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UK Visit: Buhari Returned Empty-Handed -PDP …Blames President For Ministers’ Absence At US Investors’ Meeting

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The Peoples Democratic Party (PDP), yesterday described President Muhammadu Buhari’s trip to United Kingdom, UK, where he attended the Commonwealth Heads of Government Meeting (CHOGM) as a “colossal waste” of public resources.
PDP said Buhari was unable to attract investments to the country during his trip to London.
The party insisted that rather than attracting investors, Buhari succeeded in de-marketing the country through his unguarded comments.
In a statement issued by its spokesperson, Kola Ologbondiyan, the former ruling party noted that Buhari returned to Nigeria “empty handed with no tangible dividend.”
The party also urged the president to apologise to Nigerian youths over his comment that they are lazy.
The statement reads, “President Muhammadu Buhari’s attendance of the Commonwealth Heads of Government Meeting (CHOGM) in United Kingdom, which came at huge cost to the nation, was a colossal waste.
“Nigerians are not surprised that the President returned last night, empty handed and with no tangible dividend, a development which is the direct consequence of his negative comments about Nigerians and his presentation of false performance indices to his hosts.
“While other commonwealth heads of state used the occasion to negotiate businesses and showcase the potentials and opportunities in their countries, our President only succeeded in de-marketing our dear country and painting our citizens, particularly the youths, in the negative.
“Nigerians may recall that during his meeting with British Prime Minister, Theresa May, President Buhari, in the quest to hide the failures of his administration and push his 2019 re-election bid, Mr President downplayed the worsened economic and security situation in the country under his watch, but opted for self praise and brandishing unsubstantiated record of performance.
“This self-serving stance ultimately blocked all beneficial bilateral engagements that could have helped secure the much needed international interventions in those critical areas.
“Two days after, President Buhari again took the stage at the Commonwealth Business Forum in London and announced to international investors that Nigerian youths, a demography that forms the bulk of our nation’s workforce, are uneducated and lovers of freebies.
“We were therefore not surprised that no serious investor sealed any meaningful investment deal with Nigeria as dividend from the CHOGM.
“It is also instructive to note that despite the public outrage that trailed his denigration of our youths, the Buhari Presidency has not offered any apology to the nation, particularly our youths, thus further confirming the disdain in which this administration holds our young men and woman.
Meanwhile, the Peoples Democratic Party (PDP) yesterday challenged President Muhammadu Buhari to give an account of his ministers and other government officials who abandoned their scheduled meeting with investors in the United States to gallivant in that country.
This was contained in a statement made available to news men in Abuja yesterday by its National Publicity Secretary of the Party, Hon. Kola Oogbondiyan.
The ministers reportedly abandoned the foreign investors and went on a shopping spree in highbrow shops of the United States, at the time Nigerians were looking up to them to negotiate deals and bring in investments into the country.
According to the Party, “this embarrassing development is indeed a clear reflection of the recklessness and laissez-faire attitude of the Buhari-led All Progressives Congress (APC) administration towards governance, resulting in the biting economic recession and others woes plaguing our nation under President Buhari’s watch.
“How can APC government officials sent to attend investors’ meetings abandon their duties and engage in personal leisure abroad? Painfully, they blame everybody but themselves for the choking economic situation of the country in the last three years.
PDP holds that these government officials had the temerity to pursue personal interests across the United State because they knew that even if their atrocious act were brought to the attention of Mr. President, he will claim that he is not aware.
“This is more so as Mr. President himself brought no dividend from the Commonwealth Head of Government Meeting (CHOGM), where he de-marketed our nation with negative utterances.
“We, therefore, urge the National Assembly to spare no rods but to immediately summon the ministers named in the saga, including Chief Audu Ogbeh (Agriculture), Dr. Ogbonnaya Onu (Science and Technology), Alhaji Lai Mohammed (Information) Babatunde Fashola (Power), Dr. Ibe Kachikwu (Minister of State for Petroleum Resources), Kemi Adeosun (Finance) and Kayode Fayemi (Solid minerals).
“It is now clear to all that the APC does not have the interest of our country at heart and Nigerians must spare no efforts in joining forces with the PDP to vote them out and reinstate a purposeful and productive administration, come 2019.”
Lamenting over Nigerian Ministers absent last Saturday at an investors meeting put together as part of the IMF/World Bank Spring Meetings in Washington DC, United States of America.
This was despite the fact that some of them scheduled for the meeting were in the United States of America at the appointed time.
This development has drawn the ire of the Emir of Kano, Muhammadu Sanusi II, who lambasted the ministers for missing the meeting.
Sanusi, a former Governor of the Central Bank of Nigeria, said: “Nigeria may be the biggest economy, but an investor may decide that rather than go through the hassle of investing, say $500 million in Nigeria, he may decide to invest $100 million each in Ghana, Cote d’Ivoire, South Africa, or Rwanda.
“I’ll give you a simple example: we had a meeting today (yesterday) with investors.
“We were supposed to start at 10am.
“So I came in early, and I was taken to the Nigerian Ambassador’s office to sit down, while investors were waiting for me outside.
“That is not how you attract investors.
“Also, we had a list of top Nigerians that were to attend the meeting like the Vice President and some Ministers.
“Some of these ministers were in town but they didn’t come.
“You (Nigeria) invite US Commerce Secretary, some top investors and your Ministers are in Washington and they do not come to talk to the investors about Nigeria.
“That is not done.
“I bet you that if the Rwandan Embassy had this kind of forum, President Kagame himself would be there telling people to come to his country.
“There is absolutely no reason why the Nigerian Embassy in the US will organise “Nigeria is open for business” forum with Nigerian ministers and some governors in town and not in here to meet these investors.
“And there is no reason to start one hour late, or that our public address systems should not be working.
“This is the first point of entry for these investors.
“They haven’t even come to Nigeria and this is their experience already.
“He may say that if I’m having this experience in DC, what will happen when I go to Abuja or Kano?
“How do I get to see the governor?
“Will I wait 10 hours?
“And for these kind of people (investors) in DC, they had other Heads of States to meet, World Bank to meet and an hour is a lot of time for them to wait for you.
“So, I think we need to look at those kind of things that investors look at and have a very honest conversation, sector by sector, region by region, state by state, what do we need to do to make those areas attractive.”
Sanusi, however, said investors are still interested in investing in the country’s agriculture, mining and technology sectors and not just oil.
He said Nigeria had a chance of getting foreign investors to come in and invest in areas that would help in diversifying the economy if they behave more professionally.

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Tinubu Orders Security Chiefs To Restore Peace In Plateau, Benue, Borno

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President Bola Tinubu has ordered a security outreach to the hotbeds of recent killings in Plateau, Benue and Borno States, to restore peace to areas wracked by mass killings and bomb attacks.
National Security Adviser, Nuhu Ribadu, disclosed this to State House correspondents after a four-hour security briefing with the President at the Aso Rock Villa, Abuja on Wednesday.
“We listened and we took instructions from him. We got new directives…to go meet with the political authorities there,” Ribadu told reporters, adding that Tinubu directed them to engage state-level authorities in the worst-hit regions.
Director-General, National Intelligence Agency, Mohammed Mohammed; Chief Defence Intelligence of the Nigerian Army, Gen. Emmanuel Undianeye; Director-General, Department of State Services, Oluwatosin Ajayi and Chief of Staff to the President, Femi Gbajabiamila, appeared for the briefing.
The Tide’s source reports that in Plateau State, inter-communal violence between predominantly Christian farmers and nomadic herders spiralled into gory slaughter when gunmen stormed Zikke village in Bassa Local Government early on April 14, killing at least 51 people and razing homes in a single night.
In Benue, at least 56 people were killed in Logo and Gbagir after twin assaults blamed on armed herders.
Meanwhile, in Borno State, eight passengers perished and scores were injured when an improvised explosive device ripped through a bus on the Damboa–Maiduguri highway on April 12.
Ribadu explained that after an extensive briefing, intelligence chiefs received fresh instructions to restore peace, security and stability across Nigeria.
“In particular, Tinubu had ordered immediate outreach to the political authorities in Plateau, Benue and Borno States, and the defence team had gone round those States to carry out his directives and report back.
“We gave him an update on what has been the case and what is going on, and even when he was out there, before coming back, he was constantly in touch. He was giving directives. He was following developments, and we, in charge of the security, got the opportunity today to come and brief him properly for hours. And it was exhaustive.
“We listened and we took instructions from him. We got new directives. The fact is, Mr. President is insisting and working so hard to ensure that we have peace, security and stability in our country. We gave him an update on what is going on, and we also assured him that work is ongoing and continues.
“We also carried out his instructions. We went round, the chiefs were all out where we had these incidents of insecurity in Plateau State, Benue State, even Borno, these particular three states, and we gave him feedback, because he directed us to go meet with the political authorities there,” the NSA explained.
Ribadu described Tinubu as “worried and concerned,” and said he directed that all security arms be deployed around the clock.
The government, he added, believes these steps have already produced measurable improvements, even if the situation is not yet 100 per cent safe and secure.
“He’s so worried and concerned, he insisted that enough is enough, and we are working and to ensure that we restore peace and security and all of us are there. The armed forces are there, the Civil Police, intelligence communities, they are there.
“They are working there 24 hours, and we feel that we have done enough to believe that we are on the right course, and we’ll be able to be on top of things,” Ribadu stated.
The NSA emphasised that combating insecurity was not solely a Federal Government responsibility.
He stated, “The issue of insecurity often is not just for the government. It involves the subunits. They are the ones who are directly with the people, especially if some of the challenges are more or less bordering on community problems.
“Not entirely everything is that, but of course it also plays a significant role. You need to work with the communities, the local governments, and the governors, especially the governors.
“The President will continue to direct that. We should be doing that, and that’s what we are able to. We are very happy and very satisfied with the instructions and directives given by Mr. President this evening.”
In Borno State, the NSA noted that while violence had surged in recent months, the insurgents refused to accept defeat.
He warned that most recent casualties there resulted from improvised explosive devices—”cowardly” IED attacks targeting civilians—and from opportunistic raids that follow any lull in fighting.
“We are getting the cooperation of the leadership at the state level, and everybody. It’s not 100 per cent…but we are going there.
“When you are having peace and you are beginning to get used to it, if one bad incident happens, you forget the periods that you enjoyed peacefully,” he added.
He paid tribute to the “many who do not sleep, who walk throughout, who do not go for any break or holiday”—the soldiers, police and intelligence officers whose sacrifices have created the fragile calm Nigerians now experience.
“They will continue to be there,” he said, adding, “Things have changed in this country…we are on the right track and we will not relent. We will not sit down; we will not stop until we are able to achieve results.”

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FG Laments Low Patronage Of Made-In-Nigeria Products

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A Federal Government agency – the National Agency for Science and Engineering Infrastructure, has decried the low patronage of Nigerian-made products by Nigerians.
The agency identified some challenges leading to the low patronage of the local products as affordability and public perception, among others.
Speaking during a stakeholders meeting organised by the agency in Akure, Ondo State capital, yesterday, the Deputy Director of Engineering at NASENI, Mr Joseph Alasoluyi, said Nigerians preferred buying foreign goods compared to local goods.
Alasoluyi, however disclosed that the agency had trained over 50 participants in the production of hand-made products, in a bid to ensure Nigeria-made products are patronised.
He explained that NASENI was set up to promote science, technology, and engineering as a foundation for Nigeria’s development and currently operates 12 institutes nationwide to achieve its objectives.
According to him, the aim of President Bola Tinubu, who is also the overall chairman of NASENI, was to ensure high production and patronage of “our local products thereby creating employment opportunities for many.”
He said, “The idea of this programme is to interface to ensure we produce products using our indigenous technology. This is what NASENI is out for, to ensure that homegrown technologies are encouraged.
“We are out there to ensure we integrate efforts to ensure that local technology is used to develop products within the resources we have.
“ The NASENI’s ‘3 Cs’ – Creation, Collaboration, and Commercialisation – that define NASENI’s strategic mandate: Creating innovations through research, Collaborating with partners to develop and refine products, and Commercialising these solutions to benefit the economy.
“Our achievements include the development of solar irrigation systems, CNG conversion centres, building machines capable of producing up to 1,000 blocks per hour, 10-inch tablets, locally made laptops, and electric tricycles (Keke Napep) set for market launch.”
In his remarks, the Deputy Vice Chancellor of the Federal University of Technology, Akure, Prof. Samuel Oluyamo, blamed the Federal Government for not properly funding research in the varsities, also noting that many research outputs were left halfway due to lack of funding and weak linkages between research institutions and industry.
Oluyamo also queried the Federal Government’s commitment to funding research and development, saying many academic innovations remained on the shelve due to a lack of support for commercialisation and poor infrastructure.
“Until we upscale research into mass production, technological growth will remain elusive. The government is not funding research in the universities enough. Thank God for TETfund that is trying in this regime. The major interest in beefing up research in universities and research institutions is really not there,” he said.

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Nigeria Seeks Return To JP Morgan Bond Index

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The Director-General of the Debt Management Office, Patience Oniha, has said that Nigeria is in advanced discussions with JP Morgan to re-enter the Government Bond Index and renew investors’ confidence.
Oniha disclosed this on Wednesday at a Nigerian Investors’ Forum on the sidelines of the World Bank and International Monetary Fund Spring Meetings in Washington, D.C.
The DMO boss explained that Nigeria has enjoyed favourable credit assessment among rating agencies in recent times on the back of the sweeping reforms initiated by the Central Bank of Nigeria.
Fitch Ratings recently upgraded the Long-Term Issuer Default Ratings of seven Nigerian banks and two bank holding companies to ‘B’ from ‘B-‘, noting that the outlooks are Stable.
The affected issuers are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Limited, Guaranty Trust Holding Company Plc, First HoldCo Plc, First Bank of Nigeria Ltd, Fidelity Bank Plc and Bank of Industry Limited.
The upgrades of the Long-Term IDRs of the banks followed the recent sovereign upgrade and reflect Fitch’s view that Nigeria’s sovereign credit profile has become less of a constraint on the issuers’ standalone creditworthiness, the rating agency said.
Fitch also upgraded Nigeria’s Long-Term IDRs to ‘B’ from ‘B-‘ on 11 April, a decision that reflected increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies.
“These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch said.
Nigeria was removed from the JP Morgan index in 2015 ostensibly due to its deviation from orthodox monetary policies and influence of capital control in its management of foreign exchange.
Principally due to reduction in oil revenues at the time, Nigeria introduced currency restrictions to defend the naira after it failed to halt a dangerous slide with burning of dollar reserves. The bank had earlier warned Nigeria to restore liquidity to its currency market in a way that allowed foreign investors tracking the index to conduct transactions with minimal hurdles.
“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” the bank said in a 2015 note.
Nigeria was listed in JP Morgan’s emerging government bond index in October 2012, after the Central Bank removed a requirement that foreign investors hold government bonds for a minimum of one year before exiting.
The JP Morgan Government Bond Index reflects investor confidence and opens doors to billions of investment flows, making Nigeria’s proposed re-entry a positive signal to the market and investors.
Oniha explained that talks with JP Morgan were ongoing and had gained momentum in recent times due to the stability created by the FX market reforms.
“With all the reforms that have taken place, particularly around FX, we have started engaging JP Morgan again to get back into the index. We think we are eligible now,” the DMO DG said.

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