$617 million to be Invested in Digital and Creative Businesses by NEC
The i-DICE plan, which is funded by $617.7 million and will be implemented in all 36 federation states plus the FCT, has the backing of the National Economic Council (NEC).
During Thursday’s 140th meeting of the Council, which was held virtually, Vice President Kashim Shettima, who chairs the body, reaffirmed the administration’s determination to ensure that all Nigerians benefit from President Bola Ahmed Tinubu’s administration’s policies.
He instructed the governors of the states to appoint focal persons to oversee the program’s execution in their states and zonal representatives to represent each geopolitical zone.
Upon the scheme’s launch in the next weeks, he promised that its nationwide implementation will be thorough, devoted, and honest.
Sen. Shettima, in his introductory remarks, reassured the gathering that the government will not rest until the promised possibilities are realised by the people. He said that this is why the government is putting an emphasis on training and employment prospects.
As part of President Tinubu’s eight-point programme, Senator Shettima highlighted the importance of giving Nigerians a way to earn a living with dignity.
He made it clear that there are two things that will always be clear: first, that we will never regret laying the groundwork for the development of skills that can compete in global markets, and second, that our current actions will determine tomorrow’s economic climate, so it’s our responsibility to make sure that all Nigerians benefit from our legacy.
There can be more innovation, more jobs, and more economic growth if we give small business owners and entrepreneurs more control. Every Nigerian has an innate entrepreneurial spirit; by making funding, training, and mentorship programmes available, we can bring out that spirit and spur a flood of economic growth. Inclusion and fair opportunity are prerequisites for success. Every low-income person should have access to this ladder.
The government has “gone beyond simple deliberations to the execution phase” and is actively pursuing its “short-term targets en route to attaining our medium-term and long-term policies,” the VP continued.
The Council’s demonstrated unity of purpose gives me faith in our capacity to fix our nation. He continued by saying, “We have rejected dichotomous thinking, resisted divisions, and downgraded self-interest in favour of a shared goal for progress”.
“To combat crude oil theft in the Niger Delta, to alleviate the short-term inflationary impacts of our economic-saving decisions, to mitigate environmental damage, and to curb revenue loss,” the Vice President noted, adding that so far, interventions have been made to prevent natural disasters. However, the efforts would be in vain unless “job creation and skill development at every corner of the nation” were prioritised.
While acknowledging that this is not an ideal time to be in office, Shettima urged the governors and other council members to persist in implementing policies that will assist the public in escaping their current predicament.
Offices like ours are occupied during a critical moment. We have arrived at a period that will put our leadership skills to the test and require us to use our best judgement if we want to make a difference, and we must never forget this.
We must continue to take responsibility for the measures that help our residents and be consistent in implementing them, your excellencies, distinguished ladies and gentlemen. His second point was that we can’t afford to leave any section of our communities or country behind, therefore we need to make sure that whatever initiatives we do are fair and beneficial to everyone.
The i-DICE programmeme is a government intervention with the stated goal of fulfilling the Tinubu administration’s pledge to generate millions of new jobs in the technology sector, according to Mr. Shekarau Omar, the Executive Director responsible for small and medium enterprises (SMEs) at the Bank of Industry.
According to Mr. Omar, the initiative bolsters national efforts to diversify the economy, provide digital and creative incubation hubs and innovation centres with the resources they need to thrive, and increase the number of long-term employment opportunities.
He provided a breakdown of the sources of funding for the plan, which includes the following institutions: the Islamic Development Bank (IsDB), the French Development Agency (AFD), and the African Development Bank (AfDB). A total of $170 million from AfDB, $70 million from IsDB, $116 million from AFD, $45.50 million from the Bank of Industry (BoI) acting on behalf of the Federal Government of Nigeria (FGN), $8.70 million from the Fund Manager (exclusively for the Equity Fund), and $205 million from private investors.
Mr. Omar stated that 1,269,757 adolescents will receive training and certification in information and communication technology skills through the project. Additionally, he mentioned that every state in the federation and the FCT will train at least 25,000 youths.
Indirectly, i-DICE initiatives will generate 5,581,231 employment across the country, he said, with at least 100,000 new jobs added every state.
Here are a few more noteworthy points from the 140th Council meeting:
NEWS ON ECA
a. The ECA balance is $473,754.57.
The stabilisation account is worth 33,808,342,662.88 rupees.
113,925,600,918.68 is the current balance of natural resources. However,
The Office of the Accountant General of the Federation presented information regarding the State Budget Support Facility at the FAAC Meeting on March 21, 2024.
Amount Owing
Total cost = 49,105,873,326.75
49,105,873,326.75 people in 36 states
There are 1,718,705,566,436.25 in total.
PRESENTATION BY GOVERNOR HOPE UZODINMA OF IMO STATE TO THE NEC AD-HOC COMMITTEE ON STOPPAGE AND CONTROL OF THEFT OF CRUDE OIL
Presenting an abbreviated version of its report on crude oil theft prevention and control, NEC ad hoc Committee member and Governor Hope Uzodinma of Imo State was asked to do so by the Vice President and Chairman of Council.
According to Governor Uzodinma, the group convened, discussed extensive topics, and used suitable tools to gather data. The next NEC is when a comprehensive report is due.
RECENT SUBMISSIONS REGARDING THE FORMATION OF THE STATE POLICE
A presentation was given by the NEC Secretary regarding the state policing initiative’s responses from the states.
• The formation of state police has been reported by sixteen states.
Reports have not been submitted by 20 states. The formation of state police was endorsed by every state in the nation for the reasons mentioned below:
• Proposals for state police were made by several states.
• In order to make the initiative effective, the states have suggested amending the constitution and changing the current police organisation.
Final Decision:
The Vice President took note of the presentation but said that the number of states’ responses was low and invited those that still hadn’t provided feedback to do so by the next Council meeting so that the topic may be vigorously debated.
The presenter, Abdul Rahman Abdullahzaq, is the state governor of Kwara, and he is giving an update to the NEC Ad Hoc Committee on Economic Affairs.
A committee on economic matters, to be headed by the Governor of Kwara State, was formed following discussions on important economic issues and evaluations of possible short-, medium-, and long-term plans to resolve these problems at the 138th NEC Meeting on December 21, 2023.
The primary goal of the Committee is to prevent a potential economic and socio-political catastrophe in Nigeria by creating a workable and efficient plan to handle the economic problems faced by Nigerians on a national and subnational level.
Among the committee’s members are:
Chairman of the Kwara State Government
Head of State Gombe
Official of the Lagos State
State of Akwa-Ibom Gov.
Head of State of Katsina
Official of Anambra State
Financial and Policy Planning Minister
Member of the Ministry of Finance
Vice Chairman of the CBN
Advisor to the President on National Executive Committee Members
The President’s Special Assistant on NEC
RESOLUTION BY THE COUNCIL
In the second quarter of 2024, members were given one month to prepare their plans and submit a report.
Dr. Kabir Yusuf, National Programme Coordinator, will be presenting an updated presentation on the Special Agro-Industrial Processing Zones Programme. We
• The first phase of the SAPZ has been established, and the disbursement process for the states has begun.
• Twenty-seven states have submitted expressions of interest (EOIs): (Adamawa Pending in contrast to Sebore Farms, an Anchor Investor)
• 27 governors have received guidance letters (TOR) about studies and requests for focal points.
• The Federal Ministry of Finance has promptly responded to all requests made during the 137th NEC.
Final Decision:
To increase food security and propel the Renewed Hope Agenda, the Vice President used his convening position to urge the SAPZ Financing Partners to expedite the execution of Component 2.
Update on Ease of Doing Business Intervention by Dr. Jumoke Oduwole, Special Advisor to the President on Ease of Doing Business, Presidential Enabling Business Environment Council (PEBEC)
Following an update presentation on PEBEC’s reforms to make conducting business easier, the Council praised the efforts made thus far by the PEBEC Secretariat in this area.
It was pointed out that states should start getting ready for the 2025 subnational ranking of Nigeria’s business-friendliness.
In addition, the Council ordered its economic affairs ad hoc committee to collaborate with the Federal Ministry of Finance in order to address state concerns about the risks connected with development partners’ lending facilities.