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Economy

Over 30 Million Jobs Available for Nigerians

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  • Over 30 Million Jobs Available for Nigerians

A research conducted by Nexford University shows that over 30 million job vacancies are available for Nigerians.

Vice-President of Academic Innovation at the university, Dr Robin Johnston, made this known at Nexford’s open day in Lagos.

The open day was part of the university’s continued efforts to equip learners with skills and competencies that would make them relevant in the workplace.

The event, which held in Lagos, featured CV reviews, applications and on-sight admissions as well as learning from career specialists and subject matter experts on business management and entrepreneurship.

Johnston explained that the event was organised to bring together entrepreneurs and individuals in Nigeria to focus on qualitative education and the connection between the workplace and education.

She said, “With this, we are addressing the needs of small businesses/startups. We will provide access to where employment is and where the jobs are in the future. We are working with employers and there is a connection between the workforce. Our model is the workplace alignment model; looking at people need now and in the future not only in transferable skills which means communication, critical thinking, problem-solving, but also in skills for the future.

“The institution researched over 30 million job vacancies as part of its model. It does not use textbooks, but relies on relevant information from business fields.”

The Country Manager for Nexford University, Olamidun Majekodunmi, emphasised the institution’s mission of qualitative higher education that empowers current and intending learners with the skills they need to advance in their careers.

She said the event was also aimed at enabling greater social and economic mobility as part of its push to stop brain drain and unlock $1tn in untapped global economic value

“The only way we can do that is by constantly refreshing our curriculum; constantly understanding the data that is out there; what employers are looking for in terms of soft skills and hard skills; what they are looking for in fresh graduates; and make sure that our graduates are equipped in soft skills and hard skills.

“The only way that we can maintain standard is by being online and using technology. We remain nimble to adapt to the always changing landscape of the workplace,” she said.

The open day also featured a panel discussion on the critical skills needed in workplaces and for entrepreneurs.

Some of the skills highlighted were creativity, leadership skills, technical skills, among others.

Some of the panellists were award-winning actor, singer and entrepreneur, Banky W; the founder, She Leads Africa, Afua Osei; the founder of Business Lab Africa, Tricia Ikponmwonba; the Lead at Teach for Nigeria, Bunmi Adefisayo; and Mark Igbinedion from Get Qualified. Others were Miss Majekodunmi and Johnston from the Nexford University.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

COVID-19 Vaccine: Crude Oil Extends Gain to $48 Per Barrel on Wednesday

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Oil prices rose further on Wednesday as hope for an effective COVID-19 vaccine and the news that the United States of America’s President-elect, Joe Biden has begun transition to the White House bolstered crude oil demand.

Brent crude oil, a Nigerian type of oil, gained 1.63 percent or 78 cents to $48.64 per barrel at 11:50 am Nigerian time on Wednesday.

The United States West Texas Intermediate (WTI) crude oil rose by 1.36 percent or 61 cents to $45.52 per barrel.

OPEC Basket surged the most in terms of gain, adding 3.16 percent or $1.37 to $44.75 per barrel.

This was after AstraZeneca, Moderna and Pfizer-BioNTech announced the positive results of their trials.

Moderna and Pfizer had claimed over 90 percent effective rate in trials while AstraZeneca said its COVID-19 vaccine was 70 percent effective in trials but could hit 90 percent going forward.

The possibility of having a vaccine next year increases the odds that we’re going to see demand return in the new year,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Also, the decision of President-elect Joe Biden to bring Janet Yellen, the former Chair of Federal Reserve, back as a Treasury Secretary of the United States is fueling demand and strong confidence across global financial markets.

President-elect Biden’s cabinet choices, particularly Janet Yellen’s Treasury Secretary position, are adding to upside momentum across a broad space of asset classes,” said Jim Ritterbusch of Ritterbusch and Associates.

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Economy

Seyi Makinde Proposes N266.6 Billion Budget for Oyo State in 2021

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The Executive Governor of Oyo State, Seyi Makinde, has presented the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly on Monday.

The proposed budget titled “Budget of Continued Consolidation” was said to be prepared with input from stakeholders in all seven geopolitical zones of Oyo state.

Governor Makinde disclosed this via his official Twitter handle @seyiamakinde.

According to the governor, the proposed recurrent expenditure stood at N136,262,990,009.41 while the proposed capital expenditure was N130,381,283,295.63. Bringing the total proposed budget to N266,6444,273,305.04.

The administration aimed to implement at least 70 percent of the proposed budget if approved.

He said “The total budgeted sum is ₦266,644,273,305.04. The Recurrent Expenditure is ₦136,262,990,009.41 while the Capital Expenditure is ₦130,381,283,295.63. We are again, aiming for at least 70% implementation of the budget.”

He added that “It was my honour to present the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly, today. This Budget of Continued Consolidation was prepared with input from stakeholders in all seven geopolitical zones of our state.”

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Economy

World Bank Expects Nigeria’s Per Capita Income to Dip to 40 Years Low in 2020

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The World Bank has raised concern about Nigeria’s rising debt service cost, saying it could incapacitate the nation from necessary infrastructure development and growth.

The multilateral financial institution said the nation’s per capita income could plunge to 40 years low in 2020.

According to Mr. Shubham Chaudhuri, Country Director for World Bank in Nigeria, the decline in global oil prices had impacted government finances, remittances from the diaspora and the balance of payments.

Chaudhuri, who spoke during the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Government, said while the nation’s debt is between 20 to 30 percent, rising debt service remains the bane of its numerous financial issues and growth.

Nigeria’s problem is that the debt service takes a big part of the government revenue,” he said.

He said, “Crisis like this is often what it takes to bring a nation together to have that consensus within the political, business, government, military, civil society to say, ‘We have to do something that departs from business as usual.’

“And for Nigeria, this is a critical juncture. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.”

Nigeria’s per capita income stood at $847.40 in 1980, according to data from the World Bank. It rose to $3,222.69 in 2014 before falling to $2,229.9 in 2019.

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