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Labour Migration: Ministry sensitises stakeholders on national policy



The Federal Ministry of Labour and Employment (FMLE) says the promotion of labour migration is one of the key ways to increase the contributions of international labour migration to national development.

The Director, Employment and Wages, FMLE, Mr John Nyamali, made this known at the opening of a three-day Stakeholders’ Sensitisation Workshop for the Implementation of the Revised National Policy on Labour Migration (NPLM) on Tuesday in Lagos.

The workshop was organised by FMLE in collaboration with the International Labour Organisation (ILO).

Nyamali was represented by the Head, International Labour Migration Division, FMLE, Abuja, Dr Sunday Onazi.

The director said that managing migration represented a growing challenge, as Nigeria occupied an important position in the global migration landscape.

‘’It is against this backdrop that the government of Nigeria adopted the NPLM Oct. 15, 2014, revised in 2020, to promote safe, fair, regular labour migration.

‘’This is also to harness its benefits for national development, as well as to combat the increasing challenges of irregular migration, exploitative practices, forced labour, smuggling, and human trafficking, ‘’ he said.

Nyamali said that the ministry decided to convene the workshop in order to sensitise stakeholders on the provisions of the NPLM and to prepare for its implementation.

According to him, the policy will have enormous advantage to Nigerians migrating.

“Nigerians need to have a proper governance framework when it comes to the issue of Labour migration.

‘’However, it is our belief that this stakeholders’ sensitisation workshop will afford us the opportunity to present the provisions of the revised policy to our social partners and relevant stakeholders.

‘’This will be done through the presentations that will be made by the consultant engaged with the support of ILO to implement the project  — support to the operationalisation of the revised NPLM.

‘’Thus, this workshop is aimed at facilitating the operationalisation of the revised NPLM through collaboration, sensitisation and awareness, ‘’ the director said.‘

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Tinubu approves take-off of N100bn consumer credit for Nigerians



President Bola Tinubu has approved the commencement of the N100 billion Consumer Credit Scheme for Nigerians amid escalating economic hardship in the country.

Ajuri Ngelale, the President’s spokesperson, disclosed this in a statement on Wednesday.

He stated that interested Nigerians are expected to visit the portal of Nigerian Consumer Credit Corporation before May 15, 2024.

“Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.

“Individuals build credit histories through responsible repayment, unlocking more opportunities for a better life. The increased demand for goods and services also stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

“The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: Strengthening Nigeria’s credit reporting systems and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit, Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

“In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

“Working Nigerians interested in receiving consumer credit can visit to express interest. The deadline is May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public,” the statement said.

Recall that two months ago, a presidential spokesman, Bayo Onanuga, announced that the Federal Executive Council had given the nod for the establishment of the Consumer Credit Scheme.

He said the President’s Chief of Staff, Femi Gbajabiamila, will lead a committee that includes the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance to make the scheme a reality.

In March, the Chairman of the Federal Inland Revenue Service Chairman, Zacch Adedeji, said the Nigerian government would unveil its proposed N100 billion consumer credit loan in a few days.

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Nigerian Govt grounds Dana Air operations



The Nigerian Government has suspended the operations of Dana Air.

The order followed an incident involving a Dana Air plane at Lagos airport on April 23, which forced aviation authorities to divert flights from local to international airport.

The decision was announced by Minister of Aviation, Festus Keyamo.

Details shortly…

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CBN disowns notice on cryptocurrency transactions



The Central Bank of Nigeria says a notice circulating on social media about the risk of cryptocurrency is fake news.

The Apex disclosed this via its official X account, urging the public to disregard the purported notice for all Deposits Money Bank, Non-Bank Financial Institutions, and other Financial Institutions.

The notice reminded “Institutions that dealing in cryptocurrencies and facilitating payments for cryptocurrency exchanges is prohibited”.

However, CBN said the content doesn’t originate from it.

“This information does not originate from the Central Bank of Nigeria.

“For authentic updates, please visit the official website,” CBN wrote.

Recall that the CBN governor, during the Bank’s 293rd Monetary Policy Committee meeting, said over $26 billion funnelled through Binance.

On Tuesday, the Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, said the anti-graft agency froze about 300 accounts to ensure the safety of the foreign exchange market.

The Nigerian government had continued clamping down on Binance and other cryptocurrency platforms amid efforts to defend the Naira in the foreign exchange market.

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