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Invest in critical sectors, Buhari Tells wealthy Nigerians.
President Muhammadu Buhari has called on wealthy individuals in the country to develop more confidence in the nation’s economy by massively investing in critical sectors in order to boost job and wealth creation.
Buhari was speaking when he hosted members of the business community and leadership of the All Progressives Congress (APC) to Iftar (breaking of the Ramadan fast) at the state house, Abuja, on Friday.
According to the president, business and political leaders are not only important stakeholders but indeed indispensable to the growth and development of any economy.
The president pledged to continue to make strong case for synergy toward achieving greater investment in Nigeria’s economy.
Buhari also assured his guests that he would not only sustain efforts at fighting corruption, insecurity and smuggling but also create a more conducive atmosphere for Nigerian businesses and industrial concerns to thrive.
He promised to work more closely with the governor of Central Bank of Nigeria (CBN) “towards ensuring that the country’s foreign reserve continues to grow so that Nigeria maintains a pride of place amongst the comity of nations.”
The president also spoke extensively on reasons for his decision to delay Nigeria’s ratification of the continental free trade area agreement.
Aliko Dangote, the chairman of Dangote Group, who spoke on behalf of the business community, promised to support the ongoing efforts aimed at transforming the nation’s economy for the general good of the citizens.
Former lawmaker, Senator Shehu Sani, has described the planned increase in electricity and telecom tariffs as unconscionable.
The statement comes after the telecoms regulator last week approved the increase in mobile tariffs.
The federal government also recently said that plans were ongoing to increase electricity tariffs “over the next few months.”
However, Sani, who said the government’s plan is unreasonable, insisted that it should be halted.
The ex-lawmaker also expressed his support for the Nigeria Labour Congress (NLC) over the scheduled protest against the government’s proposal, calling it a welcome development.
“The planned increase in electricity tariffs in the midst of poor power supply and the proposal to increase telecom tariffs is unconscionable and should be halted. The scheduled labour union protest is a welcome development,” he posted on X.
The United States President, Donald Trump, has revealed his decision to cut off all future funding to South Africa, citing poor treatment of “certain classes of people.”
Trump made this known on Sunday in a post on Truth Social, his social media platform.
According to Trump, South Africa was seizing land and mistreating some citizens without concern for the violations of their rights.
“South Africa is confiscating land and treating certain classes of people VERY BADLY.
“I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!” Trump wrote.
Reports suggest that the American leader may be defending White South Africans, some of whom have alleged that the South African policy is unfair to them.
There are indications that the federal government will on Monday meet with the Nigeria Labour Congress, NLC, to stop the planned Tuesday nationwide protest against the 50 percent telecommunications tariff hike.
A reliable source familiar with the matter, who preferred anonymity, disclosed this on Monday morning, noting that the meeting between the NLC leadership and the federal government is scheduled for 5 p.m. on Monday.
The source said the meeting was a “dialogue on matters of national interest as it affects Nigerian workers.”
According to the source, it will be an inter-ministerial meeting with the Secretary to the Government of the Federation (SGF), purposely to resolve issues raised by the NLC concerning the federal government’s approved upward adjustment to telecommunications tariffs, which the NLC, its allies, and others are vehemently opposing.
This comes as the NLC is already mobilizing workers for a mass protest tomorrow (February 4) against the 50 percent tariff hike approval.
On Thursday last week, in a letter to affiliate unions and state councils, NLC General Secretary Emma Ugboaja urged them to mobilize other Nigerians to send a serious message to the government.
The planned protest follows the 50 percent telecom tariff approval by the Nigerian Communications Commission (NCC) on January 20, 2025.
The approval had sparked widespread rejection among telecom subscribers.
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