Economy
Social Investment Schemes Mostly to Benefit Youth—FG
By Dipo Olowookere
Minister of Information and Culture, Mr Lai Mohammed, has said the Federal Government’s massive investment in Social Programmes will help accelerate the process of job creation, especially for the youths.
Speaking at the Special Edition of the FG’s Town Hall Meeting for Youths in Abuja on Tuesday, the Minister also said the government places a serious premium on youth empowerment, youth development and youth engagement, hence the decision to organize the Town Hall Meeting specifically for them,
”We have no choice because, according to the National Population Commission, more than half of Nigeria’s population are under 30 years of age! No government can afford to ignore this important demographic group, plus the youths are no longer just the leaders of tomorrow, but today’s leaders too!” he said.
Mr Mohammed said the Administration is investing massively in the Social Investment Programmes that benefit youths, listing them as including the N-Power Volunteer Scheme; the N-Power Job Creation Programme that provides loans for traders and artisans; the Home-grown School Feeding Programme, the Conditional Cash Transfers to the most vulnerable members of the society and the Family Homes Fund, a social housing scheme.
“As many of you are undoubtedly aware, 200,000 jobs were created in the first phase of the N-Power Volunteers Programme. That is perhaps the highest number of jobs that have been created in one fell swoop by any government in the history of our country. Some 300,000 jobs are next in line, to bring the total to the promised 500,000 jobs. These jobs benefit mostly the youths who will be engaged the areas of education, health care and agriculture
“Also, the Home-grown School Feeding has already taken off in three states – Anambra, Kaduna and Osun. It is now being scaled up to 11 of the 18 states designated for the first phase. Already, some 25,000 cooks have been trained in 9 states. Concerning the Conditional Cash Transfer, the data of the beneficiaries in 9 states are now ready, and the payment process for those states is in top gear.
“For the Micro-credit scheme, more than 1 million Nigerians are set to get loans at very low interest rates through the bank of industry. The loans range from N20,000 to N100,000. The pilot scheme is taking place in 8 states and here in the Federal Capital Territory,” he said.
The Minister disclosed that in order to sustain the Social Investment Programme, the N500 billion Naira for the programme has been retained in the 2017 budget, which was recently presented to the National Assembly by Mr President.
He said on its part, the Ministry of Information and Culture is leveraging on the Creative Industry, which is youth-driven, to create jobs and unleash the huge potentials of the youths.
”We have signed two Memoranda of Understanding with the Tony Elumelu Foundation and the British Council to train festival managers, build the capacity of our youths and link the Creative Industry with the Business World. Our imminent transition from Analogue to Digital Broadcasting is set to create 1 million jobs in 3 years, with most of those jobs going to the youths.
“These jobs are already being created as we speak. This is because as the Digital Switch Over train arrives in Abuja this Thursday and then proceeds to other parts of the country, we will need hordes of installers, retailers, repair technicians and marketers for the set-top boxes or decoders that will be required to meet the demand of the 24 million TV households,” Mr Mohammed said, adding that the huge quantum of content that will be required for the DSO would also provide opportunities for the creative mind and the technically-savvy.”
The Minister said the government was working hard to ease the hardship in the land, and sought the “undiluted support” of the youths in this regard.
“This Government is unrelenting in its efforts to ease the hardship in the land, especially youth unemployment, brought about by years of poor or lack of planning, profligacy, mismanagement of funds, massive corruption and lack of investment in social investment programmes. We did not create today’s hardship, but we are resolved to end it and make life more abundant for our people,” he added.
The Town Hall Meeting, which started in Lagos in April and has also been held in Kaduna, Kano, Uyo, Enugu and Abuja, was introduced to bridge the communication gap between the government and the citizens and also to serve as a feedback mechanism for government programmes.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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