Lagos State Governor, Mr Akinwunmi Ambode on Saturday said for Nigeria to meet its growth ambitions and achieve full economic potential, concerted efforts must be made to create at least four million jobs annually and as well jettison policies that stifle development.

Speaking at the opening session of the 9th Annual Bankers’ Committee Retreat of the Central Bank of Nigeria (CBN) held at Renaissance Hotel in Ikeja, Lagos, Governor Ambode said it was time for the government to review such policies that inhibit growth, and as well come up with a well-functioning low cost financial system that will work for all Nigerians.

While describing the theme of the retreat – “Improving Financial Access, Enabling Job Creation and Driving Inclusive Growth in Nigeria,” as apt, the Governor said same was at the heart of the nation’s economy and are important determinants of the country’s future prosperity, but that all hands must be on deck to create more jobs for the people and ensure 6.7 per cent annual growth rate.

He said: “To meet our growth ambitions we need jobs. Figures from the National Bureau of Statistics show that in employment terms, from a labour force population of about 81million people, we currently have 11.5million people unemployed in Nigeria and 17million people under-employed with the total employment is around 52.6million while the working age population grows by 3.7 per cent every year. So, to make a meaningful dent on un-employment and underemployment, and to reduce poverty (which is at over 60 per cent), we need to be creating at least four million jobs per year.

“Where do banks fit into all of this? Well, the reality is if we do not have a well-functioning banking sector, all of this is not possible. Both investment and day-to-day commerce requires the intermediation of banks. And while someone outside of the formal financial sector can in some cases make a living, the reality is that incomes of the bottom of the pyramid are increased when we have better financial inclusion but we are not there yet.”

The Governor, who particularly alluded to the strategy adopted in Kenya to deepen financial inclusion, said efforts must be made to ensure low cost access to banking services especially through mobile money.

He said it was painful that mobile money had been so slow to take off in Nigeria despite huge population, saying it remained very low, increasing from just 0.7million adults in 2014 to 0.9million in 2016, despite the fact that there were about 58.2million people who actually had mobile phones in 2016.

Besides, Governor Ambode challenged the CBN, the Nigeria Deposit Insurance Commission (NDIC), commercial banks and other players in the financial system to decide the type of financial system that will really impact on employment and bring more people into the formal financial system.

According to him, “This is where we should focus as a nation not the type of directives or decisions that actually try to stifle growth and commerce. One clear example is this; as a State Government, I want to take a commercial loan from the bank and they tell me I should go and get a letter from Debt Management Office (DMO); I should get approval from the Federal Ministry of Finance; I should go to CBN and so on. Who does that?

“You want to accelerate growth and everything that I am doing even when I take loan from the bank; when I do bond and so on, I am only trying to reflate the economy. Each construction site that you see in Lagos, I am trying to create employment at the lower level so that the artisans, the bricklayers and so on can go home with N5,000. I need to do something in Badagry to make the people stay there and not come to the central Lagos and when you take the extra money outside the IGR, you are actually trying to help the economy to reflate itself and that is why you are able to excite yourself with the growth that you have seen in the third quarter that we say is 1.5 but that is not the number that we want.

“So sometimes, government seems to shoot itself in the leg. Why should Lagos State go and be meeting DMO to say I want to take a commercial loan when 80 per cent of my IGR can pay the loan itself back? So, you see that there is some sense of homogeneity in the policies that we make but sometimes they are not really flexible and you end up coming back to say we want to create jobs but the things that create jobs are the things that we are actually working against and you create unnecessary competition in the system.”

Responding to earlier comment by the CBN Governor, Mr Godwin Emefiele on the inability of the Micro Small and Medium Scale Enterprises (MSMEs) to access the N200billion fund earmarked for them, Governor Ambode said the easiest way to achieve same was to reduce the lending rate to about five per cent or lower.

He said at the State level, his administration created the Employment Trust Fund through which about N10billion had been disbursed to the MSMEs at five per cent with over 6,000 benefiting so far, saying the CBN could replicate such at the federal level for the overall benefit of the people and the system.

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Related Topics:Annual Bankers’ Committee Retreat Central Bank of Nigeria Gov. Ambode

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JUST IN: Jigawa State Governor Loses 24-Yr-Old Son A Day After Mother’s Demise

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1 hour ago

December 26, 2024

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Tragically, just one day after the passing of his mother, Governor Namadi of Jigawa has now lost his 24-year-old son.

A statement from the governor’s spokesperson, Hamisu Gumel, confirmed that the governor’s son sadly lost his life in a road accident on Thursday.

“To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

“With a heavy heart and total submission to the will of Almighty Allah, His Excellency Mallam Umar Namadi, Governor of Jigawa State, announces the passing of yet another member of his family; his dear son Abdulwahab Umar Namadi.

“He departed this world this afternoon (Thursday, December 26th, 2024) as a result of a ghastly motor accident along Dutse-Kafin-Hausa Road. “The burial rite is taking place at this moment in Kafin Hausa town, in accordance with Islamic traditions.

“A 24-year-old, late Abdulwahab is survived by his parents and many siblings. “To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

More to come…

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BIG STORY

Sokoto Counters Military, Says 10 Civilians Accidentally Killed In Air Strike

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3 hours ago

December 26, 2024

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The Sokoto state government says no fewer than 10 civilians were killed when a military air strike targeted suspected terrorists in Gidan Bisa village, Silame LGA of the state.

Abubakar Bawa, press secretary to Ahmed Aliyu, governor of the state, wrote in a statement issued on Wednesday.

Bawa quoted Abubakar Rana, chairman of Silame LGA, as saying that the incident occurred around 6am on Christmas Day, when two military fighter jets “mistakenly” dropped bombs on the village.

Aliyu, who was accompanied by Aliyu Wamakko, leader of the All Progressives Congress (APC) in the state, and Muhammadu Maigari Dingyadi, minister of labour and employment, attended the funeral prayers for the victims.

Consoling the villagers, the governor described the incident as “unfortunate.”

“The military jets were on their mission to eliminate criminal armed groups terrorising the state and mistakenly bombed innocent people of this community,” he said.

“We consider this a mistake because the same military had on several occasions successfully raided many criminal hideouts in the state.”

Aliyu prayed for Allah’s forgiveness for the deceased and strength for their families.

Muhammad Sifawa, secretary to the state government, announced a relief package of N20 million and 100 bags of assorted foodstuffs for the families of the deceased.

He also assured that the state government would cover the medical bills of the injured.

The military had denied reports of civilian casualties in the bombing.

Reports said air strikes conducted by the air component of Operation Hadarin Daji, targeting the Lakurawa terrorist group, had inadvertently killed civilians in the Gidan Sama and Rumtuwa communities.

However, Abubakar Abdullahi, joint media coordinator for the operation, said the strikes targeted locations confirmed to be linked to the insurgents.

“All military operations are based on thorough intelligence and reconnaissance missions to ensure precision and protect civilian lives,” Abdullahi said.

“The targets struck in the vicinity of Gidan Sama and Rumtuwa were positively identified as associated with the Lakurawa group, reinforcing the justification for the military action.”

Olusola Akinboyewa, spokesperson for the Nigerian Air Force, told TheCable that the missiles were launched following credible intelligence from multiple sources and confirmatory aerial surveillance.

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BIG STORY

Adron Homes Celebrates Christmas With Customers, Reaffirms Commitment To Bridging Nigeria’s Housing Deficit

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December 26, 2024

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As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”