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Int’l Youth Day: UNIC wants FG pay attention to unemployment

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Mr Ronald Kayanja, Director, United Nations Information Centre (UNIC), Lagos, has urged the Federal Government to pay more attention to unemployment and save the country from poverty and stagnation.

Kayanja gave the advice while reminiscing UN 2019 International Youth Day on Wednesday in Lagos with the Nigeria News Agency .

UNIC had in collaboration with Strategy for Mentoring Initiative and Leadership Empowerment (SMILE) organised a programme on Tuesday to mark the day.

According to him, over two billion young people all over the world were unemployed and that majority of them were from developing countries.

“It is worrisome that over 70 per cent of the Nigeria’s population are young people who have little or nothing to do.

“With youth unemployment rates escalating all over the world, International Youth Day should serve as a reminder to government and multi-stakeholder to remove the youths from the labour market,” he said.

Kayanja said that hundreds of millions of young people in Nigeria were unemployed, unpaid, poorly-paid or doing unproductive work.

According to him, the reasons for such high levels of unemployment and under-employment are complex and include factors such as insufficient work opportunities and a lack of appropriate skills for the given labour market.

He lamented that the formal job market in Nigeria and many developing countries was limited, resulting in many finding work in low-paying, precarious and sometimes dangerous environment.

Kayanja noted that the Federal Government should prioritise youth employment by providing them with education, skills and opportunities for such employment.

The UNIC director said that with over 70 per cent of Nigeria’s population were young people who indicated that young people were the major resources of the country.

He noted that if the country paid adequate attention to them, the young people would drive the nation’s economy to prosperity.

“If the country wants to reduce poverty, inequality and to see people realise their dream to a decent standard of living, a far higher number of decent and productive jobs must be created.

“And for this to happen, a multi-stakeholder approach with a clear vision to achieve young people’s social and economic rights is crucial.

“Collaboration to explore together the best ways to invest in the different work sectors and increase the availability of decent jobs for youth will be part of the process,” he said.

9Edited by Edith Bolokor?Peter Ejiofor)

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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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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