Business
Imo Economic Adviser Joins European DIGITAL SME Alliance Committee
In a move that highlights the growing importance of digital technology in Nigeria’s economic development, C, has been appointed to the committee of the European DIGITAL SME Alliance.
The European DIGITAL SME Alliance is a prestigious organization that represents the interests of small and medium-sized enterprises (SMEs) in the digital technology sector across Europe. The organization aims to promote the growth and development of SMEs in the digital sector and create a favorable business environment for them to thrive.
Mr. Aguocha’s appointment to the committee is a recognition of his expertise in economic development and his efforts to promote digital transformation in Imo State. As a member of the committee, he will work with other experts to develop policies and strategies that support the growth of SMEs in the digital sector.
The appointment is also a testament to the growing collaboration between Nigeria and Europe in the area of digital technology. Nigeria has been actively seeking to leverage digital technology to drive economic growth and development, and partnerships with European organizations like the DIGITAL SME Alliance are seen as crucial to achieving this goal.
Mr. Aguocha’s appointment has been hailed by stakeholders in the technology sector, who see it as a positive development for Nigeria’s digital economy. “This appointment is a recognition of Nigeria’s growing influence in the global digital economy,” said Mr. Olugbenga Olabiyi, a technology expert. “It also highlights the importance of partnerships between Nigeria and European organizations in promoting digital transformation.”
As a member of the committee, Mr. Aguocha will work to promote the interests of Nigerian SMEs in the digital sector and create opportunities for them to collaborate with European businesses. His appointment is seen as a significant step towards achieving this goal.
The European DIGITAL SME Alliance has welcomed Mr. Aguocha’s appointment, saying it looks forward to working with him to promote the growth of SMEs in the digital sector. “We are delighted to have Mr. Aguocha on board,” said a spokesperson for the organization. “His expertise and experience will be invaluable in our efforts to promote digital transformation in Nigeria and Europe.”
In his new role, Mr. Aguocha will work to identify opportunities for Nigerian SMEs to collaborate with European businesses and promote the development of the digital sector in Nigeria. His appointment is seen as a positive development for Nigeria’s digital economy and a testament to the growing collaboration between Nigeria and Europe in the area of digital technology
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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