BUSINESS
FG Releases N12.7bn to Provide Smart Meters in Barracks
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The Minister of Power, Mr Adebayo Adelabu, says the Federal Government has released N12.7 billion to provide meters in Army barracks across the country.
The amount is from the N40 billion earmarked for the mass metering project.
Mr Bolaji Tunji, Special Adviser, Strategic Communication and Media Relations to the Minister, said this in a statement in Abuja on Monday.
He quoted the minister as saying this during the flag off of the metering exercise at the Headquarters of the 9th Brigade of the Nigerian Army, Ikeja Military Cantonment.
He said the exercise would be in phases with the Ikeja cantonment being the first phase of the exercise.
He said that the current exercise would last for six weeks before the second phase begins.
“Mass metering in army formations nationwide will enable us know what is being consumed on a monthly basis in order to ensure appropriate billings and ease collections.
”The overall intention is to eliminate and make estimated billing a thing of the past,” the Minister said, indicating that
the current exercise is part of President Bola Tinubu’s renewed hope agenda to ensure regular supply of electricity to army formations nationwide.
“This is one of Mr. President’s objectives as contained in the renewed hope agenda to ensure that electricity supply to the armed forces is prioritised and they do not suffer, especially in the enjoyment of public utilities,” he said.
Adelabu said the smart meters being installed are tamper-proof and would eliminate energy theft.
He said that it would be difficult to by- pass the meter which also comes with an app where customers can get statements of their consumption on a monthly basis.
He said that the meter allows interconnectivity between grid and off grid solar power supply.
The minister said that part of the energy blue print for the country was also to build off grid power sources such as solar energy for military barracks located in remote areas without grid supply.
He said that where there is grid supply, there would be an interchange between the grid and solar supply if not satisfied with the number of hours supplied by the Distribution Companies (DISCOs).
”Beyond metering, we have to prioritise electricity supply to the barracks,” he said.
Adelabu said the metering project would be extended to all military formations in the country with the objective of providing 24 hours power supply to the barracks.
Also speaking, Mr Ashade Olatunbosun, Chief Executive Officer of De Haryor Global Services, said that the second phase of the project would begin in Abuja and Enugu, simultaneously.
He said that military formations across the 11 DisCos would benefit from the exercise.
“Army formations in Jos, Abuja, Ibadan, Enugu, Kaduna, Ikeja and Eko DisCos will benefit from the exercise,” he said.
Speaking earlier, Maj.-Gen. A. Adetuyi, Commander, 9th Brigade, Nigerian Army, Ikeja, said that the Federal Government metering initiative was timely as the brigade headquarters has been getting epileptic power supply over time.
Adetuyi said that on investigation, he found out that the brigade was only being given three hours of electricity daily and on some days they do not even get supplies.
”We have tried to resolve this and we have even involved the state government without any result.
”We also discovered that we were always being given estimated bills, though we would not have minded if power supply was regular,” he said.
BUSINESS
Richway MfB Wins DBN’s Highest Impact on Start-ups Award
By Tony Obiechina, Abuja
Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.The award also attests to the micro lender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.
Since its inception, Richway Microfinance Bank has been at the forefront of providing accessible financial services to underserved communities. The bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector. By offering tailored loan products, savings and investments products with high returns, and business advisory services, Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses.In 2023, the bank’s impact on start-ups was particularly profound. Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.Speaking on the award, the Managing Director of Richway MfB, Adenrele Oni, said the “DBN’s award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services.While thanking the DBN’s management on the recognition of the micro lender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.He assured: “As Richway Microfinance Bank celebrates this achievement; it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years.”BUSINESS
NESG Hosts Pre-NES #30 Webinar on Closing Education Gaps
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By Tony Obiechina, Abuja
The Nigerian Economic Summit Group (NESG) on Tuesday held a pre-summit webinar in preparation for the 30th Nigerian Economic Summit.The webinar, themed “Closing Gaps and Adapting to New Economic Conditions,” brought together key stakeholders to explore strategies for addressing the decline in Nigeria’s education sector and adapting to current economic reforms.
The goal was to develop actionable policies and measures that address both immediate and long-term challenges in the sector. Education is fundamental to a nation’s development, directly impacting its economic and social stability. However, Nigeria’s education sector is currently facing significant challenges, such as unequal access to quality education, a mismatch between the skills taught and those needed in the labor market, and a lack of digital technology integration.Closing these gaps is vital for creating a more inclusive and competitive education system. This pre-summit event aimed to explore how collaborative efforts can promote inclusive development and drive innovation in education, thereby contributing to the broader objectives of NES #30.By focusing on inclusive growth, innovation, and digital transformation, the event set the stage for developing strategies that address both immediate and long-term educational and economic needs. This approach aims to bridge the gap between education and the labor market, equipping students with the necessary skills for meaningful employment in a dynamic economy.In her opening remarks, NESG Board Member Wonu Adetayo highlighted that Nigeria’s literacy rate stands at 62%, with significant disparities between urban and rural areas. The nation’s education sector faces substantial gaps, particularly in eliminating barriers to completing primary education, which is at 35% in rural areas compared to 80% in urban areas.Adetayo underscored the importance of addressing education challenges such as unequal access, the mismatch between the school curriculum and industry needs, and integrating digital technologies into education systems. She noted that over 50% of graduates are underemployed due to the disconnect between education and labor market needs. With over 40% of Nigerians aged 15 to 35, it is crucial to provide access to quality education and skills development to reduce unemployment risks.Adetayo emphasized that digital tools can enhance learning, but the digital divide must be addressed. Only 36% of schools have access to digital learning, and there are still challenges related to inadequate teacher training and infrastructural deficits.”Closing these gaps is essential for building an inclusive and competitive education system, which could boost Nigeria’s GDP by 10%. The event focused on creating a holistic framework to leverage technology and foster inclusive growth, with an emphasis on actionable recommendations” she noted.Head of the Secretariat at NESG’s Triple Helix Roundtable, Prof Bolanle Ogunbamila, shared insights on fostering effective collaboration between industry, academia, and government to address the skills gap and drive innovation.He noted the importance of promoting continuous education and facilitating an exchange of ideas between academia and industry. Professor Ogunbamila also highlighted the need for an immersion program to remove policy and regulatory barriers.Head of Startups at Lagos Innovates, Lagos State Employment Trust Fund (LSETF), Dr. Hakeem Onasanya, discussed the importance of leveraging the start-up ecosystem and funding models. He emphasized that the quality of education affects everyone, and when it fails, society as a whole suffers.Onasanya pointed out that startups play a crucial role in attracting the right talent and that the curriculum should align with workforce needs. He suggested establishing tech hubs in tertiary institutions and reducing internet costs for students. Additionally, he recommended incentivizing students through alumni associations to encourage them to give back to their schools.Founder of The Education Partnership (TEP), Dr. Modupe Adefeso Olateju, presented evidence-based policy recommendations for closing the skills gap. She noted that about 18.3 million children are out of school from the primary to senior secondary levels.A study by the TEP Centre in 2018 found that 55% of children in JSS3 can only read at the level of a child in Primary 2. Dr. Olateju reiterated the mismatch between the curriculum and labor market needs and the necessity to invest in programs that enhance skill competencies in schools, foster critical thinking, and utilize tools to scale up learning.She also highlighted the lack of sufficient capacity to absorb skilled and competent individuals within the country and stressed that skill development must be adequately funded.Chief Executive Officer of Isa School of Education, Dr. Joy Isa, discussed best practices in delivering inclusive and quality education. She emphasized the critical role of teachers in education quality, noting that teachers account for a 30% variance in student learning outcomes. Dr. Isa highlighted the shortage of qualified educators in Nigerian communities and the need to address this issue to improve education quality.Overall, the pre-summit webinar emphasized the need for a holistic and collaborative approach to addressing the challenges in Nigeria’s education sector. By bridging gaps and adapting to new economic conditions, Nigeria can ensure sustainable economic growth and social stability.
Economy
Stock Market Sustains Bullish Momentum, Gains N270bn
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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)