By Lucy Ogalue

The Speaker of the House of Representative, Rep. Tajudeen Abbas, says Nigeria can empower youths and women in agriculture with the development and implementation of bankable business proposals.

Abbas said this at the 2nd interactive session and workshop on developing bankable business proposals or business plans for youths and women in agriculture on Monday in Abuja.

The Speaker, who was represented by his Deputy, Rep. Benjamin Kalu, said youth and women are the most vital demographics in the society.

The News Agency of Nigeria (NAN) reports that the event was organised by the African Development Bank (AfDB) Group.

While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.

According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.

“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.

“By focusing on developing and implementing bankable business proposals, we can empower our youth and our women to become key players in these sectors.

“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.

Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.

He expressed the commitment of the legislators to support youth and women development through various projects and programmes.

He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.

“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.

Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept of youth and women in agriculture would contribute to sustainable agricultural development across the continent.

Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.

“Notably, agriculture remains the singular sector with the highest potential for mass job creation. Youth participation will further bridge the gap for the aging farm population.

“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of the government,” he said.

Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture as a way of life.

“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’

Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build the capacity of youth and women to see agriculture beyond subsistence but as an enterprise.

Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.

“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.

For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solving most challenges we face in Nigeria and the continent.

Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.

Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.

According to the director-general, Africa’s progress will be driven by a young dynamic workforce, thus the importance of boosting investment in them. (NAN)

Edited by Abiemwense Moru

By Kadiri Abdulrahman

A financial expert, Mr Okechukwu Unegbu, says the directive by the Central Bank of Nigeria (CBN), that balances of dormant accounts be transferred to it, was in order.

Unegbu, a seasoned banker and past president of Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to him, monies in dormant accounts run into billion of Naira, which most Deposit Money Banks (DMBs) usually continue to invest without accountability.

He said that the DMBs were supposed to contact the accounts holders or their representatives when bank accounts are not operated for a considerable length of time.

“But they usually do not make such contact.

“The money in dormant accounts run into billions of Naira, which the banks continue to invest.

“Sometimes, if the owners of the account show up,the DMB works out the interest if it is a savings account. But if it is a current account, the bank pays no interest, which is unfair.

“What the CBN is trying to do is to deprive the banks the monies they have been using to do business without accountability,’ he said.

Unegbu said that the CBN might want to lend out such monies to the Federal Government to bridge revenue shortage and support infrastructural development.

He urged the apex bank to be particularly vigilant in implementing the directive as some banks would want to present some dormant accounts as normal.

“Some of the banks might want to hide details of dormant accounts from the CBN so as not to remit all.

” Others might want to make dormant accounts look like working accounts to avoid transferring their balances to the CBN.

“The apex bank will have to do a lot of work bothering on intelligence, by engaging experts in banking operations, to be able to implement the directive effectively, ” he said.

NAN reports that the CBN, on Friday, announced implementation of stricter regulations for managing dormant accounts and unclaimed financial assets in banks and other financial institutions.

The apex bank released the guidelines in a circular by John Onojah, Acting Director, Financial Policy and Regulations Department.

The guidelines also reduced the dormancy period of accounts from six years of inactivity to 10 years with no customer activity.

After 10 years of dormancy, the guidelines allow eligible account balances and unclaimed financial assets to be transferred to a special account managed by the CBN.(NAN)(www.nannews.ng)

Edited by Sadiya Hamza

By Kingsley Okoye

The Central Bank of Nigeria (CBN) said in Abuja on Friday that its monetary policies and actions have stimulated growth and stability of the nation’s economy.

CBN Governor, Mr Olayemi Cardoso, said this during an engagement with Senate Committee on Banking, Insurance and other Financial Institutions.

Cardoso said that given the positive indicators, Nigerians were in for better days.

He said: “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities.

“The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil related taxes and third-party receipts.

“In first quarter 2024, we maintained a current account surplus and saw improvements in our trade balance.

According to him, the nation’s external reserves level as at end of June can finance over 11 months of importation of goods and services or 14 months of goods only.

Cardoso said this was significantly higher than the prescribed international benchmark of 3.0 months, indicating a strong buffer against external shocks.

He said that the banking sector remained robust and diverse, comprising 26 commercial banks, six merchant banks and four non-interest banks.

“Key indicators such as capital adequacy, liquidity, and non-performing loan ratios all showed impressive improvements, underscoring the sector’s growing stability and resilience.

“The equity market has shown impressive performance, with the All-Share Index rising by 33.81 per cent and market capitalisation expanding by 38.33 per cent from Dec 2023 to June 2024, reflecting growing investors’ confidence,” he said.

Cardoso said that while CBN was encouraged by these positive trends, it remained vigilant and committed to implementing policies that support sustainable growth in the financial markets, while maintaining overall economic stability.

He also assured members of the committee that required measures and strategies had been mapped out to confront emerging challenges.

“To combat inflation, we have implemented a comprehensive set of monetary policy measures.

“These include raising the policy rate by 750 basis points to 26.25 per cent, increasing cash reserve ratios, normalising open market operations as our primary liquidity management tool.

“And adopting Inflation Targeting as our new monetary policy framework,” he said.

Cardoso said in the area of banking supervision, CBN had taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.

He said that key measures included intervention in three banks, revocation of Heritage Bank’s license, increasing minimum capital requirements, and enhancing AML/CFT supervision.

“We also introduced new frameworks for Cash Reserve Requirements and cybersecurity and prohibited the use of foreign currency collaterals for local currency loans,” he said.

Cardoso said that CBN was in the process of reviewing micro and macro prudential guidelines to reinforce the resilience of financial institutions to withstand tightened conditions, thereeby creating a secure and attractive investment climate.

“We have signaled our plans to re-capitalise deposit money banks in Nigeria to improve capital inadequacy and their capacity to grow the economy.

“Our ultimate goal is to create a more stable, resilient, and efficient financial system that can better serve the Nigerian economy, while adhering to international best practices,” he said.

Earlier, Chairman of the Committee, Sen. Adetokunbo Abiru, said the purpose of the interaction was to update the committee on efforts, activities, objectives and plans of the CBN with respect to monetary policy. (NAN) (www.nannews.ng)

Edited by Chidinma Agu/Uche Anunne

By Grace Alegba

By Salisu Sani-Idris

Vice-President Kashim Shettima on Thursday emphasised the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda.

According to Shettima, this is in line with the commitment of the President Bola Tinubu’s administration to bringing over 30 million unbanked Nigerians into the formal financial sector.

The vice-president made the call via a video high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, the United States capital.

The dialogue brought together government officials, regulators, law enforcement agencies, and fintech industry leaders at the George Washington University.

It aims to leverage innovative approaches to drive a sustainable and inclusive financial system in Nigeria.

The dialogue also focused on addressing critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues that have hindered the widespread adoption of innovative financial solutions.

Participants explored strategies to enhance interagency collaboration and strengthen the overall effectiveness of the financial services sector.

The vice-president highlighted Tinubu’s commitment to bringing over 30 million unbanked Nigerians into the formal financial sector in line with the administration’s Renewed Hope Agenda.

“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion,” he said.

Earlier, the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, sad the Office of the vice president gave priority to economic and financial inclusion.

Hadejia said it was expected that each agency of government would continue to play their statutory role collaboratively to achieve the set objective.

Also, Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability, stressed the need for ongoing collaboration among all players to achieve the objectives of the Aso Accord on Economic and Financial Inclusion.

The Director-General, National Information Technology Development Agency (NITDA), Kashifu Abdullahi, proposed “a Digital-first approach and the need to fuse Digital Literacy with Financial literacy as a means to address trust issues affecting the inclusive payment ecosystem.”

The General Manager, Moniepoint, Tosin Eniolorunda, said that addressing trust issues that have slowed down the adoption of innovative Fintech solutions for economic and financial inclusion could be addressed through public-private collaborations.

Dr Nurudeen Zauro, the Technical Advisor to the President on Economic and Financial Inclusion, explained the gathering would eventually evolve into a mechanism that would provide relevant information to the Office of the vice-president.

This, according to him, will facilitate effective decision-making for economic and financial inclusion.

The high-level engagement resulted in various recommendations covering rules, infrastructure, and coordination, with a focus on implementable actions and clear accountabilities.

Other speakers at the event included Inspector-General of Police, Mr Kayode Egbetokun; and the Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University, Prof. Pape Cisse.

Others are the assistant Vice-President at Merrill Lynch Wealth Management, Mr Reginald Emordi; Regional Director for Africa at the Center for International Private Enterprise (CIPE), Mr Lars Benson, among others. (NAN)(www.nannews.ng)

Edited by Rabiu Sani-Ali

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

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

By Rukayat Moisemhe

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to develop a comprehensive industrial strategy to attract mineral exploration investments and accelerate new mineral discoveries.

LCCI President, Mr Gabriel Idahosa, made the call at the chamber’s state-of-the-economy quarterly news conference held on Thursday in Lagos.

Idahosa stated that the strategy should encourage optimal utilisation of Nigerian mineral resources in line with the Environmental, Social, and Corporate Governance (ESG) principles for sustainable growth.

He called on government to address the sector’s funding issue and increase access to finance to develop value-added products by establishing seed funds and attracting foreign and local investments.

The president said that this would drive value addition that would enhance local production and job creation, and also create linkages across the mineral sector and beyond.

Idahosa advised that government should consider revitalising Ajaokuta Steel Company Ltd. (ASCL) and the Nigerian Iron Ore and Mining Company (NIOMCO) by adopting the best arrangement.

According to him, this is to free them from all hindrances and ultimately make them operational and viable.

“To ramp up investments in this sector, we need to deploy more relevant research and technology to trace more mineral deposits, refine minerals with value addition to them, and make more statistics available for planning and strategy.

“Government should learn from the hindrances we presently experience in the Niger Delta for the failure of allowing small crude refineries to operate under some supervision and standards.

“For the solid minerals sector, we should adopt an inclusive strategy that integrates Artisanal and Small-Scale Mining (ASM) policy into a broad rural development strategy.

“This will aligned with development plans at all levels of government and linked to other national rural sector strategies.

“It will also make the solid minerals sector more integrated and linked to other sectors, with more activities that will generate more jobs in rural areas,” Idahosa said.

He, therefore, called for an aggressive metering programme that leads to 100 per cent coverage of electricity consumers.

According to him, this will guarantee liquidity for the distribution companies and give consumers more satisfaction with paying for what they consume.

He emphasised the need for an environment that would enable foreign investors to build renewable energy factories in Nigeria to upscale energy transition and reduce dependence on the national hydro grid.

“We urge deep commitment to the Presidential Metering Initiatives’ target of installing about two million meters annually over the next five years.

“We expect the Federal Government to show more commitment to patronising local meter manufacturers to boost local content development and foster growth in the power sector,” he said.

On the establishment of the ministry of livestock development, the LCCI president said the initiative marked a significant shift in Nigeria’s agricultural policy landscape.

He, however, stated the importance of viewing it from the broader implications for the economy and the business community.

Idahosa urged government to involve all relevant stakeholders in formulating and implementing policies and establishing clear communication channels to ensure transparency and foster stakeholder trust.

“We call on the subnational governments to replicate this in their domains and reduce the persistent clashes over production locations.

“Creating a dedicated ministry can provide targeted policies and resources to address the specific needs of the livestock sector, potentially leading to increased productivity and efficiency.

“A robust livestock and fisheries sector can boost the agriculture sector’s contribution to our GDP and help curb the record-high food inflation,” he said. (NAN)

Edited by Modupe Adeloye/Olawunmi Ashafa