From By ERIC MOORE
NIGERIAN President Bola Tinubu has reiterated his commitment to confronting the economic and security challenges bedeviling the country.
He reaffirmed this in his address at the ongoing Nigerian Institute of Management (Chartered) 2024 Annual National Management Conference, in Port Harcourt, Rivers State.
The president emphasized that security of life and property is essential for development, citing progress in the fight against terrorism.
Represented by the Head of Civil Service, Didi Esther Walson-Jack, Tinubu noted that his government has also introduced bold reforms, including floating the Naira and removing fuel subsidies, aimed at revitalizing the economy.
He said Nigeria is faced with numerous security threats, including terrorism, banditry, kidnapping, and communal clashes, which not only endanger physical safety, but also hinder economic growth and affect foreign investment.
Tinubu acknowledged the challenges ahead, including inflation, unemployment, and inadequate infrastructure, but assured that strategic initiatives would be implemented to foster a conducive business environment and improve citizens’ quality of life.
To combat these issues, President Tinubu stressed the importance of enhancing intelligence capabilities, strengthening community policing, and equipping security forces adequately.
He also underscored the need to address the root causes of insecurity, such as poverty, unemployment, and inadequate education, to ensure lasting peace.
He added that Nigeria’s economic stability is crucial for its growth and prosperity, noting that his administration has been working tirelessly to diversify the economy, investing in key sectors such as agriculture, technology and renewable energy
He expressed confidence, saying that despite the short-term hardships, the sacrifices will yield benefits for Nigerians and the economy in the near future.
Also, the Rivers State Governor, Siminalayi Fubara, represented by his Deputy, Prof. Ngozi Nma Odu, emphasized the need for collective effort to address Nigeria’s economic and security challenges.
He said Rivers State has experienced firsthand the impact of economic instability on local communities, businesses, and government operations.
The governor noted that economic stability cannot be achieved in isolation, as it is linked with national security.
Governor Fubara highlighted the complex interplay between economic stability and national security, citing resource allocation, youth unemployment, regional disparities and corruption as contending issues.
He said in Rivers State, the impact of oil theft on revenue, environmental degradation and security challenges in the Niger Delta region underscore the complexity of these problems.
The governor urged participants at the conference to carry away not just ideas, but a renewed commitment to action.
In her address the President and Chairman of Council, Nigerian Institute of Management (Chartered), Christiana Atako emphasized the critical need for collective action to address Nigeria’s economic and security challenges.
Atako noted that Nigeria, regarded as one of Africa’s economic powerhouses due to its abundant resources and diverse populace, grapples with several economic and security challenges that directly impact its economy.
“While the challenges of national security faced by the nation range from insurgency to conflicts between farmers and herders, banditry, organized crime, kidnapping for ransom and other form of criminality, these security threats do not only undermine national security, stability and the rule of law, but also have precipitated untold adverse effect on the economy, affecting price, output, employment, balance of trade, poverty, inequality, defence expenditure, government budgeting patterns, socio-political environment, and several other indicators of socioeconomic development.”
She added that the Institute’s conference aimed to provide solutions to the government, charting a direction for Nigeria’s economic stability and national security.
Atako stressed that as Nigeria navigates the challenges, it is essential to prioritize security, economic reforms and sustainable development to ensure a brighter future for its citizens.
She continued: “The lack of security continues to deter prospective investors from engaging in business activities in these areas, leading to a stagnation of commercial operations. As a consequence, many companies and businesses in northern Nigeria have been compelled to either suspend or outright stop operations due to the scourge of lingering insurgency
“Without doubt, this seemingly intractable situation has had severe and far-reaching consequences on the economy of the affected areas and the nation at large.”
She, however, noted that the nation is currently undergoing economic reforms, including the removal of petroleum products subsidy and floating of the Naira, which appear to have a negative immediate-to-short term impact on both cost and standard of living of citizens.
Also, the keynote speaker at the Nigerian Institute of Management’s annual conference, Ajoritsedere Awosika, emphasized the urgent need for collective action to address Nigeria’s economic and security challenges.
She said Nigeria’s journey has been marred by trials, and the country is currently faced with the daunting task of securing its economy and safeguarding its nation.
She pointed out that unemployment, particularly among young people, is a pressing issue that threatens not only the economy, but also national security, with millions of educated and skilled youths unable to find meaningful jobs, adding that the country’s economic stability is compromised.