Economy
ECA calls for policies, infrastructure to promote digital innovations
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.
Economy
Dangote refinery may not sell its fuel below N900 per litre.
Economy
Tinubu defends fuel price hike, says hard decisions necessary to reposition Nigeria’s economy.
Funso OLOJO
Tinubu travelled to the East Asian country on Sunday for a five-day state visit, where he also participated in the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC).
While addressing the Nigerian community in China, the President spoke of his administration’s reforms, including the deregulation of the petroleum downstream sector.
He said the hike in the pump price of fuel and other decisions by his government are part of an overall strategy to get Nigeria out of the doldrum and place it on the growth trajectory.
“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions.
” For example, you might have been hearing from home in the last few days about fuel prices.”
“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?
“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,” Presidential spokesman, Ajuri Ngelale, quoted Tinubu as saying.
Tinubu defended the national oil company’s decision, noting that hard decisions are crucial to economic prosperity.
“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality.
” You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?
“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people,” he said.
The President noted that while it’s not always easy for a leader to have a national consensus on issues, he is ready to take the hard decisions to move the nation forward.
“We are focused, and I have a very good team,” Tinubu boasted.
However, the President’s justification for the latest fuel price hike was a breach of the promise he made to Nigerians in August 2023 that there would be no fuel price increase again.
According to the President’s Media Aide, Ajuri Ngelale, President Tinubu had in 2023 said although there were still inefficiencies in the midstream and downstream sector of the petroleum industry, he however promised Nigerians would no longer be burdened by another price hike.
“President wishes to assure Nigerians, following the announcements by the Nigerian National Petroleum Company Limited (NNPC), just yesterday (August 14th, 2023, that there will be no increase in the pump price of petroleum motor spirit anywhere in the country,” the spokesperson said.
Economy
PMS prices now determined by market forces, petroleum industry now fully deregulated –NNPCL
According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd.
On the commencement of lifting PMS from the Dangote Refinery, Segun said that NNPC Ltd. was awaiting the September 15th timeline provided by the Refinery.
Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”
He assured Nigerians: “We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured.
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