• Thursday, December 07, 2023
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Five things to know to start your Tuesday


FG to equip 3m Nigerians with tech skills and boost startup funding

The Nigerian Federal Government plans to provide tech skills training to three million individuals over the next four years. The Minister of Communications, Innovation, and Digital Economy, Dr. ‘Bosun Tijani, unveiled this initiative as part of a strategic plan to enhance the country’s digital economy.

The plan also targets increasing yearly funding for startups to $5 billion by 2027 and improving rural tech access by at least 40 percent.

Tijani emphasised the importance of innovation, entrepreneurship, and access to capital for a thriving digital economy and aims to stimulate the growth and sustainability of startups, particularly those focusing on critical sectors.

Diezani Alison-Madueke appears in UK court over £100,000 bribe, EFCC begins extradition

Former Nigerian Minister of Petroleum Resources, Diezani Alison-Madueke, appeared before the Westminster Magistrates’ Court in the UK, facing allegations of accepting a £100,000 bribe related to oil and gas contracts.

District Judge Michael Snow granted her £70,000 bail with strict conditions, including an electronic tag, an overnight curfew, and a £70,000 surety.

Her attorney stated that she would plead not guilty. The next court appearance is scheduled for October 30. Alison-Madueke has faced various corruption allegations, including embezzling $2.5 billion during her tenure.

The Nigerian government is pursuing her extradition to face charges in the country.

12.5 kg of cooking gas hits N12,500

As Nigeria celebrates its 63rd Independence Day, the price of a 12.5kg Liquefied Natural Gas (LNG) cylinder, used for cooking, has surged to N12,500, according to a market survey carried out by the Punch.

Gas retailers raised prices from N10,000 at the end of the previous month. The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, had warned that prices could reach as high as N18,000 by December if the government didn’t intervene.

Despite discussions with regulatory authorities, the situation remains unaddressed, leaving consumers facing higher costs and limited government action.

Nigeria, other emerging economies need $2trn annually for net-zero emissions by 2030, says IMF

The International Monetary Fund (IMF) has emphasised that Nigeria and other emerging economies must secure approximately $2 trillion annually by 2030 to achieve the net-zero emissions target by 2050.

This insight is drawn from the IMF’s latest report titled “Emerging economies need much more private financing for climate transition.”

The report underscores that significant climate mitigation investments are required in emerging markets and developing nations, which account for nearly two-thirds of global greenhouse gas emissions.

It further asserts that private sector involvement is imperative, accounting for 80 percent of necessary investments and rising to 90 percent when excluding China.

The report partly read: “We project that growth in public investment, however, will be limited and that the private sector will therefore need to make a major contribution towards the large climate investment needs of emerging markets and developing economies.

Oil falls 1% on strong US dollar, mixed supply cues

Oil prices dipped by 1 percent in early Asian trading on Tuesday, reaching a three-week low due to a stronger U.S. dollar, rising U.S. bond yields, and mixed supply signals.

Brent futures for December delivery fell by 1.01 percent to $89.79 per barrel, while U.S. West Texas Intermediate crude (WTI) dropped by 1.04 percent to $87.90 per barrel.

The stronger U.S. dollar and higher interest rates have impacted market sentiment and made oil more expensive for non-U.S. currency holders, potentially affecting demand.

Additionally, news of Turkey restarting operations on an Iraqi pipeline after a six-month suspension contributed to the downward pressure on prices.

OPEC+ is expected to maintain its current output levels during its upcoming meeting to keep oil supplies tight amid a slowing global economy.