The Nation Newspaper

Tag: coming

  • ‘New road map for sector coming’

    The Chairman, Pension Fund Operators Association of Nigeria (PENOP), Mr Dave Uduanu, said the group has reviewed the developments in the industry from inception and has charted a new road map for the sector.

    He said the regulator was taking all steps necessary to ensure that state governments key into the Contributory Pension Scheme, adding that PenCom released the guidelines so that state governments that want to access the pension fund by way of issuance of bonds would not only participate in the scheme, but be committed in remitting the monthly contributions of their workers to contributory pension scheme.

    For this reason, he said, the regulator had introduced more stringent requirements to ensure that the states would not stop contribute after accessing the fund.

    “What we try to do is to equate pension payment with salaries and, therefore, put in place a mechanism to ensure that at the end of every month, paying pension would no longer be discretionary.

    The idea, Uduanu added, was to make pension rank at par with salaries, noting that a greater percentage of the pension funds was allocated to the bond market, especially the Federal Government bonds.

    The Pension Fund Administrators, he added, were working with the government to find ways through instruments, mechanisms and the money market to expose the funds to the real sector.

     

     

    He said the PFAs were speaking with the regulator, the government and International Finance Corporations interested in growing the economy.

    According to him, the more the real sector grows, the more employment will be created and the more the pension business will grow.

  • Guidelines on micro market coming

    Guidelines on micro market coming

    The National Insurance Commission (NAICOM) will soon release the guidelines that will help unlock the over N60 billion micro insurance untapped opportunities, The Nation has learnt.

    It was gathered that the commission is putting finishing touches to ensure the release of the much-anticipated guidelines that would help deepen retail market and take insurance to the grassroots.

    An industry observer said the guidelines when operational, would strengthen the collaboration between insurers and micro finance banks.Noting that operators are anxiously waiting to leverage on the guidelines.

    Managing Director Riskguard-Africa Nigeria Limited Yemi Soladoye, said the embrace of micro insurance and retail market would trigger a revolution in the industry, adding that some companies that have keyed into the system are presently doing very well.

    He urged insurers to develop products that suit the need of the public, adding that any product that does not meet the need of the masses would fail. He said most insurers sell products and not solution.

    He noted that research has revealed that Micro Finance Banks (MFBs) in the country presently have over 20 million customers, stressing that the customers are good prospects for micro insurance.

    He said the problem of insurance is that most people lack education on how it operates, adding that it is worrisome that most operators recycle products developed by their counterparts.

  • N5, N10, N20, N50 paper notes coming, says CBN

    N5, N10, N20, N50 paper notes coming, says CBN

    POLYMER notes – the glossy currency notes launched on September 30, 2009 by the late President Umaru Musa Yar’Adua to mark Nigeria’s 49th Independence anniversary – are to be withdrawn from circulation.

    The notes were introduced by the Central Bank of Nigeria (CBN) when Prof Charles Chukwuma Soludo was the governor. They replaced paper notes.

    But Deputy CBN Governor Tunde Lemo has hinted of a plan to stop the printing of small denominations of the naira in polymer notes because they fade quickly.

    Lemo spoke yesterday in Washington DC, the United States (U.S.) on the sideline of the ongoing Spring Meeting of the World Bank and the IMF.

    A note-printing firm – Securency, partly owned by Reserve Bank of Australia, was contracted in 2006 to produce the polymer notes.

    It cost the Federal Government some N750 million.

    But, going by what the CBN Deputy Governor said, the production of the paper notes will begin in two months.

    Lemo said: “By the middle of the year, we will start to produce the second generation of lower denomination notes, now in paper, not in polymer.

    “My plea is that Nigerians should exercise patience with us; it wasn’t the fault of the CBN. It was just because we had to go back to the drawing board to rethink `Project Cure’ in the light of the wish of the public that we should not go ahead with the N5000 notes and lower denomination.

    “We will correct that in the course of the year. Polymer certainly will be phased out. In fact, we are phasing out polymer. No new note is being printed in polymer now.’’

    Lemo recalled that when the CBN was going to introduce the polymer currencies, its search showed that they could last longer than ordinary paper notes.

    His words: “However, with the benefit of hindsight, we probably should not have dumped polymer because, yes, the substrate lasts longer, but the in-consubstrate began to fade; we didn’t realise that at the time of introduction.

    “So, part of `Project Cure’ was actually to move away from polymer substrate to paper. Unfortunately, we had a push-back because of the issues around N5000 note and coins.

    “The entire programme was put in abeyance. Otherwise, by now, we should have stopped producing polymer.’’

    The banker said that the CBN had awarded a contract for the printing of the higher denomination notes to a foreign company because of low capacity at the Nigerian Printing and Minting Company (NPMC).

    The CBN will begin to receive the fresh notes from June.

    On the campaign on the careful handling of the naira, Lemo said that it was unfortunate that it was not successful, but noted that it is a criminal act to abuse the naira – going by the CBN Act.

    He said: “Unfortunately, CBN is not a law enforcement institution; we left that in the hands of the law enforcement institutions and that has not kicked in.

    “I still go to parties and see people spraying money; stepping on money; I see touts distributing mint-fresh money that should go to customers.’’

    According to Lemo, the CBN has urged the police to step up its surveillance to reduce the abuse of the naira. The bank lacks the power to arrest people who hoard the naira to resell at motor parks and on the streets, Lemo said.

  • ‘Pay policy for workers coming’

    The National Salaries, Incomes and Wages Commission has promised that the commission will come out with a pay policy for the public service.

    Chairman of the commission, Dr Richard Egbule, spoke with The Nation at the end of a two-day national workshop in Abuja on the development of a pay policy guide for the public service.

    He said the workshop was organised due to recent quests by government workers to improve on their remunerations in form of pay reforms and emolument.

    The chairman said that the report from the forum by stakeholders would assist the commission to work on the pay policy.

    He said the commission needs to get a draft that will be presentable to the Federal Government to ensure that the pay policy is enacted as a law.

    He added that another policy the commission was working on was a comprehensive job evaluation and grading in the public service.

    Egbule said: “Recent improvements in the area of workers’ welfare in the form of pay reforms and emolument review generated numerous enquiries.

    “The workshop was planned to provide a forum for stakeholders to brainstorm on the subject matter and generate input for developing such a document.

    “We will look at the areas the participants have mentioned in order to come out with probably a draft, because the ultimate thing now is the draft.”

  • 1.2 million jobs coming for skilful youths

    1.2 million jobs coming for skilful youths

    With the coming of the National Industrial Skills Development Programme (NISDP), the Federal Government is set to tackle youth unemployment. Under the scheme, the Ministry of Trade and Investment in partnership with the Industrial Training Fund (ITF) is to open and equip 46 skills centres to tackle unemployment, reports TOBA AGBOOLA.

     

    The National Industrial Skills Development Programme (NISDP) is a scheme designed to empower youths with resources to help them set up their businesses upon graduation. Under the initiative, no fewer than 29,875 trainees graduates will graduate yearly. Upon their graduation, they are expected to be employable.

    The Director-General, Industrial Training Fund (ITF), Prof. Longmas Wapmuk, said the NISDP has taken off in 10 of the 36 states. No fewer than 10,000 youths are being trained in those states, 30,000 others are expected to be trained in diverse economic sectors.

    When the government launched the NISDP last year, it was intended that the scheme would provide over 1.2 million jobs for youths in order to boost the economy.

    The Minister of State for Trade and Investment, Mr Samuel Ortom, who inaugurated the scheme in Apapa, Lagos, described the NISDP, which is to be driven by the Industrial Training Fund (ITF) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), as key to the success of the government’s transformation agenda.

    He said: “As you are aware, capacity building is a critical requirement for economic growth and development.The NISDP, driven by the ITF and SMEDAN, is key to the success of government’s transformation agenda.

    “Under the NISDP, which is being driven by the ITF and SMEDAN, over 1.2 million people, particularly youths, will be trained yearly, with hope of securing jobs thereafter. I, therefore, congratulate the ITF for putting up this magnificent edifice which, I believe, will be a veritable outlet for the much needed skills acquisition services of the ITF”.

    The Minister of Trade and Investment, Olusegun Aganga said the ministry, in collaboration with ITF, has put structures in place to ensure that trainees from the NISDP are empowered to be either gainfully employed, or are able to set up their own businesses.

    He said: “We are already on the path to addressing the problem of skills gap and unemployment through the introduction and implementation of the National Industrial Skills Development Programme. The idea is that we want to turn our quantity advantage as a nation into a productive advantage. And the only way to do it is through skills acquisition and education after which we can provide opportunities for those that have acquired the skills to set up their own businesses or to be gainfully employed.

    “Therefore, the strategy of the Ministry of Trade and Investment, working together with the ITF, is to identify the critical sectors of the economy where we have comparative and competitive advantage. The second thing is to link those sectors or industries that we have identified to innovation, Research and Development. Then, the third thing is to link those sectors to industrial skills development. That is where the NISDP comes in.”

    Wapmuk said the NISDP was primarily designed to empower its trainees with resources to help them set up their businesses upon graduation.

    “This plan envisages that we will have industrial skills training centres in the 36 states of the federation and Abuja. And in each of these centres, we will have provision for training people in 24 trade areas. We have also made provision in this plan for Centres for Advanced Skills Training for Employment (CASTE) and these are bigger centres that have provision for about 45 trade areas which will be located in the six geo-political zones of the country,” he said.

    Wapmuk said the implementation of these initiatives is expected to generate 29,875 readily employable graduates yearly, which will go a long way in reducing unemployment, creating wealth and enhancing national security.

    Wapmuk said: “Our focus is to establish 37 Industrial Skills Training Centres, one in each state and the Federal Capital Territory, with six Centres of Advanced Skills Training for Employment for skills broadening and upgrading in addition to Sector-Specific Skills Training Centres to cater for the skills needed for manufacturing, agric-agro allied, construction and other critical sectors of the Nigerian economy.

    “In each of the 46 centres, training will be offered in 25 trade areas. Each of the 25 trade areas will enrol 25 trainees in line with international best practice for effective hands-on learning.”

    Wapmuk called for support from the stakeholders, saying ITF cannot do it alone.

    He said six centres of advanced skills training for employment and three specialised centres for culinary skills to develop skilled personnel for the hospitality and tourism sector would be established.

    “We need the support and encouragement of all stakeholders. This desire for partnership to enhance national growth and development led us to commence the Technical Skills Development Programme (TSDP) with NECA and the successes recorded by this scheme and the experiences we gathered through collaborations with local and international human resource development agencies contributed to our initiation and eventual partnership with the ministry for the launch of the NISDP.

    “We will continue to remain focused and work towards contributing our quota to the realisation of President Goodluck Jonathan’s Transformation Agenda,” he said.

    On the modality and cost of establishing each centre, Wapmuk admitted that the skill centers are very costly to establish, because some equipment can cost up to N15 million.

    “We have estimated that the industrial skills centres in the 36 states and Abuja will have provision for 24 trades and will cost about N3.5 billion, while the bigger ones, the advanced skills centres in the six geo-political zones, will cost about N5.5 billion.”

    The cost notwithstanding, Wapmuk said ITF will be able to generate the required money over time to help establish the centres.

     

  • IFC agric project for women coming

    An agricultural venture supported by the International Finance Corporation (IFC) aimed at generating 1,200 jobs of which a significant portion will be filled by women will soon take-off.

    The project is expected to contribute to the development of rural communities and promote international best practices in environmental and social standards in Africa.

    The investment, which will make debut in South Africa before other Sub-Saharan African states will promote investment in climate change mitigation through expanded timber plantation and other agro businesses. The investment is also expected to support new avocado orchards in Africa, improve technology to increase fruit and timber yields.

    Chief Executive of the first African beneficiary company, Mr Claus Lippert of HMH (Pty), said the firm’s relationship with IFC will improve their systems and also help them to achieve high standards in business practice. He also said that the collaboration with the global investment company will send a strong signal about their commitment to growth based on best practices and inclusive development in the agribusiness and forestry sectors.

    IFC Regional Director for Manufacturing, Agribusiness and Services, Oscar Chemerinski, in his remarks said: “IFC has a strategic priority to help Africa achieve food security and to develop

    its agribusiness and forestry sectors according to international best practices.”

    He reiterated that their partnership with HMH (Pty) demonstrates their commitment to

    working with well-managed, sustainability-driven companies with an ambition

    to expand at home and beyond.”

    HMH exports about half of South Africa’s avocados to the European Union,

    where it is a market leader. It has pine and eucalyptus forest plantations

    in three South African provinces and four timber processing mills providing

    material for the country’s housing and manufacturing sector.

     

    IFC on its part has embarked on a special initiative to support agribusiness in Africa to

    aid increased food security. In its last fiscal year that ended in June 2012, it committed and mobilized 586 million dollars in new agribusiness and forestry investments in Sub-Saharan Africa.

     

  • More textile firms coming back

    WITH the aid of the Federal Government’s N150 billion intervention fund, many ailing textile companies are being revived, a textile magnate has said.

    Director-General of Nigeria Textile Manufacturers Association (NTMA), Mr Jaiyeola Olanrewaju, said more members of the group had accessed the fund.

    The firms, he said, were pumping the money with the business.

    The Cotton and Textile Intervention Fund was introduced by the Olusegun Obasanjo administration to help the textile sector whose fortune had shrunk when he assumed office in 1999.

  • Insurance directory coming

    A  MEDIA group, Inspenonline, has got the nod to produce a directory for the insurance industry.

    The supporters include the National Insurance Commission, and Nigerian Council of Registered Insurance Brokers (NCRIB).

    The Project Consultant, Mr Nnamdi Duru, said the project would benefit operators as their services would be brought close to the public who in time past have been defrauded by fake operators due to inadequate information of registered operators in the industry.

    The Editor of the group, Mr Chuks Okonta, said the production of the directory has started.

    He said the project became necessary due to low level of awareness about insurance operations in the country. He noted that the project when completed would bring insurance closer to the public and help stem the rate of fake insurances, which often occur due to inadequate knowledge of locations and names of organisations operating in the industry.

    He noted that a recent study by GIZ, a German agency for sustainable development and Riskguard-Africa Limited, has revealed that no fewer than 15 insurance firms in Nigeria are known by the public.

    “The project would help the public to access with ease information of the various arms of the industry,” he said.

  • 320,000 jobs coming yearly, says Okonjo-Iweala

    IF the words of Finance Minister, Dr. Ngozi Okonjo-Iweala are anything to go by, the Federal Government would create 320,000 jobs, beginning from next year.

    The figure is a far-cry from the government’s initial plan to provide one million employment opportunities every year.

    Dr. Okonjo-Iweala said the 320,000-job proposal has been built into the 2013 Appropriation Bill.

    According to her, the government is going about the job creation in two ways.

    She said: “We are approaching the issue of jobs in two ways; the first way is diversification of the economy by encouraging agriculture and solid minerals development, housing and construction”.

    Her words: “We are embarking on some programmes that were launched by Mr. President for youths, women and people with disabilities. We are expected to create 370,000 jobs through that.”

    Defending the proposed vote to security, the minister said adequate security would stimulate economic development.

    According to her, the government “amalgamated all the budget allocations to all the security agencies. We are putting together the votes fo the police, defence, intelligence agencies, border patrol and immigration.

    “The vote covers every agency that has something to do with security. That is why their is a substantial vote for security in the proposal.

    “We have continued to pay attention to security as being demostarted by Mr. President. Without security, development would be difficult. We have to secure the nation first. Securing the nation in one way also includes economic empowerment.”

    Also defending the budget, Dr. Okonjo-Iweala’ s Minister of State, Yerima Lawal Ngama said: “If you look at security, the budget of the police covers the payment of salaries and the provision of operational equipment. So, it is mostly reoccurring expenditures. That of the ministries of works and power is mostly capital expenditure.”