Business

National Economic Council Approves Nigeria Agenda 2050, Projects 163 Million New Jobs, 7% Real GDP Growth

Published

1 year ago

February 14, 2023

Editor

…as Osinbajo inaugurates Steering Committee on NDP 2021 – 2025

The National Economic Council on Thursday, in Abuja, endorsed the Nigeria Agenda 2050; a plan aimed at increasing real Gross Domestic Product growth by seven per cent, creating 165 million new jobs and reducing the number of people living in poverty to 2.1 million in 2050, from the 83 million people estimated in 2020.

This comes 29 months after the President, Major General Muhammadu Buhari (retd.), launched the National Steering Committee for the preparation of the Medium-Term National Development Plan 2021 – 2025 and Nigeria Agenda 2050.

Its overarching goal is to take Nigeria through to an Upper Middle-Income Country and subsequently to the status of a High-Income country.

The council approved the agenda after its emergency session and first meeting in 2023 presided over by Vice President Yemi Osinbajo, SAN, after it was presented by the Ministry of Finance, Budget and National Planning to State Governors and other members of the NEC.

The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, revealed this in a statement signed late Tuesda, titled ‘National Economic Council endorses Nigeria Agenda 2050’.

Speaking after the presentation and discussion by Council members, Osinbajo observed that the plan “captures a lot of the expectations for Nigeria in the future and hopefully implementation which is key if effectively done.”

The Minister of State for Budget and National Planning, Clem Agba, said the Federal Government had taken unprecedented steps in ensuring the operationalisation of the plan, especially with the inauguration of the Steering Committee of the National Development Plan by the VP.

Earlier on Tuesday, Osinbajo had unveiled the Steering Committee of the National Development Plan 2021 – 2025.

According to him, the Steering Committee will “provide the necessary policy guidance and leadership for effective and successful implementation of the plan.”

The launching comes 14 months after the President unveiled the National Development Plan on December 22, 2021.

About two years earlier, on September 9, 2020, Buhari unveiled the National Steering Committee for the preparation of the Medium-Term National Development Plan 2021 – 2025 and Nigeria Agenda 2050.

The Nigeria Agenda 2050 is formulated against the backdrop of several subsisting development challenges in the country.

They include low, fragile and non-inclusive economic growth; high population growth rate, pervasive insecurity, limited diversification, macroeconomic and social instability, low productivity and high import dependence.

The plan targets Nigeria’s long-term ambition to improve its per capita Gross Domestic Product from about US$2,084.05 in 2020 to US$6,223.23 in 2030 and US$33,328.02 in 2050, with rapid and sustained economic growth, job creation and poverty reduction.

It also “projects annual average real GDP growth of 7.0 per cent.”

“The real growth rate of the GDP of the first medium-term NDP 2021-2025 on average will be 4.65 per cent and this will increase to 8.01 per cent in the second NDP; subsequently, it is expected to increase to 8.43 per cent in the third.

“Consequently, the number of full time jobs created will be roughly 165 million during the Agenda period to spur poverty reduction.

“The number of people in poverty will decline from the roughly 83 million in 2020 to about 47.8 million in 2025 and to 2.1 million by 2050, thus taking a significant segment of the population out of poverty,” the statement read.
PUNCH

Business

Naira Slumps, Exchanges At Over N1,500 Against Dollar

Published

2 days ago

May 13, 2024

Editor

The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

Business

CAC Opens Centre For Registration Of PoS Operators

Published

7 days ago

May 9, 2024

Editor

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

1 week ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.