Economy
COVID-19 caused recession – Buhari

As Nigeria slips into recession for the second time in five years, President Muhammadu Buhari, says it came about because of the severity of the global downturn caused by the COVID-19 pandemic.
He said this on Monday in Abuja, while declaring open the 26th Nigerian Economic Summit with the theme: “Building Partnerships for Resilience’’.
The summit was organised jointly by the Nigerian Economic Summit Group (NESG) and the Ministry of Finance, Budget and National Planning.
Buhari, who was represented by Vice-President Yemi Osinbajo, said that the decline in the nation’s Gross Domestic Product (GDP) came after 12 successive quarters of positive growth.
He said the downturn caused by the pandemic included lockdowns, disruption in global supply chains, business failures and rising unemployment.
“We can all recall that during the lockdown, farming did not take place, businesses were closed; schools were closed as were hotels and restaurants.
“Also, airlines stopped flying, while inter-state commerce was disrupted.
“The economy only began to recover when these activities resumed and if we are able to sustain the nearly three percentage point increase from the second quarter decline of minus 6.1 per cent, the performance in the fourth quarter could take us into positive territory,’’ he said.
Buhari said that it was to mitigate such impact that the Federal Government introduced the Economic Sustainability Plan (ESP).
According to him, all the programmes in the ESP are reliant on the private sector playing a key role in creating and conserving jobs and the production and delivery of services in agriculture, housing, solar power and digital technologies.
He added that the speedy pathway out of the current recession was to quicken the implementation of the ESP.
“Of course, an improvement in global economic conditions, including the restoration of global supply chains and resumption of exports and remittances, should enable a V-shaped recovery.
“We expect, in the same spirit of partnership, that the private sector will complement these efforts by making maximum use of the provisions of the ESP and the Finance Bill when it is passed by the National Assembly and also by retaining and creating jobs so as to keep people at work.
“In a similar spirit of partnership, private sector enterprises should also pay their due taxes,’’ he added.
Speaking on the theme of the summit, he said that partnerships remained essential to attract the resources for building a solid national infrastructural base.
Buhari said that as was evident when the nation was combatting COVID-19, partnerships were essential and also necessary for framing medium and long-term development plans.
He added that the government had always emphasised that the private sector had a key role to play in the efforts to build a more resilient and competitive economy as expressed in the Economic Recovery and Growth Plan.
Buhari said that private companies in design, construction, logistics and finance were very much engaged in the nation’s infrastructural projects in power and rail as well as road and bridges.
“I am pleased to inform in this regard that we are working actively with the CBN, the Nigerian Sovereign Investment Authority and state governments under the auspices of the National Economic Council to design and put in place a N15 billion Infraco Fund, which will be independently managed.
“The Infraco Fund will help to close the national infrastructural gap and provide a firm basis for increasing national economic productivity and growth,’’ he said.
The Minister of Finance, Mrs Zainab Ahmed said that the current recession would be a short one, as government and key stakeholders were proactively working together to put in place sustainable measures to curtail and improve the situation.
She added that in spite of the recession, Nigeria had out-performed many economies in terms of economic growth.
Ahmed said that the Federal Government, in partnership with the NESG had been working together on the national implementation plans as well as the regional and local development plans.
“Since the inception of the NESG 25 years ago, it has become one of the largest annual gatherings dedicated to finding solutions to the challenges facing the Nigerian Economy.
“It has helped to shape government policies, reforms and sector transformations,’’ she said.
Mr Asue Ighodalo, the Chairman of the NESG said the summit must be different as it must emphasise the execution of endless dialogues.
He said that the summit was about building partnerships as sectors could no longer succeed independently.
“We come to the table each year with clear and defined obstacles in search of solutions. The NESG and the private sector must do more to address policy needs
“Let this 26th summit be the one where we collectively resolve to shun greed, nepotism and corruption.
“It is time that we are brave with facing our realities with strength, sense of purpose, and integrity.
“Our reflections would be incomplete if we did not also examine many more policy recommendations that have not been acted upon over the years and acknowledge those that have been actioned,’’ he said.
Our correspondent reports that the two-day summit ends on Tuesday.
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.
-
Uncategorized5 years ago
FG, states urged to harness flooding for ranching, others with technology – Agbaje
-
Headlines10 years ago
Breaking: EFCC seals Borno House of Assembly, as Hon members take to their heels
-
News11 years ago
Nigeria Security Operatives Stage Manhunt For Homosexual Perpetrator
-
Headlines10 years ago
Political Clash:Borno Dep Gov Orders Abduction Of Church Leader
-
News8 years ago
How 21-year-old Girl fled community over accusation of lesbianism
-
News9 years ago
Yobe Gov Moves Against Deputy
-
Opinion6 years ago
7 signs she has friend zoned you
-
Technology4 years ago
Online job placement company headhunts women