Business
54% of agile Nigerians unemployed, says economic council chair
More than a half of Nigerian labour force are currently unemployed or underemployed, Chairman of the Presidential Economic Advisory Council, Prof. Doyin Salami, has said.
According to him, Nigeria needs to create 19 million jobs every year to solve the unemployment problem in the country.
Salami spoke on Tuesday at a webinar on privatisation organised by the Nigerian Stock Exchange, in collaboration with the Nigeria Governors’ Forum and the Nigerian Investment Promotion Council.
He said, “When you look at it in terms of the youth element of our labour force, it is somewhere around 64 per cent. More than a half of Nigeria’s labour force is either unemployed completely or underemployed.”
Salami specifically said the rate of underemployment and unemployment in the Nigerian labour force stood at around 54 per cent.
“Now, if we are going to remedy this, Nigeria needs to be creating roughly 19 million jobs. If we are going to do that, it cannot be the responsibility of the government sector. The whole revenue profile of the government sector in Nigeria, federal and state, is somewhere around 10 per cent,” he said.
He also declared, “Right now, Nigeria’s economic challenge is a very significant and potentially severe one. Yes, I know our economy hasn’t performed well; we have seen so far this year a contraction in the economy, and prospects are that for the rest of the year, the economy will continue to contract.
“If Nigeria’s economy is going to grow, investment is going to be at the heart of that growth. Up until now, our attention has typically been focused on the Federal Government especially in terms of the balance of its recurrent and capital spending.”
The foremost economist noted that Nigeria currently has an investment to GDP ratio of between 15 and 18 per cent.
“If we are going to make any meaningful progress, we need an investment to GDP ratio that does not fall at any time perhaps over the next decade below 25 to 30 per cent. So, no matter how we look at it, investment is going to be the fundamental catalyst for growth,” he said.
He stressed the need for the country to generate investment levels that could support growth that must exceed the rate of growth of population, currently estimated at about 3.2 per cent.
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
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Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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