- Edo Partners Private Sector to Build Digital Skills Village
The partnership between Edo state government and some members of the organised private sector in various areas of human endeavour has started to yield positive results as the American Tower Company (ATC) Nigeria recently handed over a Digital Skills Village Project it built in Benin City to the Edo state government.
The Digital Skills Village Project sited at Igbesamwan Street, Benin City, was built by ATC Nigeria as part of its Corporate Social Responsibility (CSR) to provide computer training to youths in the area.
Speaking at the handing over ceremony, Governor Godwin Obaseki assured that training would commence immediately at the Digital Skills Village pointing out that trainees are on ground for the take off.
Obaseki, who was represented by the Head of Employer Engagement and Partnership on Skill Development Program, Governor’s Office, Mr Eseosa Egharevba, said the project was an integral part of the state Innovative Project by the governor.
He also stated that the government was focusing on digital skill acquisition of the youths as it’s imperative in today’s human capital development.
“This is an innovation, an integral part of Edo Innovative Project. We already have students that will start to train• There is no way a state will develop without focusing on this integral sector”.
While thanking ATC Nigeria for the gesture and for being a responsible corporate citizen, the governor assured that the facility will be protected from vandalism.
Obaseki further assured that the state government would continue to partner the ATC and Local Government Councils for the maintenance of the facilities in other locations like Ekpoma and Irrua where replicas of the project are domiciled.
“I thank the entire ATC Nigeria for this project. We will ensure there is dedicated security patrol to secure the project area and we will also partner with ATC Nigeria to ensure supervision and monitoring of the project.
“We will ensure we partner with local authority in various Local Government Councils to ensure these facilities are used for the purpose it is established for,” the governor said.
Obaseki disclosed that there are legislations in place to ensure continuity and that the project will out live the present administration.
The Chief Executive Officer, CEO, of PEES Electrical Ltd, the contracting firm that handled the project for ATC Nigeria, Mr Peter Balogun,stated that the Digital Skills Village Project was designed to complement the state’s ICT hub which was commissioned in Benin City by Vice President Yemi Osinbajo during his visit to Edo State.
Crude Oil Dips Slightly on Friday Amid Demand Concerns
On Friday, global crude oil prices experienced a slight dip, primarily attributed to mounting concerns surrounding demand despite signs of a tightening market.
Brent crude prices edged lower, nearing $83 per barrel, following a recent uptick of 1.6% over two consecutive sessions.
Similarly, West Texas Intermediate (WTI) crude hovered around $78 per barrel. Despite the dip, market indicators suggest a relatively robust market, with US crude inventories expanding less than anticipated in the previous week.
The oil market finds itself amidst a complex dynamic, balancing optimistic signals such as reduced OPEC+ output and heightened tensions in the Middle East against persistent worries about Chinese demand, particularly as the nation grapples with economic challenges.
This delicate equilibrium has led oil futures to mirror the oscillations of broader stock markets, underscoring the interconnectedness of global economic factors.
Analysts, including Michael Tran from RBC Capital Markets LLC, highlight the recurring theme of robust oil demand juxtaposed with concerning Chinese macroeconomic data, contributing to market volatility.
Also, recent attacks on commercial shipping in the Red Sea by Houthi militants have added a risk premium to oil futures, reflecting geopolitical uncertainties beyond immediate demand-supply dynamics.
While US crude inventories saw a slight rise, they remain below seasonal averages, indicating some resilience in the market despite prevailing uncertainties.
Nigeria’s Petrol Imports Decrease by 1 Billion Litres Following Subsidy Removal
Nigeria’s monthly petrol imports declined by approximately 1 billion litres following the fuel subsidy removal by President Bola Ahmed Tinubu, the National Bureau of Statistics (NBS) reported.
The NBS findings illuminate the tangible effects of this policy shift on the country’s petroleum importation dynamics.
Prior to the subsidy removal, the NBS report delineated a consistent pattern of petrol imports with quantities ranging between 1.91 billion and 2.29 billion litres from March to May 2023.
However, in the aftermath of Tinubu’s decision, the nation witnessed a notable downturn in petrol imports, with figures plummeting to 1.64 billion litres in June, the first post-subsidy month.
This downward trend persisted in subsequent months, with July recording a further reduction to 1.45 billion litres and August witnessing a significant decline to 1.09 billion litres.
August’s import figures represented a decrease of over 1 billion litres compared to the corresponding period in 2022.
The NBS report underscores the pivotal role of the subsidy removal in reshaping Nigeria’s petrol import landscape with the Nigerian National Petroleum Company emerging as the sole importer of fuel in the current scenario.
Despite higher petrol imports in the first half of 2023 compared to the previous year, the decline in June, July, and August underscores the profound impact of subsidy removal on import dynamics, affirming the NBS’s latest findings.
Nigeria’s Oil Rig Count Soars From 11 to 30, Says NUPRC CEO
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has announced a surge in the country’s oil rig count.
Komolafe disclosed that Nigeria’s oil rigs have escalated from 11 to 30, a substantial increase since 2011.
Attributing this surge to concerted efforts by NUPRC and other governmental stakeholders, Komolafe highlighted the importance of instilling confidence, certainty, and predictability in the oil and gas industry.
He explained the pivotal role of the recently implemented Petroleum Industry Act (PIA), which has spurred significant capital expenditure amounting to billions of dollars over the past two and a half years.
Speaking in Lagos after receiving The Sun Award, Komolafe underscored the effective discharge of NUPRC’s statutory mandate, which has contributed to the success stories witnessed in the sector.
The surge in Nigeria’s oil rig count signifies a tangible measure of vibrant activities within the upstream oil and gas sector, reflecting increased drilling activity and heightened industry dynamism.
Also, Komolafe noted that NUPRC has issued over 17 regulations aimed at enhancing certainty and predictability in industry operations, aligning with the objectives outlined in the PIA.
Billionaire Watch4 weeks ago
MacKenzie Scott Sells Off $10.4 Billion Worth of Amazon Shares
Naira4 weeks ago
Dollar to Naira Black Market Exchange Rate January 26th, 2024
Fintech4 weeks ago
Opay’s Deadline Looms: Users Urged to Update BVN and NIN to Avoid Transaction Restrictions
Forex4 weeks ago
Dollar to Naira Black Market Exchange Rate January 25th, 2024
Company News3 weeks ago
UAC Posts N12.7 Billion Profit Before Tax in 2023
Forex3 weeks ago
Dollar to Naira Black Market Exchange Rate February 1st, 2024
Forex3 weeks ago
Dollar to Naira Black Market Exchange Rate February 2nd, 2024
Banking Sector3 weeks ago
CBN Accuses Banks of Hoarding $5 Billion in Foreign Currencies