Poor Economy Will Not Stop NNDC From Developing Manpower For North, Nigeria, Board Chairman Vows

    File photo: Cross section of Northern Governors, during their meeting in Kaduna on Friday May 17, 2019. Photo; BASHIR BELLO DOLLARS

    By KATO P. LADAN, Kaduna

    Not minding the tough economic environment presently faced in Nigeria and the world over, the New Nigeria Development Company (NNDC) has continued to okay a pivotal role of developing manpower for the North and the rest of the country.

    Chairman of NNDC Board, Tanimu Yakubu expressed this, in an address at the Annual General Meeting (AGM) of the company held in its board room on Friday in Kaduna.

    “The overall performance is a reflection of the volatile and harsh business environment  we had to contend with.
    “Notwithstanding the tough operating challenges, the Company continued in its efforts of developing quality manpower for the North and the country in general.,” he said.

    He  reviewed the operating environment of the Nigerian economy in 2017, which he said, gradually emerged out of recession with  a very weak GDP growth rate of 1.40% in the year, against an annual population growth rate of 2.6%. Inflation trended downwards from  18.7% at the beginning of the year to 15.37% at the year end. 

    “The  country’s external reserves rose to over $40 billion with surplus trade  and current account balances. 

    “The Central Bank of Nigeria, beginning in  the first quarter of the year, deployed a number of monetary policy tools  to boost liquidity and achieve a rate convergence in the foreign exchange  market by doing away with multiple foreign exchange windows. 

    “Consequently, the parallel market exchange rate of the Naira stabilized at N363/US$1 towards the end of the year. 

    “But the gap between this rate  and the official rate at N306 to the US Dollar remained rather wide to  encourage an efficient and a highly predictable price,” he stressed.

    Yakubu explained that fundamental macroeconomic challenges have continuously existed against the backdrop of reduced government revenues due to low commodity prices which caused a huge fiscal deficit in public finance. 

    “As a result of low government revenues and mass unemployment,  demand remained sluggish. Businesses outside financial services sector  generally reported either low sales or decreased real turnover relative to  prior year’s. Cost of doing business remained high. 

    “Your company remained resolute and focused in realizing its corporate  objectives in the face of a tough operating environment and continuous  security challenges across the country,” he informed.

    On the operating results and performance, he said that the company’s performance during the financial year ended 31st March 2018 registered a marginal improvement of an 8.4% increase in  operating income from N747.11m to N809.68m. 

    “Furthermore, operating  profit before tax reduced by 16.88% from N138.25m to N114.92m while earnings per share decreased from 17.54 kobo as at 31st March2017 to 13.93 kobo as at 31st March 2018.

    “Shareholders’ Funds increased marginally from N9.19 billion in 2017 toN9.23 billion in 2018,” he stated.

    The NNDC Board Chairman said that the company in the period under review earmarked  reasonable resources towards promoting the NNDC Young Professionals Development Trust (NNDC/YPDT) and the Musa Bello Learning and Resource Centre (MBLRC).

    “As at November 2017, the four (4) NNDC/ICAN Centers namely Kaduna, Kano, Ilorin and Gombe have produced 734 Chartered  Accountants since the inception of the Programme in November 2007,” he submitted.

    On the outlook, he said that while they are not immune to the vagaries of both the local and global  economies, it is their expectation that with the new projects they intend to  promote, the potential exists for NNDC to fulfill its future expectations. 

    “Thus, with the support of our shareholders, the future outlook of the company remains very promising,” he predicted.

    He appreciated the untiring support and  encouragement of the Northern States Governor’s Forum (NSGF) to the  company. 

    “I would again like to appreciate my colleagues on the Board, as well as management and staff for their cooperation and always doing  their best for the company to succeed. 

    “I humbly request that these be  sustained and escalated to enable us to perform better in the future,” he concluded.


    Please enter your comment!
    Please enter your name here