Connect with us

Business

Fmr Access Bank MD, Aig-Imoukhuede, berates Nigerian graduates to market pet project, YOE

Published

on

Nigerian banker and investor, Aigboje Aig-Imoukhuede has stated that a significant proportion of Nigerian graduates are not work-ready as they lack the skills most employers are looking for.

He said this during the launch of the Youth of Enterprise (YOE) Programme, a flagship initiative by EnterpriseNGR to address the high rates of unemployment and underemployment amongst Nigerian youth.

According to the philanthropist, it is impossible to achieve the aspirations of a developed Nigeria without tackling the problem of unemployment and employability in Nigeria.

Aig-Imoukhuede who is the founder and chairman of Coronation Capital Limited stated the need for concerted efforts by all relevant stakeholders to solve problems around unemployment in Nigeria. He said that many graduates are not employable because they are not equipped with the right skill.

Advertisement

“But more than just what seems to be an oversupply of labour, there is also the problem of the quality of human capital being produced. A large proportion of our graduates are not work-ready as they lack the skills most employers are looking for. This employability issue is what the YOE seeks to tackle,” the former GMD/CEO of Access Bank Plc said.

Noting that the quality of human capital is a critical factor in production, he said that the YOE will help to address the high rates of unemployment and underemployment amongst Nigerian youth as well as to democratise access to career opportunities for them.

He said, “Once we are able to improve the quality of labour in Nigeria, we will positively impact the productive output of the country as a whole. We can also position to be a global labour outsourcing outpost like India and China and this has been made even easier with advancements in technology and the post-pandemic work-from-home culture.

ALSO READ  Perfectus Global Resources Ltd, Masaba Fields partner on Livestocks and Animal Husbandry

“Our youth after going through our world class internship programme can be employed by firms operating in Nigeria or international firms based in any part of the world. We are confident that quality talent always finds gainful employment, hence our reason for focusing on the employability side of the problem as a conduit to resolving the unemployment/underemployment challenges in Nigeria.

Obi Ibekwe, CEO of EnterpriseNGR stressed that the initiative would address the lack of employability skills and lack of access to guidance and information on career choices and opportunities.

Advertisement

“Employability soft skills that make the difference between success and failure in the workplace and they include communication skills, Initiative and problem-solving skills, critical thinking, planning and organizing skills and so on. The current school curricula do not emphasize these skills and yet these are the same skills employers look for in prospective employees,” she said, adding that the programme would help to address these.

Business

Nigerians spend N312.27bn on cooking gas, reveals national survey

Published

on

Nigeria cooking gas expenditure report 2024

A national survey shows that Nigerians in nine states spend N312.27bn on cooking gas, highlighting evolving energy consumption patterns.

 

 

Nigerians in nine states have spent a staggering N312.27 billion on Liquefied Petroleum Gas (LPG), commonly known as cooking gas, according to a new report released by the National Bureau of Statistics (NBS) on Wednesday.

The report, titled the **2024 Nigeria Residential Energy Demand-Side Survey**, sheds light on the country’s changing energy consumption patterns and the reliance on various sources for cooking and heating.

Advertisement

 

Also read: Nigeria adopts 88 international standards for compressed natural gas to ensure safety, Quality

 

The survey encompassed data from 7,706 households across nine states, offering insights into the usage of LPG, fuelwood, electricity, and other energy sources.

The states included in the survey were Akwa Ibom, Bauchi, Ekiti, Enugu, Kano, Kwara, Oyo, Plateau, and Sokoto, ensuring a broad representation across Nigeria’s six geopolitical zones.

Conducted over a 17-day period from April 19 to May 5, 2024, the survey utilised a systematic sampling method to collect data on energy consumption and expenditures over the 30 days preceding the survey date.

Advertisement

The findings indicate that 19.4 per cent of households reported using LPG during this period, with the average household expenditure on LPG pegged at N10,239.7.

Sokoto State emerged as the highest spender, with an average monthly expenditure of N12,439.3, followed closely by Enugu at N11,852.2.

In contrast, Ekiti State reported the lowest average expenditure at N8,213.5. The report highlighted, “The average monthly expenditure on LPG across the nine states in the past 30 days prior to the survey day was N10,239.7.”

ALSO READ  World Bank Provides $700m to Strengthen Nigeria’s Climate Resilience

Despite the growing popularity of LPG, the survey revealed that traditional fuels like fuelwood and charcoal remain widely used.

Fuelwood is particularly prevalent, with 67.8 per cent of surveyed households reporting its usage for domestic, agricultural, and commercial purposes.

Advertisement

The total annual spending on fuelwood is estimated at N608.72 billion, with an average household expenditure of N117,347 per year.

Charcoal remains significant as well, with 22 per cent of households using it primarily for cooking. However, charcoal production is limited, with only 0.3 per cent of households involved in its production, mainly concentrated in states like Kwara and Ekiti.

Electricity access was another crucial aspect of the report. Approximately 58.2 per cent of households are connected to the national grid, with Ekiti leading at 79.7 per cent grid access.

However, a substantial 85.2 per cent of these households are subjected to estimated billing, with only 14.8 per cent utilising pre-paid meters.

The report also notes the increasing role of solar power systems, with 4.8 per cent of households reporting access to solar home systems or mini-grids.

Advertisement

Additionally, 4.8 per cent of households use diesel or petrol generators, purchasing an average of 7.38 litres of fuel per month, primarily from filling stations, reflecting ongoing reliance on petrol-powered generators due to electricity supply challenges.

During a press briefing on Wednesday, the Statistician General of the Federation, Prince Adeyemi Adeniran, launched the 2024 Nigeria Residential Energy Demand-Side Survey.

He highlighted the significance of reliable and affordable energy as a fundamental human right and a cornerstone of economic growth.

ALSO READ  Access Bank plans international expansion through London

Adeniran emphasised that the survey offers critical insights for policymakers and operators in the energy sector as Nigeria addresses rising energy demand, access challenges, and affordability issues.

Advertisement
Continue Reading

Business

Dangote Refinery receives four crude oil shipments under naira-for-crude deal

Published

on

Dangote refinery crude oil

The Dangote Refinery has received four crude shipments from NNPCL under the naira-for-crude deal, marking a significant step in local refining.

 

 

The Dangote Petroleum Refinery has taken delivery of four cargoes of crude oil from the Nigerian National Petroleum Company Limited (NNPCL) as part of the ongoing naira-for-crude sale agreement.

The shipments, received over the last three weeks, mark the beginning of a programme aimed at boosting local refining capacity by supplying crude oil to Nigerian refineries in local currency.

Advertisement

 

Also read: Dangote advocates ending crude oil mortgaging for Nigeria’s refining future

 

Sources familiar with the arrangement confirmed that more deliveries are expected as the refinery ramps up its operations.

The $20 billion refinery, located in Lekki, is now preparing to sell refined products, including petrol (Premium Motor Spirit), to domestic dealers.

This development comes at a crucial time for Nigeria’s oil industry, which has faced supply challenges.

Advertisement

An official close to the Federal Government’s Technical Subcommittee on Domestic Sale of Crude Oil in Local Currency, speaking on condition of anonymity, confirmed that additional crude oil cargoes would be delivered to Dangote in the coming weeks.

The current phase of the naira-for-crude sale is set to last six months, with a potential for renewal depending on the success of the programme.

“The naira-for-crude deal has started, and so far, four cargoes have been delivered to the Dangote refinery within the past three weeks. We are still expecting more shipments in the coming week,” a senior refinery official said.

ALSO READ  #RoadtoQatar: Access Bank Set to reward customers with all-expense paid trip to FIFA World Cup Qatar 2022™ courtesy of Visa

This initiative is part of the Federal Government’s strategy to address local fuel shortages by enabling refineries like Dangote’s to access crude in exchange for naira.

The refinery, which has a capacity of 650,000 barrels per day, initially faced difficulties securing crude supplies due to international oil companies (IOCs) allegedly prioritising foreign buyers and demanding premiums above the official price.

Advertisement

Dangote Group executives, including Vice President of Oil & Gas, Mr Devakumar Edwin, previously raised concerns over the reluctance of IOCs to supply crude directly to the refinery, citing inflated prices and preference for international markets.

President Bola Tinubu responded by endorsing the naira-for-crude programme in a Federal Executive Council meeting in July, with the goal of supporting local refineries and reducing reliance on fuel imports.

The NNPCL has committed to supplying 11.5 million barrels of crude per month to the refinery under the agreement, with expectations of increased availability of petrol, diesel, and aviation fuel in the domestic market.

Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson Chinedu Ukadike welcomed the initiative, predicting that it would help stabilise fuel supply and potentially reduce prices over time as supply and demand balance out.

The refinery’s progress is closely watched, with market analysts noting a significant drop in petrol imports into Nigeria since the programme began.

Advertisement

According to S&P Global Commodity Insights, petrol shipments to Nigeria fell sharply in the first two weeks of October, reflecting the impact of the Dangote refinery’s increased capacity to meet domestic fuel demand.

ALSO READ  Customer laments as N800k, N1.7m vanish from Access Bank account

As more cargoes arrive, the refinery is expected to scale up production, aiming to meet the country’s fuel needs while reducing dependency on imports.

The naira-for-crude deal remains a pivotal step in Nigeria’s efforts to enhance its energy security and economic stability.

Advertisement
Continue Reading

Business

Olowu of Owu Kingdom announces agricultural estate and humanitarian initiatives

Published

on

Olowu of Owu Kingdom agricultural estate

The Olowu of Owu Kingdom unveils plans for an Agricultural Estate to boost food production and launch a humanitarian initiative for schoolchildren.

 

 

The Olowu of Owu Kingdom, Saka Matemilola, unveiled ambitious plans on Monday to establish an Agricultural Estate aimed at supporting government efforts in food production and creating job opportunities for the nation’s large population of unemployed youths.

During a press conference at his palace, held in conjunction with the Odun Omo Olowu 2024 festival, which commenced on Monday, Matemilola also announced the launch of a non-governmental organisation, the Olowu Hope Initiative, scheduled for Saturday.

Advertisement

 

Also read:UNWTO bridges agriculture, gastronomy to stimulate tourism

 

This organisation is set to provide daily meals for 1,000 schoolchildren in three selected primary schools in Abeokuta.

The monarch highlighted that the Olowu Hope Initiative aims to enhance the socio-economic development of the Owu Kingdom and its surroundings.

Key focus areas include offering microcredit support for women in the kingdom and providing healthcare insurance for at least 1,000 people by the end of the year, alongside other humanitarian initiatives.

Advertisement

Matemilola expressed the pressing need to support the government in addressing food production challenges while simultaneously creating jobs and fostering agricultural entrepreneurship.

He stated, “This agricultural enterprise will be run as a cooperative—a form of agricultural estate where anyone interested in any area of agriculture can participate. There will be sections for poultry, pig farming, fisheries, crop farming, vegetable farming, and more.”

ALSO READ  Access Bank, AfriGOpay partners to boost Nigeria’s payment ecosystem

The monarch elaborated that the estate will also offer tractors for those needing to plough their land, along with irrigation services and other farm inputs.

“Everything will be done to the highest standards, with regulations and guidelines in place to ensure the proper functioning of this agricultural venture. We will also manage the sale of the products from this farm,” he added.

Matemilola confirmed that at least three hectares of land will be allocated for this project, with discussions already underway for government collaboration. “The ultimate goal is to boost food production and create employment through agriculture,” he affirmed.

Advertisement

Regarding the one-meal-per-day initiative, the selected schools include Abeokuta North Local Government Primary School, Ansarudeen Primary School 1, and Ansarudeen Primary School 2, with plans to expand the initiative to 3,000 pupils within the next two to three years.

The monarch emphasised that these interventions aim to improve the well-being of the people, regardless of language or tribe, and contribute to national development.

He added that the annual Odun Omo Olowu festival celebrates the rich cultural heritage of the Owu people, promoting unity and collaboration necessary for the kingdom’s and the country’s development.

The festival’s highlights include free medical services for over a thousand people, cultural displays, the conferment of chieftaincy titles, and a grand finale scheduled for Saturday.

Dignitaries expected at the event include former President Olusegun Obasanjo, the Balogun of Owu Kingdom, and the Soun of Ogbomoso, Oba Olaoye Ghandi, among others.

Advertisement
ALSO READ  Access Bank plans international expansion through London

Continue Reading

Trending

Copyright © 2022 TheHeute.