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Nigerian Youths Talented, Ready to Learn, Compete Globally, Tinubu Tells MasterCard

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President Bola Tinubu, Wednesday, said Nigerian youths are vibrant, talented, eager to learn and ready to compete globally.

Speaking at a meeting with Ms. Reeta Roy, the President and Chief Executive Officer of Mastercard Foundation, Tinubu said his administration will strongly support public-private partnerships aimed at creating dignified work and employment opportunities for Nigerian youths.

President Tinubu who departed Abuja for Paris, France on Wednesday for a private visit, will return to the country in the first week of Feb.

, according to a statement by his spokesman, Ajuri Ngelale.

Ngelale did not mention the reason for this trip but sources close to the president informed our correspondent that the trip to Paris was for medical reason.

Recall that leading up to his inauguration as president, Tinubu spent a lot of time in Paris undergoing medical treatment.

The President commended Mastercard Foundation’s initiative, which aims to create 10 million jobs for young people in Nigeria, noting that the programme aligns with his Renewed Hope Agenda for economic development and job creation.

”We believe in what you are doing. We are determined to run an inclusive government and change the dynamics and perception of this country. Nigeria is the largest economy in Africa and, as such, must take its leadership of this continent very seriously.

”We must give hope and assurance to our teeming youth population. God has blessed Nigeria with a vibrant youth population, ready to learn, and capable of competing in the global economy of the 21st century. Leadership is what is necessary.

”The incubation is growing, and we are earning a good reputation, and we will continue to do that across sectors of the economy in order to achieve sustainable growth,” the President said.

President Tinubu also welcomed Mastercard Foundation’s emphasis on digitization, recognizing the role of technology as a potent and indispensable tool against corruption.

“We are ready to work with you and remove all impediments, and we have assembled a great team to work with you. The hope of the youth must be built on a solid foundation of sustainable growth and prosperity. We are working with other partners, and we assure you of our robust and focused collaboration,” the President stated.

The Coordinating Minister of Health and Social Welfare, Dr. Muhammad Ali Pate noted the wide-reaching impact of the Mastercard Foundation across Africa and its proven capacity to change the fortunes of human capital development in Nigeria.

“This is an institution that holds assets worth more than $40 billion and they are prudent in ensuring that their resources are applied digitally and in a way that reaches their target beneficiaries directly. Mr. President’s strong commitment to reforming social intervention and health service delivery in Nigeria will be greatly boosted through this partnership,” the Coordinating Minister of Health and Social Welfare stated.

Mastercard Foundation CEO, Ms. Reeta Roy informed the President that the Foundation’s focus on education and financial inclusion in Africa, particularly in Nigeria, aims to impact 30 million young Africans by 2030.

She reported progress on the Foundation’s 10 million target for Nigeria, stating that 2.1 million young people trained under the ‘Young Africa Work Strategy’ are already engaged in dignified work.

Furthermore, she said no fewer than seven million people have gone through programmes classified as work enablers, including skill acquisition, education, access to financial tools, networks, or linkages into opportunities.

“We are still on a journey and have more work to do. We are excited about looking at a whole new frontier, and that is in the healthcare sector.

“While we may not historically be a health organization or health foundation, we are looking at that sector as part of a vibrant economic landscape ripe with opportunities for young people and our focus will be on workforce development.

“Thank you for placing young people at the heart of your economic growth agenda across multiple sectors. We appreciate your contributions to the health sector. I know there are many things that require your time, but I am really grateful and very much encouraged to see that healthcare and education are also critical parts of the way forward. We hope that you find in us a partner that is steadfast, open, and ready to learn,” the Mastercard Foundation CEO said.

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Another Blackout as National Grid Collapses Second Time in Two Days

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By Mike Odiakose, Abuja

As Nigerians await full power restoration, the national grid has collapsed once again.The national grid collapsed on Tuesday, marking the 10th such incident since January 2024.It was confirmed that, as of 11 am on Thursday, the 22 power plants were only able to generate 2,323 megawatts of electricity, with generation dropping to 0.

00MW.
The peak generation for the day was 3,743MW as of 10 am.
The Ikeja Electricity Distribution Company reported a power outage at 11:29 am.“Dear Esteemed Customer, please be informed that we experienced a system outage today, 7 November 2024, at 11:29 hrs, affecting supply within our network.“Restoration of supply is ongoing in collaboration with our critical stakeholders.
Kindly bear with us,” IKEDC said.The Transmission Company of Nigeria has yet to provide an update on the incident at the time of this report which marks the 11th of such occurrences in 2024.The country recorded more than 93 cases of grid collapse during the eight-year administration of former President Muhammadu Buhari from 2015 to 2023.This persistent grid collapse has led to frequent blackouts, impacting businesses and daily life across the country.Nigeria had, in the past decade, secured about 10 loans totaling about $4.36bn from the World Bank to address challenges in the sector but there has not been any significant improvement even with additional funds from multilateral and donor agencies.This has heightened speculations that a sizable chunk of the loans may not have been disbursed for the purposes for which they were obtained.The frequent fluctuations in power supply have continued to take a toll on industrial and domestic consumers leaving frustration and low productivity in the aftermath.The Bola Tinubu administration has continued to seek additional World Bank loans, securing $1.901 billion in new funds since he assumed office in June 2023.The administration has also been making frantic efforts to expand the nation’s energy options through renewable energy projects.The government has also initiated massive solar energy extension, especially to rural communities across the country to bridge the gaping power gaps.With a population estimated to be more than 200 million, Nigeria has not been able to exceed 5000 Megawatts at any period in the past 10 years despite assurances by successive administrations.More disturbing to Nigerians is the astronomical increase in electricity tariffs across the board, peaking above 400 percent with the last hike that was affected earlier in the year.

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FG Defends CNG Vehicle Safety Amid Malaysia’s Phase-out plan

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By David Torough, Abuja

The Presidency has sought to allay concerns regarding the safety of Compressed Natural Gas-powered vehicles, recently introduced in Nigeria as an alternative to petrol-powered cars.The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, dismissed these fears in a post on X on Thursday while responding to reports on Malaysia’s plan to phase out CNG-powered vehicles by 2025.

The Malaysian government announced plans to phase out CNG vehicles and end the sale of natural gas vehicles by July 2025.
According to local media sources, Malaysia’s Minister of Transport, Anthony Loke, made this announcement at a press conference on Monday.
He explained that the decision was intended to protect road users and the public from the potential hazards posed by ageing CNG tanks.Loke was quoted as saying, “These NGV tanks have a safe usage lifespan of approximately 15 years, and if they are not replaced, they become unsafe to use and may fail at any time.” From July 1, 2025, CNG-powered vehicles will no longer be registered or allowed to operate in Malaysia.However, Onanuga clarified that Malaysia’s policy was focused on the safety of Liquefied Petroleum Gas (LPG), not CNG.He added that Nigeria chose CNG specifically for its safety and cost-effectiveness, with plans underway to develop domestic tank manufacturing capacity.Onanuga wrote, “Some clarification on Malaysia’s plan to phase out CNG-powered vehicles:“The Malaysian issue relates to the safety of LPG, not CNG. In the original report, Transport Minister Anthony Loke stated, ‘There are also some car owners who have modified their vehicles using liquefied petroleum gas (LPG) cylinders, which are very dangerous.’“NGV covers both CNG and LPG. Nigeria, in its transition, has adopted CNG only, not both, due to valid safety and cost concerns regarding LPG.”Onanuga further noted, “Malaysia’s programme for CNG-powered vehicles struggled, achieving only a 0.2% conversion rate over 15 years. By contrast, nations like India, China, Iran, and Egypt have seen considerable success.”He added that Malaysia faced difficulties in replacing 15-year-old tanks due to limited manufacturing capacity, while Nigeria, in its first year of adopting CNG, is already addressing this.Malaysia introduced CNG for taxis and airport limousines in the late 1990s, while Nigeria began its own CNG initiative in 2024 as an alternative transportation fuel.

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Zenith Bank Upgrades Infrastructure, Assures of Exceptional Service

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By David Torough, Abuja

Zenith Bank Plc has assured its teeming customers of exceptional service delivery and improved customer experience following the successful completion of its Information Technology Infrastructure Upgrade.

The Group Managing Director/Chief Executive of the bank, Dr.

Adaora Umeoji in a statement expressed her immense gratitude to all customers of the bank for their patience and support during its recent IT infrastructure migration to a new and more robust operating system.

Umeoji emphasized that the bank was committed to delivering unparalleled service experience, saying “We undertook such an extensive endeavor in other to better position Zenith Bank Plc for improved service delivery to all our valued customers and provide memorable banking experiences at all our touchpoints,” adding that the bank now has one of the best technology infrastructure in the Nigerian banking industry, and is well positioned to ensure customers experience exceptional service delivery going forward.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices.

The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

The bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria 2023 and 2024 in the International Banker Banking Awards.

Further recognitions include being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for three consecutive years, from 2022 to 2024, ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021; Bank of the Year for 2023 and 2024, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best

Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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