News
FG to offer Free Education to Science, Technology Students
The Federal Government is developing a cash transfer programme which will include the provision of free education for science, technology and education students in tertiary institutions, President Muhammadu Buhari has said.
The president announced the plan, aimed at addressing the needs of the poor and vulnerable in the society in his 2016 Budget Speech at the National Assembly on Tuesday.
He said, “through the Office of the Vice-President, we are working with various development partners to design an implementable and transparent conditional cash transfer programme for the poorest and most vulnerable. “This programme will be implemented in phases. Already, the compilation of registers of the poorest persons is on-going.
“In the coming weeks, we will present the full programme, which will include our home-grown public primary school feeding and free education for science, technology and education students in our tertiary institutions. “Indeed, this will mark a historic milestone for us as a nation.’’
The president also said the Federal Government would collaborate with states and local governments to tackle the “chronic shortage’’ of teachers in public schools across the country.
He said that under the partnership, government planned to recruit, train and deploy 500,000 unemployed graduates and NCE holders to strengthen basic education, especially in rural areas. Buhari also said his administration would partner states and local governments to provide financial training and loans for market women, traders and artisans through cooperative societies.
“We believe that this segment of our society is not only critical to our plan for growing small businesses, but it is also an important platform to create jobs and provide opportunities for entrepreneurs,’’ he said.
The president said that the budget proposal of N6.08 trillion was aimed at reviving the economy, delivering inclusive growth to Nigerians and creating a significant number of jobs.
“We aim to ensure macroeconomic stability by achieving a real GDP growth rate of 4.37 per cent and managing inflation.
“To achieve this, we will ensure the aligning of fiscal, monetary, trade and industrial policies,’’ he added. He reiterated the determination of his government to tackle the current rate of unemployment and underemployment among the populace, adding that the budget was a platform to put more Nigerians to work.
“I can assure you that this administration will have a job creation focus in every aspect of the execution of this budget. “Nigeria’s job creation drive will be private sector led. We will encourage this by a reduction in tax rates for smaller businesses as well as subsidised funding for priority sectors such as agriculture and solid minerals.’’
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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