- FG Commits N1.7trn to Capital Investment -Osinbajo
Vice President Yemi Osinbajo says the Federal Government has spent N1.7 trillion in capital investment in two budget years.
Osinbajo disclosed this while addressing participants at the 9th Presidential Quarterly Business Forum held at the State House Banquet Hall on Monday in Abuja.
The focus of the forum was on Job creation.
The vice president said that infrastructure development was crucial in economic growth and job creation.
He commended the commitment of the participants to expanding the work being done by the Industrial Training Fund(ITF) and the Nigeria Employers’ Consultative Association (NECA) on skills acquisition.
According to him, there is the need to put emphasis on skill training and placing large numbers of young people in the workplace.
“ These must take into account the need to provide real value to the private sector through the ITF scheme and where necessary, develop optimal incentives to support the private sector.
“It will also be important that we commit to constituting sector skills councils and encourage the development of these councils for various sectors, especially in sectors we have identified as being of priority for job creation.
“I am convinced that we can crack the jobs problem and we are in the right direction.
“ First, by Investing in infrastructure; we are investing more in infrastructure today than any previous governments in our history.
“ We have spent so far in two budgets, N1.7 trillion in capital investment – that is the largest in the history of the country despite earning 60 per cent less; we are doing far more with far less resources,’’ he said.
Osinbajo said that the Federal Government was also looking at solving the power problem.
He said that the Federal Government would review the previous power privatisation and how to enhance capacity of business people by boosting power supply.
The vice president said that Job creation had been a priority of President Muhammadu led administration as the surest way of creating jobs was by enabling the private sector to do business easily.
“Opportunities are created in agriculture and the agro-allied industry, services, manufacturing, among others.
“But we realised that that would not solve the immediate problems of thousands of graduates who have no jobs or the millions who are at the bottom of the trading pyramid barely eking out a living.
“This, we believed created a compelling argument for direct intervention by government,’’ he said.
In an overview of the economy, Minister of Budget and National Planning, Sen. Udo Udoma, said that under the Social Investment Programme, N500 billion was allocated annually to take of the poor and the vulnerable in four clusters.
He listed the clusters as Government Enterprise and Empowerment Programme (GEEP) in which 308,737 loans had been successfully disbursed to 4,084 cooperatives across 36 states and FCT.
Others are Conditional Cash Transfer in which 297,973 persons were supported with cash transfers of ₦5,000 each in 217 LGAs across 20 States and 2,530 community facilitators trained.
The Home Grown School Feeding Programme in which 8.56 million school children were fed in 46,000 schools across 24 States and 90,670 catering staff engaged.
Udoma also listed the N-Power Programme which engaged 200,000 persons in its first batch in October 2016 and 308, 389 in its second batch in August 2018.
Afolabi Imoukhuede, the Senior Special Assistant (SSA) to the President on Job Creation and Youth Employment, Office of the Vice President, in a presentation, said that Nigeria’s youthful population was an advantage.
“We strongly believe that by tapping into our youthful demographic edge through large-scale and appropriate skills development, we will improve the prospects of economic growth and social inclusion,’’ he said.
The Minister of Labour and Employment, Sen. Chris Ngige, said that the ministry was synergising with the private sector to bridge the skill gap in the country.
The forum was attended by private sector operators and officials from relevant government agencies. (NAN)
Afreximbank, AAAM to Drive Automotive Investment
Afreximbank, AAAM to Drive Automotive Investment
The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have entered into a Memorandum of Understanding (MoU) for the financing and promotion of the automotive industry in Africa.
President of Afreximbank, Prof. Benedict Oramah and President of AAAM/Managing Director of Nissan Africa, Mike Whitfield, signed the MoU in early February, according to a statement yesterday.
The deal formalised the basis for a partnership aimed at boosting regional automotive value chains and financing for the automotive industry while supporting the development of enabling policies, technical assistance, and capacity building initiatives.
Oramah, said, “the strategic partnership with AAAM will facilitate the implementation of the Bank’s Automotive programme which aims to catalyze the development of the automotive industry in Africa as the continent commences trade under the African Continental Free Trade Area (AfCFTA).”
Under the terms of the MoU, Afreximbank and AAAM will work together to foster the emergence of regional value chains with a focus on value-added manufacturing created through partnerships between global Original Equipment Manufacturers (OEM), suppliers, and local partners.
The two organisations plan to undertake comprehensive studies to map potential regional automotive value chains on the continent in regional economic clusters, in order to enable the manufacture of automotive components for supply to hub assemblers.
“To support the emergence of the African automotive industry, they will collaborate to provide financing to industry players along the whole automotive value chain. The potential interventions include lines of credit, direct financing, project financing, supply chain financing, guarantees, and equity financing, amongst others.
“The MoU also provides for them to support, in conjunction with the African Union Commission and the AfCFTA Secretariat, the development of coherent national, regional and continental automotive policies, and strategies.
“With an integrated market under the AfCFTA, abundant and cheap labour, natural resource wealth, and a growing middle class, African countries are increasingly turning their attention to support the emergence of their automotive industries.
“Therefore, the collaboration between Afreximbank and AAAM will be an opportunity to empower the aspirations of African countries towards re-focusing their economies on industrialisation and export manufacturing and fostering the emergence of regional value chains,” the statement added.
“The signing of the MoU with Afreximbank is an exciting milestone for the development of the automotive industry in Africa. At the 2020 digital Africa Auto Forum, the lack of affordable financing available for the automotive sector was identified as one of the key inhibiters for the growth and development of the automotive industry in Africa and having Afreximbank on board is a game changer and a hugely positive development,” CEO of AAAM, David Coffey said.
“It is wonderful to have a partner that is as committed as the AAAM to driving the development and growth of our sector on the continent; this collaboration will ensure genuine progress for our industry in Africa,” Coffey added.
Other areas covered by the MoU include working with the African Union and the African Organisation for Standardisation to harmonise automotive standards across the continent and developing an automotive focused training program for both the public and private sector.
FG Warns Foreign Investors Against Enslaving Nigerians
The Federal Government on Monday warned foreign investors against subjecting Nigerians working in their companies to industrial slavery.
The government said the warning became necessary following several complaints against foreign companies maltreating some of their staff.
The Chief Commissioner, Public Complaints Commission, Chile Igbawua, issued the warning during a courtesy call on him by a delegation of Pan Africa United Youth Developments Network who came to lay complaint against some foreign companies allegedly maltreating Nigerians working under them.
The PCC said that it would not allow only its state commissioners to handle the issues due to their magnitude as there had been so many complaints about the ways some of the foreign companies were treating their staff.
At the event, the leader of the delegation, Habib Muhammed, expressed concern over alleged injustice and irregularities perpetrated by some company on Nigeria youths whom they engaged as factory workers.
He called on the Federal Government to look into the alleged slavery and injustice meted on Nigerian youths.
While calling on the foreigners to obey the labour laws of Nigeria, Igbawua said, “Our resources cannot be used to enslave us again.”
He said, “We have labour laws in Nigeria for goodness sake and we also have industrial standards; people working in various industries are entitled to good working conditions and minimum conditions of service.”
He added that the law was clear on the issue of casualisation and should be implemented.
Foreign Direct Investments into China Shot Up by 9% in 2020 to $163 Billion Against 49% US Decline
China had the highest inflow of Foreign Direct Investments (FDI) globally in 2020, surpassing the US which took the lead in 2019.
According to the research data analyzed and published by Comprar Acciones, China’s inflow shot up by 9% to $163 billion up from $140 billion the previous year. Meanwhile, the US had a 49% drop from $251 billion in 2019 to $134 billion.
Based on data from the National Bureau of Statistics, China reported a 2.3% growth in GDP in 2020. It was the only major economy to record a positive growth rate during the year.
Chinese Stock Market Saw 18 Million New Investors in 2020
Global FDI took a hit in 2020, falling by 42% year-over-year (YoY) from $1.49 trillion in 2019 to $859 billion. The figure was 30% lower than the one reported during the 2009 financial crisis.
Developed countries saw the worst performance, sinking by a cumulative 69% YoY to $229 billion. For developing economies, there was a 12% decline of $616 billion. By the end of 2020, developing countries accounted for a 72% share of global FDI, the highest on record. India had the highest growth among top-rated economies, shooting up by 13%.
China bore the brunt of the pandemic much better than its peers, posting a 6.5% GDP growth in Q4 2020. During the year, there were 18.02 million new investors in its mainland stock market, raising the total to 177.77 million. Driving the surge in interest was the stellar performance of Chinese stocks in 2020.
The Shenzen Component grew by 38.7% in 2020, and the CSI 300 increased by 27.2%, compared to the S&P 500’s 16.26% growth. IPO activity also soared, with China and Hong Kong accounting for 40% of global IPO volume in 2020 according to Ernst & Young.
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