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‘Last Time FX Rate Was Stable Was A Decade Ago’ – Wale Edun Speaks On The Economy

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Wale Edun, minister of finance and coordinating minister of the economy, says the last time the foreign exchange (FX) rate was stable, and interest rates were affordable, was a decade ago.

Edun spoke about the state of the economy at a press briefing in Abuja on Friday.

He said a weak, depreciating exchange rate, as well as security concerns, resulted in an economy “that is not growing and that is not lifting our Nigerians out of poverty”.

“If we think back to when was the last time when the economy was stable, when it was growing, when inflation was low, when the exchange rate was stable, and when interest rates were affordable; that period was about a decade ago,” he said.

The minister said “economic growth was about 6 percent around 2013 to 2014”.

The increase, according to Ebun, was due to the worldwide commodity boom that began around 2010.

“Oil prices were high; volumes were high,” he said.

“Nigeria earned and the government earned into its coffers over $80 billion per annum, compared to the figure now of around $25 billion. So you can see the difference.

“And what that points to is that there was a time when government had enough foreign exchange. It had enough naira revenue to meet its obligations and to provide the funding for growth of the economy.

“It had enough foreign exchange such that when people came in to invest and they needed to import raw materials, import machinery, government could provide the wherewithal.”

‘GOVERNMENT SHOULD ALLOW PRIVATE FUNDING’

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This, the minister said, indicates that if the government does not have the funds, it must facilitate and allow private funding.

He advised the government to accommodate other sources of funding, such as foreign direct investment, as well as domestic investment by Nigerians in all areas.

“And we saw some of that in Lagos. When Mr. President was governor of Lagos, he opened up the power sector to private investment, the road sector to private investment infrastructure, waste management, even cemeteries to private investment, because government did not have the funds,” he said.

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“And they were those who were willing and able to provide jobs and grow the economy by making those investments.

“So, that is a pointer to the fundamentals of the president’s strategy, private investment and worldwide, there are huge flows of foreign direct investment, once you give investors the right conditions.

“Specifically, where are we headed, President Bola Ahmed Tinubu has pointed out, in priority areas where he is going to take Nigeria. And his key priorities are to improve the lives of Nigerians by providing food security, by ending poverty.”

Edun said the president is concerned about job creation, access to capital, particularly consumer credit that makes foods affordable to the average Nigerian; and utilising human resources by focusing on inclusivity — women and youth.

In this manner, he said, everyone has an opportunity to contribute to the growth of the economy and society.

The post ‘Last Time FX Rate Was Stable Was A Decade Ago’ – Wale Edun Speaks On The Economy appeared first on Jomog.

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Education

1ST NIGERIAN TERTIARY INSTITUTIONS CONFERENCE ON UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ESSAY COMPETITION

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The 1st Nigerian Tertiary Institutions Conference on UN SDGs presents the SDG Youth Essay Competition, offering undergraduates in Nigerian tertiary institutions a chance to contribute to the discussion on achieving SDG4, Quality Education.

Competition Overview:

1st Nigerian Tertiary Institutions Conference on UN Sustainable Development Goals (SDGs) Essay Competition

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

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   – 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.

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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.

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Education

PENTAGON PARTNERS NATIONAL ESSAY COMPETITION FOR UNDERGRADUATE LAW STUDENTS

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Are you an undergraduate law student in Nigeria eager to explore the intersection of law and Artificial Intelligence (AI)? Pentagon Partners presents a unique opportunity for 400-level and 500-level undergraduate law students to participate in the National Essay Competition.

Competition Overview:

Pentagon Partners National Essay Competition for Undergraduate Law Students

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:

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   – 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

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   – 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.

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Education

SYSTEMSPECS CHILDREN’S DAY ESSAY COMPETITION (CDEC), 2024

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The SystemSpecs Children’s Day Essay Competition (CDEC) is an annual event aimed at fostering innovative thinking among primary and secondary school students in Nigeria. It provides a platform for young minds to propose technological solutions to national challenges.

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.

SystemSpecs Children’s Day Essay Competition (CDEC), 2024

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.

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– 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.

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– 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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