Economy
ITF Unveils Five-year Vision
From Jude Dangwam, Jos
The Director General of the Industrial Training Fund (ITF), Sir Joseph Ari has unveiled the five-year vision plan as the second phase of it’s roadmap in Nigeria.
The Fund also pledged to improve its service delivery and facilitate the actualization of its mandate as plans have been concluded to commenced the implementation of the second phase of the plan tagged, ‘ITF Reviewed Vision: Strategies for Mandate Actualization.
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The Director General of the Fund stated this in a press statement signed by the Head of Public Affairs, Suleyol Fred Chagu and made available to Newsmen in Jos, the Plateau State capital.
ITF said the plan was ‘hundred percent homegrown’ and targeted at rectifying the pitfalls that were observed in the implementation of the first phase, while also seeking to build on the achievements of the first phase and support the initiatives of the Federal Government especially in the Agricultural sector.
Ari said the first phase of the plan, was implemented between 2016 and early 2020 among others that successfully equipped over 500,000 Nigerians with skills and over 70 percent of the beneficiaries are gainfully employed while some are successful entrepreneurs.
The statement read in path: “As part of continued efforts to improve its service delivery and facilitate the actualization of its mandate, the Industrial Training Fund (ITF) has concluded arrangements to commence the implemention of the second phase of its plan, which is christened: ITF Reviewed Vision: Strategies for Mandate Actualization.
“The first phase of the plan, which was implemented between 2016 and early 2020 among others equipped over 500,000 Nigerians with skills, over 70 percent of which are gainfully employed or successful entrepreneurs.”
He maintained that the Plan was unveiled during an engagement with top Management of the Fund on Monday (15th June, 2020), adding that the DG said the plan is ‘hundred percent homegrown’ targeted at rectifying the pitfalls that were observed in the implementation of the first phase, while also seeking to build on the achievements of the first phase and support the initiatives of the Federal Government especially in the Agricultural sector.”
“The implementation will commence immediately and terminate in 2024, will focus on nine key areas of the Fund’s activities namely: Direct Training Services, Revenue Generation and Sustainable Funding, Resource Utilization, Special Intervention Programmes, Human Capital Development, Students’ Industrial Work Experience Scheme (SIWES), Research and Development, Automation of Business Processes and other Programmes/Services.”
The DG further stated, “Under the Direct Training Services, which is the core mandate of the Fund, ITF would focus on Curriculum Development, e – Learning, Consultancy Services, Standardization and Certification, Re-engineering Business Development Support (BDS) Services for Micro, Small and Medium Enterprises (MSMEs), Technical and Vocational Skills Programmes, Certification of Apprentices, Technicians and Craftsmen as well as Performance and Productivity Improvement Training, while training programmes will be developed for the Maritime and Oil and Gas sectors that were hitherto not given priority attention.”
“ITF has concluded arrangements for the procurement of three additional mobile training units and will establish vocational wings in our Area Offices in Awka, Maiduguri, Port Harcourt, Akure, Gusau and Minna, which will train Nigerians in needed trades in their locale”, adding that “efforts will also be stepped up towards repositioning the Centre for Excellence in Jos for effective service delivery.
“In this regard, we will accelerate processes to acquire the Jossy Royal Hotel, which acquisition has already been approved by the Federal Executive Council, ” Ari disclosed
In order to drive the Federal Government’s efforts to develop the agricultural value chain for job and wealth creation and ensure food security, ITF will identify arable lands owned by the Fund to establish demonstration farms, which will be used for the training of extension workers and youths nationwide.
He said in view of the funding challenges that have emerged as a result of the COVID-19 pandemic, the Fund will explore creative and sustainable funding options including approaching multilateral Agencies like the International Labour Organisation (ILO), World Bank, African Development Bank as well as other donor organizations that support some of the activities conducted by our organization.
Other aspects of the plan, he said, included the realignment of SIWES objectives to prepare students for the world of work, a review of the ITF corporate image and its re-branding, as well as the completion of capital projects across the federation amongst others.
It would be recalled that upon assumption to office, management of the ITF in September 2016, implemented the first phase of its Reviewed Vision: Strategies for Mandate Actualisation, a plan, which yielded tremendous success in the capacity development of Nigerians as well as the commissioning of several projects across the Federation amongst others.
He urged the staff to embrace the plan and work assiduously towards its actualization. “We have talked enough, now is the time for action especially in view of the challenges that Nigeria, like the rest of the world is facing right now. I, therefore, call on all staff to put all hands on deck towards the actualization of the plan”, he said.
The DG assured that the Fund will develop and implement selected training programmes at no cost to the organisations just as all it’s facilities across the country are to be fumigated, while face masks and hand sanitizers will be procured for all staff among other COVID-19 interventions.
Nigerian Stockbrokers have proposed strategies by which the Federal Government can deepen the capital market to achieve its proposed one trillion dollar economy.
They made the proposal in a communique signed by Mr Oluropo Dada, President/Chairman of Council of Chartered Institute of Stockbrokers (CIS), and the Registrar/Chief Executive of CIS, Dr Josiah Akerewusi.
The communique was from the 28th Annual Conference of CIS held in Ibadan with the theme: “Capital Market as Catalyst for The One Trillion Dollar Economy’’.
Dada said that, if adhered to, the proposed strategies would help the government to achieve its goal without increasing borrowing.
He urged the Federal Government to list Nigerian National Petroleum Company Ltd.
and moribund state enterprises on the secondary markets.According to him, this is to deepen the markets, enhance the companies’ ability to make profit and generate revenue for the government through tax.
The CIS president also said that there was the need to rebase Nigeria’s Gross Domestic Product (GDP) to reclaim the country’s status as Africa’s largest economy to create opportunities to achieve the one trillion dollar target.
Dada urged policies that would incentivise indigenous and privatised companies as well as Small and Meduim Enterprises (SMEs) to list on the Nigerian capital market.
He said that the informal economy constituted a significant portion of Nigeria’s GDP but remained largely untapped by the capital market.
“Government should conclude the ongoing review of Investment and Securities Act while capital market regulators should review relevant rules and laws in line with global best practices,’’ he said.
According to him, this will boost investor confidence, create a favourable business environment for listed companies and remove restrictions hindering liquidity access for stockbrokers.
“The Nigerian capital market should be integrated into Fintech solutions, blockchain technology and other digital innovations to enhance accessibility, efficiency, transparency and attraction of Millennials, Gen Z, Gen Alpha, among others.
“Market operators should also develop products that attract investment appetite of the technology-savvy youths,” he said.
According to him, the government should address foreign exchange challenges and other inhibitions to participation of foreign investors in Nigeria.
“This will also enhance Foreign Direct Investment.’’
Dada said there was a huge knowledge gap among investors, urging that financial literacy programmes should be pursued with renewed vigour.
He said that financial literacy should cut across all segments of investors and would require collaboration of market regulators with all stakeholders.
He said: “The Nigerian capital market should reflect the key sectors such as agriculture, oil and gas to better align with GDP composition and provide opportunities for capital formation and mobilisation.
“Government at all tiers in Nigeria should leverage more on the capital market to raise long-term funds for infrastructure development,’’ he said.
Dada said that this should be done by issuing project-tied bonds with irrevocable standing payment order which would remove the risk of default.
“In order to relieve itself of perennial debt overhang, Nigeria should opt for debt restructuring and extension of maturity period to enable it to manage its resources for the overall development of the economy.
“On the monetary side, the Central Bank of Nigeria should intensify tight monetary policy to control inflation.
“Government should exploit opportunities in the commodities ecosystem to grow the GDP. Commodities Ecosystem remains a niche market in Nigeria.
“Government should implement the policies enunciated to strengthen commodity trading and commodity exchanges to enhance export trades, generate forex, boost external reserve and strengthen the Naira.’’
According to him, government should also implement structural reforms, including deregulation, debt management and public awareness campaigns by collaborating with the market stakeholders to unlock Nigeria’s economic potential.
Dada said that the government should put in place policies to attract private equity, venture capitalists and angel investors, adding that at all tiers of the government should leverage tariff policies to support local industries.
This, he said, would pave way for participation of private equity, venture capitalists and angel investors to support the growth of SMEs. (NAN)
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
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