₦airaland Forum

The University of Glasgow has announced the availability of Leadership Scholarships for international and EU (non-UK) students who will be starting a postgraduate taught Masters program in any discipline for the Academic Session 2023-24. These scholarships, awarded as a tuition fees discount, aim to support outstanding students and provide them with the opportunity to pursue their higher education goals in the United Kingdom.

Scholarship Details...........

https://ratecaptain.com/university-of-glasgow-offers-leadership-scholarships-for-international-students/

In a country like Nigeria, where the banking sector is a critical driver of economic growth and development, it is disheartening to observe that bankers are still earning meager wages.

Despite the high deliverables demanded from them, the compensation package offered by some banks remains alarmingly low. One such example seen in Kalu Aja twitter post , which states that one Nigeria can’t pays its commissioned staff a N45,000 or $3 a day, highlighting a.........

https://ratecaptain.com/despite-the-high-deliverables-bankers-in-nigeria-earn-n45000-or-3-a-day-in-2023/

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In a significant development, the Federal Government of Nigeria has announced that commercial banks in the country can now issue citizens with a debit card that doubles as their national identity card at no additional cost. This decision was made during a meeting of the Federal Executive Council (FEC) presided over by President Muhammadu Buhari. The Minister of Communications and Digital Economy, Prof. Isa Pantami, revealed that the approval was based on a memo from the National Identity Management Commission (NIMC) allowing banks to print.....

https://ratecaptain.com/what-nigerian-should-know-about-the-new-dual-purpose-debit-card-and-national-identity-card/

The International Monetary Fund (IMF) recently released a report titled “Nigeria’s eNaira, One Year After,” revealing that 98.5% of eNaira wallets remained unused one year after the launch of the central bank digital currency (CBDC). This revelation has sparked discussions regarding whether the eNaira project has been a waste of government resources.

According to the IMF report, the adoption of eNaira by households and merchants has been sluggish and limited. The total number of retail eNaira wallets downloaded amounted to only about........

https://ratecaptain.com/is-the-enaira-a-waste-of-government-resources/

The CBN monetary policy committee has decided to raise its benchmark interest rate, known as the Monetary Policy Rate (MPR), by 50 basis points to 18.5%. This marks the third time this year that the CBN has increased the interest rate, reflecting the bank’s efforts to curb rising inflation in the Nigerian economy. Governor Godwin Emefiele made this announcement during a post-MPC press briefing on Wednesday, May 24th, 2023.

The decision to raise interest rates comes in light of the persistently high inflation rate in the country. Headline inflation reached 22.22% in April 2023, surpassing the previous month’s figure of 22.04% and reaching its highest level since.......

https://ratecaptain.com/cbn-raises-interest-rates-to-18-5-in-response-to-rising-inflation/

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is set to convene its third meeting of the year, where crucial decisions regarding interest rates will be made. With the primary objective of achieving price and exchange rate stability, the MPC faces the dilemma of either maintaining its hiking cycle or keeping policy parameters unchanged. However, experts argue that tackling Nigeria’s inflation requires efforts beyond tightening the .........

https://ratecaptain.com/cbn-monetary-policy-committee-to-address-interest-rates-amidst-economic-challenges/

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Nigerian banks have implemented a new requirement for customers engaging in foreign exchange transactions. Customers are now mandated to present a valid Tax Clearance Certificate (TCC) as part of the documentation process. This regulation aligns with the provisions of the Personal Income Tax Act and aims to ensure tax compliance among residents.

According to RateCaptain, the new tax certificate requirement for foreign exchange transactions covers a wide range of activities. These include applying for government loans, motor vehicle registration, foreign exchange transactions, acquiring a.........

https://ratecaptain.com/nigerian-banks-to-demand-tax-clearance-certificate-before-customers-can-buy-dollars-other-foreign-currencies/

On May 22nd, 2023, President Buhari commissioned the Dangote Refinery in Lagos, marking a significant milestone for Nigeria and the African region. As the world’s largest single-train refinery with a capacity of 650,000 barrels per day, the refinery is expected to meet Nigeria’s entire demand for refined petroleum products and generate a surplus for export. This blog post explores how the Dangote Refinery can positively impact Nigeria’s economy and contribute to exchange rate stability.

1. Reduction in Fuel Imports:Nigeria’s heavy dependence on fuel imports has exerted pressure on the demand for foreign currency, particularly the dollar. By producing enough petroleum products domestically, the Dangote Refinery will significantly reduce or eliminate the need for imports. This decreased demand for dollars can help strengthen the naira against the dollar and alleviate pressure on the exchange rate.

2. Exporting Refined Crude Oil:

The Dangote Refinery’s operation can lead to increased production and exports of refined petroleum products, generating foreign exchange earnings for Nigeria. By exporting excess products to other countries, Nigeria can increase its reserves and bolster the supply of dollars in the foreign exchange market. This increased dollar supply can stabilize or strengthen the naira, boosting investor confidence and the currency’s value.

3. Increased Foreign Exchange Reserves:

As the Dangote Refinery reduces Nigeria’s dependence on imported fuel, it conserves foreign exchange reserves. Higher reserves provide stability and confidence in the currency, positively impacting the exchange rate. Additionally, the opportunity cost of subsidizing petroleum products, including loss of export revenue, can be gained, thereby boosting external reserves.

4. Reduce Inflation-Linked Currency Depreciation:

Nigeria’s reliance on imported petroleum products contributes to inflationary pressures. With the Dangote Refinery’s production capacity, the country can become more self-sufficient, reducing the need for expensive imports. This decreased dependence on imports can mitigate the impact of imported inflation, as locally produced petroleum products are less influenced by global market dynamics. The reduced costs of fuel consumption can improve purchasing power and contribute to a more stable exchange rate

Drawbacks and Potential Challenges:

While the Dangote Refinery presents numerous opportunities for Nigeria’s economy and exchange rate stability, it is important to consider potential drawbacks and challenges that may arise:

Dependence on Oil Sector:

Nigeria’s heavy reliance on the oil sector for revenue and foreign exchange earnings poses a risk to the economy. Despite the Dangote Refinery’s potential to reduce fuel imports, Nigeria’s overall economic diversification efforts may still be limited. Any fluctuations in global oil prices or disruptions in the oil market could impact the country’s exchange rate stability.

Infrastructure and Maintenance:

Maintaining the operations and infrastructure of such a massive refinery requires ongoing investment and skilled manpower. Ensuring the refinery’s efficient and uninterrupted operation will require a robust maintenance plan and continuous infrastructure development. Failure to adequately address these aspects may lead to operational challenges, delays, or increased costs.

Environmental Concerns:

Large-scale industrial projects, such as refineries, have the potential to impact the environment. It is crucial for Nigeria to prioritize and enforce strict environmental regulations to minimize the refinery’s ecological footprint. Proper waste management, emissions control, and monitoring are essential to mitigate environmental risks and ensure sustainable operations............

https://ratecaptain.com/nigerias-mega-refinery-a-game-changer-or-potential-disaster/

The Nigerian Communications Commission (NCC) has released data indicating that a significant number of subscribers switched from one network to another in the first quarter of this year. According to the data, a total of 6,855 subscribers opted for mobile number portability (MNP) to change their service providers while retaining their phone numbers. Among the telecom operators, MTN emerged as the biggest gainer as more customers migrated to its network.

Despite having the largest number of mobile subscribers, Airtel, Glo, and 9mobile experienced a loss of 4,765.........

https://ratecaptain.com/airtel-glo-and-9mobile-experienced-a-loss-of-4765-customers-to-mtn-in-q3/

Federal High Court in Abuja has instructed the President Muhammadu Buhari-led administration to provide a comprehensive account of the expenditure of a $460 million Chinese loan that was intended to finance the “failed” Abuja closed-circuit television (CCTV) project.

Judge Emeka Nwite issued the order while delivering his judgement.......

https://ratecaptain.com/federal-high-court-orders-president-buhari-to-account-for-460-million-chinese-loan-for-cctv-project/

The highly anticipated Dangote Refinery began operations today in a significant development for Nigeria’s oil industry. With a processing capacity of 650,000 barrels per day, the state-of-the-art facility is designed to process crude oil grades from Africa, Asia, and America, marking a significant step towards self-sufficiency in petroleum product refining for the country.

The refinery’s operations will create over 100,000 direct and indirect jobs, ranging from retail outlets and filling stations to depots and transport services. More than 30,000 individuals are employed at.........

https://ratecaptain.com/dangote-refinery-to-create-100000-job-opportunities-in-nigeria/

Access Bank Invites Applications for 2023 Entry Level Trainee Program in Technology
Access Bank Plc, known as Africa’s Bank of Best Practice, is a reputable financial institution operating in nine countries across Africa, as well as in the United Kingdom and major cities in Nigeria. With a strong focus on ethics, governance, and professionalism, Access Bank has established itself as a leading player in the banking sector.

As part of its commitment to developing talent and fostering a top-tier financial institution, Access Bank is inviting applications for its 2023 Entry Level Trainee Program in the Technology field.
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Are you a driven, confident, and enthusiastic individual with a passion for the banking sector? Do you aspire to build a successful career in this dynamic industry? Are you ready to join us on our mission to establish a world-class financial institution?

To be eligible for this program, applicants must meet the following requirements:

– Possess a Bachelor’s Degree from a reputable university with a minimum of a Second-Class Lower Division (2:2).
– Graduated from a STEM (Science, Technology, Engineering, and Mathematics) discipline or Economics.

The closing date for applications has not been specified, so interested candidates are encouraged to apply promptly.

It is important to note the following:

– The recruitment process is location-specific, so applicants should ..........

https://ratecaptain.com/access-bank-invites-applications-for-2023-entry-level-trainee-program-in-technology/

Lekki Deep Seaport, the Deep Blue project, and the electronic call-up system have emerged as the standout projects in Nigeria’s maritime industry during President Muhammadu Buhari’s tenure. These multibillion-naira ventures have successfully been completed and have significantly impacted the efficiency of the country’s ports.

The primary objective of these projects was to streamline operations, reduce waiting times for vessels, and enhance the speed of cargo clearance, ultimately improving the overall throughput of Nigerian ports. The outgoing administration has made substantial......

https://ratecaptain.com/buharis-8-years-martime-achievements/

Nine Nigerian banks have reported a combined e-business income of N74 billion in the first quarter of 2023, demonstrating the growing reliance on digital channels to generate revenue. Tier-1 banks, including UBA, Access Bank, and Zenith Bank, emerged as the top earners in this sector. This blog post explores the increasing emphasis on digital channels by Nigerian banks, driven by initiatives from the Central Bank of Nigeria.......

https://ratecaptain.com/9-nigerian-banks-generate-n74-billion-from-e-business-earnings-in-q1-2023/

The Nigerian Senate has called on the Central Bank of Nigeria (CBN) to release the sum of $717,478,606, which is currently trapped in the country and belongs to airlines. The Senate also urged the CBN to allocate $25 million to airlines operating in Nigeria through its dollar auction.

These resolutions were reached following the consideration and adoption of a motion titled “Current Issues on Airlines Blocked Funds in Nigeria,” sponsored by........

https://ratecaptain.com/nigerian-senate-urges-cbn-to-release-of-trapped-airlines-funds/

Twitter’s owner and renowned entrepreneur Elon Musk, is reportedly in the final stages of developing Robot Wives, a concept that has generated a mix of excitement, speculation, and controversy worldwide. The news comes as a surprise to many, given Musk’s already impressive portfolio of technological innovations.

Scheduled for a September 2023 rollout, the Robot Wives are anticipated to revolutionize the human-robot interaction landscape. Musk’s ambitious project aims to introduce ......

https://ratecaptain.com/elun-musk-to-launch-robot-wives-by-september-2023/

The Federal Executive Council (FEC) of Nigeria has granted approval for the development of new port projects in three states, namely Delta, Ondo, and Lagos. The total sum of $4,713,841,477 has been allocated for these projects, as confirmed by the Minister of State for Transportation, Prince Ademola Adegoroye. The announcement was made after the FEC meeting, which was presided over by President Muhammadu Buhari at the Presidential Villa in Abuja.

The three ports that will be developed are the Ondo Multi-Purpose Port in Ilaje, Snake Island in Lagos State, and .........

https://ratecaptain.com/fec-approves-4-7-billion-for-new-port-projects-in-lagos-ondo-and-delta/

RateCaptain
Home Economy
Presidency Responds to Inflation Claims, Highlights Global Impact.
Rate Captain by Rate Captain May 17, 2023 Reading Time: 2 mins read
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Buhari and state governments get N651 million hardship allowance.
The Presidency has responded to claims linking the rise in inflation in Nigeria to the administration of President Muhammadu Buhari. In a statement by Malam Garba Shehu, the President’s spokesman, it was emphasized that high inflation is a global problem and not unique to Nigeria. Shehu dismissed the notion that President Buhari is responsible for the current inflationary trend, stating that it is a result of the global economic downturn and the impact of the COVID-19 pandemic.

Shehu criticized The Guardian newspaper for publishing what he described as politically biased information, accusing them of twisting facts to suit their own agenda. He highlighted that inflation has been exacerbated ........

https://ratecaptain.com/presidency-responds-to-inflation-claims-highlights-global-impact/

In a move that has sparked debate within the ruling Conservative party, the UK government has pledged to award 45,000 visas for seasonal workers in the agricultural sector next year. This decision comes despite calls to cut immigration from some party members. Net migration, which experienced a decline during the pandemic, has been steadily rising and is expected to reach a record high this year, according to reports from British media. Official figures regarding migration are anticipated to be released later this month.

Home Secretary Suella Braverman, known for her hardline stance on immigration, argued at a conference in London on Monday that Britain should focus on training its own lorry drivers and fruit pickers rather than relying on immigration. However, Downing Street defended the decision to grant the visas, stating.........

https://ratecaptain.com/uk-government-to-grant-45000-visas-for-seasonal-agricultural-workers/

Following reports that the Glazer family will continue as owners of Manchester United, the club’s value experienced a significant decline. The stock price of the company fell by 13% after ESPN revealed that owners and co-chairmen Joel and Avram Glazer are confident in securing investment that would enable them to retain ownership.

According to the cited source, the Glazer brothers prefer new investment that would allow them to remain......

https://ratecaptain.com/manchester-uniteds-stock-value-dips-amid-reports-of-glazer-family-retaining-ownership/

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, emphasized the need for a prompt resolution to the ongoing disagreement between telecoms firms and deposit money banks (DMBs) regarding non-payment for Unstructured Supplementary Service Data (USSD) transactions. Mr. Emefiele made this statement on Monday, highlighting the significance of resolving the issue in the best interest of financial consumers.

During the launch of the SabiMONI e-Learning Platform, a comprehensive digital national e-learning portal designed to enhance financial literacy, the CBN governor expressed........

https://ratecaptain.com/cbn-governor-urges-resolution-of-telecom-bank-dispute-for-consumer-interest/

In a bid to address the gender gap in the ride-hailing industry, BOLT, a leading ride-hailing platform, has announced a €2.5 million investment to encourage more women to become drivers. The company recognizes that women are under-represented in the industry, depriving them of a flexible way to earn extra income. To tackle this issue head-on, BOLT has taken steps to understand the obstacles faced by women and has introduced.........

https://ratecaptain.com/bolt-invests-e2-5-million-to-encourage-women-in-the-ride-hailing-industry/

Seplat Energy Nigeria, a leading energy company, is currently providing an internship opportunity for undergraduate students in Nigeria. The Seplat Energy Internship program aims to enhance students’ employability by allowing them to apply their education in practical professional settings and gain exposure to the energy industry.

During the internship, students will have the opportunity to work on live projects and build valuable networks while learning from experienced professionals in the field. This internship experience will not only provide students with hands-on experience but also equip them with the necessary skills and knowledge to thrive in the energy sector.

The Seplat Energy Internship program is open to undergraduate students who have completed at least one year of their degree. The duration of the internships may range from 3, 6, to 12 months, depending on the specific arrangement.

To be eligible for the Seplat Energy Internship, applicants are required to meet the following criteria:

Applicants must provide SIWES letters issued by their Heads of Department, addressed to SEPLAT HR.
The engagement of interns will automatically end at the completion of their approved internship duration.
Only applicants who meet the Seplat Internship Scheme requirements will be contacted for further consideration.
Selected interns will receive various benefits, including:

Salary
Training opportunities
Networking opportunities
To apply for the Seplat Energy Internship, interested and qualified candidates should visit the application portal, which can be accessed through the link below........

https://ratecaptain.com/seplat-energy-nigeria-offers-internship-opportunity-to-nigerian-undergraduate-students/

Nigeria is set to develop the implementation strategy for Food System Transformation Pathway in order to boost security and reduce unemployment among youths and women.

Dr Sanjo Faniran, who is the National Convenor of the UN Food Systems and Director of Social Development, Ministry of Finance, Budget and National Planning, disclosed this in Abuja.......

https://ratecaptain.com/nigeria-to-develop-food-system-transformation-pathway-official/

Inflation continues to be a cause for concern as the headline inflation rate in April 2023 rose to 22.22% compared to the previous month’s rate of 22.04%. This marks an increase of 0.18% points in the inflation rate when comparing April and March of the same year. On a year-on-year basis, April 2023 also saw a significant increase in the headline inflation rate, with a difference of 5.40% points compared to April 2022.

The data released by the relevant authorities indicates that the contributions of different......

https://ratecaptain.com/breaking-nigeria-inflation-rate-hikes-to-22-22-in-april-2023-amid-interest-hike-rate/

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has closed down 75 filling stations in the country for various infractions within just one month. The Osun State office of the NMDPRA made this announcement on Wednesday, highlighting that the infractions committed by operators included operating without a valid license.

Mr Kunle Adeyemo, the NMDPRA State Coordinator, disclosed this during a press conference in which he presented the agency’s activities for the month of April. Adeyemo explained that .......
https://ratecaptain.com/nmdpra-has-shut-down-75-filling-stations-in-april-2023/

A growing number of people in Africa’s biggest economy are now buying used clothes, shoes, wigs, and accessories as inflation cut down on real wages.

Second-hand items popularly known as Thrift or Okrika have gained a lot of traction in the country in recent years on accelerating inflation – that is eroding consumers’ purchasing power and........

https://ratecaptain.com/second-hand-shopping-booms-as-inflation-rise/

Nigeria say they have been granted approval by the Nigerian Communications Commission (NCC) to disconnect banks Unstructured Supplementary Service Data (USSD) debt, which has amounted to N120 billion.
This was made known in a statement signed by Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), on Friday in Lagos.
According to him, Mobile Network Operators (MNOs) would disconnect banks if .......

https://ratecaptain.com/telcos-to-deactivate-banks-ussd-service-over-n120bn-debt/

President Buhari and state governors may have received N651.2m in hardship allowance over the past eight years, according to a report by The PUNCH. The allowance, which is 50% of the annual basic salary, is also given to judges in the country. The RMAFC document revealed that the president is entitled to N1.76m annually, while the vice president receives N1.52m. State governors and their deputies receive N1.11m and N1.06m, respectively. The total hardship allowance of the 36 state governors over eight years amounts to.......

https://ratecaptain.com/buhari-and-state-governments-get-n651-million-hardship-allowance/