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 Aduragbemi Omiyale
The Nigeria Police Force (NPF) has promised to work with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc for the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.
The Inspector General of Police, Mr Kayode Egbetokun, gave this assurance on Wednesday at the closing gong ceremony in his honour at the NGX in Lagos.
The police chief said, “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”
Earlier in his welcome address, the chairman of NGX Group, Mr Umaru Kwairanga, commended the leadership of the police in supporting market integrity.
“Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system.
“Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth,” he stated.
The Director-General of SEC, Mr Emomotimi Agama, while speaking, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”
As for the chairman of NGX Limited, Mr Ahonsi Unuigbe, “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”
Similarly, the chief executive of NGX Group, Mr Temi Popoola, stressed the importance of aligning innovation with oversight, pointing out that, “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.09 per cent on Wednesday, February 4, amid renewed appetite for unlisted stocks.
This lifted the NASD Unlisted Security Index (NSI) by 3.18 points to 3,641.30 points from the previous session’s 3,641.30 points and raised the market capitalisation by N1.9 billion to N2.180 trillion from the N2.178 trillion quoted on Tuesday.
The bourse recorded three price gainers and four price losers at the midweek session.
The advancers were led by Air Liquide Plc, which went up by N2.04 rise to end at N22.53 per share versus the previous session’s N20.49 per share, Central Securities Clearing System (CSCS) added 97 Kobo to sell at N44.97 per unit versus N44.00 per unit, and Acorn Petroleum Plc appreciated by 2 Kobo to N1.37 per share from N1.35 per share.
On the flip side, Geo-Fluids Plc lost 55 Kobo to sell at N6.26 per unit versus N6.81 per unit, Nipco Plc depreciated by 48 Kobo to trade at N259.00 per share versus N259.48 per share, FrieslandCampina Wamco Nigeria Plc declined by 40 Kobo to N63.10 per unit from N63.50 per unit, and Industrial and General Insurance (IGI) depleted by 1 Kobo to 65 Kobo per share from 66 Kobo per share.
Yesterday, the volume of trades slid by 64.5 per cent to 2.5 million units from 7.0 million units, the value of transaction decreased by 53.2 per cent to N17.7 million from N37.9 million, and the number of deals went down by 47.1 per cent to 18 deals from 34 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 16.0 million units valued at N652.6 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units exchanged for N111.2 million, and Geo-Fluids Plc with 11.7 million units traded for N76.1 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 16.0 million units sold for N652.6 million, trailed by Mass Telecom Innovation Plc with 13.3 million units worth N5.3 million, and Geo-Fluids Plc with 11.7 million units valued at N76.1 million.
By Adedapo Adesanya
The Naira rallied at the different segments of the foreign exchange (FX) market on Wednesday as supply continues to outweigh demand, giving it an edge against the United States Dollar.
In the parallel market, the Nigerian Naira improved its value on the greenback yesterday by N5 to quote at N1,450/$1 compared with the previous day’s N1,455/$1, and at the GTBank FX desk, it gained N3 to trade at N1,383/$1, in contrast to Tuesday’s exchange rate of N1,386/$1.
In the the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is also the official market, the Naira firmed up against the Dollar at midweek by N14.63 or 1.1 per cent to settle at N1,358.28/$1 versus the preceding session’s N1,372.91/$1.
Against the Pound Sterling, the domestic currency appreciated on Wednesday by N14.16 to N1,863.43/£1 from the previous day’s N1,877.59/£1, and gained N13.73 on the Euro to end at N1,606.03/€1 versus the N1,619.76/€1 it was exchanged a day earlier.
The strengthening of the Naira value has been driven by the injection of forex into the financial markets by foreign investors seeking attractive investments in the emerging markets, helping to boost Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to support the local currency.
As of February 4, 2026, the reserves reached $46.59 billion.
The local currency has been able to find a solid path despite no indications of any intervention from the apex bank in recent week, strengthening the case of price discovery.
Policy moves by the CBN is also offering a backbone for the FX market as it considers some strategic reforms through a policy known as the Single Regulatory Window.
In its 2025 Fintech Report, the central bank said this scheme will significantly reduce time-to-market for new digital financial products by streamlining licensing and supervisory processes across multiple agencies.
Meanwhile, the cryptocurrency market was in red amid a broad sell-off in global technology stocks, with reports showing that liquidity was notably thin, amplifying price moves and contributing to forced liquidations. The decline followed a sharp sell-off in global technology stocks overnight, where concerns over the pace of artificial intelligence adoption and rising capital spending by major firms weighed heavily on valuations.
Bitcoin (BTC) lost 7.9 per cent to sell at $70,534.94, Ripple (XRP) declined by 11.2 per cent to $1.42, Binance Coin (BNB) slumped by 9.4 per cent to $689.70, Ethereum (ETH) crashed by 8.9 per cent to $2,072.46, and Solana (SOL) dipped by 8.7 per cent to $89.86.
In addition, Dogecoin (DOGE) depreciated by 6.9 per cent to $0.1008, Cardano (ADA) slipped by 6.8 per cent to $0.2792, Litecoin (LTC) dropped 5.1 per cent to trade at $57.56, and US Dollar Tether (USDT) went down by 0.1 per cent to $0.9980, while the US Dollar Coin (USDC) closed flat at $1.00.
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