Connect with us

News

FG Should Should Ensure Nigerians Consume Locally Produced Goods In Order To Solve FX Crisis – LBS Don

Published

on

A resource management expert at the Lagos Business School(LBS), Dr Austin Nweze, has called on the federal government to look inward to solve the consistent fall in the value of naira against the United States dollar.

When asked by the newsmen, Dr Nweze, said the government need to introduce short, medium and long term strategy to solve the foreign exchange crisis

According to him, Nigeria must ensure 80 percent of goods consumed in the country must be locally produced.
Recall that, on Wednesday, the naira depreciated against the United States dollar as it trades N951.22/$1 against N806.73/$1 it traded, on Tuesday, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.

According to Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the market recorded a N1159.10 high spot rate and N701.00 low.
Nweze who is also a lecturer at the Pan Atlantic University, Lagos, however, reiterated that the country must move away from consumption to a producing economy.

“Basically, what the government needs to do is to have a national strategy which should be a short, medium and long term strategy. What we need is more production and there should be a strategy on how do we produce.
When the CBN was defending the naira, they were just throwing money to problems and no one do that. We shouldn’t throw money to problem but we need to do the thinking. The biggest way out is domestic production because Nigeria Economy is more about consumption and we must produce what we consume because until we begin to consume what we produce by 80 percent, there may not be a way forward.

If we want to produce, we must find a better way of doing it both in the value chain. If we require machine to produce, we must produce that machine locally and not import from China. If the government can listen, the way to build the economy is to have raw material base and once we do that, we move to industrialisation not just being able to import the component, whatever we plan to produce, 80 percent of the component must be produced in Nigeria,” he stated.

He also disclosed that the the country must stop borrowing to consume and we must prioritise local production of goods and machinery used for production.
So, we need to stop borrowing money to consume. The economy is bleeding, the amount used to buy cars have created jobs for the people in that country we bought them for. Anything that we consume that is not produce locally, we are running down our economy and helping those economy to grow. We need to turn around and begin to look inward,” he stated.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Visa Fraud Scheme Uncovered in Edo, 17 Victims Identified

Published

on

By

By Samson Adeyanju 

At least 17 prospective travellers have been identified as victims of an alleged visa fraud scheme involving two suspects from Igbanke in Edo State, according to a press statement issued on April 19.

The suspects, Promise Alika and Innocent Ogboin, were accused of posing as agents linked to the Ministry of Foreign Affairs Nigeria to defraud unsuspecting individuals seeking visas to Australia and European countries.

The statement, signed by Chief Jude Ogbekile, alleged that Alika misrepresented himself as a consultant or government representative and collected large sums of money from victims under the pretext of facilitating visa processing, appointment scheduling and guaranteed approvals.

Payments were reportedly made through a bank account operated by one Adamu Yusuf with Access Bank, raising further concerns about the structure of the scheme.

Preliminary findings indicate that victims were charged as much as ₦8 million for visa processing to Australia and similar amounts for European destinations, with additional payments allegedly demanded at various stages of the process.

According to the statement, victims were told that visa appointments would be scheduled after initial payments and that approvals would follow within weeks after biometric capture.

However, many of those who paid have reportedly been left stranded, while attempts to contact the main suspect have failed.

Although two individuals reportedly obtained visas under unclear circumstances, the majority of clients are said to have suffered financial losses running into tens of millions of naira.

There are also unverified claims that some parties linked to the operation are disputing about ₦37 million allegedly unaccounted for.

Authorities have since been alerted, and investigations are ongoing to determine the full extent of the fraud and bring those responsible to justice.

The public has been urged to avoid dealing with unauthorized agents and to process visa applications strictly through official embassy channels or accredited service providers.

Officials also warned that no individual has the authority to guarantee visa approvals or demand unofficial payments.

Continue Reading

News

Demonstrate ‘True Love in Action’, CWOAA President Urges Women

Published

on

By

By Samson Adeyanju 

The President of the Catholic Women Organization Abuja Archdiocese (CWOAA), Dr. Mrs. Nnennah Mabel Ilukwe, has called on women to embody genuine love through service, sacrifice and unity, as the group marked this year’s Mother’s Day celebration.

Speaking at the event held on April 19 under the theme “True Love in Action,” Ilukwe described motherhood as a vocation rooted in selflessness, compassion and unwavering support for family and society.

“Mother’s Day is not just about celebration but about recognising the contributions of mothers and addressing the gaps that hinder true equality,” she said, noting the steady progress women have made across various sectors despite lingering challenges.

She linked the theme to the broader global push for women’s rights, referencing the ideals of equality, justice and safety for women in both public and private spaces.

According to her, true love goes beyond words and must be expressed through consistent acts of kindness, presence and sacrifice.

Drawing from biblical teachings, including 1 Corinthians 13 and Luke 6:37, Ilukwe emphasised forgiveness, patience and truth as essential virtues for building strong families and communities.

She urged women to remain committed to truth, inclusiveness and mutual support, adding that love must be demonstrated through everyday actions such as caring for others, offering forgiveness and standing for what is right.

The CWOAA leader also used the occasion to call for unity among members following the recent archdiocesan elections that produced her as president. She described the period as a time for reconciliation, healing and collective growth.

“I operate an open door policy and urge all of us to join hands in love as we build together,” she said.

Ilukwe expressed appreciation to husbands, children and the Church for their support, stressing that their roles remain vital in strengthening families and advancing the mission of women within the Church.

The Mother’s Day celebration brought together women from across the archdiocese to reflect on their roles and renew their commitment to living out love through action, guided by the example of the Blessed Virgin Mary.

Continue Reading

News

Abuja Chapel Event: CAN Slams ‘Mischief Makers’ Over False Sultan Invite Claim

Published

on

By

By Samson Adeyanju 

The Christian Association of Nigeria (CAN) on Saturday issued a strong rebuttal, dismissing as false and provocative claims that the Muhammadu Sa’ad Abubakar was invited to serve as “Royal Father of the Day” at the proposed Ecumenical Chapel foundation ceremony at the Nnamdi Azikiwe International Airport.

In a press statement, CAN said it viewed the circulating reports and social media posts with serious concern, stressing that no such invitation was ever extended to the Sultan.

“We state, firmly and without equivocation, that no such invitation was extended to the Sultan by CAN. This claim is false,” the association said.

The body clarified that the controversial material did not originate from its office but was released by the Office of the Secretary to the Government of the Federation, distancing itself completely from the narrative.

Beyond denying the claim, CAN accused unnamed actors of deliberately twisting facts to inflame religious sensitivities and stir unnecessary tension.

“Beyond its inaccuracy, the narrative appears deliberately framed to provoke religious sensitivities and manufacture controversy where none exists. Such distortions are reckless and unacceptable,” the statement added.

The association reaffirmed its commitment to both the sanctity of Christian worship and peaceful coexistence among Nigeria’s diverse religious groups, warning that misinformation must not be allowed to undermine national unity.

“Truth must never be sacrificed on the altar of sensationalism,” CAN said, insisting that any suggestion linking the Sultan to the ceremonial role was entirely unfounded.

It urged the media and the public to act responsibly by verifying information before dissemination.

“Verify before amplifying, question before believing, and prioritise facts over virality,” the statement advised.

Reiterating its position, CAN maintained that the report was the handiwork of mischief makers and should be disregarded in its entirety.

Continue Reading

Trending

Betasusperabet girişradyoenerji.com.tr1xbetrulobetholiganbet1wincanlı casino siteleribakırköy escortjojobetmeritbetgrandpashabetMeritkingsonbahis girişkulisbetkulisbetbahis sitelerideneme bonusu veren sitelerdeneme bonusu veren sitelerdeneme bonusu veren sitelerdeneme bonusu veren sitelerjupiterbahismavibetJojobetcasibomcasibompiabellacasinoimajbetmarsbahisholiganbetMerit-kngtimebetbullbahisbetvoleperabet girişcasibomcasibomtaraftarium24casibomonwinbahis forummarsbahisonwinbetciocasibominterbahisnesinecasino girişbetpuan girişgrandpashabet girişgrandpashabetjojobetbetwoonromabet girişpusulabet girişmatbetnesinecasinovdcasinograndpashabet girişpadişahbetimajbettambetmatbet girişcasinolevantjojobetjojobetbetgarantipalacebetteosbetbahiscasino1winbetgitromabetradissonbetcratosroyalbetradissonbetgrandpashabetgrandpashabet girişmarsbahiscratosroyalbet girişmatbetcratosroyalbetmarsbahissonbahisbetsalvadorgameofbetbetbeybetgitromabet güncel girişbetgitgameofbetbetgitradissonbet resmi girişbetgitgameofbetgrandpashabet resmi giriş1wintambetteosbetgrandpashabetnorabahisMarsbahismarsbahis girişroyalbetGrandpashabetjokerbetbetgitmarsbahismarsbahis girişcasibom girişvdcasinomarsbahisperabetdeneme bonusu veren yeni sitelersafirbetJojobetJojobetbetgaranti girişCasibomcasibom girişMarsbahisJojobetJojobetJojobetJojobetJojobetCasibomCasibomyakabetslotraPashagamingjojobetgrandpashabet girişmarsbahiszlotextrabetextrabetcasibomHoliganbettuccobet