Business News
Reasons I prefer women to manage economy – Buhari
President Muhammadu Buhari has disclosed that he assigned women in strategic positions of his government, such as the financial sector, to ensure effective management of limited resources available and promote a stronger sense of inclusiveness.
President Muhammadu Buhari has disclosed that he assigned women in strategic positions of his government, such as the financial sector, to ensure effective management of limited resources available and promote a stronger sense of inclusiveness.
The President said this when he received a delegation of National, Zonal, State and FCT Women leaders of the All Progressives Congress-led by the party’s Women Leader, Salamatu Baiwa, on Thursday at the State House in Abuja.
He noted that he preferred women to oversee the economic and financial hub of the country, Ministry of Finance, as they can readily deploy their experience in aligning resources with the needs of the country.
(READ MORE: Corruption still responsible for Nigerians’ sufferings – Buhari)
President Buhari believes the nation also has many female technocrats with local and international experiences on economy and finance.
“I am happy that I can defend myself very effectively on this issue. The APC party leader is my witness. Since the coming into power of this administration I have handed over the treasury to women,” he was quoted as saying in a statement issued by his media adviser, Femi Adesina.
He stated, “Even at the household level, you hand over the money to women to manage. It can be taken to the level of managing the country’s treasury as well.
“I have consistently given it to women. It is strategic. I am conscious of the leadership roles of women in society and by my action, I have justified my belief.”
The President reiterated that his administration would ensure inclusiveness for women and youths, especially in the second term by providing more access to facilities that would enable the spread of Small and Medium Scale Enterprises, and encourage more interest in agriculture.
He said the traditional and subsistence style of farming should be replaced with commercialised and business-oriented techniques.
“We have to move away from the traditional ways of farming that were practised in the pre-colonial and colonial era,” President Buhari added.
[READ ALSO: UPDATED: President Buhari orders immediate evacuation of Nigerians from South Africa]
He said he had instructed the Ministers to work with traditional institutions to encourage interest in farming, with the Central Bank of Nigeria (CBN) readily providing loans at low-interest rates and longer periods of repayment.
The President stated, “On unemployment, I know there is no able-bodied person that went back to the farm in the last three years that regretted the action.”
In her remarks, the APC Women Leader congratulated the President for his victory at the polls and the Tribunal.
She also commended the administration for its efforts in managing the affairs of the country which she said provided the impetus for the vigorous campaigns.
Baiwa said women were particularly pleased and willing to vote for the President because the government deliberately formulated some policies to favour and empower women, like the social intervention Trader Moni.
She added that the APC had many resourceful and loyal women that would contribute to the success of the administration while commending the President for giving women strategic positions in the government.
“Our prayer is that God will give you the tenacity to overcome all obstacles.”
[READ FURTHER: Slow down in Agric GDP Growth rate suggests Buhari’s Agro-policy is failing]
Hospitality & Travel
Just-in: Air Peace to recall some sacked pilots after Minister’s intervention
Air Peace had trained over 80 pilots, giving its staff the best remuneration package.
Air Peace would soon recall some of the pilots that were sacked recently. This coming after the Minister of Aviation, Hadi Sirika had intervened.
This was disclosed by the Ministry of Aviation via its Twitter handle on Tuesday.
The recall was the fall-out of an intervention meeting called by the Minister between the airline management and the leadership of the National Association of Airline Pilots and Engineers (NAAPE) held in his office on Tuesday.
Back story: Nairametrics reported as Nigerians woke up to the news that Air Peace had sacked about 70 pilots under its employment across its fleet and also reduced staff salaries by 40%. The airline said the exercise was due to the devastating impact of the Coronavirus pandemic on its business.
It added that the move was made to protect the majority of the existing jobs and the possibility of creating new ones in the future, as well as ensuring the survival of the airline.
In the verbal agreement, Chairman, Air Peace, Chief Allen Onyema acceded to the Minister’s appeal for the recall of the maximum number of pilots that the airline can accommodate without going under.
Chairman, NAAPE, Galadima Abednego explained that as a union it was a painful thing to see a large number of their members thrown into the labour market, and further appealed to employers of labour to see the union members as partners, and not adversaries.
On his own, Onyema expressed his sadness and disappointment over what he called the ingratitude of some of the airline’s pilots after everything is done to make them comfortable on their jobs.
He recalled how Air Peace had trained over 80 pilots and an equal number of aircraft engineers, giving its staff the best remuneration package within the sector only for them to disappoint at a time their understanding was needed.
He however commended Senator Hadi Sirika for providing the required leadership to the industry and promised his full cooperation in ensuring the growth of the aviation sector in Nigeria.
The Aviation Minister called for the understanding of everyone, especially the Labour unions, of the prevailing situation in the aviation industry, saying it was not the time for unnecessary upheavals.
AIR PEACE TO RECALL SOME SACKED PILOTS, AS SIRIKA INTERVENES
Respite has come the way of some of the pilots recently sacked by the management of Air Peace, as many of them would soon be recalled to their jobs.
— Federal Ministry of Aviation, Nigeria (@fmaviationng) August 11, 2020
He commended Chief Onyema for his enormous contributions in developing the industry, but appealed to him to recall the maximum number of the sacked pilots that the airline can comfortably accommodate in the prevailing circumstances to which airline operator agreed.
Coronavirus
WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name
Russia has named its first approved COVID-19 vaccine, Sputnik V for the foreign markets.
The World Health Organization (WHO) said that any form of approval of prequalification of the Russian vaccine will require rigorous review and assessment of all required safety and efficacy data.
This disclosure was made by the spokesman of the WHO, Tarik Jasarevic, during a United Nations briefing in Geneva about clinical trials.
He said that the UN health agency and the Russian health authorities are currently discussing the process for possible WHO prequalification for its newly approved COVID-19 vaccine.
Tarik Jasarevic, during the UN briefing in Geneva said, “We are in close contact with Russian health authorities and discussions are ongoing with respect to possible WHO prequalification of the vaccine, but again prequalification of any vaccine includes the rigorous review and assessment of all required safety and efficacy data.”
Meanwhile, in a related development, Russia has named its first approved COVID-19 vaccine Sputnik V and it is available for foreign markets. The name references the world’s first satellite, which marked a symbolic accomplishment for the USSR during the cold war and space race era. Now, the Russian Government basks in its success at becoming the first country to approve a vaccine for COVID-19.
The head of Russia’s Direct Investment Fund (RDIF) pointed out that Russia had already received requests from more than 20 countries for 1 billion doses of its newly registered COVID-19 vaccine.
Nairametrics had earlier reported today the announcement of the registration of the first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments. The Russian President, Vladimir Putin, who made the disclosure during a televised government meeting, said that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than 2 months of human testing.
However, the speed at which Russia is moving to roll out the vaccine has prompted some western countries and international scientists to question whether the Russian government is putting national prestige ahead of solid science and safety.
Business
Nigeria signs African Trade Insurance Agency agreement
The African Trade Insurance Agency was launched to provide risk solutions for investors.
President Muhammadu Buhari has signed the instrument of accession agreement for Nigeria for the establishment of the African Trade Insurance Agency. This was announced by the Federal Government on Monday night.
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President @MBuhari has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency; sequel to the directive of the Federal Executive Council (FEC), that the instrument be prepared and forwarded for execution.
— Presidency Nigeria (@NGRPresident) August 10, 2020
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The agreement is coming after the Federal Executive Council ordered that an instrument be prepared and forwarded for execution.
The African Trade Insurance Agency was launched in 2001, to provide risk solutions for investors, after the East African economic Union (COMESA) executed a World bank funded study to discover why Africa does not attract more Foreign Direct Investments.
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The organization said it added credit insurance to its portfolio in 2006 after its members identified global trade as a major pillar of growth in the continent which has seen it grow as a market leader for risk mitigation in Africa. The ATI also attracts funding from the African Development Bank and World Bank
Nigeria joining the agreement would provide Nigeria with the necessary insurance financing to increase investment inflows into the country and improve economic productivity.
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