Economy
FG to Promote Digital Economy, Sustainable Inclusive Development — Minister
The Federal Government has said that it would facilitate the promotion of industrial digital economy, sustainable and inclusive economic development in Nigeria and Africa.
Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning, said this at the West Africa Business Forum entitled “Empowering women and youths to spur Africa’s transformation agenda” in Lagos, on Tuesday.
Ahmed stressed the importance of inclusive economic development which, she said, remained a core element of both the African Union Agenda 2063 and the United Nations Sustainable Development Goals (SDGs) agenda.
The minister said the government was promoting the country’s digital economy through some national strategies.
“In Nigeria, Micro, Small and Medium Enterprises (MSMEs) represent up to 90 per cent of manufacturing and 80 per cent of trade.
“Our national strategy includes an MSME aggregation programme to promote specialisation and increase productivity, and also an MSME connection to e-commerce platforms and other emerging technologies.
“By leveraging these digital technologies, Nigeria hopes to create alternative routes to markets for MSMEs, within Nigeria and beyond, and to support production clusters in manufacturing and agriculture.
“It is, therefore, expedient to promote an industrial digital economy, sustainable and inclusive economic development.”
She also emphasised the need to leverage the opportunities offered by the African Continental Free Trade Area (AfCFTA) agreement to improve the export capacities of the formal and informal service suppliers.
“We are hopeful that the forum will be an effective avenue for empowering women and youth entrepreneurs and addressing the unemployment challenges that we have in the African region.
“The AfCFTA offers the continent’s youth and women greater opportunities to be players in regional value chain development.
She further assured of the ministry’s support to facilitate attainment of the AU Agenda 2063 and the SDGs.
Also speaking, Mr Tei Konzi, Commissioner, Trade, Customs and Free Movement, ECOWAS Commission, reiterated that the AfCFTA aimed at creating a single continental market for goods and services for free movement of business, people and investments.
Konzi called on women and youth in West Africa to enhance their participation in trade, so as to promote the success of the agreement.
“To accelerate the gender-responsive implementation of the agreement, it is critical to build on existing initiatives, knowledge and capacities, particularly across the level of regional economic communities.
“There are clear opportunities to build on and scale-up in regional activities, to address trade and gender within the context of the agreement.
“We call on the women and youth to advocate for inclusive policies at the national and regional level through business associations.
“We also call on them to work with these associations to build linkages between larger and smaller players and give women and youth access, advocate for their entrance and unlock opportunities for access to finance and assets.”
Furthermore, the commissioner said the regional blocs, alongside some member states, were designing AfCFTA implementation strategies with the support of the ECA.
“We must ensure that gender and youth considerations are mainstreamed into these strategies.”
He added that all ECOWAS member states had signed and ratified the agreement and further appealed to remaining countries to accelerate the process of ratification. (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)
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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