BUSINESS
PEOPLES DAILY, WEDNESDAY, FEBRUARY 27, 2013
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ICT Minister inaugurates Incubation Governing Board
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FG to stimulate 1000 jobs with new job fair By Abdulrahman Abdulraheem
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s part of measures to reduce unemployment in the country and create jobs, the Federal Government yesterday set up a committee to deliberate on the proposed job fair and come up with ideas on how to make it successful. The committee is made up of representatives from the United Nations Development Organization (UNIDO), ministries of labour and productivity, women affairs, education, youth development, trade and investment, as well as Industrial Training Fund ( ITF), Small and Medium Scale Enterprises Development Agency (SMEDAN), Bank of Industry (BOI), National University Commission (NUC) and National Board of Technical Education (NABTEC) Other members of the job fair committee include National Employment and Consultative Council (NECA), Manufacturing Association of Nigeria (MAN), Nigeria Chamber of Commerce, Cooperatives, Industries, Mines and Agriculture (NACCIMA) and National Committee on Job Creation. Inaugurating the committee yesterday in Abuja, Minister of state for Trade and Investment, Dr Samuel Ortom lamented the fact that employment rate in the country stood at 23 percent with the tendencies to go up as a result of unstable economical situation. He continued: “The job fair being initiated is therefore meant to address all the identified barriers to job creation and sustainable livelihood in the country. It will support industry by creating sustainable working and knowledge sharing platforms and networks which will link the job seekers to the employers by identifying and
facilitating hiring needs and options for local businesses, companies as well as the needs and options for job seekers. The minister who was represented at the inauguration by the Director of Industrial Development in the ministry, Olakunle Shogboola , added that : “ it will also highlight inherent
benefits for young individuals who have decided to be entrepreneurs and equally showcase ones with goods and services deigned locally and competitive globally and not less than 1,000 jobs will be created at the first instance from the exercise. The terms if reference for
the committee include to produce an action plan for the job fair with cost and timelines and arrange venues, date, time, programme, invitees, training session, targets industries, companies, schools and youths. The committee is also expected to build and launch a
L-R: First Secretary, Office of High Commissioner of India, Lagos, Mrs Rani Malick, representative of Lagos state Deputy Governor, Mrs Folasade Ogunnaike, and India High Commissioner to Nigeria, Mr. Mahesh Sachdev, admiring one of the fabrics, during the official inauguration of Indian textile exhibition, yesterday in Lagos. Photo: NAN
$1.56bn not loan but ‘Forward Sales’ arrangement- NNPC GMD By Etuka Sunday
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he management of the Nigerian National Petroleum Corporation, NNPC, has said the so called $1.56bn loan the Corporation is alleged to be proposing to obtain is actually not a loan but a forward sales arrangement to offset accumulated legacy liabilities incurred as a result of crude oil and product losses, pipeline vandalism and demurrage on
products in the strategic reserve stock. The Group Managing Director of the NNPC, Engr. Andrew Yakubu, stated this on Monday while making a presentation to the House of Representatives Joint Committees on Petroleum Resources (Upstream), Petroleum Resources (Downstream), Aids, Loans and Debt Management and Justice in Abuja. Engr. Yakubu maintained
that the Corporation import invoices is contractually obligated to be paid 45 days after laycan but extended to over 360 days after laycan in recent time, due to obvious cash flow challenges. “The non-reimbursement by Federal Government of the Petroleum Products Price Differential to NNPC has gradually led to accumulated and unpaid petroleum products invoices of about US $3.5bn,” Engr. Yakubu revealed.
US oil imports from Middle East increase
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he US was more reliant on the Middle East for its oil imports last year, underscoring the critical importance of the politically unstable region for the country despite the growing energy independence its shale gas revolution is bringing. That domestic production boom has triggered intense debate over whether the US would still guard the world’s critical sea lanes, such as the Strait of Hormuz in two decades’ time – or whether China, whose dependence on Middle Eastern crude imports is rapidly rising, would replace it. However, recent oil import trends from the Gulf region suggest why the US might continue to play a critical security role in the region.
web platform for entrepreneurship and job fair where employers can put online job openings and job seekers can directly register online. The committee is also mandated to build a database for the teeming unemployed youths and showcase successful entrepreneurs.
While domestic production increased the most in 150 years last year, Washington will confirm later this week that oil imports from the Gulf region continued to rise. By the end of November the US had already imported more than 450m barrels of crude from Saudi Arabia, more than
it imported from Riyadh in the whole of 2009, 2010 or 2011, according to figures from the US energy department. For the first time since 2003, Saudi imports accounted for more than 15 per cent of total US oil imports. The Gulf as a whole accounted for more than 25 per cent, a nine-year high.
Other Gulf exporters are also seeing unusually strong US demand. By the end of November, Kuwait had shipped more oil to the US than in any year since 1998. Analysts are expecting annual figures to be released later this week to confirm the trend seen up to November.
Management Tip of the Day
S
Write your first draft fast
ometimes the hardest part about writing a memo, report, or proposal is getting the words on paper. The key is to write all of your thoughts down before you can overthink them. Then decide how to best structure them.
Once you’ve done that, rapidly write your first draft. Don’t wait for inspiration. Write against the clock, giving yourself 5-10 minutes for each section. Resist the urge to perfect as you write. Save the editing until the draft is finished. If you
find yourself stumped, move on to a section you’re more comfortable with and come back to the problem area once you’ve found your flow. Source: Harvard Business Review
He informed that petroleum products importers have become agitated over the nonpayment of their petroleum products invoices some of which were over three years old adding that the exposure of domestic banks is about US $1.5bn, and default of this magnitude of exposure could lead to another round of banking crisis. The NNPC GMD stated that the continued delay has dire consequences ranging from major negative impact on the sovereign credit rating to costly litigation against the Federal Government in Foreign Courts disclosing that some of the importers are already in foreign court with the NNPC. He posited that for the NNPC to honour its obligations while addressing the risk of sovereign default and potential banking crisis that could ensue, the NNPC Board of Directors approved the forward sale structure as an alternative for petroleum products import stressing that the arrangement was not a loan but sale of crude oil to be produced in the future. In his remarks, the Chairman of Petroleum Resources Upstream, Hon. Muraina Ajibola stated that the committee was investigative in nature and requested the NNPC to submit all the documents demanded from the Corporation to enable it carry out its assignment.