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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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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