Business
Group Tasks FG On Poverty Reduction
A non-governmental group, Media Development Initiative (MDI), has urged the Federal Government to develop a practical framework to reduce poverty this year.
The President of the body, Mr Simeon Nwakaudu, made the call in an interview with newsmen in Abuja, recently.
He said the unemployment rate in Nigeria, which he put at about 70 per cent, was responsible for the wide spread poverty in the country.
“Something needs to be done fast about this development. You see, some countries even with five per cent unemployment rate, have sleepless nights.” You will see them working fervently towards reducing it.
The country’s present national indices are not encouraging. The Federal Government must quickly rise to the occasion in the New Year to drastically reposition the standard of living of its people.
This will entail serious political will to fight corruption in high and low places of the economy,’’ he said.
On the promotion of small scale entrepreneurs, Nwakaudu said the country would not achieve much if electricity generation and distribution were not improved upon.
He explained that the group had empowered over 2,000 rural dwellers in the Middle Belt region of the country to become self-reliant.
“We assisted them with funds and business plans but most of them failed to follow our framework as according to them, irregular electricity supply worked against them.
The government must divide the country into business clusters and depend less on its ministries and agencies in order to reach the critical mass.
The government must also reduce its focus on international investors to ensure the encouragement of family businesses as this is the only way to impact on the citizenry. Japan, China and most countries in Asia depend on this model,’’ Nwakaudu said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.