Economy

Lagos to Officially Engage Traders, Artisans to Boost Economy

Published

8 years ago

03/11/2017

By Dipo Olowookere

Governor Akinwunmi Ambode of Lagos State has promised that government would now start to officially engage traders and artisans on jobs that would improve their economy.

Mr Ambode made this disclosure yesterday when he presented certificates to 1,500 artisans and traders in the state who were retrained on modular employability programme as part of efforts to scale up the informal sector with the view to making members meet up with current realities.

The beneficiaries drawn from various associations under the auspices of the Lagos State Council of Tradesmen and Artisans (LASCOTA) and were solely trained by the state government for enhanced productivity in a total of 24 trades including entrepreneurship, computer appreciation, writing business proposals, among others.

Speaking at the graduation ceremony and 8th Tradesmen and Artisans Day held at De Blue Roof, LTV 8 Compound in Ikeja, Governor Ambode said the role of artisans and traders in the pyramid of socio-economic development of the nation was very critical in achieving sustainable growth and overall prosperity of the people.

He said it was in recognition of such fact that his administration had shown commitment towards ensuring that the event was not only sustained eight years after, but also designed to be more rewarding.

Governor Ambode, who recalled various initiatives designed to scale up the informal sector such as the N25billion Employment Trust Fund (ETF), among others, assured traders and artisans in the State that government would continue to implement strategies and programmes to promote their businesses and create conducive environment for their operation.

He said, “Giving the strategic role of the informal sector in our economic development in this State, our administration has opened an online portal designed to facilitate interaction among artisans, customers/end-users and relevant stakeholders.

“It is our primary role to make it easy and convenient for people in need of high quality service to meet reliable, trusted and verifiable service providers. It is also aimed at enhancing the productivity, competitiveness, creativity and vitality of this sector.”

While expressing excitement with the fact that tailors from the state produced the academic gowns used for the graduation, the Governor, while speaking on specific requests made by LACOSTA, stated that, “As a start, we instruct the Ministry of Wealth Creation and Employment to see the capabilities and the opportunities that we can spread out from state jobs and contracts and give to our artisans.”

“I am very happy to note that we have graduates among you and also graduates who are also your children. So, we hereby create an immediate opportunity through your associations to be able to recruit into key areas in the public service where we can need your services. These are not political promises, we keep our promises and we will fulfil all our promises,” Governor Ambode said.

While congratulating the artisans and traders for successfully undergoing the training, the Governor urged them to put all they have learnt to effective practice, and leverage on the endless opportunities of the strategic position of Lagos as one of the fastest growing economies in the world to be solution providers, just as he assured that the State Government would continue to provide and maintain the required infrastructure and conducive environment for businesses to thrive.

Besides, Governor Ambode launched a compendium of artisans in the State to boost the informal sector, and also inaugurated operational bus donated to LACOSTA by the State Government.

Earlier, in his opening remarks, Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti, said since the last edition of the event, Governor Ambode, as requested by LACOSTA, had already approved N12million annual subvention to the association and increased the number of beneficiaries in 2017 to 1500 from the 500 that were trained in 2016.

Also, LACOSTA President, Alhaji Nurudeen Buhari commended Governor Ambode for keeping his promise of scaling up the informal sector and prioritizing the interest of artisans and traders in the State. He said as promised by the Governor, many of their members have benefited from the ETF loan, among other fulfilled promises.

Economy

NBA Demands Suspension of Controversial Tax Laws

Published

19 hours ago

24/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

Published

20 hours ago

24/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

Economy

NGX All-Share Index Soars to 153,354.13 points

Published

21 hours ago

24/12/2025

Dipo Olowookere

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.