Economy
We’ll Create More Jobs Via Agriculture, Arts, Entertainment, Mining – Buhari Assures
President Muhammadu Buhari has reiterated his commitment to creating more jobs, with particular focus on enabling the private sector, targeting more youthful population by streamlining priority on agriculture, arts, entertainment, mining and Information Technology.
The president stated this at a Presidential Conference with the Participants of Senior Executive Course 42 of the National Institute for Policy and Strategic Studies at the State House, Abujsa, on Thursday.
He noted that the focus of the group’s research for the year, “Population Growth and Human Capital Development: Challenges and Opportunities’’, was most appropriate in timing, and the recommendations would be fully considered.
He said: “I have no doubt that you have evaluated the theme given to you. I can assure you that many of your recommendations would be considered to further enhance Human Capital Development in the country.
“Let me reiterate that our administration is committed to diligently pursuing investments in people, especially in our youths as well as most vulnerable and poorest members of society.
“We will study and explore the creative and innovative recommendations in your report and direct implementations as soon as possible.’’
The president told participants of Senior Executive Course 42 that his administration had made tremendous efforts at diversifying the economy and reducing heavy dependence on the oil sector for government revenues and foreign exchange earnings.
“We are refocusing the economy on agriculture, agro-processing, arts, entertainment, mining, manufacturing, information technology and labour intensive industries to generate millions of jobs for our teeming youths and able-bodied Nigerians, while gradually integrating the economy into the global economy.
“This administration developed the Economic Recovery and Growth Plan for 2017–2020, which focused on economic diversification and stabilization, making the business environment more competitive, as well as achieving macroeconomic stability by means of fiscal stimulus and improving the balance of external trades.
“We focused the plan on key sectors such as energy, agriculture, manufacturing, infrastructure, especially rail, roads, broadband networks.
“We have made considerable progress in food production, especially in rice. We will continue to encourage private capital for infrastructural development through Public Private Partnerships,’’ he said.
Buhari noted that efforts had been made in putting in place various programmes to equip Nigerians, particularly the youth, with requisite skills for employment, entrepreneurship, and wealth creation.
According to him, such programmes include the Presidential Youth Empowerment Scheme, N-Power scheme, Youth Entrepreneurship Support Programme, Graduate Internship Scheme and Youth Enterprise with Innovation in Nigeria programme.
The president said the Federal Government had taken steps to harmonise all operations related to technical and vocational skills development by all Ministries, Departments and Agencies.
He added that this had culminated into a new partnership between the Industrial Training Fund and Nigeria Employers’ Consultative Association under a special initiative called the Technical Skills Development Project.
“In addition, Government is implementing the Special Public Works programme to provide employment opportunities to 774,000 youths across the 774 local government areas of Nigeria.
“We have also recently introduced N75 billion Nigeria Youth Investment Fund, of which N25 billion have been provided in 2021 Budget. All of these are consistent with our policy of positioning the youth for strategic leadership in different fields of endeavor,’’ he said.
He commended management and members of faculty of the National Institute for getting participants of Senior Executive Course 42 to focus on a theme and present a report as experts on the subject matter.
In his remarks, the Director-General/Chief Executive officer of the National Institute for Policy and Strategic Studies, Prof. Habu Galadima, thanked the President for providing strategic and purposeful leadership for the country in spite of daunting challenges.
He also lauded the administration for ably handling the COVID-19 pandemic.
The Director-General noted that the participants for Senior Executive Course 42, 2020, were properly guided by daily briefs and guidance of the Presidential Task Force on COVID-19.
“We thank you for enormous investments in the people of this country through highly commendable programmes designed to take Nigerians out of poverty. One can only imagine the magnitude of the outcomes if these investments were not made,’’ he added.(NAN)
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)