Economy
Skills Acquisition Key to Rapid Industrialisation—Experts
By Dipo Olowookere
Some experts have disclosed that one of the most effective ways to fight poverty and boost economic development of any nation is through job creation. They have identified skilled manpower as the main driver of rapid industrialisation and economic development of any nation.
The pointed out that in the case of Nigeria, the absence of skilled manpower has led to the loss of millions of naira in capital flight to experts from other countries.
The gap in skills has constrained economic and social development, limiting the ability of individuals to get jobs and improve their living standard; of companies to improve productivity, competitiveness, and growth; and of countries to reach their potential, particularly in developing countries.
Speaking at the sixth graduation ceremony of 300 vocational skills trainees of a non-governmental organisation, the Mother and Child Care Enhancement Foundation (McCEF), registered by the first lady of Nasarawa State, Mrs Salamatu Umaru Tanko Al-Makura in Lafia, the executive vice chairman of the National Agency for Science and Engineering Infrastructure (NASENI), Prof. Sani Haruna, said human capacity and capability for production are key to the industrial development and self-reliance of any nation.
Prof Haruna, who was the chairman of the occasion, noted that the industrial development and self-reliance of any nation stands on a pyramid whose components include craftsmen and women; technologists and technicians; engineers and scientists and the experts and academia.
He said, “The largest and most important aspect of this component is craftsmen and women. They are the foundation of the pyramid and they know what to do. The second components are technologists and technicians. Their own mandate in the pyramid is that they know how to do. The third components are engineers and scientists who know why it is done. At the peak of the pyramid are game changers, those with advanced degrees who live in the virtual world. They live in tomorrow; they create jobs for this category.”
He lamented the dearth in skills acquisition in Nigeria, noting, however, government’s firm commitment to bridging the gap. He said the graduation signified government’s effort at bridging the gap.
“Unfortunately the foundation of this pyramid, which is skill acquisition is lacking in Nigeria and for that reason, today, the best plumbers, artisan, masons, tillers are coming from Togo or China. So, what MCCEF is doing today is to demonstrate the level it has gone in bridging this gap,” he stated.
Wife of President Muhammadu Buhari, Mrs Aisha Buhari, in her speech, thanked the state Governor, Mr Umaru Tanko Al-Makura, for his support in promoting the course of women and children in the state, describing the empowering of women and children with vocational skills as encouraging.
She said, “This event is significant in many ways as you are graduating 300 women and youths and you are sending them back into their communities with new skills, knowledge and mindset to better themselves and help their communities.”
The First Lady, represented by a former Minister of State for Science and Technology, Mrs Pauline Tallen, congratulated the graduates and urged them to use the skills they had acquired to change their lives and their communities.
In his remarks, Mr Al-Makura said activities of NGOs such as McCEF in filling the gaps and supporting the developmental efforts of government at all levels were worthy of emulation.
He restated the state government’s commitment to empowering and bettering the lots of the masses through relevant skills acquisition projects, saying the state signed a memorandum of understanding with NASENI on skills acquisition.
“This graduation is coming at a very special period for us in Nasarawa State, and more so because we have invited someone who is part and parcel of skills acquisition not only in Nasarawa State but also in Nigeria.
“Someone whose agency has partnered with this administration way back for years in ensuring that we feel the tandem effect of skills acquisition in the nook and cranny of the state by giving our youths the opportunity to earn a living through entrepreneurial skills.
“We have signed a memorandum of understanding with NASENI and we’ve seen the value of it. This time around we have now been given another boost to collaborate with NASENI in what they are doing in different types of vocation,” the Governor said.
He further said his government planned to expand the scope of skills acquisition across the state, adding the drive informed the procurement of some equipment from Singapore three years ago with a view to impacting technology to the youth in various attractive vocations.
“I have said it times without number that the kind of clamour we are doing to get youths to do some certain jobs is good enough but we have to get such jobs to attract them. So we have now gone beyond ordinary farming, carpentry, hairdo and others, we have even gone to secondary skills like plumbing, electrical. At this time of diversification any kind of vocation you will be able to impact to the youths will not only reduce restiveness but will increase prosperity and reduce poverty,”he added.
Highlighting the motivation for McCEF, the Nasarawa State First Lady said the NGO was formed to provide innovative and competent support to needy communities, women and children including organisations aimed at stimulating local development initiatives especially among the disadvantaged as well as developing harmonious relations among people of different backgrounds and culture.
Addressing the graduates, she reminded them that the skilled garnered during the training is their tool for survival.
“It is your torchlight to the world. It is your pillar and your umbrella in the sun and under the rain. If you properly utilise your handiwork, you will not only care for your immediate family, you will also employ others thereby making you an employer of labour,” she added.
By Dipo Olowookere
A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.
Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.
However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.
At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.
UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.
On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.
A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.
The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn