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UNIDO, partners to provide over 6,000 jobs for youths in Tunisia.

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THE United Nations Industrial Development Organization (UNIDO), the US Agency for International Development (USAID), the Italian Development Cooperation and the HP Foundation on Tuesday inaugurated the second phase of UNIDO’s youth employment project. “Mashrou3i” (“My project” in Arabic) aims to create more than 6,000 jobs for young people in Tunisia over the next five years.

Currently, in the governorates of Central, Southern and Northern Tunisia, around 40 per cent of young graduates are unable to find work. This situation is attributed to a range of factors, including the public sector’s limited capacity to employ more young men and women, a lack of diversity in the private sector, and a mismatch between the skills required by the private sector and those offered by graduates.

The Mashrou3i project has helped to create more than 1,250 jobs to date, including by helping more than 160 start-up businesses mainly in the governorates of Kairouan, Kasserine, Kef and Sidi Bouzid. During the second phase of this public-private partnership, the project will be expanded to 14 vulnerable governorates of Tunisia and US$14 million will be invested to provide direct support to aspiring and existing entrepreneurs through training courses, business coaching and technical assistance in Beja, Gafsa, Gabès, Jendouba, Kairouan, Kasserine, Kébili, Kef, Medenine, Sidi Bouzid, Siliana, Tataouine, Tozeur and Zaghouan. It will also help enhance the knowledge and capacity of local business support and higher educational institutions.

“There is an urgent need for innovative solutions that provide access to quality education and enable economic opportunity for everyone everywhere”.

“This initiative will provide young men and women in Tunisia’s most vulnerable governorates with skills required to be entrepreneurs and offer business coaching services to help them start their businesses or to be able to be competitive on the job market. We expect to reach more than 25,000 aspiring and existing entrepreneurs and create at least 6,000 additional jobs in Tunisia within the next five years,” said Glenn Rogers, Senior Development Advisor for USAID in Tunisia.

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Philippe Scholtès, Managing Director at UNIDO, who attended the launch, added: “Unemployment among Tunisia’s educated youth remains a major challenge. Through such public-private partnerships we can pool and leverage our expertise and resources and support Tunisia on its path of inclusive and sustainable industrial development. By working together, we can ensure the implementation of the 2030 Agenda for Sustainable Development.”

Flavio Lavisolo, Head of the Italian Development Cooperation in Tunisia, added: “Our efforts aim to stimulate private and public investment, and help companies increase their competitiveness and overcome constraints to growth. This, in return, will secure new employment opportunities for people living in disadvantaged governorates, mainly for young women and men. The project is in line with the new priorities of the Italian Cooperation in Tunisia, which focus on regional development and job creation.”

Mashrou3i will leverage the HP Foundation’s Learning Initiative for Entrepreneurs (HP LIFE) Program, which provides free online IT and business skills training for people all over the world. HP LIFE will help young Tunisian entrepreneurs develop the knowledge and skills they need to start, grow and run successful businesses.

 

“The Mashrou3i project is a scalable social innovation model with proven results,” said Jihed Jahdour, Managing Director, HP Inc. Tunisia. “There is an urgent need for innovative solutions that provide access to quality education and enable economic opportunity for everyone everywhere, wherever they are in the world. The second phase of the project signals the continuation of our successful partnership to foster employment opportunities for young men and women in Tunisia.”

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.

The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.

Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.

He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.

“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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CBN governor

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.

Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.

While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.

Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.

He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”

Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.

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He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.

The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.

This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.

In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.

“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.

As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.

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