Ighodalo steps down as NESG chairman, unveils new chairman
Asue Ighodalo, the Chairman of the Nigerian Economic Group (NESG), announced on Monday that he was stepping down from his position.
He made this known at the opening ceremony of the 28th summit of the Nigerian Economic Group (NESG) taking place in Abuja.
Ighodalo, who said that his decision was in keeping with the long tradition of the group, also announced that Niyi Yusuf, his erstwhile first Vice Chairman, will be taking over from him as chairman.
” Having served two terms of two years each, and in keeping with our almost three decades’ tradition of seamless governance transition, at the end of this summit, I step down as chairman.
Ighodalo reported that in the board’s previous meeting, Yusuf, who served as my first vice chair, was elected to succeed him.
“Niyi, the Managing Director of Verraki Africa, is one of the distinguished global leaders at the NESG, and has served practically all “paying to serve” roles for more than a decade,” he said.
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FG finalising “Nigeria Agenda 2050” to replace vision 2020 – Minister
Zainab Ahmed, the Minister of Finance, Budget, and National Planning, said on Monday that the country is currently finalising “Nigeria Agenda 2050” to succeed Vision 2020, which lapsed two years ago.
Ahmed said this at the 28th Nigerian Economic Summit (NES) taking place in Abuja, the Federal Capital Territory.
The theme of this year’s edition is “2023 and Beyond: Priorities for Shared Prosperity.”
According to the minister, the government has already formulated the National Development Plan (NDP), 2021–2025, to succeed the Economic Recovery and Growth Plan (ERGP), 2017–2020.
“We are in the second year of the NDP, 2021-2025, with the private sector taking the lead.
“Although challenged by a shortfall in revenues, the government has kept its promise by prioritising capital releases in favour of ongoing critical infrastructural projects in the power, roads, rail, agriculture, health, and education sectors.
“This is with a view to strengthening the Nigerian economy post-COVID-19 pandemic,” she said.
She said that the Nigeria Agenda 2050, which would be inaugurated soon, seeks to increase the country’s per capita Gross Domestic Product (GDP) to 33,000 dollars. This is according to NAN.
Budget defence: Reps Committee grills DMO over N3.3trn domestic debt
The House of Representatives Committee on Aids, Loans, and Debt Management grilled the Director-General, Debt Management Office (DMO), Patience Oniha, on Monday over the rise in domestic debts totaling N3.3 trillion in 2023.
According to NAN, Ahmed Safana, the Chairman of the Committee, in Abuja, expressed surprise at the astronomical increase in the country’s debt profile through borrowing by the government.
The committee rejected continuous borrowing by the federal government.
According to the lawmaker, there is a huge increase in domestic and external debts from borrowed funds by the federal government, and the DMO is entrusted with the role of ensuring the frequency of repayment.
He said that there was N1trillion increase in the debt profile of the country in the last year, while calling on the DMO, as the relevant agency, to halt the frequency of borrowing.
Amazon plans to lay off thousands of employees — NY Times
Amazon is planning to lay off some 10,000 employees in corporate and technology jobs, the New York Times reported on Monday.
The media claimed that people with knowledge of the layoff said it could happen as early as this week and is likely to include staff working on Amazon devices (such as its voice assistant Alexa).
Also to be affected are people working in its retail and human resources divisions, according to the report. “The total number of layoffs remains fluid,” the report stated.
This news would make the e-commerce giant the latest among tech companies to announce a significant layoff, after Twitter and Facebook. This comes amid fear of a global recession.
Oil pressured by demand concerns
WTI crude futures fell toward $85 per barrel on Tuesday morning, extending a sharp decline from the previous session as a weakening demand outlook outweighed signs of tightening supply into winter, Tradingeconomics reported.
It reported further that the Organization of Petroleum Exporting Countries (OPEC) had moderated its expectations for the remaining part of the year and next year by cutting its demand growth forecasts for both years. OPEC cited global economic challenges such as rising interest rates, supply chain interruptions as a result of the ongoing Russia-Ukraine war, and high inflation as reasons for its decision.
The ongoing COVID-19 challenges and the real estate burst in China were also factors that influenced its decision.
