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Home Blog Page 4199

Nigeria’s Rail Sector Grew by 81.2% in the Fourth Quarter of 2022

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According to recent Data from the National Bureau of Statistics, it revealed that Nigeria’s rail transportation grew by 81.2% quarter-to-quarter in the Fourth Quarter (Q4) of 2022.

The increase in quarter-to-quarter growth in total revenue was driven by an increase in passenger traffic, which more than doubled to 1.34 million in Q4 of 2022, from 500,000 in Q3 of 2022. Data reveals that passenger revenue increased by 61.4% quarter-on-quarter to N1.15 billion in quarter four of 2022, accounting for 68% of gross revenues during the quarter.

Meanwhile, on a year-to-year basis, the total revenue declined by 16% which is attributed to the long suspension of rail operations along the Abuja-Kaduna route.

Recall that the Nigerian Railway Corporation in March 2022 suspended train operations along the Abuja-Kaduna route, after a terrorist attack on an Abuja-Kaduna bound train. Announcing the suspension of operation along the Abuja-Kaduna route via its official Twitter handle, the NRC explained that the suspension was due to security concerns and unforeseen circumstances.

However, the federal government had given assurances that it was putting in place necessary security measures to forestall a repeat of terrorist attacks on the railway. The minister of transportation  Mu’azu Sambo during a tour of the railway corridor said, the government is putting in every security measure to ensure the safety of passengers.

In his words, “Part of the measures put in place is the ticketing. As you know, security starts with ticketing. Now, you cannot buy a ticket unless you have a valid phone number and a National Identification card. And if you are a foreigner, there must be means of identification that can be used and produced by the NIMC office.

“After buying the ticket, you will be given a barcode that would help you gain access to the lounge, when the machine reads the barcode on your receipt and your complete profile, only then would you be allowed into the lounge. This kind of security measure is according in line with global best practices as profiling the passenger is necessary to know who is coming on board.

“Another visible change people would notice is the increase in the number of security personnel; some of them will not even be wearing uniforms to guarantee the safety of the traveling public. There is other sensitive equipment that we have deployed that I will not be mentioning. Also, on every journey, the train will be monitored on a screen and the train driver can see up to a particular distance if there is any threat on the tracks, which will enable him to pull the break long before getting to the perceived threat.”

The resumption of operations on the Abuja-Kaduna railway line in December 2022 is reported to have partly contributed to a quarter-on-quarter rise in total revenue. With the security measures put in place by the government, there is an anticipation of improved revenue in 2023.

Tekedia Mini-MBA: #Win the future. You are #ready2lead the world

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Amazing People, thank you for co-learning with us, to master the mechanics of the market system. Knowledge brings the liberation of the mind, and I am confident that we delivered as promised, through our world-class program in Tekedia Mini-MBA.

The news this morning is that some members raised N20 million, to pursue market opportunities.  Yes, you young people have that kind of money, just for studying together over 3 months! Last year, the Bank of Industry put close to N1 billion to entities through our members. We do not coordinate these things; we just provide a platform to educate and transform minds.

#Win the future. You are #ready2lead the world. Congratulations.

The Graduation Lecture video is now in the Board and the certificates are now being pushed, one by one. We do not make it auto-downloadable on your account, because we want you to APPLY and then EXPECT it, to make you cherish it, because it is from Tekedia Institute, the #best school!

Blockchain is for All Purpose

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Blockchain is not just for cryptocurrencies, Defi and Nft. Each transaction or data entry on the Blockchain is verified by a network of nodes and stored in a block, which is linked to the previous block, forming a chain. Blockchain is immutable, meaning that once something is recorded, it cannot be changed or deleted. This makes it resistant to fraud, corruption, and hacking.

It can be used for a variety of purposes, such as supply chain management, digital identity, voting systems, smart contracts, and more. Blockchain is a distributed ledger that records transactions in a secure and transparent way. It allows multiple parties to share and verify data without intermediaries or central authorities. Blockchain can improve efficiency, trust, and security in many domains and industries.

In this post, we will explore some of the use cases and benefits of blockchain technology for different sectors and applications. We will also discuss some of the challenges and limitations of blockchain, and how they can be overcome or mitigated.

What are some of the use cases of Blockchain

Blockchain technology can be used for various purposes, such as:

Supply Chain Management; involves the coordination and integration of activities and processes across multiple entities, such as suppliers, manufacturers, distributors, retailers, and customers. Supply chain management aims to optimize the flow of goods and services, reduce costs and risks, and increase customer satisfaction.

Blockchain can enhance supply chain management by providing a shared and immutable record of transactions and events along the supply chain. Blockchain can enable traceability, provenance, quality control, compliance, and dispute resolution. For example, blockchain can help track the origin and movement of products from farm to fork, ensuring food safety and authenticity. Blockchain can also help prevent counterfeiting, fraud, theft, and waste in the supply chain.

Education: Blockchain can provide a verifiable and tamper-proof record of academic credentials and achievements, such as degrees, certificates, diplomas, and transcripts. This can simplify the verification process and prevent fraud and forgery. Blockchain can also enable new models of learning and assessment, such as peer-to-peer learning, micro-credentials, and badges.

Digital Identity; refers to the online representation of a person or an entity. Digital identity can include personal information, credentials, preferences, reputation, and activities. Digital identity can be used for authentication, authorization, verification, and communication purposes. Blockchain can provide a decentralized and self-sovereign identity system that allows users to control their own identity and data. Users can create their own digital identity.

Voting: Blockchain can enhance the security and integrity of voting systems by ensuring that votes are recorded accurately and transparently. Blockchain can also enable online voting and remote participation, which can increase voter turnout and convenience.

Healthcare: Blockchain can enable secure and seamless sharing of medical records and data among different parties, such as patients, doctors, hospitals, insurers, and researchers. This can improve patient care, privacy, and security, as well as facilitate innovation and collaboration in the healthcare sector.

Why Workers Have Continued to Hunt for Flexible Hours Since the Covid-19 Pandemic

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Since the breakout of the Covid-19 Pandemic, the mode of production and the social relation of production have taken a new turn. The Pandemic inspired a new order and paradigm shift as to how people conduct themselves or are engaged and organised for economic activities. This also significantly impacted the global demand and supply of labour.

Between 2019 and 2021, there was increased voluntary and involuntary turnover in many companies across the world due to new skills on high demand for adaptability in the post Covid-19 economy and a resultant increase in the expectation of workers about what should constitute a good working condition in the new normal. This period witnessed global labour attrition which was essentially alarming in the global north.

The US Labour Department reported about 4 million people quitted their jobs in the first quarter of 2021. McKinsey report shows since April 2021, more than 19 Million of US workers have turned in their resignation. Consequently, many fast-foods and grocery stores in the US wounded up in disturbing frequency. And we saw brands like McDonalds increased hourly wages by 50 percent and offered additional perks like a free bus pass to attract and retain workers.

A notable challenge experienced in Africa and the global south generally was a culture lag or slowness of businesses in adapting to the new normal.

Thus, as ideas of ‘’telecommuting’’, ‘’remote working’’ and ‘’hybrid work rule’’ were unlocking new possibilities, many workers were seeking escape from the monotony of the 9hour conservative work rule and the limited opportunities it offered.

Essentially, as people were fast experiencing how interesting it was to take in more jobs and earn more money within the same 9 hours or less without having to leave the comfort of their homes and their loved ones, they were leaving their jobs in huge numbers in search for more money, more flexibility and more happiness. Many started to rethink what work meant to them, how they were valued and how they used their time.

This writer interviewed Femi Adekanbi, a full stack developer at a Fintech Startup in Nigeria on his perception about remote working and having flexible work hours. The interaction was quite revealing.

Femi disclosed he may have experienced the deepest feeling of productivity and career fulfilment while remote working during the lock down. Femi who lives with his family in the mainland of Lagos travels several kilometres to his work place in the Ireland every day. Due to the tedious traffic, sometimes he’d prefer to not go home after office hours but lodge in a hotel to brace for an important meeting or presentation at work the following morning. According to him, ‘’work life in Lagos is a hell’’.

‘’I’ve always described my job as a hell. But quite surprisingly, during the lockdown, I took in a couple of contract and part-time jobs in addition to my main job. And having more jobs not only meant more money and exposure, it was an escape from the usual monotony.

‘’Besides, working remotely presented the most relaxing atmosphere to work. And the company of my family was also a great source of motivation and relaxation. I learnt to deal with the distractions too. The new experience made me realize that the 8 to 5 thing is all a farce, so I had to quit for more flexible hours’’ Femi recounted.

However, it is ironic that up until this moment, many conservative entrepreneurs and managers would rather attribute employee attrition and turnover to employee disloyalty and search for better pay than subject the problem to structural analysis and system thinking. This kind of mindset does not offer opportunity to uncover a resilient system.

Therefore, African entrepreneurs and business owners are advised to be more open-minded in terms of their employees’ engagement in the Post-Covid era and they must constantly seek to adjust their business model to suit their current realities. Also, they should be willing to incorporate hybrid model and encourage flexible hours for their employees.