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 Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
