By Eyewitness reporter
A statement from the ECA, on Sunday, quoted Mr Jean-Paul Adam, Director, Technology, Climate Change and Natural Resources Management at the commission as making the call at a side event to the ongoing 53rd session of the ECA Conference of Ministers.
The event was tagged “Driving Africa’s Industrialisation Agenda by Investing in Youth’s Digital Innovations Post COVID-19″.
In his keynote address, Adam noted that young entrepreneurs could propel Africa’s industrialisation, emphasising that the youths were a critical part of recovery and reset in response to the pandemic.
“We need to reset our development framework for Africa to succeed and digitalisation will play a key role in this,” he stressed.
The director also explained that the reset was about reconsidering sustainable development for Africa and tapping the energy of young people to build forward better.
“Young people are key agents of that reset, the digital space should be one of empowerment and not restriction.” Adam said.
He further said Africa was impacted more than other regions in the context of COVID-19 and climate change, due to its vulnerability, lack of safety nets and minimal fiscal space to adequately respond to such issues.
“We need to respond. We need to address the immediate impact we are facing in terms of lost jobs, in terms of economic opportunities.
”These have been disrupted and we also need to recover from the initial impacts of the crisis of this unprecedented magnitude.” he said.
Adam disclosed that 110 million young people entered the job market in the last 10 years, but only 37 million wage paying jobs were created.
He said the pandemic, however, had presented opportunities for a reset and green recovery for Africa around sustainable energy access for more than 590 million people, without access to electricity.
Furthermore, Adam stressed that digital services were also an opportunity to move Africa’s commerce into the digital space.
He said consideration should be given to specific digital skills which should be invested in and upgrading digital infrastructure like the internet, enhancing digital services, digital identities, and online payment systems.
“We have to ensure access to markets for young people,” he said.
He, however, added that young entrepreneurs must have access to finance and the procurement space.
“E-commerce has emerged as a trade facilitator and the AfCFTA must be leveraged to facilitate trade for young people.
“If we empower young people to enter the digital space and create their own business space, we can expect that every young person will probably create one other job for another person.
“This is the promise that we have for that reset in reviewing the development architecture we believe is necessary for the empowerment of young people and green recovery for Africa.” Adam said.
Breaking: Tinubu sacks Emefiele as CBN Governor, appoints Cardoso, four other deputies
Cardoso is a former commissioner for budget and economic planning during the first term of Tinubu as the Lagos state governor Lagos.
The statement is titled, ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation.’
Tinubu also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria, for a term of five years at the first instance, pending their confirmation by the Senate.
They include Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above-listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” the statement added
Dr. Yemi Cardoso is a financial and development expert with over thirty years of experience in the private, public and not-for-profit sectors.
He is a member of the Belgian-based Cities Alliance Think Tank which aims to shape and influence policy and decision-making on urban development in Africa and has strong relationships with key international donor agencies.
He has his first degree from the University of Aston, United Kingdom and his second degree from Harvard University, USA.
In 2017, he was awarded an honorary doctorate degree in business administration by his alma mater, Aston University, in recognition of “his outstanding contributions to business and society.
Customs, 62 government agencies may lose revenue- collection functions to FIRS.
He emphasized that many MDAs, which were not originally designed for revenue collection, have been burdened with this task, diverting their focus from their core functions that are essential for economic facilitation.
“The objective is to enable organizations like Customs to concentrate on trade facilitation and border protection, and regulatory bodies like the Nigerian Communications Commission (NCC) to focus solely on telecommunications regulation.
” This realignment will enhance efficiency, decrease collection costs, and promote transparency in revenue management.”
He acknowledged that there might be resistance from stakeholders who currently benefit from the existing process, but underscored the committee’s intention to ensure that revenues are directed to the government as intended.
Olawepo- Hashim foresees economic boom under Tinubu’s multi- pronged reform programmes
A stakeholder in Nigeria’s Energy Sector and a former Presidential Candidate, Mr. Gbenga Olawepo-Hashim, has predicted a phenomenal economic rebound in Nigeria owing to the current financial and economic reforms embarked on by the newly inaugurated administration of President Bola Ahmed Tinubu in the past one month.
The 2022 trade surplus of only $2.85 billion dwindles in comparison to 2014’s $54.1 billion.
Also, Foreign Direct Investment (FDI) into Nigeria’s economy fell from $2.2 billion in 2014 to $0.47 billion in 2022, while budget deficit rose by 370.54 percent from 2016 to 2023.
Total public debt as of June 2013 was N7.93 trillion. It’s now at around N77 trillion.
But in the last one month, the President has announced two major economic reforms.
The petrol subsidies, experts agree, have strained Nigeria’s public accounts, contributing to a situation where higher global oil prices hurt, rather than help the economy.
Addressing journalists in Abuja, the nation’s capital on Monday, Olawepo-Hashim noted that the current policy reforms have eliminated distortions in the foreign exchange management on the one hand; and the removal of the corrupt system of oil subsidies on the other hand.
Before now, in Nigeria, there are four foreign exchange (FX) markets: the Interbank FX market, the Investors and Exporters (I&E) window, Bureau De Change (BDC) window, and the Small and Medium Enterprises (SME) window.
However, due to the limited FX supply from exporters and foreign investors, the CBN played a significant role in supplying FX (in this case, USD) to these windows.
Olawepo-Hashim however stated that the policy to unify the exchange windows should have a long-term positive effect on foreign exchange rate and free flow of capital in the country while also yielding a positive impact due to increased confidence in the new government.
According to him, the removal of the subsidies regime in the pricing of Petroleum products is expected to lead to more investment in Mid and Downstream sub sectors of the oil and gas sectors with a net effect of the creation of value-added needed jobs.
He stressed that the new law on decentralization of electricity generation, transmission, and distribution, if properly implemented with concomitant policies, is capable of attracting about 300 billion US dollars over 5 to 7 years into the electricity sector from local and foreign financing sources.
Olawepo-Hashim equally explained that Nigeria per capital comparison with South Africa needs to generate, transmit and distribute about 200,000 MW of electricity, adding that “we can if we stay steadfast to needed reform.
“Nigeria recorded that feat before with liberalization of the telecom sector as she moved from a nation of 400,000 telephone lines in 1999 to a nation of 222 million active lines now.”
While stressing the importance of a naira exchange rate based on market indicators and informed projections to settle around 660 Naira to 1 US Dollar in the exchange market within the next 6 to 9 months, he urged the government to pay attention to immediate deployment of relevant social intervention programmes to cushion the effect of inflation on the burgeoning numbers of the poor.
He also emphasized that “our economic growth expectations must be inclusive and must not leave the majority of our people behind.
“It is a great season of hope and confidence for Nigeria. The nation is steadily on to an assured future as an economic powerhouse and great nation.”
Olawepo-Hashim argued that “Nigeria with the right policy mix will exceed the projection of Price Water Cooper that Nigeria will be the 9th largest economy in the world by 2050 adding that “we are capable of hitting the great economic Milestone predicted by PWC much earlier and climbing higher on the ladder.”
Economy3 months ago
Emefiele ruined Nigeria’s financial system – Tinubu breaks silence on suspended CBN governor
Freight Monitor4 weeks ago
Freight Forwarders threaten to shut down ports over alarming rate of extortions by maritime police.
Headlines3 months ago
Mass retirement hits Army, Navy, Air Force as Defence Headquarters issues quit notice to senior officers
Customs3 months ago
Adeniyi, new CGG, leverages international collaboration for enhanced customs efficiency
Economy3 months ago
I summoned courage to announce fuel subsidy removal, not included in my inaugural speech—Tinubu
Customs2 weeks ago
Shake-up in Customs as Apapa, Tin Can, Seme, KLT commands get new Area Controllers