Maida applauds Project Train 3M on ICT Skills

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, has applauded the proposal by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, to enlist and train three million Nigerians over a period of four years, which will make the country an exporter of digital skills. Maida, who spoke recently in Lagos at the City Business News Summit, said the programme, which has already attracted one million applicants, is capable of increasing Nigeria’s pool of technically skilled persons in the global market, leading potential employers of digital and technical skills in the international scene to begin to engage more Nigerians. Speaking on the theme of the summit, ‘Repositioning Nigerian Economy through Telecommunications: 2023 and Beyond', the NCC boss noted that, in recognition of the rapid pace of technological advancement that is disrupting industries across the globe, Nigeria’s vision is rooted in the belief that embracing this disruption and fostering innovation will propel the nation towards sustainable growth, economic diversification, and enhanced living standards for all Nigerians. Represented by the Commission’s Director of Research and Development, Ismail Adedigba, the NCC’s chief executive officer said, “The vision is, thus, to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent; to deepen and accelerate our position in global research in key technology areas; and to raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria. In this regard, the honourable minister is looking to create a pipeline of three million technical talents.

“This programme, which has already commenced with over 1 million applications by potential trainees, is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 percent by the end of 2027. This will position Nigerians to productively contribute to the economy and place us in the top 25 percentile of research globally in the key areas of artificial intelligence (AI), unmanned aerial vehicles (UAVs), IoT, robotics, blockchain, and additive manufacturing, in keeping with the strategic plan unveiled by the Honourable Minister,” he said. Maida said the policy direction of the Ministry, which is being driven by five pillars, will deliver on the goals of fostering economic growth and development. These pillars, which include policy, infrastructure, innovation, entrepreneurship, capital, trade, and knowledge, are the bedrock of the Strategic Vision Plan (2023–2025) and form the guide to channelling our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria. He said the Commission remains committed to providing an enabling environment for the building of the critical infrastructure required to power a strong digital economy, guarantee improved access to quality broadband connectivity, and ensure the efficient management of the nation’s spectrum resources. “As we work with our supervising ministry—communications, innovation, and digital economy—to take these steps to provide the enabling environment for repositioning the Nigerian economy through telecommunications in 2023 and beyond, we call on Nigerians—and especially our compatriots in the media—to tap into the aspects of these interventions that are relevant to them. The ambitious plans we have set out may seem lofty and even incredible, but through strategic partnerships and collaborations with all stakeholders, we believe that they are achievable,” the EVC said.

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Nigeria Sliding into Totalitarianism, Anarchy ~ PDP

Raises Alarm, Says Nation’s Democracy, Unity in Danger The Peoples Democratic Party (PDP) raises alarm among Nigerians and the international community that the nation is dangerously sliding into totalitarianism and anarchy under the brazenly repressive and anti-people All Progressives Congress (APC) administration. The PDP alerts to attempts and actions by a cabal within the Presidency to emasculate the institutions of democracy in Nigeria, especially the Independent National Electoral Commission (INEC) and the Judiciary, in the desperation to foist a one-party state on Nigerians. This unfolding anti-democratic scenario is not only evident in the manipulation of elections but also in the conflicting judgements by electoral courts, especially some Election Appeal Court Panels, whose judgements are in conflict with the express provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), the Electoral Act 2022, and INEC’s Guidelines and Regulations for ections. What is more worrisome is that these obnoxiously contradictory judgements are targeted at the PDP to the effect that elections that were clearly won by PDP candidates are snatched away at the courts and awarded to defeated candidates of the APC, contrary to the provisions of the aw. Aside from the preponderance of such ugly scenarios in Plateau State, the conduct and outcome of certain election petitions in Zamfara, Sokoto, Kebbi, Nasarawa, and other states of the nation where the PDP was robbed of victory through the courts are pointers to a systemic emasculation of the opposition in a bid to impose a one-party state and pave the way for totalitarianism in the country. This situation is a clear and present danger to the sustenance of Nigeria’s democracy, unity, political stability, and corporate existence as a nation, which is capable of breeding agitation, citizens loss of confidence in the system, restiveness, anarchy, and chaos.

Democracy must be allowed to thrive as the government of the people, as expressed by their will at elections. Any intrusion, breach, violation, and/or transgression against that expressed will as witnessed today under the APC is a clear recipe for a serious political crisis and portends grave consequences for our country. It is therefore imperative to draw the attention of Nigerians and the whole world to the undermining and crippling of democracy and the danger our nation is facing at this moment. The PDP calls on President Bola Ahmed Tinubu, as the custodian of the government, to come clean by speaking out and denouncing any attempt or action that is capable of stifling democracy, the rule of law, and the independence of the judiciary, which is suggestive of a fait accompli on election matters pending before the courts. Our Party urges the Chief Justice of Nigeria (CJN) and the President of the Court of Appeal to step in and assert the independence of the judiciary at this critical time for the defence and sustenance of democracy and the rule of law in Nigeria. The PDP charges Nigerians and indeed all lovers of democracy across the world to rise to the occasion, speak out, and take urgent legitimate steps to defend, protect, and preserve our hard-earned democracy from the onslaught of the APC.

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Kyari calls for adaptation to the changing energy landscape. …Advocates a Diversified Energy Portfolio

The GCEO, NNPC Ltd., Mele Kyari, has charged stakeholders within the Nigerian oil and gas industry to adapt, evolve, and lead in the ever-changing global energy landscape. Kyari gave this charge on Tuesday while delivering an industry address at the opening ceremony of the 41st Nigerian Association of Petroleum Explorationists (NAPE) Conference taking place in Lagos. The GCEO, who was represented by NNPC Ltd’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan, underscored the pivotal role of oil and gas exploration in shaping the future of the oil industry and emphasised the need for dedication, expertise, and pursuit of knowledge in the quest to unlock new frontiers and push technological and economic boundaries within the industry.

Reiterating NNPC Ltd.'s commitment, Kyari emphasised the company's dedication to embracing exploration, developing renewables, fostering innovation, adopting emerging technologies, and implementing portfolio management as key drivers of success in the evolving energy landscape. He expressed optimism that the NAPE Conference would yield solutions and positively impact the nation's economic landscape. While acknowledging the global shift towards renewable energy, the GCEO pointed out challenges such as intermittency, predictability, and reliability due to geological constraints. He further highlighted the absence of a perfect energy source and advocated for a diversified energy portfolio that leverages innovation and technology to harness the strengths of different energy sources. The NAPE Conference is an annual convergence of geologists and industry professionals engaged in oil and gas exploration and production. This year’s edition has as its theme "Repositioning the Oil & Gas Industry for Future Dynamics" and seeks to advance the study and application of geosciences for the benefit of stakeholders.

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Oil prices dip as US crude production at its peak

Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. Brent futures were down 34 cents to $82.13 a barrel at 0949 GMT, while U.S. West Texas Intermediate (WTI) crude was down 40 cents to $77.86. China's economic activity perked up in October as industrial output increased at a faster pace and retail sales growth beat expectations, an encouraging sign for the world's second-largest economy. The International Energy Agency (IEA) joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. "With China being a scapegoat for much of the world's lack of industrial demand, this glimmer of light ought to aid oil's progress, but the reluctance is so far winning out," said John Evans of oil broker PVM in a note. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said.

The U.S. Energy Information Administration (EIA) will release its first oil inventory report in two weeks on Wednesday, after a delay last week due to a systems upgrade. The Financial Times reported on Wednesday that Denmark will be tasked with inspecting and potentially blocking Russian oil tankers sailing through its waters under new European Union plans as the West explores more ways of enforcing a price cap on Moscow's crude. However, it is still to be seen how Denmark will enforce this. A softer U.S. inflation reading that bolstered expectations for an interest rate cut by the Federal Reserve next spring sent the U.S. dollar (.DXY) down to a two-and-a-half-month low against a basket of other currencies. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies. British inflation also cooled in October, more than expected, reinforcing expectations that the Bank of England's hiking cycle has ended, with the Federal Reserve and European Central Bank also seemingly having reached the peak for interest rates. Elsewhere, the European Union reached a deal on Wednesday on a law to place methane emissions limits on Europe's oil and gas imports from 2030, pressuring international suppliers to clamp down on leaks of the potent greenhouse gas. Reporting by Paul Carsten in London and Sudarshan Varadhan and Laura Sanicola; Editing by Raju Gopalakrishnan and Mark Potter

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Nigeria seeks funding from Islamic bank for infrastructure

President Bola Tinubu met top officials of the Islamic Development Bank (IsDB) to negotiate a "multi-billion-dollar infrastructure finance facility" to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a statement. He didn't provide further details of the financial package sought by the Nigerian government. "We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities," Tinubu said in the statement. "These deficits present unrivaled opportunity for savvy investors in a market that is by far the largest on the continent," he said. On Friday, Nigeria agreed to a series of investments and cooperation deals with Saudi Arabia, including a pledge by the Saudi government to make a "substantial deposit" of foreign exchange to help boost Nigeria's forex liquidity.

Under Tinubu, Nigeria has embarked on its boldest reforms in decades, ending a costly petrol subsidy and restrictions on foreign currency trading as part of measures to boost economic growth. Tinubu, who was sworn into office in May, has pledged to revive the economy fraught with sluggish growth, double-digit inflation, foreign currency shortages, widespread insecurity, and crude oil theft. Muhtar said the IsDB is ready to work with the government to support big investments in Nigeria, which is expected to get a "significant share" of a $50 billion Africa investment fund announced by the bank in cooperation with the Arab Coordination Group. The Jeddah, Saudi Arabia-based IsDB is a multilateral development bank that provides financing for infrastructure and other development projects in Muslim-majority countries.

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CBN extends lifespan of old naira notes beyond Dec dedline

Against the backdrop of axiety over the fate of the old naira notes after the December deadline ruled by Nigeria's apex court, the Central Bank of Nigeria (CBN) said on Tuesday that the old banknotes would now remain legal tender thereafter. A statement by the regulatory bank spokesman, Isa AbdulMumin, ended months of uncertainty after an attempt earlier this year to remove them caused serious cash shortages. The Supreme Court in March ordered the Central Bank of Nigeria (CBN) to extend until Dec. 31 the use of old 1,000, 500, and 200 naira notes, whose initial withdrawal from circulation became an election issue after it caused widespread hardship and anger. In responding to the fear within the populace, the CBN reassured Nigerians that the old currency notes will continue to be acceptable as legal tender regardless of the court ruling.

The bank had defended the removal of the notes, saying new ones would be harder to counterfeit and that the process would also help control liquidity in an economy where most money is held outside banks. On Tuesday, the CBN, which has had a new governor since September, said the old bank notes "will remain legal tender ad infinitum, even beyond the initial December 31, 2023, deadline." The regulatory bank further stated that "the Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject. Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBs). "The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with the utmost care to safeguard and protect the lifecycle of the banknotes. Also, the general public is encouraged to embrace alternative modes of payment, such as e-channels, for day-to-day transactions." During the election campaign, President Bola Tinubu opposed the removal of the old bank notes.

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Nigeria's equities market surges 0.25% despite escalating inflation

By Samuel Bankole In a noteworthy performance, the Nigerian equity market demonstrated resilience by closing on a positive note, with the All Share Index posting a 0.25 percent increase, reaching 71,014.34 points. This achievement comes against the backdrop of a surging inflation rate. The National Bureau of Statistics (NBS) reported a 0.61 percent rise in headline inflation for October, reaching 27.33 percent, up from 26.72 percent recorded in September 2023. Despite this economic challenge, the market cap of equities listed on the NGX witnessed growth, reaching N39.054 trillion, compared to the previous close of N38.941 trillion.

Trading activity was robust, with a total volume of 297.354 million units valued at ₦6.16 billion exchanged in 6,172 deals. Market breadth favoured the bulls, with 39 gainers outnumbering 19 losers. The NGX 30 Index, closing at 2,605.85 points, showed a 0.17% increase from the previous close at 2,601.33 points. Key gainers included International Breweries and BUA Cement, while Fidelity and Zenith emerged as the key losers. Despite challenges, core inflation, excluding volatile agricultural produce prices, rose to 22.58% in October 2023, compared to 21.84% in September 2023. Additionally, the composite food index registered a year-on-year increase of 31.52% in October 2023, up from 30.64% in September 2023.

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