NEWS AGENCY OF NIGERIA
Tinubu gives condition for mining licenses
Economy/Business

Tinubu gives condition for mining licenses

237 total views today

By Salisu Sani-Idris

President Bola Tinubu has instructed the Federal Ministry of Solid Minerals Development to only issue mining licenses if they are tied to local value addition.

Tinubu gave the directive on Wednesday during the inauguration of the 2024 African Natural Resources & Energy Investment Summit, held in Abuja.

The News Agency of Nigeria (NAN) reports that Tinubu was represented at the event by the Vice-President Kashim Shettima.

He said the directive would ensure that young Nigerians are actively engaged in economic activities, acquiring skills and contributing to the overall development of the economy.

The president said his administration was fully committed to creating an enabling business environment to attract investment that encouraged ‘value addition’ on solid minerals before export.

“We recognise the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative.

“By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings.

“Therefore, the ministry will only issue mining licenses if they are tied to local value addition,” the president said.

President Tinubu said that his administration’s target in the solid minerals sector was to make Nigeria a leader in critical metals.

He commended stakeholders for the establishment of the African Minerals Strategy Group with Nigeria as the first chairman of the initiative.

“We aim to set new standards in the mining industry and ensure that Africa gets an equitable slice of supplying the world with critical metals.

“In our transition to cleaner and more sustainable energy systems, we also recognise the pivotal role that natural gas plays.

“Natural gas is a transition fuel that will fundamentally restructure our nation’s economy,” he added.

Earlier, the Minister of Solid Minerals Development, Dr Dele Alake, announced the government’s strategy under the Renewed Hope Agenda, to position Nigeria as a major player in the global minerals market.

“We are committed to transforming Nigeria’s solid mineral sector into a cornerstone for our nation’s economic diversification,” he said. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Nigeria attracts bn investment in renewable energy sector – Tinubu
Economy/Business

Nigeria attracts $2bn investment in renewable energy sector – Tinubu

213 total views today

By Salisu Sani-Idris

President Bola Tinubu has said that Nigeria attracted over $2 billion investment in the renewable energy sector, making it a fast-growing sector in the economy.

Tinubu stated this on Wednesday during the inauguration of the 2024 African Natural Resources & Energy Investment Summit, held at the State House Conference Centre, Abuja.

Represented by the Vice-President Kashim Shettima, Tinubu reiterated the commitment of his administration to continue to attract more private sector involvement in the renewable energy space.

He said that: “In leveraging opportunities in the renewable energy space, Nigeria has attracted over $2 billion in investment in the renewable energy sector, making it a fast-growing sector in the economy.

”Our commitment is to continue this trajectory and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries.”

He, however, emphasised that discussions on the energy transition must also include the significance of the petroleum industry as a cornerstone of the nation’s economy.

“While we strive to embrace renewable and cleaner energy sources, we acknowledge that oil and gas continue to play a vital role in our energy and economic landscape,” he stated.

He highlighted strategic priorities in the sector to include the goal to attract more investment in the oil and gas industry; grow oil production to 2.1 million barrels per day by December 2024.

”This is with a view to improving investment in midstream and downstream infrastructure; tackle theft; and hold developers accountable for the highest environmental standards,” the president said.

Tinubu further restated the administration’s commitment to manage resources responsibly, minimising their ecological footprint and maximising their benefits for the nation.

Earlier, the Minister of Solid Minerals Development, Dr Dele Alake said the government was implementing some reforms to create a more attractive environment for investors with a focus on enhancing transparency, regulatory clarity and investor confidence.

Accircing to Alake, the plan encompasses several key areas including policy reforms, sustainable practices, infrastructure development, and human capital enhancement.

”These initiatives are designed to address longstanding challenges in the sector and unlock the full potential of Nigeria’s vast mineral resources.

”This summit represents a significant milestone in our collective journey toward addressing Africa’s vast natural resources and sustainable economic development,” he said.

Dignitaries at the summit included Sen. Mohammed Sani (APC – Niger East), the Minister of State for Environment, Dr Ishaq Salako; Minister of State for Steel Development, Mr Uba Ahmadu, and Permanent Secretary in the Ministry of Solid Minerals Development, Dr Mary Ogbe. (NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

Nutrition council adopts measures to combat malnutrition, food insecurity
Health

Nutrition council adopts measures to combat malnutrition, food insecurity

203 total views today

By Salisu Sani-Idris

The National Council on Nutrition (NCN) has approved measures to combat malnutrition and food insecurity in line with President Bola Tinubu administration’s efforts to improve the nutritional status of Nigerians.

Delivering his address during the council’s meeting held at the Presidential Villa, Abuja, on Tuesday, Vice-President Kashim Shettima stressed the need for proactive participation from all stakeholders.

The News Agency of Nigeria (NAN) reports that the stakeholders include Ministries, Departments, Agencies (MDAs), development partners, aming others.

The approved measures include the establishment of a national nutrition dashboard to be hosted by the Federal Ministry of Budget and Economic Planning.

The dashboard would be uploaded on the website of the NCN, aims to provide better oversight and coordination of nutrition-related initiatives across the country.

Shettima said the dedication of the council reflects Tinubu’s unwavering commitment to improving the nutritional status of every Nigerian.

He said the Tinubu administration recognised the urgency of the food crises, and was addressing its underlying causes with a view to developing more resilient and sustainable food systems in Nigeria.

The vice-president who commended the efforts of the stakeholders in the nutrition space, assured development partners and other actors of the Federal Government’s readiness to work with them.

”We are willing and ready to work with you for the good of the Nigerian nation. Let us forge ahead with optimism and resolve, knowing that together we are making substantial changes in the lives of our people.

”I extend my gratitude for your steadfast support and diligent efforts. Collaboration is paramount to our continued success in addressing national nutrition challenges.

”And I encourage active and proactive participation from all involved ministries and partners, as your contributions are essential to our progress.

” Together, through robust and dynamic collaboration, we can achieve significant advancements in our mission to improve nutritional outcomes for all citizens.

”All the ministers are willing to collaborate with each other, anchored on maturity, mutual trust and confidence,” he said.

Shettima commended the efforts of some frontline ministries in combating malnutrition and hunger in the country, describing their actions as worthy of emulation.

He said: ”I must commend the actions of the Ministry of Health and Social Welfare in convening a task force to address the acute malnutrition crisis in the country.

”The efforts have manifested in the acquisition of millions of packs of commodities.

” The joint efforts of the Minister of Health and the Coordinating Minister of the Economy to restructure the World Bank project resources securing about 30 million dollars for commodities is also highly commendable and deeply appreciated.

”The Ministry of Finance’s task force to accelerate cash transfer and the Ministry of Agriculture’s initiative to increase food availability and affordability further demonstrates our collaborative efforts.”

Earlier, the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, emphasised the administration’s commitment to prioritising nutrition as a crucial component of national development.

” This initiative provides us an opportunity to step up our collective efforts to improve the country’s food and nutrition security,” Bagudu said.

He said that the meeting which received updates on Nigeria’s current nutritional status focused on proposing actionable recommendations and exploring ways to enhance the implementation of existing nutrition intervention programmes in line with national policy.

Also, the Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, outlined eight interrelated priority areas designed to address the nation’s nutritional needs.

He said the areas are enhancing value chains for improved nutrition; diversifying household production and consumption with a focus on women, improving access to micronutrient-rich foods, and enhancing food safety along the value chain.

Abdullahi also hinted at plans to build resilience and social protection networks for vulnerable groups, promote nutrition research, and improve the agriculture sector’s capacity to address food security and nutrition problems.

The strategy, according to him, also includes providing nutrition education, social marketing, and advocacy, as well as conducting nutrition surveillance, monitoring and evaluation to ensure the effectiveness of the initiatives. (NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

Tinubu reaffirms commitment to food security
Agriculture

Tinubu reaffirms commitment to food security

276 total views today

By Salisu Sani-Idris

President Bola Tinubu on Saturday reaffirmed his administration’s commitment to addressing food security concerns and reducing the cost of living in the country.

The president gave the reassurance at the public presentation of Chief Olusegun Osoba’s book titled: “My Life in the Public Eye” held in Lagos.

A statement on the president speech at the event was made available to State House correspondent by Mr Stanley Nkwocha, the spokesperson of Vice-President Kashim Shettima.

Nkwocha said the president represented by Shettima, noted that the decision to temporarily suspend tariffs on imported grains and other essential food items were short-term measures to address the rising food prices across the country.

“We are taking steps to address food shortages by temporarily removing tariffs on imported grains and other food items,” the president stated.

He noted that the measures were specifically aimed at tackling food shortages and improving affordability for consumers.

Tinubu also stressed that the action was part of a comprehensive strategy to enhance living conditions of Nigerians.

While addressing short-term challenges, the president also reiterated the importance of long-term food self-sufficiency.

”We will continue to drive local production and ensure that we produce what we eat and use locally,” he added.

The president further emphasised the importance of Nigeria’s diversity and unity, calling it a vital lesson for the nation, particularly during challenging times.

“As we work to overcome our current challenges, we must remember that unity and cooperation are essential,” Tinubu said.

He urged Nigerians to support the administration’s efforts to improve living conditions.

The president commended Chief Osoba, whom he referred to as “Aremo 1,” for his significant contributions to Nigerian journalism and politics.

Specifically, the president extolled his contribution to nation building as a two-time governor of Ogun as well as his important involvement in the activities of the National Democratic Coalition (NADECO) in restoring democracy to the country. (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi

Tinubu extols Osoba on nation building
Metro

Tinubu extols Osoba on nation building

216 total views today

By Salisu Sani-Idris

President Bola Tinubu has  commended Chief Olusegun Osoba, a former governor of Ogun, for his contributions to restoration of democracy and nation building.

A statement by Mr Stanley Nkwocha, a media aide to Vice-President Kashim Shettima said Tinubu spoke at the public presentation of Osoba’s book titled: “My Life in the Public Eye,” on Saturday in Lagos.

Represented by Shettima, the President commended Osoba’s role to National Democratic Coalition’s (NADECO), formed in 1994 in response to the annulment of the June 12, 1993 presidential election, which was widely believed to have been won by Chief M.K.O. Abiola.

Tinubu recalled the coalition’s primary goal was to pressure the military government, then led by Gen. Sani Abacha, to relinquish power and restore democracy in Nigeria.

”NADECO consisted of various pro-democracy activists, politicians, and civil society leaders. Notable members included Chief Anthony Enahoro, Chief Ayo Adebanjo and Chief Olusegun Osoba.

”We owe him a debt of gratitude for his sacrifices,” Tinubu said.

He encouraged other leaders to follow Osoba’s example by writing books to share their experiences and provide guidance for future generations.

The president expressed gratitude to God for Osoba’s continued sound health and wished him many more years of good health.

Earlier, the President of the Senate, Godswill Akpabio described the celebrant as “someone honoured by God with long life.”

He said Osoba contributed a lot to humanity, adding that over the years, he has helped in shaping the future of democracy in Ogun and Nigeria.

“We thank him for launching a book today. By putting his thoughts on paper, he has helped in mentoring the younger generation.

”His contributions to democracy and journalism are enormous,” he said.

Akpabio enjoined Nigerians to support President Tinubu in his quest to deliver the dividends of good governance to all citizens.

Also, Secretary to Government of the Federation, Sen. George Akume, praised the laudable attributes of Osoba, which he said are worthy of emulation.

Gov. Dapo Abiodun of Ogun, described the celebrant as a towering figure who lived a life of service to humanity, thus attracting many titles and awards.

“He has made a mark in public service and journalism within Nigeria and beyond. His attributes are worthy of emulation and a reference point for our future generations,” he said.

The governor added that Osoba contributed a lot to the socio-economic development of Ogun.

“We will continue to celebrate you, and I call on Nigerians to celebrate their leaders and those who have served them while they are still alive,” he added. (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi

FG inaugurates coordinating unit on food security, cost
Food Security

FG inaugurates coordinating unit on food security, cost

643 total views today

By Salisu Sani-Idris

Vice-President Kashim Shettima on Friday inaugurated the Presidential Food System Coordinating Unit (PFSCU), with a mandate to improve food security and crash the cost of food items in the country.

The News Agency of Nigeria (NAN) reports that the inauguration of the unit was held at the presidential villa Abuja.

This followed a presentation by the Technical Assistant to the President of Agriculture, Office of the Vice-President, Marion Moon.

Shettima said: ” the nation is facing a rare food security crisis and the sooner we come to terms with reality, the better.

“Food insecurity endangers the very basis of our democratic experiment and this is why all hands have to be on deck.

“We are in a food security crisis but it also provides us the opportunity to re-engineer and reposition the nation on a firmer footing.”

Shettima, who noted the unit was not created to usurp the functions of the Ministry of Agriculture, said the urgency and seriousness of the matter at hand requires the ideas and resources of all stakeholders.

He made reference to the Green Imperative Programme, a government-catalyzed, private sector-driven, agricultural industrialisation programme, as one initiative which the PFSCU must activate and operationalize.

He stated that with improved farming practices, improved seeds, use of fertilizers, Nigeria’s agricultural productivity could be turned around for the better.

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, explained that the unit would coordinate all agricultural activities and the food system among the three tiers of government.

Kyari added that the unit, which membership cut across the three tiers of government, would report to the presidential economic coordinating council which is under the chairmanship of President Bola Tinubu.

Also, Gov. Umar Namadi of Jigawa State, said the inauguration of the unit was in line with the Renewed Hope Agenda of Tinubu and the agenda of all governors.

” So I think the issue of food security is now being taken seriously and I’m sure with this committee a lot of things will be achieved.

“And I’m sure with this result now, though in our respective states we are representing in our regions and we know in our regional meetings at the state level we will be able to implement what has been decided in the coordinating unit.

“And the outcome of this will be very important because at a small holder the farmer will be assisted and also mechanisation and irrigation issues will come up.

” And these are the major things we need to do to boost agriculture in this country and I think what we are doing at our state level, now we are going to be encouraged and things will work better for Nigerians.”

On his part, Gov. Babagana Zulum of Borno, expressed concern over increasing cost of food items in the country.

Zulum particularly said that non-availability of food items was a matter of great concern to all governors.

He emphasised the need for a coordinated approach, citing low productivity and population growth as a major challenge to the nation’s food security drive.

He called for investment in commercial agriculture, improved funding, and enhanced security for farmers.

Gov. Bassey Otu of Cross River State, said the state was looking to feed the country, adding that his government must modernize agriculture to feed the population.

“We are an agrarian state, and we have stepped up our game,” Otu noted.

Gov. Mohammed Bago of Niger, proposed his state as a pilot for the President’s food security initiative.

He revealed that Niger has invested over N100 billion in agricultural mechanization, with 5,000 tractors and 20 pilot irrigation systems available.

Bago called for support from the federal government, World Bank, and other development partners to ensure the success of these initiatives.

The Deputy Governor of Ebonyi State, Patricia Obila, also spoke on the state’s unique topography and its potential to enhance its renowned Ebonyi Rice production.

She noted the need to introduce tractor mechanization to ensure year-round production and leverage youth participation by incentivizing agriculture with farm settlements equipped with necessary social amenities. (NAN)

Edited by Ismail Abdulaziz

FG mulls youth enterprise cluster worth N110bn – Shettima
General News

FG mulls youth enterprise cluster worth N110bn – Shettima

160 total views today

By Salisu Sani-Idris

The Federal Government has revealed plans to set up a Presidential Initiative for Youth Enterprise Cluster worth N110 billion.

Vice-President Kashim Shettima made this known on Thursday at the commemoration of the 2024 World Population Day (WPD), organised by the National Population Commission (NPC) at the Presidential Villa, Abuja.

This, he said, is in addition to a Youth Data Bank and a National Youth Development Bank, as well as the already existing N110 billion Youth Investment Fund.

The News Agency of Nigeria (NAN) reports that WPD is annually commemorated on July 11 around the globe to raise awareness of global population issues and to celebrate those who contributed to solving such issues.

The 2024 edition of the global observance has “Embracing the Power of Inclusive Data Towards a Resilient and Equitable Future for All” as its theme.

Shettima, therefore, said “it is worthy to note that under the present dispensation, we were able to fulfill the 30 per cent quota for youth inclusion in governance across all tiers of government and most importantly, the President has walked the talk.

“He approved N110 billion for the Youth Investment Fund. We are setting up the National Youth Development Bank. We are going to set up the Presidential Initiative for Youth Enterprise Cluster worth N110 billion.

“This is in addition to the Youth Data Bank that minister earlier talked about that we are setting up.”

The vice-president pointed out that if governments at all levels have access to inclusive data sources, policy actions and investments would align with the needs of citizens.

He listed the needs to include the provision of decent jobs that pay sustainable incomes to working-age population, creation of affordable and equitable access to quality healthcare services at all levels, and quality education for all.

Shettima, who is the Chairman, National Economic Council (NEC), pledged to use the platform and other networks within his purview to ensure people and communities remained government’s focus for development.

He added that “I believe that aligning the people with investment choices will transform quantity (numbers) to quality (capital) and from liability to assets, guaranteeing rapid economic growth.”

Earlier, the Minister of Youth Development, Dr Jamila Bio-Ibrahim, had urged partners present at the event to leverage scientific evidence to resolve challenges confronting the various segments of the world’s population.

She also disclosed plans by the Federal Government to build a youth data bank that would be dedicated to harnessing the potential of young people for national development, regardless of their location and status. (NAN)(www.nannnews.ng)

Edited by Hadiza Mohammed-Aliyu

Improved data collection, analysis key to nation’s devt. – Shettima
Metro

Improved data collection, analysis key to nation’s devt. – Shettima

160 total views today

By Salisu Sani-Idris

Vice-President Kashim Shettima says improved data collection and analysis is key to national development, especially in guiding government’ decisions.

Shettima stated this on Thursday at the commemoration of the 2024 World Population Day, organised by the National Population Commission (NPC) , at the Presidential Villa, Abuja.

The vice-president also underscored the importance of deployment of technology to generate comprehensive and inclusive data in strengthening systems and institutions.

The News Agency of Nigeria (NAN) reports the theme of the 2024 world population day is “Embracing the Power of Inclusive Data Towards a Resilient and Equitable Future for All”.

Shettima said “Data is life. Data is our evidence. Data is our performance.

“It is the most realistic picture of situations, trends, and patterns; it tells us how many we are, with an understanding of the age structure, sex structure, location, and more.

“Data is the true story of our experiences and informs us about today and the future through scientific projections, forecasting, and analysis.

He added: “Despite our last census taking place about 18 years ago, Nigeria has never relegated the importance of data.

” This is why the theme of the Day, invites us to recommit to improving our data collection, analysis, and deployment of modern technology.

” This will generate more comprehensive and inclusive evidence to guide government decisions, investment options, and development paths.”

The vice-president noted that inclusive data had been one of the major challenges to governance in Nigeria for decades.

He reassured that with President Bola Tinubu in the saddle, Nigerians now have a leader who “is not only a man of numbers, as a first-rate accountant, but also recognises them as critical components in the nation’s development drive.”

Earlier, the Minister of Youth Development, Dr Jamila Bio-Ibrahim, urged partners at the event to leverage scientific evidence to resolve the myriads of challenges confronting the various segments of the world’s population.

She also disclosed plans by the Federal Government to build a youth data bank that would be dedicated to harnessing the potentials of young people for national development regardless of their location and status. (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi

African women, Nasarawa varsity partners to tackle women’s problems
Gender

African women, Nasarawa varsity partners to tackle women’s problems

427 total views today

By Olukayode Babalola

Africa Women Conference (AWC) and the management of the Nasarawa State University Keffi (NSUK) have pledged to deepen their ties to tackle problems unique to African women.

They made the pledge during a courtesy call paid by the AWC delegation led by Dr Jumai Ahmadu, to the Vice-Chancellor, Prof. Sa’adatu Liman, in Keffi, Keffi Local Government Area of the state.

Ahmadu said the visit was to congratulate the vice-chancellor on her recent appointment, which she described as well deserved.

She also said the visit was to deepen ties with the university on future collaborations aimed at tackling problems unique to African women especially in the rural areas.

Ahmadu said that previous collaborations had been successful, especially the establishment of the African Women Conference Leadership Development Centre for Women and Young People at the university under the Centre for Gender Studies.

“This initiative, supported by the former vice-chancellor, had already seen the graduation of its first set of students.

“I acknowledge the unwavering support from the university and emphasise the importance of women education and empowerment,” she said.

Ahmadu revealed that the conference was established in March 2018, to address problems unique to African women that ‘western solutions’ could not adequately resolve due to cultural differences.

She emphasized the significance of the collaboration between the conference and the university, adding that it’s uniqueness in the country.

Ahmadu affirmed AWC’s commitment to supporting the university and expressed hope that Liman would continue the work started by her predecessor, Prof. Suleiman Bala-Mohammed.

In her remarks, Liman thanked the AWC team for the visit and felicitations over her appointment.

She recalled being part of the delegation that first received the AWC as the Deputy Vice-Chancellor and emphasised the importance of Africans coming together to solve their problems.

Liman shared her experience at the 60th Commission on the Status of Women (CSW) in Washington where she presented a paper highlighting the efficacy of many international policies in Nigeria.

She further stressed the need for African solutions to African problems.

Liman expressed her support for the AWC’s initiatives and acknowledged the progress made since its inception, restating the university’s resolve to deepen ties with the AWC to achieve more goals.

She encouraged further collaborations with key stakeholders, including First Ladies, to ensure that the policies proposed by AWC were embedded in national policies.

The vice-chancellor also emphasized the importance of conducting good research to address community problems and ensure the effectiveness of the conference’s initiatives.

Liman also assured the AWC team of the university’s continued support for their programmes and expressed her willingness to support the expansion of their initiatives.(NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

Tinubu mandates Presidential Economic Coordination Council to strengthen economy
General News

Tinubu mandates Presidential Economic Coordination Council to strengthen economy

327 total views today

By Salif Atojoko

President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC), mandating it to strengthen the economy.

He also inaugurated the Economic Stabilisation Programme to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.

Speaking during the inaugural of the 31-member Council at the Council Chambers in Abuja, Tinubu, who chairs the Council, underscored the need for innovative solutions to the country’s economic challenges.

He noted the importance of public-private partnerships in driving economic reforms.

“We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country.

“We are determined to do that with your cooperation, collaboration, and recommendations.

“As a nation, it is so shameful that we are still generating 4.5GW of electricity.

“We must increase our oil production to 2 million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness.’

He announced measures, which would run concurrently with the National Construction and Household Support Programme, to stabilise the economy, enhance job creation, and foster economic security.

The News Agency of Nigeria (NAN) reports that the measures under the Economic Stabilisation Programme include Energy Security, which includes power, oil and gas, aims to increase on-grid electricity to be delivered to homes and businesses from about 4.5 gigawatts to 6 gigawatts in six months.

It also aims at increasing oil production to two million barrels per day within the next 12 months; and remove barriers to entry for investments into the sector to enhance competitiveness.

The programme includes Agriculture and Food Security, which aims at increase staple crops grown by small-holder farmers from 127 million metric tonnes in 2023 to 135 million metric tonnes this year.

It will bolster production by partnering larger-scale commercial farmers and support qualified farmers with satellite imagery for land use planning, crop rotation, and monitoring of agricultural expansion.

Another aspect of the plan is Health and Social Welfare under which the Federal Government hopes to make essential medicines available at lower cost for 80-90 million Nigerians.

It will also expand healthcare insurance coverage for one million vulnerable people via a Vulnerable Group Fund in collaboration with state governments.

It will redeploy 20,000 healthcare workers to provide services to 10-12 million patients in areas where they are most urgently needed and power up 4,800 primary healthcare centres (PHCs), second tier, and third tier hospitals using renewable energy sources.

Under the Economic Stabilisation Programme, Tinubu said some fiscal measures had been introduced to improve access to finance for the housing sector, MSMEs, and the manufacturing sector are.

The measures include support for new and existing youth-owned enterprises across all 36 states of the Federation, creating 7,400 MSMEs within the next 6-12 months.

There is also MSME support, a N650 billion facility that will provide lower-cost short-term facilities to youth-owned businesses, manufacturers and MSMEs across various industries; food processing, pharmaceutical, agriculture, and wholesale and retail trade.

“This financing will be based on their current and future receivables, company rating, and market demand for products.

“A Manufacturing Stabilisation Fund will rejuvenate up to two hundred and fifty companies and deliver lower cost (9.0 per cent -11.0 per cent) long-term facilities to large, medium-scale, and light manufacturers that produce finished goods for domestic and export markets.

“Sub-national Matching Fund: A Grow Nigeria Development Fund consisting of a single-digit interest rate loan portfolio with the Bank of Industry and a matching fund agreement with sub-national governments to grow MSMEs,” said the President.

He stated that the Bank of Industry’s Rural Development Programme would be expanded to support rural economies by developing 300 new MSMEs for each state, including the Federal Capital Territory, Abuja, resulting in 11,100 new rural-based MSMEs across the Federation.

“Mortgage Finance Acceleration Facility: A facility that delivers affordable housing for all segments impacted by the cost-of-living challenge.

“This will support the construction of an additional 25,000 housing units.

“These fiscal measures will improve access to finance for MSMEs and, in the process, create 4.7 million direct and indirect jobs over a six to 12-month period,” said Tinubu.

Emphasising the significance of the task ahead, Vice-President Kashim Shettima, who is the Vice-Chairman of the Council, stated that President Tinubu was committed to proffering solutions to the nation’s economic challenges and not apportioning blame.

“I want to emphasise that when there is a will, there is always a way, and the President does not believe in apportioning blame. He believes in preparing solutions,” Shettima said.

Mr Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, made a presentation on the highlights of the Accelerated Stabilisation and Advancement Plan earlier submitted to the President.

The plan details economic issues to be resolved in 2024 by sub-committees in the key sectors of agriculture and food security, energy (oil, gas, power), health and social welfare, and business support.

Other members of the council include the Senate President, the Speaker of the House of Representatives, Chairman of the Nigeria Governors Forum, twelve ministers, and the Governor of the Central Bank of Nigeria.

Members from the Organised Private sector include: Alhaji Aliko Dangote, Mr Tony Elumelu, Alhaji Abdul Samad Rabiu, Ms Amina Maina, Mr Segun Ajayi-Kadir, Dr Funke Opeke, Dr Doyin Salami among others. (NAN) (www.nannews.ng)

Edited by Tayo Ikujuni

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