Economy

Lagos to Officially Engage Traders, Artisans to Boost Economy

Published

7 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

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

Published

4 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.

The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.

Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.

At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.

The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.

When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.

Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.

Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

Published

5 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.

It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.

The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.

At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.

As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.

A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.

The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.

The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.

The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.

Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Economy

Dangote Refinery Makes First PMS Exports to Cameroon

Published

6 hours ago

12/12/2024

Aduragbemi Omiyale

By Aduragbemi Omiyale

The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.

In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.

However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.

In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.

Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.

Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.

“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.

His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.

“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”