Connect with us

General

Allianz Sees Corruption, Shortage of Skills, Energy as Top Risks in Nigeria

Published

on

shortage of skills

By Aduragbemi Omiyale

Three top risks have been identified in Nigeria by Allianz Global Corporate & Specialty (AGCS) in its 12th annual survey of key business risks around the world, according to 2,700+ respondents.

In the report made available to Business Post, it was stated that corruption, shortage of skills due to the migration of young Nigerians abroad, and energy are the country’s top risks.

These risks, identified through the Allianz Risk Barometer, were grouped under macroeconomic developments, political, and cyber risks.

Respondents were questioned during October and November 2022, with a focus on large- and small- to mid-size companies.

They were asked to select the industry about which they were particularly knowledgeable and to name up to three risks they believed to be most important.

Nigeria has for many years battled with corruption in government, with the efforts yielding little or no result.

In 2015, President Muhammadu Buhari, after he defeated former President Goodluck Jonathan, he promised to fight corruption and clean the government.

However, almost eight after, his administration has been accused of unprecedented corruption and others, including crude oil theft and fuel subsidy.

The high level of corruption and insecurity in the country has forced some young Nigerians to travel to countries like Canada, the United Kingdom, the United States and others.

It was recently reported that many bank and health workers were resigning to japa (flee) from the country for a better life outside.

In the report by Allianz, it was disclosed that “in Nigeria, the top three risks are Macroeconomic developments (#1 from #3), Political risks and violence maintains second position, and Cyber incidents slide down two places to #3.”

As for the others, the report said cyber incidents and business interruption rank as the biggest company concerns for the second year in succession (both with 34% of all responses).

However, it is macroeconomic developments such as inflation, financial market volatility and a looming recession (up from #10 to #3 year-on-year), as well as the impact of the energy crisis (a new entry at #4) which are the top risers in this year’s list of global business risks, as the economic and political consequences of the world in the aftermath of Covid-19 and the Ukraine war take hold.

Such pressing concerns call for immediate action from companies, explaining why both natural catastrophes (from #3 to #6) and Climate change (#6 to #7) drop in the annual rankings, as does pandemic outbreak (from #4 to #13) as vaccines have brought an end to lockdowns and restrictions.

Political risks and violence are another new entry in the top 10 global risks at #10, while the Shortage of skilled workforce rises to #8. Changes in legislation and regulation remain a key risk at #5, while Fire/explosion drops two positions to #9. View the full global and country risk rankings and watch a short video here.

“For the second year in a row, the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption. At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business.

“Companies – in Europe and in the US in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact of the ongoing war in Ukraine. It’s a stress test for every company’s resilience,” the chief executive of AGCS, Mr Joachim Mueller, commented on the findings.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

Ojulari Vows to Consolidate on Mele Kyari’s Legacy

Published

on

Bayo Ojulari Mele Kyari NNPC

By Modupe Gbadeyanka

The new chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, has promised to consolidate on the legacy and achievements of his predecessor, Mr Mele Kyari.

He made this pledge while taking over from Mr Kyari on Friday at the organisation’s headquarters in Abuja, the country’s seat of power.

President Bola Tinubu on Tuesday dissolved the board of the NNPC and appointed new members to pilot affairs of the oil company.

In a statement today by the Chief Corporate Communications Officer of the NNPC, Mr Olufemi Soneye, it was disclosed that the new CEO praised Mr Kyari for his contributions to the growth of NNPC Ltd and his sterling service to the nation, noting that the objective of his management is to consolidate on the successes of his predecessor and take the company to the next level.

He said though the targets set for his management were quite enormous, he would be relying on the co-operation of the Management and staff of the company, as well as the counsel of his predecessor to achieve set targets.

“I will be counting on your support. I will need it. I will be coming around to seek your counsel,” Mr Ojulari told Mr Kyari.

Earlier in his remarks, the erstwhile NNPC chief congratulated his successor and thanked the management and staff of the company for their support while in office, vowing to do everything within his power to support the new team to succeed, stressing he is only a call away.

Continue Reading

General

Dangote Cement Ibese Plant Empowers Host Communities

Published

on

dangote cement ibese plant

By Aduragbemi Omiyale

Some persons living around the Ibese Plant of Dangote Cement Plc have been equipped with some skills that could make them stand on their own and contribute to the economic development of Ogun State and Nigeria in general.

The beneficiaries participated in the 2024 Youth Skill Acquisition and Empowerment Programme designed to give back to society.

This initiative, executed under the Community Development Agreement (CDA) with host communities by Dangote Cement, according to the federal government, is worthy of emulation.

The Minister of Solid Mineral Development, Mr Dele Alake, while speaking through the South-West Zonal Coordinator for Mines Environment Compliance for the Ministry, Mr Mathew Ochimana, praised the cement maker for the diligent execution of the agreement for the benefit of the rural communities, thereby fostering atmosphere of peace all year round.

While presenting certificates and starter packs to the trainees, the Minister said the government had no cause to wade into any dispute between the company and host communities.

He urged Dangote Cement to continue to partner with the host communities with more empowerment programmes to develop the communities and equip the people.

Mr Alake enjoined the host communities to reciprocate the good gesture by maintaining peace and supporting the company to do more.

Speaking in the same vein, the Chairman of Host Communities Joint Consultative Committee, Mr Dayo Ogunyinka, thanked Dangote Cement for always rising up to the occasion noting that the company has never shied away from its social responsibilities by constantly developing programmes that could lift the people and add value to them.

“I can remember we have gathered here before to graduate thos who were trained in the art of electrical electronics, those who specialized in shoe making, those who chose acupuncture, and today its painting and Plaster of Paris (PoP).

“Worthy of mentioning is the fact Dangote Cement, Ibese Plant don’t just train, they also provide the starter pack to start for the graduands to start working straightaway, we cant ask for less. I am however saddened that some of our youths run away from this lofty training by not presenting themselves.

“We are very lucky in our communities to have Dangote Cement here, they not only cater for the youths, they do for the wome, the elderly, the farmers and others, we are indeed lucky. We can only pray that God will continue to be with the organization,” he stated.

Addressing the youths earlier, Dangote Cement Ibese Plant Director, Mr Roy Uttam, explained that the training initiative was a partnership between Dangote Cement Plc and the Industrial Training Fund (ITF), Abeokuta Area Office, and that it underscored the company’s commitment to socio-economic development in its host communities.

He reaffirmed the company’s dedication to corporate social responsibility, emphasizing its focus on Health, Education, Infrastructure, and Empowerment, noting that the Dangote Academy and various training programs have continued to create employment opportunities and enhance skill acquisition among Nigerian youths.

He commended the thirty (30) graduates from the 17 host communities who successfully completed training in Plaster of Paris (PoP), screeding, and painting, urging them to utilize their newfound skills to build sustainable careers. The trainees received start-up kits, including tools such as trowels, measuring tapes, and shovels, to aid them in establishing their businesses.

Also speaking at the event, the ITF Area Manager, Abeokuta, Mrs Abolanle Ajibade, thanked Dangote Cement for the initiative, adding that, “It is with a sense of accomplishment that I stand before you to bring this impactful 2024 skills acquisition and empowerment training program to a close.

“This training program, PoP, screeding, and painting, was not merely an opportunity to gain knowledge but also an avenue to forge connections, share experiences, and challenge ourselves to go beyond our comfort zones.

“To our facilitators, your dedication and expertise have been invaluable. You have gone above and beyond to provide us with tools, insights, and guidance needed to thrive, and to participants, congratulations on your commitment, resilience, and passion throughout this training.”

The Chairman of Yewa North Local Government, Mr Akinbode Olusola, advised the youth participants to see the training as a life time opportunity to make a difference in life noting that thousands of youth in the society would not have access to the opportunity they are getting on a platter of gold.

Continue Reading

General

Sanwo-Olu Swears in Ladi Oluwaloni as Ayobo Ipaja LCDA Chairman

Published

on

Sanwo-Olu Ladi Oluwaloni

By Dipo Olowookere

The acting chairman of Ayobo Ipaja Local Council Development Area (LCDA), Mr Oladipupo Oluwaloni, popularly known as Ladi, has been sworn-in as the substantive chairman of the council.

He was sworn in on Thursday by Governor Babajide Sanwo-Olu of Lagos State at a brief ceremony attended by several loyalists of the ruling All Progressives Congress (APC) in the state.

The grassroots politician was appointed as the acting chairman of Ayobo Ipaja LCDA last month by the Governor following the long absence of his boss, Mrs Bola Shobowale.

He served as the deputy chairman of the local council before his elevation following the death of Mrs Shobowale after a protracted illness on March 21, 2025.

At the swearing-in ceremony yesterday, Mr Sanwo-Olu charged Mr Oluwaloni to listen to collaborate closely with the community as he was there to serve them.”

“Together, through unity, we can achieve our vision for a greater Lagos,” the Governor tasked the new chairman, who could not hide his excitement.

In his response, the new council chairman promised to align fully with the T.H.E.M.E.S Plus Agenda of the present administration, promising to prioritize the socioeconomic development of the people and uphold democratic values in service delivery.

Mr Oluwaloni, when he was asked to occupy the position in an acting capacity two weeks ago, said, “This is a great responsibility, and I am fully committed to upholding the trust placed in me.

“My focus will be on ensuring that governance at the grassroots remains effective, responsive, and aligned with the developmental agenda of our great state.”

Continue Reading

Trending