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Nigeria to Generate 850,000 Jobs From Energy Transition

President Muhammadu Buhari disclosed that Nigeria would generate 850,000 jobs from energy transition by 2060

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President Muhammadu Buhari - Investors King

At the ongoing 77th UN General Assembly meeting, President Muhammadu Buhari disclosed that Nigeria would generate 850,000 jobs from energy transition by 2060.

At a closed-door meeting with the UN Secretary-General, Antonio Guterres, as part of the country’s sideline activities at the event, the Nigerian president stated that the country will benefit significantly from energy transition. 

The president was quoted to have said “(The Energy Transition Plan 2060) will guide Nigeria’s rapid transition to renewable energy and result in significant job creation with up to 340,000 jobs created by 2030 and up to 840,000 jobs created by 2060 driven mainly by power, cooking and transport sectors.”

In August 2022, the Nigeria Government launched Energy Transition Plan 2060 (ETP, 2060) to as a guide to achieve zero emissions by 2060. ETP 2060 was also designed to help settle the problem of energy crises and lift millions of Nigerians out of poverty.

According to the Energy Transition Plan, Nigeria is expected to spend $1.9 trillion between now and 2060 to meet its goal. 

The president also stressed the need for international players in renewable energy to assist Nigeria on this lofty height. President Buhari’s call for assistance is coming barely after two weeks when the Vice President, Yemi Osinbajo made a similar appeal to the World Bank President, David Malpass. 

Investors King had earlier reported that Vice President Yemi Osinbajo met with the World Bank President. The Vice President appealed to key players and development partners to help Africa and Nigeria, in particular, to achieve its zero emission plan. 

While President Buhari applauded Egyptian President Abdel Fattah El-Sisi for his tireless efforts in the preparations for the COP27 coming up in November, this year, he further disclosed that Nigeria will generate 250 gigawatts from renewable energy. 

 

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Kaduna Electric Implements 10% Salary Hike Amidst N110 Billion Debt Crisis

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Electricity - Investors King

Kaduna Electricity Distribution Company (Kaduna Electric) has announced a 10% salary increase for its workforce, despite grappling with a debt of N110 billion and operational challenges.

The decision follows the dissolution of the company’s board of directors by the Nigerian Electricity Regulatory Commission (NERC) due to its failure to settle the substantial debt owed within the Nigeria Electricity Supply Industry framework.

Umar Hashidu, appointed by NERC as the company’s administrator under Section 75 of the Electricity Act, emphasized the strategic significance of the salary increment during a meeting with the management team.

Hashidu stressed the importance of boosting employee morale and enhancing overall company performance amidst economic uncertainties.

The salary adjustment is a proactive measure aimed at motivating staff in the face of prevailing economic challenges, noted Hashidu, acknowledging the pressing need to address the escalating cost of living crisis.

Despite Kaduna Electric’s struggles in meeting market obligations and complying with NERC performance indices, Hashidu expressed optimism in overcoming these hurdles through concerted efforts.

The announcement signals a period of transition and reform within Kaduna Electric, following the resignation of the former Managing Director, Yusuf Yahaya.

Despite the company’s debt burden and leadership changes, the salary hike reflects a commitment to prioritize employee welfare and maintain operational stability.

As Kaduna Electric navigates through its financial challenges and strives for improved performance, the salary increase serves as a testament to the company’s dedication to supporting its workforce amidst adversity.

It remains to be seen how this move will impact the company’s trajectory in the Nigerian Electricity Supply Industry landscape.

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UPS Announces 12,000 Job Cuts Amid Cost Reduction Plans

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United Parcel Service's (UPS)

Global logistics giant UPS has announced its decision to cut 12,000 jobs or 2.4% of its extensive 500,000-strong global workforce.

The decision comes as UPS seeks to achieve $1 billion in cost reductions, citing subdued demand and rising union labor expenses, as stated during its earnings call on Tuesday.

CEO Carol Tomé acknowledged the challenges faced in 2023, emphasizing the company’s commitment to focusing on controllable factors and fortifying its groundwork for future growth despite the adversities.

A UPS spokesperson clarified that the job cuts would impact less than 3% of the company’s total workforce and would not affect union-represented roles.

The reductions are expected to span across various regions and functions within UPS, with 75% of the cuts anticipated to occur within the first half of the year.

UPS’s fourth-quarter revenues for 2023 amounted to $24.92 billion, falling short of Wall Street analysts’ expectations of $25.43 billion.

Consequently, UPS shares experienced a decline of over 8% in Tuesday’s trading session.

The decision follows UPS’s agreement with the Teamsters union last July, which saw adjustments to the pay structure for both full-time and part-time workers.

This move is part of UPS’s broader strategy to streamline operations and navigate evolving market dynamics while maintaining its commitment to financial prudence and sustainability.

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Microsoft Gaming to Slash 1,900 Jobs Amid Acquisition Fallout

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microsoft - Investorsking

Microsoft Gaming announced plans to cut 1,900 jobs, accounting for approximately 9% of its workforce.

The decision outlined in a Thursday memo comes just over three months after the completion of the high-profile acquisition.

Microsoft Gaming CEO Phil Spencer cited the need for an “execution plan” aimed at reducing redundancies and streamlining operations within the company.

The move underscores the challenges of integrating two major gaming entities and aligning strategies following the $69 billion acquisition of Activision Blizzard, which closed in late 2023.

Former Blizzard president, Mike Ybarra, also disclosed his departure from Microsoft and Blizzard on social media, further highlighting the changes within the organization.

Spencer emphasized that the affected employees, who played integral roles in the success of Activision Blizzard, ZeniMax, and the Xbox teams, would be provided with full support, including severance benefits in accordance with local employment laws.

The decision reflects a commitment to navigating the restructuring process with thoughtfulness and compassion.

The layoffs at Microsoft Gaming contribute to a broader trend of job cuts across the tech industry, with several companies making deep cuts in their workforce in the early months of 2024.

Economic pressures and efforts to streamline operations have been cited as driving factors behind these decisions.

Despite the anticipated efficiencies following the merger, layoffs are often expected outcomes, and Microsoft’s share prices remained largely unchanged following the announcement.

The company’s focus now lies in aligning its strategy, optimizing its cost structure, and continuing to invest in growth opportunities amidst the evolving landscape of the gaming industry.

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