Fubara raises the alarm, says economy ‘ll suffer if there’s no end to oil theft

Emmanuel Nlewedum, Port Harcourt

Rivers State Governor, Sir Siminalayi Fubara has stressed the need for proactive measures by not only the security agencies in the fight against oil theft in the Niger Delta region.

Governor Fubara said, if oil theft is not checked, the country’s economy will be badly impacted, and there will not be funds to address critical issues.

The governor stated this while swearing-in new Commissioners into his cabinet at the government house, Port Harcourt on Tuesday.

“We are in a situation where the fund that is being generated from oil production is not sufficient to tackle the challenges of Nigeria, and every hand has to be on deck to make sure that there is increase in production.

“Our focus here, not minding the distractions, will be how to provide support. You have to work with us to make sure that we curb this issue of oil theft and pipeline vandalisation.

“This is the only way that the allowances (revenue) will increase and more will also come to our State, and more progress will also be achieved in this State.”

Governor Fubara explained that his administration is doing a lot for the good people of the State, that are not being seen because of the political drama that takes their attention away.

He however, said that his administration is working out modalities, and will soon choose a day, which could probably be before the end of October, 2024, to showcase a few projects and services that have positively impacted lives in the State.

Governor Fubara congratulated the newly sworn-in commissioners for making it into the Rivers State Executive Council.

He explained that more persons whose loyalty are for Rivers people and the administration needed to be admitted into the Rivers State Executive Council to help drive the policy of government because they will not resign their appointment.

Governor Fubara said: “We want to be sure, at this point, who we are adding into the Council, so that we will not wake up one morning and see resignation letter. So, we are taking our time.

“And usually, after a normal political period, there used to be what we call balancing. So, I can also say that the new Commissioners that are coming in are coming from their zones to also balance the political equation.”

Governor Fubara charged them to be dedicated, forthright, diligent and productive while rendering quality services to the State.

He expressed belief in their capacity to deliver because of their exposure to the workings of government, and expressed the hope that they will contribute positively to the success of the administration.

He said, “So, let me thank everyone of you. Let me also use this opportunity to thank the good people of Rivers State for their support, and to assure them that we will continue to defend, protect the interest of Rivers people.

“I want to thank everyone of you for your support, more especially before, during and after the elections. I appreciate your doggedness, your belief in our course to salvage this State, to protect the integrity of this State,” he added.

Stockbrokers chart pathway for  $1trillion economy

Meanwhile, Worried by the inclement operating environment in Nigeria, the Chartered Institute of Stockbrokers  (CIS) is set to leverage its members’ strong financial background to identify strategies by which the Nigerian Federal Government can grow the economy to its $1.0 trillion target.

 

Besides, the  Institute’s plan to showcase innovative solutions for capital market expansion and economic growth and development, shall form the fulcrum of its 28th Annual Stockbrokers Conference, scheduled for November 7th and 8th, 2024in Ibadan, Oyo State capital.

 

The two-day conference, themed :

“Capital Market as a Catalyst for the $1.0 Trillion Economy” to hold at the International Conference Centre, Ibadan, aims to explore the critical role of the capital market in driving Nigeria’s economic growth and achieving a trillion-dollar economy.

 

The event will bring together policymakers, industry leaders, and finance experts to share insights and proffer solutions to the challenges facing the Nigerian economy.

 

A statement, signed by the Institute’s Registrar and Chief Executive, Dr Josiah Akerewusi, indicates that participants shall

examine the current state of the Nigerian economy and identify areas for improvement, discuss  strategies for enhancing the capital market’s contribution to economic growth and foster  collaboration among stakeholders to drive policy reforms and regulatory enhancements amongst others.

 

” As we all know, the Federal Government under the leadership of President Bola Ahmed Tinubu has articulated the vision of attaining a $1 trillion economy during his tenure and we firmly believe that Nigerian Capital being a key driver of the economy is well positioned to drive the actualisation of the vision.

 

“We are convinced that the Nigerian capital market can generate up to half of the envisaged $1 trillion.

 

“The choice of Ibadan for this year’s conference is intentional. Ibadan is an ancient city with lots of attractions that will create great memories for every participants.  It is an avenue for stockbrokers  to take time out of the hustling and bustling of Lagos and be in a relaxed atmosphere to network and connect with each other. Ibadan has a beautiful scenery and some of the listed  companies have their factories in Ibadan.”, says the 1st Vice President, Fiona Ahimie.

 

Corroborating her, the Vice Chairman, Annual Conference  Committee, Simisola Ojumu, highlighted the uniqueness of the 2024 Conference, saying : ” The panel sessions have been carefully structured to address critical issues about making the Nigerian business environment attractive for doing business to attract more domestic and foreign investment. The sessions will address policy and regulatory framework for optimal capital market performance.

 

There will also be deliberations on how digital innovation can be harnessed for  overall growth and development of the capital market ecosystem.”

 

Topics that shall engage the panelists include: ” X-Raying the Critical Sectors of the Nigerian Economy: Recommendations for Improved Performance”; ” Strengthening  the Capital Market’s Roles for Economic Growth through Strategic Enhancements”; ” Enhancing Policy and Regulatory Framework for Capital Market Performance” and “Harnessing Digital Innovation for Capital Market Expansion and Economic Growth.”