Connect with us

Economy

Buhari Vows to Halt Job Exports Through Local Production

Published

on

President Muhammadu Buhari
Share

By Mathew Dadiya, Abuja

President Muhammadu Buhari said Tuesday, that his administration would not allow Nigeria return to the days of exporting jobs through the importation of food and clothing items which can be produced locally.

 

The President noted that the textile and garmenting sector had the potential to create millions of jobs and would remain one of the priority sectors for the administration.

Buhari said this during an audience with the National Executive Council of the National Union of Textile, Garment and Tailoring Workers (NTGTW) led by its President, Comrade John Adaji, at the State House, Abuja.

He assured that his administration would continue to support policies and programmes in the years ahead, adding, “We owe this to the over 200 million Nigerians.

Referring to his recent directive to all Government uniformed institutions to use locally produced garments, President Buhari said unbelievable number of jobs will be created when the military, police, para-military organisations including the National Youth Service Corps (NYSC), fully patronise local industries.

He said that the priority of his administration “is to create as many jobs as possible.”

The President said that in the last four years, the Federal Government deployed limited resources to job-creating sectors like agriculture and mining.

Lamenting the closure of textile factories especially in the North which gave rise to crimes, he said, “we promoted policies that will support local industries such as import restrictions. We introduced programmes that provided affordable and accessible capital to both large and cottage industries.”

He added that, “We also introduced Executive Orders that encouraged the procurement of Made in Nigeria goods and services.”

The President urged State Governments to buy into this policy for their schools, hospitals and other institutions.

On the African Continental Free Trade Agreement (AfCFTA) which Nigeria recently signed, Buhari said, “we have developed a comprehensive strategy to fully optimise the benefits” with necessary safeguards in place. He stressed that “Our priority remains to create jobs in Africa for Africans using a large proportion of African raw materials.”

Speaking on behalf of the Union, the General Secretary, Comrade Issa Aremu, commended President Buhari for being the first Nigerian leader to grant the 41-year-old body an audience, and making the revival of the textile industry a campaign topic.

Bemoaning the closure of hundreds of textile factories which used to employ “millions of workers more than the workforce of the Federal Government in the 70s and 80s,” he also saluted the textile-friendly policies of the administration such as the interventions by the Central Bank of Nigeria and the Executive Order on the use of local garments by uniformed organisations among others.

Pledging to support the administration to “keep our youths out of the streets,” the Union urged that the incidence of smuggling be checked in order to maximise the job-creating benefits of the textile industry.

President Buhari was decorated as the Life Patron of the Union in appreciation of his textile-friendly efforts.

Aremu said that revamping the textiles industry in the country would addressed largely the current security challenges in the country.

He attributed lack of employment opportunities for the youth as major factor responsible for increasing security threats in the country. 

Economy

Naira Gains as CBN Reforms Show Impact

Published

on

Share

The Naira appreciated in the official market on Friday, trading at N1,492.

49 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57. This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar.
The local currency ended Wednesday’s trading at N1,499.
11 against the Dollar. The Naira has remained relatively stable following CBN reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.
Analysts have praised the CBN for the steady progress of the Naira since December 2024. However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate. Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.
Speaking to newsmen on Friday, Aremu called for increased production to sustain the Naira’s gains. He described the currency’s steady appreciation against the Dollar as a positive development. “But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said. He urged the CBN to focus on boosting productive activity in the economy to maintain stability. According to him, the apex bank should look beyond interest rates and consider other factors influencing production and liquidity. “The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy. “If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise. “The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand. “Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said. He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira. Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions. “The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said. Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure in spite of declining foreign exchange (FX) reserves. The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline. “We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated. “The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added. (NAN)

Continue Reading

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

Published

on

Share

The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

Continue Reading

Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

Published

on

dailyasset-greetings
Share

The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS1 minute ago

I-G Links Security of Schools to Nation’s Security 

ShareThe Inspector General (IG) of Police, Mr Kayode Egbetokun, stated that the safety of Nigerian educational institutions determines the nation’s...

NEWS8 minutes ago

Be Proud of National Theatre, Defend it – CBN Governor

Share Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on Nigerians to take ownership of the revitalised National...

NEWS18 minutes ago

FG Employs 774 Health Fellows 

Share President Bola Tinubu has approved the employment of 774 National Health Fellows, an initiative led by the Federal Ministry...

NEWS24 minutes ago

Fubara Assures Adequate Response to Fire Outbreak in Rivers 

SharePort Harcourt, Gov. Siminalayi Fubara of River has reaffirmed his administration’s commitment to quick response to fire outbreak and emergencies...

NEWS34 minutes ago

Jigawa Govt. Spent N342m on Safe School Coordination Centre Project – Namadi

Share The Jigawa government has expended N342 million on the establishment of Safe School Rapid Response Coordination Centre in the...

NEWS13 hours ago

el-Rufai – Not Your Accidental Critic.

ShareBy Simon Imobo-Tswam Mallam Nasir el-Rufai, the immediate-past governor of Kaduna state, is in the news, again. Your browser does...

Ikorodu Building Collapse Ikorodu Building Collapse
NEWS14 hours ago

2 killed, 6 Injured as Lagos Building Under Construction Collapses

ShareThe Lagos State Emergency Management Agency (LASEMA) has extricated two adult males, with six injured persons from a building under...

POLITICS14 hours ago

Lawmaker Blames Opposition Crisis for Defections

Share A member of the House of Representatives, Cyriacus Umeha, has blamed the wave of defections from opposition parties to...

NEWS14 hours ago

PDP Leaders Urge Adediran to Rejoin Party

ShareThe People’s Democratic Party (PDP) National Secretary, Mr Ude Okoye, has led other party chieftains to visit the party’s 2023...

NEWS14 hours ago

Zamfara Governor Appoints New Head of Service

Share Gov. Dauda Lawal of Zamfara has approved the appointment of Yakubu Haidara as the substantive Head of the Zamfara...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc