Economy
Israel to Assist Nigeria Creates 1m jobs through Digital Economy, Says Envoy
By Tony Obiechina, Abuja
Following President Bola Tinubu’s promise to create over one million jobs during his administration, the Ambassador of Israel to Nigeria, Mr Michael Freeman has reassured of his country’s commitment to partner with Nigeria towards realisation of the policy through digital economy.
The President had in his inaugural address on the 29th of May 2023, promised that at least one million youths will be gainfully employed in the digital economy under his administration.
Mr Freeman disclosed this at a press conference on the official inauguration of the 3rd cohort of the Innovation Fellowship for Aspiring Inventors and Researchers (I-FAIR) in Abuja.
He said Israel remains excited over plans to partner President Bola Tinubu’s administration to achieve meaning growth through digital technology, also that the first two editions of I-FAIR programme provided young Nigerians with mentorship and tools needed to take their ideas from theories to practical.
According to him, many I-FAIR graduates now have various businesses with fellow Nigerians contributing to the economic growth of their fatherland, saying the third edition of I-FAIR was thereby, officially inaugurated.
Freeman who is also Israel’s permanent representative to ECOWAS said, “This is the official launch of the 3rd I-FAIR programme; since President Tinubu was inaugurated and one of the key focus of his inaugural policy was improving and strengthening Nigeria’s economy.
“He actually spoke specifically on a number of targets, to increase local and foreign investment in Nigeria, also to create one million jobs in the digital economy.
“Israel is the world leader in digital economy and it is also the world leader in manufacturing investment in several other places.
“We buy into this vision and we want to partner President Tinubu and his administration, to help create the environment for investment.
“To help create a million jobs in the digital economy and that is why we are here today, because the I-FAIR programme will help to create jobs, investment and new generation of entrepreneurial Nigerian innovators.”
He further said such would boost job creation in the economy through learning from Israeli experience whereby, 45per cent of the GDP is based on human capita and research development.
The Ambassador described I-FAIR as initiative of Israel through partnership with Nigeria with mandate to empower innovators, inventors and entrepreneurs, and had become flagship of Israel-Nigeria programmes, since their 60years of diplomatic relations.
Also speaking at the event, Iyinoluwa Aboyaji, Founding Partner of Future Africa, a private organisation, commended partnership between both countries to have helped in the development of youth innovation in Nigeria.
“This collaboration between Nigeria and Israel has been extremely fruitful, particularly in the area of helping us to commercialize the research and development that comes out from our University.
“Specifically, the partnership with the Innov8Hub programme, which is incredible; I am delighted with the President’s mandate for a million jobs in digital economy.
“It is extremely an important mandate, we are not going to get there without the support and knowledge that comes from collaborative partnership from country like Israel,” Aboyaji said.
He further urged young people to key into the Innov8Hub programme with zeal, as an opportunity to become successful through their innovation and skills development. I-FAIR is a 6month programme that provides selected participants access to expertise, technology, mentorship and network needed to develop products and businesses, as well as create advanced prototype and pitch to investors among other things.
Since the inception, two I-FAIR editions have been completed with 63 Fellows and 56 products developed under 1,300 mentorship hours and 100 ideas such as Thinkbike, Soiless farm labs, QuadloopAfrica and Eco Circilat Solution turned into enterprises.
Economy
Investors Gain N183bn on NGX
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)
Economy
Yuan Weakens to 7.1870 Against Dollar
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)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
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)