Economy
I am Ready for International Challenges – Okonjo-Iweala
Dr Ngozi Okonjo-Iweala, the newly appointed Director-General of the World Trade Organisation (WTO), on Tuesday affirmed her readiness to confront the challenges associated with her job.
Okonjo-Iweala gave the affirmation during a virtual interview session anchored by Gov.
Babajide Sanwo-Olu of Lagos State at the Lagos Economic Summit (Ehingbeti) 2021.The Ehigbeti Summit had its theme as: ”For a Greater Lagos: Setting the Tone for the Next Decade”.
She said that in confronting those challenges, there would be opportunities to leverage on to perform her duties.
“’Well, it is fantastic and I want to start by humbly thanking His Excellency, Mr President, thanking all Nigerians for your support and encouragement and I mean it sincerely.
“’The process is difficult’; it has taken almost nine months of competition and waiting and uncertainty.
“Nigerians have been absolutely incredible by sending me messages of support, going on the internet, some people have been making videos and releasing them.
“So, I feel incredibly blessed and I am happy that it has come out well and therefore, we can try to show what Nigeria and what Africa can do in such an international position.
“It is going to be very challenging but I feel ready; as everyone says, in every challenge, there is an opportunity.
“So, it will be good to see what can be done with all the countries around the world,” she said.
The WTO chief said that Africa should critically look at its demographics so as to be successful.
According to her, when you have 60 per cent of the population that is 30 years old and younger, then you have to worry about job creation.
“A success Africa is an Africa that is able to create jobs for its citizens. And when I said job, I mean decent work, that is the biggest issue that the continent has to face.
“We have to create modern, decent jobs for our youths to avoid creating dislocation and unrest,” Okonjo-Iweala said.
In his goodwill message, the President, African Development Bank (AFDB), Dr Akinwunmi Adesina, said that the youths are the assets of the state and should be given chance to showcase their worth.
Adesina said that the state should also invest in education by making tertiary institutions to be of world class standard.
”Youths are not the problem of Lagos, they are the asset. The slogan should not be the young shall grow, but the youths have arrived. Youths do not need empowerment or handouts, what they need is investment.
“The poverty level in Lagos has reduced from 30.3 per cent in 2009 to 4.5 per cent in 2019. About 20 per cent live in the slum. A prosperous Lagos will bring a healthier Lagos.
“Private sector needs to be mobilised to support the new Lagos. There must be accountability for taxes collected.
“I see a greater Lagos, a Lagos where visions are turned into reality and where women and youths thrive,” he added. (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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