Connect with us

Business

Invest in education to grow knowledge Economy – Dangote advises FG

Published

on

By Aminu Mohammed, Kano

President of Dangote Group, Alhaji Aliko Dangote Industries Limited has urged the Federal Government to invest hugely in education and skills acquisition so as to grow the knowledge economy.

Speaking on Friday as a Guest Lecturer at the 38th Convocation Lecture of Bayero University Kano (BUK), Dangote said for Nigeria’s Knowledge Economy to thrive, the nation must invest hugely in education and research, information and technology, innovation and entrepreneurship, human capital develoment, intellecrual property (IP) protection, industry-academia collaboration, creative industries, global connectivity.

Represented by Engr. Mansur Ahmed, Dangote  delivered a lecture entitled: “Role Of  The Private Sector In Building A Sustainable Knowledge Economy In Nigeria.”

According to him, for Nigeria to leverage and nurture a sustainable Knowledge Economy, the Federal Government must invest in education and skills development.

Dangote listed other factors that can grow Knowledge Economy in Nigera to include:  promotion of research and development; digital infrastructure development; entrepreneurship and innovation support; circular economy integration; government policies regulation.

Others include: public private partnership (PPP); environmental stewardship; digital inclusion and accessibility; communuty engagement and social impact.

He further stated that: “by adopting these recommendations, we can lay the foundation for a sustainable knowledge economy that prioritizes environmental sustainability, social inclusion, and innovation.

” The successul implementaion of these strategies requires a collaborative à effort from all stakeholders, with a shared commitment to the principles of a knowledge-driven snd sustainable future.”

Dangote, however, observed that: “A major challenge in transiting to Knowlesge Economy  for Nigeria is the quality of the Nigerian worker,”  opining that:  “The quality of human assets matters a lot in the operations of a firm.”

According to him: “Our educational system which produces most of the human assets working in various firms in Nigeria needs to be modified to yield the desires results.

” The system as presently constituted produces graduates who may have excellent qualifications but lack the necessary skills to perform optimally in a knowledge driven economy.

“We have thousands of graduates on a yearly basis, but selecting those with the required skills is often a tough task. The esucational system should incorporate findings from the research instutitions in their programmes asbwell as relevant management skills that would equip students for excellence after their studies.”

He insisted that: “Knowledge gap among workers is a major limiting factor that hinders many firms operating in Nigeria from achieving the desured results.”

Accorsing to Dangote, Nigeria’s Knowledge Economy value chain plays a crucial role in shaping its economic landscape.

In his welcome address, the Vice Chancellor of BUK, Prof. Sagir Adanu Abbas noted that in BUK, Dangote is a trademark that rings a bell, courtesy of the Dangote Business School singlehandedly built and donated to the Uinversity by Alhaji Aliko Dangote.

He added that: “Established about a decade ago, Dangote Business School has produced thousands of postgraduates.”

“Indeed, the establishment of Dangote Business School has added a lot of value to the Bayero University, Kano with the School moving on from strenght to strenght and making  a name beyond the shores of Nigeria.”

Continue Reading
Click to comment

Leave a Reply

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

Business

Nigerian Breweries embarks on strategic recovery plan to boost profitability

Published

on

Nigerian Breweries Plc has embarked on a company-wide reorganisation business recovery plan to ensure a sustainable future for its stakeholders.

The company’s Human Resource Director, Grace Omo-Lamai, said this in a statement signed by Mrs Sade Morgan, its Corporate Affairs Director, to the leadership of some food and beverage associations on Friday in Lagos.

The associations include the National Union of Food, Beverage & Tobacco Employees and the Food Beverage and Tobacco Senior Staff Association.

Omo-Lamai said the move was essential to improve the company’s operational efficiency and return to profitability, in the face of the challenging business environment.

She said the proposed plan would include operational efficiency measures and a company-wide reorganisation that includes the temporary suspension of operations in two of its nine breweries.

“As a result, and in accordance with labour requirements, the company invited the unions to discussions on the implications of the proposed measures.

“It will be recalled that the company recently notified the Nigerian Exchange Group (NGX) of its plan to raise capital of up to N600 billion by way of a rights issue.

“This is as a means of restoring the company’s balance sheet to a healthy position following the net finance expenses of N189 billion recorded in 2023 driven mainly by a foreign exchange loss of N153 billion resulting from the devaluation of the naira,” she said.

Also, the Managing Director, Nigerian Breweries Plc, Mr Hans Essaadi, described the business recovery plan as strategic and vital for business continuity.

Essaadi noted that the tough business landscape characterised by double-digit inflation rates, Naira devaluation, foreign exchange challenges and diminished consumer spending had taken its toll on many businesses.

This, he said, was why the company had taken the decision to further consolidate its business operations for efficient cost management and optimal use of resources for future sustainable growth.

“We recognise and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees.

“We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other seven breweries; and providing strong support and severance packages to all those that become unavoidably affected.

“We are also committed to supporting our host communities in ways that ensure they continue to feel our presence.

“We remain wholly committed to having a positive impact on our host communities and our consumers; leveraging our strong supply chain footprint; excellent execution of our route to market strategy; and our rich portfolio of brands,” he said.

Continue Reading

Business

FG to provide solar subsidy in Nigeria through $750m World Bank loan

Published

on

The federal government plans to provide subsidy to developers and operators of solar mini-grids in unserved and underserved areas in the country.

The subsidy will be provided through a World Bank approved loan of $750 million under the Distributed Access through Renewable Energy Scale-up (DARES) project.

This was disclosed in the financing agreement for the loan project.

The financing agreement for the loan was signed by the Minister of Finance, Wale Edun, on March 31, 2024, and World Bank’s Country Director for Nigeria, Shubham Chaudhuri, on February 19, 2024.

The loan project is fundamentally aimed at augmenting the supply of electricity to both households and micro, small, and medium-sized enterprises (MSMEs) through a surge in private sector-led distributed renewable energy initiatives.

The document noted that the loan will be partly used to provide “Support to the development and operation of privately owned and operated solar hybrid mini grids in unserved and underserved areas through: 1.1. Minimum Subsidy Tender Carrying out of Minimum Subsidy Tender processes and provision of Minimum Capital Cost Subsidies to selected developers/operators of: (a) Isolated mini grids; (b) Interconnected mini grids; or (c) Solar rooftop solutions in Participating States.”

Asides from providing subsidy, the federal government plans to also provide performance-based grants.

The document noted that there will be “Provision of Performance-Based Grants to eligible mini grid operators based on new customer connections for isolated mini grids and percentage of capital expenditures for interconnected mini grid projects.”

The grant will also cover Standalone Solar (SAS) Systems for Households, MSMEs, and Agribusinesses. This grant will provide “Support to the expansion of SAS systems for households, MSMEs, and agribusinesses in rural areas through: 2.1. Performance Based Grants for Standalone Solar Provision of Performance Based Grants (‘PBGs’) to eligible companies to rapidly deploy SAS solutions in rural and underserved areas, through supply and demand side support and based on independently verified outputs, and to support deployment of solar productive use of electricity (PUE) equipment to MSMEs, agribusinesses and commercial customers.”

There will also be “Catalytic Grants Provision of Catalytic Grants, on a matching basis, to eligible SAS companies that target the poor, remote, or hardest to reach consumers in the country.”

Continue Reading

Business

IMF charges banks to guide against cyber attacks

Published

on

…As hackers make off with $12bn

Following reports that cyber thieves stole $12bn from global financial institutions in the last 20 years, the International Monetary Fund (IMF) has called on Central Banks across the globe and financial institutions to strengthen resilience in the financial sector by developing an adequate national cybersecurity strategy accompanied by effective regulation and supervisory capacity.

This was contained in the April 2024 Rising Cyber Threats Pose Serious Concerns for Financial Stability report released by The Bretton Wood institution.

The report noted that greater digitalization and heightened geopolitical tensions imply that the risk of a cyberattack with systemic consequences has risen

The fund expressed concern that the rising incidents of cyberattacks on financial institutions globally could affect confidence in the financial system and destabilise economies while expressing worries that cyberattacks have more than doubled since the pandemic.

“Financial firms have reported significant direct losses, totaling almost $12 billion since 2004 and $2.5 billion since 2020,” the IMF stated.

According to the body, financial firms, given the large amounts of sensitive data and transactions they handle, are often targeted by criminals seeking to steal money or disrupt economic activity.

“Attacks on financial firms account for nearly one-fifth of the total, of which banks are the most exposed. Incidents in the financial sector could threaten financial and economic stability if they erode confidence in the financial system, disrupt critical services, or cause spillovers to other institutions.

“Cyber incidents that disrupt critical services like payment networks could also severely affect economic activity. For example, a December attack at the Central Bank of Lesotho disrupted the national payment system, preventing transactions by domestic banks,” IMF stated.

As part of measures proposed to guide against the attacks, the fund called for the periodic assessment of the cybersecurity landscape and identifying potential systemic risks from interconnectedness and concentrations, including from third-party service providers.

It further called for the encouragement of cyber “maturity” among financial sector firms, including board-level access to cybersecurity expertise, as supported by the chapter’s analysis which suggests that better cyber-related governance may reduce cyber risk.

Improving cyber hygiene of firms—that is, their online security and system health (such as antimalware and multifactor authentication)—and training and awareness.

Prioritising data reporting and collection of cyber incidents, and sharing information among financial sector participants to enhance their collective preparedness.

Noting that attacks often emanate from outside a financial firm’s home country and proceeds can be routed across borders, the IMF said international cooperation has also become imperative to address cyber risk successfully.

Continue Reading

Trending