Economy
World Bank president commends FG for removing fuel subsidy

Mr David Malpass, President of the World Bank Group, has commended the Federal Government for removing subsidies on petroleum products.
He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at the ongoing 2020 International Monetary Fund (IMF)/World Bank virtual annual meetings.
Malpass was responding to a question on whether the World Bank saw an opportunity or problem regarding the enormous youth population in Nigeria accompanied with rising unemployment and the burden of COVID-19.
“I compliment Nigeria for tackling the problem of subsidies in the hydrocarbon area.
“By reducing those subsidies and allowing gasoline prices to rise – it is very hard for governments to do that – there are substantial benefits.
“It means that there are fiscal savings, it also means that there are environmental benefits that are large and it allows markets to work better and to allocate resources better.
“So, I think progress is being made in that area and it is valuable,” he added.
On tackling the economic crisis the pandemic posed for Nigeria, he said that the vital steps were to strengthen the health and the education system.
According to him, the governance system and transparency were vital in order to reduce the corruption within the system.
He said that there were opportunities as well.
“I think each country has to confront or has to think about where it wants to be in a post-COVID world that is going to be very different from the pre-COVID world.
“That means a different way of people interacting, hopefully better; a greener way of operating; and an emphasis on health care.
“We have extended the emergency health response to include vaccines and distribution of vaccines for COVID, but it also has the benefit of helping the vaccination programes in other areas and the healthcare outreach in other areas that will be so valuable.”
He, however, said that the first priority was to save lives, people’s health and safety.
He said that would involve procedures like social distancing and masks and proper health care if people contract the virus as well as strengthening of hospital systems.
Malpass said that looking at the next stage, it would be a prolonged downturn for many countries, as there would not be as fast a rebound in tourism, for example, as many would like to have.
He said that there would need to be flexibility in economies, so that people could move to new jobs and positions and the country could be prepared for a post COVID global economy.
“We know it is going to be different from the pre-COVID economy. We do not know exactly how and that will only evolve over time.
“So, having countries preserve some of their core industries and businesses, and then keeping families together.
“We are providing social safety nets to try to help provide cash grants for people,” he said.
In addition to the steps to strengthen the process and create a resilient recovery was climate and lower carbon rebuilding efforts, which, he said, was very important.
Also, on what could be done in the recovery period to strengthen and improve global trade as it related to global Gross Domestic Product (GDP), he said a very beneficial step was trade facilitation.
According to the president, that means trying to keep markets open across borders and where markets are closed and lowering the barriers that occur.
“So, for example, between Benin and Nigeria, there are high tariff barriers on rice, which is distortive and expensive, so finding steps that can be done to facilitate cross border trade and to allow commerce to take place.”
That, according to him, means a safe environment, one that is available to all people, that is not discriminatory in terms of the way it operates.
“I think looking more broadly, it is the commitment by countries around the world, a recognition that commerce is critical to people’s rising living standards.
“We strongly support moves worldwide to allow more trade and to reduce the barriers to trade,” Malpass said.
The 2020 Annual Meetings of the IMF and the World Bank Group holding in Washington D. C. began on Oct. 12 and will end on Dec. 16. (NAN)
Economy
FGN Poised To Dismantle Kidnap Economy – General Laka

From Lateef Taiwo
The Coordinator, National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has reaffirmed the commitment of the Federal Government of Nigeria (FGN) to ending kidnap economy in the country.
General Laka stated this while briefing newsmen on the activities of the Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the United Kingdom – National Crime Agency on Tuesday in Abuja.
He said the centre had officially launched the State Expansion Programme of the Multi-Agency Anti-Kidnap Fusion Cell, bridging a critical gap between national security coordination and state-level tactical response.
The National Coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.
He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.
The national coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.
He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.
General Laka noted the cell had played key roles in supporting rescue operations, disrupting kidnapping networks, and improving interagency coordination.
According to him, experience has shown that while national coordination is crucial, state-level engagement is also indispensable.
“Too often, real-time intelligence, local knowledge, and operational readiness reside with field commands, while national coordination can only succeed when it is informed by ground realities.
“This is the primary purpose of this programme – to close the gap between national-level coordination and state-level response. Essentially, to build direct operational linkages between the Cell and state commands across the country,” Laka said.
Economy
Food Security: Sanwo-olu Commended Over Launch of ₦500bn ‘Produce for Lagos’

The Good Governance Campaign Forum (GGCF) has praised the Lagos State Government for launching the “Produce for Lagos” programme, describing this initiative and its ₦500 billion Offtake Guarantee Fund as a brilliant solution to the food insecurity challenges the nation faces.
The Forum issued this commendation in a statement signed by its Coordinator, Rahman Suleiman, on Wednesday, following the official unveiling ceremony of the program earlier in the week.
The program aims to transform Lagos’ food system and reduce the state’s dependency on external food sources, receiving positive recognition both within and outside the state for the Sanwo-Olu-led government’s efforts.
According to Suleiman, the initiative is timely and represents a pioneering collaboration between the Lagos State Government, the private sector, the Lagos Food Systems Infrastructure Company (LAFSINCO), Ekolog, and the Lagos Bulk Trading Company. He noted that this model is designed not only to enhance food production and logistics across the state but could also serve as a scalable framework for improving livelihoods and national resilience.
Suleiman shared insights from the Forum’s sampling of public opinion in Lagos and other states, indicating that people are pleased with the Lagos State Government’s strategic programs aimed at tackling hunger and starvation. He emphasized that a key component of the “Produce for Lagos” program is its data-driven approach, which will help address agricultural inefficiencies and strengthen value chains.
“Food security is a collective responsibility that we cannot afford to neglect as a nation,” Suleiman stated. “We are grateful to God for providing us with a leader like Sanwo-Olu, who is visionary, forward-thinking, and compassionate toward ordinary people.”
He commended Governor Sanwo-Olu for consistently setting benchmarks and leading by example in subnational governance. These achievements underscore the economic growth, infrastructural development, and urban planning efforts of the Lagos government.
“Governor Sanwo-Olu is a trailblazer; he has done exceptionally well, and we fully support his programs and policies. His work over the past six years speaks for itself,” he added.
Suleiman noted that this initiative, a partnership between the state government and the private sector, is expected to significantly boost agricultural production.
During the launch, Governor Sanwo-Olu also announced the deployment of a fleet of 150 cold and dry trucks—the largest of its kind—in partnership with the private sector.
Business mogul Tony Elumelu, who supported the project with ₦25 billion, stated that food security is crucial and expressed satisfaction with the collaboration between Lagos and other participating states.
Other prominent individuals at the event included Amir Kamel, Vice President of Afreximbank, and Michel Deleen, the Consul General of the Kingdom of the Netherlands, among other dignitaries.
Economy
Constitution Amendment: Group Urges NASS, FG To Prioritise Restructuring, Regionalism

… rejects the creation of new states
A prominent youth organization, the Youth Bureau, has urged the National Assembly to prioritize genuine restructuring of Nigeria, emphasizing regional autonomy and the establishment of State Police without further delay. This call comes as the legislature reviews the nation’s constitution.
The demand was articulated in the group’s Position Paper presented to the National Assembly Committee on Constitutional Amendment for the South-West Zone, which convened recently in Lagos.
In a statement signed by its Southern Coordinator, AbdulRahman AbdulRazaq, on Thursday in Lagos, the Youth Bureau also rejected calls for the creation of new states. The group warned that the Supreme Court’s judgment on local government contradicts their position, asserting that its implementation should be set aside. They believe only the State Government should have the authority to create local governments.
AbdulRazaq urged President Bola Ahmed Tinubu to prioritize comprehensive restructuring, as it is fundamental to effective governance and development. He encouraged the National Assembly Committee on Constitutional Amendment to make bold decisions that will have a positive impact on the populace.
He pointed out that the regional governments established in the late 1960s in Nigeria facilitated healthy governance and development, particularly under the Action Group government led by Chief Obafemi Awolowo in the Western Region. During that period, significant advancements were made in free education initiatives, healthcare infrastructure, industrialization, and overall infrastructure growth.
AbdulRazaq noted that the abolition of regional autonomy by the late General Aguyi Ironsi led to a unitary system of government, which resulted in excessive concentration of power in the central government, a lack of adherence to the rule of law, and restricted resource control and financial autonomy for the regions.
The Youth Bureau’s position paper includes the following demands and recommendations for the National Assembly Committee on Constitutional Amendment:
Our Demands
We urge the National Assembly Committee to consider the following:
- Genuine restructuring of the country based on regional autonomy.
- No need for the creation of additional states.
- The formation of State Police without further delay.
- Recognition that local government is a component of state government; the Supreme Court’s judgment on local government contradicts this principle, and its implementation should be set aside. Only the State Government should have the authority to create local governments.
Conclusion
We believe that a decentralized governance system founded on devolution and decentralization will ensure political and fiscal autonomy for its component units and promote equity among them. We urge President Bola Ahmed Tinubu to prioritize comprehensive restructuring and encourage the National Assembly Committee to make bold decisions that positively affect the citizenry.
Recommendations
- Decentralize governance in theory, practice, content, and character.
- Ensure equity among the component units.
- Guarantee political and fiscal autonomy for the regions.
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