Economy
Lagos Prepares 12,000 Students for Labour Market
By Dipo Olowookere
Plans have been concluded by the Lagos State government to train 12,000 undergraduates in tertiary institutions in the state on entrepreneurship and employability skills.
Out of the 12, 000 students, it was gathered that 2,000 final year students would be selected for the training at the three designated centres, while the remaining 10,000 would be selected from students in their penultimate year at the institutions and trained.
The beneficiaries, Special Adviser to Governor Akinwunmi Ambode on Education, Mr Obafela Bank-Olemoh explained, would been chose from those who register for the 2017 edition of the Ready, Set, Work (RSW) scheme of the state government.
On Thursday, government opened the programme’s website, www.readysetwork.com.ng, for intending applicants to register.
Mr Bank-Olemoh told newsmen that while registration begins from June 16, the training will run from July 1 to September 16, 2017.
He said as an improvement on the initiative which started in 2016, students of six tertiary institutions in the State would benefit, while three centres have been designated to host the training.
The six institutions, according to Bank-Olemoh are Adeniran Ogunsanya College of Education (ACCOED), Lagos State College of Health Science (LASCOHET), Lagos State Polytechnic (LASPOTECH), Lagos State University (LASU), Michael Otedola College of Education (MOCPED) and University of Lagos (UNILAG).
“When the administration of Governor Ambode came on board, one of the issues he was confronted with from the private sector was that there were major gaps in the work readiness of graduates, and his immediate response was to come up with a scheme to equip graduates from our tertiary institutions with the right skills needed to add value to the society.
“And so, the vision of the RSW is that every graduate from a tertiary institution situated in Lagos must have the knowledge, skills and attitudes required to gain meaningful employment or be self-employed and our plan is to train all graduates in tertiary institutions through the RSW,” the Governor’s aide said.
He said beneficiaries of the scheme would be selected to participate only on competence, and would be trained for thirteen weeks on labour market, mindset reorientation, 21st century skills, entrepreneurship, employability skills and teacher track.
He said about 750 of the beneficiaries would be helped to secure internship placement and given skill for life, while there would also be seed funding for winners of the business pitch competition to be held as part of the training.
Responding to questions on sustainability of the scheme and the need to accommodate other tertiary institutions in the state, Mr Bank-Olemoh said plans are afoot to integrate the RSW into the education curriculum of the state, and also expand the modules as well as the benefiting institutions.
Out of the 500 students that were registered for the scheme in 2016, only 422 graduated after the rigorous training with Sarunmi Oluwafemi and Dada Samuel who emerged as the overall winners of the pitch competition walking away with N6 million seed funding and N100,000 monthly working capital for six months.
The second and third place winners also got N500,000 and N250,000 respectively with N100,000 working capital for six months.
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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