An entrepreneur, Mr Atedo Peterside, has urged the Federal Government to reserve one per cent royalty to host communities of oil and other mining and mineral activities.

Peterside made the submission at the 2017 Ist Quarterly Dinner of Kings College Old Boys’ Association Abuja Branch (KCOBA).

Delivering a paper entitled “Evolving Economy, Good Governance and Repositioning Nigeria,’’ Peterside said that relative stability had been achieved in Niger-Delta through the Vice-President, Prof. Yemi Osinbajo’s interventions.

“The Federal Government should urgently pursue high-powered negotiations which should be brokered by persons with a healthy track-record in this activity and the ancillary pipeline protection business.

“In the longer term, I favour a constitutional amendment that reserves a one per cent royalty payment to immediate host communities on all mining producing activity including limestone, oil, precious stones among others.

“The good news is that significant progress has been achieved here following the mature and level-headed diplomatic initiatives led by the vice-president in recent months.

“The Federal Government should remember that appeasing militants is necessary in the short term, but the long-term solution is to embrace the constitutional amendment I refer above,’’ he said.

He listed some other impediments to economic recovery as multiple exchange rates, ineffective deregulation of the downstream petroleum sector, bloated civil service, infrastructural deficit, disobedience to court orders and dysfunctional legal system.

The founder of Stanbic IBTC Bank said that there was an urgent need for the restructuring of Nigeria as less than 25 per cent of the 36 states were economically viable.

Peterside said that restoring the confidence of investors should be the primary concern guiding every statement by public officers.

Earlier in his speech, Mr Miebaka Adoki, Chairman KCOBA, said that primary objective of government was to better the welfare of the people.

He said that the current economic challenges in the country had re-engineered the spirit of togetherness among the old boys of Kings College.

Adoki said that the primary objective of KCOBA was to sustain the wellbeing of Kings College and promote team spirit among the old boys. NAN