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High cost of living and unending inflation in Nigeria, the way forward

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Since the advent of President Ahmed Bola Tinubu’s administration, roughly five months ago, the cost of living in Nigeria has risen astronomically.For  the first time in the history of Nigeria our exchange rate has hit  an all time high to N1,100 to $1. This is not a good record at all.

An average Nigerian family can no longer eat three square meals in a day and the current federal government has kept on asking Nigerians to exercise patience. The question is, how long  will this patience be exercised.

Since the abrupt removal of fuel subsidy, life is no longer normal in the country and the poor of the poor are hard hit.

Ironically, while the poor groan in penury, the rich are smiling.

We gathered that the country’s National Assembly has concluded an arrangement to buy imported vehicles valued at over N100m each for their members. Multiply that amount with the number of members in both Upper and Lower chambers and you can now appreciate the kind of  ’patriotic representatives’ or leaders  we have in Nigeria. And still they claim to be servant leaders.

Report has it that Nigerian legislators are the highest paid lawmakers across the globe, when the Nigerian economy remains underdeveloped or even undeveloped. What a country!

It is not as if we are criticising the government for the fun of it, but realities staring us in the face make criticism inevitable.

It is more painful when one realises that this country is one of the most favoured nations in the world in terms of human and material resources. The question now is what is the missing link, if not leadership?

A nation that hitherto occupied an enviable height among the comity of nations, suddenly slumped down and became overnight dwarf.

At this point, it is pertinent to itemise some possible causes of our retardedness in socio-economic and political spheres.

First and foremost, no country has ever developed as a totally consuming country, with all its products imported from other countries. You must bring something to the table before you can negotiate with other partners, otherwise you should be ready to accept anything at any rate.

If Nigeria cannot provide manufactured products, what of agricultural or even raw materials? Which one are we masters of? None. This of course boils down to poor economic policies, driven by poor leadership. Why must the country be allowed to descend to its lowest ebb after 63 years of nationhood while smaller nations in Africa are doing marvelously well.

Still, we are touting and priding ourselves as the giant of Africa. Where do we start and where do we end? Nigeria is still grappling with poor electricity power supply, poor road networks, high rate of unemployment, among others and still few unpatriotic political leaders are feeding fat on the near hopeless or helpless situation.

Why should the country depend solely on crude oil for its survival? What has happened to solid minerals? What of agriculture? Who said a nation cannot feed itself and other countries?

The situation is so bad that the recent or current war between Russia and Ukraine in far away Eastern Europe has taken a toll on our wheat consumption. The Israeli/Hamas war equally affects our economy. So when any nation coughs, Nigeria catches a cold. Can we now say that our leaders are leading us well? What really is our prospect as it stands now?

These questions are no doubt begging for answers and only God knows when such answers will come. At this juncture it is important to categorically say that solutions to our problems lie on us.

First, we must admit that we have not done well in the last six decades and  a problem identified, they say, is half solved already. Round pegs must be allowed to occupy round holes. Technocrats must be appointed in place of political patronage, if we must have the best, or a better deal. This formula had  worked before during former President Olusegun Obasanjo’s regime, when he shopped and discovered the Okonjo Iwealas, Oby Ezekwesilis at the World Bank and that singular action rewrote our history then. The result was that all our foreign debts were paid and wealth accumulated.

This feat can still be re-enacted to our favour with little political will. We therefore urge the President Ahmed Bola Tinubu-led Government to look towards that direction and save this nation from further suffocation.

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Idris congratulates newly-elected APRA executives

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The Minister of Information and National Orientation, Mohammed Idris, has felicitated the newly-elected Executive Council of the African Public Relations Association (APRA), elected at the 35th APRA Annual Conference and Annual General Meeting (AGM), which was held in Abidjan, Côte d’Ivoire from May 13- 18, 2024.

The Minister, also a Fellow of APRA, acknowledged the significance of the election for the advancement of public relations across Africa, adding that while it is a pivotal moment for APRA, the collective expertise, and leadership of the newly-elected Executive Council would be instrumental in attaining the long-term vision of the association.

The new APRA Executive Council comprises Arik Karani from Kenya as President, Dr. Michele Mekeme from Cameroon as Vice President, and Dr. Omoniyi Ibietan from Nigeria as Secretary-General.

Idris urged the new Executive Council to “continue the trajectory of reforms in APRA,” stressing the importance of expanding the democratic space by encouraging greater participation of national public relations institutions across the continent.

He highlighted the need for inclusivity and collaboration to strengthen the public relations profession in Africa.

The Minister also called on the Executive Council to work closely with the African Union Commission and the Council of Ministers to ensure that public relations remains central to policy formulation, programme execution, and project implementation.

“Public relations should be at the heart of policy, programs, and project implementation,” he stated.

He also extended his salutations to Dr. Omoniyi Ibietan, the Head of Media Relations at the Nigerian Communications Commission (NCC), on his emergence as the Secretary-General of APRA.

“Dr. Ibietan is a thoroughbred journalist, public relations expert, and author, who is expected to bring his enormous wealth of experience to bear on APRA positively,” Idris said.

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Airtel wins big at maiden ICAN-NGX awards

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Airtel Africa, the leading telecommunications provider in Africa with its stock trading on the Nigerian Stock Exchange (NGX), emerged as a major winner at the inaugural edition of the ICAN-NGX Awards, carting away the Most Outstanding in Financial Reporting and the overall gold across all categories, amidst other nominations.

These honors were announced at a special ceremony held on Friday, 17th May 2024, at the NGX headquarters in Lagos.

Organized by the Institute of Chartered Accountants of Nigeria (ICAN) in collaboration with NGX Regulation Limited (NGX RegCo), the awards recognized excellence in corporate reporting among the top 30 most capitalized companies listed on the Nigerian Stock Exchange for the 2022 financial reporting year.

Airtel Africa stood out among other nominees in the areas of Financial Reporting, Corporate Governance, and Sustainability Reporting.
In the highly competitive Financial Reporting Category, Airtel Africa was recognized as Most Outstanding, edging out industry giants such as Dangote Cement Plc, Dangote Sugar Refinery Plc, MTN Nigeria Communications Plc, Seplat Energy Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Company Plc.

Speaking on the awards, Group Chief Executive Officer, Airtel Nigeria, Carl Cruz, expressed gratitude for the awards while restating the organization’s enduring commitment to promoting transparency and accountability for the benefit of all stakeholders.

“At Airtel, we strive to set the benchmark for excellence in financial reporting and corporate reporting, and these awards validate our efforts in this regard. We have been deliberate in maintaining a painstaking dedication to transparency for the sake of our shareholders, which is also how we keep our promises to our shareholders,” he said.

Airtel Africa also received the Gold Award in the Corporate Reporting Category. This award, according to Mr. Cruz, underscored Airtel’s culture of fair business practices.

“Today’s recognition reminds us to keep upholding the fundamental principles of integrity, accountability, and ethical conduct across all facets of its operations,” he noted.

In his remarks at the award ceremony, the Chief Executive Officer, NGX Regulation Limited, Mr. Olufemi Shobanjo, stressed the significance of the award, highlighted the importance of transparency and accountability in building a more productive market environment.

“It is noteworthy that integrity is an important drive in ensuring a successful business. In this vein, the Corporate Reporting Award underscores our collective commitment to fostering a capital market that operates on principles of transparency, integrity, and excellence,” he said.

While sharing this positive sentiment regarding the awards, Innocent Okwuosa, the 59th President of the Institute of Chartered Accountants of Nigeria (ICAN), expressed optimism about the future of corporate reporting in the country.

“As sustainability evolves and with Nigeria adopting IFRS S1 and S2 of International Sustainability Standard Board (ISSB),” he said, “it is expected that the corporate reporting in Nigeria will get better and better.”

Airtel Africa remains committed to promoting accountability, transparency, and sustainability in its operations.

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NUJ commends Governor Abiodun for appointing Journalist as Head of Service

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The leadership of the Nigeria Union of Journalists (NUJ) South West Zone has commended the Ogun State Governor, Prince Dapo Abiodun, on the appointment of Mr. Kehinde Onasanya, as the Head of Service.

It would be recalled that Onasanya, a leading journalist in the service of Ogun State Government, was recently appointed by the governor as the 20th Head of Service.

In a communique issued at the end of the zonal meeting of the union held in Ibadan, the Oyo State capital on Friday, Abiodun was lauded for appointing Onasanya as the first journalist to become Head of Service in the State.

The NUJ also praised the governor for his unflinching support for the Ogun State Council of the Union since his assumption of office in 2019, calling on other State Governors to emulate Abiodun’s exemplary gesture.

“The leadership of the NUJ Zone B specifically appreciated the Governor of Ogun State, Prince Dapo Abiodun, for appointing a journalist, Mr. Kehinde Onasanya, as the first NUJ member to be the Head of Service of the state.

“The Union appealed to other state governors to magnanimously elevate qualified journalists/information officers to the position of permanent secretary, Head of Service and other key public offices,” the communique reads in part.

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