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Ehingbeti: Why Lagos targets 3m investors, others for Economic Summit

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images 13 2 Ehingbeti: Why Lagos targets 3m investors, others for Economic Summit

“We are aiming to have, at least, 100,000 people participating at this summit this year. We said 100,000 participants, but we will be happy to have three million.”

These were the words of the Special Adviser to the Lagos State governor on Sustainable Development Goals (SDGs), Mrs. Solape Hammond, while speaking on the Lagos Economic Summit 2020, tagged Ehingbeti, at a press briefing to unveil its new logo Thursday in Lagos.

According to her, because of the COVID -19 restriction on large gathering, the state decided to go for a virtual summit, which she said “it is not a limitation, but an enabler.”

She explained: “This year, we can have a lot more people involved. We have set bold ambition for ourselves. One of the things we want to see is that we want to use the opportunity to bring together partners of Lagos. And we have received strong support possible from the diplomatic community. There are things that are happening in other places that we can really learn from. And this is a really good platform to get that insight; to bring in those people to participate virtually in places where they couldn’t come physically before. So it is going to be a much larger summit than it has previously been held in Africa. What we are looking for is active participation from all the people who love Lagos: Lagosians here; Lagosians in Diaspora; and people who are not from Lagos but that just love Lagos, like our African neighbours; captains of industries who have their businesses in Lagos; people who just love the idea of Lagos, its progress and what it stands for.”

Talking about the objectives of the Summit, whose theme is ‘For a Greater Lagos: Setting the Tone for the Next Decade,’ the Lagos State Commissioner for Economic Planning and Budget, Mr. Sam Egube, said: “We want to really promote strategies on how to achieve this Lagos of our dream and how to operationalise the ideas which we’ll come out with in Ehingbeti; and to ensure we attract global involvement and participation. We believe that it is not only Lagosians that must develop Lagos, but it is a mix of partnerships; locally, nationally and internationally. As long as we have interest in Lagos, we must come together to create what we want out of Lagos. And I think that it is a sense of responsibility that we, who have one thing or another to do with Lagos, must all carry. It is also to be able to design resilient road map to more prosperity for Lagos State; and then to facilitate the spirit of sharing and co-creation that can happen when people work together.”

Shedding more light on the conference, he added:

“The 8th Lagos Economic Summit 2020 is a platform driven by the private sector, backed up by the government to basically show the vibrancy of Lagos State in the way we collaborate and in the way we pursue an inclusive governance mechanism for Lagos State. Ehingbeti, basically, brings together local, foreign private sector, technocrats, government representatives, civil society members, academia, multilateral agencies, development partners to have a conversation as to how the Lagos of our dream should look like. They would help, not only in creating that future; how that future should look like, but they would also participate in defining how to get there. That is what Ehingbeti is. That is what Ehingbeti is all about.”

He added that most of the developments in the states over the years were from ideas and recommendations from the previous editions: “The first three editions were deliberately diagnostic but by the fourth one, we had started to create a blueprint and have started to implement it from the early decisions that had been made. Till date, through seven past Ehingbeti, there have been 206 resolutions that have been made, and out of that, 103 have been implemented. When you see us implementing projects like the blue line, red line rails, all of those were got out of the past resolutions; we see pedestrian walkways, BRT projects, Ikoyi Link Bridge, which is on every Nollywood movie nowadays, they were decisions taken in the past Ehingbeti. I believe this one will be bigger and better and would affect Lagos in many more significant ways as we go forward in the next 10 years.”

Going down memory lane, the Co-chairman of the Summit, whose brain child was the first Ehingbeti Economic Summit, Mr. Olayemi Cardoso, who is also Citibank Nigeria Chairman, said:

“Ehingbeti represents the economic heritage of the Marina and Broad Street areas of Lagos and the earliest Central business district of Nigeria, consisting of the Lagos Harbour, European peers, financial markets among others. So that really is Ehingbeti for Lagos, and in turn for Nigeria. Hence, the development of Lagos State and Nigeria are inextricately bound with Ehingbeti. The building blocks of public-private sector partnerships for development. Thus, the local saying : ‘Bi oju ko ba ti Ehingbeti, oju ko le ti Eko”, meaning that “so long as a means of waterways are available for haulage of men, ideas or goods, so long will Lagos continue to prosper as emporium of Nigeria’s economic activities’.

“Lagos pioneered the concept of economic summit for states in Nigeria, in the year 2000, with the first summit held, on a collaborative basis, with Ikeja Business Club and other private sector stakeholders at, then, a small sleepy part of Lagos called Akodo. The theme of the first summit was “Accelerating Economic Development through Public-Private Partnerships.

“In furtherance of the extant partnership, the second Lagos Economic Summit, Ehingbeti 2001, was held at the same venue, and focused on “Improving Urban Development, Economic Growth and Social Responsibility through Effective Partnership”. This particular one articulated a 17-point resolution, 15 of which were implemented. I have taken pains to talk about these two foundational Lagos summits to drive home the point that Ehingbeti is about the promotion of partnership for improved delivery of public goods and services. And also, to emphasise that Ehingbeti is about outcome delivery. Ehingbeti, additionally, is not about talkshop; it is about outcome delivery. To further illustrate this point, between 2008 and 2017, 78 Communiques were brought out, out of which 72 were met.”

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Lower oil demand may persist beyond 2021 – World Bank

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images 2020 10 23T153303.293 Lower oil demand may persist beyond 2021 – World Bank

The World Bank on Thursday said lower demand for crude oil may persist beyond 2021 .
It stated that while metal and agricultural commodities had recouped their losses from the COVID -19 pandemic and were expected to make modest gains in 2021 , energy prices , despite some recovery , were expected to stabilise below pre – pandemic levels next year .
Oil prices fell dramatically in the early stages of COVID -19 and have only partially regained pre -pandemic price levels .
Metal prices on the other hand , declined relatively modestly and have returned to levels that preceded the shock, according to the semi -annual Commodity Markets Outlook report, as stated by the bank .
The bank stated that agricultural produce prices were relatively unaffected by the pandemic , but the number of people at risk of food insecurity had risen as a result of the broader effects of global recession .
“ The impact of COVID – 19 on commodities has been uneven , and could have lasting effects for energy markets ,” World Bank Group Acting Vice President for Equitable Growth , Finance and Institutions and Director for the Prospects Group, Ayhan Kose , said.
He added, “ When declines in commodity prices are short -lived , policy stimulus can buffer their impact.
“ However, when prices remain depressed for an extended period , policymakers need to find solutions so their economies can adjust smoothly to a new normal .”
He stated that because of COVID – 19 , the new normal for oil – exporting emerging and developing economies arrived earlier.
Kose explained that in the post -COVID world , these countries need to be more aggressive in implementing policies to reduce their reliance on oil revenues .
The bank said oil prices were expected to average $ 44 per barrel in 2021 , up from an estimated $41 per barrel in 2020 .
It said demand was expected to rise only slowly as tourism and travel continued to be held back by health concerns and as global economic activity was anticipated to return to pre -pandemic levels only in the year after next.
It said supply restraint was expected to be eased steadily .
“ Energy prices overall , which also include natural gas and coal, are expected to rebound sizably in 2021 , following large declines in 2020 , an upward revision from April ’s forecast,” the bank said.

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Ban Tomato Importation – Dangote Tomato MD Tells FG

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images 2020 10 23T104030.892 Ban Tomato Importation - Dangote Tomato MD Tells FG

Ban tomato importation – Dangote tells FG
The Managing Director of Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita has on Thursday called on the Federal government to ban importation of tomato paste like it ban rice importation into the country.
This was as he decried importation of tomato paste which he said was still thriving as the commodity was being imported from Cameroon and Cotonour in Benin Republic.
Kaita made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Anchor Borrower of Central Bank of Nigeria on Thursday at Kadawa village in Kura LGA of the state.
The MD also dropped hint that plans are underway by the company to ensure that Nigeria is self sufficient and positioned to export tomato by establishing the biggest greenhouse in Africa which has the capacity to produce 350 million seedlings annually.
According to him, “We are appealing to the Federal Government to put a total ban on the importation of tomato like what it did to rice.
“The ban is necessary so as to boost local production of the commodity and ensure that Nigeria is self sufficient in tomato production.
“the ban on the importation of tomato paste would lead to the establishment of more tomato processing plants thereby creating job opportunities for many people in the country.
“The company had on several occasions visited the Customs Headquarters and met with the Controller General with a view to lodging complaint over the issue but nothing was done to check the ugly trend.
“It is only by putting a total ban on tomato importation that the government can encourage farmers to grow the commodity for the country to be self sufficient.
“The company was working with the Central bank of Nigeria under the anchor Borrower programme to provide tomato farmers with high yield seeds which will enable them to produce a minimum of 40 tons per hectare.
“Similarly, the company is putting a lot of effort to ensure that Nigeria is self sufficient in tomato production by establishing the biggest greenhouse in Africa which has the capacity to produce 350 million seedlings annually.
“There are 12 major tomato producing states in the country which if fully cultivated, in the next one year, Nigeria will be able to start exporting tomato.
“The greenhouse which is the largest in Africa, is established to provide tomato growers with high yield tomato seedlings in the country,” Kaita said.
In his remarks, the Chairman, Kano State chapter, Tomato Growers Association of Nigeria, Sani Danladi-Yadakwari commended the Federal Government for including tomato value chain in the anchor borrower programme noting that it would go a long way in boosting tomato production in the country.
Some of the items benefitted by the tomato growers include seedlings, fertilizer, water pump and other inputs.

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Fuel Scarcity Looms As Depots Stop Loading

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images 2020 10 22T134311.286 Fuel Scarcity Looms As Depots Stop Loading

The scarcity of petroleum products is imminent in Nigeria as some depots have stopped loading-trucks, The Nation learnt on Wednesday.
The Independent Petroleum Marketers Association of Nigeria (IPMAN ) National Vice President, Alhaji Abubakar Maigandi, disclosed this to our Abuja correspondent on phone.
He added that the #EndSARS protests and the resultant crises have stopped the marketers from transiting their loaded trucks.
According to him, since petroleum products are highly inflammable, the drivers decided to park their trucks in safe places nationwide.
He explained that since consumers buy fuel on daily basis and there is no replacement, there is bound to be a scarcity of petroleum products.
Maigandi further said the marketers do not hoard products so there will be no reservoirs to turn to upon the exhaustion of available stock.
Asked whether there is any fear of scarcity, he said “definitely, because some of the depots are not loading due of insecurity.
“The ones that have already loaded parked their trucks in the yards so that protesters will not set them on fire. There is no way you can have sufficient fuels in the filling stations because we don’t do hoarding.”
The IPMAN National Vice President urged the protesters to dialogue with the Federal Government for the amicable resolution of the crises.
He asked them to embrace the olive branch because of the economic losses that emanate from the crisis.
His words: “The EndSARS issue is a Nigerian issue so the protesters and government should dialogue over it for a lasting solution. Nigerians (both government and the governed need to have attitudinal change. So, it is better to dialogue. “

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