Economy
Ngige Wants Special Fund for Employment from AfDB
By Dipo Olowookere
Minister of Labour and Employment, Mr Chris Ngige, has called on the Africa Development Bank (AFDB) to create what he called a Youth Fund for Employment.
He explained that with the growing number of youths joining the informal labour sector, the immediate take-off of the fund would greatly assist in skills training and formal technical education needed to improve productivity while helping to also formalize the informal sector.
Mr Ngige, who was the head of Nigeria’s delegation to the Second Specialized Technical Committee on Social Development, Labour and Employment summit in Algiers, Algeria last week, opined that the Future of Work in Africa would remain bleak without a corresponding new way to effectively tackle the challenges posed through innovations which have changed the manner work and productions are organized.
He said, “In Nigeria and I believe is the same in many African countries, emphasis is shifting from limited white-collar job to the expansive opportunities that abound in the blue-collar sector.
“A great deal of effort is being invested in entrepreneurial studies to make our environment fit for enterprise creation in job rich areas such as agriculture, mining and ICT, all intended to close the existing gap between graduate employability and demands of the labour market.
“The new visions should be for graduate entrepreneurs who would not be job seekers but establishers of business for themselves and employing others, especially the high school leavers who normally stream into the informal sector. When this fund takes off and made available to all, will assist in no small measure.”
Also discussing the theme on ‘Women Empowerment in African Labour Market,’ the Minister said apart from women forming about 50 percent of the African population, their roles in population growth and other multiple societal roles make investment in them an overriding issue.
He further noted that “harnessing the development potentials of women is largely dependent on their capacity to participate in developmental process in significant numbers and at high enough levels of responsibility.”
Recounting Nigeria’s experience in women empowerment, the Minister said mainstreaming of women has been a cardinal agenda of successive Nigerian government in line with 35 percent Beijing affirmative action, in the appointment of women into managerial positions.
He affirmed that Nigerian constitution captured all the relevant sections of the ILO Convention on the rights of women as clearly stated in section 17 (3) (a) the which gives adequate protection to the rights of all citizens against discrimination either in employment or occupation on the basis of sèx: (3) (b) which abolished forced labour: and (3) (e) which guarantees Equal Pay for Equal Work without discrimination on the grounds of sèx.
“Government went step further to establish agencies such as National Agency for the Prohibition of Trafficking in Persons (NAPTIP) to further protect the rights of women and girls against abuses and slavery. It has also made progress in the improvement of health facilities for women’s health leading to reduced maternal mortality rate,” he added.
He emphasized that the micro credit scheme (Government Enterprise and Empowerment Programmes – GEES) for market women and farmers as well as the home-grown school feeding programme which the Buhari administration introduced, was designed to insulate them from extant economic shock while relieving mostly rural women of the burden of child feeding and further enhance their domestic economic capability.
The Minister concluded that with the degradation of Boko Haram terrorist group, some of the women and girls in captivity have been freed while government was making further efforts to free the rest and stamp out terrorism.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, has eased fears of any devaluation of the Naira anytime soon, saying the country’s ongoing monetary and foreign exchange reforms have restored confidence in the currency and strengthened the financial system.
Speaking while delivering a keynote address at the Annual Distinguished Alumni Lecture held in celebration of Founders’ Day of the St. Gregory’s College Old Boys Association in Lagos, the apex bank governor said, “These reforms have restored pride in our currency and strengthened confidence in our financial system.”
Mr Cardoso explained that the CBN remains focused on restoring price stability and bringing inflation down to single digits, noting that although the objective will take time to achieve, it remains central to the apex bank’s policy direction.
“Our goal remains to bring inflation down to single digits. This cannot happen overnight. External shocks will continue to occur, and global developments will always have some impact. But inflation is effectively a tax, and it disproportionately affects the most vulnerable members of society,” he said.
“That is why restoring price stability remains a central objective.”
He noted that the bank’s commitment to transparency and well-governed markets is evident in the reforms carried out in the foreign exchange market, including the elimination of the multiple exchange rate system that previously benefited only a few.
According to him, although some critics argue that the exchange rate appears higher today than it was before the reforms, the key difference lies in accessibility and transparency.
“Some critics argue that the exchange rate today appears higher than it was before the reforms. My response is simple: when the official rate was lower, how many people could actually access foreign exchange at that rate? The answer, in most cases, was very few,” he said.
“Today, the situation is fundamentally different. Foreign exchange is accessible through formal channels, and the system is far more transparent.”
He explained that many Nigerians travelling abroad can now use their naira cards directly instead of searching for foreign currency through informal channels, a development he said represents a major improvement compared to previous years when travellers struggled to access foreign exchange.
Mr Cardoso further revealed that the premium between the official and parallel markets has narrowed sharply from around 50 per cent in 2022 to less than 2 per cent on average in 2025, reflecting improved liquidity and efficiency in the FX market.
By Adedapo Adesanya
Four stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.56 per cent on Thursday, March 12, making it the third consecutive loss this week.
The price losers were led by FrieslandCampina Wamco Nigeria Plc, which crumbled by N4.71 to N128.07 per share from N132.78 per share. Central Securities Clearing System (CSCS) Plc lost N1.98 to close at N78.02 per unit versus the previous day’s N80.00 per unit, First Trust Mortgage Bank Plc declined by 15 Kobo to N1.75 per share from N1.90 per share, and MRS Oil Plc crashed by 10 Kobo to settle at N210.00 per unit compared with the preceding session’s N210.10 per unit.
Consequently, the market capitalisation went down by N14.13 billion to N2.519 trillion from N2.533 trillion, and the NASD Unlisted Security Index (NSI) dipped by 23.61 points to 4,210.30 points from 4,233.91 points.
There were three price gainers yesterday, led by Okitipupa Plc, which gained N10.00 to N240.00 per share from N230.00 per share, IPWA Plc increased by 45 Kobo to N5.01 per unit from N4.56 per unit, and Afriland Properties Plc appreciated by 35 Kobo to N17.95 per share from N17.60 per share.
During the session, the value of securities surged by 197.4 per cent to N95.0 million from N31.9 million, the volume of securities grew by 185.8 per cent to 3.7 million units from 1.3 million units, and the number of deals improved by 44.4 per cent to 52 deals from 36 deals.
The most active stock by value (year-to-date) was CSCS Plc with 38.4 million units worth N2.4 billion, followed by Okitipupa Plc with 6.4 million units valued at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc with 6.2 million units sold for N566.8 million.
The most traded stock by volume (year-to-date) was Resourcery Plc with 1.05 billion units traded for N408.7 million, trailed by Geo-Fluids Plc with 130.6 million units transacted for N503.8 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira rallied against the United States Dollar by N4.68 or 0.34 per cent to trade at N1,371.51/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, March 12, compared with the N1,376.19/$1 it was traded on Wednesday.
The local currency also appreciated against the Pound Sterling in the same market window during the session by N10.67 to quote at N1,834.80/£1 versus midweek’s price of N1,845.47/£1, and strengthened against the Euro by N49.62 to finish at N1,581.89/€1, in contrast to the previous session’s N1,631.51/€1.
At the parallel market, the Naira also gained N10 against the Dollar yesterday to close at N1,410/$1 versus the preceding day’s rate of N1,420/$1, and gained N16 at the GTBank’s FX desk to settle at N1,391/$1 compared with the N1,407/$1 it was exchanged a day earlier.
Pressure further eased on the FX market as a result of inflows from foreign investors, exporters and non-bank corporates, among others.
With gross external reserves standing above $50 billion, the highest since 2009, analysts said the Naira has a positive outlook, amidst projections that the FX rate could rise to N1,300 per dollar in the first half of 2026.
However, external pressure threatens this, as increased demand for the US Dollar has strengthened globally due to the war triggered by the United States and Israel against Iran, which has been ongoing for two weeks.
A look at the digital currency market showed that prices extended a quiet stretch of consolidation that has kept the market largely unmoved by turbulence in global equities.
Amid geopolitical tensions in the Middle East and supply disruptions, crypto markets appear to be largely ignoring those pressures for now. Analysts noted that until a clear macro catalyst or wave of new capital arrives, the market appears content to consolidate gains rather than chase a breakout.
Cardano (ADA) appreciated by 6.0 per cent to $0.2743, Dogecoin (DOGE) grew by 4.9 per cent to $0.0966, Solana (SOL) added 4.6 per cent to sell for $88.99, Ethereum (ETH) rose by 4.3 per cent to $2,111.22, Ripple (XRP) jumped 3.9 per cent to $1.42, Bitcoin (BTC) expanded by 3.0 per cent to $71,546.01, Binance Coin (BNB) improved by 2.6 per cent to $661.08, and TRON (TRX) increased by 0.1 per cent to $0.2897, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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