Economy
Lagos to Train 15,000 Youths, Women in Agripreneurship
By Adedapo Adesanya
As part of efforts to expand its agricultural value chains, the Lagos State government has introduced the Lagos Agripreneurship Programme (L.A.P.) under its Agriculture-based Youth Empowerment Scheme (Agric-Yes). The programme is expected to train 15,000 youths and women in various agricultural capacities by year 2023.
Commissioner for Agriculture in the state, Mr Gbolahan Lawal, said the programme was aimed at improving capacity, creating wealth and employment in the agricultural value chains such as poultry, piggery, aquaculture and vegetables. According to him, the scheme will commence with the one-month training of no fewer than 200 participants
“The current reality and exigencies of job creation for the teeming youth population and attainment of food security require that a more aggressive, strategic and efficient approach be employed in the training and empowerment of women and youth 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 year 2023.
“Hence, the introduction of the Lagos Agripreneurship Programme (L. A.P) under the Agriculture-based Youth Empowerment Scheme (Agric-Yes) which aims to train 15,000 women and youths at the training facilities across the State by the year 2023,” he said.
According to Mr Lawal, the training will take place at the Agricultural Training Institute, Araga, Epe, adding that the introduction of L. A. P would efficiently reduce unemployment, create jobs and alleviate poverty in the state; attract and pay more attention to the creation of jobs for women in agribusiness.
He noted that other objectives of the L.A.P were the fact that it would enhance skill acquisition and improve productivity; produce versatile agripreneurs; increase food production substantially to local food demand within the State; facilitate the attainment of food security; and improve the well being of citizens of Lagos State.
Mr Lawal reiterated the significance of the training, stressing that expected impacts of the training include the creation of 2000 Agro-Entrepreneurs who would in turn become job creators; promotion of food security, improved nutrition and general well-being of Lagosians; and the creation of at least 4000 indirect jobs by every 2000 beneficiaries per year through the engagement of support staff such as attendants and artisans, among others.
Others expected impacts, according to the Commissioner include: the enhancement of the economic activities of the surrounding communities; reduction in the overall rate of unemployment; reduction in crime rate within the state; and promotion of the state’s target of producing at least 25 percent of the food consumed by residents the state before the end of year 2025.
Speaking on the implementation strategy for the programme, he explained that the training and empowerment programme would be done in two stages; the first being the training session in various agricultural value chains to attain a more efficient training of a large number of women and youths in a short time, using fewer resources which will be enterprise-specific thereby encouraging the adoption of forward and backward integration of businesses by participants in their subsequent agribusinesses.
Mr Lawal noted that through the empowerment, the establishment of additional enterprise-specific Farm Estates across the state would be promoted as participants would be allocated land space according to the enterprise of interest and location of residence.
He urged interested participants with passion for agriculture, minimum of senior secondary school certificate, satisfactorily physical and health condition to collect the application forms free of charge at Room 9 at the Ministry in Alausa or at any of the State Agricultural Inputs Supply Authority Offices at Ojo or Odogunyan in Ikorodu or the Coconut House in Mowo, Badagry.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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