Economy

We recorded biggest economic growth in 6 years – Buhari

Published

4 years ago

August 31, 2021

President Muhammadu Buhari says focus on job creation, consistency in policy and innovation stimulated a 5% growth of the economy in the second quarter, 2021, which is the highest in six years.

The president, who stated this at the inauguration of the Nigeria Jubilee Fellows Programme at the State House, Abuja, on Tuesday, assured that the Jubilee Fellows Programme would further consolidate on the success recorded.

President Buhari listed some of the key drivers of economic growth and diversification in the second quarter to include telecommunications, transportation, electricity, agriculture and manufacturing.

He said: “Tuesday, June 22, 2021, I set-up the National Poverty Reduction with Growth Strategy (NPRGS) steering committee to coordinate our work to fulfil my promise to lift 100 million Nigerians out of poverty in ten years.

“This is building on the positive results from the Economic Recovery and Growth Plan and the targeted response to the effects of the COVID-19 pandemic with the Economic Sustainability Plan.

“These efforts have yielded results with Nigeria recording its biggest economic growth in six years with a GDP growth of 5 per cent in the second quarter of 2021.

“The sectors that drove this growth are trade, telecommunications, transportation, electricity, agriculture and manufacturing.

“Each of these sectors showed significant improvement and thus created more jobs for our populace.

“An important part of our policies and strategies is the focus on employment and creating opportunities for our people.

“When this government was elected in 2015, we committed to increasing job opportunities for Nigerians and as part of our social investments programme we recruited 500,000 graduates into our N-power programme,’’ he noted.

The president revealed that in 2019 he directed that the number of graduates be increased to one million.

He maintained that the graduates were recruited to work in agricultural, health and education institutions across the country.

According to him, the N-power programme also has a non-graduate component that provides skills to tens of thousands of Nigerians in areas such as technology, masonry, auto repairs, and carpentry.

“We estimate that about 2 million people join our labour force annually.

“We continue to work with our partners to provide more opportunities to create jobs and the Nigeria Jubilee Fellows Programme in partnership with the United Nation’s Development Programme being one of such opportunities.

“The jubilee programme will provide a pathway for young Nigerians to gain work experience in top tier organisations, gaining relevant skills and building the right networks for the future in various sectors including information and communications technology, financial services, trade, manufacturing, agriculture and agro-processing.

“Other sectors include mining, telecommunications, creative industries and technology, education, health, research and development, and public sector institutions.

“We believe that building the right skills and experiences across these sectors are important to sustain the economic growth we are experiencing,’’ he added.

He said the programme would build on other efforts of the government to support young Nigerians such as the N75 billion youth fund in the Ministry of Youth and Sports Development.

The youth fund was created to support young Nigerians in business or with business ideas, with N25 billion released annually for three years.

The president said: “The Economic Sustainability Plan (ESP) was our response to the COVID-19 pandemic.

“We have set-up a survival fund which has helped many businesses stay afloat in the worst economic periods of the last five years.

“More than one million Nigerians have benefitted from the fund, with more than 500,000 benefitting from the MSMEs Payroll support track, approximately 270,000 beneficiaries of the artisan support track, and about 50,000 beneficiaries of the MSME grant scheme,’’ he said.

According to him, the International Labour Organisation estimated equivalent of an unprecedented 255 million jobs being lost around the world as a result of the COVID-19 pandemic.

He noted that the Nigeria Jubilee Fellows Programme, being a fully paid post-NYSC work placement programme would provide an opportunity for mentors.

He said the mentors were already engaged in various industries, gained relevant experience and built capacity over the years to provide mentorship and support for young Nigerians.

“Beyond the skills and work experience, we will be building a new culture of mentorship and guidance that can chart a new course for skills development and work experience in our country.

“We believe that as this programme creates new opportunities for 20,000 recent graduates annually, the beneficiaries will use the opportunities presented to them and maximize their 12 months of engagement,’’ he said.

The president encouraged all eligible Nigerians to apply for the jubilee programme, while urging private sector organizations to join by providing work placement opportunities, mentors and funding.

“I would like to say thank you to the United Nations Development Programme and the European Union for their support on this vital initiative. And I hereby declare the program open,’’ he said.

In his remarks, the Minister of Industry, Trade and Investment, Adeniyi Adebayo appreciated the role of private sector in transforming economies by creating employment and employment opportunities and investments.

He said start-ups, largely driven by young Nigerians, attracted 170 million dollars in the past year, which was the highest on the African continent.

He explained that the Nigeria Jubilee Fellows Programme was to celebrate the nation’s 60th anniversary.

Adebayo noted the role of Vice President Yemi Osinbajo in driving the initiative to fruition and support of the United Nations Development Programme (UNDP).

The Resident Representative of UNDP, Mohammed Yahya assured that the UN would continually support Nigeria to move human potentials across the country to capacities and skills that would place the country on a better pedestal.

“Each day, young Nigerians continue to break barriers with their capacity and ingenuity.

“Young Nigerians have produced outstanding innovations. There is no shortage of talents in Nigeria,’’ he noted.

EU Deputy Head of Delegation, Alexandre Borges Gomes and UN Resident Coordinator, Edward Kallon, commended the initiative, saying the programme benefitted from wide consultations.

Economy

FGN Poised To Dismantle Kidnap Economy – General Laka

Published

2 weeks ago

July 30, 2025

Our Reporter

From Lateef Taiwo

The Coordinator, National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has reaffirmed the commitment of the Federal Government of Nigeria (FGN) to ending kidnap economy in the country.

General Laka stated this while briefing newsmen on the activities of the Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the United Kingdom – National Crime Agency on Tuesday in Abuja.

He said the centre had officially launched the State Expansion Programme of the Multi-Agency Anti-Kidnap Fusion Cell, bridging a critical gap between national security coordination and state-level tactical response.

The National Coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.

According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

The national coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

General Laka noted the cell had played key roles in supporting rescue operations, disrupting kidnapping networks, and improving interagency coordination.

According to him, experience has shown that while national coordination is crucial, state-level engagement is also indispensable.

“Too often, real-time intelligence, local knowledge, and operational readiness reside with field commands, while national coordination can only succeed when it is informed by ground realities.

“This is the primary purpose of this programme – to close the gap between national-level coordination and state-level response. Essentially, to build direct operational linkages between the Cell and state commands across the country,” Laka said.

Economy

Food Security: Sanwo-olu Commended Over Launch of ₦500bn ‘Produce for Lagos’

Published

2 weeks ago

July 26, 2025

Our Reporter

The Good Governance Campaign Forum (GGCF) has praised the Lagos State Government for launching the “Produce for Lagos” programme, describing this initiative and its ₦500 billion Offtake Guarantee Fund as a brilliant solution to the food insecurity challenges the nation faces.

The Forum issued this commendation in a statement signed by its Coordinator, Rahman Suleiman, on Wednesday, following the official unveiling ceremony of the program earlier in the week.

The program aims to transform Lagos’ food system and reduce the state’s dependency on external food sources, receiving positive recognition both within and outside the state for the Sanwo-Olu-led government’s efforts.

According to Suleiman, the initiative is timely and represents a pioneering collaboration between the Lagos State Government, the private sector, the Lagos Food Systems Infrastructure Company (LAFSINCO), Ekolog, and the Lagos Bulk Trading Company. He noted that this model is designed not only to enhance food production and logistics across the state but could also serve as a scalable framework for improving livelihoods and national resilience.

Suleiman shared insights from the Forum’s sampling of public opinion in Lagos and other states, indicating that people are pleased with the Lagos State Government’s strategic programs aimed at tackling hunger and starvation. He emphasized that a key component of the “Produce for Lagos” program is its data-driven approach, which will help address agricultural inefficiencies and strengthen value chains.

“Food security is a collective responsibility that we cannot afford to neglect as a nation,” Suleiman stated. “We are grateful to God for providing us with a leader like Sanwo-Olu, who is visionary, forward-thinking, and compassionate toward ordinary people.”

He commended Governor Sanwo-Olu for consistently setting benchmarks and leading by example in subnational governance. These achievements underscore the economic growth, infrastructural development, and urban planning efforts of the Lagos government.

“Governor Sanwo-Olu is a trailblazer; he has done exceptionally well, and we fully support his programs and policies. His work over the past six years speaks for itself,” he added.

Suleiman noted that this initiative, a partnership between the state government and the private sector, is expected to significantly boost agricultural production.

During the launch, Governor Sanwo-Olu also announced the deployment of a fleet of 150 cold and dry trucks—the largest of its kind—in partnership with the private sector.

Business mogul Tony Elumelu, who supported the project with ₦25 billion, stated that food security is crucial and expressed satisfaction with the collaboration between Lagos and other participating states.

Other prominent individuals at the event included Amir Kamel, Vice President of Afreximbank, and Michel Deleen, the Consul General of the Kingdom of the Netherlands, among other dignitaries.

Economy

Constitution Amendment: Group Urges NASS, FG To Prioritise Restructuring, Regionalism

Published

3 weeks ago

July 24, 2025

Our Reporter

… rejects the creation of new states

A prominent youth organization, the Youth Bureau, has urged the National Assembly to prioritize genuine restructuring of Nigeria, emphasizing regional autonomy and the establishment of State Police without further delay. This call comes as the legislature reviews the nation’s constitution.

The demand was articulated in the group’s Position Paper presented to the National Assembly Committee on Constitutional Amendment for the South-West Zone, which convened recently in Lagos.

In a statement signed by its Southern Coordinator, AbdulRahman AbdulRazaq, on Thursday in Lagos, the Youth Bureau also rejected calls for the creation of new states. The group warned that the Supreme Court’s judgment on local government contradicts their position, asserting that its implementation should be set aside. They believe only the State Government should have the authority to create local governments.

AbdulRazaq urged President Bola Ahmed Tinubu to prioritize comprehensive restructuring, as it is fundamental to effective governance and development. He encouraged the National Assembly Committee on Constitutional Amendment to make bold decisions that will have a positive impact on the populace.

He pointed out that the regional governments established in the late 1960s in Nigeria facilitated healthy governance and development, particularly under the Action Group government led by Chief Obafemi Awolowo in the Western Region. During that period, significant advancements were made in free education initiatives, healthcare infrastructure, industrialization, and overall infrastructure growth.

AbdulRazaq noted that the abolition of regional autonomy by the late General Aguyi Ironsi led to a unitary system of government, which resulted in excessive concentration of power in the central government, a lack of adherence to the rule of law, and restricted resource control and financial autonomy for the regions.

The Youth Bureau’s position paper includes the following demands and recommendations for the National Assembly Committee on Constitutional Amendment:

Our Demands

We urge the National Assembly Committee to consider the following:

Genuine restructuring of the country based on regional autonomy.
No need for the creation of additional states.
The formation of State Police without further delay.
Recognition that local government is a component of state government; the Supreme Court’s judgment on local government contradicts this principle, and its implementation should be set aside. Only the State Government should have the authority to create local governments.

Conclusion

We believe that a decentralized governance system founded on devolution and decentralization will ensure political and fiscal autonomy for its component units and promote equity among them. We urge President Bola Ahmed Tinubu to prioritize comprehensive restructuring and encourage the National Assembly Committee to make bold decisions that positively affect the citizenry.

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