News
Siemens Says Corruption Will Cost Nigeria 37% of its GDP by 2030
Giving the Federal Government’s determination to stop corruption, Siemens Nigeria has said that corruption will cost the nation 37 percent of its Gross Domestic Product, GDP, if both the public and private sectors do not fight it together.
The is even as the United Nations Global Compact harp on the need of private sector to synergise with the federal government to put an end to corruption.
Siemens is a multinational company operating in Nigeria, with a focus on advocating strong business ethics for Small Medium Enterprises, SMEs and Large corporates.
Speaking on the sideline of a collective Anti-corruption workshop for Nigerian Small Medium Enterprises, organised by the UN Global Compact, in Lagos, Ms. Funmi Akande, Chief Financial Officer of Siemens Nigeria, said that, “If the magnitude of corruption in the country persists, it will cost Nigeria 37 percent of its GDP by 2030.”
She said that corruption is a major issue that has to be tackled for Nigeria to progress, stating that, “The Siemens Integrity Initiative was focused on the Micro Small and Medium Enterprises, MSMEs, who are over 37 million in the country, and represent 84 percent of the total labour force On her part, the Chief of Africa, UN Global Compact, Ms. Olajobi Makinwa, said that, “Corruption is not only a government issue, the private sector has a role to play on it, in some cases I may say that it’s even driven by the private sector.
“This is why Global Compact is saying that we should not only fight corruption by pointing fingers at the government, we need to bring all the actors together in a platform that is friendly and not antagonistic, and that’s what we do.
“We leverage on bringing the actors together, looking at the issues holistically and fight it together to ensure that the country is free from this evil.”
She stressed that, “If all the companies were to take fundamental steps like respecting employee rights, and refusing bribery and corruption we would make enormous progress towards achieving the sustainable development goals.”
In his presentation on “The Role of SMEs in the Political Economy of Nigeria-Corruption Risks and Challenges: Perspectives of SMEs & Large Corporates”, Mr. Femi Oye the CEO, SME Funds noted that weak institutions played a role in the spread of corruption in the nation.
Mr. Oye said corruption seemed beneficial to the SMEs because of the perception of improving efficiency where government laws are inhibiting businesses.
He highlighted the corruption risks for SMEs to include; operational, strategic, financial and hazards, while he was of the strong view that businesses should “red-card” and “name-shame” industry perpetrators.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
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.
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.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
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.
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.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
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.”
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