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General news

Nigeria ready for second peer review process of APRM

By Edith Ike-Eboh
Abuja, Feb. 6, 2020 (NAN)  Mrs Gloria Akobundu, the Chief Executive Officer (CEO), African Peer Review Mechanism (APRM) National Secretariat, has expressed Nigeria’s readiness for the second round of APRM.

Akobundu made the plan known in her speech at the 30th meeting of the Committee of APRM Focal points in Addis Ababa on Thursday, and made available to News Agency of Nigeria (NAN) in Abuja.

She noted that the country had put in place all necessary structures for the effective implementation of a second peer review process of APRM.

Speaking on the implementation of APRM process in Nigeria Akobundu  called for effective collaboration with APRM Nigeria National Secretariat to actualise the objectives of APRM.

The CEO of APRM Nigeria told the meeting that the review process in Nigeria was being effectively implemented through the support of President Muhammadu Buhari.

She listed national achievements in the implementation of the APRM process to include the revitalisation of the National Secretariat and effective implementation of the National Programme of Action.

Others, she added, included domestication of APRM at the state and local government levels and repositioning of APRM Nigeria for effective service delivery.

According to Akobundu, the Nigerian government has also demonstrated the political will and commitment to the APRM process.

She said the country’s  commitment had been reflected in the establishment of all the structures for the review process and conduct of second cycle review; composition and inauguration of the National governing Council structure as well as the digitalisation of the National Secretariat.

Akobundu said that the APRM National secretariat had embarked on several anti-corruption crusades with relevant law enforcement agencies.

She said that in addition, APRM had embarked on a nationwide voter education on violence free elections as well as election monitoring and evaluation.

‘‘A side event on Migration and Bridging Africa’s Infrastructure Gap was held on the Margins of 73rd United Nations General Assembly (UNGA).

‘‘A Side Event on Promotion of International Cooperation to Combat Illicit Financial Flows (IFFs) to Strengthen Good Practices and Foster Resource Mobilisation for Africa’s Development was held at the margins of 74th UNGA.

‘‘Also, earlier in 2018, the president approved a nationwide sensitisation on “Silencing the Guns” Agenda 2020 and Proliferation of Small Arms at the grassroots level,’’ she said.

Akobundu added that Nigeria was looking forward to welcoming the Mission Team to the Broad Sensitisation/Training in Abuja from Feb. 27 to Feb. 28.

She thanked Prof. Eddy Maloka, CEO of APRM Continental Secretariat and his team for providing support to the APRM National Secretariat towards achieving the Sustainable Development Goals (SDGs) 2020 and Agenda 2030.

Nigeria’s first peer review was conducted in 2008.

The upcoming peer review will cover all the six geo-political zones of the country and will begin with the Nigeria country’s self assessment Report.

The four thematic areas to be covered in the nation’s self assessment report process include: democracy and political governance; economic governance and management, corporate governance and socio-economic development and governance.

The APRM is a voluntary self-assessment criterion aimed at transformative leadership through the sharing of experiences amongst the 39 member states, which came into effect in 2003. (NAN)
ENO/KOO/ISMA
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Edited by Kevin Okunzuwa/Ismail Abdulaziz

 

General news

Corruption Nigeria’s biggest challenge -EFCC

Corruption
By Christian Njoku
Calabar, Feb. 4, 2020 (NAN) Mrs Theresa Nwosu, Head, Public Affairs Department of the Economic and Financial Crimes Commission (EFCC), Uyo Zonal Office, on Tuesday said that corruption remained Nigeria’s biggest challenge and not leadership.

Nwosu, who made this known in an interview with News Agency of Nigeria (NAN) in Calabar, said corruption has eaten deep into all the fabric of Nigerians lives.

She explained that the EFCC has put all hands on deck to ensure the eradication of corruption in order for Nigeria to succeed.

“You heard Mr President sometimes ago when he said that if we don’t kill corruption, it will kill the nation, that is how bad it is.

“Every Nigerian knows that the problem we have in Nigeria today is corruption and whether this corruption wants to die or not, we will kill it.

“Although, many still see the activities of the commission as a witch-hunt, the big question is if you have classified EFCC as witch-hunters, why do you still make yourself a witch for EFCC to hunt?

“There is no innocent person that has been convicted, even though EFCC is not the judiciary that do the convictions.

“It is important to state that every Nigerian must get involved if we must succeed in killing this hydra headed monster as it has permeated our lives,” she said. (NAN)
CBN/ISMA
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Edited by Ismail Abdulaziz

Health

World Pneumonia Day: Nigeria contributes highest number of child pneumonia globally – UNICEF

World Pneumonia Day: Nigeria contributes highest number of child pneumonia globally – UNICEF

By Vivian Ihechu
Pneumonia
Lagos, Nov. 12, 2019 (NAN) As the World marks the Pneumonia Day on Tuesday, a new analysis by the UNICEF says Nigeria contributes the highest number of global pneumonia deaths.
The UNICEF analysis produced in September 2019 is based on WHO and Maternal and Child Epidemiology Estimation Group (MCEE) interim estimates and the United Nations Inter-agency Group for Child Mortality Estimation estimates for the year 2018.
The News Agency of Nigeria (NAN) reports that pneumonia is caused by bacteria, viruses or fungi, and leaves children fighting for breath as their lungs fill with pus and fluid.
The World Pneumonia Day is commemorated annually on Nov. 12 and the theme for 2019 is “Healthy Lungs for All”.

According to the analysis, Nigerian children made up the highest number of those who died, with an estimated 162,000 deaths in 2018 – 443 deaths per day, or 18 every hour.
It said that pneumonia claimed the lives of more than 800,000 children under the age of five last year globally, or one child every 39 seconds.
In Nigeria, 19 per cent of child deaths were due to pneumonia in 2018, and it was the biggest killer of children under-five in 2017.
More children under the age of five died from the disease in 2018 than from any other, 437,000 children under-five died due to diarrhoea and 272,000 to malaria.
Five countries were responsible for more than half of child pneumonia deaths: Nigeria 162,000; India 127,000; Pakistan 58,000; the Democratic Republic of Congo (DRC) 40,000 and Ethiopia 32,000.
Remarking on the situation, Pernille Ironside, Acting UNICEF Representative in Nigeria, said: “Pneumonia is a deadly disease and takes so many children’s lives – even though this is mostly preventable.
“And yet, this killer disease has been largely forgotten on the global and national health agendas. We can and must change this.
“Increased investment is critical to the fight against this disease.
“Only through cost-effective protective, preventative and treatment interventions delivered to where children are, including especially the most vulnerable and hardest-to-reach, will we be able to save hundreds of thousands of lives in Nigeria,’’ Ironside said in a statement.
According to UNICEF, the biggest risk factors for child pneumonia deaths in Nigeria include malnutrition, indoor air pollution from use of solid fuels, and outdoor air pollution.
Also, living in areas with high levels of air pollution and unsafe water, are at far greater risk.
To address the disease, UNICEF says it can be prevented with vaccines, and easily treated with low-cost antibiotics if properly diagnosed.
A joint global call to action by six health and children’s organisation to tackle the epidemic includes that governments in the worst-affected countries should develop and implement Pneumonia Control Strategies to reduce child pneumonia deaths.
They also called for improved access to primary healthcare as part of a wider strategy for Universal Health Coverage as well as increased funding for research and innovation.
Also, richer countries, international donors and private sector companies are urged to boost immunisation coverage by reducing the cost of key vaccines and ensuring the successful replenishment of Gavi, the Vaccine Alliance. (NAN)
VIV/MST
Edited by Muhammad Suleiman Tola

Sport

FIBA 3×3 Africa Cup: Team Nigeria departs for Kampala

FIBA 3×3 Africa Cup: Team Nigeria departs for Kampala
By Olanrewaju Akojede
FIBA
Lagos, Nov. 6, 2019 (NAN) The Nigeria Basketball Federation (NBBF) on Tuesday said that the National 3×3 team had departed the shores of Nigeria to Kampala, Uganda, aboard a Rwanda Air flight from Abuja for the 2019 FIBA 3×3 Africa Cup by 1 p.m.
The Media Officer, NBBF, Afolabi Oni, in a statement in Lagos said that the male team had previously won the inaugural edition while it settled for bronze in the last edition.
“Kano Pillars duo of Godwin David and Lucky Subel alongside Agu Ibeh (Gombe Bulls) and Victor Koko (Rivers Hoopers) made the final men’s team released by the Team’s head coach, Chris Acha.
“For the Women, Zenith Bank Women Basketball League winner, Okah Chinwe of Air Warriors of Abuja will team up with Gloria Umeh (Plateau Rocks), Dangosu Theresa (Customs) and 2019 Africa Games gold medalist, Ifunaya Okoro (First Bank).
“In spite of all four making their debut at the senior level, the team will hope to go a step further and surpass her silver medal finish at the 2017 edition.
“The men’s team won the inaugural edition in 2017 and settled for the bronze medal at the 2018 edition hosted in Lome, Togo,” he said.
Oni added: “The U-18 boys team comprises of Oyedokun Olamilekan (Flygerian Academy), Akomolafe Olamilekan (Kwara Falcons), Mustapha Oyebanji (Kwara Falcons) and Kanyinsola Odufuwa (Hoops and Read)
“Ezebilo Grace (MFM) tops the list of the U-18 girls team alongside John Grace (First Bank), Ubi Majomary (Dolphins) and Godgift Joseph (MFM).
“Meanwhile, the Technical crew headed by Acha will consist of Christopher Okoh, Juliana Akhere, Nnorom Mark while Simon Evbuoman will be the accompanying referee.
“The 12 teams registered for the men´s competition will be divided into 4 pools of 3 teams and will play a round-robin phase leading to a single elimination as of quarter-final games.
“The u-18 boys and girls competition starts on Thursday, Nov. 7, while the men and women’s events will commence on Friday, Nov.8.”
“Nigeria is grouped alongside Niger Republic, Uganda and Burundi in Group B while the girls will battle Egypt, Mali and Kenya in Group A in the U-18 category,” he said. (NAN)
KOJE/MST
Edited by Muhammad Suleiman Tola

Sport

FIFA Ranking: Nigeria drops by one spot, now world 35th

FIFA Ranking: Nigeria drops by one spot, now world 35th

By Bushrah Yusuf-Badmus
Ranking
Ilorin, Oct. 24, 2019 (NAN) Nigeria’s Super Eagles have dropped by one spot in the FIFA World ranking for the month of October to now place as world 35th country.
In the ranking table from the world football governing body, FIFA on Thursday, Nigeria garnered 1,481 points as against 1482 recorded in September.
However, in spite of the drop, Nigeria still occupy the third spot in Africa behind Senegal and Tunisia who are placed 20th and 29th with 1,546 and 1,495 points, respectively.
On the global scene, although, 184 recent international matches have left their mark on the latest FIFA/Coca-Cola World Ranking, those at the very top remain unaffected by the movement around them.
Belgium (1st, unchanged) still leads the way from France (2nd, unchanged) and Brazil (3rd, unchanged), although top-ten rivals Uruguay (5th, up 1), Croatia (7th, up 1), Argentina (9th, up 1) have at least edged closer to the summit.
But the most significant rises are to be found further down the Ranking, where the in-form quartet of Ukraine (22nd, up 3), Japan (28th, up 3), Turkey (32nd, up 4) and Russia (37th, up 5) are among the more notable climbers.
Jumps of 10 or more places have also been made by a clutch of teams outside the top 50, namely Nicaragua (137th, up 11), South Sudan (162nd, up 11), Barbados (160th, up 10) and São Tomé and Príncipe (180th, up 10).
And there is fresh celebrate, too, for Kosovo (114th, up 5), who can again reflect with pride on their best Ranking position to date. (NAN)
BAY/MST
Edited by Muhammad Suleiman Tola

General news

Buhari inaugurates, sets agenda for Economic Advisory Council

Buhari inaugurates, sets agenda for Economic Advisory Council

By Ismaila Chafe
Agenda
Abuja, Oct. 9, 2019 (NAN) President Muhammadu Buhari on Wednesday administered oaths of office on members of the newly constituted Presidential Economic Advisory Council (PEAC).
Inaugurating the 8-man council at the presidential villa, Abuja, Buhari set an agenda of what they should accomplish in the shortest possible time.
The president at a meeting with the council chaired by Prof. Doyin Salami charged them to focus on developing reliable data that would properly reflect what is happening in the country.
Buhari described the task before the PEAC as “most important national assignment’’.
“As you develop your baseline study, I would like you to focus on primary data collection. Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies.
“Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground.
“This is disturbing as it implies we are not fully aware of what is happening in our own country.
“We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities.
“Our programmes covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes.
“As you travel in some rural communities, you can clearly see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability,” he said.
The president also used the occasion to set agenda and expectations from the council, constituted on Sept. 16, to replace the Economic Management Team (EMT).
On the Social Investment Programmes (SIPs), the president told members that his administration was working to measure the impact of the programme targeted at improving the well-being of millions of poor and vulnerable citizens.
To this end, Buhari said he had directed the new Minister for Humanitarian Affairs to commence a comprehensive data-gathering exercise in all Internally Displaced Persons (IDP) camps in the North East.
He said: “Today, we hear international organisations claiming to spend hundreds of millions of dollars on IDPs in the North East. But when you visit the camps, you rarely see the impact.
“In 2017, when the National Emergency Management Agency took over the feeding of some IDPs in Borno, Yobe and Adamawa, the amount we spent was significantly lower than the claims made by these international organisations.
“Therefore, actionable data is critical to implement effective strategies to address pressing problems such as these humanitarian issues.
“I, therefore, look forward to receiving your baseline study as this will help us shape ideas for a sustainable and prosperous future,’’ the president said.
On his expectations from the council, Buhari urged them to proffer solutions on how to move the country and economy forward.
He directed the council to coordinate and synthesise ideas and efforts on how to lift 100 million Nigerians out of poverty in the next 10 years, working in collaboration with various employment generating agencies of government.
“I am told you worked throughout last weekend in preparation for this meeting.
“I have listened attentively to findings and ideas on how to move the country and the economy forward.
“Yes, Nigeria has exited the recession. But our reported growth rate is still not fast enough to create the jobs we need to meet our national ambition of collective prosperity.
“Reason being we had to tread carefully in view of the mess we inherited.
“Many of the ideas we developed in the last four years were targeted at returning Nigeria back to the path of growth.
“I am sure you will also appreciate that during that time, our country was also facing serious challenges especially in the areas of insecurity and massive corruption.
“Therefore, I will be the first to admit that our plans were conservative. We had to avoid reckless and not well thought out policies.
“However, it was very clear to me after we exited the recession that we needed to re-energise our economic growth plans. This is what I expect from you,” the president said.
Buhari also assured the council that the Federal Government would ensure that all their needs and requests were met before the next technical sessions in November.
He said all key ministries, departments and agencies would be available to meet and discuss with them on how to collectively build a new Nigeria that caters for all.
“Now, no one person or a group of persons has a monopoly of knowledge or wisdom or patriotism.
“In the circumstances, you may feel free to co-opt, consult and defer to any knowledgeable person if in your opinion such a move enriches your deliberations and add to the quality of your decisions,” Buhari said.
The chairman of the council said the mandate was about “Nigeria first, Nigeria second, and Nigeria always,” adding that it is about Nigerians, not as numbers, but as people.
“Our goal is that the economy grows in a manner that is rapid, inclusive, sustained and sustainable, so that Nigerians will feel the impact,” Salami said. (NAN)
SYC/IAA/MST
Edited by Isaac Aregbesola/Muhammad Suleiman Tola

Uncategorized

Postgraduate medical college saves Nigeria over N1trn – President

Postgraduate medical college saves Nigeria over N1trn – President

By Ummul Idris
Specialists
Abuja, Oct. 3, 2019 (NAN) Dr Da Lilly-Tatriah, the President of National Postgraduate Medical College of Nigeria, says the college has trained 7,000 since inception and saved the country over N1 trillion in cost of training.
Lilly-Tatriah disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja as part of the 50th anniversary of the college.
He said that the college had reasons to celebrate the golden jubilee training of specialists, adding that about 7,000 specialists trained by the institution till date had saved the country a trillion naira in cost of training.
According to him, when this is multiplied by valued added in terms of services to the nation and repatriations by expatriates Nigerian doctors, one can understand the enormous benefits of the college to the country.
“This country currently trains approximately 4,000 doctors per annum today from 40 medical schools.
“All 95 per cent of the clinical teachers are products of our college and have been trained within the country,” he said.
He said that when the economic downturn of the 1980s hit the medical profession, highly qualified and foreign trained Nigerian specialists were in great demand in the oil kingdoms of the Middle East.
The president of the college said that the demand was the loss of the country’s capable hands to other countries.
He however said that the national postgraduate medical college stood tall, adding that under very difficult circumstances it was able to replicate capable specialists.
“These specialists are today in great demand abroad in the current economic downturn facing the country and the college at 50 years is better positioned to deal with the current wave of brain drain,” he assured.
NAN recalls that the college was established by Decree No. 67 of Sept. 24, 1979, now Cap N59 Laws of the Federation 2004.
It is a body corporate with perpetual succession and a common seal. (NAN)
UMD/MST
Edited by Muhammad Suleiman Tola

Foreign

Onyeama meets with Namibian government to strengthen bilateral relations

Nigeria's Foreign Affairs Minister, Geoffrey Onyeama (M)) with Amb. Selma, Ashipala-Musavyi, Executive Director, Ministry of International Relations, Namiba (R) and Mrs Lilian Onoh, Nigeria's High Commissioner to Namibia to (L) during his official visit to Namibia

Nigeria’s Foreign Affairs Minister, Geoffrey Onyeama (M)) with Amb. Selma, Ashipala-Musavyi, Executive Director, Ministry of International Relations, Namiba (R) and Mrs Lilian Onoh, Nigeria’s High Commissioner to Namibia to (L) during his official visit to Namibia

Onyeama meets with Namibian government to strengthen bilateral relations

By Lizzy Okoji
Relations
Abuja, Oct. 6, 2019 (NAN) Nigeria’s Foreign Affairs Minister, Geoffrey Onyeama is on a two-day working visit to Namibia to discus strengthening bilateral relations and international cooperation between Nigeria and Namibia.

Mrs Sarah Sanda, the Special Assistant to the Minister on Media, disclosed this in a statement on Sunday in Abuja.

According to Sanda, the Minister is expected to meet with his counterpart Minister of International Relations and Cooperation, Mrs Netumbo Nandi-Ndaitwah, on Monday.

She said that both ministers would discuss bilateral, regional and multilateral issues of mutual interest and concern to Nigeria and Namibia.

Sanda said that Onyeama on arrival held a meeting with Nigerians living in Namibia and took the opportunity to explain some progranmmes and policies on foreign relations of the Federal Government.

She said that the minister noted that it was heartwarming to note that there is no Nigerian in prison in Namibia.

Sanda said that Onyeama was received at the Hosea Kutako International Airport by Mrs Lilian Onoh, Nigeria’s High Commissioner to Namibia, and Amb. Selma Ashipala-Musavyi, Executive Director, Ministry of International Relations and Cooperation, Namibia. (NAN)
LIZ/MST
Edited by Muhammad Suleiman Tola

Metro

59th Independence: Time to reassert our relevance, leadership- NLC, TUC

59th Independence: Time to reassert our relevance, leadership- NLC, TUC

Independence

By Tosin Kolade

Abuja, Oct. 1, 2019(NAN) As Nigeria marks her 59th Independence, the organised labour has called on the country to reassert her value and leadership in the continent and stand by the tenets of democracy.

Mr Ayuba Wabba, the NLC President, in a statement said the anniversary of Nigeria, like the ones before it, offered an opportunity for serious soul-searching and very candid reflection.

According to him, in our journey to nationhood, Nigeria has had a number of highs and lows, saying while we should celebrate the highs, we must also ponder on the lows and pick useful lessons from them.

“It is important to celebrate the deconstruction of colonial rule and what independence offered the Nigerian nation and people.

“A priceless opportunity to pursue our dreams and rewrite the history of colonial evil by the strides of our post colonial existence,” he said.

Wabba said that the country started off on a trajectory of solid foundation laid by the country’s founding fathers, who he said were in a hurry to hurl her at par with development elsewhere.

He said that the founding fathers invested heavily to build the social capital of the country through their commitment to quality and universal public education and construction of excellent medical facilities.

The result, according to him, was topnotch human capital development as Nigeria became the doyen of intellectualism in Africa, producing world class scholars, professionals and workers in different sectors of the economy.

He stated that many of the country’s universities and hospitals were ranked among the best on the continent and in the world, adding that it attracted scholars and sick people from all over Africa and even beyond.

According to him, our founding fathers showed sincere commitment to industrialisation because they believed in the dignity of labour and wanted every Nigerian to be gainfully employed.

“Industrialisation was not the dessert but the main menu of governance, our founding fathers proved this by creating the enabling environment for industrialisation, by providing quality roads, mass electrification and security of lives and property.

Wabba, however, said that the 59th independence anniversary offered Nigeria a moment to reflect, re-prioritise, re-strategise, re-position, and re-launch the Nigerian dream.

He said that as leaders and citizens, “we owe ourselves, and generations unborn the responsibility of bequeathing a nation of justice, equity and prosperity.

The Trade Union Congress (TUC) President, Quadri Olaleye, and Secretary General, Musa-Lawal Ozigi, in a statement said military incursion into politics, corruption, ethnicity, religious crisis were major reasons inhibiting the nation’s growth.

The statement read, “The military incursion into politics, corruption, ethnicity, religious crisis, have worked against our national development. It is even more worrisome and unfortunate that at this time and age the crack is widening by the day.

“We must interrogate the reason why countries we were at par with have left us far behind. China, India, Indonesia, were our contemporaries but they are now in the first league while we are dragging economic space with some countries in Africa.

“Although revenue from tax has improved significantly but unfortunately, instead of widening the tax net, the impoverished public is overtaxed, leading to despondency and despair.”

TUC also berated the Federal Government for failing to pay the new Minimum Wage of N30,000 as earlier agreed.

“We find it disturbing that months after the National Minimum Wage committee set up by the Federal Government to work on the new wage had submitted their report, government is still not committed to paying the new wage.

“We are beginning to think that signing it in the first place was because of the 2019 General Elections. To talk about setting up another committee over the same issue makes us feel we have been swindled. We have learnt our lessons.

“The argument on the part of government has always been that there is no money to pay minimum wage, whereas lawmakers have budgeted N5.6bn to purchase automobile that are not produced in Nigeria.

“Our belief is that government can actually pay if only the cost of governance will be reduced.” (NAN)

TAK/IFY
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Edited by Ifeyinwa Omowole

Economy

  Nigeria@59: How Nigerian Capital Market has fared — Operators

 

Nigeria @ 59:  How Nigerian Capital Market has fared — Operators

By Chinyere Joel-Nwokeoma

Lagos, Sept. 28, 2019 (NAN) Ahead of the country’s independence anniversary on Oct. 1, Nigerian capital market operators have identified some highs and lows of the market as the nation turns 59.

They spoke in separate interviews with the News Agency of Nigeria (NAN) on Saturday in Lagos, while reviewing Nigeria’s capital market performance over the years.

Prof. Sheriffdeen Tella, Professor of Economics, Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said that the country’s capital market development and activities had been affected by macroeconomic instability.

Tella, who observed that the capital market had come a long way in terms of development and operations, said that economic instability remained a major threat to the sector.

“Naturally, development of and activities on a nation’s capital market are often affected by macroeconomic activities and stability of the nation, including ability of the country to withstand external shocks.

“The Nigerian economy is quite weak as it still depends largely on primary sector for exports and corresponding income, which are externally dependent.

“So, lack of growth and economic instability of the nation affect the efficiency and effectiveness of the market, just as the underdeveloped private sector.

“Nigerians are not only risk averse but generally lack deep knowledge of capital market and its activities.

“The capital market needs to be continually innovative and dynamic to attract more patronage and participation,” Tella said.

According to him, listing requirements can be revised regularly.

He noted that the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) managements need to approach businesses to list on its market.

Tella also called for more enlightenment of the private businesses and the public on benefits of being involved in the capital market.

Mr Sola Oni, Chief Executive Officer, Sofunix Investment and Communications, told NAN that  unstable macroeconomic environment, nurtured by uncertainty in the political and economic space remained a major drag to market rebound in Nigeria.

“The market has faithfully continued to serve as a barometer that gauges the economy.

“Nigeria’s economy is characterised by sluggish growth while insecurity and weak economic fundamentals, among others have further worsened the precarious nature of the market.

“This is not peculiar to Nigeria; trade tension between the U.S. and China is taking tolls on the world economy; this has dire effects on the operations of emerging markets.

“The emerging markets in which Nigeria is a member is characterised by high volatility and high returns while they provide diversification opportunities for investors in developed markets,” Oni told NAN.

He noted that the Federal Government’s lethargic approach towards utilising the market remains the elephant in the house.

Oni said that the market was grossly undervalued across the board as investor apathy continued to deepen by the day.

“Investors are still apprehensive of macroeconomic instability and inclement operating environment.

“This partly explained the prolonged downward trend on the Exchange.

“Aside from mega listing of MTN and a few others, there is abysmal dearth of new listing.

“Government is crowding out equity investors as monetary policy favours investment in fixed income,” he stated.

Oni, however, urged the new Economic Advisory Council (EAC), headed by Prof. Doyin Salami, to conduct a clinical review of all policies that would impact on market growth and development for effective implementation.

He explained that  EAC’s engagement should focus on how to fix the economy with multiplier effects on global competitiveness of the market.

According to him, the Nigerian capital market remains a major hub by which the country can serve as an investment destination.

Oni said that in spite of the challenges, there was hope on the horizon, considering initiatives put in place by market regulators to scale up activities.

“There is a more effective and efficient regulatory approach with the deployment of Information and Communications Technology (ICT) by SEC and NSE to operationalise their services.

“Market monitoring, enforcement of rules and ease of exchange of information between the regulators and other stakeholders in the ecosystem have been upscaled,”he said.

Oni added that the arrival of  the Lagos Commodity and Futures Exchange (LCFE),  NASD and FMDQ Securities Exchange had further diversified the market.

“They have created multiple sources of transaction for the stakeholders in the capital market ecosystem. The future is bright,” he stated.

Mr Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria  (ISAN), told NAN that  the capital market could not be isolated from the general economy.

Igbrude said the nation’s economy had been facing challenges occasioned by insecurity, power, lack of infrastructure, multiple taxation and policies inconsistencies, among others.

The ISAN Secretary said that many companies had folded up due to high cost of production which made them uncompetitive.

According to him, the  government as a matter of urgency, should address the issue of power to make the country competitive in ease of doing business.

Igbrude called on SEC and NSE to partner with the federal government to address multiple taxation and illegal collection of taxes by touts going on in the country.

He also stressed the need for tax incentives to encourage more listing on the nation’s bourse.

“SEC and NSE should also put a very good advocacy programme in place to encourage and awaken Nigerians interest in the capital market to reduce dominance of foreign investors,” Igbrude said.

He said that this would boost local participation in the market and as well enable local investors to absorb shares offloaded by foreign investors any time there was perceived economic instability. (NAN)

JNC/VIV/SOA

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Editing by Vivian Ihechu/Oluwole Sogunle