The Lagos State Government has claimed that it has spent the sum of N939.98million to support about 1,832 businesses that were affected by the Endsars protest
Arobieke said the ministry set up the Micro, Small and Medium Enterprise (MSME) Recovery Fund to support businesses in Lagos State, whose properties and assets were vandalised post-EndSARS protest that rocked the nation in October 2020.
She said that with funding from both governments, corporate organisations and private individuals, businesses were supported with grant sums ranging from N50, 000 to N5 million to beneficiaries to rebuild their businesses.
”With a total of 1,835 beneficiaries and N939.98 million disbursed, 10,005 direct jobs and 40,020 indirect jobs were saved.
”The achievements recorded so far by the ministry have been made possible through the unwavering support of the Governor of Lagos State, Mr Babajide Olusola Sanwo-Olu, in his pursuits to mitigate unemployment in Lagos State,” the commissioner said.
Arobieke said that the governor had approved the creation of a model and robust online marketplace with a lot of features that make it globally competitive.
She said that the informal sector, largely populated by artisans, was faced with challenges in the areas of access to the market, inadequate or lack of finance and access to capacity development.
The Commissioner said that these challenges were being holistically addressed through the development of the online portal, a marketplace for artisans and consumers.
According to her, the aim is to expose the artisans to the global market and scale up their potentials and all government certified artisans are currently being onboarded on the app.
She said that a total of 2,000 artisans selected from registered Trade Associations were re-trained in 2020, while the retraining and equipping of another batch of 2,000 artisans would soon commence.
Arobieke said that the tradesmen were exposed to entrepreneurial training, book-keeping, ICT, Communication, among other training, which is essential in running modern-day businesses.
Buhari shuts Zanaib Ahmed, Finance Minister, up on naira redesigning policy
”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
The president’s support for the policy has however vindicated the stance of the CBN Governor who had insisted that he needs not to consult the Finance minister, having sought and obtained the approval of the President on the matter.
Mr Emefiele had on Saturday insisted the CBN will carry on with the redesign of some denominations of the Naira notes, saying it followed due process in its decision.
The apex bank made this known via its verified Twitter account, saying that the exercise was 12 years overdue.
The CBN urged Nigerians to support the measure, stressing that it was in the country’s overall interest.
The CBN said the measure was in line with provisions of sections 2 and 19 of the CBN Act.
“The management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes.
“The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country.
“The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” it said.
According to the CBN, it had tarried for too long considering it had to wait 20 years to redesign.
“The standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years,” Emefiele claimed.
News Alert! Naira redesigning policy: We don’t need to consult anyone- Emefiele slams Minister of Finance
Finance Minister discredits CBN’s Naira redesigning policy
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy as rolled out at this time portends serious consequences on the value of Naira to other foreign currencies.
“I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now.”
He had told the Finance Minister that barely two days after the announcement of the policy by CBN, the repercussion of it on the value of the Naira to the US dollar was being felt.
“To me, the policy may be a well-conceived one, but the timing going by realities on the ground, is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023, fixed for full implementation of the policy.”
Emefiele said the action was taken in order to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.
According to him, the planned policy was in line with Sections 19, Subsections a and b of the CBN Act 2007, upon which the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 notes.
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