Business
400,000 youths benefit from N-Power, says NASS C’ttee
The House of Representatives Committee on Poverty Alleviation and Small and Medium Enterprises Development Agency (SMEDAN) says 400,000 youths have benefited from the N-Power Scheme.
Rep. Balarabe Salame, Chairman of the committee, in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja, said that the success was recorded during his tenure as the committee’s chairman.
NAN reports that the N-Power is a scheme set up by President Muhammadu Buhari in 2016 to address the issues of youth unemployment as well as help increase social development.
The lawmaker, representing Illela/Gwadabawa Constituency of Sokoto State, said the N-Power and SMEDAN had effectively alleviated poverty in the country.
”There are so many committees, one can make millions from, but I asked for a committee that will touch the lives of the masses and I was given the Poverty Alleviation Committee.
“Prior to now, no accountability was made for funds the government allocates for poverty alleviation, but since I assumed as chairman of the committee, 400,000 youths were given N-Power.
“And in my state, in each constituency, the women benefit from women’s grant.
“No fewer than 1,000 women have been given N20,000 each to start up a small business, while SMEDAN has also empowered youths and small scale businesses,” he said.
Meanwhile, the All Progressives Congress (APC) Stakeholders Forum, also paid the chairman a courtesy visit and presented him with an award of ‘Legislature of the Year’.
Salame, a three-time member of the house, said he believed he had served his constituency favourably during his tenure in the House of Representatives and as such, would not be seeking a re-election.
He appealed to other lawmakers to empower members of their constituency adequately and impact positively on their lives to reduce crime and insecurity.
“I thank Almighty Allah for giving me the help and people like you that always advice, support me and appreciate what I have been doing.
“I believe I have achieved what I intended to achieve and will not contest in the next elections for a seat in the House of Representatives,” he said.
On his part, Rep. Abdullahi Sa’ad, Deputy Chairman, Public Accounts Committee, commended Salame’s commitment to human capacity building.
He pointed out that there had been an improvement in the collating of inputs of lawmakers and conveying same to the Executive for integration in the programmes of the government.
Sa’ad also praised the synergy between the Executive and the 9th Assembly, noting that the absence of friction between both arms of government enhanced their operations.
“I thank God we have this opportunity to appreciate Salame and say thank you and may God continue to give you the wisdom to forge better partnerships with the Executive and the Legislature.
“This administration is arguably the best in terms of social intervention in the history of this country; the amount of social intervention we have seen.
“Both money spent and the people who have benefited, are unprecedented in the history of Nigeria.
“There are several bills to create a permanent body responsible for social intervention programmes in Nigeria and I believe the committee under him, will be the ones to scrutinise the bill and make recommendations for further legislative actions.
“I congratulate you on the award and believe that as it is not the first, it will also not be the last.
“We continue to pray for God’s guidance, as you continue to touch positively on the lives of your constituents and other Nigerians,” he said.
A member of the APC Stakeholders Forum, Mr Abdullahi Hassan, said that the solutions to the issue of insecurity in the country were good leadership, job creation and adequate engagement of the youths.
“We found out that unemployment is one of the major factors that has contributed to the insecurity we are facing today.
“Be it IPOB, Boko Haram or Banditry, any kind of crime and criminality going on today in Nigeria, the genesis is unemployment.
“Fortunately, Rep. Salame has within the last four years carried out programmes that have changed the living standard of people in his constituency economically.
“Because of that, the leaders of the APC Stakeholders Forum at the national headquarters of the party decided to pay you a visit and appreciate your initiative for positively impacting on the lives of your people,” Hassan said.
Highlight of the visit was the presentation of the award by the Chairman of the APC Stakeholders Forum, Faruq Hassan, to Salame.
Business
After Multichoice lost 243k subscribers, More customers threaten to leave
After Multichoice lost 243k subscribers, More customers threaten to leave
Multichoice Group, an African pay-TV operator, on Tuesday, announced that its Nigerian subsidiary lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services between April and September 2024.
The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024.
MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.
In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.
The company further reported a 566,000-subscriber loss in the Rest of Africa (RoA) operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.
“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024.
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“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.
“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k,” It said.
Meanwhile more customers in Nigeria have threatened to switch allegiance.
While reacting to the story on a WhatsApp platform, a subscriber said: “They will lose more because I’ll soon leave them too.”
On X, @AGUNviews wrote: “They will lose more subscribers”
@Jaheim007: “The numbers are about to triple.”
@skyedron commented: “All anyone needs to acquire is the internet and a few clicks. Multi choice my foot.”
@ribaduabubakar2: “I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”
@AbelFidelis4: “This is just the beginning. I stopped using DStv in 2022.”
@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me. A company this big can’t improvise on their content?. Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”
@Ekoh4Ekoh: “They should be ready to lose more customers and it is good for them. They have to reduce their monthly subscription and make it pay as you go.”
@cashoggy: “They will still lose more subscribers. Internet and smart TV has rendered Dstv unattractive with their rate. Imagine paying 25,700 for a premium subscription when you can surf the Internet and watch all the programs for less.”
@rilwan_ola01: “They will suffer even greater losses.”
After Multichoice lost 243k subscribers, More customers threaten to leave
Business
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults, a power solution firm, says it is ready to deliver renewable energy and other long-lasting energy solutions that will address the power challenges causing huge economic losses and discomfort.
The firm also says it has signed an agreement with an India-based company, ADM-Orient Solar Power, to achieve its goals.
This is contained in a statement by the XGT, revealing a holistic approach to energy provision.
It stated, “XGT Smart Consults is thrilled to announce a strategic partnership with ADM-Orient Solar Power (India) aimed at addressing one of Nigeria’s most critical issues – reliable power solutions.”
It stated that its target is to provide Nigeria with solutions to overcome the frequent power outages by empowering homes and businesses with reliable, renewable, and affordable power.
This, it said, would be achieved in conjunction with its partners through renewable energy systems, advanced electrical services, independent power production (IPP) solutions, portable natural gas generators, automation services, and the rental and leasing of CNG tube skids.
Managing Director of XGT Smart Consults Limited, Olu Harrison, said, “The objective is to provide reliable cost-effective and environmentally friendly energy to households and businesses throughout Nigeria.
“Understanding the intricacies of the energy crisis, XGT employs a holistic approach that integrates renewable energy solutions, independent power generation, and innovative technologies tailored to the specific requirements of Nigerian consumers.
“Our goal is to empower every Nigerian household and business by revolutionizing the production, distribution, and consumption of energy.”
According the statement, XGT specifically specializes in providing innovative renewable energy solutions designed to meet the unique climate and energy needs of Nigeria.
“Our wide ranges of solar and sustainable energy systems are suitable for individual homes, corporate settings, and community projects.
“By harnessing the power of renewable energy, XGT offers environmentally friendly alternatives that reduce reliance on the national grid and significantly cut energy costs,” it added.
The company’s Executive Director Toluwase Oni, gave more insights into the IPP for businesses, industries and communities/estates.
“XGT’s IPP solutions provide a solution to the urgent need for self-sufficient power generation, particularly in industrial and commercial sectors where power reliability significantly affects productivity and revenue.
“By establishing a network of captive/ localized, independent power systems, XGT Power-IPP empowers Industries, businesses and communities/estate to take control of their energy needs,” he stated.
Apart from the renewable energy sources, the firm said it offers a range of portable natural gas generators providing a flexible energy solution for areas with limited grid connectivity or for users in need of extra backup during power outages.
“These generators are designed with user-friendly features and portability in mind, enabling users to power essential operations without depending on traditional, often unreliable, grid infrastructure,” it added.
“In conjunction with these generators, XGT specializes in automation systems that optimize energy management to improve efficiency, reduce waste, and streamline operations.
“Automated controls enable businesses to remotely monitor and adjust energy usage, ensuring that energy is utilized intelligently and cost-effectively.”
As part of its services, it disclosed that the company offers rental and lease services for compressed natural gas (CNG) tube skids to interested industries in recognition of the increasing demand for CNG as a cleaner alternative to traditional fuels.
Business
Naira: Confidence in Nigeria’s economy drops, says CBN report
Naira: Confidence in Nigeria’s economy drops, says CBN report
Following continued depreciation in the value of naira, many businesses and their operators have lost confidence in the Nigeria’s economy.
Indeed, a survey by the Central Bank of Nigeria (CBN) showed the Overall Confidence Index falling by 3.2 index points to 14.5 from 17.7 index points.
This was the highlight of the Business Expectation Survey, BES of the Central Bank of Nigeria, CBN, for October which also showed decline in the Overall Confidence Index, OCI, for the current month, next month and the next six months.
According to the CBN the OCI for the current month, next month and the next six months fell to 1.4, 4.8, and 21.8 index points in the October BES from 3.2, 6.2 and 29 index points in the September BES.
The survey also indicates that the decline in confidence in the economy is being driven by firms’ expectation of further depreciation of the naira before the end of the year.
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The CBN said: “The overall confidence index (CI) on the macroeconomy indicates that businesses were optimistic in October 2024.
“Respondent firms expect the naira to depreciate in the current month, next month and next 3 months. However, they expect appreciation in the next 6 months.
“Top six business constraints high interest rate, insecurity, high/multiple taxes, inadequate power supply, unfavorable economic climate, financial problems.
“The optimism on business outlook in the current month is driven by the opinion of respondents from all the Sectors except the Industry Sector.
“Most Sectors expressed optimism on their own operation in the review month. The outlook of respondents on the Volume of Business Activities, the Volume of Total Order, Financial Conditions, and Access to Credit were all positive in the review month.
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