Business
Class of 99: Create cottage industries, not N5,000 palliative – Former Govs tell Tinubu
The Class of 1999 governors have advised President Bola Tinubu to create cottage industries in all the local government areas of the federation to create jobs for the people, rather than give N5,000 palliatives that can barely sustain the poor.
The Ex-Governors gave the advice after a closed-door meeting with the President on Friday at the villa in Abuja.
They also called on the President to address security challenges in the country as one of the ways of ensuring development in Nigeria.
It was reports that the Class of ’99 governors are colleagues of President Tinubu, who served from 1999 to 2007, when he was the governor of Lagos State.
Speaking, chairman of the Class of ’99 governors and former governor of Edo State, Lucky Igbinedion, pointed out that people in rural areas were bearing the brunt of the harsh economic situation in the country, advising the President to intervene.
While assessing Tinubu’s efforts and what they wanted him to specifically do, Igbinedion said the first and foremost thing is security, stressing that without security, there could be no progress and stability.
“And secondly, the economy, of course, needs to be stabilised by ensuring the foreign exchange remains stable and people can afford it. But what is most important is: let’s create industries, especially cottage industries, that can employ people, rather than just giving out palliatives.
“We implored him to try as much as possible to create cottage industries in all the local governments of the federation where people can be employed, because if you give palliative to somebody today, what happens tomorrow? If he has N5,000 in the morning, how about lunchtime or dinner time? What is he going to do?
“N5,000 cannot buy much. So I thought these were part of the really heart-to-heart discussions we had with the President, and he agreed with us to say, yes, he’s going to look into it, and we appreciated it,” he added.
Weighing in on the reason for their Abuja visit, Igbinedion also said, “We came to see one of our own, Class of ’99, and to bring about topics about the state of the nation. We are glad that Mr President received us warmly, and we spoke basically about the security situation of the nation, the economy, and, of course, agriculture. The President expressed his concern about these various issues that we came to discuss with him.
“And we also proffered our solutions about how he can go about bringing about succour to the people. The people, especially in the rural areas, are feeling the impact of the harsh economy, and he assured us that he is looking into it.
“We also spoke about the stability of the naira, which he also addressed appropriately. So it has been a very fruitful deliberation with Mr. President. And of course, he assured us that whatever suggestions or way forward that we might have, his doors are always open for such conversation.”
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Business
Nigerian Kobo and Naira Coins (1991–1993 Series): A Glimpse into Monetary Heritage (PHOTOS)
The Kobo and Naira coin series issued between 1991 and 1993 represent a significant era in Nigeria’s economic history. These coins, now largely out of circulation, once played a vital role in daily commerce and offer a fascinating insight into the country’s rich cultural and economic symbols.
Denominations and Design
The coin set featured the following denominations:
1 Kobo
10 Kobo
25 Kobo
50 Kobo
1 Naira
Each coin was designed to reflect Nigeria’s national identity, featuring notable figures, agricultural symbols, and industrial elements.
1 Kobo
Smallest denomination.
Featured ears of corn, symbolizing Nigeria’s agricultural roots.
10 Kobo
Featured oil palms, a nod to one of the country’s major cash crops.
25 Kobo
Showed groundnuts, once a key export commodity of Northern Nigeria.
50 Kobo
Displayed an oil derrick, representing the petroleum industry which has been central to Nigeria’s economy.
1 Naira
Featured the portrait of Herbert Macaulay, a pioneer Nigerian nationalist and key figure in the country’s path to independence.
Historical Context
The Naira (₦) and Kobo (₦1 = 100 Kobo) were introduced on January 1, 1973, replacing the Nigerian Pound in a major currency decimalization initiative. This made Nigeria the first African country to adopt a decimal currency system, marking a shift from colonial-era monetary practices.
The 1991–1993 coin series was a continuation of efforts to modernize Nigeria’s currency with updated designs and more durable materials.
Circulation and Decline
At their peak, these coins were widely used for everyday transactions, particularly for small purchases in markets, transportation, and shops. However, due to persistent inflation, many of these coins—especially the 1 Kobo and 10 Kobo—lost their purchasing power and gradually disappeared from use.
Today, most of these denominations are no longer accepted in commercial transactions. The 1 Kobo coin is now virtually extinct in circulation and exists primarily as a collector’s item or historical artifact.
Legacy and Collectible Value
While no longer functional in modern commerce, the 1991–1993 coin series remains an important symbol of Nigeria’s economic evolution. For collectors, historians, and educators, these coins offer a tangible way to explore Nigeria’s post-independence financial heritage and the changing face of its economy.
These coins are not just currency—they’re time capsules, preserving stories of Nigeria’s industries, agricultural wealth, and nationalist pride.
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US President Donald Trump has ordered the firing of the country’s commissioner of labor statistics, Erika McEntarfer, after the Labor Department reported weak hiring last month and revisions showed a quarter-million fewer hirings in the prior two months.
Trump said he ordered the immediate firing of Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, asserting the July report misrepresents what he claims is a “booming” economy powered by his policies.
The US added 73,000 nonfarm jobs in July, the Labor Department reported early Friday, down by about a third from economists’ expectations. More importantly, gains for the prior two months were revised lower by a combined 258,000 jobs.
Revisions to the employment report are routine, but the BLS said the revisions for May and June were “larger than normal.”
McEntarfer, a labor economist, was nominated by former President Joe Biden in July 2023 and confirmed by the Senate as commissioner of labor statistics in January 2024, according to the Bureau of Labor Statistics website. She previously served as a senior economist on the White House Council of Economic Advisors, where she advised on the recovery from Covid-19.
Labor Secretary Lori Chavez-DeRemer, a Trump appointee, said on her social media site that she supported the “President’s decision to replace Biden’s Commissioner.” She said during the search for a replacement, Deputy Commissioner William Wiatrowski will serve as acting commissioner.
“Important numbers like this must be fair and accurate; they can’t be manipulated for political purposes,” Trump said, without providing evidence the data was manipulated. “McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months.”
Trump added: “The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election,” late last year, Trump said, renewing his attacks on Fed chair Jerome Powell, who has repeatedly ignored Trump’s calls for him to lower rates. The Fed this week held its target rate unchanged for a fifth time this year, saying it needed to assess the impacts of tariffs and other Trump policies.
“Too Late” Powell should also be put “out to pasture,” Trump said.
Powell’s term in office expires in May next year and he can only be fired from the independent body for cause.
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Nigeria’s Dangote Refinery has appointed the former head of Oman’s Duqm refinery, David Bird, as chief executive officer of its petroleum and petrochemicals business.
This was disclosed by S & P Global Commodity Insights on Friday.
Bird’s appointment takes effect from July 2025.
The move is aimed at overcoming production challenges and advancing the $20 billion refinery to its next phase of expansion.
Meanwhile, the refinery’s founder, Aliko Dangote, will remain chairman of the refining business.
The development comes as the 650,000-barrel-per-day refinery finalises plans to roll out premium motor spirit and automotive gas oil distribution nationwide from August 2025, a move opposed by the country’s petroleum products marketers.
The refinery officially commenced fuel rollout in September last year and has since continued to ramp up production capacity.
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