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
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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