The Central Bank of Nigeria (CBN) is proposing a new initiative titled RT200 PX that will require commercial banks to source for their exchange requirements through the promotion of non-oil exports as a means of deepening the diversification of the economy as well as shoring up the country’s foreign reserves.
Director-General Industrial Training Fund (ITF), Sir. Joseph Ari who disclosed this at the 2021 Annual Review meeting at the Headquarters of the Fund in Jos, Plateau State on Tuesday said the programme which seeks to generate over two hundred billion dollars, will involve the encouragement of commercial banks by the CBN to support the value chains of MSMEs for non-oil export.
He further disclosed that the Minister of Finance, Budget and National Planning recently announced the decision of the federal government to prioritise human capital development as part of the measures to catalyse rapid economic development of Nigeria.
“Consequently, the Minister announced that the Federal Government in the year 2022 budget will commit over N2 trillion to the capacity development of Nigerians. These are just three examples of the numerous policies and programmes that have been unveiled by the government as part of its efforts to grow the national economy” he said
According to him, for the Industrial Training Fund to key into these programmes to exploit their obvious potential for the benefits of the ITF, Ari tasked both the management and staff to double their efforts and be ready to tailor their energies towards the federal government aspirations.
“Also for us to live up to our vision of being the foremost skill training and development organisation in Nigeria and one of the best in the world we shall continue to search for a new way of doing things that will engender growth and greater results that is the true meaning of ideation and innovation.
“Similarly, we need to task ourselves to be more productive and think outside the box to come up with innovative ideas and strategies that will lead us to greater heights,” he said
He however expressed delight that stakeholders are steadily keying into the Fund advocacy for emphasis on skill acquisition as a vehicle and a veritable tool for poverty reduction, job creation and overall national growth.
Sir Ari commended the bold step taken by the National Assembly to commence legislative processes for the inclusion of Technical and Vocational Education and Training (TVET) in school curricula adding that the step will expose Nigerians to hands-on skills at the early stage and thereby eliminate existing prejudice against TVET and the perception of technical skills as a preserve for some classes in the society.
The Director-General, therefore, commended the entire workforce of the organisation for their resilience, determination, dedication and commitment which accounted for most of the success recorded.
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