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Nigerian Government Bans Pupils Under the Age of 11 Years From Writing the Common Entrance Examination into Unity Schools

By
Tiamiyu Ismail
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0

Federal Government has banned students under the age of eleven years from participating in the National Common Entrance Examination for admission into the Unity Schools across the country.

The government has therefore directed the National Examination Council (NECO) to put stringent measures in place to prevent underage persons from registering for the examination and also make birth certificate a compulsory requirement for registering for the examination.

According to the Permanent Secretary, Federal Ministry of Education, Mr David Andrew Adejo, who gave this directive on Saturday in Abuja, students who are less than eleven years old are not allowed to write the examination. He also said Airforce Schools, among others, do not accept candidates less than twelve years for admission into their schools.

Adejo noted that to get into secondary schools, a candidate should be at least 12 years, adding that one could be eleven plus during the examination and by September, such a person would have attained the age of 12 years.

The Permanent Secretary lamented the rate at which underage pupils enter for the common entrance examination, noting that parents who push their wards to circumvent process in order for them to have early education are major cause of this problem.

His words: “This year, I have advice for parents and I beg you, take this advice to any single home you know. We are killing our children by allowing underage children to write the Common Entrance Examination.

“I saw children that I know that are not up to 10, and three of them accepted that they are nine years old. We are doing many things; one, we are teaching the children the wrong values. Education is not about passing exams. Education is teaching, learning and character formation

“I beg the parents, let these children do the exams when they should. We don’t get value by pushing our children too far. Most of the time if a child starts too early, he or she will have problems later in life.

“Education is designed in such a way that at any particular stage in life, there are messages your brain can take and understand and be able to use. We are moving from education that is reliant on reading textbooks and passing exams.

“We are getting to a stage where education is what can you use your knowledge to do for society. You put a small child to go through all the rigours, and by the time he finishes secondary, getting to University becomes a problem. I had that experience with a friend. To date that friend did not get into a University, simply because he was put into school earlier than the age that he was supposed to be put into school.

“Let our children get to the appropriate age before writing this exam and we are going to make sure NECO put in place appropriate checks. We didn’t want to get to where we will say bring birth certificate but that is the stage we are going to now. In registering also upload the child’s birth certificate, so that at our own end, we are able to cut some of these things,” Adejo said.

It is reported that a total of 72,821 candidates sat for this year’s national common entrance examination nationwide for admission into 110 Federal Government Colleges on Saturday.

The United States’ Business Diplomacy to China

By
Ndubuisi Ekekwe
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1

If you watch most American TV networks, you will see an extremely high voltage animosity between America and China. The politicians are scoring points against China. The media is feeding the frenzy. (I expect the same for Chinese TV networks  in China). But flip to what leading American business people like Tesla’s Elon Musk, JPMorgan’s Jamie Dimon and Starbucks’ Laxman Narasimhan are doing, you see an entirely different episode.

In other words, the US business community to a large extent seems bent on pursuing opportunities in China even as politicians and the media have different playbooks. When your revenue is not determined by political contacts, you have freedom as a company.

Tesla CEO Elon Musk recommitted to China during his first visit in three years, based on a statement by Chinese officials. Musk met with the country’s foreign minister on Tuesday, and he was quoted as saying U.S. and Chinese interests are linked, and that Tesla is against “decoupling” the nations. China houses Tesla’s largest production facility, and Musk suggested that he intends to expand operations there. He is the latest chief executive to travel to China now that its zero-COVID policy has been revoked, with JPMorgan’s Jamie Dimon and Starbucks’ Laxman Narasimhan also visiting this week. (LinkedIn News)

In your business, do not do “herding” where everyone does the same thing, and see. If you herd, as I noted in Tekedia [check this piece I wrote in Harvard Business Review on the same topic for a special issue on Failure. …This post is part of HBR’s special issue on failure. … As humans, we fear failure. That affects our appetite to take risks. We herd, follow others, miss opportunities to lead. By not taking risk because of exposure to failure, we become less inventive], a new entrant needs just one strategy to annihilate your industry. Yes, since everyone is doing the same thing, conquering the market is easier by a newcomer. 

With America showing different signs to China, the politicians sending high voltage verbal attacks and the businessmen going with flowers and byte-loads of cash (Tesla $2 billion investment), these two countries may just be protecting their castles out of the crosshairs of other countries for a really long time. You do not put $2b when you think someone can blow up that area!

JPMorgan’s Jamie Dimon said on Wednesday there needs to be “real engagement” between the U.S. and China in order to move on from security and trade disputes, which are “resolvable.” In his first visit since expressing regret in 2021 for his comments about China’s ruling party, Dimon is the latest chief executive to travel to the country after its zero-COVID policy was revoked. He is in Shanghai, attending the JPMorgan Global China Summit, as the bank seeks to increase its presence in China, says CNBC. Dimon’s visit comes a day after Tesla CEO Elon Musk’s first trip there in three years.

  • The “growing antagonism” between D.C. and Beijing “contrasts sharply with business leaders who hope to showcase China’s importance to economic growth,” according to Axios.

  • On Tuesday, Musk met with China’s foreign minister and was quoted as saying U.S. and Chinese interests are linked, much like “conjoined twins.”

How to Accelerate Entrepreneurship Using Innovation: The Osun Experience through Opolo’s Stakeholder Buy-In Dialogue

By
Mutiu Iyanda
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0
political structure of Osun government for administrative purposes

During the maiden edition of the Innovation Stakeholders’ Dialogue held at the Opolo Global Innovation Hub, UNIOSUN Campus, Osogbo, on Wednesday, May 31, 2023, stakeholders charged the Osun State Government to collaborate with the private sector in order to achieve its innovation plans for the state.

Speaking at the event, the Permanent Secretary, Ministry of Innovation, Science and Technology, Mr. Kayode Jimoh noted the state government’s belief in innovation and entrepreneurship as key tools in tackling the problems of unemployment, climate change, health, education and social inclusiveness. Jimoh further highlighted the different efforts of the state government to support innovation in the state. These include creating supportive policy and legal framework such as the domestication of the Start-up Act, Osun State Science, Technology and Innovation Policy (OSSTIP); Osun State Information and Communication Technology and Digital Economy Policy as well as the Osun State Startup Bill (a domestication of the Start Up Act). He also averred that the government is working towards improving internet penetration, establish local hubs and stimulate networking and collaboration among innovators and entrepreneurs in the state.

In his opening speech, Dr. Rasheed Adebiyi, Head of Branding and Strategic Communication stated that the essence of the Innovation Stakeholders’ Dialogue is to create a platform for meaningful conversation between critical stakeholders for the advancement of issues on innovation, entrepreneurship and   youth development. He noted that the first edition was to x-ray the innovation plans of the government with the aim of exposing collaboration, partnership and other opportunities in the innovation sector in the state. He said it is a monthly session that will focus on issues that matter in innovation, enterprise, and youth development.

Starting from the definitions of innovation and entrepreneurship, the Permanent Secretary walked established entrepreneurs, potential ones, and other stakeholders who are playing key roles in the state entrepreneurship ecosystem. His views, which suggest policy directions of the state government, are reproduced below.

What is Innovation?

This is a new idea, method, strategy, or an act of introducing something new. This can be a new business models, products, services, any form of a new idea or process. For example, introducing a new technology that can reduce the rate of electricity consumption is an innovation. However, it does not have to mean the creation of something totally new. Improvements upon existing products, services, or ideas are also regarded as innovations. Innovation disrupts the status quo. In fact, it creates change but does not automatically translate to new business or entrepreneurship.

Innovations need new thinking and creativity. However, innovation does not mean invention. It can create change and add value to existing products or services. The sources of innovation are new markets, new knowledge, technological changes, economic changes, etc. These factors make a person think of new business processes, services, and products. Innovation help organizations to remain relevant and stay competitive in the industry. There is no risk involved in innovation.

What is Entrepreneurship?

This is the willingness of an individual, group of people or organisation to take risks and organise or develop business opportunities from ideas in an ever-evolving market. Business Entrepreneurs are leaders, innovators, pioneers, and inventors. They are at the forefront of economic, technological, and social movements in their field. Entrepreneurship involves turning great ideas into business opportunities by taking risks. So, a business entrepreneur understands the business opportunity for the great ideas innovated and adds value and creativity to the innovation. Entrepreneurs always search for innovation sources and do not limit themselves to just one type of innovation. They set up business on the opportunity identified and run it profitably. Entrepreneurs need to be risk-takers, motivators, leaders, managers, decision-makers, and planners. Successful entrepreneurship is always a result of risk-taking, commitment, and hard work.

Relationships between Innovation and Entrepreneurship

These are two different concepts having entirely different meanings. However, there is a striking relationship between innovation and entrepreneurship which sometimes causes confusion. The main difference between innovation and entrepreneurship is that innovation involves introducing something new. This can be a new business model, product, idea, or service. On the other hand, entrepreneurship involves turning a great idea into a business opportunity. Therefore, entrepreneurship begins with innovation. Moreover, there is a risk component in entrepreneurship that is not there in innovation.

The Osun State Government knows that Innovation and entrepreneurship are the heart of economic growth and job creation which can transform productivity and efficiency and address many of the State’s longstanding and emerging challenges, such as employment opportunities, climate change, health, education and social inclusiveness, etc. In view of this, the State Government has a solid plan for the accelerated growth of Innovation and Entrepreneurship using the following methods:

Creation of Supportive Legal Framework

It is quite impressive to inform this gathering that the Osun State Government under the visionary leadership of His Excellency, Senator Ademola Jackson Nurudeen Adeleke on assumption of office place a premium priority on the issues of youths and social development by making use of technology as a tool for the execution of the innovative ideas of the youths and the Osun State citizens in general. The Osun State Government knowing fully well that supportive legal framework is essential for innovation and entrepreneurship to flourish. The State Government has set machinery in motion for the creation of a favourable legal environment for innovators and entrepreneurs by simplifying the business registration process, protecting intellectual property rights, reduction of charges and taxes on Startups and enforcing contracts. On assumption of office, the Osun State Governor, His Excellency, Senator Ademola Jackson Nurudeen Adeleke has successfully laid a solid legal framework for the accelerated development of Innovative and Technological ideas by development of three major legal documents for the State viz:

  1. Osun State Science, Technology and Innovation Policy (OSSTIP);
  2. Osun State Information and Communications Technology and Digital Economy Policy (OSICT & DE); and
  3. Osun State Startup Bill.

These documents were launched on the 6th March, 2023 by the State Governor His Excellency, Senator Ademola Jackson Nurudeen Adeleke. These documents have provided the needed roadmap for the would-be investors in the State. With the existence of this documents, Innovation and Entrepreneurship activities will be boosted because the investors will leverage on these documents for the establishment and expansion of their businesses which will in-turn impact positively on the State’s economic development.

Organise and Facilitate Local Hubs

The State Government has made it as a matter of policy to establish at least one Techno-Innovation hub per Local Governments Areas across the State. It also encourages the would-be private investors to do same in any location of their choice in the State of which the Government is ready to implement some waivers that will make it easier for them to operate in the State without hindrances. Also encouraged by the State Government in this direction is the Private Public Participation (PPP) for the establish of new hubs and supporting the existing ones in their operations by creating an enabling environment for them to thrive.

Stimulate Networking and Collaboration

Entrepreneurs and Innovators often need to network and collaborate with other entrepreneurs, innovators, investors and experts to succeed. Governments has foster networking and collaboration by creating opportunities for entrepreneurs to meet and exchange ideas through the Ministry of Innovation, Science and Technology (MIST) who has as one of its core mandates to advise the State Government on Innovation and Technological matters. The Osun State Government is in collaboration with the existing accelerators and incubators in the State on the programmes that provide mentorship, training and resources to early-stage start-ups. This also provide a network of entrepreneurs, innovators, investors and experts that can help start-ups grow and succeed.

Provision of Access to Funding

One of the biggest challenges facing entrepreneurs and innovators is access to capital. Many entrepreneurs and innovators have great ideas but lack the financial resources to turn them into reality. Realising this predicament, the State Government is in talks with International and Local bodies/Donors who can partner with the State Government by providing funding through grants, loans and other financial incentives for the entrepreneurs and innovators that are already existing or willing to establish in the State. Ladies and Gentlemen, it is at this juncture I want to salute the efforts of the Executive Governor of Osun State, His Excellency, Senator Ademola Jackson Nurudeen Adeleke for his magnanimity within his short period in office for establishing talks with the African Development Bank (AfDB) on the means by which the Startups in the State can benefit from the numerous grants and loans that are in the AfDB. I wish to inform you that this talk has paid-off as the AfDB has yielded to the request of the Osun State Government and processes has reached an advanced stage on the deployment of this fund through the Central Bank of Nigeria and Osun State Government to the qualified Startups beneficiaries in Osun State.

Deployment of ICT Infrastructure

Another giant stride recorded by the administration of His Excellency, Senator Ademola Jackson Nurudeen Adeleke within his 100 days in office, is the plan to improve the internet penetration to all the urban and rural areas in the State through massive deployment of fiber optics. This was achieved by signing of Easement Agreement between Osun State Government and O’odua Infraco Resources Limited. The State Government also waived the right of way for the company for the deployment of optic fiber across the nook and crannies of Osun State. With this singular act, there will be tremendous improvement in the internet penetration especially 5G broadband that is in vogue and reduce the cost of internet bandwidth subscription in the State upon completion of this giant project. The State Government recognises that robust ICT infrastructure is essential tools for fostering innovation and entrepreneurship. This made the State Government to be in partnership with the company as part of the plan to expand broadband connectivity and improving network infrastructure. By creating a conducive environment for ICT development, the State Government seeks to attract technology-driven businesses and entrepreneurs to Osun State.

STAKEHOLDER BUY-IN FOR SUCCESSFUL IMPLEMENTATION

Collaboration with Educational Institutions

Engaging educational institutions, such as Universities, Polytechnics, Colleges of Education and technical schools, is crucial for the success of the ICT innovation plan. The State Government will collaborate with these institutions to develop relevant ICT curriculum, establish technology research centers, and promote entrepreneurship programs. This collaboration ensures that students are equipped with the necessary skills and knowledge to contribute to this sector.

Engaging the Private Sector

Involving the private sector is essential for the successful implementation of the innovative and entrepreneurship plan in the State. The State Government is ready to engage technology companies, ICT startups, and industry associations to gain insights, access funding opportunities, and leverage on existing networks. Collaboration with the private sector can facilitate the development of innovative solutions, promote entrepreneurship, and stimulate job creation.

Fostering Collaboration and Networking

Creating platforms for collaboration and networking is vital for the growth of the entrepreneurship and innovation ecosystem. The State Government as part of her plan wish to organize innovation challenges, summits, conferences and industry events to bring together stakeholders from academia, industry, and Government. These platforms will facilitate knowledge sharing, promote partnerships, and encourage the exchange of ideas among entrepreneurs and innovators professionals.

Ensuring Continuous Evaluation and Adaptation

Regular evaluation and feedback mechanisms are essential to assess the effectiveness of the entrepreneurship and innovation plans. The Osun State Government will also establish channels for stakeholders to provide input, share concerns, and suggest improvements through Radio and Television programmes and various social media platforms. By actively seeking feedback and adapting the plan accordingly, the State Government will ensure its relevance and address the evolving needs of the entrepreneurship and innovation ecosystem.

Conclusion

The Chairman of the Occasion, Ladies and Gentlemen, I am of the opinion that with all I am able to explain to this gathering we shall all belief and support  Osun State Government’s visionary plans for the entrepreneurs and innovators development in the State under the visionary leadership of  His Excellency, Senator Ademola Jackson Nurudeen Adeleke’s robust plans for the accelerating innovation and entrepreneurship in Osun State as well as successful implementation and stakeholder buy in. Together we shall succeed.

Pathway on ERC- Standard 4337

By
Paul Ugbede Godwin
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0

ERC-4337 is an Ethereum standard that aims to achieve account abstraction on the protocol without any consensus-layer changes. Account abstraction means that users can use smart contracts as their primary accounts, instead of externally owned accounts (EOAs) that rely on private keys. This allows users to customize their verification logic, transaction fees, and user experience.

ERC-4337 works by introducing a new type of object called a UserOperation, which users send to a separate mempool. A UserOperation contains a signature, a nonce, a gas limit, a gas price, a paymaster address, and an entry point address.

The entry point address is a smart contract that implements the required entry point contract functionality, which defines how the UserOperation is executed and validated. The paymaster address is another smart contract that pays for the transaction fees on behalf of the user.

A special class of actors called bundlers (either block builders or intermediaries) package up a set of UserOperations into a transaction that calls the handleOps function of a special contract called the Entry Point Contract Registry (EPCR).

The EPCR then calls the entry point contracts of each UserOperation and executes them according to their verification logic. The EPCR also pays the paymasters for their services and collects fees from them either by deducting it from the user’s balance or by delegating it to a paymaster.

Bundlers are actors that collect user operations from the mempool and package them into transactions that call the entry point contract. Bundlers can be blocking builders or intermediaries that sell bundles to block builders. Bundlers are incentivized by receiving a portion of the fees paid by user operations.

The Shanghai Upgrade has scaled chances for more experiments on ERC 4337, Shanghai is a network upgrade for Ethereum that aims to improve scalability and security of the blockchain. Shanghai will introduce two main features: rollups and statelessness.

Rollups are a layer 2 solution that moves computation and storage off-chain, while keeping security and finality on-chain while Statelessness is a design change that reduces the size and complexity of the state which stores all the account balances and smart contract data on Ethereum.

Shanghai convention is expected to launch in late 2023, after the merge of Ethereum 1.0 and 2.0. This will pave the way for future upgrades such as London and Berlin, which will further enhance the performance and functionality of Ethereum.

ERC-4337 enables new capabilities for smart contract accounts, such as social recovery, meta-transactions, gas abstraction, and account upgradability that offer more security, convenience, and efficiency than EOAs… It also improves the user experience and security of Ethereum by reducing the reliance on private keys and allowing users to interact with any smart contract directly from their wallet.

Fuel Subsidy Removal: Market will Determine Petrol Prices Henceforth – NMDPRA

By
Samuel Nwite
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0

Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said henceforth, the price of Premium Motor Spirit (PMS) will be determined by market forces, ushering in a new era of unregulated pricing in the Nigerian oil market.

The new approach was announced on Friday by Farouk Ahmed, the head of the regulatory agency, during a press briefing in Abuja.

“The market structure will dictate the price swings at every point in time,” he said.

Ahmed explained that the NMDPRA will no longer fix prices or release templates for petrol, although the agency will team up with the federal government and Consumer Protection Commission to monitor the market to prevent profiteering by petroleum marketers.

The move has become necessary following the removal of fuel subsidy, which was announced by President Bola Tinubu on Monday.

Ahmed said that market forces would henceforth dictate prices under the liberalized market, as the NMDPRA would issue import licenses to more marketers to create a competitive market.

“As far as we are concerned in the NMDPRA, this is not like before when the PPPRA fixes the price; in a deregulated market, it is the market force that dictates the price.

“So, it is not about the Nigerian National Petroleum Company Limited alone. We put the regulation in place, we make sure quality control is complied with; we make sure the product is there and we give licenses to prospective importers.

“We make sure we guide the operations of everyone in the sector whether at the depot or wherever the product is but we will not put a cap to say this is what the price must be,” he said.

Ahmed further explained that under the liberalized market, petroleum pump prices will be determined by international prices. He added that the market would henceforth be modulated to allow the fluidity of prices.

“Based on this, the price would no longer be static but rather depend on the international price of the gasoline market,” he said, adding that this did not imply that marketers could sell at any price.

He assured that the NMDPRA and FCCPC will collaborate to curb excesses if certain prices were way above the expected profit margin.

In the wake of the fuel subsidy removal, business leaders have called for the issuance of licenses to more marketers to ensure an adequate supply of PMS across the country and to reduce the price per liter.

The removal of the fuel subsidy saw the prices of PMS go as high as N488 – N557 per liter, stoking economic chaos as Nigerians lamented that the new pump prices are unaffordable.

However, the statement from the NMDPRA supports the assertion that Dangote Refinery, which is expected to start pumping refined petroleum products in July, is not the ultimate answer for cheaper PMS. Many have expected the price of fuel to go down as soon as the refinery becomes functional.

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