- Nigeria, Others Need 20.4 Million New Jobs Yearly – IFC
The International Finance Corporation, a member of the World Bank Group, has said African countries need to create 20.4 million new jobs yearly.
The Chief Executive Officer, IFC, Philippe Le Houerou, described visionary leadership and pragmatism as critical for economic integration of Africa.
“Africa needs 1.7 million new jobs every month. The only way to do it is to develop a striving and competitive sector enabled by free trade and opportunities across the continent. We, therefore, need visionaries, new markets and pragmatists,” he was quoted in a statement as saying at the Africa CEO Forum in Kigali, Rwanda.
The President, Africa CEO Forum, Amir Yahmed, called on governments to enable the private sector to play its role in creating the number of quality jobs needed for Africa’s growing population.
“The African private sector and the investor have to be brought on board. Development cannot happen without them; so ambition has to move towards them and the civil society,” Yahmed said.
According to the statement, at a time when intra-continental trade remains too weak, Africa’s most influential business leaders convened at the forum to bring to the fore the burning issues to address in order to make African economic integration a reality.
In his opening remarks, Rwanda’s President, Paul Kagame, was quoted as saying, “Nobody is questioning whether the African Continental Free Trade Area is the right way to go or whether it is going to give us benefits. It is the only way to go if we want to maximise the opportunities for the benefit of our continent. But we have to make it work and we know how.
“It is our responsibility to ensure that deeper integration translates into prosperity and well-being for our people. As long as women face unnecessary obstacles in using their talents to the full, we will continue to pay a heavy price in terms of lost wealth.”
Key business and political leaders were said to have addressed challenges associated with intra-Africa trade during a panel session.
Ethiopian President, Sahle-Work Zewde, said, “As much as we concentrate on political issues, as a region, we all have the same bold ambition, which is for our countries to make constant progress but it can’t be done without peace and security.”
We Are Losing N13.9bn Monthly Because FG Caps Tariff – Discos
Discos Says it is Losing N14bn Monthly Because of NERC Capped Tariff
The Nigerian power Distribution Companies (Discos) have said they a losing N13.9 billion in revenue every month because the Nigerian Electricity Regulatory Commission, limited how much they can charge for consumption.
Ernest Mupwaya, the Managing Director, Abuja Electricity Distribution Company, made the statement during a presentation on behalf of the Discos to the House of Representatives Committee on Power.
The statement was after the Discos demanded realistic indices before the implementation of the proposed service reflective tariff, which was supposed to be implemented on July 1.
Mupwaya said there were some outstanding requirements before the service reflective tariff could be implemented.
“One of them is the removal of estimated billing caps. The financial impact of the Capping Order is an average loss of N13.9bn monthly, thereby, undermining or jeopardising the minimum remittance requirement,” Mupwaya stated.
The July 1 service tariff implementation was halted by members of the National Assembly, who prevailed on the Discos to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.
Gbajabiamila Says Nigeria Can’t Compete in AfCFTA With Weak Industries
Nigeria Must Ramp up Industrialisation to Prevent Dumping by Other Nations
The Speaker of the House of Representatives, Femi Gbajabiamila, has said the nation can not compete effectively in the African Continental Free Trade Area (AfCFTA) with weak industrialisation and manufacturing activities.
Gbajabiamila disclosed this while receiving Adesoji Adesugba, the newly appointed Managing Director of the Nigeria Export Processing Zones Authority.
The details of the visit were made public on Thursday in a statement titled, “AFCFTA: House Speaker tasks Nigeria on industrialisation through free trade zones.”
Gbajabiamila was quoted as saying “We must act proactively so that we don’t become a dumping ground for other African nations.
“Our best option in this circumstance is to immediately set machinery in motion to ensure the effective functioning and flourishing of our export processing zones.
“We must remove all bottlenecks and perfect all stumbling blocks. We will then be fully prepared for AfCFTA and also generate massive jobs for our unemployed youths and enhance our foreign earnings.”
He added that the nation must as a matter of national emergency ramp up industrialisation through free trade zones and other effective means to compete with South Africa, Africa’s most industrialised economy and other African nations.
FG Marches Forward With Zero Subsidy Plan
FG Says Its Done With Fuel Subsidy After Years of Wasted Resources
The Federal Government through the Ministry of Petroleum Resources said there is no going back on zero-subsidy.
According to a statement released on Thursday by the Minister of State for Petroleum Resources, Timipre Sylva, the Federal Government can no longer bear the burden of petrol subsidy.
In the statement titled ‘Deregulation: The facts and the reasons behind the policy’, the minister said “After a thorough examination of the economics of subsidising PMS for domestic consumption, the Federal Government concluded that it was unrealistic to continue with the burden of subsidising PMS to the tune of trillions of naira every year, more so when this subsidy was benefiting in large part the rich, rather than the poor and ordinary Nigerians,” he said.
Sylva explained that it simply means that the government will not be the sole supplier of petroleum products but will now encourage the private sector to get involved in the business.
“This means also that market forces will henceforth determine the prices at the pump. In line with global best practices, the government will continue to play its traditional role of regulation to ensure that this strategic commodity is not priced arbitrarily by private sector suppliers,” Sylva said.
The minister likened the regulatory function to the role of the Central Bank in the banking sector, “ensuring that commercial banks do not charge arbitrary interest rates”.
Sylva said, “Petroleum products are refined from crude oil. Therefore, the price of crude (the feedstock) for the refining process will affect the price of the refined product.
“When crude oil prices were down, government, through its regulatory functions, ensured that the benefits of lower crude oil prices were enjoyed by Nigerians by ensuring that PMS was lowered. At that time, we indicated that an increase in crude oil prices will also reflect at the pump.”
He said one of the reasons Nigeria has not been able to attract enough investment into the refining industry was because of the burden of fuel subsidy.
Sylva said, “We need to free up that investment space so that what happened in the banking sector, aviation sector and other sectors can happen in the midstream and downstream oil sector.
“We can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce pump price and keep it permanently low.”
News7 days ago
Fire Guts Central Bank of Nigeria Office in Gombe
Finance4 days ago
DSS Arrests EFCC, Acting Chairman, Magu
Forex4 days ago
CBN Starts Using N380/$ Official Rate, Expects to Make it Official Soon
Stock Market4 days ago
Flour Mills, Dangote Cement, Vitafoam Disclose Insider Dealings
Finance3 days ago
CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira
Economy7 days ago
Citigroup Sees $60 Per Barrel Crude Oil in the Next 12 Months
Technology7 days ago
Jeff Bezos Sets a New Record as Net Worth Hits $172bn
Stock Market4 days ago
Stock Investors Lose N257bn as Nigerian Stock Exchange Closed in the Red Last Week