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Nigeria to ban road movement of some cargoes

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Nigeria’s Minister of Transportation, Rotimi Amaechi says certain types of cargo will not be allowed to go by road after the completion of major rail projects across the country.

Speaking at an economic event organised by Deloitte in Lagos on Saturday, Amaechi said it is important to transfer the movement of some goods to rail from road.

The Minister said the movement of cargo by rail is faster than by road, adding that this would make the highways last longer.

“As soon as we finish these rail projects, there are some types of cargo that will not go on road, whether you like it or not,”. “No matter what we charge, it will not be the same as what we charge you on goods,” Amaechi said. “When the FG does rail projects, it is the job of the state governments to do roads to the different railway stations.”

He also said his ministry has agreed to construct some of the roads that would take passengers and cargo out of the train stations.

He said the government is working towards having the capacity to construct railways in 10 years time.

Amaechi added that about 150 Nigerians were being trained in China on railway construction.

Nigeria drops out of IFC’s top 5 investment destinations

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Africa’s largest economy, Nigeria has dropped out of the top five countries where the International Finance Corporation maintains investment portfolios.

The size of IFC’s investment in Nigeria now ranks only among the top 10 after a shrinkage occasioned by the country’s devastating economic recession in 2016.

Eme Essien Lore, Head of the IFC in Nigeria, said the ranking is on the basis of absolute amount of investment portfolio in US dollars.

According to her, “given its strong fundamentals, Nigeria should be top 5 as it had been but the recession slowed investment activity across many sectors.”

She said “Nigeria will need bold reforms in such areas as power, infrastructure, monetary policy as well as human capital in order for it to maintain its status among the top and fastest-growing emerging market investment destinations. Such as Brazil, China and India.”

The IFC head said this requirement would be true for all leading investors looking to grow their presence in Nigeria.

Huawei to Establish ICT Academy in Abubakar Tafawa Balewa University

Huawei Technologies Company Nigeria Limited as part of its commitment to further contribute to driving ICT skills and capacity building in Nigeria has moved to establish its Huawei ICT Academy program in Abubakar Tafawa Balewa University (ATBU). The agreement was sealed by the MoU signing event between the company and the university at the ATBU Senate Building.

The Vice Chancellor in his remarks appreciated Huawei Technologies Company Nigeria Limited for enlisting the university as part of this initiative. He praised the company for its contribution to technology innovation and advancement globally. He also mentioned the great experience and exposure shared by two ATBU students who had been selected by Huawei for specialised ICT skills training in China in 2019 under its Seeds for the Future program.

Speaking at the MoU signing event, Mr. Kenneth Igwe, Huawei Channel Training Manager (ICT Talent Ecosystem Development) stated that Huawei established its ICT Academy program in Nigeria in 2017 to help students quickly align with industry requirements by mastering the latest ICT technologies while they are still on campus given that students are the primary source of talent.

He emphasized that “the training offers an internationally recognized certification which equips the students with global standard skills that qualifies them for ICT jobs anywhere in the world”.

“Huawei has collaborated with more than 75 universities and colleges in Nigeria to build ICT academies, which provide training for more than 3,000 students annually and continuously supply excellent candidates to Huawei’s ICT talent eco-system. Through the Huawei Authorized Information and Network Academy (HAINA) more than 10,000 Nigerian students have so far been trained.” He added.

To further improve hands-on experience for the students, Huawei offered to build an ICT lab with state of the art ICT equipment for the university. Ms Melissa Chen Yefang, Huawei Enterprise Service & Delivery Director in Nigeria said “Huawei through this partnership will be donating Lab equipment to ATBU to help the students gain practical knowledge and boost the reputation of ATBU.”

“Huawei’s vision is for Nigeria to become a major ICT hub in Africa with some of the best talents and to become one of the most respected countries for rapid ICT advancement in the whole world. We hope to achieve this by further increasing the density of trained skilled ICT talents in Nigeria.” She added.

Ms Melissa also mentioned the company’s plans to further expose the students to work experience in Huawei and its partners’ companies. “We believe that this new partnership with ATBU will create opportunities for excellent students from ATBU, who have gone through the ICT academy and are certified to get Internship, NYSC and Job Placement in Huawei and Huawei Partner companies also.” She said.

Huawei had previously held job fairs in some Nigerian universities which were aimed at selecting excellent students through two evaluation process, test and interview for employment in Huawei and its partners’ companies.

L-R: Alh. Sanni Ahmed, Bursar; Dr. Ahmad Garba Hassan, Registrar; Prof. Ibrahim Hassan Garba, Deputy Vice Chancellor, Administration; Professor Mohammed Abdulazeez, Vice Chancellor, Abubakar Tafawa Balewa University; Ms Melissa Chen Yefang, Director, Huawei Nigeria Enterprise Service & Delivery.

Speaking on Huawei’s contribution to ICT capacity development in Nigeria, Mr. Emmanuel Adereti, Huawei Media and Communications Manager in Nigeria emphasized that “Huawei has been operating in Nigeria for 20 years now and so far the company has been heavily investing in capacity building and knowledge transfer. Asides from other training initiatives by the company, Huawei has upskilled more than 20,000 Nigerian ICT engineers who have become the main workforce for network management across the country.”

West Africa Crude: Middle distillate margins fall, amid Coronavirus jitters

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The demand for heavy sweet crudes fell as middle distillate refining margins tanked in Eastern and European markets, with jet fuel hard-hit.

Traders said price offerings for heavy, sweet crude varieties ideal for refining into jet fuel were collapsing, especially in Asia due to an outbreak of coronavirus in China
Which has led to multiple cancelation of flights by scores of airlines.

In Europe jet fuel margins are a little better; it has been hovering around the lowest levels since 2017. Equinor was offering a cargo of Angolan Dalia crude for loading in March 23-24 on the Platts window for dated Brent plus $1.40, among the lowest offers in a year.

Despite the repair to a stricken pipeline announced on Tuesday Shell is yet to lift its force majeure over exports of Bonny Light crude.

Sellers stuck to sky-high offers for lighter Nigerian grades, betting that European customers, deprived of competing Libyan varieties by political instability there, will buy.

Asking prices for scarce Bonny Light crude continued at dated Brent plus $3.50 and around plus $3.00 for Qua Iboe.

India’s HPCL issued a buy tender for crude cargoes that will be loading between March 10-20. The tender bids remain valid until January 31 while Indonesia’s Pertamina issued a buy tender for crude for April 15-17 or 8-10 delivery depending on the port. Bids are due by January 30 and remain valid until February 3.

Senate confirms Obiora as CBN Deputy Governor

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The Senate yesterday confirmed the nomination of Dr Kingsley Obiora for the position of Deputy Governor of the Central Bank of Nigeria.

This followed the adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions which screened him Wednesday.

The Chairman of the committee, Senator Uba Sani, said the nominee had been actively involved in the process of monetary policy formulation at both the national and international levels. He said there was no petition against his nomination and therefore recommended his confirmation by the Senate.

The Senate also confirmed the nomination of Barr. Zhikrullahi Hassan as chairman of the National Hajj Commission of Nigeria and other nominees of the commission.

Auto Sector in Nigeria Attracts N360bn Investment In 12 Months

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The National Automotive Design and Development Council (NADDC) said automotive manufacturing companies in Nigeria made over $1bn investments into the country’s economy in 2019.

Nigeria’s auto industry now has capacity to build at least 408,870 vehicles yearly the Council said.

The Council also disclosed that the companies which include, Peugeot, Honda, Mitsubishi vehicle manufacturers, Innoson, among others created employment for about 4,782 Nigerians.

Jelani Aliyu, Director-General, National Automotive Design and Development (NADDC), revealed this yesterday at the ongoing review of the Nigerian Automotive Policy Bill & Nigerian Automotive Industry Development Plan (NAIDP) in Abuja.

Aliyu also said the NADDC has a N5billion vehicle finance arrangement that would enable Nigerians purchase new cars and repay the loan at agreed terms.

He further explained that Nigerians can now put down 10 per cent of the value of cars they want to buy and spread payments for over five years, adding that this arrangement has been concluded with some selected banks in the country with the support of the Central Bank of Nigeria (CBN).

Aliyu urged the stakeholders to come up with recommendations that would be captured in the proposed new NAIDP bill to be forwarded to the national assembly for passage.

While declaring the meeting open, the Minister of Industry, Trade and Investment, Otumba Niyi Adebayo, explained that as part of efforts on the part of the Federal Government to implement the Nigerian Economic Recovery and Growth Plan (NIRP), the Nigerian Automotive Industry Development Plan (NAIDP) was approved to transform the country’s automotive industry landscape and attract investment into the sector.

Adebayo, who expressed concern that automobiles and automotive components importation into the country gulped about $8 billion, said this would not continue any longer.

He, therefore, urged participants to work as a team and come up with better recommendations that could be put forward as a concrete plan or bill to reverse the present trend.

In his earlier remarks, the chairman of the NADDC board, Senator Osita Izunaso, said the Nigerian Automotive Industry Development Plan (NAIDP) 2014-2024 was designed to ensure growth and sustained development of the auto industry in Nigeria.

According to Izunaso, the plan has five critical elements aimed at addressing various challenges facing the sectors and they include infrastructure development, investment promotion, standards, skills development and market expansion.

He therefore urged the participants to come up with relevant recommendations that could be put together and passed to the National Assembly.

Izunaso said, “This meeting organised by the Federal Ministry of Industry, Trade and Investment (FMIT) in conjunction with the National Automotive Design and Development Council brings together all actors in the Nigerian automotive industry to discuss and review of the efforts put in getting the Auto Policy Bill passed by the 8th National Assembly but couldn’t get Presidential assent due to observed short comings.’’

In his overview presentation, the NADDC director , Policy and Planning, Farouk Umar, disclosed that the twelve thematic areas the proposed amendments to the NAIDP must focus on include, proper definitions for what constitutes Semi Knocked Down (SKD) and Completely Knocked Down (CKD) parts, the positions of all stakeholders that align with the NAIDP development as well as development of a basis for determining local content contribution which would be largely based on value addition and labour fractions among others.

Six Reasons Nigerians should value online education

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By Olamidun Majekodunmi  

 

Modern technological innovations have engendered disruptions in today’s world.  The traditional methods and conventions are now being replaced by modern technological innovations in various facets of our lives today; thanks to these innovations which have indeed bridged several gaps. The limitation of time and space is no longer a mitigating factor that affects our communication, socialization, and career Why then should it restrict how we learn?

The advent of online universities two decades ago was not well received; it was portrayed and stereotyped as inferior to conventional universities because of questions that border on its questionable academic standards.

Some online academic programs offer little or nothing in terms of knowledge. They churn out poorly written series of PDFs that are devoid of substance. No wonder, some online ivory towers struggle and eventually collapse; this has dealt a heavy blow on the general perception of online universities.

One of the demerits of online universities lies in its inability to offer full campus life experience, they’re often seen as a tradeoff for the convenience, flexibility, and affordability that learners enjoyunlike the traditional universities.

While online education may not be the most suitable option for everyone, the disruption it is having on the industry can no longer be ignored. There are several factors that make online education the most sustainable means to offer students the ability to design their own learning experience and meet the needs of the global community in terms of scalable, continuous learning that empowers the society.  

Using the United States of America as a case study, more than 6.3 million students in the country were enrolled in at least one online course- signaling an almost 6 percent increase from the preceding year (US News and World Report). About 30 percent of higher education students are enrolled in at least one online course (Babson Survey Research Group). These are continuing growth trends that have been consistent for 16 years. 

There is absolutely no doubt that as it has been for the health, communication, transportation, and other sectors, technology is here to transform education. Here are several reasons why: 

More fluid access to faculty and advisors 

With online learning, support is at your fingertips. You can communicate with the faculty and course advisors through various venues and inmore relaxed setting(s). Being able to live-chat and send emails to professors at any time gives learners the flexibility they need in seeking out the assistance and instant interactions they require to be successful. For added support, online universities also pair students with advisors that counsel them on anything, from academic progress to career goals and overall wellbeing. 

You’re in a Global Classroom

With global programs like the ones being offered by Nexford University, you are immersed in a diverse, multicultural environment with classmates from all around the world. These global classrooms allow learners to engage with people of various cultures and nationalities. Building these communication skills and experiences are highly valued in today’s globally competitive world. Learners get to interact and build a network with classmates across continents, opening up the world right from their homes

It’s flexible

Unlike a physical campus, online education doesn’t need to disrupt your life. It offers full-time options for those who desire a full immersion as well as part-time options for working professionals. Students have the flexibility to learn on the go and at their own convenience. With Nexford’s monthly tuition subscriptions, you decide how fast you want to finish your degree and you only pay for the periods you are active. The best part is that you’re not forced to go as slow or as fast as your classroom, or move to the dictation of a professor. With online education, there are no barriers or rigidities that come along with physical classrooms. Your cost, time, pace, and location are all in your hands.

It’s personalized

Online learning offers a mix of learning resources and mixed media formats that traditional classrooms don’t offer. It forces you to rely on various types of tools and resources to research, assimilate information, and apply your understanding; similar to how it works in the ‘real world.’ With Competency-Based Education (CBE) models, students dictate their own learning paths, according to their proficiencies and their areas of interest. Students progress by proving mastery in certain topic areas and the real-world application of these. This is a highly practical approach. As you get to build competencies you can immediately apply to your chosen career. 

It prepares you for the real world

Prior to launching Nexford University, I participated in market-focused primary research with IPSOS where we interviewed Human Resources leaders across top Nigerian employers. We found that 90 percent of employers surveyed believe Nigerian graduates are not adequately prepared for the workplace. Aside from the soft skills cited, the critical hard skill gaps included research skills, competencies with critical computer applications, writing skills, and data analytics. All of these are core components of online education, which enable learners to become conversant to through their everyday application and as they progress on one course or the other. Completing a self-paced online degree also demonstrates discipline, tenacity, and time-management skills, which are highly valued in the workplace. 

It’s scalable

Online education is the only way we can provide quality education at the scale we require. According to United Nations Educational, Scientific and Cultural Organisation NESCO, the number of students in higher education globally will double to 262-million by 2025; fueled by India, China, and sub-Saharan Africa. The United Nations has also positioned Nigeria to be a third-largest population with 390 million people by 2050. With this spiking population, high-quality and scalable education is more important now than ever. Nigeria’s university system, which holds about 150 schools, is overpopulated and can only cater to 40 percent of applicants annually as reported by University World News. The only way to meet this demand with the quality and scale required to unlock productivity and innovation is through tech-enabled online education. 

The Nexford difference

Being an AI-powered university built from scratch and based on the needs of employers, the only way we can be as responsive and accommodating to the needs of the workplace is by being 100 percent online.  Nexford University’s mission is to enable greater social and economic mobility across the world by providing learners access to high-quality, affordable and dynamic education that prepares them for the global workplace. Our goal is to become the largest and most affordable American university in the world, with degrees starting at $80 /month. We provide students with a fully online global education based on mastery of competencies that are relevant in their varying workplace. We equip learners with the skills needed for lifelong learning and professional development. 

 

About the writer

Olamidun holds a Master of Business Administration degree. She is a former Higher Education consultant for a top consulting firm in New York. She is now serving as the Country Director for Nexford University and is a strong advocate for qualitative and, accessible education. She is a serial entrepreneur, founder of Performing Arts School of Nigeria and the Sooyah Bistro restaurant chain.  She is a member of several African education commissions and thinks tanks where she continues to push the envelopes on education intervention.

AfDB approves $22m loan for leasing financing to corporates, SMEs in Egypt

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African Development Bank has approved a $22 million Senior Loan to help Egypt’s Corporate Leasing Company (Corplease) expand its operations in the North African country.

The decision, according to Gershwin Wanneburg of AfDB’s Communication and External Relations Department, signalled confidence in a burgeoning local market and in the Egyptian economy as a whole.

AfDB will mobilise $7 million of the sum from Africa Growing Together Fund, a co-financing fund, established with the People’s Bank of China.

Corplease is a leading non-bank financial institution that provides diverse leasing products and services to a wide range of small and medium-sized enterprises and larger corporates, through direct leasing, sale and lease back, as well as structured finance products.

It seeks to provide alternative financing through leases to address funding constraints in the private sector in Egypt.

Acting Vice-President for the Private Sector, Infrastructure and Industrialisation Complex at AfDB, Stefan Nalletamby, said, “The need for leasing products in Egypt is growing consistently on an annual basis to meet the acute demand by small, medium and large sized corporates for alternative source of funding from traditional banking sources, for business expansion and job creation. With the annual demand growth expected from the local corporates, the market for leasing in Egypt shows immense potential for investors.”

With the loan, AfDB has added to its existing initiatives to support financial institutions and deepen financial systems on the continent. The loan will contribute to supporting SMEs operating in Egypt, especially in priority sectors such as agribusiness and food industries, tourism, Information and Communications Technology, clean energy, health, transport and manufacturing – all essential contributors to inclusive and sustainable growth, said AfDB Country Manager in Egypt, Malinne Blomberg.

The intervention is in line with the Bank’s High 5 strategic priorities, specifically ‘Feed Africa’, ‘Industrialise Africa’ and ‘Improve the Quality of Life for the people of Africa’.

The bank’s support will have multiplier effect on industries related to the real sector and support job creation in these value chains.

It also aligns with Egypt’s Vision 2030 and will complement the government’s efforts to support the productive capacity of local corporates, creating an enabling private sector environment and sustainable development, Financial Street learnt.

Nigeria Customs Service recorded 4,599 seizures worth N32.8bn in 2019

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The Nigeria Customs Service on Monday announced that it recorded 4,599 seizures of prohibited items worth N32.83bn in the 2019 fiscal period.

The Comptroller-General of Customs, Col Hameed Ali (retd.) stated this at an event to celebrate the 2020 International Customs Day which was held at the headquarters of the NCS in Abuja.

The event is marked by all Customs community across the world.

Ali said, “The service has been passionate about the protection of national security and economy on the discharge of its functions. He also described the seizure of prohibited items comprising food, counterfeit and other items harmful to the environment as another remarkable contribution of the service to the economy.

“Our modest achievements in 2019 were the collection of the historic N1.34tn revenue; the seizure of prohibited articles of trade comprising food, counterfeits and others harmful to our environment valued at N32.83bn during 4,599 incidents in 2019. This is another remarkable contribution of the NCS.”

The Customs CG also said the service intercepted illicit cash flows through the nation’s airports, adding that the economy had started seeing the positive impact of the border closure which has opened up more opportunities in the agricultural and manufacturing sectors of the economy.

He also addressed the controversial and indefinite closure of the border. The CG said that strategies were still being perfected for the border’s reopening. He said, “We are still working with them (neighbouring countries). There are some parameters and we have reached certain understanding”.

“We need a process and a situation whereby our border is secure and we are guaranteed that the menace that we are experiencing in our border will no longer be there. We are working on those parameters and I believe that as soon as we begin to get to them, we will relax certain things at the borders. But for now, we are still conducting our partial border closure under the drill and we are expecting that not too long from now when we get responsive adherence from our own neighbours, we will see how we can work together to fortify our borders.”

“We are not only talking about Nigeria; we are also asking them to ensure that their own borders are fortified against illicit activities.”

He also spoke about the digitization project. The CG said that within the next two years, the process would be concluded. He said all aspects of the operations of Customs that had to do with administration, payments, border management, export and import processing would be automated.

Ali cautioned all members of the service by saying that any member of the service that was not knowledgeable in computer processes would be asked to leave the service.

He said, “We had not too long ago, the approval of Mr President on the e-customs project and this is our digital platform that is all-encompassing.

“It has to do with administration, payments, border management and of course our main task of export and import processing.

“So, it is our hope that once that platform is put in place in the next one and a half years, latest by two years, every activity in  the Customs will be paperless.”

The Secretary-General, World Customs Organisation, Dr Kunio Mikuriya, while delivering his speech at the event said there was a need to reduce trade barriers to foster economic prosperity. His speech was delivered by the Deputy Comptroller-General, Strategic Research and Policy, Ronke Olubiyi who said that the practice and methods of Customs should be aligned with the WCO’s tools and instruments of economic competitiveness.

Nigeria: Agric mechanisation programme to commence in April

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Minister of Agriculture and Rural Development, Sabo Nanono announced that the Federal Government would commence its agricultural mechanisation initiative in the next three months.

Nanono, explained that the mechanisation policy would involve a full technology package transfer to cover all stages from agricultural production to industrial processing, packaging and marketing.

The Minister while speaking at a meeting with the Governor of Ogun State, Dapo Abiodun, described the agricultural mechanisation programme as the solution to achieving food sufficiency and job creation in Nigeria.

“The programme will be private sector-driven and government will only create a conducive environment and offer assistance where necessary,” he stated.

The minister said Ogun State was notable for cocoa and rice production, adding that there was a need to revive the cocoa industry in particular.

“We must develop new cocoa varieties in Nigeria because the new cocoa varieties will yield in two and half years,” Nanono said.

He said the programme would have service centres across the country, 140 processing stations and would enhance production, create jobs and grow the nation’s Internally Generated Revenue.

Ogun State Governor, Dapo Abiode while responding to the minister described Ogun State as the food basket of the nation. He also told the minister that the state was investing massively in capacity building, especially in extension services; this will improve yields in farm products such as cassava, maize, cotton and rice, among others.

The Minister of State for Agriculture and Rural Development, Mustapha Shehuri, appreciated the gesture shown by the Turkish government to invest $15m in the industry. The government of Turkey planned to invest $15m in the Nigerian agricultural sector in two years.

Shehuri disclosed this when he received a Turkish investment delegation led by the Commercial Counsellor, Turkish Embassy in Nigeria, Onur Akgul, in Abuja on Wednesday.

The Minister said Nigeria would gain more from the experience of Turkey in the agricultural value chain as there were a lot of areas of collaboration between Nigeria and the Turkish government. He noted that both countries could collaborate in the areas of subsistence and mechanised intervention farming in order to achieve food security for the development of Nigeria.

Shehuri assured members of the delegation of the full support of the ministry, adding that the government would come up with a document to guide investors in the agricultural sector. He also promised that a portal would be created where all the information needed by investors about the achievements of the ministry and its agencies would be provided.

Akgul said the $15m would be invested in areas such as mobile solar system, mechanisation, skill training, food supply security, agricultural infrastructure and rural development within two years of commencement of the collaboration.