvigorated the morale of FRSC officers and demonstrated to the nation that leadership is about service and sacrifice.
He defied insecurity on the highways and embarked on a traffic monitoring operation from Abuja, the Federal Capital, through Kogi, Ekiti, Ondo, Owo, Ore, down to Edo and Delta.
His decision to lead from the front underscores his commitment to the FRSC’s mission of saving lives and highlights the urgent need for compliance with traffic rules and regulations.
From the beginning of the Ember Months sensitisation campaign in September, the Corps had gone ahead of time, implementing series of robust measures aimed at addressing road safety challenges during the festive season. These remedies include; increased patrols and checkpoints as additional officers and vehicles have been deployed in strategic points on highways to monitor and enforce compliance with traffic laws; organised nationwide safety campaigns targeting speed violations, drunk driving, overloading and seatbelt use.
These campaigns educate drivers on the dangers of reckless behaviours and emphasize the importance of safe driving practices.
The Corps also ensured Emergency Response Preparedness: ambulances, tow trucks, and rescue teams are on standby to ensure rapid responses to emergencies, reducing fatalities and injuries in the event of crashes.
Knowing that the task of making the highways safe is a collective action, FRSC went into the season with strengthened partnerships with key stakeholders, including the Nigeria Police Force, transport unions, traditional rulers and local communities, to foster a united front in the battle against road crashes.
The Corps Marshal’s leadership has inspired not just his officers but also the general public.
His direct involvement sends a clear message that road safety is a shared responsibility requiring the commitment of all stakeholders.
The Corps Marshal’s hands-on approach during this critical period has not only motivated the FRSC team but has also restored public confidence in the agency’s commitment to saving lives,” said a motorist who witnessed the Marshal’s activities firsthand on the Niger Bridge.
The monitoring activities carried out across major corridors suggest that the intensified efforts are yielding positive results, with a noticeable reduction in road crashes and fatalities compared to previous years.
The Corps Marshal’s example of sacrificial leadership has brought renewed vigor to the FRSC’s operations, ensuring that every life is valued and protected.
Needless to state that the FRSC Corps Marshal, Shehu Mohammed, is indeed an enigma, a force to be reckoned with and a true example of practical leadership in public service as he leads yet again by example in the fight against road crashes in Nigeria.
Taking active front-line roles, dedicating to sacrificial leadership and willingness to take bold steps to address the challenges facing Nigerian roads.
By setting the pace, he’s inspiring his team and other stakeholders to join forces in the quest for safer roads in Nigeria.
As the festive season continues, let us all join the FRSC as they call on all Nigerians to support its efforts by adhering to traffic rules, avoiding risky driving behaviours, and prioritizing safety on the roads.
Together, with the leadership of the Corps Marshal and the dedication of FRSC personnel, a safer, accident-free festive season is achievable.
The Corps Marshal’s leadership reminds us all that effective leadership requires sacrifice, action, and a deep commitment to service.
As Nigerians embark on their journeys this season, they can take comfort in knowing that the FRSC is working tirelessly to make the roads safer for everyone.
*DCM Bisi Kazeem (Rtd), fsi MNIM anipr, a public relations expert and media guru writes from Lagos, Nigeria.
Auto
FG deploys Lanre Shittu CNG buses as airport shuttle
FG deploys Lanre Shittu CNG buses as airport shuttle
The Federal Government has commenced the deployment of Lanre Shittu Motors (LSM)-branded Compressed Natural Gas (CNG) buses in the nation’s airports for passengers shuttle.
The first batch of the CNG-powered buses has been launched at the Murtala Muhammed Airport, Lagos, at a ceremony attended by the Minister of Aviation and Aerospace Management, Festus Keyamo, and Managing Director, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Oluwaseun Kuku.
Speaking during the unveiling at the Lagos airport, the minister said the deployment was in line with the directive of President Bola Tinubu.
He said it was part of Nigeria’s commitment to reducing carbon emissions and meeting global climate targets.
‘’What you see here today is a fleet of CNG buses for FAAN to commence passenger movement at all our airports immediately,” the minister said.
He said the newly acquired CNG-powered LSM buses unveiled at the Lagos airport are eco-friendly with zero emission and designed with accessibility features for persons with disabilities.
The deployment, he added, was in compliance with the President’s goal of reducing reliance on traditional fossil fuels of petrol and diesel and promoting sustainable use of CNG to power vehicles in the country.
The introduction of the CNG to power automobiles is one of the Federal Government’s initiatives to ease the impact of fuel subsidy removal on the masses.
The CNG buses, according to the Managing Director of Lanre Shittu Motors, Taiwo Shittu, come in two specifications: a 31-seater for airport shuttle services and a 54-seater for mass transit city buses.
He said they had been equipped with modern amenities, including air conditioning, viewing screens, and charging stations.
With the introduction of the CNG buses, he said LSM aimed to provide a more sustainable and efficient transportation solution not only to Lagos but other parts of the country.
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