Connect with us

News

Entrepreneurial Skills Critical To Overcoming Recession- Ohuabunwa

Published

on

Kindly share this post

Knowledge on entrepreneurial skills and business successes are essential in lifting Nigeria’s economy out of recession‎, said Mazi Sam Ohuabunwa, founder, Sam Ohuabunwa Foundation for Economic Empowerment (SOFEE).

Ohuabunwa‎ made the remark during the Foundation’s Economic Empowerment & Management Training Series in Lagos on Friday, adding that promoting creativity, technological innovations, Entrepreneurship and management excellence are part of measures to refocus SMEs and the economy at large.

Nigeria’s economy slid into recession after negative growth in the first two quarters of the year, the National Bureau of Statistics (NBS) said in August 2016.

Nigeria, Africa’s top economy, has been battered by low oil prices hammering government revenues, weakening the national currency and driving up inflation to an 11-year high.

“In the second quarter of 2016, the nation’s Gross Domestic Product (GDP) declined by -2.06 percent (year-on-year) in real terms,” the NBS said. “This was lower by 1.70 percentage points from the growth rate of 0.36 percent recorded in the preceding quarter, and also lower by 4.41 percentage points from the growth rate of 2.35 percent recorded in the corresponding quarter of 2015,” it said.

However, Mazi Ohuabunwa said that facts indicate the country’s economy headed towards recession at about eight quarters ago following the depreciation of the GDP over time.

“We ought to have taken more pro-active steps to preventing the recession as against passing the blames”.

Presently, the non-oil sector contributes most to the GDP at about 89%; trade (wholesale and retail) 20%; oil and gas 10%; manufacturing 9%; real estate 6%; client services 4%.

He said, although the indices show the economy is diversifying, oil and gas sector still accounts for 90% forex circulation which still Limits government’s effort ‎to rejig the economy.

He regretted the country’s declining global (business) competitiveness ‎has also adversely affected the economy, causing loss of faith in the economy by foreign investors.

“On ease of doing business, Nigeria stands 169th out of 189 on global ranking. This is really hurting businesses. For instance, a pharmaceutical company was on the verge of closing its manufacturing plant because a chemical it was supposed to import, the papers were delayed for about six months by the office of the National Security Adviser (NSA),” he decried.

He urged professional bodies, manufacturing association and other bodies to continue to rally around the government, advocating for better business environment.

“Professional bodies must keep advocating for a better business environment especially for the survival of SMEs. For instance, critical issues that impact the economy include the drastic fall in oil prices; but it was not just that because oil price was lower in the 80’s and late 90’s. We failed to save for the rainy day. So when the revenue declined from N70billion to N40billion and capital inflow less than $2billion in the first six months of 2016, coupled with insecurity, import restriction, corruption fighting back, leading to low investors’ confidence, subsisting national image challenge, low national productivity, these are not good for the economy hence we are in recession.

“Government has to checkmate the rate of holidays because companies record huge losses any day factories are closed. People are considering several options, but we believe the economy will blossom”, he said.

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

News

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Published

on

Kindly share this post

Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

News

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Published

on

Kindly share this post

While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


Kindly share this post
Continue Reading

News

President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

Published

on

Kindly share this post

President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


Kindly share this post
Continue Reading

Trending