The Nigerian military is set to engage local arms manufacturers to enhance its production capabilities and combat the growing issue of illegal firearms. This initiative aims to harness the skills of law-abiding citizens involved in the production of arms while tackling the growing issue of illegal arms proliferation across the country. Chief of Defence Staff (CDS) General Christopher Musa made this announcement during an operational visit to troops stationed in Plateau State, where he reviewed locally made arms and ammunition that had been seized during military operations. His visit included a tour of the Nigerian Army’s 3 Division at Maxwell Khobe Cantonment, where he inspected facilities and met with the General Officer Commanding. During his visit, General Musa reassured the troops that they would receive enhanced resources, including advanced weaponry and improved vehicles, as well as better welfare support. He emphasized that these upgrades are crucial for boosting operational effectiveness in their ongoing fight against insurgency and criminal activities. The CDS urged the soldiers to intensify their efforts in dismantling criminal hideouts, stressing the importance of professionalism, discipline, and respect for human rights in all military operations. One of the key points of General Musa’s address was the proposal to engage skilled local manufacturers in collaboration with the Defence Industries Corporation of Nigeria. By doing so, he believes that Nigeria can enhance its military production capabilities and reduce reliance on foreign arms suppliers. “Pursuing partnerships with local arms manufacturers will not only strengthen our military capabilities but also support our economy by creating jobs and fostering local expertise,” General Musa stated. The CDS commended the dedication and resilience of the troops in maintaining peace and security amid significant challenges. He reaffirmed the military’s commitment to defeating insurgency and ensuring a safe environment for all Nigerians. As this initiative unfolds, it represents a proactive approach by the Nigerian military to leverage local resources and expertise in its ongoing efforts to secure the nation against various threats. The collaboration with local manufacturers could pave the way for a more self-sufficient defense industry, ultimately contributing to Nigeria’s overall security strategy.
Nigeria’s SEC Aims to Eradicate Ponzi and Pyramid Schemes by 2025
The Securities and Exchange Commission (SEC) has announced its commitment to eliminate Ponzi and pyramid schemes by 2025, to protect investors and enhance the integrity of Nigeria’s financial markets. This initiative is part of the SEC’s New Year agenda, which emphasizes investor safety and the promotion of legitimate investment opportunities. Dr. Emomotimi Agama, the Director-General of the SEC, shared this vision in a recent statement, highlighting that safeguarding investors will be at the core of the commission’s mission. “We will intensify our efforts to stamp out Ponzi and pyramid schemes while creating an environment where legitimate investments can thrive,” Agama stated. The SEC is not only focused on combating fraudulent schemes but is also dedicated to revamping its regulatory framework to bolster market integrity. Agama noted that effective enforcement is crucial for regulation, and the commission plans to enhance its investigative processes to hold wrongdoers accountable more decisively. “Transparency is essential for building investor confidence,” he added. To this end, the SEC will introduce measures aimed at increasing visibility and trust in securities transactions. The agency also plans to tackle issues like insider trading, which undermine market fairness. In addition to fighting fraud, the SEC is prioritizing the development of Nigeria’s commodities market. Recognizing Nigeria’s agrarian roots, Agama emphasized the importance of leveraging this sector for economic growth. “Our goal is to create a vibrant commodities ecosystem that can significantly contribute to Nigeria’s economy,” he said. The commission intends to strengthen legal and regulatory frameworks that support this growth, ensuring that both soft and hard commodities are utilized effectively across the country. Interestingly, while focusing on traditional markets, the SEC has also shown a willingness to engage with local cryptocurrency companies. Despite recent crackdowns on major exchanges like Binance and OKX, Agama indicated that some crypto entities have received an “Approval-in-Principle” to operate under a new regulatory framework. However, he cautioned that not all applications for regulatory approval would be successful, as the SEC maintains strict standards for compliance. Agama concluded by urging stakeholders in the financial sector to collaborate with the SEC in achieving its vision for a more secure and inclusive capital market in 2025. With these ambitious plans in place, the SEC is determined to foster a safer investment landscape for all Nigerians.
9mobile Unveils Ambitious $3 Billion Recovery Plan9mobile Unveils Ambitious $3 Billion Recovery Plan
9mobile has announced a $3 billion recovery plan aimed at revitalizing its operations over the next four years,to reclaim its place in Nigeria’s competitive telecom market. Once a dominant player with over 13 million subscribers, the company has faced significant challenges, seeing its user base shrink to just 3.4 million, which now accounts for a mere 2.15% of the market. To spearhead this turnaround, 9mobile appointed Obafemi Banigbe as its new CEO in July 2024. Banigbe, a seasoned telecom expert with extensive experience across Africa, is stepping into a role filled with challenges but also opportunities. He acknowledges the uphill battle ahead but remains optimistic about the company’s potential for recovery. According to reports from The Guardian, the recovery strategy is ambitious yet necessary. The plan focuses on enhancing the company’s 2G, 3G, and 4G network coverage to better compete with larger telecom giants. However, raising the required funds poses a significant challenge, particularly given Nigeria’s high-interest rates that make borrowing costly. To navigate these financial hurdles, 9mobile is adopting a pragmatic approach encapsulated in their new mantra: “Build infrastructure where we must and share it where we can.” This strategy emphasizes investing wisely in essential services while seeking partnerships to reduce costs wherever possible. Banigbe has also highlighted a broader issue within the telecom sector: while revenues are increasing, operational costs are rising even faster. This growing imbalance raises concerns about long-term sustainability, especially for companies that rely heavily on borrowing to finance their operations. Given 9mobile’s current financial struggles, this situation is particularly precarious. In summary, 9mobile is determined to turn things around and regain its footing in Nigeria’s telecom landscape. With Banigbe at the helm and a clear strategy focused on smart spending and strategic partnerships, the company is setting the stage for what it hopes will be a successful year ahead. As they embark on this ambitious journey, only time will tell if they can reclaim their former glory in the highly competitive telecom sector.
Senate advances bill mandating technical skills for Nigerian students
The Nigerian Senate has passed for second reading a bill requiring students in secondary and tertiary institutions to acquire technical skills before graduating. The bill, titled “Strengthening Career and Technical Training Bill, 2024,” was sponsored by Senator Sani Musa, who represents Niger East Senatorial District. Musa said the legislation aims to prepare students for employment and entrepreneurship by addressing the gap between education and industry demands. “Many of our educational programs are theoretical and do not equip students with practical, market-relevant skills,” Musa said. “Nigeria risks falling behind in the global economy if we do not invest in building a highly skilled, competitive workforce.” He added that the bill would focus on training for high-demand sectors such as ICT, renewable energy, biotechnology, manufacturing, healthcare, and agribusiness. It also proposes partnerships between educational institutions, industries, and government agencies to ensure effective training. The bill also proposes a framework for funding and monitoring technical training programs. Under the plan, the Ministry of Education and the Ministry of Labour will collaborate to design training initiatives targeting high-growth sectors like ICT, renewable energy, manufacturing, healthcare, and agribusiness. Musa’s push for change comes as unemployment rates in Nigeria remain alarmingly high, with many graduates struggling to find work despite the nation’s potential as a hub for emerging industries. The Ministry of Education and the Ministry of Labour would be tasked with developing the programs and overseeing their implementation. The Senate will continue discussions on the bill in the coming weeks.
World Bank says AI can save $2 trillion in net-zero transition costs
The World Bank has announced that Artificial Intelligence could cut the capital costs of transitioning to a net-zero economy by up to $2 trillion. The statement was included in its latest report, “Net-Zero Industry Tracker 2024 Edition,” released Tuesday. AI, especially generative AI, can boost capital efficiency by 5% to 7%, the report said, offering cost reductions for sectors like steel, cement, and heavy manufacturing, which are among the hardest to decarbonize. The bank estimated that $30 trillion in additional capital investment is needed by 2050 to meet global net-zero goals, but AI’s contributions could significantly reduce that figure. “The potential of AI to reduce capital needs by $1.5 trillion to $2tn is a significant development for sectors that are crucial to the global economy but are also challenging to decarbonise,” the report said. AI innovations, including better energy management, enhanced asset use, and faster research processes, were identified as key factors behind the savings. However, the report cautioned that AI’s adoption could lead to increased electricity demand, creating competition for low-carbon energy resources. “The widespread adoption of AI technologies will likely place additional pressure on energy systems, creating a new challenge in balancing the power needs of the transition,” the report stated. The bank called for stronger policy measures and international collaboration to ensure AI’s benefits outweigh its risks.
TheOffshoreLab, NNPC, Shell opens tech hub in Bayelsa to empower disadvantaged children
The Offshore Lab, in collaboration with the Nigerian National Petroleum Corporation Limited (NNPCL) and Shell Petroleum Development Company (SPDC), launched its second Junior Lab technology hub on Friday at Daisy’s Home for Special Children in Bayelsa State. The hub aims to provide practical education in agrotechnology for children in underserved communities. According to the company, the lab features a greenhouse equipped with hydroponics, automated sensors, and smart irrigation systems to help students gain hands-on experience. “By extending this initiative to Daisy’s Home and ultimately to local communities across the country, we are laying the groundwork for a brighter future for Nigeria’s youth,” said Emeka Obiwulu, The Offshore Lab’s chief executive officer. The company said the lab is part of its larger Junior Lab initiative, which equips children with tools and training in agriculture, engineering, and digital innovation. The first lab, launched in 2023 at Badamia Home in Port Harcourt, has trained street children in engineering design and other technical skills. SPDC’s General Manager of Corporate Relations, Igo Weli, described the initiative as impactful. “It’s exciting to witness the transformation in not just the technical skills of these young people but also their confidence and leadership,” Weli said. The company plans to expand its network of labs nationwide to address strategic challenges in sectors like agriculture, renewable energy, and digital technology. The initiative aligns with projections by the World Economic Forum that Africa’s digital economy could contribute $180 billion to the continent’s GDP by 2025. NNPCL and SPDC provided financial and technical support for the project.