Nigeria, Morocco Partner To Tackle Economic Challenges – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

Nigerian News

Nigeria, Morocco Partner To Tackle Economic Challenges

Published

on

Nigeria, Morocco Partner To Tackle Economic Challenges

Nigeria and Morocco on Wednesday in Abuja mapped out strategies to tackle various economic challenges confronting both countries.

The initiative, championed by the Nigeria Economic Summit Group (NESG), Africa Economic Development Policy Initiative (AEDPl) and OCP Policy Center, Morocco, is aimed at creating a platform for dialogue on economic development.

The dialogue centred on fiscal and monetary policies, energy policies, mobilising local resources through financial markets and how to tap into the potential of the youth in the Diaspora at the regional and continental levels.

The strategic dialogues with the theme “Enhancing Opportunities for Growth and Development” will also enable both countries to fashion out ways of mobilising financial resources for economic development.

Mrs Obiageli Ezekwesili, Senior Economic Advisor, African Economic Development Policy Initiative (AEDPl) said the partnership must be taken seriously by both countries as they shared common challenges of unemployment, monetary policy and renewable energy needs.

Ezekwesili said the cooperation would go a long way to tackle inflation and developmental challenges in the African continent.

READ:  Nigeria Unveils New National Carrier

“The Morocco-Nigeria Strategic Dialogues will constitute an opportunity to further explore the inputs of Morocco and Nigeria, as two strategic players within the African continent.

“The partnership between the NESG, AEDPl and OCPPC plays a pivotal role in bridging the two countries, and places these institutions as catalyzers of ideas and knowledge related to Morocco and Nigeria.

“Morocco and Nigeria, as emerging countries, have considerable leverage in multiple sectors such as energy,” she said.

Mr Karim El Aynaoui, Managing Director, OCP Policy Center, said the partnership was borne out of the fact that Nigeria and Morocco were faced with common challenges such as unemployment and monetary policy issues.

El Aynaoui said that large population of Moroccan youths live outside of Morocco because of unemployment, so also their Nigerian counterparts.

He said the dialogue was designed to enable both countries to share experiences, successes and failures.

“We have similarities in our challenges; there is need to provide energy for the population and we have developed the renewable energy which is not a choice.

READ:  Amosun Says Not Behind Oshiomhole's Alleged Detention

“Nigeria and Morocco have expertise in different areas that we can learn together and we are going to leverage on that to share our capabilities.

“We share the same challenge in terms of youth unemployment because we have a big part of our population living outside of Morocco in diaspora. We should also have to be more dynamic in terms of entrepreneurship for our young stars,” he said.

Also, Mr Ben Akabueze, Director of Budget, Ministry of Budget and National Planning, said the major problem of Nigeria at the moment was revenue and not debt.

Akabueze added that debt could become a problem when revenue issues were not addressed.

He said there was need to widen avenues for revenue mobilisation through tax collection.

He also said that the monetary policy of the Central Bank of Nigeria (CBN) should understand the need to continue to contain inflation and reduce interest rates.

READ:  Over 90 Million Nigerians Live In Extreme Poverty - World Poverty Clock

Doyin Salami of the Lagos Business School said the difference between Nigeria and Morocco was that Nigeria had preference for strong currency, while Morocco had monetary policy stability.

“There is a philosophical issue that must be addressed. Inflation has got to be managed whether we like it or not.

“Nigeria has a preference for strong currency while Morocco has monetary policy stability; we have revenue problems because more money is being lost to poor or low tax paid.

“In Nigeria, two to three per cent of the people at the top have the capacity to evade taxes and some Nigerian policymaking elite don’t understand the market,” Salami said.

He added that business operators in Nigeria usually spend more on capacity building of their staff because a lot of Nigerian graduates carry certificates that were beyond their skills and ability.

Continue Reading
Click to comment

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigerian News

NIMC Extends Diaspora Enrolment Of Nigerians To UK, UAE

Published

on

By

NIMC Extends Diaspora Enrolment Of Nigerians To UK, UAE

The National Identity Management Commission (NIMC) has extended enrolment of Nigerians under the diaspora registration programme to the United Kingdom and United Arab Emirates.

Commission spokesperson, Loveday Ogbonna, said the commission has decided to extend the enrolment to these two countries after the huge success in South Africa.

READ:  Nigeria Unveils New National Carrier

Ogbonna says the extension is in line with NIMC’s mandate to ensure all Nigerian citizens at home and abroad, as well as legal residents in Nigeria, were enrolled into the national identity database and issued the unique national identification number.

READ:  Atiku/Obi Presidential Ticket: Foundation Warns Igbo Leaders

Ogbonna said DEFCON systems limited, DSL, and the National Authentication Limited (NEAL) are the two Nigerian companies licensed by NIMC to handle the enrolment services across the globe to ensure best-in-class services and inclusivity.

He said the enrolment will involve demographic & biometric data capture of all Nigerian citizens residing in the two countries.

READ:  House Of Reps To Reopen Probe Into $1.3bn Power Sector Fraud

The UAE programme is scheduled to take off today, while the UK programme kicks off on Friday.

Continue Reading

Nigerian News

Offa Robbery: Court Grants Defence Request To Examine Gunshot Injuries

Published

on

By

Offa Robbery: Court Grants Defence Request To Examine Gunshot Injuries

A Kwara State High Court sitting in Ilorin has ruled in favor of the defence counsel who asked for an independent examination of the alleged gunshot injuries sustained by three accused persons alleged to have participated in last year’s robbery incident in Offa.

READ:  Wizkid Declares Support For Banky W In House of Reps bid

Thirty-three persons, including nine policemen, were killed during the robbery, while five accused persons are standing trial.

But the court refused a post-mortem examination on the corpse of the principal suspect in the robbery incident, Michael Adikwu, whom the accused persons claimed, was deliberately killed by a police inspector while in custody at the force headquarters in Abuja.

READ:  Atiku/Obi Presidential Ticket: Foundation Warns Igbo Leaders

Earlier, the 5th accused person (Niyi Ogundiran), had narrated to the court how the police extracted confessional statements from him under duress.

The case has been adjourned till early April.

READ:  House Of Reps To Reopen Probe Into $1.3bn Power Sector Fraud

Continue Reading

Nigerian News

There Are Plans To Revisit And Deliver The National Carrier Project – Aviation Minister

Published

on

By

There Are Plans To Revisit And Deliver The National Carrier Project - Aviation Minister

Minister of State for Aviation, Hadi Sirika, has revealed that there are plans to deliver the national carrier project during president Buhari’s administration.

Sirika says the federal government will revisit the project which he describes as the brain-child of the president.  He said the president would not let it die.

READ:  Amosun Says Not Behind Oshiomhole's Alleged Detention

The minister said this while defending the ministry’s budget before the senate committee on aviation in Abuja.

He said the ministry only suspended the project to put adequate measures in place.  He also expressed concern that Nigeria is not able to boast of a national carrier, despite being a huge aviation market.

READ:  Falana Calls For Visa Ban, Prosecution Of El-Rufai For 'Body Bags' Threats

The minister says the national carrier project is a Public Private Partnership (PPP). The private sector will lead and deliver, while the government will play its role.

READ:  Over 90 Million Nigerians Live In Extreme Poverty - World Poverty Clock

He said the process would be transparent and would be done through local and international fora and media.

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: