The Nation Newspaper

Tag: Central Bank of Nigeria (CBN)

  • INEC commences distribution of sensitive materials in Niger – REC

    The Independent National Electoral Commission (INEC) in Niger says it has commenced the distribution of sensitive materials to the 25 local government areas of the state.

    Prof. Samuel Egwu, the Resident Electoral Commissioner in the state, disclosed this to the News Agency of Nigeria (NAN) at the Central Bank of Nigeria (CBN) branch office, Minna on Wednesday.

    He said the electoral materials were moved from the Minna branch of CBN to the local government areas, accompanied by security personnel.

    “We are starting the transportation with Rijau, Mariga, Shiroro, Bida, Bako and Burgo Local Government Areas under tight security cover,” he said.

    Egwu said that heavily armed security personnel would escort the materials to the local government area of the state.

    Read Also: INEC must get its acts together

    He explained that the sensitive materials, comprising ballot papers and result sheets, would be transported under tight security to the 25 local governments for the conduct of Presidential and National Assembly elections.

    He said “The timely and transparent distribution of sensitive materials  “to the various local government area showed that INEC was willing and prepared to conduct free, fair and credible elections in the state.

    So, we want these materials to get to the various local government areas, this evening, and by tomorrow morning, it would be distributed to the various registration areas.

    The sensitive materials which were handed over to INEC by the CBN Minna Branch Controller, Alhaji Mohammed Ibrahim, were arranged and customized according to each local government areas.

    NAN reports that the materials were distributed in the presence of representatives of various political parties in the state.

     

    NAN

  • Settlement banks to fund N15b clearing collateral with T-Bills

    The Central Bank of Nigeria (CBN) has directed that settlement banks provide clearing collateral of not less than N15 billion worth of treasury bills for them to perform settlement roles in the industry.

    The directive was contained in the CBN’s Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2018/2019 released by the regulator.

    The CBN said it would continue to categorise banks into settlement and non-settlement banks for the purpose of clearing and settlement. It said settlement banks participate directly in the clearing houses and receive their net clearing position in their settlement account with the CBN, while non-settlement banks receive their net clearing position through the settlement account of their settlement bank.

    “Any bank applying for direct participation as a settlement bank shall be required to possess the capacity to provide the required clearing collateral of N15 billion, subject to periodic review. It shall have the ability to offer agency facilities to other banks and to clear and settle on their behalf. It shall also have adequate branch network, in all the CBN locations,” the CBN said.

    “Banks that meet the specified criteria shall continue to be designated as “Settlement Banks.” Consequently, non-settlement banks, called “Clearing Banks” shall continue to carry out clearing operations through the settlement banks under agency arrangement. The terms of agency arrangements shall be mutually agreed between the Settlement Banks and the Clearing Banks,” the CBN said.

    The CBN said it would continue to adopt the risk-based supervision (RBS) approach in the supervision of institutions under its regulatory purview. “The objective of the RBS approach is to provide an effective process to assess the safety and soundness of banks and other financial institutions. This is achieved by evaluating their risk profile, financial condition, risk management practices and compliance with applicable laws and regulations,” it said.

    It enjoined banks to pursue profitability in their business models through efficient operations, adding that they should charge competitive rather than excessive rates of interest in the course of their transactions. The lenders are also to disclose their prime and maximum lending rates as fixed spreads over the Monetary Policy Rate.

     

  • CBN directs banks to cut appetite for govt’s securities, oil assets

    The Central Bank of Nigeria (CBN) yesterday directed commercial banks to moderate their appetite for investing in government securities and oil and gas assets.

    Government securities include Federal Government of Nigeria (FGN) Bonds and Treasury Bills (TB).

    Its  Deputy Governor, Edward Lametek, who spoke at the last Monetary Policy Committee (MPC) meeting released by the apex bank, said moderating demand for government securities and oil assets  assist the lenders to rebalance their portfolios.

    According to him, banks also needed to lend more to the economy for sustained economic growth.

    He said the CBN’s  interventions in agriculture have clearly shown the immense prospects with properly directed credit.

    He said: “Deposit Money Banks (DMBs) need to step up credit delivery to the growth poles – agriculture, manufacturing and services. The last couple of months have witnessed a sustained improvement in banking sector resilience – industry capital adequacy and liquidity ratios have grown, while the non-performing loans (NPLs) ratio is on the decline.

    “This should translate to improved intermediation to be relevant. While monetary policy has to accommodate the need to sustain current improvements in banking industry Financial Soundness Indicators (FSIs), the DMBs would need to moderate their appetite for government securities and oil & gas assets in order to gradually re-balance their asset portfolios.”

    He said developments in the inter-bank market somehow suggest that the sterilisation actions of the bank have remained very effective in reining-in excess liquidity.

    Lametek said it is important that such actions should continue to be a component of monetary management in this year as liquidity threats do not appear to be abating any time soon. Keeping domestic liquidity in check is important not only for inflation, but also for the stability of the naira exchange rate.

    “Overall, my assessment is that risks to inflation have remained tepid notwithstanding the year-on-year increase in headline inflation in December 2018. This could change depending on the short to medium-term evolution of fiscal policy. Given elections in February and March, the fiscal outlook should become clearer as from April 2019,” he said.

    According to him, the outlook for economic growth is a bit dicey concerning given the indications from the oil sector (especially the volatility in crude prices) and sluggish consumption demand.

    “I view the balance of risks to economic growth tilting to the downside, which suggests that there is a more urgent need to support growth or in the minimum delay any policy action that might further tighten credit conditions. It is important to stress nonetheless that a supportive monetary policy orientation alone will not be sufficient to lift economic growth to the historical levels of 5-6 per cent. Other policies of government, particularly fiscal and sector policies have to be in the same mode,” he said.

    Also, a member of the MPC, Adenikinju Festus, said with respect to the banking and financial system, there is positive trend in all financial system indicators (FSI) between November last year and January this year.

    He said the NPLs ratio continues its downward trend, capital adequacy ratio of the banking sector improved three consecutive months, liquidity ratio inched northward, aggregate assets and deposits of the banking sector also rose over the same period.

    However, the monetary authority should not lower its guard and must continue to monitor the banks and implement policies to consolidate and further improve the FSI.

    “Aggregate credit expansion to the real economy continues to pose serious challenges. Net credit growth to the private sector is lower than provisional benchmark for 2018. The high-interest rate spread and the high lending rates are challenges that require new and innovative approaches,” he said.

    According to him, the proposed National Microfinance Bank, strengthening of existing Micro Finance Banks, and other initiatives by the CBN to promote financial inclusion, access to credit by those in the rural areas, semi/urban and even the poor areas in the cities across the country at affordable interest rates would boost real sector activities at the Micro Small and Medium Enterprises (MSMEs) level.

  • Activists accuse INEC of tampering with election materials

    A group of activists, Kwara Advancement Initiative, has accused the Independent National Electoral Commission (INEC) of tampering with sensitive election materials meant for the conduct of the rescheduled presidential and National Assembly elections in the state.

    In a statement by its Coordinator, Kamaldeen Olanrewaju, the group alleged that “there are strong indications that sensitive election materials – ballot papers, result sheets and card readers – transported to Kwara State for the elections and returned to the Central Bank of Nigeria (CBN) office in Ilorin have been tampered with by some INEC officials in connivance with a prominent party.

    It added: “We wish to draw the attention of the media, observers, civil society groups and the public to this illegal and undemocratic act.

    “We also call on security agencies in the state, particularly the police, to urgently conduct an investigation into this matter and ensure that justice is done.

    “Kwarans should also be at on the alert and resist attempts by any party and the electoral body to manipulate elections in the state. We want free, fair and credible elections in Kwara.”

    But the INEC’s Director of Voter Education and Media, Jacob Ayanda said the report was not true.

    Ayanda, who said every process of the election had been done in full glare of the public, political parties and media, stressed that all stakeholders were there when the electoral body returned the election materials to the CBN.

    The INEC director said ballot papers had not been opened because the electoral process had not got to that level before the polls were postponed.

    He said the election materials were retrieved from the local government areas immediately the postponement of the presidential and National Assembly elections was announced last Saturday.

    “All political party agents and the media will be there when the election materials will be taken back from the CBN again for election purposes. They will be counted and the number and materials included will be counter-checked by all stakeholders involved.

    “There’s no secret about it. No ballot paper has been tampered with. It’s at the polling units that the materials will be opened for all to see. Party agents will be present at every stage of the election process,” Ayanda said.

  • Election shift: INEC Enugu retrieves materials

    The Enugu state Resident Electoral Commissioner,(REC) Dr. Emeka Ononamadu, has hinted  that all sensitive materials already distributed in the 17 council areas of the state would be retrieved.

    According to him, after retrieving them, the materials would be  returned to the custody of Central Bank of Nigeria (CBN) branch in Enugu, the state capital.

    The REC, disclosed  this to reporters  during a press conference held at the INEC headquarters in Enugu, adding that “we have been directed to return all the sensitive materials to the CBN, Enugu.

    “And the process is already on as I am briefing you now under heavy armed security to ensure that integrity of the materials will be ensured.”

    Read Also: Enugu: 1000 youths for recruitment in Clean Team Project

    He said: “It will be in the protective custody of the CBN, under heavy security presence, until Wednesday when it will be escorted by the same security personnel back the council headquarters.

    “While in the following day, beginning from Thursday, the sensitive materials will be moved to the Registration Area Centres (RAC) under heavy security as well.”

    Ononamadu, assured residents of the State of the integrity of the electoral materials especially the sensitive materials – ballot papers, its accessories and result sheets.

    He, however, regretted the postponement and inconveniences it might have caused  Nigerians and other major stakeholders, stressing that the decision was taken to protect Nigeria’s  democracy.

    “It is a painful decision but one that must be taken to ensure integrity, a free and fair process,’’ he said.

    The Enugu REC, noted that few lapses observed in the commission’s work in the state would be corrected before Saturday, revealing that over 1.7 million Permanent Voters Cards (PVCs) had been collected so far among the 1.9 million registered voters in the state.

    He added that “I will urge the residents of the state to keep faith with the commission as we are poised to organise a credible, fair and free elections come Feb. 23.’’

  • Buhari to Nigerians: I have fulfilled my promises

    President Muhammadu Buhari on Saturday said he had fulfilled his campaign promises to Nigerians.

    The President, who spoke at a mega rally of the All Progressives Congress in Osogbo, Osun State capital, ahead of the February general elections, reminded Nigerians of the condition under which he came into office in 2015.

    Buhari spoke to thousands of the APC, chieftains and party supporters including the national chairman of the APC, Comrade Adams Oshiomole, the APC national leader, Asiwaju Bola Ahmed Tinubu, former interim national chairman, Chief Bisi Akande, Osun State governor, Mr. Isiaka Gboyega Oyetola, and his deputy, Gboyega Alabi, immediate past Osun state governor, Ogbeni Rauf Aregbesola, former governor of Rivers State and Minister of Transport, Hon. Rotimi Ameachi, and the national women leader of the APC, Chief Mrs. Kemi Nelson, among others.

    Buhari said his administration on assumption off office in 2015 met the terrorist group, Boko Haram, occupying seventeen local governments in Yobe and Borno States and other parts of the North East but said no single council today is in the control of the insurgent group, adding that “except where they have soft targets market places and motor parks.”

    According to him, his administration had significantly improved on agriculture.

    Buhari, who also said had done his best in fighting corruption, assured that whoever that is found to be corrupt will not be spared, adding that “they will be prosecuted and brought to justice.”

    Acknowledging people’s support for him, he expressed gratitude to the people for “trooping out and lining up the streets in the scorching sun to wave him and his entourage.”

    Asking the people to vote for him and his deputy, Prof. Yemi Osinbajo, in the February poll, he also appealed to them to vote for all candidates under the platform of the APC in the general elections, assuring that they would not let them down.

    Also, the Vice President Yemi Osinbajo, said those contending power with the APC never meant well for this nation. In their resolve, they are determined to draw us back but by the grace of God we are moving on and higher.”

    Earlier, the Osun State governor, Mr. Oyetola, advised the people of the state to return Buhari for the second term, saying his administration had done so much for the state in the area of social investment and youth empowerment, road construction, health, agriculture.

    The governor said votes for Buhari will provide an opportunity for the people of the state to continue to enjoy good and quality programmes of the Buhari administration.

    He advised the people not to allow corrupt politicians to over power in the interest of the future of the nation, saying “the APC is a party of today and the future.”

    In his welcome address, Chief Akande thanked President Buhari for his love for the people of Osun and Nigeria.

    Also, Asiwaju Tinubu said the People’s Democratic Party had deceived Nigerians for sixteen years and therefore must not to be allowed to return to power.

    Tinubu, who spoke in Yoruba language, said the PDP’s “misrule” had denied the youths and many Nigerians jobs.

    He pleaded with Nigerians not to allow the efforts of the progressives for 15 years to protect nation’s democracy go in vain, adding that Buhari had re-established importance of agriculture, which he said older Nigerian generation had utilized to train their children and contribute to the national development.

    He thanked Buhari for recognizing June 12 as Democracy Day, for honoring it symbol, late M.K.O Abiola, as also for putting many people from the South West in position of authority.

    Read Also: Imo AA to deliver one million votes for Buhari

    For Aregbesola, who only sang to pass his message across, he enjoined the people to vote for the broom symbol, which he said staid for progress and development.

    The APC national chairman, Oshiomole, who said the forthcoming general elections will be determined by the people, noted that “with the people’s enthusiasm today to identify with Mr. President is enough proof that all is well.”

    Meanwhile, President Buhari had earlier met with Osun State traditional rulers at the Government House, Okefia in Osogbo, the state capital, to solicit their support for his re-election bid.

    The President also called for the support of the traditional rulers for improved security in the country.

    He explained that his administration had made positive progress in the area of security, economy and  also fought bribery and corruption in the country.

    The President said his administration intervention in agriculture had made the country to achieve food security.

    Buhari said his administration wanted to engage more people in agriculture by providing soft loans to farmers.

    He said: “With our intervention in agriculture,  we have achieve food security. We now produce what we eat. I have also directed the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, not to provide foreign excahnge for anyone who want to import for into the country except those who want to invest in the country.

    “Since 2013 till date,  I always request to see the traditional rulers in any state I travel to because of their closeness to the people. And I always appeal to them to secure the society by securing their communities.”

    On the issue of security, Buhari urged the traditional rulers to  assist government to secure the society by securing their communities.

    The President said since the traditional rulers were closer to the people,  their support for improved security was important.

    Buhari appealed to the traditional rulers to ensure that their subjects eschew violence during the election.

    In his remarks, Gov. Adegboya Oyetola, said people of the state would vote massively for President Buhari come Feb. 16.

    Oyetola said in the same way people of the state voted for Buhari in 2015, they would repeat the same in Feb. 16.

    He commended the president for his support for the state.

    Oba Wahab Oyedotun, the Orangun of Ila,  who spoke on behalf of other traditional rulers, promised that they would deliver the state to  the President.

    Oba Oyedotun said the good work of the president was enough to ensure his victory .

    “Mr President, you dont have any problem in Osun,  you are winning. You dont need to campaign because tge good work you have done in the state and the country will speak for,” Oba Oyedotun said.

    In attendance was the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, the Orangun of Ila, Oba Wahab Adedotun, the Oluwo of Iwo, Oba Abdul-Rasheed Adewale Akanbi, the Ataoja of Osogbo, Oba Jimoh Olanipekun, the Aragbiji of Iragbiji, Oba Abdulrashed Olabomi, the Orangun of Oke-Ila, Oba Dokun Abolarin, the Olufon of Ifon, Oba Adekunle Magbagbeola, among others.

     

  • Challenges to financial inclusion, by CBN

    The Central Bank of Nigeria (CBN) has identified privacy and security concerns, requiring enhanced privacy and data protection for consumers as some of the challenges hindering actualisation of 80 percent financial inclusion.

    Its Deputy Governor Financial System Stability (FSS) Mrs. Aisha Ahmed stated this at the National Financial Literacy Stakeholders Conference in Abuja on Thursday.

    She listed other challenges as exposure to new and more inventive fraudulent practices, which require stakeholders to double combat efforts consumers are confronted with multiplicity of information which may lead to information processing errors.

    To address these challenges, Ahmed stated that the CBN has collaborated with the Bill and Melinda Gates Foundation to revise the strategy to help it meet the year 2020 target of reaching 80% financial inclusion in the country.

    Read Also: NGO seeks details of CBN, MTN peace deal

    She noted: “During the course of implementing the National Financial Inclusion Strategy (NFIS) which was launched by the President in October 2012, the need arose for the review of the strategy to meet the challenges and re-assess the developments and the current realities, of the ever evolving environment in which we operate.”

    The CBN Deputy Governor emphasised the importance of financial literacy in meeting the target by stating the role of consumer protection and protection.

    According to her: “Adequate consumer protection is critical to sustaining the long term viability of the financial sector because consumer protection is a necessary precursor to building and maintaining trust in the formal financial sector, which in itself is vital for healthy financial sector evolution.”

    Ahmed added “the benefit of a financially literate population are immense”, explaining “consumers are better equipped to make optimal choices in the use of financial products, pose lower credit and default risk, constitute a market for sustainable financial services and products, reinforce competitive pressure on financial institutions for better products and services, and promote Financial System Stability by increasing market demand and responsible use of financial services.”

    She lamented that “low financial awareness and literacy levels as well as consumer confidence remain critical issues that we must look at more closely if our financial inclusion strategy is to succeed.”

    This is even more so considering the revolution that is being witnessed in the payment system.

    According to her: “Today, the financial system is probably the most affected by technological advancement.

    “New digital products and services have emerged and the internet greatly influences consumers purchasing decisions as they continue to adopt e-commerce.

    “For instance, in 2017, in the banking industry, 1.4 billion electronic transactions valued at N97.4 trillion were processed as against 869 million transactions valued at N69.1 trillion recorded in 2016.”

  • 9mobile clears air on ownership

    The management of 9mobile has described as false, misleading, and malicious reports of acquisition and ownership of the telecommunication company.

    The management said following the eventual default on its loans to some financial institutions by previous owners, 9 mobile was acquired by teleology Nigeria limited.

    The acquisition, it said, followed internationally competitive and exhaustive bidding process led by Barclays Africa with participation of the Central Bank of Nigeria (CBN), Nigeria Communications Commissions (NCC) and thirteen Nigerian money deposit banks.

    The telecommunication company said contrary to public beliefs, one of its erstwhile partners, Teleology Holdings failed to meet up with its part of the agreement which eventually led to their parting of ways.

    Director, Regulatory and Corporate Affairs, Oluseyi Osunsedo, in a statement on Thursday, said the process of acquiring the telecommunication company was concluded with the initial deposit of $50 million and a further payment of $251 million as settlement to the bank who took over the company.

    He said these payments, as well as further due diligence and technical evaluations, led to clearance of the sale by the NCC and handover of 9 mobile to the owners, who announced a board on 12 November 2018 with his royal highness Prince Nasiru Ado Bayero as the new chairman.

    Osunsedo said: “Teleology Nigeria Limited is a consortium including several local and foreign investors.

    “While every partner in the consortium was delivering and meeting their obligations to the partnership in terms of financial resources, physical availability for crucial meetings and extensive network to help build the business, Mr. Adrian Wood’s Teleology holding limited which only owned minority stake in Teleology Nigeria Limited, failed severally and wholly to meet theirs.

    “Mr. Wood was not personally present for all the critical presentation made by the consortium during the bid process and failed abjectly with his financing arrangements with Swiss-based UBS Bank.

    “In all these failings, other partners in the consortium filled the gap and pushed ahead until the sale was completed.

    “Since taking over the company, and without any assistance from Mr. Wood or Teleology holdings, the board has revived and enhanced relationship with key vendors and core business account; improved business relationship and with suppliers; enhance its core network capability to deliver network efficiency competitively with other operators.

    Read Also: 9mobile commends Nigerians, promises better services in 2019

    “With the assistance of leading global consultant, the company is also undertaken a complete review of its operational, regulatory, financial and technical architecture.

    “On these basis 9 mobile has emerged from a period of uncertainty over the past two years to attain an active subscriber base of 16 million, by presenting a net increase of over one million subscribers in the last six weeks alone.

    “The company’s core strategy in the short to medium term shall be underpinned by cost efficiency, innovate product development, network efficiency and strategic technical partnership.

    “We believe that this approach towards organic growth is more sustainable in building a strong Nigerian telecom operator, which taps into the deep expertise of the Nigerian labour force than an approach motivated by short – term financial gain advocated by Mr. Adrian Wood and his associate”.

  • Oyetola visits CBN, Mines and Steel Development Ministry

    The Central Bank of Nigeria (CBN) and the Federal Ministry of Mines and Steel Development have assured the Osun State government of support.

    The state governor, Mr. Gboyega Oyetola, received the assurance at two separate visits to the CBN governor, Mr. Godwin Emefiele, and the Minister of Mines and Steel Development, Alhaji Bawa Bwari, their offices in Abuja.

    The governor told them of the large deposit of mineral resources in many parts of the state, especially gold which he said the state was yet to take its full advantage.

    Oyetola sought support for the Small and Medium Scale Enterprises (SMEs) and the Youth Entrepreneurship Programme of his administration, saying the state is planing to streamline artisan mining.

    Seeking support for his administration’s agriculture programme, especially the plan to establish nine farm centers in the nine federal constituencies of the state, he disclosed that he would revitalize Primary Health Centres (PHCs) across the state.

    Read Also: Oyetola inaugurates committee on Health sector

    He also revealed that he would hold an Economic Summit which will hold in the first quarter of 2019.

    The governor, who noted that “Osun is home of mining” told the minister that the “local miners are unregulated” and also t that the state has mining licences which are  not utilized.

    Responding, the minister promised support Osun to organise artisan miners and back the state to get the best out of its mineral deposit.

    Bwari described the visit of the governor less than one month after assuming office, as “an indication of his seriousness and commitment to duty.

    Also, Emefiele, who commended the governor for his plan to improve agriculture, said states should embrace agriculture to provide employment opportunities for their people and generate revenue.

    The CBN governor said: “I do not think states can’t be viable. They were self-sustaining in the days of regions. We‘ve abandoned agriculture. Everybody is now depending on oil. States can be viable if they leverage their advantage.”

    Emefiele promised to support Osun state within the limit of CBN programmes, adding that he had known the governor for many years as a man of integrity and competence when he was a private sector player.”

    He said the plan to streamline the artisan miners and the youth enterprenurship programme will receive the full support of the CBN.

    The governor also on Monday visited Minister of Works, Power and Housing Mr. Babatunde Fashola, Minister of Finance Hajiya Zainab Ahmed and the Qatar Ambassador to Nigeria, Mr. Abdulaziz bin Mubarak Al-Muhannadi.

     

  • Nigerians everywhere deserve healthy, productive lives — Osinbajo

    Vice President Yemi Osinbajo, says Nigerians everywhere deserve to live healthy, educated and productive lives regardless of where in Nigeria they reside, what God they worship or language they speak.

    Osinbajo said this on Friday in Abuja while addressing the extended National Economic Council (NEC) meeting with focus on Human Capital Development (HCD) held at the State House Banquet Hall.

    The theme of meeting was “Achieving Nigeria’s Visions for Human Capital Development.’’

    The vice president said that the Federal Government was fully committed to ensuring that it positively transformed the Nigerian experience as it related to the quality of life and well-being of its people.

    He said that Nigeria had struggled with high  levels of poverty for several decades in spite of its potential, as the last poverty study done by the National Bureau of Statistics (NBS) in 2012 showed that 112 million Nigerians were living in extreme poverty.

    Osinbajo said that when the present government came into office in 2015, three things were very clear, one that it needed to move quickly and ambitiously in its response to the issues of poverty and malnutrition and disease and illiteracy.

    “Two, there would be no quick fixes or miracles cures as it would be a long and painful journey out of the status quo which required patience and consistence in the implementation of our interventions.

    “Three, just as we are reaping the consequences of the poor decisions we have taken in the past, we can change the consequences that await us in the future by changing the decisions we take in the present.

    “These realizations have guided us over the last three years, even as we have developed a vision for a Nigeria that is healthy, educated and positioned to fully unleash its development potential.

    “This is what informed the creation and implementation of our Social Investment Programme, which is now the largest in Africa.

    “A multi-faceted intervention simultaneously targeting poverty, hunger, unemployment, financial exclusion, and the absence of skills needed for our large youth population to thrive in the 21st century.

    “Nigerians everywhere deserve to live healthy, educated and productive lives, regardless of where in Nigeria they live or what God they worship or what language they speak.’’

    He said that the N-Power, Jobs Scheme for unemployed graduates had more than doubled since then to cater to 500,000 beneficiaries; while Trader-Moni Microcredit scheme for petty traders excluded from formal lending opportunities had benefited well over a million people.

    Read Also: Osinbajo to unveil Igbo Ancestry Museum in Anambra

    The vice president said there was also Market-Moni, designed to provide loans to market women and traders, artisans, enterprising youths and small scale farmers and agric workers nationwide.

    “In terms of healthcare, we have recorded a landmark accomplishment, the setting up of the Basic Healthcare Provision Fund, with seed funding of one per cent of our Consolidated Revenue Fund as outlined in the National Health Act.

    “I am pleased to say that Nigeria is for the first time complying with these stipulations since the Act was signed into law in 2014,’’ he said.

    In a presentation, Mr Yosola Akinbi, HCD Core Working Group (CWG) Coordinator, said that the HCD initiative was a response to Nigeria’s ranking as a country with low HCD.

    She said that the CWG selected six outcomes and several proxy measures to access and track progress across HCD thematic areas.

    Akinbi listed the areas as under-five mortality rate, malnutrition, adult mortality, expected years of school completion, quality of learning and labour force participation.

    She said that Nigeria’s vision to accelerate HCD by 2030 was in three strategic themes, health and nutrition, education and labour force.

    “Provide equitable access to affordable and quality healthcare for every Nigerian, promote a quality, inclusive and functional educational system and empower youth to have the capacity and skills to create or seek employment,’’ she said.

    In his remarks, Chairman, Nigerian Governors Forum (NGF), Gov. Abdulaziz Yari of Zamfara, said that the governors had been working hard to ensure economic growth and promote transparency in governance.

    He said that finance was critical in addressing all the issues bordering on HCD.

    According to him, more efforts should be channeled toward revenue generation in order to achieve the vision of HCD.

    In goodwill message, Mr Rachid Benmessaoud, Country Director, World Bank Nigeria, said that for the world to do well, Nigeria had to do well.

    He said that the Federal Government’s Economic Growth and Recovery Plan (ERGP) was yielding results.

    Mrs Debbie Palmer, DFID Country Representative, in a goodwill message, said that given that Nigeria would be the third largest nation in the world by 2050, it needed well-nourished, healthy, educated and skilled people.

    Also speaking, Sen. Lanre Tejuosho, the chairman, Senate Committee on Health, urged the executive to ensure timely release of money appropriated by the National Assembly for HCD.

    The News Agency of Nigeria (NAN) reports that there were also goodwill messages from representatives of UNICEF,  Dangote Group, Belinda and Gates Foundation,and U.S. Mission among others.

    The extended NEC had in attendance state governors, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, private sector representatives and development partners.

    The highlight of the event was unveiling of the Vision to Accelerate Human Capital Development by 2030 by the vice president.

    NAN