CACOVID unfolds N150bn youth devt project, four million jobs – Newstrends
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CACOVID unfolds N150bn youth devt project, four million jobs

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  • Okays N100bn to equip police, destroyed stations

The Coalition Against COVID-19 (CACOVID) says it has set aside N150 billion for a youth development programme to support the Federal Government’s job creation initiative.

The private sector-led coalition also said it planned to spend N100 billion in the next two years to renovate and buy rifles as well as other security gadgets for the Nigeria Police Force, with special focus on the 44 police stations destroyed by hoodlums in the wake of the #EndSARS protest against police brutality.

Co-Chair, CACOVID and Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, gave the detailed projects at a media briefing in Lagos on Wedneday.

He spoke in the company with the President, Dangote Group, Alhaji Aliko Dangote; Chairman, United Bank for Africa Plc, Mr. Tony Elumelu; and Group Managing Director/CEO, Access Bank Plc, Chief Herbert Wigwe.

Emefiele said, “As a result, CACOVID has committed to creating a high impact youth development programme that will provide technical and vocational education to over four million Nigerian youths over the next five years.

“Students will be trained on craftwork, plumbing, masonry, carpentry, and other artisanal related skills for which sufficient demand exist in Nigeria.”

According to him, selected students on the conclusion of the programme will be certified by the appropriate standards board and will be eligible to receive loans to support their entrepreneurial pursuits.

“So far, over N25 billion will be domiciled in a fund to support these entrepreneurial pursuits, which would also include acquisition of related equipment to conduct business activities.

“The ultimate objective is to provide young Nigerians with employable skill sets that will enable them to live a gainful life. We believe this initiative can lead to the creation of over four million jobs over the next five years,” he added.

For the out-of-school graduates that possess certain entrepreneurial skills, Emefiele also said CACOVID would be working with the Bankers’ Committee to complete the creative centre at the National Arts Theatre, Lagos in four select areas namely: ICT and software design / development, fashion, music, and movies.

The project is expected to cost the Bankers’ Committee over N40 billion, he said.

“Given the impact, the unrest had on the conduct of business activities, members of CACOVID has committed to developing a business continuity plan that will enable businesses and firms to share timely information and resources to forestall physical or cyber-attacks, which could derail the smooth functioning of business activities in the country,” he stated.

However, Emefiele while rendering account of the activities of the private sector-led initiative, said the group received a total of N39.64 billion as donations from members of the private sector and spent N43.272 billion on various interventions, including N28.7 billion on food relief, as palliatives to 1.7 million households translating to eight million Nigerians.

He explained that the ultimate objective of CACOVID is to work with the government in providing support in areas that would result in improved health and societal outcomes.

He said the group sought to aid the government in improving testing capability, and management of positive cases of COVID-19 in Nigeria.

In addition, CACOVID was expected to provide palliatives to vulnerable members of the society, particularly those who earn daily incomes, and had been severely affected by the lockdown.

He thanked Nigerians and businesses that supported CACOVID in its efforts to curb the spread of COVID-19 in Nigeria, as well as in catering for vulnerable Nigerians.

He said banks and financial institutions would extend reliefs through concessionary loans to affected businesses and firms, to enable them to rebuild and restock their stores and continue to conduct their business activities.

 

Emefiele said to further strengthen the security apparatus in the country, CACOVID has committed to providing over N100 billion to procure equipment and gadgets for the Nigerian Police Force over the next two years as its contribution to fully modernise the Nigerian police.

“Providing adequate security is not only the task before the government but also that of the private sector,” he said.

The CBN governor said owners of business premises desire a secure environment to conduct their legitimate businesses.

“We, therefore, seize this opportunity to once again, appeal to members of the private sector, who we will be calling on again, to rally round CACOVID to secure not only our businesses but also our country,” he said.

Speaking at the briefing, Dangote explained that training the youths on technical and vocational jobs would also enable the federal government to draw a database on various skills for vocational jobs.

He said: “We would have a database so that you don’t just call an armed robber to your house. You can go into that data and call someone. We all have repairs, and with that data, you can know who to call for repairs.

“What we are doing is that we are providing them with money to buy tools. So as soon as they get the training which is free, which we are paying for, then they have the guarantee that they would get jobs.

“We have about 30,000 workers at our (Dangote) site, which we are planning to get to 50,000. Only 25 to 28 per cent of that would be foreign workers and the rest will be Nigerians who would be trained.”

Elumelu assured Nigerians that CACOVID will support the federal government.

He said: “The CBN governor has done extremely well. We used to be in banking together, but I didn’t realise his level of passion for the country until we started CACOVID.

“With the level of passion, every day since March this year, we spent several hours discussing how to intervene in the economy through CACOVID.

“So, at times when you hear things outside, you begin to shake your head and say if only people knew the efforts being made by the CACOVID leadership. We had people stay awake throughout the night.”

He noted that it was not easy to reopen the economy, adding that to get the airlines to start flying they had to assure the government that things would happen in certain ways and that they provided money for certain things.

“All I will say is that let’s have a bit of patience. The private sector in Nigeria is committed to poverty alleviation because poverty anywhere affects any of us. So, let’s work together to create more jobs,” he said.

Wigwe said: “Every transformation comes with its own pain and hitches. CACOVID right from inception came to help with the issue that came with COVID-19 and also to protect the livelihoods of people.

“Obviously in that process, there would be hitches from time to time. As we share more information, people will have a clear picture of what we are trying to do. The most important thing has to do with issues of employment.”

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Yingqi Auto Machinery opens factory to revive vehicle engines in Lagos

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Photo Caption 2  L-R: MD/CEO, Omnicom Solutions Ltd, Engr. Faheed Olajide; MD, Yingqi Auto Machinery Ltd, Vincent Ke; MD/CEO, Alikat Elect and Mech Ltd, Mr Ali Ismail; Rector, Yaba College of Technology, Lagos, Dr. Ibraheem Adedotun Abdul; and Dr. Taiwo Ajala of Yaba College of Technology, during the grand opening of Yingqi Auto Machinery Ltd in Ojodu Berger, Lagos, on Saturday

Yingqi Auto Machinery opens factory to revive vehicle engines in Lagos

‘Don’t throw away your old vehicle engines’

An auto company specializing in car engine refurbishment, Yingqi Auto Machinery Co Ltd, has been established in Lagos.

The firm says its aim is to help motorists maximise the service life of their vehicles.

In addition, the firm provides new energy technology support for companies in the automotive industry, including natural gas engines, electric vehicles and other technologies.

Located in the Ojodu Berger of Lagos State, the company opened its doors to corporate as well as individual customers at a an impressive event attended by stakeholders in the industry including the Rector of Yaba College of Technology, Dr. Ibraheem Abdul.

Managing Director, Yingqi Auto Machinery, Mr. Vincent Ke, in his address at the event, said, “The birth of Yingqi Auto Machinery stems from a group of entrepreneurs with an unending passion and pursuit for automotive technology.

“Our team brings together elite talents from the automotive field, with rich industry experience, deep professional knowledge, and keen insights.”

He added, “Yingqi Auto Machinery, with its unique perspective and innovative thinking, is focused on the automotive sector, dedicated to solving industry challenges through advanced technology and improving people’s quality of life.”

The MD also spoke on the need for collaboration, saying, “As an international partner, I fully understand the importance of cross-border cooperation and exchange.

“In today’s globalized world, no country or enterprise can exist and develop in isolation”.

Mr. Vincent Ke, who is a Chinese national, also explained that the company is ready to play by the rules and assist in developmental projects in Nigeria.

He said, “We are also keenly aware that as a new enterprise, we bear greater social responsibility.

“We will actively respond to Nigeria’s national policies, promote green and low-carbon development, and contribute to Nigeria’s progress.

“We will also actively participate in public welfare and give back to society, doing our part in Nigeria’s development.”

Some of the machines already installed at the factory include a surface grinder, which is used to grind the surface of the engine block, stopping overheating and other related problems, and the boring machine for boring holes in the engine block, thereby bringing the engine back to standard.

Others are the benchtop grinder and honing machine to smoothen inside the engine block, as well as crankshaft grinder, lathe machine, hydraulic machine, among others.

Also speaking, the Rector of Yaba College of Technology, Dr. Abdul, said, “Yaba College of Technology welcomes Nigerian enterprises to participate in the college’s cooperation.

“We firmly believe that through the joint efforts and in-depth cooperation of both the university and enterprises, we will surely achieve even more fruitful results in talent cultivation, scientific research innovation, and social services.”

Owner and promoter of Nike Art Gallery, Nike Davies-Okundaye, praised the decision of the company to set up a factory in Nigeria, as she noted that it would contribute to job creation and transfer of technology.

She noted that Nigeria and China had come a long way in their developmental collaborations, and urged Yingqi Auto Machinery to keep the cooperation going.

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FG not responsible for petrol price hike, says minister

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Mohammed Idris, Minister of Information and National Orientation

FG not responsible for petrol price hike, says minister

The Federal Government says it is not responsible for the latest increase in the pump price of petrol.

The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday increased the pump price of petrol from N897 per litre to N1, 030 in Abuja; from N855 to N998 in Lagos; N1,070 in North-East; N1,025 in other South-West states; N1,045 in the South-East and N1,075 in the South-South.

The Nigeria Labour Congress in its reaction asked President Bola Tinubu to order an immediate reversal of the sudden increase.

But Minister of Information and National Orientation, Mohammed Idris, said the government should not be held responsible for the latest hike in petrol price.

The minister said the NNPCL made the decision in response to prevailing circumstances in the energy industry.

He stressed that the oil company did not act on any instruction from the Federal Government, adding the government could no longer fix prices of petroleum products,  in line with the provisions of the Petroleum Industry Act (PIA).

He said with the subsidy regime ending since May 2023, the NNPCL had only been paying differential to keep the price within the range it had been, but the company said it could no longer absorb the losses.

“The differential you’re seeing is a result of different factors. One of them is the crisis in the Middle East. There’s volatility in the market. Therefore, the prices of petroleum products are going up, consistent with what is happening with other operators in the industry globally.

“Secondly, NNPC cannot continue to absorb these losses for Nigeria because as a limited liability company, it would be operating at a loss,” he said.

The minister urged Nigerians to continue to show understanding with the NNPCL and the government, assuring that in the long run the prices would ultimately come down.

He said the government would continue to invest the savings from removal of subsidy to improve other critical sectors such as healthcare, education, infrastructure, and security.

FG not responsible for petrol price hike, says minister

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Convert your vehicle to CNG with pay later portal launched

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Convert your vehicle to CNG with pay later portal launched

The Federal Government has opened a website for people interested in converting their petrol-powered vehicles to run on compressed natural gas (CNG) and pay later for the service later.

The National Orientation Agency (NOA) announced this new initiative on its X handle in a statement.

“Switching to Compressed Natural Gas (CNG) is now more accessible than ever,” it stated.

“With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable.

“These payment options allow you to convert your vehicle now and pay later with affordable monthly instalments at competitive rates.”

The agency said with an easy online application and quick approval process, beneficiaries would be supported every step of the way, to ensure a hassle-free experience.

“Visit: gocng.ng to get started,” NOA said.

The agency listed the benefits of CNG as cost savings, environmental impact, enhanced engine life, safety and reliability, as well as proven technology with a track record of safety and dependable performance.

The FG on October 7, launched a portal that would allow youths to access CNG-powered tricycles.

Project Director and Chief Executive Officer (CEO) of the Presidential CNG initiative (P-CNGi), Michael Oluwagbemi, said the initiative would enhance the economic well-being of Nigerians by reducing dependence on petrol.

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