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Economy & Politics

Nigeria to partner Britain on job creation 

The FG has disclosed plans to partner with the British Government in order to create job opportunities and tackle unemployment

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Nigeria to partner Britain on job creation 

The Federal Government has disclosed plans to partner with the British Government in order to create job opportunities and tackle the issue of unemployment in the country.  

This was announced by the Minister of State for Labour and Employment, Mr. Festus Keyamo, when the Political Counsellor, British High Commission, Mr. Dominic Williams, paid him a courtesy visit in Abuja. Keyamo expressed the willingness of the Nigerian Government to collaborate with the British Government.

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Keyamo stated that the government was ever ready to collaborate because it was keen on opening up avenues for job creation. 

[READ MORE: WFE, SSE partner to promote effective governance in capital markets]

Williams also stated that Britain would seek ways in which it could assist Nigeria in its efforts at job creation. 

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More details: Keyamo discussed the other plans and activities of the government in making sure that the unemployment that has eaten deep into the country will be solved. He said that the government had opened up other sectors as part of efforts to diversify the economy from oil, which would in turn create room for employment. 

According to the minister, there have been efforts put in place by the government to diversify the economy and boost job creation which include empowering people to go back to the farm through the Anchor Borrowers’ Programme, as well as activating the mines and steel sector. 

He further said that through the National Directorate of Employment, the government had been empowering many youths by training them on basic artisan skills to make them self-employed, as well as being employers of labour. 

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This has helped youths in acquiring skills and taking on the mantle of entrepreneurship. 

“The problem of unemployment can only be solved, not through direct employment by the government, but by training people to acquire basic skills by which they can be self-employed and also employ some small workforce,” Keyamo said. 

[READ ALSO: UBA, LCCI partner to create value for SMEs at 2019 Lagos Int’ Trade Fair]

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Why this matters: The role of working youths in enhancing economic growth and development has, over time, been widely acknowledged globally. Economic wealth all over the world is created through enterprises and the expansion of their output. This is why this collaboration is important as it will help in job creation thereby create value and enhance the country’s gross domestic product. 

 

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Patricia

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Economy & Politics

Seyi Makinde Proposes N3 billion investment plan for water supply

The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG. 

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Seyi Makinde Proposes N3 Billion plan for water supply

The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.

Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.

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READ MORE: Network operators accept government’s ‘shared facility arrangement’ that limits financial risk 

All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.

The Oyo State governor, Seyi Makinde also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.

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READ ALSO: Diageo to invest $219 million in renewable energy in Nigeria, six others

Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.

Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.

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Economy & Politics

FG asks UK court for more time to appeal $9.6 billion arbitration judgement

Malami stated that the Evidence of P&ID’s highly orchestrated scam had only recently come to light. 

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FG asks UK court for more time to appeal $9.6 billion arbitration judgement

The Federal Government has approached a UK court to appeal for more time to appeal the $9.6 billion arbitration award against it over the breach of contract with Process & Industrial Development (P&ID) Ltd.

Nigeria has said that it needs more time to pursue its argument that the 2010 gas supply contract with Process & Industrial Development Ltd was a sham.

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The legal dispute with P&ID is coming against the backdrop of the huge drop in the country’s revenue due to the collapse in oil prices globally. Nigeria had applied to US courts in March seeking for documents from 10 banks which includes Citigroup Inc. and JPMorgan Chase & Co, in a bid to prove its corruption allegations.

READ MORE: Signing AfCTA agreement; Our concerns for Nigeria by CSL Stockbrokers

P&ID, however, has denied any wrongdoing in the whole transaction, arguing that Nigeria missed its opportunity to appeal.

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The Nigerian Lawyer, Mark Howard, on Monday, the first morning of a 2-day hearing, said ‘’It is very unusual in a fraud case to discover a single smoking gun. By its very nature, fraud is conducted in secret, which makes it hard to detect and justifies an extension.’

READ MORE: The effect of the United States’ Shale Oil on Nigeria?

The legal representatives for Nigeria are seeking another hearing for the judge to decide whether any misconduct has taken place and whether it justifies overturning the contract

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The Attorney General and Minister for Justice, Abubakar Malami in a statement said, ‘’Evidence of P&ID’s highly orchestrated scam had only recently come to light.’’

It can be recalled that last year, a UK judge upheld an earlier arbitration award to P&ID, which had accumulated to about $9.6 billion. The arbitration decision was over a failed contract to build a gas processing plant in the Southern city of Calabar.

READ MORE: Respite for Nigeria as Exxon Mobil and Shell lose $1.8 billion arbitration award  

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The Nigerian lawyers disclosed that they have uncovered alleged bribes to government officials and their family members dating back to 2009.

Malami in his court filing on March 24, submitted that ‘’There is good reason to believe that ministers at the highest level were involved in a corrupt scheme to steal money from Nigeria.’’

 

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Economy & Politics

Delay in passing PIB creating uncertainties in Petroleum Industry – WEIN 

Ogbue said the bill will ensure a new future of legislation in the sector.

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Delay in passing PIB creating uncertainties in Petroleum Industry - WEIN 

The President of the Women in Energy Network (WEIN),  Mrs Funmi Ogbue, announced on Monday that the delaying the passage of the Petroleum Industry Bill (PIB) has led to uncertainties in Nigeria’s Oil and gas industry. 

She said that the current sector framework is ineffective, citing regulatory overlaps in responsibilities, according to NAN. She said, “The expedient passage of and purposeful implementation of the PIB is critical to addressing most of the loopholes in the management and governance of the sector. 

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“The PIB when passed into law will improve governance of the sector by strengthening institutions in the areas of clarity of structures, roles, accountability, transparency, and overall efficiency and effectiveness.”

READ ALSO: How Geregu Power became one of the best performing power plants in Nigeria – Akin Akinfemiwa

She added that passing of the bill will ensure a new future of legislation in the sector.  She urged the National Assembly to apply regulatory oversight on the necessary agencies and impact policies that affect the deregulation of the downstream sector that support women. 

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“WIEN will be willing to support the NASS in this review and also in proffering practical strategies and programmes that can improve these programmes and others that can improve the lives and livelihoods of poor women,” she said. 

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It will be recalled that the Minister of State for Petroleum Resources, Chief Timipre Sylva has said that the PIB currently with the Executive will be sent to the National Assembly in two weeks time. 

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Mrs Ogbue called for more women to be involved in the sector, especially in board and leadership positions of the MDA’s in the oil and gas sector, and said her organization lobbies for gender equality in the Petroleum Industry. 

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