Business
Over 1m Youths To Benefits fyrom Skills Programme–Minister
THE Minister of Youth Development, Dr Jamila Ibrahim, says no fewer than one million young people will benefit from the National Youth Skills Programme (NYSP) in the first year of its inauguration.
Ibrahim disclosed on Tuesday in Abuja at the commemoration of the 2024 World Youth Skills Day with theme, “Youth Skills for Peace and Development.’’
The sub-theme of the event was, “Upskilling Youth for Peace, Skill up Youth for Development.’’
According to the minister, the celebration is in compliance with the declaration of the United Nations General Assembly for every member state to commemorate the day on every July 15.
Ibrahim said that annual event served as an opportunity for member states to recognise the importance of equipping young people with the necessary skills for employment and entrepreneurship.
She said that the event aimed to also address the challenges of skills acquisition amongst the youth.
The minister said that the ministry was working towards supporting job creation and reducing unemployment.
She said that the NYSP would soon be inaugurated, targeting one million beneficiaries in its first year.
The minister said that the Youth Investment Fund had been increased from N72 billion to N110 billion, which would help enhance the ministry’s projects.
Ibrahim urged youths to identify and improve their talents and skills, emphasising that the government’s investment in the youth should motivate them to shun negative tendencies.
She said that the ministry had already streamlined the process to ensure that more young entrepreneurs could access the funds they needed to innovate and create jobs.
Ibrahim urged the youths to embrace skill acquisition as a means of contributing to the country’s growth and development, reinforcing the theme of “Youth Skill for Peace and Development.”
She said the reforms would integrate skill development and entrepreneurship into the service year, making it more impactful and economically beneficial for the graduates.
Earlier, the Minister of State for Youth Development, Mr Ayodele Olawande, said that the ministry would be shifting its focus to incorporate both formal and informal youths.
Olawande said that the Federal Government was determined to ensure that seven million Nigerian youths acquired at least two skills within the next two years.
According to him, the ministry is running the Nigeria Youth Academy Programme with no fewer than 60,000 beneficiaries to test run the academy before its full implementation.
Olawande emphasised the importance of job fairs.
He said that that while Nigeria has had trade fairs over the years, it was time to have job fairs to promote skill acquisition.
Olawande said that the ministry planned to work with every local government to ensure that each had at least one local product they produce and manufacture with raw materials sourced from the area.
The Chairman of the Senate Committee on Youth, Mr Adaramodu Adeyemi, described the skill development initiative as a positive development by the ministry.
Adeyemi assured the ministry and the youths that he was ready to legislate on any measures that would enhance their lives.
He stressed that with youths making up 60 per cent of the country’s population, it was essential to pave the way for their development and empowerment.
Mr Kashim Ali, a Fellow of the Nigerian Society of Engineers and a guest speaker at the event, challenged the public to engage in skill acquisition regardless of age or qualification.
He encouraged adults to learn skills that were suitable for them as it was never too late to learn. (NAN
The Senate has passed two out of four major tax reform bills, marking a significant milestone in the ongoing overhaul of the nation’s tax administration framework.
The two bills, one seeking to repeal the Federal Inland Revenue Service (Establishment) Act and another to establish the Joint Revenue Board (Establishment) Bill 2025 along with the Nigeria Revenue Service Bill 2025, were passed following a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.
President Bola Ahmed Tinubu had in October 2024 transmitted the four tax reform bills to the National Assembly for consideration and passage.
However, the Senate President, Godswill Akpabio, commended the progress, expressing optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.
He further assured that the remaining two bills would be finalised tomorrow (Thursday), even if it required extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.
Abubakar Kyari, minister of agriculture and food security, says Nigeria has lost over N1.3 billion to the outbreak of Tuta absoluta, a tomato-destroying pest commonly known as tomato ebola, in three states.
Speaking on Wednesday at a capacity-building workshop for financial institutions in Abuja, Kyari said the losses were recorded in Kano, Katsina, and Kaduna states.
He said the outbreak had triggered a sharp increase in the price of tomatoes — with the cost of a 50-kilogram (kg) basket rising from N5,000 to as high as N30,000 — further compounding food inflation and putting pressure on household budgets.
The minister described Tuta absoluta as a fast-spreading invasive pest capable of wiping out entire tomato fields within 48 hours, stressing that the incident exposed the vulnerability of the country’s horticultural systems.
According to Kyari, the crisis underscores the pressing need for effective pest control measures, investment in resilient crop varieties, and stronger support systems for farmers to protect Nigeria’s food supply chains.
“Tomatoes and peppers, essential ingredients in virtually every Nigerian kitchen, serve as baseline commodities for daily cooking,” he said.
“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.
“According to the 2024 National Bureau of Statistics (NBS) tomatoes led the food price index with a staggering 320 per cent year-on-year increase, followed by peppers and other produce.
“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain.”
Kyari described horticulture as the “sleeping giant” of Nigerian agriculture and called for urgent efforts to unlock its full potential through sustainable financing.
He explained that horticulture — which includes the cultivation of fruits, vegetables, herbs, spices and ornamentals — holds far-reaching benefits beyond food production.
The minister said it is a dynamic engine for rural transformation, job creation, improved nutrition and trade diversification.
”With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly. Horticulture is well-positioned to meet this demand,” he added.
Despite the challenges in the horticulture sector, Kyari said it remains one of the most promising frontiers for agricultural transformation, offering higher value per hectare, shorter production cycles, and multiple annual harvests ideal for smallholder commercialisation.
He added that the sector offers high employment potential throughout the year, particularly for women and young people, and is closely connected to processing, packaging, retail, and export markets.
“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration,” he said.
“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade.”
The minister outlined the sector’s major contributions to Nigeria’s agricultural transformation, including the diversification of production and income sources, improved food and nutrition security, and job creation with youth involvement.
Kyari also highlighted its role in reducing import dependence, boosting export potential, enhancing climate resilience, and strengthening access to urban markets.
“Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops,” Kyari said.
“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.
“Scaling up their production and affordability is key to ending malnutrition in all its forms.”
Kyari urged financial institutions to better understand the horticulture value chain — from seed to shelf — and to move beyond generic lending and develop tailored products that aligned with the specific stages of the value chain.
The minister also urged them to develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.
The naira yesterday depreciated to N1, 610 per dollar in the parallel market from N1,605 per dollar on Tuesday.
Similarly, the Naira depreciated to N1,612 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN showed that the exchange rate for the naira rose to N1,612 per dollar from N1,609 per dollar on Tuesday, indicating a N4 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N3 per dollar from N4 per dollar on Tuesday.