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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Bitcoin turns Crypto market pink, Investors flee to U.S. Dollar

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Bitcoin turns Crypto market pink, Investors flee to U.S. Dollar

Bitcoin’s correction below $96,000 has caused the cryptocurrency market to turn “pink.”

This most recent rally is by no means inconsequential, as retail and institutional data indicate waning demand.

Although the asset seems to be moving independently of the fundamentals of cryptocurrency, it is being influenced by an unpredictable macroeconomic environment.

Bitcoin is still gaining attention, even though trade tensions between the U.S. and China are causing market jitters. Derivative structures, sentiment indicators, and investment flows all suggest a rise in caution.

The announcement of new Chinese tariffs on the world’s largest economy weakened risk appetite. Bitcoin immediately lost the bullish momentum that was part of a larger trend of people fleeing to safer assets in the face of trade tensions.

Although Donald Trump’s response, which imposed a 25 percent tariff on steel and aluminum, caused traditional markets to stabilize, the market swiftly recovered and regained confidence.

This political response also allowed Bitcoin to find some air. However, market fundamentals show that retail and institutional weakness indicators are present.

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According to the data, institutional purchasing volumes are not impressive. $204 million was invested in Bitcoin ETFs in the U.S. between February 3 and February 7, compared to $742.3 million worth of Bitcoin purchased by Strategy during that time. A definite sign that leveraged traders are lowering their exposure is the sharp decline in futures premiums, which went from 11% in early February to 8%.

Investors are choosing safe-havens, as evidenced by yield declines in U.S. Treasury notes. This momentum has made the U.S. dollar index show strength, reflecting an increase in risk aversion in international markets.

The U.S. Fed’s latest signals also show less incentive to cut rates quickly, further putting Bitcoin bulls in jeopardy.

U.S. Economy Supports Fed’s Caution

Overall, the economy is doing well,” Jerome Powell stated at his Senate hearing on Tuesday, February 11, 2025. As a result, he defended the Fed’s monetary policy wait-and-see approach. Even though inflation is higher than the 2 percent target, the Fed does not anticipate any more rate cuts in the near future.

Monetary easing is anticipated to be restricted to 35 basis points by the end of the year.

The dollar fell 0.17%, or 17 points, and is currently trading at 108 index points on the greenback index in response to this cautious approach.

The spotlight now shifts to the inflation figures for January, scheduled to be unveiled on Wednesday.

If these figures indicate persistently elevated inflation, they might prompt the Fed to prolong its stringent policy, curtailing any optimism surrounding a vigorous reduction in interest rates.

Powell will continue his hearing before the House of Representatives, posing a fresh challenge for the market, which will strive to adjust its forecasts concerning the U.S. monetary policy’s trajectory.

The market is also dealing with a fresh rise in protectionism. The threat of a trade war with the European Union has been reignited by Donald Trump’s announcement of a 25% increase in customs duties on steel and aluminum imports.

The foreign exchange market reacted to these announcements immediately. The Japanese yen lost ground against the dollar, dropping 0.3 percent to 152.0, while the euro increased 0.22% to $1.03. Investors are looking to safe-haven assets in this uncertain climate, especially gold, which is seeing a resurgence in interest.

Global markets are becoming more tense as the Fed maintains its position and the White House toughens its trade stance.

Bitcoin turns Crypto market pink, Investors flee to U.S. Dollar

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Emirates, Air Peace in agreement to link 13 Nigerian cities

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Emirates, Air Peace in agreement to link 13 Nigerian cities

As part of a comprehensive Bilateral Air Services Agreement (BASA) between Nigeria and United Arab Emirates (UAE), Emirates Airlines and Air Peace have signed an interline pact.

According to experts, the  move  would   enhance  connectivity for passengers travelling between Nigeria and UAE.

The experts described the partnership as one of the major steps to drive collaboration between foreign carriers and indigenous operators.

Emirates Airlines said in  a statement yesterday that    the  partnership would expand  its  footprint to 13 new cities in Nigeria with frictionless single-ticket travel and simplified baggage throughput.

It explained  that travellers booked on flights from Dubai to Lagos can access more of Nigeria, with onward connections to Asaba, Akure, Benin  , Calabar, Enugu, Ilorin, Kaduna and Owerri.

The interline agreement will also benefit corporate travellers by  connecting them  to additional cities  like  , Kano, Uyo, Port Harcourt and Warri.

Adnan Kazim, Emirates’ deputy president and chief commercial officer said:   This partnership with Air Peace is the next step on this journey, bolstering our connectivity and introducing more travel options for corporate leisure, and travellers visiting friends and family to and from Nigeria.’’

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 Chief Operating Officer, Air Peace, Oluwatoyin Olajide,  said: ,”We are excited about this strategic interline partnership between Air Peace and Emirates, which is a significant step towards enhancing global connectivity for Nigerian travellers.

‘’ It aligns with our mission to provide seamless, world-class travel experiences while expanding our route network and international reach.

“This partnership also reinforces Nigeria’s aviation sector by enhancing connectivity, efficiency and positioning our country as a critical hub for regional and global travel.’’

Once the implementation begins, it would be easy for a traveller to book an Emirates’ international  flight from any of the 13 cities and be picked from the city by Air Peace to link up with Emirates Airline for the flight out of the country.

Nigeria and UAE are also set to commence a mutual air travel ties with the  signing of  an amended BASA between them.

Aviation and Aerospace Development Minister Festus Keyamo  penned his name on behalf of Nigeria  and UAE’s Minister of Economy  Abdulla Bin Touq Al Marri for his country.

The ceremony took place  at the ICAO Global Implementation Support Symposium (GISS) 2025 in  Abu Dhabi.

 Key areas agreed by both countries  include expansion of codeshare agreements, capacity building and technical support, especially   safety, airport facilitation and security.

Keyamo, in  a statement yesterday  by  his Media Aide, Tunde Moshood, emphasised the importance of enhancing connectivity between Nigeria and the UAE  with a focus  on  interlining opportunities for Nigerian airlines.

The minister also advocated a review of UAE’s visa restrictions on Nigerians. He  stressed that easing the current conditions would increase passenger traffic on designated routes and benefit both nations.

 Keyamo  reaffirmed Nigeria’s readiness to work closely with the UAE to implement the agreement and ensure both countries  maximised  the economic and operational benefits of a strengthened partnership.

Emirates, Air Peace in agreement to link 13 Nigerian cities

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NNPC says Kaduna refinery is at 60% completion

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NNPC says Kaduna refinery is at 60% completion

Going words of the Nigerian National Petroleum Company Limited (NNPCL), the Kaduna Refinery and Petrochemicals Company (KDPRC) has attained more than 60 per cent mechanical completion.

NNPCL Executive Vice President (Downstream) Isiyaku Abdullahi dropped the hint yesterday in Abuja during the NNPCL Workshop/Engagement session with Kannywood artistes.

He said the company has been working assiduously to deliver the refinery this year, adding that the state-run oil firm was simultaneously working on the pipelines with its in-house capacity.

Abdullahi said: “Kaduna in sha Allah should come on stream this year. We are working tirelessly for the pipelines. We are working on Kaduna.

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“God willing, it should come to stream this year. We are working tirelessly on the pipelines. We are doing in- house project; we have gone more than 60 per of mechanical completion.”

Abdullahi said: “All the three refineries work directly under my superintendence. And as you are aware, God has been wonderful with a good leadership that we have been able to revamp Port Harcourt and Warri Refineries.

“And by God’s grace, this year, we will deliver Port Harcourt Refinery.”

The EVC urged Nigerians to get prepared for the purchase of the Initial Public Offer (IPO) of NNPCL very soon.

He advised them to set aside some of their funds for the investment in oil and gas will is accountable for several derivatives globally.

Abdullahi said: “For all Nigerians, there is an opportunity. Very soon, we will go IPO. We will go public. Put certain amount of money aside so that come and get from oil and gas.”

NNPC says Kaduna refinery is at 60% completion

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