Good morning and welcome to our 2024 retreat.
1. Gratitude to God/Allah for keeping us alive and to our members who have been committed to the noble cause of EBTM.
2. The year has been challenging as citizens continue to battle with economic challenges of high inflation and wipe out of disposable income following impact of key reforms of the present government. FX convergence, subsidy removal on PMS and Band A tariff, CBN monetary policies to tame inflation with interest rate at 27.5% and inflation at 33%. Long term potential to repair our economy, hardship in the short term. Nkwame Nkruma overthrow
3. Banks capitalization drive, ways and means increase, printing money, huge borrowing from international (multiple sovereign bonds) and local sources (T-Bills).
4. Government has been active with PBAT global travels to attract investment and also signed several executive orders.
5. Country has been battling with crude oil production decline to 1.2mbopd due to lack of investment impacting country revenue, unable to meet our OPEC quota. All 5 major divestments have also been approved (Oando/Agip, Chappal Energies/Equinor, Chappal Energies/Total equity in SPDC, Seplat/MPNU and Renaissance/SPDC) $6.2Bln.
6. Globally over half of the world population voted to change in government – more towards far right, this will have major impact on global geo politics in 2025 (Labor in U.K., Republicans in US, collapse of coalition in Germany, etc.)
7. Global Wars – Russia/Ukraine, Israel/Palestine/Lebanon/Iran (Hamas, Hezbollah),
8. Our association activities were impacted by these local and global events leading to fewer projects accomplishments. Never the less, – only one mentorship program was carried out, 4 new members joined, 2 already interviewed and passed, they will be introduced and onboarded shortly, few members raised funds to support the association secretariat, but this project is yet to the achieved and we look forward to actualization of more of our ambitions in 2024.
9. To close, thanks to all EBTM for their resilience and perseverance in the year, some of us remain hopeful and bullish about what EBTM will do in the future, some have given up hope but I would encourage them to find ways I invigorate their energy towards EBTM, voluntary and charity work is not for the faint hearted, the opportunity to make an impact in our society is huge, no matter how small, we have demonstrated this already from the few projects we have executed. I would to specially recognize and appreciate the effort of some members that have gone above and beyond for EBTM in 2024 and we will continue our to count on their unwavering commitment and hope you serve as source of inspiration to our members who have been absent or sitting on the sidelines to do more by doubling down on their commitment to EBTM in 2025. God bless EBTM. God bless Lagos Island and Lagos state. God bless NG.
Members that have gone above and beyond :
Bayo
Henry
Odubade
Peter
George
Odusanya
Timothy
