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Home Blog Page 5667

The Need to Establish More Secondary Technical Schools

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A few weeks ago, I saw a video of a Chinese firm advertising its garri-processing machines. In that video, all the processes involved in the making of garri, starting from peeling the cassava to frying the flour and sieving the end product, were done with machines. The person that shared the video, as expected, lamented that Nigeria has not bothered to fabricate machines like the ones in the video. From the person’s comment, you will believe that the country is lagging behind in technology. Well, in as much as the poster wasn’t totally wrong, he made a mistake by implying that those machines cannot be produced in the country without verifying his assertions. Fortunately for Nigeria, she is not found wanting because Project Development Institute (PRODA) Enugu has fabricated all those displayed garri-processing machines a long time ago. However, it is uncertain whether the machines were produced for commercial or research purposes. Nevertheless, those that need more information about the machines can visit the institute’s website or visit their office for further details.

One of the things I’ve noticed about technological development in Nigeria is that it is not hyped like it is done in other countries. Many things are going on in this country but a lot of us are unaware of them. As a result, many of us believe that we are incapable of producing machines or even tools. An average Nigerian believes that everything that looks like a machine or parts of a machine is imported. Well, it is high time they knew that Nigerians have been doing their best in producing some of the tools, equipment, and machines used in the country. But the truth remains that the country still needs more fabricators.

During my secondary school days, there were secondary schools run specifically for grooming technologists. As far back as those days, the Nigerian government appreciates technology and gives room for technological innovations to thrive. Then, the technical schools in the country were all owned and managed by the government. They were scattered in different states of the federation and they bear the name “Government Technical College (GTC)”. But the problem remains that most of them were out of the reach of many Nigerians because they were few. One would have expected that private investors would establish more of this type of school to make up for the need. But, alas, we are getting disappointed.

In today’s world, where people are encouraged to build and create things, it is surprising that Nigerian private educational investors do not consider establishing technical secondary schools. Many parents, including me, want to send their children, especially those that show more interest in crafting than in writing, to technical schools but they have no access to them. By the time they get tired of searching, they push their children into “ordinary” secondary schools that flood the whole country. By the end of the day, the child that is supposed to build will waste his talent on other things.

But then, what could be the reasons our private investors shy away from establishing technical colleges? Could it be the cost of setting up and managing them? Could it be they are afraid they will not find customers? Are they worried they may not find the right teachers to handle the students? Or maybe they are afraid parents cannot afford the school fees (since it will involve a lot of practicality). Whatever the reasons are, there is a need for more technical secondary schools to be established.

It is high time we Nigerians started allowing our young ones to think outside the box. It is time children learned to be creative and develop things that can solve problems in the country. There is a need to allow these children to work in real workshops and laboratories that are not found within the enclosures of their classrooms and textbooks. Our current secondary schools do not prepare children to solve problems but to pass WAEC, NECO, and JAMB, and then gain admission into the university to learn how to search for “office jobs”. We cannot continue like this. Please, if you are planning to open a school in Nigeria, consider a technical school. We already have enough conventional secondary schools.

Tekedia Live on Digital Currencies: E-Yuan, E-Dollars, E-Naira

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Join the man who is nicknamed the blockchain oracle as he breaks down the promises and opportunities of government-backed cryptocurrencies like e-Naira and e-dollar. What are the opportunities? How can we capture value? What do we need to do? Only at Tekedia Mini-MBA’s Tekedia Live; zoom link in the Board.

Thur, July 15 | 7pm-8pm WAT | Digital Currencies: E-Yuan, E-Dollars, E-Naira – Franklin Peters, CEO Bitfxt (Dubai, UAE)

Tomorrow is early bird deadline for the next edition of Tekedia Institute Mini-MBA . Register here.

 

Join Ndubuisi Ekekwe At Tekedia Live – “Planning a Career in a New Country”

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On Saturday, July 17,  at Tekedia Live, the live version of Tekedia Mini-MBA,  I will speak on “Planning a Career in a New Country”. My presentation will be divided into three phases: before you leave, the early years in a new country, and maturity. I will share some things which worked for me and some lessons learned!

For example, before I left Nigeria, I moved all my academic transcripts to World Education Services with the mindset that if they are there, I will  never have to deal with any Nigerian university for a transcript. So, WES has all, and if I need a copy, I pay it and within days, they deliver.

Why did I do that? Many in then FUTO Alumni Yahoo group were complaining of delays on transcripts. I felt I could deal with that issue once and all while in Nigeria; I am glad I did!

And more tips: focus on earning more per hour and not pushing to work 24 hours in a day! If you double your hourly rate, you’ve halved the time you need to clock in. So, what is the plan to be at 1.5x minimum wage within 2 years, depending on where you are starting?

America, for example, is easy to figure out. I began at $7.25 per hour (Tuskegee University farm automation work study student) but in grad school in Johns Hopkins University, I moved to $23 per hour! The key is this: you need a plan to unlock opportunities.

Register for the next edition of  Tekedia Mini-MBA.

Join Tekedia Capital Syndicate

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Tekedia Capital offers a specialty investment vehicle (or investment syndicate) which makes it possible for citizens, groups and organizations to co-invest in innovative startups and young companies in Africa and around the world. Capital from these investing entities are pooled together and then invested in a specific company or companies.

We invest in mainly technology-anchored companies and are sector-agnostic which means those companies could be operating in any industry, including finance, real estate, education, health, logistics, etc. The opportunity is open for individuals in Africa, Africans in diasporas, global citizens in any place in the world, investment groups and organizations around the world.

To learn more about Tekedia Capital Syndicate, go here


In the last three months, we have deployed $3.5 million in African startups and Africa-operating startups. This is a new age of value creation, a cambrian moment on entrepreneurial capitalism. We want you to party with us. Share this message and come with your friends, associates, colleagues, families, investment club members, etc.

 

Founders & Investors, You’re Invited To Tekedia Capital OPEN Session – We Invested $3.5M in Q2 2021

Nigeria Has a Huge Debt Servicing Problem – Spends 97% of Revenue on Debt Servicing

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Nigeria has a really big challenge on our huge borrowing culture: we are now spending 97% of our revenue just to service debt. The implication is that most of our recurrent expenditures are now financed through loans and that creates a vicious circle, triggering the need for more loans. In other words, if you have to borrow to pay salaries and handle basic things, you will keep spending more revenue on servicing debts. Simply, Nigeria needs a new playbook to get out of the circle if we hope to save to build the infrastructure of the future.

Debt servicing obligations gulped 97 percent of the Nigerian government’s total revenue in 2020, a report has shown.

According to BudgIT, a civic-tech non-profit organisation, of the N3.42 trillion generated as revenue, Nigeria expended N3.34 trillion on debt servicing.

The report said total expenditure stood at N10.01 trillion.

“This means nearly all FG’s salaries, overhead & CAPEX (Capital Expenditure) were financed with loans & CBN support,” the civic group said.

According to BudgIT’s “2020 Budget Implementation Analysis” report released on Friday, N4.65 trillion was spent on non-debt recurrent expenditure.

“In 2020, FG projected a total revenue of N5.37tn; however, the actual total revenue eventually stood at N3.42tn. This represents a 63.71% revenue performance,” BudgIT said.

“The cost of servicing FG’s debt is drowning Nigeria as the cost continues to grow, gulping a total of N3.34tn (97%) from the total revenue.”

The Nigerian government’s revenue from oil however recorded a significant boost of N1.41 trillion, surpassing the oil revenue projections of N1.01 trillion.

With insecurity scaling across Nigeria, the debt problems will remain. The bad guys have moved to even kidnapping emirs, and there seems to be no solution in the near future: “The police in Kaduna State say the Emir of Kajuru, Alhassan Adamu, and 10 others have been kidnapped by suspected bandits in the early hours of Sunday in Kajuru town, headquarters of Kajuru Local Government area of the state.”

The near future looks extremely challenging for Nigeria with all these paralyses; we need to pray for a good landing in the nation. In America, the biggest problem is that companies cannot find workers to hire; in Nigeria, insecurity has made it largely impossible for farm workers to go to their farms, creating a huge crack on future food security.