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Business

FG willing to implement new ideas to grow the economy – Osinbajo

The Federal Government has disclosed it is willing to implement new ideas suggested in the Economic Sustainability Plan.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

Vice President Yemi Osinbajo has announced that the Federal Government has been willing to implement new ideas suggested in the Economic Sustainability Plan (ESP) after the fallout of the pandemic on the nation’s economy.

This was disclosed by the media aide to the Vice President, Laolu Akande, in a statement on Tuesday in Abuja. He added that the Vice President disclosed this at a virtual meeting with the Franco-Nigeria Chamber of Commerce and Industry.

READ: Nigerian Railway Corporation announces revenue of N1.4 billion in 2020

What you should know 

In June, the Nigerian Government released its Economic Sustainability Plan which it hopes will address the economic challenges of the COVID-19 pandemic. The plan was put together by the Economic Sustainability Committee (ESC) assembled by President Muhammadu Buhari. Members of the committee included the Vice President, CBN Governor, 15  Ministers, GMD NNPC, and the Permanent Secretary.

READ: Survival Fund: FG assures Nigerians that beneficiaries will be evenly distributed across states

The report said Nigeria should:

  1. Develop a clear Economic Sustainability Plan in response to challenges posed by the COVID-19 Pandemic;
  2.  Identify fiscal measures for enhancing distributable oil and gas revenue, increasing non-oil revenues and reducing non-essential spending, towards securing sufficient resources to fund the plan;
  3. Propose monetary policy measures in support of the Plan;
  4. Provide a Fiscal/Monetary Stimulus Package, including support to private businesses (with emphasis on strategic sectors most affected by the pandemic) and vulnerable segments of the population, and many others.

READ: We are working to clear N124 billion backlog of export claims – NEPC

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The Vice President disclosed that implementing the Plan was to save jobs and protect Nigerian businesses affected by the pandemic.

Osinbajo said, “It is important to recognise that the pandemic, which really is the cause of the downturn, not just in the Nigerian economy but practically all of our economies, all over the world, except perhaps China, also provides incredible opportunities for doing all manner of very innovative and creative things.

“And if you look at our ESP, which is our response to the pandemic, what we tried to do was to do a few things that we thought would be game-changing.

READ: FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

“For example, one of the important things that we are trying to do with respect to renewable energy is with solar power.

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“We are collaborating with several solar power companies to provide within the next 12 months, five million Nigerian households with solar home systems.

“This is partly to address the issues with the national grid by providing more off-grid capacity and provide more opportunities in the renewable energy space.

READ: Flour Mills’ GMD acquires shares worth ₦54.6 million

“ What we are doing is to get the financing through the Central Bank of Nigeria as part of the Economic Sustainability Plan.”

Osinbajo said backward integration is key to driving economic growth and urged for private sector commitment to align with the FG’s backward integration goals.

“For us, the issue of backward integration is right, front and centre, and it has been so for many years.

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READ: Nigerian Breweries pioneers Nigeria’s first solar-powered brewery

“We believe that an aggressive pursuit of it is really important for us as an economic policy.

“The most important thing, as I said, is that we are committed to backward integration.

READ: De facto Government: CBN explains why it will keep funding the economy

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“Unfortunately, over the years, many companies have committed to backward integration but have simply not been as diligent and faithful with those promises.

“So, we really want to see much greater commitment and a plan that is as aggressive as our own aspirations,” he added.

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    Business

    Lagos State seeks investors in aquatic and livestock agriculture value chain

    The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap.

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    Lagos State begins recruitment for Agripreneurship programme, Sanwo-Olu confirms Abisola Olusanya as new Agriculture commissioner

    The Lagos State Government announced it is seeking private sector collaboration for Agriculture sector value chain development in livestock feed mills, fisheries and red meat.

    This was disclosed by the State Commissioner for Agriculture, Ms Abisola Olusanya, in a statement on Sunday in Lagos.

    The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap, as the State identified the 3 main sectors for value chain disruption.

    READ: Lagos goes tough on illegal conversion of land use, enforcement begins in Ikeja GRA, Lekki, others

    She also added that investment in the sectors would also develop jobs for the industry and boost the State’s GDP growth, through Private Sector collaboration as Lagos residents consume over N5 trillion worth of food annually.

    “The objective is to stimulate and encourage more public-private partnerships in the three value chains,” she said.

    “When you consider this pool of transactions happening in Lagos, it shows that we are the market. For instance, we demand over 400,000 metric tons of fish on an annual basis.

    “But our fishermen and our aquaculture farmers are only able to produce just about 174,000 metric tons with deficit of 200,000 metric tons,” she added.

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    READ: CBN invests over N120 billion on 320,000 farmers across CTG within four years

    She also disclosed that the state has 9,000 artisanal fishermen, and bringing more youths into the space will increase the level of fish and seafood being harnessed from our water bodies. Looking at the transactional value on an annual basis, the fisheries sector is worth well over N120billion according to her.

    In case you missed it: Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.

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    Business

    #DigitalSkillsTraining: FG announces conclusion of selection process

    Only successful applicants that are contacted by the Ministry are to report at the training venue.

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    President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

    The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.

    This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.

    “The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.

    The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.

    Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.

    What you should know 

    Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.

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