The Nigerian government has announced a significant investment of $617.7 million in the digital and creative industries.
The project aims to provide training in the latest technology and creative sectors to over two million young people, with the goal of generating five million new jobs across the country.
In related news, economist Dr. Ayo Teriba has advised the government to shift its focus from relying solely on Gross Domestic Product (GDP) as a basis for revenue generation and taxation. Instead, he suggests placing more emphasis on leveraging the country’s assets.
Teriba points out that countries like the United States and Saudi Arabia are now prioritizing their assets and connecting global liquidity to local resources. Nigeria possesses valuable assets that, if properly utilized, could yield significant benefits.
Teriba also urges the Central Bank of Nigeria to strengthen the country’s external reserves, particularly in light of the recent mandate for banks to increase their minimum capital requirements.
Failure to address this adequately may lead to exchange rate fluctuations undermining the banks’ recapitalization efforts.
Furthermore, Vice President Kashim Shettima highlighted recent investments, including a $500 million commitment for lithium development in Nasarawa state and substantial investments from India, the Netherlands, and Germany, particularly in renewable energy.
Shettima also revealed the launch of the Outsource to Nigeria Initiative (OTNI), which aims to train and empower 74,000 young Nigerians, equipping them with the necessary skills for the global market.
Shettima emphasized the rapid advancements in technology, with citizens now living in an era of artificial intelligence, machine learning, and the internet of things.
He acknowledged that Nigeria faces various internal challenges such as insecurity, economic diversification, energy stability, food security, industrialization, productivity, and high inflation.
However, he expressed confidence in the proactive approach of the Bola Ahmed Tinubu administration, which is actively addressing these issues and working towards solutions that will elevate Nigeria’s position among nations.
Shettima concluded by highlighting the government’s i-DICE (Investment in Digital and Creative Industries) project, a $617.7 million initiative aimed at training over two million youths and creating five million new jobs in Nigeria.
Additionally, the OTNI will prepare 74,000 young Nigerians for opportunities in the global market.
