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The federal government on Monday announced plans to create a certification system for unskilled labour in Nigeria. Musa Abdullahi, chairman of the National Board for Technical Education (NBTE), made the announcement at a meeting on the National Vocational Qualification Framework. Mr. Abdullahi said the traditional system of qualification does not appropriately address the informal sector, though most jobs and vocational trainings were located there.

“National recognition is not given to the skills and competencies acquired in this important sector,” he said. “The system does not allow individuals who might not have any certificates, but have gained useful relevant experience or competence, to secure formal qualification for additional improvement.”

Lifelong learning

Mr. Abdullahi said the framework will improve vocational education and training while providing incentives to individuals to continue learning through life.

“This implies that mechanics, vulcanizers, carpenters, caterers, tailors, will be tested based on their competencies and issued certificates by the federal government which they can use even outside Nigeria to get jobs, when the relevant legislative procedures are in place.” He added that Nigeria needed skilled craftsmen, technicians and technologists in large numbers, if the country was to be one of the top 20 economies of the world by 2020.

Ade Aimola, acting executive secretary of NBTE, said that, “the education system is facing a lot of challenges, chief among which are quantity, quality and relevance of training and training opportunities in both formal and non-formal sector.” It is against this backdrop that the National Board for Technical Education is seeking to introduce and develop the national vocational qualification framework,” Mr. Aimola said.

Need for the system

The framework has to do with the development, classification and recognition of skills, knowledge and competencies acquired by individuals irrespective of where and how the training or skill was acquired.

“The system gives a clear statement of what the learner must know to be able or be able to do whether the learning took place in a classroom, on-the-job, or less formally. The framework indicates comparability of different qualifications and how one can progress from one level to another.” Mohammed Aminu, a director at Industrial Training Fund, said there was a need to certify artisans in the country, because this lack of certification has deprived them of certain privileges. “This framework meeting is timely. It is going to help not only the Fund but other organizations and help for the development of the country,” Mr. Aminu said.

Africa offers among
the world’s best investment prospects as emerging markets grow ever
more important, although its economies risk being destabilised by the
slew of capital they stand to attract in coming years.

Energy-producing
continental giant Nigeria was identified as a top pick by some of the
most influential figures in emerging markets finance who spoke to the
Reuters Emerging Markets Summit in Sao Paulo last week.

Africa withstood
the financial crisis better than many predicted, and the region’s
economic growth is forecast at 4.75 percent in 2010. Next year, half of
the world’s 10 fastest growing economies are expected to be in Africa,
and it is now attracting more than just the most intrepid investors.

“The latent
interest in Africa is enormous,” said Stephen Jennings, chief executive
of Russian investment bank Renaissance Capital, speaking to the Reuters
meeting by video link from Moscow.

“Before the crisis
there were probably 40 people or groups establishing Africa funds. In
3-4 years you’ll have 100 Africa funds and the biggest one won’t be $2
billion, it’ll be $20 billion.”

Fund tracker EPFR
reports 43 consecutive weeks of net inflows to Africa equities funds,
reaching $484 million in the first half of 2010 – nearly double those
to India over the same period.

Africa’s advocates
say the inflows stand to accelerate rapidly as a dearth of attractive
returns in the developed world pulls investors in while a more stable
political and economic environment indicates diminishing risks.

BRIC links

A shift of global
economic power to emerging giants such as Brazil, Russia, India and
China – known collectively as the BRICs – benefits Africa as surging
economies seek its resources and push up commodity prices and
investment.

Brazil, Russia and
India still trail China, which last year became Africa’s biggest trade
partner, but they have been rapidly expanding trade and putting more
money into Africa.

“What’s absolutely
striking is how much change there’s been between the BRIC countries and
Africa,” said Jacko Maree, chief executive of South Africa’s Standard
Bank, which is Africa’s biggest.

“We like to think
that the whole story has only just begun.” Brazilian firms with a large
African presence may soon issue bonds in South African rand to seize on
growing interest, said Standard Bank’s chief executive in the Americas,
Eduardo Centola.

Nigeria top pick

Nigeria’s market of
about 140 million people – nearly three times bigger than South
Africa’s – as well as its energy resources and bigger, more liquid
markets, makes it the top choice for many eyeing Africa.

On the Goldman
Sachs’ growth-environment index, which measures a mixture of economic
and social development indicators, Nigeria’s score has nearly doubled
over the past decade.

“If it were to show
the same increase in its growth-environment score over the next decade,
many investors will look back and say why the hell didn’t I invest in
Nigeria,” said Goldman Sachs’ global head of economic research Jim
O’Neill, who coined the term BRICs.

Ethiopia and Rwanda
are among the smaller African economies seen as promising. They show
how previously ignored countries scarred by war are emerging as
possible investment magnets alongside those such as Ghana, a relatively
stable democracy which is soon to become an oil producer.

There are risks, though, with concerns over political stability even in bigger economies such as Nigeria and Kenya.

Africa experts
underline the fact that new mineral riches have rarely been shared
widely, and suggest reliance on such income for national coffers could
discourage establishing tax bases that would put states on a sounder
footing.

“Where I think the
real caution has to come in is the quality of the growth,” said Patrick
Smith of the Africa Confidential newsletter. “It would be pretty silly
to say success is certain.”

A big influx of
investment funds could in itself pose a problem for African countries
less prepared to cope than those in other rapidly growing regions that
have felt the pain of such flows in the past.

“Africa has no
experience of huge capital inflows,” said Renaissance’s Jennings.
“Under the scenario I’m painting, the capital inflows will be way above
and beyond the ability of those countries to absorb them.” Most African
countries have small, illiquid markets and little financial
infrastructure, raising the chances of economic distortions and asset
bubbles that could lead to currency crises and long-term damage.

“People look at how
certain African economies have been getting their act together and
there is a risk you will get significant capital inflows,” said Mohamed
El-Erian, chief executive of PIMCO, the world’s largest bond investor.

“That will provide quite a challenge to policy makers.”

Nigeria’s
microfinance sector has failed to make the expected impact on the
economy due to misconception by the operators, but this will soon
change.

Lamido Sanusi, the
Central Bank governor, said the bank will come up with a reviewed
policy framework in order to make it more effective.

Akintunde Sowunmi,
deputy director, development finance, who represented Mr. Sanusi at a
conference organised by Credit Awareness yesterday in Lagos said less
than three percent of the rural population of Nigeria have access to
microfinance services.

Mr. Sowunmi said
one of the challenges is to create awareness about credit acquisition
in order to make more people interested in accessing it.

“Despite the
importance and benefits of credit, there are socio-economic barriers
inhibiting access to financial services such as education, gender, age,
irregular income, poor infrastructure, and even geographical location,”
he said.

He said after five
years of operating the current microfinance policy, there was an urgent
need to make it more effective. Some of the concerns that would be
addressed in the revised framework are the location as well as the high
profile exhibited by operators.

“They are
urban-biased and many of them are not in the rural areas, which they
are supposed to serve. It will actually take a while for a paradigm
shift. That is why the CBN has taken the initiative five years after to
do a total review of the policy, to see the challenges and the reality
on the ground,” he stated.

Credit must be generated locally

Ismail Ridwan, a
senior economist with the World Bank, said the amount of credit needed
to take Nigeria into the top 20 economies by the year 2020 would have
to be generated internally.

Mr. Ridwan hinged
the amount on five pillars: improvement in banking supervision,
improved credit information, and conventional banks diversifying by
introducing new products, credit guarantee schemes, and business
development services to scale up business training for entrepreneurs.

He said the World
Bank was convinced that the intervention by the Central Bank in the
banking sector last year was necessary in order to save an already bad
situation.

“We went to the
Central Bank two years ago and we had done a diagnostics of the banking
industry, which revealed lots of issues with banks’ portfolio. We are
glad that the Central Bank has gone ahead to remove some of the bank
chiefs,” Mr. Ridwan said.

He explained that it is worrisome that less than one percent of small companies in Nigeria have access to credit.

“Small companies
have the biggest obstacle in terms of access and cost. Nigeria is
behind Ghana in terms of access to credit,” he said.

Rilwan Akiolu, Oba
of Lagos, said the level of poverty in the country is unacceptably
high, blaming it on bad leadership and bad management.

“Only ungodly people will condemn CBN reforms,” he said.

Alabi McFoy, Lagos
State Microfinance Initiative (LASMI) chairman, said the state was in
support of creating awareness about availability of credit so that more
poor people can have access to it.

“So far, Lagos
State has disbursed over N1.3 billion through microfinance banks in
Nigeria and will inject more so that more people can benefit,” he said.

The latest Corolla
from Toyota does more than generally getting the job done. It is
meticulously built to provide users the extra mile. The new king of
smooth ride for 2010 comes packed with newer technologies and design,
capable of leaving riders breathless.

Ever since the
Corolla’s debut in 1966, it has showcased consistency in high standard
and this is what the 2010 Toyota Corolla offers.

Design

The new car is
showcased in five trim levels of the base, LE, S XLE and XRS Model. The
XRS is the highest model range among all types and comes with a larger
engine compared to other models. It also steps with 17-inch alloy
wheels for good balance and speed and is mainly distinguished from
other models with its steering cruise control, rear deck spoilers, and
chrome trims.

The XLE model
stands a step before the XRS model. It comes with 16 inch wheels. Other
minor abilities it packs are variable intermittent wipers, keyless
entry, centre armrest. The Base Corolla model comes standard with
15-inch wheels.

Other enjoyable
qualities riders get to derive from the car are solid sound system with
satellite radio and Bluetooth connectivity, power windows, telescopic
steering wheels, and Navigation system for location finding. Its
control layout is intuitive.

Inside the latest
Corolla is plenty of space to conveniently seat five adults with driver
inclusive. It is built with a double glove box which increases its
storage capacity in front.

Engine Power

Apart from the XRS
Model whose engine built comes with a 2.4 litre four cylinder packs and
an output of 158 horsepower of 162 Ib-ft of torque. Other models are
built with a 1.8 litre four cylinder engine rated with output of 132
horsepower and 128 pound feet of torque.

The engine is fully
integrated with a standard five-speed manual transmission and an
optional four speed automatic. The XRS model muscles up with both five
speed manual and automatic transmission.

The 1.8 litre
engine of the Corolla covers 0-60 mph in 10 seconds, while XRS model
with 2.4 litre engine covers 0-60 mph in 9.1 seconds.

Safety

The 2010 Corolla is
built with standard safety features like antilock brakes, stability
control, front-seat side airbags, full-length side curtain airbags and
active front head restraints. The XRS model features four-wheel disc
brake while other Corollas have rear drums.

Price

Prices vary
according to models. The Corolla standard goes for $15,450 (about N2.3
million)The LE goes for $16,850 (about N2.5 million) XLE goes $17,750
(about N2.66 million) while the S model and XRS model goes for $16,520
(about N2.48 million) and $18,960 (about N2.8 million).

Nigeria and South
Africa have reiterated their commitment to the strengthening of their
bi-national commission to include the promotion of ‘person-to-person
relations’.

The News Agency of
Nigeria (NAN) reports that the two countries recently celebrated the
10th year anniversary of the bi-national commission.

The South African
Ambassador to Nigeria, Kingsley Mamabolo, made the pledge on behalf of
his government in Abuja on Tuesday when he visited the Minister of
Interior, Emmanuel Iheanacho.

He stressed the
need to foster person-to-person relations between nationals of both
countries to promote socio-economic development.

The Independent
Corrupt Practices and Other Related Offences Commission (ICPC) said
yesterday that it ill organise conferences in the six geo-political
zones to ensure the success of its anti-corruption crusade.

The Chairman of the
Commission, Emmanuel Ayoola, represented by Uriah Angulu, said this in
Abuja at a news conference organised by the commission and the National
Assembly Committee on Anti-Corruption.

The conference is expected to hold in Ogun, Nasarawa, Gombe, Kebbi, Rivers and Anambra states.

is “The Imperative
of Self Transformation and Knowledge Acquisition in the Fight against
Corruption.” Mr. Ayoola said the conference which began in 2006, was
aimed at building and promoting the culture of integrity, transparency
and accountability in the conduct of government business.

Nigeria hopes to
launch a planned $500 million debut global bond by the end of November
and has selected a consortium of international and local legal and
financial advisers, the Debt Management Office said on Tuesday.

“(The issue will come) most probably before the end of November. We
have already … selected a consortium of international and local
advisers,” DMO director general, Abraham Nwankwo, told Reuters.

South African maize
farmers are going to suffer as long as there are only limited markets,
for the country’s grain and maize prices lie below the costs of
production, an industry official said on Tuesday.

Jane McPherson,
manager of farmer development of industry group, Grain SA, said low
prices and higher input costs would hurt farmers’ ability to service
debts and re-invest.

“We need to be able to expand our market for grains. The farmers
cannot afford to borrow because the price of producing is too high,”
she told an Agribusiness Investment Summit in Durban.

Copperbelt Energy
Corporation (CEC), Zambia’s main distributor of power to the country’s
mines, has approved the construction of a 40 megawatt hydropower plant
following the completion of a feasibility study, the company said on
Tuesday.

“The final report
has recommended that the project is viable and 40 MW of capacity is
recommended. The detailed site design, tendering and financing process
for the project has commenced,” it said in a statement.

Regular power
outages, partly due to ageing equipment in Zambia, which has had no
major investments to raise power generation for decades, has forced it
to import power from the Democratic Republic of Congo (DRC).

The power generation project is expected to be commissioned by 2015, the CEC said.

Kenya’s
year-on-year inflation rate slowed to 3.2 percent in August from 3.6
percent the previous month, helped by a dive in telecoms costs, the
government’s statistics office said on Tuesday.

The communications
index, which makes up 3.82 percent of the basket of goods used to
measure inflation, fell by 23.5 percent when compared with July, and by
24.1 percent when compared with August 2009.

“The communications’ index declined … on account of significant
falls in the cost of airtime in addition to continued decline in the
cost of handsets,” Kenya National Bureau of Statistics said in a
statement.