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AfDB Tasks Nigeria, Others On Job Creation

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The African Development Bank (AfDB), has urged Nigeria and other African countries to make conscious efforts at job creation to absorb the increasingly growing labour market on the continent.
Senior Director, Nigeria Country Department, AfDB, Mr Ebrima Faal said this last Monday in Abuja at the launch of the bank’s report on “Creating Decent Jobs: Strategies, Policies, and Instruments’’.
Faal said that the current job crisis confronting the country and the continent as a whole had the potential to exacerbate its current economic, political and social problems.
According to him, Africa’s megatrends are compelling in many ways; but particularly in terms of Nigeria’s rapidly growing population, projected to reach 2.5 billion by 2050.
“While this can be a major asset constituting the source of workforce for economic and social development by creating decent jobs and empowering economic activities, it also has the potential to exacerbate the current economic, political and social problems,” he said.
The AfDB official emphasised that the unemployment crisis could render the population vulnerable to illegal activities and fuel migration within and from Africa.
Faal said: “the growth in the African labour force is the fastest globally, but successive years of robust macro-economic policies have not created the jobs required to absorb the increasingly growing labour market entrants or led to sufficient poverty reduction.
“The observed structural changes do not seem to be growth enhancing and lack an employment generation capability.”
He said that quality jobs were low as more people were drawn into the informal, predominantly family operated businesses.
“We see that about 82 per cent of African workers are in working poverty, compared to the world average of 39 per cent.
“What is worse, the youths who constitute majority of the population in all countries are carrying most of the burden of the labour market crisis,’’ Faal said.
According to him, the situation for Nigeria is much more frightening.
“The world population review estimates that Nigeria’s population is expected to double from about 200 million today to 401.3 million people by 2050.
“Youth population in Nigeria has tripled over the past 40 years and if not checked, it would exceed 130 million by 2063.
“And, this will need decent jobs to forestall a catastrophe beyond the magnitude we are currently experiencing,’’ he said.
Faal further quoted the National Bureau of Statistics, as saying that Nigeria has some of the highest unemployment rate of 23.1 and underemployment rate of 20.1 per cent in Africa.
“The figures are even more worrying for women with an unemployment rate of 26.6 per cent and 29. 7 for youths,” he said.
Faal therefore advocated bold political will and concerted sustainable policy efforts to facilitate Federal Government’s declaration that it would create 100 million jobs in Nigeria within 10 years.

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NTVOA Promotes 24hr-Online Operations On Faulty Vehicles

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The National Towing Vehicles Owners Association (NTVOA) has commenced consultation with security agencies and stakeholders in the transport logistics chain system on the best way to respond promptly  to rescue articulated vehicles parked along major roads and highways nationwide through digitalisation .
The Trade Union Congress (TUC) affiliate association said plans are already afoot to introduce an app designed to respond swiftly to brokendown  vehicles in furtherance to ensure free flow of traffic.
NTVOA said it will test-run the app in  Lagos when completed  due to the predominant and peculiar nature of traffic, noting that the technological device would take the form of “Uber”
In a chat with the National Secretary of NTVOA, Comrade Sylvester Afonughe in Ogun State, he noted that the move would be an all inclusive app through which security agencies will also be alerted  in line with the technological innovation .
He said the operation when completed will encourage faster response to vehicles with technical hitches to be evacuated from the roads.
The scribe sad aggressive campaigns and sensitization mechanism would be put in place to enable stakeholders understand how to use the app upon completion.
Afonughe, an engineer and the Business Relationship Manager, Moniepoint, affirmed that: “It looks tasking, no doubt, but that is what we are looking at as a union because we have already commenced consultation for the website which will operate like Uber or O Pay in nature.
He said the union is also resolved to key into the automation system as part of efforts to address human contact and to promote seamless operations in modern day transport technology.
“We are looking at how we can improve on our operations because it is what I single-handedly initiated under the stable of my organization, then the national can take it up from there.
“So many factors are also considered in this project because we are looking at 24 hours online real time operations because we cannot rule out night activities.

“Security is key here so these are the things we are looking at because we need to carry security agencies along because security must not be compromises when we kick start this project.

By; Nkemenyie Mcdominic, Lagos

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NIWA Provides Waterways Ambulance For Search, Rescue

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The National Inland Waterways Authority (NIWA) has introduced a new ambulance boat to serve the Lagos waters.
Disclosing this in a statement made available to our correspondent in lagos, NIWA said “The decision to introduce the new ambulance was in response to critical empowerment of the search and rescue team in Lagos, and as strategic fulfilment to suggestions made by the cream of maritime media at a recent parley with the Managing Director of NIWA, Dr. George Moghalu .
“Dr. Moghalu noted that the new craft fitted with amber lights and two 175 Horse Power engines by Yamaha, with cream colour leather interior, fitted with medical equipment, first aid boxes, communication system and stretchers, will form the fulcrum rapid response to accidents on Lagos waterways.
“Rugged and built to  ferry accident victims and those who require immediate medical attention to the nearest hospital and Medical Hold Bay, the ambulance watercraft can travel at controlled timing without fear or anxieties of being buffeted by high impact waves”, it stated.

By: Nkemenyie Mcdominic, Lagos

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CBN Raises Savings Interest To 4.2%

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Bank customers in the country are now to be paid more interest on their savings after the Central Bank of Nigeria (CBN) reviewed upward minimum interest payable to 30 per cent of the Monetary Policy Rate (MPR).
At its last meeting in July, the Monetary Policy Committee (MPC) of the CBN had raised MPR to 14 per cent due to the persistent rise in inflation rate in the country.
The upward review of interest on savings was stated in a circular signed by the CBN Director, Banking Supervision, Haruna Mustafa, and issued to all banks dated August 15, 2022.
With the new circular, banks are expected to increase interest rate on savings from 10 per cent of MPR to 30 per cent of MPR with effect from August 1, 2022.
Consequently, bank customers can now earn up to 4.2 per cent, which is 30 per cent of the 14 per cent MPR as against 1.4 per cent, which was 10 per cent of the MPR.
According to The Tide’s source, the circular states in part:  “It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30 per cent to 10 per cent of the Monetary Policy Rate (MPR).
“This was aimed at stimulating growth in the larger economy following the economic slowdown occasioned by the pandemic.
“However, following the return to full normalcy and considering the prevailing macroeconomic conditions, it has become necessary to effect an upward adjustment of the interest rate payable on local currency savings deposits.
“Accordingly, effective August 1, 2022, the negotiable minimum interest rate on local currency savings deposits shall be 30 per cent of MPR. This supersedes our letter dated September 1, 2020, referenced BSD/DIR/GEN/LAB/13/052 on the subject.”

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