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ITF trains 4000 unemployed youths on vocational skills in Bauchi  

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Training

Bauchi , May ,17, 2017 No fewer than 4,000 unemployed youths  have been trained on vocational skills since the inception of the National Industrial Skill Development Programme (NISDP) of the Industrial Training Fund (ITF) in Bauchi State.

Mr  Joseph Ari, the Director-General of the Fund made the disclosure  at the graduation and closing ceremony of the 2018 NISDP training of 300 unemployed youths in Bauchi on Friday.

Ari was represented by Ahmed Ningi, the Head of Servicom and Anti-corruption Unit of the organisation.

He said that since the introduction of NISDP, 4,000 Bauchi indigenes had benefited in skills including welding and fabrication, plumbing and pipe-fitting, tailoring and aluminum fabrication.

He said they had also benefited from tiling, Plaster of Paris (POP) fabrication as well as photography.

He said these skills would enable the youths be equipped for employability and entrepreneurship.

Ari explained that the NISDP scheme was one of the numerous skills acquisition interventions introduced and implemented by the fund to facilitate the achievements of the Federal Government’s policy on job and wealth creation.

He described skill acquisition as a proven solution to combating unemployment, reducing poverty and youth restiveness in the country.

“It is an incontrovertible fact that any society that neglects the development of human capital is bound to retrogress in terms of growth and development,” he said

Ari said “Today we have graduated another 300 youths who were trained in different vocational skills under the National Industrial Skills Development Programme in the state.

“In the 2018 programme,  300 youths were  trained on catering and event management, Plaster of Paris (POP) and Aluminium fabrications.

“They will also be given Starter packs.’’

He added that the trainees were selected across the three senatorial districts of the state.

“Our commitment to skill acquisition is based on the fact that it is the most proven solution to combating unemployment, reducing poverty and youth restiveness in the country.

“We therefore consider the graduation ceremony as a giant step in this regard,’’ Ari said.

Earlier, Mr Richard Baba, the Area Manager of ITF in Bauchi and  Gombe, had advised beneficiaries of the programme to ensure they used the starter-packs.

He said it would contribute to boosting the state’s economy and avoid the temptation of re-selling their equipment.

Baba, however, encouraged  the graduates, who  comprised of  both males and females, to become successful business owners and employers of labour soon.

Also, the Bauchi State Governor, Mohammed Abubakar  in his speech commended the fund for giving the youths the training.

The governor was represented by the State Commissioner for Youth and Sport, Mohammed Abubakar.

He assured of continuous commitment and support, saying the state was willing to sustain partnership with ITF.

He also called on other organisations to emulate the agency in helping youths to acquire skills.

Economy

CBN injects $297.92 into secondary market

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The Central Bank of Nigeria (CBN), has injected  297.92 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okarafor disclosed that CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.

According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.

The director reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.

He assured that the CBN remained committed to meeting  foreign exchange needs of all sectors of the economy.

Meanwhile, N358 was exchanged to a dollar, while CNY1 exchanged at N46 at the Bureau De Change (BDC) segment of the foreign exchange market on Friday.

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Economy

No electricity tariff increase has been approved yet —— NERC

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The Nigerian Electricity Regulatory Commission (NERC), says no tariff increase has been approved by the commission yet.

In a statement, Mr Usman Arabi, NERC’s General Manager, Public Affairs, however,  in a statement on Friday in Abuja said it was still consulting with stakeholders.

He said that the commission  wished to notify the public that no tariff increase had been approved by the commission contrary to the impression in some quarters.

“However, the commission in the discharge of its statutory responsibilities enshrined under the  Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.

`In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be  taken with  due regard of all contributions,” he said. .

Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015

He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs,” he said

 

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Economy

NSE: Market indices upbeat, up by 0.62%

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Trading on the Nigerian Stock Exchange (NSE), for the third consecutive days, maintained a bullish trend to close the week upbeat.

The Nigeria News Agency reports that the crucial market indices on Friday appreciated further with a growth of 0.62 per cent.

Specifically, the market capitalisation of listed equities inched N33 billion or 0.62 per cent to N13.524 trillion from N13.441 trillion achieved on Thursday.

Also, the All-Share Index rose by 170.51 points or 0.62 per cent to close at 27, 800.17 points against 27,629.66 posted on Thursday.

An analysis of the price movement table shows that Nestle led the gainers’ table, growing by N10 to close at N1, 230 per share.

Unilever followed with a gain of N2.45 to close at N29.45, Guaranty Trust Bank gained 90k to close at N27.90 per share.

Forte Oil improved by 66k to close at N16, while C & I Leasing also added 60k to close N7.30 per share.

Conversely, Dangote Cement Industry recorded the highest loss to lead the losers’ table, declining by 50k to close at N166.50 per share.

Continental Reinsurance trailed with a loss of 10k to close at N1.50, while Dangote Sugar Refinery was down by 10k to close at N1.30 per share.

Triple Gee lost 7k to close at 63k, while Unity Bank declined by 6k to close at 63k per share.

Similarly, the volume of shares traded closed higher with a total of 1.24 billion shares valued at N3.29 billion in 3,644 deals.

This was in contrast with 272.60 million shares worth N4.49 billion exchanged in 3,425 deals on Thursday.

Sovereign Trust Insurance Plc was the most active stock, trading 900.02 million shares valued at N216 million.

FBN Holding followed with an account of 80.12 million shares worth N401.08 million, while Courtville traded 55.07 million shares valued at N12.11 million.

Access Bank sold 36.42 million shares worth N236.89 million, while Transcorp exchanged 34.56 million shares valued at N36.94 million.

JNC/GOK

Edited by Olagoke Olatoye

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Economy

Multiple subscriptions: SEC regularises over 3.4bn shares

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Economy

FMDQ’s transition to full exchange will create competition – SEC

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