Business
Pat Utomi Blames Nigerian Politicians for Economic Woes, Calls for Reform in Fuel Subsidies and Governance
In a recent interview with Channels TV, Professor Pat Utomi criticized the Nigerian political class for the country’s economic difficulties, accusing them of collective responsibility for the nation’s current hardships. He particularly highlighted the mismanagement within the Nigerian National Petroleum Corporation Limited (NNPCL), describing it as opaque and corrupt. Utomi argued that before imposing price hikes on citizens, the government should first address the corruption and inefficiencies in the NNPCL, which he believes could reduce the need for subsidies by over 60%.
Utomi emphasized the need for strategic economic planning tailored to Nigeria’s unique situation, rather than simply following international financial institutions’ recommendations, like increasing taxes without considering the heavy social burdens already carried by the Nigerian middle class. He also criticized the current approach to fuel subsidies, suggesting that while subsidies are not inherently good, they can be useful when strategically applied to stimulate production and improve the quality of life.
On the broader issue of governance, Utomi argued that Nigeria’s political class has consistently failed the country, leading to widespread public distrust. He called for a collective mea culpa from the political class and suggested that true leadership would involve leading by example, such as cutting back on extravagant spending and perks.
If he were in President Bola Tinubu’s position, Utomi stated that he would focus on subsidizing essential resources that contribute to rebuilding the nation while curbing frivolous consumption. He also advocated for policies that would stimulate food production as a means to reduce inflation and alleviate economic pressures on Nigerians.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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