Femi Falana, a human rights activist, has urged Nigerian business owners to conduct transactions with China in naira as a result of the establishment of a currency exchange agreement between the Federal Governments of Nigeria and China in 2018.

He emphasized that the RMB 16 billion agreement aimed to increase local currency liquidity for both Nigerian and Chinese industrialists and businesses, thereby reducing the difficulties associated with obtaining US dollars.

This was disclosed by Falana in a statement on Monday.

“The Federal Government of Nigeria and China signed a currency exchange agreement around five years ago. The transaction, which had a value of RMB 16 billion (or N720 billion), aimed to give Nigerian and Chinese industrialists and other businesses enough local currency liquidity, thereby easing their search for US dollars. The speed, ease, and volume of transactions between the two countries were also to be improved by the swap, according to a portion of the statement.

Falana asserts that the World Bank and the International Monetary Fund, which oversee the Central Bank of Nigeria, have conspired with the latter to thwart the currency swap. He asserts that the aim of the economic sabotage is to support the US dollar’s hegemony in Nigeria. As a result, the government at the federal and state levels as well as the private sector are unable to conduct transactions in Naira and Yuan.

Falana also disclosed that he recently contacted the Central Bank of Nigeria to inquire about the status of the currency swap agreement between Nigeria and China using the Freedom of Information Act.

He pointed out that the CBN continues to forbid Nigerians from transacting in naira in China, despite confirmation that the agreement is still in effect.

“Recently, I was compelled to use my freedom of information act right by asking the Central Bank for information on the status of the currency swap agreement between Nigeria and China.

“The Central Bank confirmed that the currency swap agreement will not need to be renewed until 2024 in its response to my letter. Despite the confirmed currency swap, the Central Bank has prohibited Nigerians from conducting business in China using Naira as payment. However, as long as the currency swap is still in effect, I urge Nigeria’s business community to insist on paying for goods brought in from China in Naira.

The administration of President Bola Tinubu claimed on Monday that it inherited a poor economy with an unacceptablely high unemployment rate.

The administration promised to be open, truthful, and responsible to the people, but reassured Nigerians that it would not rely on borrowing to raise money to fix the country.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, responded to questions from reporters after the inaugural Federal Executive Council meeting, which was presided over by Tinubu and held in the Council Chamber of the Presidential Villa in Abuja. Edun said that the Tinubu administration encountered a very poor economy with inflation at 24%.

When asked to describe the type of economy the government encountered in practice, he responded, “Per capita had steadily declined, inflation is at 24%, unemployment is high, and you know they are rebasing the way it’s calculated.

These are the key metrics that we have met: “In either case, it is high and youth unemployment is even unacceptable high.”

When pressed for details regarding the economy they encountered on the ground, the minister responded, “We met a bad economy but the promise of Mr. President is to make it better.

He added that the focus should be on how to create a macroeconomic environment where both domestic and foreign investors would invest and boost production. He also stated that the Federal Government was not currently in a position to borrow money.

The President must create 50 million new jobs, according to Dr. Doris Anite, Minister of Trade and Investment.

The cabinet has been given orders by President Tinubu to lead the economic recovery and improve the quality of life for the populace.

The “Roadmap for the Economy,” which was presented by the coordinating minister for the economy and minister of finance, was discussed at the council meeting where the marching order was given.

Edun claimed that the council concurred that the economy was not performing as it ought to.

According to him, the FEC looked at eight priority areas and determined goals for the following three years.

He confirmed that President Tinubu had given the ministers orders to implement plans and initiatives to revive the economy.

The Tony Elumelu Foundation’s founder, Tony Elumelu, said that the country’s power plants are having trouble operating due to a lack of sufficient gas supplies.

He hinted that this was having an impact on the nation’s electrical supply. At the Nigerian Bar Association’s annual general conference on Sunday, he made this statement.

In his remarks at the event, he stated that it was time for the nation to make investments in the power industry and establish regulatory frameworks to provide a sustainable supply of electricity to the populace, businesses, and institutions like hospitals, schools, and labs.

Elumelu remarked, “Is it not ironic that a nation with plentiful gas resources is unable to operate its power plants at their peak efficiency owing to gas shortages. The beginnings of what we can do are what I have seen. As an illustration, let me say: The 1000 megawatt installed capacity of the TransAfam Power Plant, which is a part of the Transcorp Group. General Electric sold 240 megawatts worth of fast power turbines to the Federal Government of Nigeria in exchange for a sizeable investment. For reference, 240 megawatts of electricity can run nearly a million houses in Nigeria. However, GE has threatened to abandon the project since our country, which has some of the world’s largest gas reserves, was unable to supply the 65mm scuffs of gas required for the thorough testing of the installed fast power plant.

Although there is a lot of private wealth that might be used to make the necessary investments for gas production, he claims that the country still has unutilized gas reserves.

He claimed that regulatory restrictions and self-serving policies were preventing these investments.

The foundation’s founder went on to say that Nigeria’s private sector has been showcasing its capacity, innovation, and institutionalization to the world. But according to him, there are far too few multinational companies with Nigerian roots.

Elumelu emphasized that the country was also being impacted by energy shortages, youth disenchantment manifesting in the loss of talent, among many other things.

“Insecurity creates unrest, feeds intolerance, and kills opportunity,” he remarked in reference to the nation’s security condition. Invest in security, please. Banditry, kidnapping, oil theft, pipeline vandalism, and transmission line cuts engender unease, anxiety, privation, poverty, and unspeakable suffering.

Additionally, he pointed out that the current government actions will benefit the nation over the long term. Elumelu asserts that Nigeria is a nation of businesspeople and that it needs to be thoughtful about its citizens.

He declared, “Investing in our youth – we need to reaffirm our commitment to our youth, give them the tools to achieve in Nigeria — not outside Nigeria. This entails not only investing in our educational system but also in our entrepreneurial culture.

Nigeria is a country of entrepreneurs; as an investor and a supporter of entrepreneurs, I am aware of the positive social and economic effects that entrepreneurship has. To support our young people and entrepreneurs at the greatest level, let’s form a collaborative government task force.

In addition, he cautioned business executives to view themselves as the source of investment, the driver of innovation, and the generator of new jobs. He said it is a civic obligation as much as an economic one to support entrepreneurship.

Elumelu added, “In light of the foregoing, let us tackle the mission of nation-building with unyielding commitment, guided by the values of unity, inclusivity, and progress.”

I would like to extend my congrats to Professor Tahir Mamman on his selection as the next Minister of Education for our magnificent country of Nigeria. As a concerned citizen and supporter of high-quality education, I want to draw your attention to a few important initiatives that, in my opinion, need to be given top priority in order to enhance our educational system.

First and foremost, any reforms to education must involve strengthening the Local Government Education Authorities. The LGEAs’ engagement in providing basic education needs to be increased. By collaborating closely with these authorities, we can make sure that funds are distributed wisely, infrastructure is upgraded, and all kids, regardless of their socioeconomic level, have access to an education. Between the federal and municipal levels, there must be robust collaboration. Due of their proximity to the ground level, LGEAs should be heavily involved in school oversight and quality assurance. In order to oversee schools, guarantee curriculum implementation, and ensure learning outcomes, they should be given the authority and resources they need.

Second, systematic efforts should be made to encourage literacy growth. It is essential to create a thorough literacy development plan in order to address the issues related to our nation’s low literacy rate. A precise set of goals for literacy success at each State Universal Basic Education Board will serve as a guide for future development. We can give our kids the fundamental abilities necessary for their personal and academic success by putting an emphasis on early reading interventions, literacy programs, and teacher preparation.

Thirdly, it is important to prioritize improving teacher welfare and training. We must invest in the professional development of teachers and enhance their welfare because they are the foundation of our educational system. The caliber of teachers we require should be reflected in the hiring procedure. In elementary education, we need the best personnel. To enable teachers to give pupils a high-quality education, we must create chances for ongoing training and professional development. They will be more motivated and committed to influencing the future of our country through education if we have a better welfare system that provides fair wages and support services like housing, transportation, and quality classrooms.

It is undeniable that creating a thorough book policy to ensure access to top-notch instructional resources is essential for our kids’ overall growth. Therefore, I kindly request that the new education minister give the development and implementation of a book policy for the nation’s basic education a high priority. This rule should make sure that all kids have access to carefully chosen, current, and varied educational resources. We can develop an engaging learning environment that stimulates students’ curiosity and enthusiasm for learning by working with publishers, educators, and stakeholders.

We can completely transform Nigeria’s educational system by tackling these issues and putting out workable plans, dear Minister of Education. We have the opportunity to give equitable educational opportunities to every child and to raise a generation of self-assured, competent, and empowered people thanks to your leadership and effort.

I have faith in your determination to have a beneficial influence on our educational system. May the quest of excellence in education and revolutionary reforms characterize your term. Let’s work together to use high-quality education to shape the future of our country.