By Vivian Emoni

The Federal Government has taken significant steps toward rejuvenating the nation’s steel sector through comprehensive insurance coverage for ongoing steel projects in the country.

The Minister of Steel Development, Prince Shuaibu Audu, stated this during a crucial meeting with key agencies under the ministry.

The News Agency of Nigeria (NAN) reports that the projects are the Ajaokuta Steel Company Limited, the National Iron-Ore Mining Company, Itakpe, the National Steel Raw Materials Exploration Agency; Metalurgical Training Institute and National Metallurgical Development Center, Jos.

Audu said that the deliberate policy of the present administration to introduce insurance cover for steel projects was a critical step to mitigate the risks and uncertainties inherent in large-scale developmental endeavors.

“By providing this insurance coverage, the government aims to foster an environment that is conducive to attracting investments into the steel sector.

“It will also help in securing financing and fast tracking the successful completion of various steel related initiatives across the country.

“It will ensure a structured successful implementation of this policy and the ministry will outline a comprehensive two-year activation plan.

“The strategic plan is designed to catalyse the revival of all steel associated interventions which underscored a steadfast commitment to achieving tangible progress within stipulated time frame,” he said.

Audu said the journey towards revitalising the steel sector was beyond insurance coverage, adding that the government has devised a comprehensive overhauling strategy to tackle the multi-faceted challenges impeding the sector’s growth.

According to him, central to this strategy is the optimisation of skilled labour and enhancing security measures to ensure safe and productive working atmosphere.

The minister said that other indices for solutions to enhance the sector was to effectively rehabilitate rail infrastructure connecting the Itakpe and Ajaokuta Steel Complexes.

He said that a functional rail network for transportation of raw materials and finished products was necessary, adding that the potentials to significantly boost the operational efficiency of these complexes, would positively influence the entire street value chain. (NAN)(www.nannews.ng)

==========
Edited by Vincent Obi

L-R: Ambassador of Burkina Faso to Nigeria, H.E Passida Pascal Gouba; Ambassador of Indonesia, H.E Usra Hendara Harahap; Ambassador of China, H.E Cui Jian Chun; Former President, Lagos Chamber of Commerce and Industry (LCCI), Dr Nike Akande; President, LCCI, Dr Michael Olawale-Cole; Governor of Enugu State, H.E Dr Peter Mbah; Chairman, BoT, LCCI, Chief John Odeyemi; Ambassador of Mexico, H.E Afredo Miranda; and High Commissioner of India, H.E Shri G. Balasubramanian at the 2023 Int’l Conference and Expo organised by LCCI in Lagos, Tuesday.

By Rukayat Moisemhe

Governor of Enugu State, Dr Peter Mbah, has urged local and international investment community to explore investment opportunities in Enugu State.

Mbah said this at Lagos Chamber of Commerce and Industry (LCCI) International Conference and Expo with theme: “Invest Nigeria” on Tuesday in Lagos.

The governor assured investors of the state’s efforts in de-risking investment and making its ease of doing business more attractive.

He said the state has abundant investment opportunities in agriculture and agro-industry, logistics and aviation, tourism, real estate, mineral resources, and information and communication technology (ICT), among others.

Mbah said his administration was hinged on a paradigm shift from the traditional model of relaying on allocations from the Federation Account.

This, he explained, was possible as the state leveraged its future and new growth plan on its extensive human and material resources.

“Enugu is now open for business and we are markedly revisiting our ‘ease of doing business’ indicators to ensure the environment is conducive for business.

“For example, our new land title processes will facilitate the issuance of Certificate of Occupancy in not more than 72 hours.

“Processes for the procurement of building approvals will also be revisited and markedly reduced to achieve improved efficiency.

“We are automating all our major government processes to ensure transparency in all aspects of engagement with government and facilitate self-service by the public with little or no need for physical engagement with public servants.

“We are also willing to de-risk business investment in key sectors by providing access to land, providing support infrastructure, handling engagement with host communities, among others,” the governor said.

Mbah added that his administration was building partnership with the private sector to unlock the capital market, attract investments, and retake its place in the local and global economy.

In the area of agriculture and agro-industry, he said the state was currently positioning to take advantage of its proven strong factor productivity in the areas of some key segments of agriculture by opening up another 300,000 hectares of farmland.

Mbah said focus crops and animal production opportunities include cassava, soyabean, oil palm production, cashew, which he said had a projected $7bn global market size by 2025.

He added that the state’s Nsukka pepper had become “a veritable export commodity as well as an industrial raw material for various spice brand”.

The governor noted that survey showed that about 40 per cent of the air cargo imported via Lagos was actually destined for the South East and South South, thus making investments in logistics and aviation quite lucrative.

“In the area of logistics and aviation, we are investing extensively in our logistics and aviation sector to make transit through and to Enugu efficient and seamless.

“To achieve this, we are prioritising development of a cargo terminal for the Enugu International Airport to facilitate the direct receipt of cargo in Enugu,” he said.

He also revealed plans to develop the state’s light rail, invest in tourism, Information and Communication Technology (ICT).

He added that plans were on to work with the Federal Government to attract investors for the production of natural gas and crude oil as well as abundant solid minerals such as ironstone, zinc, lead, limestone, kaolin.

In his remarks, Dr Michael Olawale-Cole, President, LCCI, stressed that macroeconomic stability was crucial to increase investments and enhance the growth trajectory of the country.

Olawale-Cole said that the first requirement for boosting investment and promoting sustainable growth was a continuous political commitment to responsible fiscal policy and control of inflation.
He, however, noted that the current administration had demonstrated its intention to support the growth and stability of the manufacturing sector, as well as the small businesses.

“Another important element in investment decisions is the ease and cost of doing business.
Over time, Nigeria’s rank in terms of the cost of starting a business, dealing with licenses, and enforcing contracts has substantially improved.

“Improving regulatory standards and lowering barriers to entry into the market would encourage investment and spur growth,” he said.
The LCCI President also emphasised ond the importance of a stable and predictable legal framework.
He said Nigeria must also directly address issues of poverty and inequality, boost the middle class and consumer market, high rates of return on investment and the wealth associated with natural resources.
(NAN)

===========

Edited by Olawunmi Ashafa

By Rita Iliya

The Niger Commissioner of Finance, Alhaji Lawal Maikano, says the Gov. Umaru Bago-led administration is taking steps to block revenue leakages and replough the money into capital project financing.

He disclosed this in an interview with newsmen on assumption of office as the on Tuesday in Minna.

Maikano said that the new administration had identified alot of revenue leakages, adding that the governor is doing everything possible to end such.

“The desire of the governor is to ensure that basic amenities are available for the people and we can only do that by ensuring judicious use of our scarce resources.

“We can also do that by ensuring doing away with those things that are not necessary and only those that are necessary we will do.

“We have identified a lot of waste and the governor is doing everything possible to cut off such waste, once that is done we will have enough funds for capital projects which will impact on the lives of the people,” he said.

He noted that his ministry would work closely with Ministry of Planning Commission to ensure that budgetary allocations are strictly adhered to inline with the desires and needs of the masses.

On improving the Internally Generated Revenue (IGR) of the state, the commissioner said loopholes and leakages in revenue collection would be blocked to improve IGR from N16 billion currently generated per annum to N100 billion.

He added that this would be done by ensuring harmonisation of revenue collection process as well as ensuring that all revenue collected are accounted for before spending.

He promised to make the Ministry of Finance a model through capacity building in order to have a highly motivated workforce. (NAN)

By Salisu Sani-Idris

The Vice President, Kashim Shettima, has urged members of the Presidential Committee on Fiscal Policy and Tax Reforms to develop a robust roadmap that will transform the nation’s economy.

Shettima gave the advice on Monday when he received the members of the Committee, led by its Chairman, Mr Taiwo Oyedele at the Presidential Villa, Abuja.

” The task before you is enormous, I believe you have the best brains to come up with a robust roadmap that will reposition our economy.

“And to address some of the fundamental issues underlying our fiscal and tax policies, fiscal and tax policies are key to the realisation of any nation’s economic development.

“I believe you will come up with a roadmap to salvage our nation, we are in a big mess, but I have confidence in your team. This is a great nation chained by poor governance, chained by many challenges”

He described President Bola Tinubu as man of courage and conviction and a progressive man in the Nigerian political space.

Shettima, who stressed the importance of fiscal policy and tax reforms, noted that it was a potent tool for resource mobilisation.

According to him, the committee should make recommendations that are quick deliverables in view of the nation’s current economic realities.

While assuring them of the National Economic Council’s cooperation, he said “our focus should largely dwell on domestic resource mobilisation.

” Especially with trends in the world today, even the biggest economies in the world are faced with this reality.”

The Vice President said further that fiscal policy and tax reforms were critical for meeting national aspirations.

” This is also taking global dimensions with global realignment of forces with the emergence of BRICS and current geo-politics, ” he said.

Shettima, who praised the composition of the committee, said that the composition of the committee bears testimony to the seriousness that the Tinubu attaches to its mandate.

” Honestly, I am proud of you. I am personally conversant with some of the members of this committee who are men and women of impeccable character, high integrity, committed and patriotic.”

Earlier, Special Adviser to the President on Revenue, Zaccheus Adedeji, said that the committee would be interested in working with the NEC, chaired by the Vice President.

” This will ensure effective collaboration with the sub-national governments who are critical stakeholders’ group in the task before the committee.”

In his remarks, Oyedele, said that the committee was excited for the opportunity to help the country to redefine and redesign a new fiscal policy framework.

” We are focused on our mandate as directed by Mr President which covers fiscal governance, revenue transformation and fiscal competitiveness and economic growth facilitation.”

He assured that the committee would engage with Nigerians both at home and abroad as well as with all segments of the society.

He expressed the readiness of the committee to engage with sub-national governments through NEC in achieving its mandate.

” I’m the chairman of the presidential fiscal policy and tax reform committee. And the reason why we are here is to see His Excellency, Vice President Kashim Shettima.

” The mandate given to us by Mr President is to help our country regarding matters of fiscal governance, which is really about how do we manage our revenue.

” As well as revenue transformation beyond tax. So, this is both tax and non tax, as well as how do we facilitate economic growth so that people can have prosperity? That is inclusive.

” So, we came here today to pay courtesy visit and to give His Excellency an updates about what we’re doing and more importantly, and to ask for his support and guidance, particularly engaging with the sub national government.

” This is important because our assignments will be incomplete and unsuccessful without the support from the governors, as well as even the Local Government Areas.”

He noted that the committee was different from the previous ones for two major reasons.

” The President has the political will to follow through our recommendations which may not be the usual recommendations that people are comfortable with.

” But we’re putting the interest of our country first, and all the way through. The second thing is Mr President was very clear, that he was not interested in committees writing reports.

” He has said to us as you recommend, how you get the approval, go ahead and help me to implement. So, that’s why we have milestone three of them.

” The first one is the first 30 days, which is where we’re focusing on the quick interventions around fuel subsidy removal, exchange rate stability, and then we have the second milestone, which is the first six months.

” First six months of critical reforms; We plan to rewrite the law. So, that will remove the burden on the poorest people.

” And then lastly is one year which is implementation, and the good thing is that the 30 days, six months and one year, will run concurrently, so, we’re already counting down to our first 30 days. ” (NAN)

Edited by Abdulfatai Beki/Deji Abdulwahab

By Ismail Abdulaziz

The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives had been made available to cushion its effects on a short, medium and long term bases.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

Similarly, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.

She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment to creation of jobs for the teeming youthful population of Nigeria.

On his part, the Minister of Health, Prof. Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.

He said that the president had directed them to be courageous and innovative in taking decisions that would benefit the country, adding that the president is already taking such moves.

Pate said that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol on his first day in office.

The Minister of Information and National Orientation, Alhaji Mohammed Idris, said that the president charged the cabinet members to be transparent in their dealings, especially in disseminating necessary information.

He urged the media to avail themselves the opportunity of verifying and fact checking their stories in order not to misinform the public. (NAN) (www.nannews.ng)

By Rukayat Adeyemi

The National Insurance Commission (NAICOM) has expressed optimism in the passage of the re-introduced 2020 Consolidated Insurance Bill by the 10th National Assembly and its assent by President Bola Tinubu.

Mr Sunday Thomas, Chief Executive Officer(CEO), NAICOM said at the 2023 retreat for journalists covering the insurance industry in Uyo, Akwa Ibom.

The News Agency of Nigeria (NAN) reports that the retreat was tagged “Improving Stakeholders Perception; 2023 and Beyond”.

Thomas explained that the consolidated insurance bill unfortunately was not assented to by former President Muhammadu Buhari before he left because it got to him late.

“Of course there are procedures and processes for such. Though, we are not going to start again from the beginning, but the National Assembly is now looking at it.

“The bill has now gone through the first reading and we are following up to see that it is concluded as soon as possible.

“The industry had a very high hope that the last administration was going to conclude on the bill, but that didn’t happen.

“We have not given up on our hope, knowing that the bill is a game changer because of a lot that is in it and its importance to the sector,” he said.

According to him, operators in the insurance sector are not just sitting and waiting for the assent of the bill, but preparing to hit the groud running once it is signed into an act. (NAN) (www.nannews.ng)

Edited by Obinna Unaeze/Olawunmi Ashafa

Rukayat Moisemhe

Alhaji Tijjani Borodo, newly elected President, Chartered Institute of Directors (IoD) Nigeria, says his strategic agenda is aimed at promoting corporate governance excellence in various sectors of the Nigerian economy.

Borodo, at a media parley on Friday in Lagos, said his strategy hinged on a three point agenda (3Rs), would also advocate policies and practices that foster growth and innovation.

The president whose investiture comes up on Sept. 14 in Lagos, said the agenda was necessary in view of the emerging dynamics of IoD Nigeria operations.

“Recently, the institute celebrated 40 years of its existence, and this has been made possible by the meritorious services of past leaders.

“I have just been saddled with the responsibility to continue with the excellent achievements of these eminent pacesetters and build on their solid foundation.

“My strategic agenda is to continue to promote excellence in corporate governance and advocate for policies and practices that foster growth and innovation.

“This would be built on my “Three-Point Agenda” which I tag, “Review, Reform and Reinvigoration”.

“In this new administration, our focus will be on the review of the existing corporate strategy, reform of our membership and branch development status and reinvigoration of our operations to better serve our valued members,” he said.

The IoD president disclosed that plans were underway to establish more mutually beneficial partnerships and widen the institute’s network of collaboration with the public sectors.

This, he explained, was with the view to entrenching sound corporate governance practices that will position the Nigerian economy on the path of growth.

Borodo said the synergy between corporate Nigeria and the government could produce better results in the area of corporate governance.

According to him, it is by achieving this that investor confidence can be encouraged, which in turn, will bring about the much-desired Foreign Direct Investment (FDI) to the economy.

“For almost a decade, IoD Nigeria has realised the need to involve the public sector in the crusade for good corporate governance.

“We have worked with the various necessary organs and offices of government to hold capacity development programmes that would enhance the knowledge of public sector officials about corporate governance.

“This has resulted in a large number of directors and executives of ministries, departments and agencies of government joining the Institute.

“Not only are we doing it at the national level, but we are also working with the sub-nationals and bringing them into the Institute.

“Let me assure you that IoD Nigeria is fully ready to take the lead and drive this initiative,” he said.

Borodo also emphasised the need for Micro, Small and Medium Enterprises (MSME) to factor succession planning into their operations.

He stated that all organisations, the size notwithstanding, should have a feasible strategic succession plan in place to ensure business sustainability.

He noted that many large multinationals in operations, today, which started as MSMEs have now grown to become larger cooperations employing thousands of nationalities across the globe.

“To be able to achieve this succession planning, organisations must imbibe the culture of mentoring the next generation of leaders.

“This is already being practiced in IoD Nigeria through the Young Directors Forum, a platform for nurturing the leadership and directorship skills of young professionals,” he said.

The IoD president also pushed for diversity and inclusiveness on boards of organisations and in the political space as a critical priority.

Noting that diversity could be in terms of age, gender, among other dynamics, Borodo said that a lot could still be done to address the gaps its absence had created.

“Our institute is quite conscious of this need and that is why we have tried to show examples by creating platforms that will enhance diversity and inclusiveness.

“For example, our Young Directors Forum is meant to provide the necessary tutelage and mentorship to young and aspiring directors and c-suite executives and prepare them for bigger responsibilities.

“In addition, our Women Directors Development Committee has worked assiduously in the past years to cater to the peculiar needs of female directors through gender-specific programmes, mentoring programmes, coaching etc., specially targeted at female members of the institute.

“These have contributed immensely to the development of our women directors and given them more confidence to perform their roles as directors.

“To further reinforce past efforts, the institute under my leadership will initiate educational campaigns, seminars, and workshops to highlight the advantages of diverse boards, which include, better decision-making, innovation, and better representation of stakeholder perspectives.

“Also, we will set clear diversity goals and establish clear and measurable diversity goals for organisations and political entities, urging them to actively pursue balanced representation of women and youth on their boards,” he said.

Edited by Olawunmi Ashafa

By Rukayat Moisemhe

Alhaji Tijjani Borodo, newly elected President, Chartered Institute of Directors (IoD) Nigeria, says his strategic agenda is aimed at promoting corporate governance excellence in various sectors of the Nigerian economy.

Borodo, at a media parley on Friday in Lagos, said his strategy hinged on a three point agenda (3Rs), would also advocate policies and practices that foster growth and innovation.

The president whose investiture comes up on Sept. 14 in Lagos, said the agenda was necessary in view of the emerging dynamics of IoD Nigeria operations.

“Recently, the institute celebrated 40 years of its existence, and this has been made possible by the meritorious services of past leaders.

“I have just been saddled with the responsibility to continue with the excellent achievements of these eminent pacesetters and build on their solid foundation.

“My strategic agenda is to continue to promote excellence in corporate governance and advocate for policies and practices that foster growth and innovation.

“This would be built on my “Three-Point Agenda” which I tag, “Review, Reform and Reinvigoration”.

“In this new administration, our focus will be on the review of the existing corporate strategy, reform of our membership and branch development status and reinvigoration of our operations to better serve our valued members,” he said.

The IoD president disclosed that plans were underway to establish more mutually beneficial partnerships and widen the institute’s network of collaboration with the public sectors.

This, he explained, was with the view to entrenching sound corporate governance practices that will position the Nigerian economy on the path of growth.

Borodo said the synergy between corporate Nigeria and the government could produce better results in the area of corporate governance.

According to him, it is by achieving this that investor confidence can be encouraged, which in turn, will bring about the much-desired Foreign Direct Investment (FDI) to the economy.

“For almost a decade, IoD Nigeria has realised the need to involve the public sector in the crusade for good corporate governance.

“We have worked with the various necessary organs and offices of government to hold capacity development programmes that would enhance the knowledge of public sector officials about corporate governance.

“This has resulted in a large number of directors and executives of ministries, departments and agencies of government joining the Institute.

“Not only are we doing it at the national level, but we are also working with the sub-nationals and bringing them into the Institute.

“Let me assure you that IoD Nigeria is fully ready to take the lead and drive this initiative,” he said.

Borodo also emphasised the need for Micro, Small and Medium Enterprises (MSME) to factor succession planning into their operations.

He stated that all organisations, the size notwithstanding, should have a feasible strategic succession plan in place to ensure business sustainability.

He noted that many large multinationals in operations, today, which started as MSMEs have now grown to become larger cooperations employing thousands of nationalities across the globe.

“To be able to achieve this succession planning, organisations must imbibe the culture of mentoring the next generation of leaders.

“This is already being practiced in IoD Nigeria through the Young Directors Forum, a platform for nurturing the leadership and directorship skills of young professionals,” he said.

The IoD president also pushed for diversity and inclusiveness on boards of organisations and in the political space as a critical priority.

Noting that diversity could be in terms of age, gender, among other dynamics, Borodo said that a lot could still be done to address the gaps its absence had created.

“Our institute is quite conscious of this need and that is why we have tried to show examples by creating platforms that will enhance diversity and inclusiveness.

“For example, our Young Directors Forum is meant to provide the necessary tutelage and mentorship to young and aspiring directors and c-suite executives and prepare them for bigger responsibilities.

“In addition, our Women Directors Development Committee has worked assiduously in the past years to cater to the peculiar needs of female directors through gender-specific programmes, mentoring programmes, coaching etc., specially targeted at female members of the institute.

“These have contributed immensely to the development of our women directors and given them more confidence to perform their roles as directors.

“To further reinforce past efforts, the institute under my leadership, will initiate educational campaigns, seminars, and workshops to highlight the advantages of diverse boards, which include, better decision-making, innovation, and better representation of stakeholder perspectives.

“Also, we will set clear diversity goals and establish clear and measurable diversity goals for organisations and political entities, urging them to actively pursue balanced representation of women and youth on their boards,” he said. (NAN)(www.nannews.ng)

=============

Edited by Olawunmi Ashafa

By Lucy Ogalue

Nigeria’s unemployment rate dropped to 4.1 per cent in the first quarter of 2023 from 5.3 per cent in the fourth of 2022.

Mr Adeniran Adeyemi, the Statistician General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS), said this on Thursday during the inauguration  of the New Nigeria Labour force Survey (NLFS) in Abuja

Adeniran said that the drop in NLFS from 33.3 per cent in the fourth quarter 2020 to its present rate was based on change in methodology adopted and not government performance.

The News Agency of Nigeria (NAN) reports that the new NLFS unveils a set of labour force indicators designed to provide unparalleled insights into the dynamics of the workforce in Nigeria.

The NLFS was conducted by the NBS in collaboration with the World Bank (WB) and the International Labour Organisation (ILO) in response to the labour market dynamics

Adeniran said, “let me at this point clearly state that this methodology review has nothing to do with whitewashing the image of any government or political party.

“This process is routine for any responsible statistical office, and we have no reason to continue to ignore the adoption of new methods, when the evidence clearly indicates the need for it.

“As a national statistical office, our responsibility is to provide government and all users with accurate data for evidence-based decision making, adhering to the highest possible standards, and our commitment in this regard is unwavering”.

According to Adeniran, the new method which indicates that not less than 73 per cent of Nigerians are engaged in one form of work, recognises all forms of engagements from which individuals earn income.

He said using the new ILO definition, the survey showed that the unemployment rate for the fourth quarter of 2022 stood at 5.3 per cent and 4.1 per cent for the first quarter of 2023.

“This figure aligns perfectly with neighbouring countries around Nigeria. Ghana (3.9 per cent); Niger (0.5 per cent), Chad (1.4 per cent), Cameroon (4.0 per cent), Togo (4.1 per cent), Benin Republic (1.7 per cent) amongst others.

“In responding to the shifting global landscape and the ever changing data ecosystem, it is imperative for us to continuously adapt the way in which we collect and analyse data.

“This is to ensure that we are producing data that reflects reality and the experiences of Nigerians.

“These changes also includes a revision to the design and methodology applied in the conduct of the actual survey.

“Which is the survey that produces commonly known headline Unemployment and Underemployment rates as well as other labour market indicators that guide policymakers, researchers, and other users,” he said.

According to him, the results indicates a scarcity of wage-employment, as the share of those employed in wage-employment during the reference quarters was 13.4 per cent in Q4 2022 and 11.8 per cent in Q1 2023.

Adeniran said that the working age population which was defined previously as persons aged 15-64,  is now defined as persons aged 15 and above.

He said this was a very important change particularly in the Nigerian context as it recognises the labour contributions of persons above the age of 64  which was not done previously.

The NBS boss said the unemployed appeared to be the most controversial amongst the changes announced under the review.

According to him, the new standard defines the unemployed as persons within the labour force, who within the reference period did not work for pay or profit for a minimum of one hour.

“In the real sense, nobody works one hour a week and then sits down and does nothing else when there are opportunities for more hours of work.

“The statistics show that only 7.1 per cent of those working, work between 1 – 19 hours per week. So, one hour is just a benchmark and nothing more than that,” he said.

The survey revealed that about three quarters of Nigerians in the working age population, 73.6 per cent in Q4 2022 and 76.7 per cent in Q1 2023 were engaged in some form of work for pay or profit in the quarters under review.

Earlier, the World Bank’s Country Director, Shubham Chaudhuri pledged the continued support of the bank to ensure a robust, regular national LFS data for the country.

Chaudhuri said a reliable data provided the government with knowledge about the nation’s welfare and ensured the right intervention and programmes needed to address its challenges.

The Minister of Budget and Economic Planning, Abubakar Bagudu, said data was key to national planning and development.

According to Bagudu, President Bola Tinubu believes in reliable data for planning, and will support anything towards production of appropriate data.

“To create jobs for youths, we need this kind of data, a lot needs to be done to address the high rate of unemployment in the country. The President is desirous of reducing unemployment.

“Nigeria is one of the countries with absorptive capacity,  so what we need is to provide better environment and more incentives,” he said.

While commending the NBS and its partners in revising the methodology,  Bagudu said, henceforth, the ministry would use the revised data more practically.

Also, the acting Governor of the Central Bank of Nigeria (CBN), Mohammed Tumala said labour statistics was one of the most important inputs to economic policy and business decisions.

Tumula said labour was the most important factor of production and determined both the quantity and quality of utility of other factors.

While lauding the NBS, he stressed the need for synergy with communication experts to ensure proper linkage and dissemination of data to the public.

Similarly, Prof. Mike Obadan, Non Executive Director and member MPC, CBN, also reiterated the need for NBS to ensure robust strategy for communicating its survey findings to the public in simple language. (NAN)(www.nannews.ng)

Edited by Thompson Yamput/Sadiya Hamza