The Federal Government has announced it will launch a National Investment Policy, which will entrench an investment-friendly environment that supports the sustainable development aspirations of the country.
This was disclosed during the session on the Development of Nigeria Investment Policy in Abuja on Tuesday by the Director, Investment Promotion Department of the Federal Ministry of Industry, Trade and Investment (FMITI), Mrs. Olukemi Arodudu.
Mrs. Arodudu revealed that the first phase of the policy is complete through the drafting of a policy template, while the next phase would be engagement with relevant stakeholders.
“To ensure that the Nigeria Investment Policy is widely accepted and serves the interest of every sector of the economy, the second phase is the stakeholders’ engagement.
“Since charity begins at home and this project is an Industry, Trade and Investment sector project, every agency represented here today is considered first-line stakeholders.
“We intend to reflect all your contributions in the policy to produce the second draft, before we take it to our other stakeholders, which include all investment-related MDAs at the Federal level.
“Others include the organized private sector, investment-related MDAs and organized private sector at the state level, as well as development partners,” she said.
She added that Nigeria does not have a current investment policy and that the FG hopes the Investment Policy will develop a business-friendly environment to improve the nation’s economy.
“Currently, Nigeria does not have a comprehensive document that can be called an investment policy. What we have are policies and regulations embedded in the establishing acts and mandates of the several investment-related agencies like Nigeria Investment Promotion Commission, Nigeria Export-Processing Zones Authority and others.
“The present administration realizes that while investment is a primary driver for economic growth, ensuring that it contributes to the nation’s sustainable development goals is of greater importance than just attracting investment.
“It is hoped that the investment policy, when it is completed, will entrench an investment-friendly environment that supports the sustainable development aspirations of the country.
The Director also added that the policy will follow global standards with the aim of structurally transforming Nigeria towards wealth creation.
“It will be in line with international best standards for both domestic and foreign investment and be in harmony with the international protocols to which Nigeria is signatory, without compromising our national development aspirations.
“It will bring about the structural transformation of the Nigerian economy towards job and wealth creation,” she added.
CBN applauds stakeholders on closing financial inclusion gender gap
The CBN has commended stakeholders over concerted efforts in closing the financial inclusion gender gap in Nigeria.
The Deputy Governor, Financial System Stability, CBN, and Chairperson of the National Financial Inclusion Technical Committee, Mrs. Aisha Ahmad, has applauded stakeholders for their concerted efforts in closing the financial inclusion gender gap in Nigeria. The disclosure was made through a recent Financial Inclusion newsletter released by the CBN.
Nairametrics had earlier reported the launching of the framework for advancing women’s financial inclusion in Nigeria, aimed at complementing existing initiatives of the CBN to expand access to finance for women in Nigeria.
In lieu of this, Mrs. Ahmad thanked all the partners; particularly, Enhancing Financial Innovation and Access (EFInA) and Women’s World Banking (WWB), for collaborating with the CBN on this very important initiative. She also appreciated the efforts of the FISIWG and those of other members of the National Financial Inclusion Technical Committee, comprised of public-private sector stakeholders.
While commending their hard work and dedication towards the successful development of the Framework, she also charged them to thoroughly review and drive the implementation of the Strategic Imperatives presented within the Framework.
Why it matters
The framework for advancing women’s financial inclusion in Nigeria is in line with the commitment made by the Central Bank of Nigeria (CBN) to the Alliance for Financial Inclusion (AFI)’s Denarau Action Plan (DAP), which aims to halve the global financial inclusion of gender gap by 2021.
What you should know
The Framework is meant to compliment some of the existing initiatives of the CBN to advance access to finance for women, some of these initiatives are;
The Micro, Small, and Medium Enterprise Development Fund (MSMEDF), which earmarked 60% of the fund to women and women-owned enterprises.
The establishment of the Financial Inclusion Special Interventions Working Group (FISIWG) as part of the National Financial Inclusion Governance structure, to address issues relating to the financial inclusion of Women, Youth and Persons with disabilities.
The Deputy Governor highlighted that about 134,000 women have accessed 62% of the MSMEDF, while over N9.5billion has been disbursed to over 3,600 women through the Agribusiness Small and Medium Enterprises Equity Investment Scheme (AGSMEIS). Women have also significantly benefitted from other interventions such as; Textile Sector Intervention Facility, Real Sector Support Facility, and Commercial Agriculture Credit Scheme.
Lagos State begins recruitment for Agripreneurship programme
The Lagos State Government commences the recruitment of eligible and interested candidates for its Lagos Agripreneurship Programme.
The Lagos State Government has commenced the recruitment of eligible and interested candidates for the Batches 4, 5, and 6 of its Lagos Agripreneurship Programme (LAP), under its Agriculture-based Youth Empowerment Scheme (Agric-YES).
This was disclosed by Lagos State Commissioner for Agriculture, Ms. Abisola Olusanya, according to the press release issued by the State Government.
Ms. Abisola Olusanya noted that the programme was in furtherance of the State Government’s objective of training no fewer than 15,000 youths and women in the various agricultural value chains by the year 2023.
She pointed out that the one-month training exercise is aimed at improving capacity, creating wealth, and employment in the agricultural value chains – poultry, piggery, aquaculture and vegetables.
According to her, the strategic inclusion of the LAP Programme would efficiently reduce unemployment, create jobs and alleviate poverty in the State, as well as attract and pay more attention to the creation of jobs for women in agribusiness.
Why this matters
According to the information contained in the press release, the training is expected to play a key role in the creation of 2000 Agro-Entrepreneurs who would, in turn, become job creators, promote food security, improve nutrition and general well-being of Lagosians, as well as create at least 4000 indirect jobs per beneficiary annually.
The programme would also enhance economic activities of surrounding communities, curb the issues of unemployment, and reduce the crime rate within the State.
The initiative is an avid step towards achieving the State’s target of producing at least 25% of the food consumed by residents before the end of the year 2025.
What you should know
- The Lagos Agripreneurship Programme is specifically tailored for men between the ages of 18 and 35 years and women between the ages of 18 and 55 years.
- Interested and eligible candidates must have a minimum of Senior Secondary School Certificate and must have a passion for agriculture.
- Candidates are to obtain application forms free of charge at the Agricultural Training Institute, Araga, Epe; Lagos State Agricultural Development Authority, Oko Oba, Agege; Lagos Agricultural Inputs Supply Authority, Odogunyan, Ikorodu; Coconut House, Mowo, Badagry and Ministry of Agriculture Area Office, Ajah, Eti Osa between Tuesday, 24th November and Tuesday, 8th December.
- Candidates are expected to collect and submit application forms between November 24 and December 8, 2020.
- Interested participants are expected to sit for a written examination on Monday and Tuesday, 14th and 15th of December, 2020, while oral interviews would take place on Friday and Saturday, 18th and 19th December, 2020.
- Shortlisted successful candidates would start the formal training at the Agricultural Training Institute, Araga, Epe, on Tuesday, 5th of January, 2021.
What they are saying
Speaking about the programme, Lagos State Commissioner for Agriculture, Ms. Abisola Olusanya said:
“Following the training of a total of 400 participants under three batches of the Lagos Agripreneurship Programme, L.A.P, Lagos State will begin the recruitment and shortlisting of interested candidates for the Batches 4, 5 and 6 of the Programme.
“The current reality and exigencies of job creation for the teeming youth population and attainment of food security requires that a more aggressive, strategic and efficient approach be employed in the training and empowerment of women and youths if Lagos State is to achieve a significant reduction of unemployment, create more jobs and wealth and also significantly enhance food security in the State by the year 2023.”
AfCFTA: Focus on manufacturing will boost diversification goals – FG
FG has stated that the AfCFTA will provide the platform for a robust focus and support for the manufacturing sector.
The Federal Government announced its commitment to Nigeria’s manufacturing sector and says the African Continental Free Trade Agreement (AfCFTA) will provide the platform for Nigeria’s diversification dreams, with a robust focus and support for the manufacturing sector.
This was disclosed on Tuesday by the Minister of State for Industry, Trade and Investments, Amb. Mariam Katagum, a commemoration of the 2020 Africa Industrialization Day (AID) in Abuja. The theme is: “Inclusive and Sustainable Industrialization in the AfCFTA and COVID 19 Era.”
Tuesday’s event was organized by the Federal Ministry of Industry, Trade, and Investments (FMITI) in collaboration with the United Nations Industrial Development Organization (UNIDO). The Minister disclosed the FG is aware of the challenges imposed on Nigerian manufacturers due to the pandemic and revealed the FG is doing its best in terms of viable policies, grants, and infrastructure.
“The FMITI is a willing partner in providing the necessary enabling environment that will further stimulate industrialization, accelerate domestic and foreign direct investments,” she said.
“It will as well as ensure a coordinated and integrated approach to Nigeria’s Trade and Industrial policy. This year’s event provides the opportunity to deeply reflect on the state of the industrial sector and the apparent weaknesses which have been exacerbated by the COVID-19 pandemic.
“It has become critical, more than ever before for governments at all levels in Africa to dedicate more time, energy, and resources for the growth and development of all categories of industries in the continent.
“A critical testimony to our effective responses to issues was evidenced at the onset of COVID-19 when the FMITI set up an Emergency Operation Center (EOC), which guaranteed unhindered production of goods and services in the industrial sector.
“To complement and sustain these efforts, we are repositioning the ministry to establish a similar response mechanism in all our industrial activities as a buffer to cushion the effects of the COVID- 19 Pandemic,” she said.
The Minister added that industrialization will boost Africa’s GDP and job prospects, especially with the ratification of the AfCFTA. She also said that a national focus on manufacturing with the African free trade deal will boost Nigeria’s diversification agenda and move towards a non-oil economy.
“It is obvious that the implementation of AfCFTA, with a robust focus and support for the manufacturing sector will provide the platform for our quest for diversification to a prosperous non-oil dependent economy.
“Let me assure you that the Federal Government of Nigeria is geared up to meeting the demands of the enlarged continental market, which will be fostered by AfCFTA.
“This will attract more foreign direct investments into key industries and sectors of our economy, especially, where we possess comparative and competitive advantages.
“The benefits of AfCFTA are quite enormous, some of which include increased food security, through reduction of the rate of protection on trade in agricultural produce amongst African countries,” she said.
What you should know
The Federal Government announced that it has ratified Nigeria’s membership to the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline. The agreement goes into effect from the 1st of January 2021.
Yewande Sadiku, CEO of Nigerian Investment Promotion Council (NIPC), said in September that Nigeria was more ready for the African Continental Free Trade Area (AfCFTA) due to her domestic market manufacturing value addition capacity, which is 7 times the average of the top 20 economies in Africa and other.