The American magic of capitalism where you can fire 15,000 workers and no single senator, House or even a minister (secretary) will even notice. Yes, “Intel is embarking on a significant downsizing as part of a broader cost-saving initiative aimed at stabilizing its financial outlook and revitalizing its market position. The company has announced plans to reduce its workforce by over 15%, translating to more than 15,000 job cuts out of its current 125,000 employees.”

Most employees except the executives are under “as is” contract which means you can go to work, and your entry badge has been deactivated because last night, the executives decided to fire 2,000 people. Humans are numbers and it is plug and play! That is the other side of capitalism which we do not discuss here; those affected, we wish you strength.

But capitalism does not stop there, as Microsoft tells its shareholders that ChatGPT’s OpenAI, a company which it has supported with $13 billion, is now a competitor. How can you invest $billions in a company and that firm later becomes a competitor? How was that type of agreement a possibility that OpenAI could unveil SearchGPT in a world with Bing? 

Good People, these are things our African economies do not see at scale. And it seems this could also be the reason these American companies rule the world of tech – ability to hire and fire easily, and structure partnerships many of us commoners here cannot understand! But we the people need to make efforts to understand. I cannot imagine giving a company $13 billion and that company tomorrow will compete against me – no way!

Greetings! This is a reminder that registration for the next edition of Tekedia Mini-MBA continues. The next edition will begin on Sept 9, 2024 to end Dec 7, 2024. The cost is N90,000 or $170 and we have many payment options, including bank transfer, Flutterwave, PayPal, Stripe, etc. Click here and register if you plan to join us.

About Tekedia Mini-MBA: Tekedia Mini-MBA is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

The sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc, and is delivered by a global faculty coordinated by Prof Ndubuisi Ekekwe.  Tekedia Institute, Boston USA, awards certificates of achievement at the end of the program.

Updated Curriculum: Our updated curriculum is here.

The African Development Bank Group has approved a $500 million loan to Nigeria, marking a significant step toward transforming the nation’s electricity infrastructure and enhancing access to cleaner energy.

This loan, designated for the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP), aims to close the financing gap in Nigeria’s Federal Budget for the 2024/25 fiscal year and support the implementation of the country’s new Electricity Act and Nigeria Energy Transition Plan.

This $500 million loan from the African Development Bank Group is a critical financial component in Nigeria’s strategy to overhaul its electricity sector. The loan will directly support the Nigerian government’s initiatives to decentralize the electricity supply industry, paving the way for increased investments from subnational governments and the private sector. This move is expected to foster a competitive and efficient energy market, addressing the longstanding issues in Nigeria’s power sector.

Nigeria’s Ambitious Energy Transition Plan

Launched in August 2022, Nigeria’s Energy Transition Plan aims to develop 250 GW of installed electricity capacity by 2050, with a bold target of sourcing 90% of this capacity from renewable energy. The plan also seeks to provide clean cooking access to the majority of the population by 2030, utilizing a mix of liquefied petroleum gas (LPG), biogas, biofuels like ethanol, and electric cookstoves.

The new Electricity Act, passed in June 2023, supports this vision by decentralizing the electricity supply industry, which is expected to spur significant investments and innovation in the sector.

The Role of EGET-SP

The Economic Governance and Energy Transition Support Program (EGET-SP) will be crucial in delivering much-needed upgrades to Nigeria’s electricity infrastructure. By facilitating the transition of millions of households and businesses to cleaner and renewable energy sources, the program is set to improve energy access, reduce greenhouse gas emissions, and enhance the quality of life for Nigerians.

This initiative aligns with the African Development Bank Group’s new Ten-Year Strategy (2024-2033), its High 5s priorities, and the New Deal on Energy for Africa, which aims to achieve universal access to modern energy by 2030.

How Much More Will Nigeria Invest in its Power Sector?

Over the years, Nigeria has secured numerous loans amounting to billions of dollars aimed at improving its power sector. In 2018, the Nigerian government signed a $200 million loan agreement with the Japan International Cooperation Agency (JICA) to upgrade transmission lines and enhance power supply. Additionally, in 2020, the World Bank approved a $750 million Power Sector Recovery Operation (PSRO) loan to support critical reforms and attract private investments in the sector.

Tekedia reported that the World Bank has restructured a $350 million loan to Nigeria. This restructuring is specifically focused on ensuring the completion of seven critical power plants within educational institutions, a key component of the Nigeria Electrification Project (NEP).

These volumes of funds in investments in the power sector have, unfortunately, not abated Nigeria’s struggle with a stable electricity supply.

Nigeria’s power sector has been plagued by inefficiencies, inadequate infrastructure, and governance issues. Despite these substantial financial injections, the country still experiences frequent power outages and an unreliable electricity supply, hampering economic growth and affecting the daily lives of millions of Nigerians.

The EGET-SP, backed by the African Development Bank’s $500 million loan, represents a renewed effort to address these challenges comprehensively. While there is hope that the initiative will birth an improved power supply for Nigeria, decades of failures in developing and managing a sustainable power sector have cast doubt over the project.