By Ginika Okoye

By Rukayat Moisemhe

Economic experts have highlighted the need to explore the frontiers that the Nigerian non-metallic industry presented as part of the country’s economic diversification agenda.

The experts spoke at the 2024 Annual General Meeting of the Non-Metallic Mineral Products Sectoral Group of the Manufacturers Association of Nigeria (MAN) on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the event had as its theme: “Exploring New Frontiers: Maximising the Non-Metallic Industry for Diversification”.

Dr Biodun Adedipe, Chief Consultant, BAA Consult, said that unlocking opportunities in the industry could bring sustainable diversification of the Nigerian economy, especially its external sector, within a short space of five years.

Adedipe stressed the need for Nigeria to diversify its foreign earnings in a way that built resilience into its external sector.

He said that it would help to reduce the country’s vulnerability to external shocks and occasional internal disruptions.

According to him, the benefits and prospects of the non-metallic industry with 34 minerals in 450 locations included substantial revenue to governments.

He said that it would also boost taxes, job creation, enhanced industrialisation and economic diversification.

He added that other benefits included increased foreign exchange earning, reduced dependence on imports, among others.

The economist, however, said that challenges such as policy inconsistencies, land tenure systems, responsibilities overlap between Federal and State governments, inadequate geoscience data, terrorism and banditry hindered its development.

“The value in non-metallic mineral products is much more than the hydrocarbons combined!

“The investment requirements are also not as steep as those for exploration and production of non-metallic minerals.

“The recommendations for the sector include strengthened advocacy, intensified local beneficiation, energised strategic partnerships, commodity exchanges, and government oversight of the entire value chain.

“Unlocking the opportunities therein can bring sustainable diversification of the Nigerian economy, especially its external sector, within a short space of five years,” he said.

Mr Segun Ajayi-Kadir, Director General, MAN, called for insights to uncover the vast opportunities available for the industry to innovate and expand.

This, he said, was necessary especially at this time when diversification is crucial for economic sustainability and global competitiveness.

Ajayi-Kadir said that the event was a prime opportunity to extract actionable strategies and ensure that the sector remained not just relevant but transformative in Nigeria’s broader economic narrative.

He also called for support for the sectoral incoming executives, particularly in forging partnerships to inspire innovation, growth, and a strengthened future for the Non-Metallic Mineral Products Sector.

In his remarks, Mr Afam Ukatu, Chairman, MAN, Non-Metallic Mineral Products Sectoral Group, said that the event was an opportunity to chart a bold path forward.

Ukatu said that it would help to inspire innovative approaches toward maximising the vast potential within the non-metallic industry.

He said that innovation, technology, and sustainability were key drivers of growth.

“As the government shifts focus toward economic diversification, the non-metallic industry is poised to play a pivotal role in Nigeria’s future development,” he said.

Ukatu said that in spite of the various obstacles the industry faced, ranging from infrastructure deficits and regulatory burdens to the threat of substandard imports, it remained resolute.

The chairman stated that the industry had shown resilience, and with pragmatic solutions, was preparing to compete both locally and across the continent.

“Our sector is a critical contributor to national development, especially in addressing Nigeria’s housing deficit, currently estimated at 28 million.

“This gap presents a significant opportunity for members in the production of essential materials needed to close the housing shortfall.

“We must align our efforts with national strategies to help overcome this challenge and together, we can drive our sector toward greater achievements and ensure our competitiveness on a global scale,” he said. (NAN)

Edited by Kadiri Abdulrahman

By Okeoghene Akubuike

The National Bureau of Statistics (NBS) says the unemployment rate in Nigeria increased to 5.3 per cent in Q1 2024 from the 5.0 per cent recorded in Q3 2023.

The NBS said this in its Nigeria Labour Force Survey for Q1 2024, released in Abuja on Tuesday.

The bureau said the unemployment rate was defined as the share of the labour force who were not employed but who were actively searching and were available for work.

In terms of educational attainment, the report said the rate of unemployment among persons with post-graduate education was 2.0 per cent in Q1 2024.

“While unemployment among those with post-secondary education was 9.0 per cent, while those with secondary education was 6.9 per cent, and 4.0 per cent for those with primary education.”

It said the unemployment rate among youth aged (15-24 years) in Q1 2024 was 8.4 per cent, which was a decrease of 0.2 per cent compared to the 8.6 per cent recorded in Q3 2023.

The report said the unemployment rate among males was 4.3 per cent and 6.2 per cent among females in Q1 2024.

“The unemployment rate was 6.0 per cent in urban areas and 4.3 per cent in rural areas in Q1 2024.”

The NBS said time-related underemployment in Q1 2024 was 10.6 per cent, indicating a decrease of 1.7 per cent from the 12.3 per cent recorded in Q3 2023.

It said time-related underemployment rate was the share of employed people who were working less than 40 hours per week, but who would be willing and available to work more.

“The share of the underemployed men was 8.5 per cent, while the share of underemployed women was 12.5 per cent in Q1 2024.

“The underemployment rate was 9.7 per cent in urban areas and 11.8 per cent in rural areas.”

The NBS said the labour force participation rate among the working-age population in Nigeria dropped to 77.3 per cent in Q1 2024 compared to 79.5 recorded in Q3 2023.

The report said the participation rate among males was 77.5 per cent while for females it was 77.1 per cent.

It said the employment-to-population ratio, which was the proportion of the working-age population that was employed was 73.2 per cent in Q1 2024

“This indicates a decline of 2.4 per cent compared to a ratio of 75.6 recorded in Q3 2023.

“The ratio in urban areas was 69.5 per cent and 78.9 per cent in rural areas in Q1 2024, indicating a decrease in the ratio compared to the 71.1 per cent and 80.7 per cent in Q3 2023, respectively.”

The report said there was a 3.3 percentage point increase in the proportion of workers in wage employment, from a record 12.7 per cent recorded in Q3 2023 to 16.0 per cent in Q1 2024.

“By gender, 20.1 per cent of males were in wage employment, compared to 12.1 per cent of females.

“Wage employment was also higher in urban areas, at 21.8 per cent than in rural areas, where it stood at 8.1 per cent.”

It said in Q1 2024, the percentage of youth (15-24 years) identified as Young Persons Not in Employment, Education nor Training (NEET) was 14.4 per cent.

“This indicates a 0.7 percentage point increase from 13.7 per cent in Q3 2023.”

The report also showed in Q1 2024, there were more females in NEET with 15.9 per cent compared to 15.5 per cent in Q3 2023.

“ Males in NEET accounted for 13.0 per cent in Q1 2024.”

The NBS said 1.5 per cent of employed Nigerians spent between one to nine hours a week working, while 4.8 per cent spent between 10 to 19 hours a week.

“Approximately 25 per cent worked between 20 to 39 hours, while 22 per cent spent between 40 to 48 hours, and 46 per cent worked 48 hours and above in a week.”(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

By Lucy Ogalue

Stakeholders at the Abuja International Trade Fair (AITF) have stressed the importance of efficient transportation networks in driving business success and ensuring economic growth.

The emphasis was made during the official opening of the AITF in Abuja, where the theme “Mobility: Options for Transportation, Trade Financing, and Taxation” highlighted the critical role of transportation in today’s global economy.

Dr Emeka Obegolu, President of the Abuja Chamber of Commerce and Industry (ACCI), noted that mobility solutions were vital to foster economic growth.

“Mobility has become a critical factor in today’s global economy, influencing trade, finance, and taxation.

“Efficient transportation options help businesses overcome logistical challenges, streamline supply chains, and reduce operational costs, all of which are essential for driving economic growth.

“The fair aims to provide a platform for knowledge-sharing, collaboration, and networking, bringing together industry leaders, government officials, innovators, and entrepreneurs to forge new trade and investment relationships.

“It also presents opportunities to explore new markets, establish valuable partnerships, and gain insights into the latest trends and advancements.”

Mr Dele Oye, National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), reiterated the importance of mobility to national development.

“The significance of efficient transportation networks, accessible trade finance solutions, and fair taxation policies cannot be overstated,” he said.

Zacch Adedeji, Chairman of Federal Inland Revenue (FIRS), commended the chamber’s efforts in organising the event, highlighting the crucial role of trade and industry in economic development.

He committed to creating a tax system that facilitated business growth and supported innovations, investment, and economic diversity.

The event was attended by government officials, heads of agencies, partners, and stakeholders from various fields.(NAN)

Edited by Abiemwense Moru

By Okeoghene Akubuike

Dr Jobson Ewalefoh, the Director-General of Infrastructure Concession Regulatory Commission (ICRC) has said that the construction of the 3.5 billion dollar Bakassi Deep Seaport would soon begin.

This is contained in a statement issued by Ifeanyi Nwoko, ICRC’s Acting Head of Media and Publicity in Abuja on Monday.

Ewalefoh made this known at a High-level Stakeholders’ meeting where a statement of endorsement for the port project was signed.

The ICRC D-G who said the construction would commence under the administration of Gov. Bassey Otu of Cross River State, assured that the project would be completed in record time.

He said that his assurance was premised on four things which include the fact that the government of the state had demonstrated great commitment and zeal required for the project.

Others he said were the newly streamlined ICRC Public Private Partnership(PPP) processes; the securing of a financier for the project; and the support of all other stakeholders present.

Ewalefoh said the 3.5 billion dollar project whose funding has been secured from the African Import-Export Bank(Afreximbank), is to be executed as a PPP project.

He said that the ICRC had streamlined its PPP processes to ensure they were faster than before.

According to Ewalefoh, we are not compromising standards, we are only making the process more efficient which I have commenced as the D-G of ICRC.

He assured the Governor of Cross River that the project would be completed under his tenure with the support of the Ministry of Marine and Blue Economy, the Shippers Council and all the stakeholders.

“You have demonstrated that you have what it takes to do it, just like President Tinubu has given confidence to investors to bring their funds to Nigeria.

“This is not a project that you started, the baton was only handed over to you, but like the man on the last lap, you are running the fastest and you will cut the tape.

“With the team you have assembled and the activities that are going on, you will arrive at the destination of the Bakassi Deep Seaport.

“I am convinced that in your tenure, with your team, Bakassi Deep Seaport will be a reality to the people of Cross River state and Nigerians,” he said.

The D-G said that the port was very important as it would diversify the traffic from the Western Port and serve as a succour to the Eastern parts of Nigeria.

He added that the Bakassi Deep Seaport is an Agro-Value-Chain port that will explore the potential in the nation’s agricultural sector in the South-South part of Nigeria, the North as well as all of Africa.

Ewalefoh thanked Afreximbank for believing in the state and Nigeria as he reassured investors that Nigeria was a choice destination for investment opportunities.

The statement said a high point of the meeting was the signing of the statement of endorsement by all critical stakeholders to the projects including the ICRC and the Cross River State Government.

Others include the Nigerian Ports Authority (NPA) and Nigerian Shippers Council, among others. (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

By Martha Agas

The Federal Government has signed a Memorandum of Understanding (MoU) with the Russian firm, Tyazhpromexport (TPE), the original builders of the Ajaokuta Steel Plant, and members of its consortium in Moscow.

The move is part of President Bola Tinubu’s administration’s efforts to resuscitate the steel company and the National Iron Ore Mining Company (NIOMCO) in order to boost industrialisation in the country.

The MoU was signed by the Minister of Steel Development, Prince Shuaibu Audu, who led the Federal Government’s delegation, and the General Director of TPE, Mr Egorov Sergei Anatolevich, along with other members of the Russian consortium.

This was made known in a statement by Salamatu Jibaniya, the Head of the Press and Public Relations Department of the ministry, on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the Ajaokuta Steel Company Ltd. (ASCL), located in Kogi, was established in 1979 by the government of President Shehu Shagari to drive Nigeria’s modernity through industrialisation.

Jibaniya said that TPE and members of its consortium, comprising Novostal-M and Proforce Manufacturing Limited, were engaged for the rehabilitation, completion, and operation of the steel plant and NIOMCO, all located in Kogi.

She said the minister described the move as crucial and a bold step toward creating a sustainable foundation to achieve the industrialisation of Nigeria’s economy.

“The revival of the steel sector will also reduce importation of steel products into Nigeria, which is estimated at over four billion dollars annually, and will help save scarce foreign exchange,” he said.

According to the Jibaniya, the Nigerian delegation during the visit also inspected the facilities of Novostal-M, located in Balakovo in the Saratov region, and the private port facility of the company.

NAN reports that a TPE team visited the Ajaokuta Steel Plant and NIOMCO in August for a preliminary inspection, which led to the invitation to Moscow for the signing of the MoU.

The resuscitation of both the steel company and NIOMCO is expected to create more than 500,000 direct and indirect jobs for Nigerians.

The move is also crucial to achieving President Tinubu’s desire to grow the Nigerian economy to more than one trillion dollars by 2030. (NAN)(www.nannews.ng)

Edited by Peter Amine

By Rukayat Moisemhe

Stakeholders have called for increased investments in skills development, infrastructure and creative enterprises for Nigeria to fully harness the potential of its creative economy.

The stakeholders made the call at the American Business Council (ABC) Creative Investment Forum with the theme: “Innovation Meets Imagination”.

The event took place on Thursday in Lagos.

Mr Fegho Umunubo, Special Assistant to the President on Digital and Creative Economy, said that the country’s creative industry had immense potential to drive employment and economic development.

Umunubo said that in spite of the industry’s current contribution of $5 billion to the economy, it was poised for more expansion, with its various sub-sectors at different stages of development.

He said that sustained inclusive growth in the country’s creative industry could be achieved through collaborative efforts and strategic partnerships among key players.

The special adviser said that the Federal Government had a strategic focus on driving human capital development, providing essential infrastructure, and facilitating access to finance within the creative ecosystem.

“Recognising the paramount significance of access to finance as a pivotal challenge for the creative industry, the government successfully established the N5 billion Creative Fund in partnership with Providus Bank, dedicated to supporting creatives in Nigeria.

“N1.5 billion has already been disbursed to some creatives in the first batch, and we are currently vetting applications in the second batch.

“As the sector continues to evolve and flourish, it is crucial to foster an enabling environment that supports the creative talents and entrepreneurial endeavours of the Nigerian youth.

“Our office remains steadfast in our commitment to driving and supporting initiatives that support diversification through creative arts, digitisation and innovation,” he said.

Melissa Jones, Mission Director, United States Agency for International Development (USAID), said that the Nigerian creative industry was not just a source of cultural expression but also a significant driver of economic growth, innovation and job creation.

Jones represented by USAID Nigeria Senior Trade and Investment Adviser, Evelyn Ayivor, noted that globally, the creative economy was valued at over $2.25 trillion, contributing to more than 30 million jobs.

She said that Nigeria, with a rich pool of talents and unique cultural heritage, was well-positioned to become a major player in the global economy.

“Whether it is the global influence of Nollywood, the worldwide impact of Afrobeats, or the vibrant fashion and visual arts scene, Nigerian creativity already commands attention on the world stage.

“However, we all know that to fully unlock the potential of this sector, we must address critical challenges that still hinder growth,” the official said.

She identified the challenges to include lack of access to financing, gaps in infrastructure, inadequate intellectual property protection, and inadequate trained professionals across the creative value chain.

“At USAID, we firmly believe that investing in Nigeria’s creative sector is an investment in the country’s future as the creative economy has the potential to be one of Nigeria’s strongest growth engines, capable of generating employment, fostering innovation, and shaping the nation’s global identity,” she said.

Jones also reiterated the agency’s commitment to supporting initiatives that could harness technology and help creatives to protect and monetise their intellectual property.

She said that USAID would work alongside investors, governments, entrepreneurs, and creatives to unlock the full potential of Nigeria’s creative economy.

Mrs Margaret Olele, Chief Executive Officer, American Business Council, said that Nigeria was a creative hub with much opportunities.

According to Olele, what is lacking is a clear understanding of investment opportunities and a one-stop shop and marketplace to match investors with investees to drive the investment ecosystem.

“The creative sector is almost like the new oil in Nigeria with the ability to derive influences from around the world.

“There are loads of funds but people do not know how to access and harness them for Nigeria to ramp up its economy through this industry.

“At ABC, we are trying to see where these investments are, to help present a more cohesive outlook towards investment and funding for the creative ecosystem.

“We urge government to continue to provide funding support and create policies to attract potential investors to the sector,” she said. (NAN)

Edited by Ijeoma Popoola

By Mercy Omoike

The Federal Government on Wednesday embarked on weights and measures surveillance in Lagos State in a bid to promote consumer protection.

The exercise is part of the government’s ongoing multi-sector surveillance across the country.

The News Agency of Nigeria (NAN) reports that the surveillance is being carried out by the Weights and Measures Department of the Federal Ministry of Industries, Trade and Investment.

A team from the department inspected the Olam Warehouse at Iganmu as well as fuel pumps at NNPC filling station at Ijora, on Wednesday.

Dr Adesuyi Olajide, Director, Weights and Measures Department and Fellow of Security Institute, said during the surveillance that it was aimed at ensuring that Nigerians would get the right value for their money.

“The government is concerned that Nigerians should get the right value for their money.

“The annual surveillance of the Weights and Measures Department is extremely critical in maintaining accuracy and consistency in trade activities, industrial and scientific applications.

“The ongoing surveillance is across the 36 states of the country and the FCT,” he said.

Olajide said that the team began the surveillance last week in Abuja and would continue in Ogun State next week.

“Government is concerned about the protection of all consumers so that nobody is short-changed.

“We want that when consumers go to any market to buy, for example, a 50kg bag of rice, they should be assured that what they get is 50kg,” Olajide said.

He said that the government would not condone cheating of any consumer in any sector of the economy.

“Ensuring customer protection is part of the Renewed Hope Agenda of President Bola Tinubu.

“We also ensure compliance with our regulations.

“We have our standards, and compliance to these standards is a prerequisite for getting certified by Weights and Measures Department.

“We usually carry surveillance unannounced as the companies/ organisations are not pre-informed before the exercise,” the director said.

He warned that sanctions would be imposed on defaulting organisations.

“When we find any defaulting organisation or company, we seal up immediately and ensure they comply.

“They may also have to pay a token for defaulting in their weights or measurements. If there are no sanctions, the defaulters will continue,” he said.

Earlier, the Lagos State Zonal Coordinator of the department, Mrs Cordelia Nwachukwu, said that the surveillance was being strictly monitored.

“The Weights and Measures Department in Abuja usually comes to the Lagos Zone to supervise us as we conduct surveillance on businesses that use weights and measures.

“Anywhere you see businesses using weights and measures for trade, we are there to regulate them. It cuts across all sectors.

“The Abuja office comes from time to time to monitor our activities. Today we are visiting a filling station at Ijora and the Olam Rice Warehouse at Iganmu.

“We will monitor their fuel pumps and scales to ensure compliance with standard weights and measures.

“We want to make sure Nigerians enjoy fairness in trade; hence, this surveillance,” Nwachukwu said.

Responding, the Manager of Olam Rice Warehouse at Iganmu, Mr Joseph Ayilola, commended the team for the surveillance and promised that the company would make necessary adjustments.

“Sincerely, we appreciate this inspection and if this surveillance will cut across all sectors, the hope of everybody will be renewed.

“From the inspection, we observed that some of our 25kg bags of rice are above 25kg due to faults in our scales.

“By the time you put those fractions together, we will be losing out,” he said.

The manager said that some of his team members would need to undergo training to do better.

“I want to salute the courage of the director to come to our level to look at things himself and make those corrections. We are really pleased and encouraged.

“It is going to be a kind of inspiration to the company.

“We are grateful that we are not found short-changing consumers or breaking the law with our weights and measures,” Ayilola said. (NAN)

Edited by Ijeoma Popoola