Economy
Town Planners Urge Govt. to Boost Nigerian Cities’ Economy Through Industrialisation
Mr Omotayo Awomosu, Chairman, Lagos chapter of Nigerian Institute of Town Planners (NITP), has urged governments at all levels to boost the economy of Nigerian cities through industrialisation.
Awomosu stated this at the 2023 World Habitat Day, organised by Ministry of Physical Planning and Urban Development, Lagos, on Monday.
The News Agency of Nigeria (NAN) reports that the theme of this year’s Day is: “Resilient Urban Economies: Cities as Drivers of Growth and Recovery.
”He explained that governments could promote industrialisation by implementing policies and programmes that would encourage manufacturing and related activities.
“Cities serve as the engines of growth and centres of innovation for every human civilisation and they have been performing these roles since they arose in the earliest civilisation in the Fertile Crescent of Mesopotamia,” he said.
According to him, to boost the nation’s economy, government must invest in development of cities through policy and programmes that would boost their economic base.
“How many industrial estates have we built in the last 30 years? Rather, many of the properties in the existing industrial estates had been converted to event centres and places of worship.
“There is the need for more investments in infrastructure, such as power supply and public transportation,“ Awomosu said.
He further stated that World Habitat Day was declared in 1985 by the United Nations as an advocacy tool, with the purpose of educating the public on issues of concern, mobilising the political will and resources to address global problems.
The NITP chairman quoted the UN-Habitat World Cities Report for 2021 as stating that no fewer than 163 million poor people lived in urban areas worldwide.
“The recent World Bank Report, titled: “A Better Future for All Nigerians: Poverty Assessment 2022″ also estimated that as many as four in every 10 Nigerians live below the national poverty line.
“Many of these people had been displaced by insurgencies, banditry and other forms of conflicts and disasters, such as flooding emanating from climate emergencies,’’ he said.
Awomosu added that Lagos had been the recipient of a large proportion of the huge population of displaced people and needed jobs which, he said, was tied to growing urban economic base.
“Worldwide, sustainable city economic base depends on a healthy balance between the manufacturing and service sectors,” he said.
The NITP chairman urged decision makers to embrace town planning toolkit for solutions to human settlement problems.
In his goodwill message, Mr Kunle Salami, Chairman, Technical Committee on Lagos State Urban Development Project, stressed the need for sensitisation for development projects to take place.
Salami said that the on-going project by the Gov. Babajide Sanwo-Olu-led administration would last for 30 years.
Also at a panel discussion, the participants enjoined Nigerians to get involved in planning and execution of urban renewal projects to avoid illegal dredging.
They called for consistent government policies, accurate data, creation of more satellite towns and private sector partnership (PPP). (NAN)
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (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)
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