DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 2901

The Power of Data in Framing Nigeria’s Fuel Crisis

0

The ongoing fuel crisis in Nigeria has drawn attention from a wide range of stakeholders, including government bodies, advocacy organisations, and market players. News headlines on this issue demonstrate the strategic use of data to shape public narratives, justify policy decisions, and influence perceptions. Our analysis delves into selected headlines from The Punch, a leading Nigerian newspaper, to explore how data power is wielded in this crisis. What insights do these headlines offer about the underlying power dynamics, and how do they influence the way Nigerians understand the complexities of their nation’s fuel crisis?

Data Framing and Social Justice

The Social and Economic Rights and Accountability Project (SERAP) has called for a reversal of petrol prices to N600 per litre, framing this demand within the context of social justice. This figure suggests an attempt to establish a threshold of affordability based on citizens’ purchasing power and economic conditions. However, the absence of clarity regarding how this price was determined raises questions about the broader economic implications, including inflation and government revenue considerations. SERAP’s advocacy positions it as a representative voice for the populace, highlighting the tension between civil society organisations and state power in addressing fuel pricing issues.

Government Narratives and Comparative Data

In contrast, the Nigerian government has asserted that petrol prices remain among the cheapest in Africa. This narrative utilizes comparative data to suggest that current prices should be deemed reasonable by citizens. However, this framing selectively emphasizes affordability without adequately considering local economic realities such as minimum wages and inflation rates. By choosing specific benchmarks for comparison, the government seeks to legitimize its pricing policies while downplaying potential negative impacts on citizens’ livelihoods.

Financial Strain and Economic Power

Recent reports indicate that petrol’s landing cost has risen to N232, with subsidies now costing the government N5.58 billion daily. This technical data underscores a financial strain on the state and is leveraged to justify potential subsidy removals or price hikes. The emphasis on substantial daily subsidy figures serves to convey urgency regarding the sustainability of current pricing models. This narrative may prepare the public for upcoming changes that could disproportionately affect vulnerable populations.

Alternative Solutions Through Data Projections

The Independent Petroleum Marketers Association of Nigeria (IPMAN) posits that functional refineries could reduce petrol prices to below N200 per litre. This optimistic projection introduces an alternative narrative focused on enhancing local refining capacity rather than relying on imports or subsidies. By presenting this scenario, IPMAN advocates for infrastructure investments as a viable solution to high petrol prices, contrasting sharply with government or external market data.

Forecasting Future Prices

Another significant headline forecasts that fuel subsidies could reach N1.68 trillion, with potential petrol prices climbing to N900 per litre. This future-oriented data serves to provoke anxiety among citizens while shaping expectations around subsidy removals or price increases. The use of such large-scale projections highlights how data can control public discourse, making alternatives like deregulation appear necessary in light of projected financial burdens.

Market Justifications and Corporate Interests

Finally, projections indicating that petrol from Dangote’s refinery might sell for N950 per litre are used by marketers to justify further importation of fuel despite local production capabilities. This strategic use of specific figures illustrates how market actors leverage data to rationalize their actions within a complex economic landscape where corporate interests intersect with public policy.

Across these narratives surrounding Nigeria’s fuel crisis, data power plays a crucial role in shaping discussions about policy changes and public sentiment. Different stakeholders utilize data strategically—whether to advocate for social justice, justify governmental policies, or promote corporate interests—demonstrating that data is not neutral but deeply embedded in socio-political dynamics. Understanding these power dynamics is essential as Nigeria navigates its ongoing fuel crisis and seeks sustainable solutions for its energy needs.

Elon Musk To Cure Blindness with Neuralink Blindsight

0

His generation’s finest innovator and one the greatest ever, Elon Musk, has opened another separation from all humans: “We have received Breakthrough Device Designation from the FDA for Blindsight”, his company, Neuralink, wrote. 

Then Musk added: “The Blindsight device from Neuralink will enable even those who have lost both eyes and their optic nerve to see. Provided the visual cortex is intact, it will even enable those who have been blind from birth to see for the first time.”

Do you know the implication of this? He can cure blindness! #respect

 

Enugu State Seals N40bn Deal With Jelfa Nigeria Limited to Revitalize Sunrise Flour Mills

0

The Enugu State Government has taken a significant step towards revitalizing its industrial sector by signing a landmark N40 billion agreement with Jelfah Nigeria Limited to restore the long-abandoned Sunrise Flour Mills in Emene, a suburb of the state.

This initiative, announced by Governor Peter Mbah on his official X (formerly Twitter) account, is part of broader efforts to reinvigorate the state’s economy through strategic partnerships with the private sector.

Jelfah Nigeria Limited, under the leadership of Chairman Moses Saromi, will invest N24 billion in the deal, acquiring a 60% equity stake in the mills. Out of this, N22 billion will be dedicated to revitalizing the facility, while N2 billion will directly benefit the state.

“Today, we took another decisive step towards revitalizing our moribund assets. We signed a landmark N40bn deal with Jelfah Nigeria Ltd, led by the chairman, Moses Saromi, to revitalize the long-abandoned Sunrise Flour Mills at Emene.

“This significant partnership will see Jelfah acquiring a 60% equity stake and investing N24bn in the mills – N22bn for the revitalization and N2bn benefiting the state directly,” the statement read in part.

A critical component of the deal involves the establishment of a Special Purpose Vehicle (SPV) to manage 10,000 hectares of farmland. This land will be dedicated to cultivating essential inputs for the flour mill, including cassava and grains, ensuring a steady supply of raw materials and strengthening the state’s agricultural-industrial integration.

This agreement follows earlier initiatives by the Enugu State Government to revive key economic sectors. Notably, the state secured an N100 billion partnership with Pragmatic Palms Limited in September to restore the Enugu United Palm Products Limited (EUPPL). This investment aims to create 3,500 jobs, restore 20,000 hectares of palm plantations, and establish oil mills with refining capacities—further evidence of the state’s drive toward agro-industrialization.

In addition to these developments, the state has also partnered with a Danish firm to establish a tractor assembly plant. This move is expected to end the reliance on imported agricultural machinery, with 300 tractors projected to be assembled by the end of 2024 and up to 1,000 tractors by the following year.

Governor Mbah’s administration has shown notable interest in industrialization and economic expansion. Earlier in August, the state launched an N4.6 billion agricultural and MSME grant program, providing 12,000 farmers with fertilizers, distributing 51 power tillers, and offering other essential agricultural inputs to over 1,200 beneficiaries across all local government areas.

However, while Enugu is forging ahead with these transformative projects, it stands out alongside Abia as one of the few southeastern states actively working to boost their industrial sectors. Abia, under the leadership of Governor Alex Otti, has also made strides in revitalizing its economic landscape, particularly through efforts to clear inherited salary and pension arrears and rejuvenate the state’s industrial output.

Both states appear to be setting an example for the rest of the region. Abia’s efforts to restore key industries, alongside its initiatives to enhance trade and economic growth, mirror the work being done in Enugu. In contrast, other states in the southeastern region have not demonstrated similar levels of commitment or investment in industrial development, leaving a gap in the region’s overall economic growth.

How to Install the 1Win App in 2024: Installation Guide for Android and iPhone

0

Gaming and betting on mobile devices is an easy and enjoyable way to get away from the worries of everyday life. In South Africa, many gamblers choose the 1Win app because it is a well-known global brand with a good reputation. If you too have settled on this software, our article will tell you in detail how to install the app from here https://1winsbet.co.za/app/, as well as what to do if installation is not possible for you at the moment.

How to Prepare to Install the Application

Before you start downloading and installing the 1Win app on your Android or iPhone, consider the following important points:

 

  • Make sure there is enough memory on your device to install the application (15 MB). Clear the memory if necessary.
  • The app works better on the latest versions of Android and iOS. Update your system if available.
  • You will need a reliable internet connection to download and install. It is best to use a secure Wi-Fi network.
  • To install the apk file on Android, go to security settings and allow installation of apps from unknown sources.
  • Make sure you have the login and password for your 1Win account handy. This will make it easier to log in after installation.
  • Make sure that the device is sufficiently charged (more than 30%) so as not to interrupt the installation.
  • To be safe, only download the app from the official 1Win website or the App Store for iOS.
  • Prepare your deposit details in advance if you plan to bet and play in the casino.

Installing the 1Win App for Android

The process of installing the 1Win app on Android devices may seem complicated at first glance, but by following these simple steps, you’ll be able to do everything quickly and easily:

  1. To get started, open the browser on your device and navigate to the official 1Win website. It is recommended to use the default browser installed on your device, such as Chrome, to avoid download problems.
  2. On the homepage of the site, find the menu located in the top right corner of the screen. When you open it, you will see the “Downloads” section. Select it and go to the page where you can download the Android application.
  3. Select the option to download the application to Android. This will start downloading the apk file that you will need to install. Note that you may need to allow downloading files from unknown sources in the security settings of your smartphone.
  4. Once the download is complete, open the apk file.
  5. When the installation is complete, open the app. If you already have an account, login. Otherwise, you can sign up directly through the app by following the simple instructions.

Installing the 1Win iPhone App

The 1Win app is also available for users of iOS devices. The installation is slightly different from Android, as Apple uses a different app distribution system.

  1. Open Safari browser (or any other available browser) on your iPhone and go to the official 1Win website. Find the “Downloads” section in the menu to proceed to install the app.
  2. Click on the iOS icon. This option will automatically redirect you to the App Store where you can download the app. It is important to note that you will need a valid Apple ID to install apps through the App Store.
  3. Click the “Install” button in the App Store and wait for the process to complete. The app will automatically install on your device.

Once installed, open the app on your iPhone. As with Android, you will be able to sign in to your account or register to create a new one.

Mobile Version of the 1Win Website

Not all users want to install apps on their devices. For such people there is a mobile version of the 1Win website. It provides the same game, features, bonus work and promotional code. Let’s take a look at its advantages and disadvantages:

  • The mobile version of the site does not take up any memory space on your device as it works through your browser.
  • Unlike the app, the mobile version does not need to be updated manually. All changes to the site are applied automatically.
  • The mobile version is accessible from any device with a browser, regardless of its operating system.
  • The mobile version is completely dependent on the speed of your internet connection, which can cause pages to load slowly if you have a weak signal.
  • Unlike the app, the mobile version does not provide notifications of events or bonuses.

Ultimately, of course, everyone will choose for themselves: download the app or use the mobile version. It is important to understand what your priorities are. But we can confidently say that the content in both cases will not disappoint you. Try your hand at mobile games and may you be lucky!

Nigerian Banks Earn N132.45 Billion From E-Business Operations in H1 2024, Highlighting Digital Banking Growth

0

In the first half (H1) of 2024, seven leading Nigerian banks reportedly generated a combined revenue of N132.45 billion from e-business operations, reflecting the continued growth of digital banking adoption across the country.

The rapid growth recorded in digital banking operations, derived from activities such as online transactions, mobile banking and ATM usage, is indicative of the increasing shift toward digital financial services.

The seven banks include; Zenith Bank, FBN Holdings, GTCO Holdings, FCMB, Wema Bank, Sterling Financial Holdings and Stanbic IBTC.

Breakdown of E-Business Earnings Revenue:

Zenith Bank led the pack, recording N41.2 billion from e-business activities, an 85.6% increase compared to N22.2 billion in H1 2023. This significant rise is a testament to Zenith’s focus on digital transformation.

FBN Holdings followed closely, earning N35.1 billion, marking a modest 3.2% increase from N34 billion in the corresponding period of 2023, signaling steady growth in its digital services.

GTCO Holdings saw substantial growth, posting N32.5 billion in e-business revenue, a 53.3% jump from N21.2 billion in H1 2023.

FCMB registered N10.8 billion, a 45.9% increase from N7.4 billion last year, showing its growing presence in digital transactions.

Wema Bank, known for its ALAT platform, earned N6.1 billion, a remarkable 96.8% growth from N3.1 billion in H1 2023, positioning the bank as a key player in the digital banking space.

Sterling Financial Holdings reported N4.6 billion, a modest 4.5% growth compared to N4.4 billion in H1 2023.

Stanbic IBTC saw no change in its e-business revenue, maintaining N2.1 billion for both H1 2024 and H1 2023.

The substantial revenue growth reflects the increasing use of digital banking platforms, as Nigerian consumers continue to migrate from traditional banking methods to online banking. To keep up with the demand of digital services, recall that in June this year, a BusinessDay survey revealed that seven Nigerian banks increased their investments in IT from N28.19 billion recorded in the first quarter of 2023, to N73.09 billion in Q1, 2024, indicating an increase of about 159.22%.

The survey further linked the increased IT spending to the banks’ preference for electronic transactions as evident in the profits from electronic mode of payments which grew to N237 trillion in Q1, 2024 from N126 trillion in Q1, 2023.

The recent report of a surge in revenue by these banks in their e-business operations, shows that these investments in IT has yielded positive fruit. Notably, the first half of 2024 has demonstrated the significant strides Nigerian banks are making in embracing digital transformation.

As the financial industry evolves with the rise of fintech, blockchain and Artificial Intelligence, continued investment in IT infrastructure and cybersecurity will be critical for banks to stay competitive and secure in the digital era.