Headlines
Sanusi Lamido Releases Bombshell Over Nigeria’s Crude Oil
The former CBN governor, Sanusi Lamido Sanusi, said on Thursday that Nigeria’s reliance on oil production alone is not sufficient to guarantee prosperity for the country.
Sanusi made this statement while delivering the keynote lecture at the Distinguished Lecture Series of the Nigerian Institute of International Affairs (NIIA) in Lagos.
According to the former emir of Kano, Nigeria’s dependence on oil is not a working strategy to make us rich; however, it can put the country in great trouble.
Sanusi observed that it’s important to bring the economy into public discourse because that’s the only way through which Nigeria’s economic predicament can be addressed.
Referencing oil-producing countries such as Saudi Arabia, Kuwait and Gabon, he stated the country merely produced 2.3 barrels per day for an average Nigerian.
“Oil is not enough to make us rich but enough to put us in trouble.
“Nigeria will never get rich from producing oil.
“At best, it represents working capital that can enable the launch of other industries.
“Nigeria produces just 2.3 barrels per person per year compared to Saudi Arabia’s 91.4, Kuwait’s 221.6 and Gabon’s 31.7,” he said.
Subsidy removal and unification of the naira
Speaking further, the former CBN governor commended President Tinubu for removing subsidy and unifying the multiple exchange rate, noting that these two structural reforms will bolster economic growth in the country.
He also stated that while in 2011 he revealed the danger subsidy and multiple exchange rates posed to the economic landscape, many people refused to listen to him because of vested interest.
He said,
“If the state is a rentier state where the people in control see it as an avenue to make money for themselves and their families, they are never going to run an economy that encourages production and growth.
“If it is run by people who are thinking long-term and of the legacy they will leave behind for their children and the future of the country, they will run different sets of different policies.
“I think every economist knows that multiple exchange rates are a problem, but as long as politicians are able to give themselves a dollar at 400 Naira and sell at 700 Naira, they are not ready to listen to the economists,
“We said, if we did not do something about those subsidies, we would end up where we are today.”
Short-term and Long-term Solution
Furthermore, Sanusi advised the President to focus on the diversification of the economy from oil reliance as a long-term strategy to the present economic challenges.
He said that while conditional cash transfer can be used to cushion the effect of these reforms in the short term, the government should have a long-term plan to ensure that Nigeria becomes a productive state.
“In the short term, the most effective measure to offset the removal of fuel subsidies is cash transfers.
“The design of individual cash transfer programmes varies considerably in reach and coverage.
“The long-term solution is to reduce dependence on PMS,” Sanusi added.
More on the Story
On his part, Prof. Eghosa Osaghae, the Director-General of NIIA, characterized Nigeria as a nation blessed with abundant resources and the largest democracy in Africa.
He noted that the country had been through challenges but expressed optimism that it would surmount all challenges
“We have continually proven to be the giant, and we must lead others there,” Osaghae said
The post Sanusi Lamido Releases Bombshell Over Nigeria’s Crude Oil appeared first on Jomog.
Education
1ST NIGERIAN TERTIARY INSTITUTIONS CONFERENCE ON UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ESSAY COMPETITION
Competition Overview:
The SDG Youth Essay Competition offers a grand prize of N1 million for the top three winners, along with free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Competition Requirements:
1. Eligibility:
– Open exclusively to undergraduates in Nigerian tertiary institutions.
2. Entry Guidelines:
– Topic:The Role of Students in Attainment of SDG4
– length: Essays should be 1500 words.
– Entry Period: Thursday, February 1, 2024 – Thursday, February 29, 2024
– Referencing: APA Style (6th Edition).
– Font: Times New Roman, 12-point font size.
– Documentation: Typed in 1.5 line spacing, MS Word format only.
– Plagiarism: Only original content is accepted; plagiarized entries will be disqualified.
Benefits:
– Prizes:
– 1st Prize: N500,000
– 2nd Prize: N300,000
– 3rd Prize: N200,000
– Winners will also receive free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Required Documents:
– Student’s Institution ID Card
– Copy of Student’s Admission Letter
– One recent passport-size photograph
– WhatsApp telephone number and email address
Application Procedure:
– All entries and submissions (essay and required documents) should be scanned and sent to nigeriaessay@sdgyouth.org before the deadline.
For Further Inquiries:
– Call: 08068931151, 08133846739, 07067772964
– Email: nigeriaessay@sdgyouth.org
Deadline: February 29th, 2024
Don’t miss this opportunity to contribute to achieving SDG4 and win exciting prizes. Submit your entry and required documents before the deadline. For any inquiries, feel free to contact them via phone or email.
Competition Overview:
The National Essay Competition invites undergraduate law students to showcase their expertise and contribute to the discourse on AI, privacy, and data protection. In addition to cash prizes, participants have the chance to intern with Pentagon Partners, gaining valuable hands-on experience.
Competition Requirements:
1. Eligibility:
– The competition is open to 400-level and 500-level undergraduate law students in Nigerian universities.
2. Essay Requirements:
– Length: Essays should not exceed 1500 words.
– Format: Double spaced, 12pt Times New Roman font.
– References: OSCOLA format for citations with 10pt font size for footnotes and endnotes.
– Submission Format: Essays must be submitted in PDF format.
– Entrant Details: Include full names, school, level, phone number, and email address in both the body of the email and on the last page of the essay.
– Single Entry: Each entrant is allowed only one submission.
– Originality: Plagiarism will result in automatic disqualification.
Competition Benefits and Timeline:
1. Prizes:
– Winner: N200,000
– 1st Runner Up: N150,000
– 2nd Runner Up: N100,000
2. Internship Opportunity:
– In addition to cash prizes, winners have the exclusive opportunity to intern with Pentagon Partners, enhancing their career prospects.
Application Procedure:
– Interested participants should submit their essays to essay@pentagonpartnerslp.com during the submission period.
– The subject of the email should be the Essay topic
For additional information and updates, visit www.pentagonpartnerslp.com.
Deadline: March 22nd, 2024
Don’t miss this chance to showcase your legal expertise, contribute to important discussions on AI and law, and vie for enticing cash prizes. Pentagon Partners looks forward to receiving your submissions.
Purpose:
Inaugurated in 2020, the CDEC is part of SystemSpecs’ Corporate Social Responsibility (CSR) commitment to promoting capacity development in the Nigerian ICT industry. By encouraging young Nigerians to tackle everyday issues, the competition contributes to intellectual growth and societal progress.
Topic:
The theme for the 2024 competition is “Protecting the Nigerian Child from the Dangers of Online Technology.” Participants are tasked with exploring strategies to safeguard children in an increasingly digital world.
Eligibility:
– Open to primary and secondary school students in Nigeria aged 9 to 16.
– Junior category (ages 9 to 12) essays must not exceed 1,000 words.
– Senior category (ages 13 to 16) essays must not exceed 1,500 words.
Prizes:
– Winners will receive generous rewards, including a high-capacity laptop, premium headphones, a portable laptop stand, a smart wristwatch, and one year of internet data, among other items.
– Consolation prizes will be awarded to other participants.
Application Process:
– Interested candidates should access the application page
– Essays must be written in English and reflect original thought.
– Each participant is limited to one entry.
– Entries must be endorsed by an accredited school official, parent, or legal guardian.
– Deadline for submissions is April 12, 2024.
Submission Guidelines:
– All submissions must be in PDF format and include the student’s name, home and school addresses, email address, and contact phone number.
– Double entries will result in automatic disqualification.
– Submissions must be received by March 15, 2024, at 5:00 p.m.
Notification of Winners:
– Successful students and schools will be contacted in the second quarter of the year.
– Updates on winners will be announced on @nercng social media platforms.
The SystemSpecs Children’s Day Essay Competition offers a unique opportunity for Nigerian students to demonstrate their creativity and problem-solving skills. By addressing the theme of online child protection, participants contribute to building a safer and more secure digital environment for all. We encourage eligible students to seize this opportunity and showcase their talent and ingenuity.
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