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Prepare for a New Dimension of Career In this Fledgling AI Era

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What is your personal AI career development strategy? Good People, this AI thing will expire many careers. Yes, I have seen how technology has punted and expired careers. When I started computing after graduating from FUT Owerri, we made money coupling computers for people. 

You would buy computer motherboards,  hard disks, RAMs, etc, and with a boot diskette, you would get everything going, loading and running a BIOS utility program that would enable the installation of the operating system. In two hours, the computer would be ready for us.

It was a great business and we were geeks. Then one day, there was no need for a geek, as everything was coupled and packaged from the factory. So, they disintermediated the roles of geeks, and one by one, that opportunity closed. I panicked and decided to return back to electrical engineering as I felt that “IT” was vulnerable.

Today,  AI will do the same thing to many careers at scale. And I ask you to PLAN to be the boss of AI, because this thing will cause dislocations, and only the bosses will remain. Yes, you must rule AI, and that means having skills which make you better with AI support. Simply, AI-compliant skills and capabilities. 

In a bold leap forward for artificial intelligence (AI), OpenAI unveiled its latest innovation on Monday—a revolutionary AI model named GPT-4o, accompanied by a desktop version of ChatGPT and an overhauled user interface.

This release represents OpenAI’s ambitious endeavor to democratize access to its renowned chatbot technology while elevating user experience to unprecedented heights.

During a live-streamed event, Mira Murati, the technology chief at OpenAI, delivered the momentous announcement, announcing the integration of GPT-4 into ChatGPT for all users, including those on the free tier. 

If you do not know how, please consider joining Tekedia Mini-MBA as we’re adding a new module titled “Careers in AI Era”.

Nigeria’s Q1 Forex Remittances Declined by 6.28% YoY to $282.6m

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In the first quarter (Q1) 2024, Nigeria witnessed a 6.28% year-on-year decline in forex remittances, amounting to $282.6 million compared to $301.57 million in Q1 2023.

This was disclosed by the Central Bank of Nigeria (CBN) in its “International Payments” data on Monday.

On a Month-on-Month (MoM) breakdown, the apex bank reported $138.56 million total direct remittances in January 2024, a growth of 75 per cent from $79.19 million in January 2023, while in February 2024, it stood at $39.15million, a decline of 53.26 per cent from $83.76 million in February 2023.

Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, CBN, noted that the foreign inflows in February 2024 were driven by higher remittance payments from Nigerians living abroad and a spike in the purchase of naira assets by foreign portfolio investors.

Meanwhile, total foreign exchange direct remittances were at $104.91 million in March 2024, a further decline of 24.3 percent from $138.63 million reported by Apex Bank in March 2023.

There are four major sources of FX inflow into Nigeria. These include; proceeds from oil exports, proceeds from non-oil exports, Diaspora remittances, and foreign direct/portfolio investments.

While there have been concerns over the decline in total remittances to the country despite the surge in the number of Nigerians relocating abroad, experts disclose that there may not be any cause for alarm now. According to them, the decline in remittances in Q1 2024 could be attributed to several factors including the weakening of the local currency, and policy directions of the CBN.

However, the decline in Nigeria’s forex remittances doesn’t come as a surprise due to the fact that the country’s economy has been experiencing crippling dollar shortages that have pushed the naira to record lows, forcing a devaluation.

In 2022, during the launch of The RT200 FX Programme’ to boost foreign supply in the country through the non-oil sector in the next three to five years, the CBN had said that policies and measures Improved Diaspora inflow and remittances from an average of $6 million per week in December 2020 to an average of over $100 million per week by January 2022.

In a bid to boost the forex remittances he CBN has rolled-out series of measures to boost forex liquidity include limiting how much banks can hold in foreign currency, capping their net open positions at 20% of shareholders’ funds, and outlawing street-trading of foreign currency.

In line with this, the CBN governor Olayemi Cardoso had earlier stated that all the different measures the bank has taken to boost reserves and create more liquidity in the markets have started to pay off,

Nigerian Government Plans Productivity-Based Wage System for Civil Service

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In a bid to enhance efficiency and foster economic growth, the federal government of Nigeria announced on Monday, May 13, that it is in the process of implementing a new wage system in the civil service based on employees’ productivity. 

This innovative approach aims to reward workers based on their individual contributions, potentially leading to varying salaries among employees at the same level.

The revelation came from Nasir Raji-Mustapha, the Director-General of the National Productivity Centre (NPC), during a meeting with Labour correspondents. Raji-Mustapha emphasized the importance of productivity in driving economic development, highlighting the need for a wage system that aligns with employees’ performance.

“We are in the process of developing a productivity-led wage system that will ensure that those who are productive are rewarded for their efforts irrespective of their grade level,” stated Raji-Mustapha. “Under the proposed system, employees on the same salary scale can earn different wages.”

Addressing concerns about stakeholder involvement, Raji-Mustapha assured that organized labor has been actively engaged in the development of the new wage system. He underscored the collaborative nature of the initiative, emphasizing the importance of labor’s input in shaping the framework.

“Of course, labor as a critical stakeholder is being carried along in this exercise. As researchers, we don’t just do things without considering the recipient of the reports.

“When we started the project about three or four years ago, we held a stakeholders’ forum in which the labour unions participated. We even went further to send a memo to NLC and TUC to ask them whether they will support the proposed Wage System and they said they will welcome it,” he said.

The NPC has completed the first phase of the study, with the next stage involving extensive stakeholder engagement to refine the proposed system before presenting it to the federal government for consideration and potential adoption.

Furthermore, Raji-Mustapha revealed the NPC’s collaboration with international agencies and organizations to enhance the productivity and skills of Nigerian workers. Partnerships with entities such as the International Labour Organisation (ILO) and the Japanese International Cooperation Agency (JICA) aim to leverage global expertise and resources to bolster productivity in the country.

Highlighting the importance of youth empowerment, Raji-Mustapha noted the NPC’s efforts in promoting productivity among youth, particularly members of the National Youth Service Corps (NYSC). Initiatives to revive productivity advocacy at NYSC camps underscore the NPC’s commitment to fostering a culture of efficiency among the younger generation.

The culmination of these efforts will be the upcoming National Productivity Summit, where Vice President Kashim Shettima will serve as the keynote speaker. Raji-Mustapha emphasized the need for the summit to address the exigencies of the evolving global economy and harnessing science, technology, and innovation to optimize national resources.

“The summit is very important because, in today’s rapidly evolving global landscape, you will agree with me that there is a need for increased productivity. We must harness the power of science, technology and innovation and use them to optimise the resources in the country and the VP is the keynote speaker,” he added.

The federal government’s initiative to implement a productivity-based wage system reflects a strategic approach to incentivizing performance and driving economic growth. With stakeholder collaboration and international partnerships, the NPC aims to lay the groundwork for a more productive and prosperous future for Nigeria.

Former President Jonathan Advocates prioritization of Skills Acquisition Over Traditional Certificates in Higher Institutions

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Former President Goodluck Jonathan has called for the prioritization of skills acquisition over traditional certificates in higher institutions to accelerate the country’s development and equip citizens for the demands of the modern world.

He was speaking at the 25th-anniversary celebration of Igbinedion University, Okada (IUO), in Edo State, where he reflected on his tenure and advocated for progressive ideas and women’s empowerment. Jonathan, who served as President of Nigeria from 2010 to 2015, lamented that some of the forward-thinking initiatives he championed during his presidency were abandoned after his tenure ended.

Recalling the challenges he faced during his presidency, Jonathan noted that despite the obstacles, he was able to implement significant changes, particularly in promoting gender equality. 

He highlighted the barriers faced by women in various career fields, particularly in the military, and cited his directive to the Nigerian Defence Academy (NDA) to admit women as a pivotal moment. Despite resistance, Jonathan said he exerted his authority as Commander-in-Chief of the Armed Forces to ensure the implementation of this directive, paving the way for women to become integral members of the military, with some excelling as jet fighters.

He said: “I recall the challenges faced by women in the military. But as President, I directed that the Nigerian Defence Academy commence admission of women into the institution.

However, Jonathan expressed disappointment that some of his ideas aimed at advancing the technological development of the country were abandoned after his presidency. He attributed this to resistance from certain quarters, underscoring the challenges of pushing forward progressive agendas in Nigeria’s political landscape.

In addition to advocating for progressive policies, Jonathan called for a recalibration of the nation’s education curriculum, emphasizing the importance of prioritizing skills acquisition and technology over traditional certificates. He asserted that a focus on practical skills would accelerate the country’s development and equip citizens for the demands of the modern world.

However, Jonathan condemned the prevalence of cultism and bullying in the nation’s lower school system, urging government intervention to eradicate these menaces and create safer learning environments for students.

Acknowledging the pivotal role played by former Head of State, General Abdulsalami Abubakar, in approving the establishment of Igbinedion University, Jonathan expressed gratitude for his contribution to the country’s democratic journey. He also commended Chief Gabriel Igbinedion, the Founder of Igbinedion University, for his vision and courage in establishing the institution, which has since become a beacon of excellence in Nigeria’s education sector.

General Abdulsalami, in his remarks, praised Chief Igbinedion for his foresight in establishing the university and thanked the Okada community for their support in fostering peace and stability within the university’s environs.

The celebration of IUO’s 25th anniversary was marked by the cutting of a commemorative cake, symbolizing the university’s journey of growth and excellence. Deputy Pro-Chancellor, Chief Lucky Igbinedion, and Vice Chancellor, Prof. Lawrence Ikechukwu Ezemonye, highlighted the institution’s achievements over the past 25 years, including the graduation of over 60,000 students.

Jonathan’s call for skills-based education resonates with a growing global belief that the labor market requires just the right skills, not certificates that in many instances, do not translate to productivity. 

In 2020, Elon Musk, the founder and CEO of corporate innovation giants Tesla and SpaceX, said he does not care about degrees when hiring, noting that skills matter more than diplomas and degrees issued by schools.

“A PhD is definitely not required,” Musk wrote. “Don’t care if you even graduated high school.” The billionaire entrepreneur added: “I think college is basically for fun and to prove that you can do your chores, but they’re not for learning.”

Musk’s sentiment has fueled debate around this subject as the world is notably shifting toward a skills-based economy.

Effects of Surging Metal Costs

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The global economy faces numerous challenges, including the sharp rise in metal prices over the past five years. This is particularly evident in the electronics industry, as metals are key components in semiconductors and various electronic components manufacturing. Over the past five years, metal prices, including precious metals like gold (XAUUSD) and silver (XAGUSD), have surged. Copper, for instance, has seen a significant price hike. In 2020, it was priced at $5000 per ton, and now it is already at $8300. Because of this, several Chinese semiconductor companies have reported price rises. In the foreseeable future, this trend may affect many more electronics manufacturers. Verify this using a free bar replay chart to compare the historical prices.

The main reasons for the surge in metal prices include geopolitical instability, environmental restrictions, and heightened demand. Political conflicts and trade wars significantly affect pricing, especially among large metal producers and consumers. International tensions can result in sanctions, tariffs, and export restrictions, leading to supply chain disruptions. Pursuing stricter environmental standards and sustainable production increases the costs of mining and recycling metals, thereby contributing to higher prices. The advancement of technologies and electronic devices fuels increased demand for metals, especially in the semiconductor industry, where the production of electric vehicles literally “absorbs” copper, cobalt, nickel, and other metals.

The escalation in metal prices directly affects chip manufacturers, as raw material expenses become a significant part of production costs. To sustain profitability, companies have to either cut costs or raise product prices, a challenge exacerbated by fierce competition.

A rise in chip production costs will inevitably translate into higher prices for electronics consumers. This can affect a range of products, from smartphones and laptops to consumer electronics and automotive components. Companies like HaloChip, Chiplink, TG-Star Electronics Technology, Sanliansheng, and Kangqiang Electronics have already announced price hikes. They supply essential components used in most modern smartphones, computers, and other electronic products. These semiconductor manufacturers, based in China, supply their products worldwide. For example, Smart Chiplink’s customers include Broadcom, Texas Instruments, Intel/Altera, and Analog Devices. This means the price increase will trickle down to end products and eventually affect consumers.

The shares of companies in the mining and processing sectors usually mirror raw materials prices. As metal prices rise, these companies’s stocks may rise in anticipation of improved profitability increase. However, the risk of reduced demand from inflated prices should also be taken into account, potentially affecting long-term outlooks negatively.

Graphics cards, among the most metal-intensive electronics components, may become one of the first products to witness price hikes. In a high-demand environment, driven largely by the rise of graphics-intensive video games and advancements in AI, graphics card prices could skyrocket.

Demand for metals remains consistently high in economically developed regions such as North America and Europe, as well as in rapidly growing economies such as China and India, due to substantial industrial output and electronic consumption.

The possibility of metal price reductions hinges on various factors, including geopolitical scenarios, new deposit discoveries, and advancements in mining and recycling technologies. Nevertheless, given current trajectories, a significant price drop seems improbable.

The surge in metal prices presents significant challenges for the electronics industry and may result in higher product costs for consumers. As producers and consumers adjust to these new conditions, it’s crucial to monitor market dynamics and explore avenues to cut costs, enhance efficiency, and invest in innovative technologies to mitigate the adverse effects of prevailing metal price trends.