Yemisi Izuora The African Development Bank Group President and Chairman of the Boards of Directors Dr Akinwumi Adesina has said that the $100 million for the establishment of a Youth Entrepreneurship Investment Bank in Nigeria would help halt youth brain drain in the country. Adesina, warned that young Nigerians were voting with their feet and leaving the country in droves due to economic hardships and called for major investments to reverse the accelerating youth brain drain. “The rate and speed at which Nigerians are leaving the country – the so called ‘Japa’ syndrome risks undermining Nigeria’s drive for economic…
Author: Orientalnews Staff
Yemisi Izuora Operators in Nigeria’s manufacturing industry have been offered the alternative of shifting to renewable energy sources to support their operations. The Director, Weights and Measures Department of the Federal Ministry of Industries, Trade and Investment, Dr Adesuyi Olajide, said local manufacturing companies can switch to renewable energy to boost their production and support the nation’s economic growth and development. Olajide, made call at the department’s annual surveillance visit to Cadbury Nigeria Plc on Tuesday, October 22, 2024, in Lagos. Olajide, restated the Federal Government’s commitment to ensure steady supply of power for businesses to thrive. Oriental News…
Valentine Okafor The systematic removal of subsidy on Premium Motor Spirit (PMS) also called petrol which has resulted in steady upward adjustment in pump price of the product has crashed demand exponentially. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Daily Truck Out Report shows that as of August 20, 2024, petrol consumption dropped to 4.5 million litres per day which is about 92 per cent. However, daily consumption was recorded at 60 million litres per day in May 2023, marking an astonishing 92 per cent decrease since President Tinubu’s inauguration. The NMDPRA report showed that only 16…
Yemisi Izuora Seplat Energy Plc, a leading Nigerian energy company would soon make bold statements on its plans to build a strong investment and sustainable energy future in Nigeria after it secured approval to acquire key ExxonMobil assets. The company said it is delighted with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmation of consent granted by the Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (MPNU). Seplat Energy sincerely commended President Tinubu, for granting this approval, and appreciates the support and…
Joseph Bakare Nigeria is taking steps towards providing more investment opportunities to private sector operators in the Compressed Natural Gas (CNG) transition initiative. President Bola Tinubu during a meeting with officials of NIPCO Plc, reaffirmed his administration’s commitment to providing a conducive environment for private sector investments while expanding Nigeria’s CNG infrastructure to enhance energy efficiency and economic growth. He further encouraged NIPCO Plc to continue its innovative approach to CNG expansion while supporting the government’s broader goals in the energy sector. Tinubu has applauded NIPCO Plc for investing in the country’s CNG industry, and contributions to the country’s…
Uche Cecil Izuora Nigeria’s Minister of State for Environment, Dr. Iziaq Adekunle Salako, has said that the country has capacity to produce green hydrogen for both domestic use and export. Salako’s statement highlights the nations intention to advance green hydrogen technology to support ongoing energy efficiency and energy security initiatives. Nigeria’s energy crisis, with 45 per cent of the population lacking access to the national grid and over 50 per cent facing energy poverty, can be addressed through renewable energy, particularly green hydrogen, said the Minister. Speaking at the International Hydrogen Summit, Salako emphasized that green hydrogen, produced via…
Yemisi Izuora The Chairman, Heirs Holdings Group and the United Bank for Africa (UBA), Tony Elumelu, has called for strong collaboration between International Oil Companies (IOCs) and indigenous operators towards achieving sustainable development of the oil and gas sector. He said the nation’s economy is heavily dependent on oil, calling for sustainable solutions to save Nigeria’s inheritance. “Nigeria’s oil production has been on a downward trajectory, falling from peaks of over 2 million barrels per day to recent lows, below 1.5 million. “This decline translates to lost revenues, reduced global market share, and missed opportunities for national development. The…
Yemisi Izuora The Acting Regional Director, of Standards Organisation of Nigeria (SON), Lagos Region, Mrs Theresa Ojomo has stated that the Agency’s activities provides assurance for consumers to get value for their money. Ojomo, who stated this during the road work of the Lagos Region of SON, in commemoration of the 2024 World Standards Day not that Walk for Standards was part of activities slated for the day. According to her, world standards day is celebrated every October 14th, adding that the 2024 walk was to create awareness and to sensitize the general populace on standards and quality. She…
Agency Report The death of former One Direction star Liam Payne has sparked a debate about the duty of care in the music industry, particularly for young people. In one of the most powerful tributes to the singer, who died at the age of 31 after falling from a hotel in Argentina last week, TV personality and former X Factor judge Sharon Osbourne said: “We all let you down.” Osbourne said Payne was “just a kid” when he “entered one of the toughest industries in the world, and asked: “Who was in your corner? Where was this industry when…
Agency Report Grammy-nominated Afrobeat musician Femi Kuti has stated that some of his family’s greatest enemies are members of their own ethnic group, the Yoruba. Speaking at the 2024 Felaberation Festival in Lagos, he specifically mentioned former President Olusegun Obasanjo and the late business mogul, MKO Abiola, as significant adversaries of the Kuti family. He explained that his family does not adhere to tribalism as they were inspired by pan-Africanists during their upbringing Brothers and sisters, something very important is going on in our lives; ethnic problems. You call it tribalism. Please, do not bring the Anikulapos in your…