Economy
Lagos Govt Commits N10bn to Boost Employment in 3 years
The Lagos State Government, says it committed over N10 billion to the Lagos State Employment Trust Fund (LSETF) towards boosting employment in the last three years.
State Governor Babajide Sanwo-Olu, made this known on Thursday in Victoria Island, during the Lagos Employment Summit, with the theme: ”Sustainable Job Creation Strategies: Collective Action and Prosperity for All”.
Sanwo-Olu said that the aim of the state government in committing such amount was to ensure that more people have access to the fund with a view to recording a 6.
7 per cent drop in unemployment rate.”We want to see a drop of about 6.7 per cent in unemployment rate. We also want to make Lagos the most impressive job creation centre nationwide.
”We will try and double whatever it is that we are looking at, so we want to challenge you with a lot more. We believe you have the capacity, because you have demonstrated this in the last four years that given the opportunity, you can double these numbers.
”It is only by scaling those numbers that we can reduce the percentage of unemployment that we are seeing.
”We will give you the grants that you need, we will give the funding that you need to ensure that you can double it up, you can create the eco-space and the ability for you to be able to touch a lot more people quicker, faster and deeper,” he said.
The Commissioner for Economic Planning and Budget, Mr Sam Egube, said that the unemployment rate in the state was fuelled by urban migration from other states and other nations.
Egube said that the migration into Lagos is for opportunities, hope, and dreams of a better life.
He said that Lagos State remains the most populous state in Nigeria, with a population growth rate, conservatively put, at 3.2 per cent per annum, driven very heavily by urban migration, a high percentage of which come with only their bags and bodies, unskilled and without a job and many without a proper place to stay.
”It is for this reason and the general state of the national and global economy that the unemployment rate in the state stands at 37.3 per cent, with youth unemployment at about 42.5 per cent.
”Resolving these challenges on a sustainable basis requires deep thinking, collaboration, and consultation with stakeholders to evolve ideas, policies, and initiatives, which when acted upon, should see us through,” the commissioner said.
The Board Chairperson, LSETF, Mrs Bola Adesola, lamented the surge in crime and the resultant insecurity challenges due to the lack of jobs and gainful engagement of the youths.
Adesola said that the collective prosperity of a state and a nation depended on how sustainably jobs could be created.
She said that it was also imperative to note that the never-ending duty of job creation required all public and private stakeholders to actively collaborate, design and develop resilient policies and strategies. (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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