Wale Jagun
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru, FCA, has advocated for stronger partnerships between Nigeria and the United Kingdom, stressing that despites challenges facing the nation, the path to Nigeria’s economic prosperity remained viable.
Senator Abiru disclosed this on Wednesday in Lagos, while delivering his keynote address at an event organized by the Bridge Club, tagged, An Evening with the British High Commissioner, His Excellency Dr. Richard Montgomery CMG, with the theme, “ Prosperous Future: Unlocking Mutual Growth For Nigeria and the United Kingdom”.
In a statement on Thursday, Olukotun Enitan, media aide to the senator, said that the lawmaker representing Lagos East Senatorial District identified sectors where the United Kingdom can partner Nigeria to accelerate development.
According to Olukotun, Abiru listed Trade and investment , Education, Capacity building, Agriculture, manufacturing, solid minerals and technology.
He added that he stressed that, “These key areas that can unlock Nigeria’s non-oil export potentials. For instance, Nigeria’s agricultural sector, despite its vast potential, remains underdeveloped. We need to invest in modern farming techniques, expand agro-processing capabilities, and build resilient supply chains.
“Additionally, the tech sector in Nigeria has already demonstrated immense promise, with Nigerian startups attracting global attention. By fostering innovation, supporting entrepreneurs, and building a robust digital infrastructure, we can unlock new opportunities for economic growth”, Senator Abiru said.
Senator Abiru also expressed confidence in the leadership of President Bola Ahmed Tinubu, GCFR, in restoring the nation on the path of sustainable development, citing some of the far-reaching, and ambitious policies and reforms aimed at addressing anomalies of the past administrations, which are strongly supported by the 10th National Assembly.
“It is of interest to mention here that the current administration in Nigeria has embarked on a number of bold and strategic reforms aimed at unlocking the country’s full potential towards attaining a $1 trillion economy.
“Notable among these reforms, which are designed to create a more transparent and resilient economy, is the scrapping of the unsustainable and corrupt fuel subsidy regime, which has enabled the government to redirect public funds toward critical sectors such as education, health, and infrastructure as well as the elimination of multiple exchange rates which has created a more transparent, and predictable exchange rate system, improved investor confidence in Nigeria and helped to boost liquidity in the forex market.
“Today, Nigeria has begun to record current account surpluses partly on account of forex market reforms. As a complement, the Central Bank of Nigeria is implementing a Banking Sector recapitalization programme that aims to position our Banks to finance the productive sectors of the economy.
“Equally of note are the tax reforms that seek to modernize our tax system, enhance the ease of doing business as well as address many of the challenges in the fiscal policy space in Nigeria including multiplicity of taxes and levies which hinder the growth of small businesses, shallow tax base, as well as loopholes in tax laws and corruption in tax administration”, Sen. Abiru said.
The President of the Bridge Club, Mr. AbdulHakeem Uthman Mustapha, SAN, commended the British High Commissioner to Nigeria, and Senator Abiru for their profound contributions to the discourse, while Mr Mustapha, SAN , described Abiru as an accomplished professional and dedicated public servant.
