JUST IN; Naira gains against Dollars as CBN sustains FX reforms

The Naira appreciated further at the official market on Monday, trading at N1,497.11 against the Dollar.

Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N3.62.

This marks a 0.24 per cent increase compared to Friday, Feb. 21, when the local currency closed at N1,500.73 to the Dollar.

The Naira has remained relatively stable against the US Dollar since December 2024, following CBN’s sustained reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.

Analysts have continued to commend the CBN’s sweeping reforms to support the local currency.

Bismarck Rewane, financial expert and CEO of Financial Derivatives Company Ltd., also praised CBN’s efforts in media appearances on Friday and Monday.

He stated that the apex bank spent $8 billion to defend the Naira, insisting the interventions were necessary and aligned with the bank’s mandate. (NAN)

I will empower you, create jobs for you – President Tinubu promises Nigerian Youths

President Bola Tinubu on Monday said the Federal Government would continue to prioritise the development of the digital economy to enhance youth empowerment and job creation.

The President made the pledge while receiving a report titled “Digital Economy, Youth Empowerment and Sustainable Job Creation in Nigeria: Issues, Challenges and Opportunities,” presented by participants of the Senior Executive Course 46 National Institute for Policy and Strategic Studies, Kuru.

In their eight-point recommendation, the course participants urged the Federal Government to expedite the enactment of the Digital Economy and e-Governance Bill 2024 and encourage states to waive the Right of Way fees on deployment of telecoms infrastructure.

The participants also recommended that the President issue an Executive Order mandating all Ministries, Departments, and Agencies to migrate to the OneGov.ng portal.

They advocated adopting a Quintuple-Helix Model to promote the digital economy, youth empowerment and sustainable job creation.

Other recommendations were: promoting long-term funding for the 3MTT scheme, accelerating the transition from IPv4 to IPv6, establishing Digital Health Innovation Hubs across Nigeria, and developing a preventive maintenance application for the nation’s automotive industry.

Responding, President Tinubu directed the Minister of Communications and Digital Economy to coordinate with the group and present their recommendations to the Secretary to the Government of the Federation and the Head of the Civil Service for streamlined implementation.

Emphasising the importance of youth empowerment through innovation and digital skills development, President Tinubu said: “At the core of our administration is youth empowerment. We cannot relent on that, and we need everyone’s collaboration.

“I have listened carefully to your recommendations and the thorough work you did. We will continue to engage the Institute as a resource centre and Think Tank.

“As Nigeria’s foremost policy Think-Tank, you have highlighted the overlap of some government agencies, and we’ll look at that.

“You are an asset to our country, and I thank the participants for their dedication to their studies. We will continue to collaborate with you for the prosperity of our country.”

Highlighting the importance of data in national planning, President Tinubu told the meeting he had earlier met with officials from the National Population Commission to discuss the upcoming census.

Prof. Ayo Omotayo, the Director-General of NIPSS, said during the year-long engagement, course participants undertook study tours across Nigeria and abroad, exploring the theme of their study.

“We recognise that in an era where technology drives innovation, Nigeria must aggressively leverage its youthful population to build a thriving ecosystem. The opportunities are boundless, from Fintech to Agri-Tech, E-Commerce to Artificial Intelligence.

“However, systemic challenges such as infrastructural deficits, inadequate digital skills, and regulatory bottlenecks must be addressed.

“Our findings highlight the urgent need for targeted policies that foster an enabling environment for startups, enhance access to finance, and expand broadband penetration,” he said.

Mr Bosun Tijani, the Minister of Communications and Digital Economy, announced that the Digital Economy Bill, currently before the National Assembly, would undergo public hearings in all 36 states and the Federal Capital Territory before its passage in the second quarter of 2025.

According to him, this is the first time legislation will be subjected to such an extensive review.

Regarding Right of Way fees, the minister said 11 states had responded to the Federal Government’s request to waive the charges, a move aimed at facilitating broadband infrastructure expansion.

He expressed optimism that all states in the federation would comply with this initiative before the end of the second year of the Tinubu administration.

On Nigeria’s progress in internet protocol transition, Tijani stated that the country was on track to become one of the first in Africa to migrate fully from IPv4 to IPv6.

He added that in 2024, the Federal Government approved a two billion-dollar investment into 90,000 kilometres of fibre optic cables to ensure nationwide broadband coverage.

He said the project would have the third-longest fibre network in Africa, following South Africa and Egypt.

According to the Minister, the project has made significant progress, with support from the Ministry of Finance and a 500 million-dollar commitment secured by the World Bank.

In his intervention, Mr Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, noted that the ICT sector contributed 16 per cent to Nigeria’s gross domestic product in 2024.

He emphasised the government’s commitment to prioritising the sector as crucial for economic stability and job creation. (NAN) (www.nannews.ng)

Tinubu’s Minister not our member, we dont know where the President got him – APC chairman

Abdullahi Abbas, the Chairman of the All Progressives Congress (APC) in Kano State, has refuted claims that the Minister of State for Housing and Urban Development, Yusuf Abdullahi Ata, is a member of the party.

Abbas made the statement in response to Ata’s recent remarks during an interview with BBC Hausa.

Ata had reportedly warned that he and his supporters would leave the APC if Abbas, or anyone similar to him, were reinstated as the party’s chairman in Kano.

The minister also suggested that Abbas’ actions and statements were partly to blame for the party’s failure to retain power in the state, despite a clear victory in the 2023 governorship election.

However, Abbas fired back, accusing Ata of working against the APC during the 2023 elections. He further revealed that this issue was communicated to President Bola Tinubu.

Abdullahi Abbas said, “To us APC members, Yusuf Ata is not a member of the APC. We don’t even know why he was appointed a minister. All over Kano State it was only in his local government we came third during the 2023 election.

“We were not aware that he was being appointed a minister. We told the president that he is not a member of our party. He did anti-party. He is only a local champion.”