Economy
GE, Lagos Train Students in Advanced Manufacturing
By Dipo Olowookere
A partnership has been entered into by General Electric and Lagos State Ministry of Wealth Creation and Employment as well as the Lagos State Technical and Vocational Education Board (LASTVEB) to train some students in advanced manufacturing.
It was gathered that the GE Garage Advanced Manufacturing programme will involve 20 final year students and five instructors from the five Government Technical Colleges in the state taking part in an intensive one-week training that will hone their skills in advanced manufacturing.
The selected technical colleges, spread across the state and under the supervision of the Lagos State Technical and Vocational Education Board are located in Ikotun, Ikorodu, Agidingbi, Ado-Soba and Epe.
The programme takes place at the LASTVEB HQ School Complex, Ikeja GRA. The programme will commence on Monday, July 24 and end on Friday, July 28.
During the programme, the students will be exposed to cutting-edge technology, experiencing GE’s Digital Industrial leadership in shaping modern manufacturing. They will also learn how such readily available technology can help their future businesses.
To facilitate this, GE has set up a temporary scaled version of its Garage at the venue. This comprises select equipment like 3D printers, CNC mills, among other equipment. As a guide, greater emphasis will be placed on Additive Manufacturing, 3-D printing, CAD designing, rapid prototype development, basic subtractive manufacturing using CNC mills to demonstrate mould making; and basic business knowledge.
The program will be run by GE Garage engineers and instructors to enhance the students’ current capabilities whilst helping them develop new skill sets.
Speaking on the development, the Director, Communications & Public Affairs, GE Africa, Patricia Obozuwa said the initiative was aimed at promoting advanced manufacturing and technology in the modern work environment by extending the GE Lagos Garage entrepreneurship programme through LASTVEB to its colleges.
In this vein, she said, a condensed version of the current GE Garage curriculum will expose the technical college students to latest developments in advanced manufacturing, taking into consideration the student’s vocational studies exposure and their area of specialization, to ensure proper focus and impact.
Obozuwa restated GE’s commitment to empowering people through technology, pointing out that this was the very reason behind the GE Garage initiative. “We are committed to supporting skills development in Nigeria, and across Africa. We see ourselves as partners in building a sustainable future for Africa, and we believe that partnerships such as this are necessary if we are to overcome Africa’s economic challenges,” she said.
Speaking in the same vein, the Lagos State Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti commended GE Nigeria for their efforts in transferring such important skills to Lagosians.
He said the collaborative initiative is in line with the ministry’s mission to promote and sustain entrepreneurship and employment through effective use of wealth creation strategies and resources by collaborating with all stakeholders.
According to him, the ministry was established in fulfilment of the promise of the Governor of Lagos State, Mr Akinwunmi Ambode, to address the unemployment crisis in the State.
“It pursuit of this mandate to create employment, the ministry came up with similar initiatives like the ‘Graduate Internship Programme,’ a 3-month paid Internship Scheme for graduates who have been unemployed for a minimum of one year after National Youth Service Corps (NYSC). The Programme is designed to give candidates an opportunity to develop employability skills which are often vital in securing employment,” he said.
Also speaking, the Executive Secretary of the Lagos State Technical and Vocational Education Board (LASTVEB), Mrs Omolara Erogbogbo expressed the belief that programmes such as this will go a long way in bridging the unemployment gap as well as addressing skills deficit in the country.
She highlighted the importance of vocational education to Nigeria’s socio-economic well-being, saying that the era when vocational education was believed to be undertaken by school drop-outs and pushovers was over.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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