NEWS AGENCY OF NIGERIA
ACCI empowers 15 youths with ICT, vocational skills

ACCI empowers 15 youths with ICT, vocational skills

335 total views today

By Vivian Emoni

The Abuja Chamber of Commerce and Industry (ACCI) has trained 15 youths in Information Communication Technology (ICT), administrative management, and other vocational skills.

President of ACCI, Chief Emeka Obegolu, stated this during the 2nd graduation ceremony for the one-year competency-based training in Abuja.

Represented by his 1st Deputy President, Prof. Adesoji Adesugba, the ACCI boss said that the goal was to equip the youths with the needed skills to excel in their respective fields.

He stated that the trainees had participated in both the Office Administration (OA) and Technical Facility Operations and Maintenance (TFOM) Competency-Based Dual Vocational Training Programmes.

Obegolu emphasised that the event marked the culmination of months of dedication, perseverance, and hard work, with students completing rigorous and industry-focused training programmes.

“This training is the second phase of our competency-based programmes and serves as a testament to the power of collaboration, self-reliance, and commitment to excellence in vocational training,” Obegolu said.

He added that the goal of these programmess was to equip participants with the essential skills required to excel in their respective fields.

“These programmes go beyond traditional learning. They immerse trainees in real-world scenarios, ensuring they gain both theoretical knowledge and hands-on experience,” he explained.

He further noted that the Office Administration programme followed the Dual Vocational Training (DVT) model, integrating workplace experience with academic instruction, leading to a level four certification under the National Skills Qualification Framework.

Obegolu also mentioned that the programmes were approved by the Federal Government through the National Board for Technical Education (NBTE).

He added that since 2021, the programmes have trained individuals in key areas such as workplace organisation, business communication, information technology, administrative management, and financial and legal support functions.

He described the TFOM programme, which focuses on technical facility management, highlighting its importance in equipping trainees with competencies across 12 critical learning fields, including safe working practices, environmental protection measures, electrical installation, and building security.

“The programme’s methodology, which combines one month of classroom instruction with three months of practical field training, ensures that graduates are highly employable,” Obegolu said.

He also lauded the graduates for developing essential soft skills, such as problem-solving, teamwork, adaptability, and professionalism.

“These attributes will serve them well in their careers and contribute positively to their organisations and society,” he added.

Obegolu expressed his gratitude to GIZ and other stakeholders for their unwavering support in ensuring the successful execution of the training

He encouraged the graduates to embrace future opportunities with confidence and a commitment to lifelong learning.

Mrs Britta Erckelens, Programme Manager at Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), praised the graduates for establishing a solid foundation of excellence.

She urged them to develop their skills and contribute to their respective industries to drive economic growth in Nigeria.

She also lauded the collaboration between GIZ and ACCI, which had enhanced the capacity of the ACC-IBEST Centre to deliver high-quality, market-relevant training programmes.

Mrs Phoebe Ocheche, Head of Training at the Industrial Training Fund (ITF), advised the graduates to remain focused and share their experiences with others.

She thanked GIZ and ACCI for their efforts in making the training a success.

On behalf of the graduates, Mr Mamza Chakiram from the Industrial Arbitration Panel thanked ACCI, GIZ, and other stakeholders for their contributions to the success of the training.

He said that the experience had exposed them to various technology programmes.(NAN)

Edited by Abiemwense Moru

 

Akpabio assures of speedy transmission of 2025 budget for Tinubu’s assent

Akpabio assures of speedy transmission of 2025 budget for Tinubu’s assent

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Budget

By Kingsley Okoye

Senate President, Godswill Akpabio, has assured Nigerians that the 2025 budget will be transmitted to President Bola Tinubu for assent as soon as it is passed into law.

Akpabio, who gave the assurance at plenary, emphasised the senate’s commitment to ensuring a seamless budgetary process.

He commended the lawmakers for their diligence in scrutinising the budget, adding that their efforts would result in a practical financial plan for Nigeria.

“I congratulate all senators and indeed the National Assembly as a whole for the way and manner you have scrutinised the budget of 2025. At the end, we will have a workable document for the benefit of all Nigerians,” he said.

Akpabio also lauded the lawmakers for extending the capital provisions of the 2024 budget to June 2025 to prevent government operations from being stalled

He said that efforts were re underway to transmit the 2025 budget to the president promptly.

“I also thank you for your foresight in extending the capital provisions of the 2024 budget to June so that government business does not grind to a halt.

“The constitution allows Mr President to undertake the current expenses in the 2025 budget, even up to June this year.B ut we will definitely get the budget across to him as soon as possible” he said. (NAN)

Edited by Modupe Adeloye and ‘Wale Sadeeq

Audit queries: Senate decries persistent absence of FIRS, NNPCL, NCS, CBN before panel

Audit queries: Senate decries persistent absence of FIRS, NNPCL, NCS, CBN before panel

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Audit

By Kingsley Okoye

The Senate has expressed concern over persistent failure of some critical revenue generating agencies to respond to expenditure queries raised by Office of Auditor-General for the Federation, (OAGF).

It also vowed to report and recommend sack of the chief executives of such agencies to President Bola Ahmed Tinubu for appropriate action.

Chairman, Senate Committee on Public Accounts, Sen. Aliyu Wadada, said these at a news conference in Abuja on Tuesday.

He said there was the need for the agencies to account for the funds appropriated by the National Assembly, in line with legislative provisions that empowers the parliament to carry out oversight responsibilities.

Wadada said that the auditor-general’s report which had been submitted to the committee raised significant queries on the expenditure of some of the agencies.

He listed some of the agencies that failed to appear before the committee to answer to the audit queries to include: Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), Nigeria Customs Service (NCS) and Nigerian National Petroleum Company Limited, (NNPCL), among others.

The lawmaker said that the senate would report heads of such agencies to the president after providing them with another opportunity to answer to the queries.

“All efforts to get Nigeria Customs Service to the table to know how this happen proved abortive.

“It is important for Nigerians to know what happened under “ways and means”, why Central Bank of Nigeria debited borrower and credited borrower.

“Central Bank of Nigeria debited consolidated revenue funds account and credited treasury single account which amounted to over N30 trillion.

“Consolidated revenue funds account is government account, and the TSA is also government account.

“And in charging the interest, instead of the interest to be charged to treasury account, they went ahead again to charge the treasury account.

“They also went ahead to the treasury account and charged the consolidated revenue funds account, which now have amounted to over N6 trillion.

“There were correspondences among the committee, the Minister of Finance and Coordinating Minister of the Economy and the Debt Management Office (DMO) because of the faulty document which they were not ready to answer and have been evasive,” he said.

Wadada said that the report of the auditor-general for the federation which queried the agencies covered 2019 till date.

He also alleged that Nigeria Satellite Communications Limited had been invited for about nine times, but failed to appear, adding that Nigeria Police Force and Nigeria Civil Aviation Authority also fell into the category. (NAN)

Edited by ‘Wale Sadeeq

Real estate expert urges investors to embrace land banking

Real estate expert urges investors to embrace land banking

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By Ikenna Osuoha

A real estate expert, Dr Rebecca Godwin-Isaac, has urged investors to embrace land banking, a practice of purchasing undeveloped land with the expectation that it will increase in value over time.

Godwin-Isaac, the Chief Executive Officer of Homadil Realty Ltd, a landholdings firm, gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja.

According to her, land banking is profitable, a secret to making much money in the property business and a one pathway to success and financial abundance.

“Many successful real estate men and women made their money by investing heavily in land banking.

“You know envious people now tell different stories about us, but when we were taking risks of land banking, they were nowhere,” she said.

The Homadil CEO reiterated the benefits of land banking, which she said is futuristic.

Godwin-Isaac emphasized the need for wealth creation for all to move the country forward.

She said she took risks by buying land near major transportation hubs and in the suburbs of cities never believed to be developed or valuable

She revealed that Land Banking is the secret of her success irrespective of malignant attempts at defaming and blackmailing her (NAN)

Edited by Emmanuel Yashim

Nigeria committed to balancing trade, strengthening local industry – Minister

Nigeria committed to balancing trade, strengthening local industry – Minister

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By Lucy Ogalue

The Minister of State for Industry, Trade, and Investment, Sen. John Enoh, says the Federal Government is committed to balancing trade through policies that support local production while managing imports.

Enoh stated this while speaking on the nation’s trade strategy, at the 2025 Renewed Hope Global Virtual Town Hall Conference.

The minister emphasised the importance of evaluating the country’s balance of trade , whether in surplus or deficit when formulating economic policies.

He noted concerns that Nigeria remained an import-dependent economy and reiterated the need to expand and deepen the country’s productive capacity to drive exports and reduce reliance on foreign goods.

“The real issue is not just the volume of imports but the fact that we are not producing enough.

“We must expand local manufacturing and strengthen our industries to stay competitive in the global market,” he said.

Enoh said that the government had been deliberate in encouraging local productivity through various incentives, including import duty exemptions for manufacturers and industrialists.

“Since assuming office, I have approved countless import duty exemption certificates to industries to support local production.

“There are programmes such as backward integration policies aimed at boosting local capacity in key industries, including manufacturing and agriculture ” he said.

Eno reaffirmed the administration’s commitment to ensuring that Nigeria remained competitive in global trade.

He said that at the end of each fiscal period, the government assessed the country’s trade balance to determine policy directions.

He assured stakeholders that the government would continue implementing measures to create an enabling environment for industries and improve Nigeria’s export potential.(NAN)

Edited by Kadiri Abdulrahman

Economic competitiveness: FG strengthening access to finance, digital innovation – Minister

Economic competitiveness: FG strengthening access to finance, digital innovation – Minister

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By Lucy Ogalue

The Federal Government is intensifying efforts to enhance industrial expansion, ease access to funding and drive digital innovation to boost Nigeria’s economic competitiveness.

The Minister of State for Industry, Trade, and Investment, Sen. John Enoh, said during the 2025 Renewed Hope Global Virtual Conference on Sunday.

Enoh highlighted ongoing efforts to improve export processing zones, enhance loan accessibility, and establish an industrial revolution task force.

Addressing concerns about challenges faced by small businesses in securing loans, the minister reaffirmed the government’s commitment to easing financial access through the Bank of Industry (BOI).

“The BOI is one of our best-performing institutions, but I recognise the difficulties many small businesses face in meeting loan requirements, especially when dealing with commercial banks,” he said.

Enoh revealed ongoing discussions with the BOI to streamline loan access processes.

He also revealed an impending partnership with First City Monument Bank (FCMB) to facilitate loan disbursement to micro and small enterprises across the country.

“In the coming weeks, we hope to announce a partnership that will enable thousands of small business owners to access funding more easily,” he added.

The minister acknowledged that while some targets in oil and gas processing zones had not been fully met, the government remained committed to ensuring these zones contributed significantly to Nigeria’s economic growth.

“Even though the goals may not have been met as initially intended, the focus of this administration is to ensure our export processing zones work efficiently and deliver value to the Nigerian people,” he said.

He announced the creation of an Industrial Revolution Work Group, comprising key industry stakeholders, government agencies, and private sector representatives, to drive industrial transformation.

“This workgroup is designed to function as a task force, bringing together agencies such as Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).

“Nigeria Association of Small and Medium Enterprises (NASME), the Ministry of Power, Finance, and Customs to address industrial challenges collectively,” he said.

He noted that the initiative was currently being fine-tuned, stressing that it would significantly advance Nigeria’s industrial sector, once fully operational.

The minister also highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, domiciled in the BOI, as part of efforts to support Nigeria’s youth-driven digital and creative economy.

“iDICE is a 700 million dollar initiative backed by partners such as Afreximbank, the Islamic Development Bank, and a French financial institution.

“Its goal is to empower young innovators and creatives, ensuring they have access to funding and support for business expansion.”

He restated the federal government’s commitment to fostering innovation and entrepreneurship to position Nigeria as a global leader in the digital economy. (NAN)

Edited by Oluwafunke Ishola

FG reaffirms commitment to Nigeria’s industrial transformation, economic growth

FG reaffirms commitment to Nigeria’s industrial transformation, economic growth

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By Lucy Ogalue

The Federal Government has reaffirmed its commitment to driving industrial transformation for a prosperous Nigeria, with policies focused on accelerating industrialisation, boosting manufacturing, and leveraging digital technology.

Sen. John Enoh, Minister of State for Industry, said this while speaking on the Federal Government’s economic agenda, at the Renewed Hope Global Virtual Town Hall Conference 2025.

Enoh emphasised the Renewed Hope Administration’s eight-point agenda, particularly the seventh pillar, which prioritised industrial growth through a digital economy, manufacturing, and innovative technology.

According to the minister, the administration has established targeted funding mechanisms to support key industries, such as the N50 billion in grants for small-scale entrepreneurs.

He said that there was N75 billion for Micro, Small, and Medium Enterprises (MSMEs), which accounted for nearly 40 million businesses in Nigeria.

“There is another N75 billion for manufacturing to boost local production.

“These funds, administered by the Bank of Industry (BOI), aim to foster growth in spite of economic challenges such as high interest rates and production costs,” he said.

The minister also highlighted existing policies designed to stimulate industrial development.

” These include the Backward Integration Programme (BIP) to enhance local capacity in sectors like sugar production and the National Automotive Design and Development Council (NADDC) Policy, aimed at local vehicle assembly.

“There is also the Cotton, Textile, and Garment (CTG) Policy, targeting textile industry revival among others,” he said.

In spite of these policies, Enoh said that past challenges had hindered effective implementation.

He said the President Bola Tinubu’s administration was committed to actualising these policies, ensuring that Nigeria remained globally competitive in industry, technology, and innovation.

“We can not continue to rely on exporting raw materials. We must invest in processing and manufacturing to create jobs, boost value addition, and attract foreign direct investments,” he said.

The minister assured Nigerians that the administration was working diligently to ensure that economic policies translated into measurable progress, positioning the country for sustained industrial growth and economic transformation.(NAN)

Edited by Kadiri Abdulrahman

Dangote Refinery crashes petrol price to N890/ltr

Dangote Refinery crashes petrol price to N890/ltr

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Petrol
By Yunus Yusuf
Lagos, Feb.1, 2025 (NAN) Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday.

Mr Anthony Chiejina, the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, said this in a statement on Saturday in Lagos.

Chiejina said that the price adjustment was in response to a significant decline in international crude oil prices.

He explained that this latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.

Chiejina said with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide,” he said.

He said the reduction would drive down the prices of goods and services as well as the overall cost of living.

The refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.

Dangote refinery reiterated its support for the economic revival by President Bola Tinubu.

According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

The News Agency of Nigeria (NAN) reports that the refinery’s decision is expected to play a vital role in stabilising the country’s economy.(NAN)(www.nannews.com)
(Edited by Mufutau Ojo)

CBN’s policy interventions have moderated inflationary growth, says  Cardoso

CBN’s policy interventions have moderated inflationary growth, says  Cardoso

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By Kadiri Abdulrahman

The Central Bank of Nigeria has said that without its policy interventions, inflation could have risen to 42.81 per cent in December 2024.

The CBN Governor, Yemi Cardoso, made this known at the 2025 Monetary Policy Forum of the apex bank on Thursday in Abuja.

The forum attracted ministers, heads of departments and agencies involved in economic matters, as well as private sector players.

Cardoso also projected that diaspora remittances would increase to N31.787 trillion when the fourth quarter 2024 figures are released.

He said that the CBN would continue to employ orthodox monetary policy measures to tackle inflation in 2025.

“Counterfactual estimates suggest that without these decisive policy interventions, inflation could have reached 42.81 percent by Dec., 2024.

“Throughout 2024, the CBN implemented several bold policy measures across six MPC meetings

“These include raising the Monetary Policy Rate (MPR) by a cumulative 875 basis points to 27.50 per cent.

“They also include increasing the Cash Reserve Ratio (CRR) of Other Depository Corporations (ODCs) by 1750 basis points to 50 per cent, and adjusting the asymmetric corridor around the MPR,” he said.

He said that the CBN also undertook critical reforms to strengthen the financial system and ensure macroeconomic stability through a unified exchange rate window to enhance efficiency in the FX market.

According to Cardoso, this reform yielded tangible results, with remittances through International Money Transfer Operators (IMTOs) rising 79.4 per cent in the first three quarters of 2024 to 4.18 billion dollars.

He compared the figure to 2.33 billion dollars generated in the same period of 2023.

He said that the CBN also cleared a backlog of foreign exchange commitments totaling seven billion dollars, restoring market confidence and improving FX liquidity.

“We lifted restrictions on 41 items previously banned from access to the official FX market, a measure introduced in 2015.

“We also introduced new minimum capital requirements for banks, effective by March 2026.

“This is to strengthen the resilience and global competitiveness of Nigeria’s banking sector, positioning it to support the ambition of a one trillion-dollar economy,” Cardoso said.

He listed other policy interventions to include the launch of the WIFI initiative under the National Financial Inclusion Strategy.

He said that the initiative was designed to bridge the gender gap in financial access, empowering women through financial services, education, and digital tools.

“There is also the recently launched Nigeria Foreign Exchange Code, marking a decisive step forward for integrity, fairness, transparency and efficiency in our FX market.

“Built on six core principles, the FX code represents a binding commitment from the financial community to rebuild trust and inspire confidence.

“These reforms reflect our commitment to creating an enabling environment for inclusive economic development,” he said.

He, however, said that achieving macroeconomic stability required sustained vigilance and a proactive monetary policy stance..

To tackle inflation in 20205, Cardoso said that ‘managing disinflation amidst persistent shocks required robust policies and also coordination between fiscal and monetary authorities.

He said that such coordination would help to anchor expectations and maintain investor confidence.

“Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship.

“As we move forward into 2025, I am optimistic that we have turned a corner and that disinflation is within reach.

“However, we must remain committed to bold, coordinated policy measures to consolidate our progress,” he said.

Earlier, Mohammed Abdullahi, Deputy Governor Economic Policy of the CBN, said that the liberalisation of the foreign exchange market was a pivotal step towards unifying a highly fragmented system.

Abdullahi said that the step also helped in reducing substantial premiums driven by speculative activities and market inefficiencies.

“Prior to the adoption of a flexible exchange rate regime, the average exchange rate premium stood at an alarming 62.33 per cent between January and May 2023.

“Wth the introduction of the flexible exchange rate regime, this premium was drastically reduced to an all-time low of 0.10 per cent by June 2023, signalling significant progress towards market convergence,” he said. (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

Telecom tariff hike: NLC declares mass rally on Feb. 4

Telecom tariff hike: NLC declares mass rally on Feb. 4

372 total views today

Protest

By Joan Nwagwu

The Nigeria Labour Congress (NLC) has declared plans to embark on a nationwide mass rally on Feb. 4 over the 50 per cent hike on telecom services by the Nigeria Communications Commission (NCC).

Mr Joe Ajaero, NLC President, said this in a communique issued at the end of the Congress’s National Administrative Council (NAC) meeting in Abuja.

He said the NAC-in-session totally rejected the 50 per cent telecom tariff hike as it was considered as too harsh for the citizens.

According to him, to express our collective opposition to this arbitrary tariff hike, the NLC will embark on a nationwide mass rally on Tuesday, February 4, 2025.

“The rally will serve as a warning on the dangers of imposing such an unfair increase on a struggling population earning a minimum wage of only N70,000.

“A population that has suffered outrageous hike in the price of petrol, high cost of food, hike in electricity tariff and general rising inflation.

“All NLC affiliates and state councils are directed to begin full mobilisation in preparation for the Feb. 4, nationwide protest rally. Willing civil society allies are also encouraged to join the preparation.

“The Congress calls on all Nigerian workers, the informal sector, and the general public to stand in solidarity against this unjust policy,” he said.

Ajaero therefore said that NAC-in-session called for the immediate suspension of the 50 per cent tariff hike.

He also called on the Federal Government, the Nigeria Communication Commission (NCC and the National Assembly to engage in meaningful dialogue with critical stakeholders to review the proposed tariff adjustment.

He added that the tariff should be reviewed within the context of the economic realities facing Nigerians.

“Should these not be heeded, the Nigeria Labour Congress will escalate its actions, including the possibility of a nationwide boycott of telecommunication services.

“Others are further mass actions which may involve nationwide withdrawal of our service to resist policies that exacerbate poverty and inequality,”he said.

He added that the NLC remained committed to protecting the interests of Nigerian workers and citizens against exploitative economic policies.

“We will not relent in our struggle against policies that undermine the welfare and dignity of our people,”he said.(NAN)

Edited by Maureen Atuonwu

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