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Nigeria Initiates 1m Jobs, Seeks Tech Transfer With S/Korea

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2 years ago

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Vice President Kashim Shettima
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The Federal Government has expressed readiness to create one million jobs in the digital world.

Vice President Kashim Shettima gave the assurance on Monday while receiving a delegation from the Republic of Korea at the Presidential Villa, Abuja.

The delegation was led by the Special Envoy to the President of the Republic of Korea, Jang Sungmin.

Shettima recalled that in the 50s and 60s, the Korean GDP was at par with many African countries.

The vice president said, however, that at present, Korea was among the developed nations partly due to the leadership and commitment of the Korean people.

He said: “We are willing to partner with you in the area of technology because by 2030, there will be 65 per cent global talent deficit with the U.S., Russia and Brazil suffering six million talent deficit.

“I believe Nigeria is in a unique position to fill in those talent deficits because ours is a young nation.

“75 per cent of Nigerians are below the age of 35, so we are soliciting for your partnership and support in digital skills training for our young people.

“We want to create 1 million jobs in the digital world; India earned $120 billion last year from global outsourcing and we are in a unique position to take advantage of the opportunities in the sector.

“We need the skills set, we need the technology to drive the process and yours is a technology that we can embrace.”

Shettima assured the Korean Government of Nigeria’s commitment to partner with Korea to strengthen relations with both countries, especially balancing the trade deficit between the two countries.

On the agenda of the new administration, the vice president noted that security and economic development was the focus of the government.

He assured the Korean delegation that President Bola Tinubu would honour the invitation of his Korean counterpart to the Africa-Korea summit in 2024.

“The government will make it easier for Korean businesses and other foreign investors to do business in Nigeria.

“Korea has always supported us in the international fora and we have that obligation to reciprocate by supporting Korean businesses operating in Nigeria.

“Be rest assured that Nigeria truly appreciates the Republic of Korea support to Nigeria in multilateral institutions, in the UN General Assembly, in our quest for a seat in the Security Council and in several UN bodies,” he said.

Shettima also restated Nigeria’s commitment to strengthening relations with Republic of Korea especially in promoting trade, technology transfer and maintaining global peace.

According to Shettima, Nigeria and Korea have a very robust bilateral relationship that is anchored on years of mutual trust and cooperation.

“A lot of Korean companies are doing business in Nigeria especially in the area of oil and gas; six of our LNG trains were constructed by Korean companies.

“We are fully committed to a very robust relationship between our nations; we need to learn a lot from Korea especially in the areas of manufacturing and agriculture.

“You are a success story worthy of emulation by all developing nations.”

Earlier, Sungmin congratulated Nigeria for the successful inauguration of the new government.

He conveyed special invitation from President Yoon Yeol to his Nigerian counterpart, Tinubu, to attend the forthcoming Africa-Korea Summit in South Korea.

He also restated his country’s continuous support for Nigeria across different sectors.

“Korea’s collaboration with Nigeria can lead the fourth Industrial Revolution.

“Korea’s development is akin to Nigeria’s development,” he said

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

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4 weeks ago

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May 20, 2025

By

CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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Business & Economy

 CBN Retains Nigeria’s Interest At 27.50%

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4 weeks ago

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May 20, 2025

By

Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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Business & Economy

Renaissance Energy Completes Acquisition Of SPDC

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3 months ago

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March 14, 2025

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Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC).

This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day.

“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement added.

“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.’ We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act,” said the Managing Director/CEO of Renaissance Tony Attah.

He added: “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development”.

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RENAISSANCE COMPLETES ACQUISITION OF SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA (SPDC)

Renaissance Africa Energy Holdings today announced that it has successfully completed the landmark transaction between itself and Shell for the acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited.

Renaissance Africa Energy Holdings is a consortium consisting of four successful Nigerian independent oil and gas companies: ND Western Limited, Aradel Holdings Plc. FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, each with considerable operations experience in the Niger Delta, and Petrolin, an international energy company with global trading experience and a pan African outlook.

“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be “Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.” We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act” said Tony Attah, Managing Director/CEO of Renaissance who added that:

“We extend our appreciation to the Honourable Minister of Petroleum Resources, and the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as strategic accelerator for the country’s industrial development”.

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