Connect with us

Economy

Unemployment: More Than 15m Nigerians Looking for Job -Ngige

Published

on

chris-ngige
  • Unemployment: More Than 15m Nigerians Looking for Job -Ngige

The high unemployment rate in Nigeria remained a concern as more than 15 million Nigerians are said to be looking for white-collar jobs.

Dr Chris Ngige, the Minister of Labour and Employment, disclosed this on Monday while speaking with some journalists in Enugu.

He said: “Unemployment is growing into a very vicious disease condition that has given rise to a lot of anti-social behaviour. And government is seriously worried because if we don’t confront unemployment head on with many measures which we are fashioning now, then the whole country will be consumed with social unrest.

“The symptoms are there. Boko Haram is a symptom of unemployment in Nigeria. IPOB is a symptom of unemployment and desperation and people getting frustrated.”

“Same goes for banditry in the North West. Same goes for kidnapping all over the country — North West, North East, North Central, South East, South-South and South West.

“Avengers — the destruction of pipelines, OPC, all these are symptoms of very serious underlying disease condition called unemployment,” the minister said.

He, however, said despite government efforts to boost new job creations, the rising unemployment number demand more.

“We are doing something, but I think what we are doing is not enough.

“Government has used diversification into agriculture to fight unemployment. Yes, it was successful where people agreed to turn themselves into farmers.

“We have also used ad hoc procedures like N-POWER programme. It is like a drop of water in the ocean.

“We have employed through that process 500,000 people, about half a million. But we have those searching for white collar jobs in the neighbourhood of about 15 million.

“So, we have to do something — to teach people new vocations, new skills, so that not everybody will be going for white collar jobs.

“Even if you have a university degree, you can be taught some skills so that you employ yourself or even get employed somehow. So, we are going to do that or it is on the table.

“We were lucky President Muhammadu Buhari came in. If not, we would have all dispersed into neighbouring countries. We would have had social unrest that would be internecine and by now, we would not have solved it.

“So, we are on with our thinking caps,” the minister said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Economy

Cuba’s Central Bank Suspends US Dollar Deposits Nationwide

Published

on

US Dollar - Investorsking.com

Cuba, the island country located where the Caribbean Sea, Gulf of Mexico, and the Atlantic Ocean meet, said this week U.S. dollars will be suspended in the country.

The mandate comes from the country’s central bank and foreign tourists have been told to leave U.S. dollars at home when visiting. The announcement was invoked at a roundtable discussion that was aired on state-sponsored Cuban television.

“In view of the obstacles that the U.S. embargo creates for the national bank system to deposit abroad the U.S. dollars that are collected in the country, a decision was made to temporarily suspend deposits in U.S. banknotes in Cuba’s bank and financial system,” the Central Bank of Cuba (Banco Central de Cuba, BCC) members said.

Yamilé Berra Cires, the vice president of the BCC, explained during the roundtable discussion that at the beginning of the Trump administration’s leadership, the U.S. tightened the embargo’s grip. The United States has had an embargo with Cuba since 1958 and the U.S. has had numerous issues with Cuba during the Eisenhower presidency and Kennedy presidency as well. After the 2008 crisis, the U.S. and Cuba seemed to gravitate toward friendlier terms during the Obama presidency.

However, BCC vice president Berra Cires claims issues have gotten worse since Trump and said 24 foreign banks stopped dealing with Cuba. Berra Cires also said during the roundtable discussion that 95 foreign financial institutions reported on the transgressions of Cuban national banks doing business with counterparties. “It is ever more difficult for Cuba to find international banking or financing institutions willing to receive, convert or process U.S. currency in cash,” Berra Cires further remarked.

“People who will be coming into the country during this time will have to arrive with a currency other than the dollar,” Francisco Mayobre Lence the BCC’s first vice president said.

Of course, after hearing about the USD ban in Cuba, members of the cryptocurrency community wanted Cuba to adopt digital currencies like El Salvador recently did with bitcoin. “It’s like [a] 50-year embargo. It’s really depressing,” one individual wrote about the Cuba situation with America on Reddit. “Will they take crypto now?” another Redditor asked in the r/cryptocurrency thread. Another crypto enthusiast responded to the question and said:

I doubt they want to be the last Latin American country to do so.

Minister-president of the Cuban central bank, Marta Sabina Wilson González explained during the roundtable discussion that Cuba had no choice but to make the decision. “We had no choice but to take this measure, which we are explaining at the Round Table, as we always do when it is a measure that affects the people, who will understand that there is no other option,” the minister detailed.

Continue Reading

Economy

Kenya Receives $750 Million Loan from World Bank to Boost Economic Recovery

Published

on

World Bank Loan - Investors King

Kenya has received a $750 million loan from the World Bank to support its budget and help the East African economy recover from the effects of the COVID-19 pandemic, the multilateral lender said on Friday.

The Kenyan government has been pushing hard to secure foreign funding to fill a wide budget deficit before its financial year closes at the end of this month.

The $750 million disbursement is part of World Bank’s Development Policy Operations (DPO), which lends cash for budget support instead of financing specific projects.

The bank said some of the funds would go towards setting up an electronic procurement system for government goods and services to improve transparency.

The World Bank said the concessional loan will have a 3.1% annual interest rate. Typically, World Bank loans have zero or very low interest rates and have repayment periods of 25 to 40 years, with a five- or 10-year grace period.

On Thursday, Finance Minister Ukur Yatani presented to parliament the 2021/22 budget, with a deficit of 7.5% of gross domestic product, reduced from 8.7% for the current fiscal year ending this month.

The finance ministry forecasts a economic growth of 6.6% this year, recovering from 0.6% in 2020 when sectors like tourism and related services collapsed due to restrictions imposed to curb the spread of COVID-19.

The World Bank forecasts Kenya’s economy will grow 4.5% this year, and 4.7% in 2022.

President Uhuru Kenyatta, who took the helm in 2013, has overseen a jump in public borrowing. Total debt stands at 70% of GDP, up from about 45% when he took over – a surge that some politicians and economists say is saddling future generations with too much debt.

The government has defended the increased borrowing, saying the country must invest in its infrastructure, including roads and railways.

Continue Reading

Economy

FG Spends N612.7 Billion on Domestic Debt Servicing in Q1 2021

Published

on

Naira Exchange Rates - Investors King

The latest report from the Debt Management Office (DMO) has revealed that the Federal Government spent a total sum of N612.71 billion on domestic debt servicing in the first quarter (Q1) of 2021.

In the report released on Wednesday, the DMO said the Federal Government paid holders of mature Nigerian Treasury Bills (NTB) N17.23 billion in January, N12.3 billion in February and N5.49 billion in March 2021. Indicating that the Federal Government paid a combined sum of N35.03 billion to NTB holders in Q1 2021.

Similarly, the Federal Government paid N537.783 billion to holders of Federal Government of Nigeria bonds in three instalments of N201.95 billion in January, N79.26 billion in February and N256.58 billion in March 2021.

The Federal Government also paid N308.38 million in three tranches to subscribers of mature FGN Savings Bond. FG paid N111.65 million in January, N97.074 million in February and N99.65 million in March 2021.

Another N8.16 billion was used to settle FGN Sukuk Rentals in March 2021. No payment was made in January and February 2021.

The Federal Government released N31.44 billion as principal repayment “in respect of promissory notes during the quarter under review.

A monthly breakdown revealed that a total sum of N219.29 billion was released to service domestic debts in January, N123.09 billion in February and N270.33 billion in March. Therefore, bringing the total amount spent on domestic debt servicing in the first quarter of 2021 to N612.71 billion.

Nigeria’s total debt rose to N33.1 trillion in the first quarter of 2021, according to the report released by the DMO.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending