Economy
FG Lauds $20bn Diasporans’ Contribution to Nation’s Economic Growth
By Mathew Dadiya, Abuja
The Federal Government has commended its citizens in the Diaspora for their continued support to the development of the country despite the security challenges, saying that they have committed $20 billion in 2021 and $4.8 billion as Foreign Direct Investment (FDI).
Chairperson of the Nigeria Diaspora Commission (NiDCOM), Hon.
Abike Dabiri-Erewa, said it was pertinent for Nigeria and Nigerians to know the importance of Nigerians in the Diaspora because they have continued to contribute their skills and resources to the development of the country in various sectors such as health, education, technology, finance, transportation, housing and entertainment amongst others.Dabiri-Erewa spoke on Thursday, during the Ministerial Media Briefing organized by the Presidential Communications Team at the Presidential Villa, Abuja.
She acknowledged the insecurity in parts of the country, noting it was temporary and the federal government has taking necessary steps to resolve the situation.
According to her, home remittances is four times our FDI and contributes about 6.1% of our annual GDP. Our Diaspora are now an economic factor for development, which we have coined a term Diaspora Direct Investment (DDI).
The NiDCOM Chairman dismissed the fears of Nigerians in the Diaspora that their business interests in the country may be jeopardised by the prevailing security situation.
She said that about 20 Nigerian students have been killed in Northern Cyprus even though students have been warned to stay away from the place, regretting that Nigerians are being killed on a daily basis in Northern Cyprus with nobody able to intervene because of the political situation in the European enclave.
Dabiri-Erewa declared that the Nigerian security forces have in recent times been bombarding terrorists in the determined attempt to end their menace, expressing confidence that whoever invests in the country among the Diasporans will have return for their investments.
“Nigerians in the diaspora have a significant role to play in the development of Nigeria, now and for years to come.The President Muhammadu Buhari led- Administraion has in recent times recorded remarkable feats and outstanding successes in the core area of her foreign policy and international relations. These successes can be shown through the caliber of human resources that Nigeria boast of in the diaspora.
“There has been a renewed enthusiasm and admiration being accorded to Nigeria across the globe especially with the recent advent of eminent Nigerians heading key global organisations in the global comity of Nations.
“The Nigerian government through the Ministry of Foreign Affairs has so far played a critical role and provided much needed leadership to ensure the rights of Nigerians are protected in the various countries where her citizens reside. In spite of the successes recorded so far there are still pockets of challenges being faced by Nigerian citizens across some Nations of the world and especially in crisis regions that require the urgent attention of the Government,” the NiDCOM chairman explained.
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)
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)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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