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FG Injects Over N18 bn into Kogi Economy via NSIP– Focal Person

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The National Social Investment Programme (NSIP) Kogi says  the Federal Government has  injected over N17 billion into the state’s economy through the programme since its inception in 2016.

Mr Abdulkareem Onyekehi, the Focal Person of NSIP, Kogi state says this in Lokoja on Friday.

He said that the NSIP had four components: N-POWER, National Home-Grown School Feeding Programme (NHGSFP), Conditional Cash Transfer Programme (CCT), and the Government Enterprise and Empowerment Programme (GEEP), being implemented in Kogi State.

Onyekehi, who doubles as the Special Adviser to the Governor on Special Projects, said that over 43, 000 petty traders have benefited from GEEP, 34,000 beneficiaries of CCT, 12,000 youths for N-Power and about 85, 000 pupils for HGSFP benefited in the State through the NSIP.

According to him, “approximately N297 million has been injected through HGSFP, N800 million through GEEP, N5 billion through CCT, and N12 billion through N-Power into Kogi economy via the programme.

”The Federal Government of Nigeria established the NSIP in 2016, to tackle poverty and hunger across the country.

”The suite of programme under the NSIP focuses on ensuring a more equitable distribution of resources to vulnerable populations, including children, youths  and women.

”Kogi State keyed into the programme in partnership and have developed enormous capacity for the implementation across all the components”.

Onyekehi explained that the HGSFP was aimed to deliver school feeding to public primary school pupils with a specific focus on increasing school enrolment and reducing malnutrition.

He said  that the HGSFP was also designed to empowering community women as cooks and by supporting farmers that help stimulate the economic growth.

The focal person disclosed  that the HGSFP which had been on pilot stage in Kogi, had engaged about 1,400 caterers to feed the current number of over 85,000 pupils.

He said that additional caterers were being recruited to capture more public primary schools to accommodate more pupils who were yet to benefit from the scheme.

Onyekehi said that the HGSFP commenced in Kogi State in Feb. 18, 2019 up to Jan. 16, 2020, and was in progress before the outbreak of COVID 19 pandemic, which made the programme to be put on hold till date.

”Currently, we have captured 177, 640 pupils to be fed by 2,937 cooks.

”Concerted efforts are in high gear to capture all public primary schools in Kogi State with a total of over 258,000 pupils as recently validated by the National Bureau of Statistics,” Onyekehi said.

He added that the current food menu for the HGSFP given to the pupils were: rice, beans, pasta, egg, bread, beef, moimoi and pap.

”The GEEP is a micro-lending intervention that targets traders, artisans, enterprising youths , farmers and women in particular, by providing loans between N10,000, N50,000, N100,000 and N300,000 at zero interest cost to beneficiaries.

”In Kogi State, over 50,000 SMEs have benefited from the GEEP, such as Trader-moni, N10,000; and Market-Moni between N50,000 -100,000 at zero interest loan.

He said that a sum of about N800 million had so far been disbursed to 50,441 beneficiaries of both Trader-moni and Market-moni in Kogi.

Onyekehi explained that a total sum of N434.4 million had been disbursed to 43,443 beneficiaries under Trader-moni, while N365.2 million disbursed to 6,998 beneficiaries under Market-moni in Kogi State.

He, however, noted that the newly introduced Farmer-Moni of N300,000 with zero interest loan by the federal government was yet to commence in the state.

Speaking on the N-Power, Onyekehi says that the programme was designed to assist young unemployed Nigerian graduates and non graduates to acquire and develop life-long skills to become change makers in their communities.

According to him, with a stipend of N30,000 monthly, a total of 12,964 youths of Batch A and B from December 2016 to June 2020, have so far benefited from the scheme in Kogi, amounting to about N11.6 billion.

He explained that the Conditional Cash Transfer (CCT) programme directly support those within the lowest poverty bracket by improving nutrition, increasing household consumption and human capital development through cash benefits to various categories of the poor and vulnerable.

”It supports poor and vulnerable households with N5,000 monthly stipend to cushion their consumption levels with the overall objective of reducing poverty, prevent the vulnerable from falling into poverty lines and building their resilience to withstand shocks.

”Presently, Kogi State has a total of over 72,000 on the next phase of payment schedule and 12,091 with on-going enrolment while awaiting 49,000 new data.

”The current number of beneficiaries is 34,000, with monetary value of approximately N5 billion injected into the economy of Kogi from CCT alone”, Onyekehi said.

Onyekehi commended President Muhammadu Buhari for the initiative in providing jobs and lifting the poorest and vulnerable citizens out of poverty.

He assured the commitment of the state Gov. Yahaya Bello to the full implementation of all Federal Government programmes in the state.

Onyekehi further commended the governor for being a strong advocate of President Muhammadu Buhari’s administration owing to the maximum support he has given to the program for effective implementations.

”The governor secured the NSIP office complex, pay NSIP staff salaries, funds all the implementations logistics and other running cost of the NSIP office.

”Without the support of the Governor, it would have been difficult for NSIP to record these achievements so far in Kogi,” he said.

Onyekehi appealed to the federal government for more logistics for the office of the Focal Person of Kogi NSIP for more effective implementations and program for result (PforR). (NAN)

Economy

Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities 

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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)

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Economy

Investors Gain N183bn on NGX

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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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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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