Economy

What Budding Entrepreneurs Must do to Succeed–Ajimobi

Published

6 years ago

14/04/2019

By Dipo Olowookere

Oyo State Governor, Mr Abiola Ajimobi, has advised youths and budding entrepreneurs to develop positive mental attitude and be prepared to take risks in order to succeed.

He gave the advice while addressing the 799 participants at the 2019 Young African Leaders Initiative (YALI) conference for emerging entrepreneurs, held last Wednesday at the Ibadan Business School, Bodija, Ibadan, the state capital.

The Vocational, Technical and Entrepreneurship training was organized by the Field of Skills and Dreams Academy and supported by the United States Embassy and Consulate in Nigeria.

In his keynote address at the conference, Mr Ajimobi said that any of the youths with humble background should not consider such as a stumbling block towards succeeding in life, stressing that he also came from similar parentage.

“I am a Nigerian with a humble beginning. I came from a humble background like some of you. My father was a tailor, while my mother was a trader. So, your background should not be a hindrance to your success.

“To succeed in life, you must possess some qualifications like positive mental attitude. You must first develop that attitude and then you act it. Visualise what you want to be, act and work hard towards achieving it.

“Even when you are in your bathroom, talk to yourself. My God, I want to be this or that; although it is not only about just wishing to be, but also about working towards achieving it.

“In the words of Walt Disney, ‘all our dreams can come true if we have the courage to pursue them.’ In the process of pursuing your dreams, people will mount obstacles in your way; some will discourage you, but don’t give up,” he said at the gathering

Also quoting a former American President, Theodore Roosevelt, the governor reminded the youths that the credit or trophy ‘belongs to the man who is actually in the arena, whose face is marred by dust and sweat.’

At the outset of a given entrepreneurship, he said there would be teething challenges, which he said would be surmounted with resilience, ingenuity, and determination.

In his opening address, Public Affairs Officer of the US Consulate, Mr Russell Brooks, said resource persons for the conference were drawn from digital entrepreneurship, blogging, agriculture, hotel and catering management, among others.

He urged the budding young entrepreneurs to see themselves as risk takers, who should be ready to face all odds without looking at the negative consequences in the quest to reach for the stars.

Mr Brooks told the gathering that the US was interested in the Nigerian youths entrepreneurship, because of its belief that the body of youths represented solution to the nation’s economic dilemma.

He said, “Our (America’s) interest is in our belief that you, the youths, represent the future of the African continent. You represent the future of Nigeria.

“Only you can provide a good future for the country so that Nigeria can take its rightful place in the comity of nations.”

Economy

Nigeria’s 3.5 billion Oil Barrels, 18.8 trillion Cubic Feet Gas Untapped—NUPRC

Published

7 hours ago

20/08/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that over 3.5 billion barrels of oil and condensate reserves are locked in undeveloped fields across different basins in Nigeria.

The commission disclosed this in a new report, adding that 18.8 trillion cubic feet of associated and non-associated gas reserves were still locked under the ground.

According to the report, the development status of deepwater oil and gas fields revealed a significant untapped potential in the sector.

The report showed that 31.65 per cent of these fields remain undeveloped, marking the largest category.

This figure underscores the vast reserves that are yet to be harnessed, potentially impacting the government’s financial capacity and forcing the country to borrow more.

In contrast, only a paltry 12.25 per cent of the deepwater oil and gas fields are currently classified as developed fields, indicating that operational sites constitute a moderate portion of the total allocated fields. This suggests that while some progress has been made in bringing these resources online, the majority of the industry’s focus may still be on planning and initial stages rather than full-scale production.

Meanwhile, 5.10 per cent represents fields where development is in view, indicating that there are limited projects in the pipeline at this time.

The development status of the deep offshore oil and condensate reserves showed that 1.7 billion barrels are in developed fields, representing 25 per cent; 1.5 billion barrels (23 per cent) are in fields tagged ‘development in view’, while 52 per cent are in undeveloped fields.

It was reported that as of January 1, 2025, the deepwater terrain contributed approximately 19 per cent and 12 per cent of oil and gas reserves in Nigeria. 65 per cent of the discovered fields are undeveloped, while only 10 per cent of the discovered fields are developed. 25 per cent of deep offshore reserves have ‘development in view’.

“This implies that over 3,500 MMB of oil and condensate reserves and 18.8 TCF of non-associated gas and associated gas reserves are locked in undeveloped fields,” the report said.

It was also stated that development gas reserves were just 4.7 TCF, while 877 billion cubic feet of gas reserves are currently undergoing development processes.

These current figures are in fields that have been identified but left fallow.

The NUPRC said Nigeria’s oil reserves stood at 37.28 billion barrels, while gas reserves hit 210.54 TCF.

It was also reported that there are 220 unlicensed oil blocks scattered in different onshore and offshore basins across the country.

Recall that the federal government recently lamented the state of unutilised and idle fields, with the Minister of Petroleum Resources (Oil) urging companies to loan them to more capable operators of risk losing them.

Economy

Gains in Okitipupa, CSCS Push NASD Bourse Higher by 1.11%

Published

16 hours ago

20/08/2025

Adedapo Adesanya

By Adedapo Adesanya

The duo of Okitipupa Plc and Central Securities Clearing System (CSCS) Plc spurred the NASD Over-the-Counter (OTC) Securities Exchange to a 1.11 per cent growth on Tuesday, August 19.

During the session, Okitipupa Plc gained N16.80 to trade at N239.50 per unit versus N227.70 per unit, and CSCS Plc appreciated by N3.20 to close at N48.20 per share compared with the previous day’s N45.00 per share.

However, the price of Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo yesterday to 56 Kobo per unit from the previous session’s 59 Kobo per unit.

At the close of business, the market capitalisation chalked up N23.94 million on Tuesday to quote at N2.171 trillion compared with the preceding day’s N2.147 trillion and the NASD Unlisted Security Index (NSI) increased by 40.00 points to 3,629.09 points from Monday’s 3,589.09 points.

Data showed that the volume of securities contracted by 80.5 per cent to 11.04 million units from 56.7 million units, the value of securities decreased by 56.3 per cent to N77.1 million from N176.3 million, and the number of deals dipped by 54.6 per cent to 15 deals from 33 deals.

Okitipupa Plc ended the day as the most active stock by value on a year-to-date basis with 158.7 million units transacted for N5.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 44.0 million units valued at N1.9 billion.

Also, IGI Plc maintained its position as the most traded stock by volume on a year-to-date basis with 1.2 billion units worth N402.1 million, trailed by Impresit Bakolori Plc with 536.9 million units sold for N524.8 million, and Air Liquide Plc with 507.2 million units valued at N4.2 billion.

Economy

Naira Crashes to N1,534/$1 at NAFEM, Firms to N1,545/$1 at Black Market

Published

16 hours ago

20/08/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira moved in different directions at the foreign exchange (FX) market on Tuesday as the Central Bank of Nigeria (CBN) has held back its direct interventions aimed to defend the local currency.

Yesterday, the Nigerian Naira appreciated against the United States Dollar in the black market by N5 to quote at N1,545/$1, in contrast to Monday’s exchange rate of N1,550/$1.

But, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the domestic currency depreciated against the greenback by N1.16 or 0.08 per cent to close at N1,534.93/$1 compared with the preceding day’s N1,533.77/$1.

However, the Naira appreciated against the Pound Sterling in the official market by N3.20 to close at N2,073.69/£1 versus the preceding session’s N2,076.89/£1 and declined by 68 Kobo to finish at N1,792.04/€1 versus N1,791.36/€1.

According to market analysts, the decision of the CBN to halt its forex sales to authorised dealers is likely because the Nigerian currency is trading within the expected range.

Updated data showed that the gross balance in the nation’s external reserves climbed to $40.962 billion on Monday.

As for the cryptocurrency market, profit-taking plunged the landscape into chaos as investors are turning cautious that the US Federal Reserve Chairman Jerome Powell’s speech set for Friday at Jackson Hold may come with a hawkish surprise.

Investors, who previously expected a September interest rate cut by the Federal Reserve, are now weighing the odds that Mr Powell might argue for holding rates steady during his Friday keynote address at the central bank’s Economic Symposium in Kansas City.

Despite recent signs of a weakening job market and slowing economy, last week’s PPI report reignited concerns of inflation reaccelerating in the US.

Cardano (ADA) slumped by 7.6 per cent to $0.8522, Ripple (XRP) declined by 3.8 per cent to $2.89, Litecoin (LTC) fell by 2.1 per cent to $114.23, Dogecoin (DOGE) slid by 1.8 per cent to $0.2132, Binance Coin (BNB) dropped 1.2 per cent to sell for $834.25, Ethereum (ETH) went down by 1.2 per cent to $4,183.29, and Bitcoin (BTC) depreciated by 1.1 per cent to $113,703.16.

However, Solana (SOL) appreciated by 0.6 per cent to $181.05, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.