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Tackling Unemployment among Youths

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  • Tackling Unemployment among Youths

The Katsina State Songhai initiative is an agricultural scheme that was designed to alleviate and tackle unemployment among the youths and to guarantee food security and self-sufficiency among the general populace.

The scheme situated at Makera village of Dutsin-Ma Local Government Area is to provide training on modern techniques of both production and processing of cash crops and other crops including maize, sorghum, millet, beans, cassava, rice, wheat and different kinds of fruits by adding value to them. This, it is believed, will be a base for earning more income from agriculture.

Three selected farms were established at Zobe, Mairuwa and the Sabke dam on over 5000 hectares of land. Structures were built and instructors deployed to teach and guide prospective farmers towards embracing agriculture as a business by the previous administrations.

The motive of the scheme then, also centred on honey production, honey processing, honey packaging, fisheries production, fishery management, poultry and livestock production, animal husbandry, crops and cereals production.

Other areas of the initiative included training on modern techniques of breeding and rearing of different animals, including sheep, cows, goats, guinea fowls, grass cutter and turkey.

The scheme which was designed in such a way that over 50,000 youths all-year round are to be engaged in agriculture-related activities to earn a living has Conference Hall, accommodation, restaurant, staff quarters and students’ hotels was established by the Former Governor of the state, Ibrahim Shema in 2014.

The project, which draws its inspiration from the Songhai Regional centre in Porto Novo, Benin Republic, was said to gulfed N3.4 billion by the previous administration.

No fewer than 60 youths were said to be sponsored by the previous administration to Port Novo in Benin Republic to undertake training from the mother institute, serving as the beginning of the seed it sowed towards using agriculture to address peculiar challenges of the state.

Unfortunately, the project which functioned only for some years was, however, abandoned by the present administration of Governor Aminu Bello Masari.

Masari, who visited the site of the project when he assumed office as the governor of the state had said, “Government cannot maintain the place because it has no enough money for such capital-intensive project. There are some facilities that are not supposed to be here.”

Interestingly, however, the Dangote Group, recently signed a Memorandum of Understanding (MoU) with the state government to take over the project for the production of tomatoes within the period of 10 years and is expected to cover other agricultural activities.

The hitherto comatose facility will be maximally utilised as the business mogul intends to inject N500 million this year, take over the staff, recruit additional staff and commence planting of tomato in preparation for the would-be Dangote world largest tomato production and processing plant.

The company, which is currently operating out-grower scheme in rice production in a number of states, has Africa’s largest sugar refinery in Lagos and a sugar cane plantation in Numan, Adamawa State, among others.

The project, according to the President of the Group, Alhaji Aliko Dangote, will generate employment opportunity for the teeming unemployed youths in the state and bring about a complete economic turn-around for the state and its neighbouring state.

The N500 million pact would see the company producing tomatoes and other agricultural products on 10,000hectares of land at Makera in Dutsin-Ma Local Government Area through an out-grower scheme.

He said, the initiative would succeed in mass production of tomatoes with a view to boosting food production, enhancing the economic position of the state, thereby reducing unemployment and engendering industrialisation.

According to Aliko Dangote, “Today is one of my happiest day to see that we have finally concluded and signed this agreement so that we can really move into action. We are not only going to do tomatoes here as we promised. We want to make people of Katsina state to used their arable land and put it into use.

“We also want to use out-growers to support them and make sure that this tomatoes project become a reality. Not only a reality but for it to become a bedrock of doing tomatoes in Nigeria.

“We give the state government all the support that is needed from an entrepreneur. We will do our best to make you proud as a governor of this state”, Dangote added.

Dangote, who advocated for the sustenance of the scheme in view of its importance in nation-building, said the initiative would provide an avenue to shift attention to agriculture from dependence on oil.

According to Dangote, “Apart from tomatoes, we will do other things here since you have provided us the enabling environment and we will do our utmost best to make you proud as governor of Katsina State.”

In his remarks, Masari said the project would not only be for the Katsina people alone but for the entire West African region.

Masari said, “The facility will serve the people of West Africa and the entire humanity. We are happy as a government that we have brought something that will add value to the lives of the people here and to humanity in general.

“The project is not only about tomatoes as other businesses and institutions will spring up and we believe that cultivating over 10,000 hectares of land will provide not only for Katsina but for the whole of the West Africa region.

“This government is investor-friendly and we will do whatever it takes to make sure it succeeds as we want to put something in place that will outlive all of us and evidence that we have added value to the lives of our people and humanity in general.

“The purpose of life is about how we can add value and bring benefit to others. Those who do that are the best among mankind and Alhaji Aliko Dangote is one of them,” the governor said.

A resident of the area, Mallam Sani Dutsin-Ma said he was elated about the huge investment coming to the state.
He disclosed that the MoU would be a game changer for Katsina State economy and Nigeria as a whole.

Dutsin-Ma said, “The deal with Dangote Group would help grow the agricultural sector and create direct and indirect jobs in the state”.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Energy

NLC Describes President Tinubu’s Involvement In Dangote Refinery Petrol Pricing As ‘Fraud’

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Joe Ajaero

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has described the involvement of the President Bola Tinubu-led government in deciding the price of petrol produced by Dangote Refinery as fraud.

Ajaero spoke during a media briefing at the Murtala Muhammed Airport in Lagos on Wednesday.

According to him, the inconsistencies in policies and fraudulent actions of the Tinubu-led administration are the cause of the ongoing conflict between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.

The NLC President criticised the current administration for attempting to interfere with the operations of private entities like Dangote.

He countered the government’s attempt to dictate the price of petrol produced by Dangote, describing it as fraudulent.

Ajaero said: “In a truly deregulated market, there should be no interference in how private sector entities like Dangote operate. Imposing restrictions or dictating prices goes against the principles of a free market.

“For a locally produced product, with no reliance on imported dollars or landing costs, they’re demanding he sells it at the same price as the imported ones. That’s both fraudulent and unacceptable.

“What you’re witnessing is a mix of fraud and policy inconsistency. Nigerians were led to believe that the sector had been deregulated, and in a deregulated market, competition and choice should prevail. So why is there now an attempt to control how much Dangote should sell his product for?

“When the Port Harcourt refinery becomes operational, both NNPC and Dangote should be able to sell freely. But trying to dictate Dangote’s pricing is dishonest.

“This is the time for Nigerians to speak out. We were told that deregulation would put the private sector in charge and limit government interference in business. Now, the government is trying to regulate how private businesses should price their products.

“They expect him to sell at the same price as the imported product, even though it was produced locally without the additional landing costs. That’s outright fraud.”

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Crude Oil

Oil Prices Gain Amid U.S. Production Woes and Rate Cut Expectations

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Crude Oil - Investors King

Crude gained on Tuesday following Hurricane Francine disruption in the U.S. and the possibility of an interest rate cut in the U.S.

These two factors have boosted traders’ sentiment in the oil market despite concerns about global demand and slowing growth in China.

Brent crude oil, against which Nigerian oil is priced, rose by 36 cents, or 0.5% to $73.11 per barrel while the U.S. crude oil gained 53 cents, or 0.8% to settle $70.62 per barrel.

Both closed higher in the previous trading session as the market reacted to the impact of Hurricane Francine on U.S. Gulf Coast production.

More than 12% of crude oil production and 16% of natural gas output in the Gulf of Mexico remained offline as of Monday, according to the U.S.

According to the Bureau of Safety and Environmental Enforcement (BSEE), the disruption has raised concerns over short-term supply shortages and contribution to the upward momentum in prices.

Yeap Jun Rong, a market strategist at IG said “while the market is seeing near-term stabilization, the fragile state of China’s economy and anticipation of the U.S. Federal Reserve’s interest rate decision could limit further gains.”

The Federal Open Market Committee (FOMC) is expected to announce a rate cut later this week, with futures markets pricing in a 69% chance of a 50-basis-point reduction.

Lower interest rates are favourable for oil prices as they reduce borrowing costs and encourage economic growth.

“Growing expectations of an aggressive rate cut are lifting sentiment across the commodities sector”, stated ANZ analysts.

The market, however, remains cautious due to lower-than-expected demand from China, the world’s largest importer of the commodity.

Chinese data released over the weekend showed that China’s oil refinery output dropped for the fifth consecutive month in August. This signals weaker domestic demand and declining export margins.

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Crude Oil

New Petrol Prices to Range Between N857 and N865 Following NNPC-Dangote Deal

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Petrol

Hopes for cheaper Premium Motor Spirit (PM), otherwise known as petrol, rose, last night, as indications emerged that the product may sell for between N857 and N865 per litre after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today.

It was learnt that the NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.

However, whether uniform product prices would apply at filling stations nationwide was unclear.

As of yesterday, petrol sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.

At independent marketers’ outlets, the price was over N1,000. Elsewhere across the country, PMS sold for more than N1,200 per litre.

Sources said the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.

President Bola Tinubu, Sunday Vanguard was made to understand by a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not be such that would place heavy financial burden on them while dealing with the new reality of the prevailing price”.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has, meanwhile, expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of PMS.

Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Sunday Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels to the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.

“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”

Soneye hinted that at least 100 trucks had already arrived at the refinery for the petrol lifting, adding that the number of trucks could increase to 300 by Saturday evening.

On his part, Executive Secretary, of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, said: “We have been lifting diesel (AGO) and aviation fuel (jet fuel) and we look forward to lifting petrol (PMS).”

On pricing, he said: “We await clarity in respect of the pricing mode, and once that is clarified, we’ll do the needful towards meeting the energy needs of Nigerians.”

Yesterday, Edun, the Minister of Finance and Coordinating Minister of the Economy said the structuring of the NNPCL, Dangote Refinery deal in Naira would assist in reducing pressure on the local currency.

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