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We’ll Create More Jobs Via Agriculture, Arts, Entertainment, Mining – Buhari Assures

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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

Infrastructure Devt.: ICRC to Issue Approval Certificates Within 7 Days – DG

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By Tony Obiechina, Abuja

The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.

President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days.
This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.

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Economy

VAT revenue increases by 9% to N1.56 trillion in Q2 2024

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By Tony Obiechina, Abuja 

The federal government in the second quarter of 2024 generated a total of N1.56 trillion from Value Added Tax. This is a 9.11 percent increase from the N1.43 trillion in Q1 2024.

According to the National Bureau of Statistics report, local payments recorded were N792.

58 billion, foreign VAT payments were N395.
74 billion, while import VAT contributed N372.
95 billion in Q2 2024.

“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and water supply, sewerage, waste management and remediation activities with 59.

75%,” NBS reported.

“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with 46.84%, followed by Real estate activities with 42.59%.

“In terms of sectoral contributions, the top three largest shares in Q2 2024 were

manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.

“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organisations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each. 

“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.”

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Economy

Stock Market Sustains Bullish Momentum, Gains N270bn

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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.

Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.

978 trillion.

The All-Share Index also advanced by 0.

48 per cent, or 476 points, to settle at 98,592.
12, compared to 98,116.27 recorded on Thursday.

As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.

Market breadth closed positive with 38 gainers and 18 losers.

On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.

80, N110 and N15.95 per share respectively.

Mecure followed closely with 9.94 per cent to close at N8.52 per share.

On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.

Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.

A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.

Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)

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