President Bola Tinubu has wooed the CEO of Samsung to take advantage of Nigeria’s infrastructure deficit for investments.

Speaking during a meeting on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim, President Tinubu said, “We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. It is modeled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out.”

‘’Nigeria is a very huge country with a huge and able population. We have vibrant youths ready to learn and progress. In fact, our young do not wait for us. They go ahead of us in their determination to succeed. We must keep up and provide opportunities for them to excel with.” Tinubu said.

The President also took time to detail the significant opportunities across sectors for investment within the Renewed Hope Infrastructure Development Fund, which involves the potential utilization of co-finance instruments on critical infrastructure and technology which Samsung is well known to produce.

President Tinubu further harped on the importance of deepening collaboration in the crude oil, natural gas, renewable energy, engineering, technology and agriculture sectors, emphasising the potential for vast private sector participation in the establishment of fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to forestall post-harvest losses with mass refrigeration capacity.

‘’We are ready to discuss and discover one another more. We can benefit so much from collaborative effort. You have the know-how, and we have the willingness. Seize this opportunity,” the President told the Samsung executives.

Responding, the Samsung Chairman Kim expressed Samsung’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria.

‘’We have built many power stations around the world. We are top of the class in gas-fired power plant construction. We have an ever-increasing portfolio in the production of renewable energy solutions around the world. We can make a lot of progress in Nigeria’s energy sector as well as bringing our technology to other key productive sectors.

‘’Transmission lines and smart grids are areas where we see increasing demand globally. You need infrastructure anywhere you go. We are good at metropolitan rail lines; we are good at bridge construction and any of these types of infrastructure projects, in addition to oil and gas engineering projects.

“We are looking forward to knowing Nigeria better under your leadership and to see how we can penetrate the Nigerian market deeper. This is a great opportunity for us,” Mr. Kim concluded.

A former lawmaker who represented Ife Federal Constituency in the 7th Assembly, Hon. Rotimi Makinde has appealed to the Federal government to develop a policy that would help in subsidising petrol and diesel production at the Dangote refinery through introduction of tax waiver with the overall goal of making the products sell at lesser and affordable prices to Nigerians.

Makinde noted that such cushioning economic policy in the petroleum downstream value chain will make Dangote and other oil marketers ease the tension and volatility of petroleum products in the country, adding that the impact will directly yield multiple effects in the reduction of hardship Nigerians are facing while also pointing that instead of dishing out palliatives that are often going to wrong hands or being mismanaged by some governors, a tax waiver intervention will ultimately be the most satisfactory choice.

Speaking with some journalists at the local wing of the Lagos airport at the weekend Makinde assured that the tough phase in the country would only be temporary and that the government of President Bola Tinubu has remained resolute in putting the country back on track by injecting well thought out policies that will obliterate all socio-economic hurdles in the country.

“Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) touch all aspects of lives in our country, be it industrially, commercially, or domestically. Therefore its availability and affordability is very crucial and must be without glitch. However, to make our petroleum downstream value chain more robust and to also reduce hardship Nigerians are facing, stakeholders should start looking inwards and this must be done as quickly as possible in the interest of the nation.

“I am of the view that Federal government needs to develop a policy that would help in subsidising petrol and diesel production at the Dangote refinery through use of our local currency, which is naira, whereby a tax waiver intervention would be introduced with the overall goal of making the products sell at lesser and affordable prices to Nigerians.

“I was in that industry for more than 20 years so I have a deeper understanding of how things work. The reality is that such cushioning economic policy in the petroleum downstream value chain will make marketers ease the tension and volatility of petroleum products in the country and it will directly yield multiple effects in the reduction of hardship which Nigerians are facing. Instead of dishing out palliatives that are often going to wrong hands and some being mismanaged by some governors, a tax waiver intervention will ultimately be better.

“It shouldn’t be out of place for Nigeria’s Federal Inland Revenue Service (FIRS) through directive coming from President Bola Tinubu who doubles as Minister of Petroleum Resources to issue a tax credit certificate to Dangote Oil Refinery so that Nigerians can get a breather.

“The government of President Bola Tinubu is no doubt resolute in its commitment to put the country back on track by obliterating all socio-economic hurdles in the country, therefore stakeholders must work in sync with Mr. President’s renewed hope agenda and revive the country back socio-economically. I am strongly confident that these measures would lead to long-term improvement and strikingly silence all the fifth columnists.

“Government must come to the reasoning that if we could encourage local investors to do the needful and of course under an agreement with some due monitoring and approvals then some of the challenges in the petroleum industry would be completely over. Tax waivers for some genuine investors isn’t a new thing; it’s a global phenomenon. Moreover, it will be in the interest of the government that other investors, business entrepreneurs, companies take advantage of this key initiative such that Nigeria can develop faster than the government would have done alone.

“While it was true that the responsibility of providing petroleum products like PMS, AGO, DPK among others, was that of the government, the prevailing economic realities had made that difficult to be achieved. To do it at the same time within the time that the public requires is often not possible and I think it is this kind of thing that will generate the need for the state to engage private actors to participate in the process in the larger interest of the citizenry,” Makinde stated.

The Ife born politician also enjoined the government to have a rethink on how depots across the country will fully come back on stream and to as well redouble effort in ensuring petroleum products pipelines are properly policed to avoid incessant vandalism and theft, according to him measures like these will significantly help to ameliorate scarcity of the products among other challenges facing the downstream petroleum industry.

Makinde also, in his patriotic call said the government at a time like this, should be able to encourage banks to create an enabling environment that would be able to make private handlers and investors in the oil and gas sector to have more Dangote refineries in Nigeria.

…Urges Bello to come out of hiding

By Titus Atondu, Makurdi

The immediate past Governor of Benue state, Samuel Ortom has asked his colleague the former Governor of Kogi state, Yahaya Bello, to avoid disgracing former Governors.

Ortom urged Bello to come out of hiding and answer his case with the Economic and Financial Crime Commission (EFCC).

Speaking on Sunday at the Redeemed Christian Church in Makurdi during his thanksgiving service organized by his former appointees for his 63rd birthday anniversary, Orton said, “Yahaya Bello’s continuous hiding will bring disgrace to former governors across the country.”

The former Governor also urged his former appointees to always come forward and give account of their stewardship when called upon and said they can only run when they have something to hide.

He said, “I want to use this opportunity to advise my younger brother and friend, Governor Yahaya Bello not to disgrace former governors.”

“You don’t need to hide, you don’t need to resist arrest or anything. Go there and respond. EFCC are human beings. If they are making inquiries, the laws are there. I have tried to get him on the phone, I could not, I have tried those around him, I could not so I want that to be noted. So wherever he is, if he can hear me, thank God the press is here, he should come out,” Ortom maintained.

Ortom who appreciated the Benue people for their support throughout his eight years tenure and for celebrating him on his birthday said he thought he has been left to be alone after office.

He said being at the top for eight years was not an easy task and called on the people to pray for their leaders.

Ortom urged Benue youths to quit insulting their elders on social media but to take advantage of the internet to add value to their lives and bring development to Benue

He urged the youths not to waste 24 hours on social media for nothing, noting that, “Do not insult the leaders or elders on social media. We all must be part of the process to bring peace so that progress, prosperity and development will come.

“The youth must take advantage of social media to bring development to themselves and to the state.

“The whole world is in your palm, in your tablets and in your phone. Look at the essence of the internet. Now that you cannot go to the farms, go to the website and see what people are doing in other parts of the world and to add value and bring wealth to yourselves,” Ortom advised.

Ortom expressed gratitude to God for his mercies over his life and family saying he left government house a better Christian and that he would continue to be and worship in the house of God.

In their remarks, the Former Attorney General of the Federation and Minister of Justice Mike Aondakaa, Chairman of Peoples Democratic Party PDP in the state, John Ngbede, Senator Abba Moro, former Governor Gabriel Suswam, the Tor Tiv among other dignitaries appreciated ex Governor Ortom for his dogged fight for the security of the people and prayed God to give him more opportunities to continue to contribute to the peace and development of the state.