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Author: Val Kosi

  • Common pitfalls in memecoins investment, how to avoid them

    Common pitfalls in memecoins investment, how to avoid them

    Memecoins are associated with high-risk levels owing to their roots in memes and Internet humour.

    Many unqualified investors typically make blunders that lead to hefty losses Despite their immense profit potential.

    On-chain data showed that 15 out of 1.7 million meme coins experienced long-term success, with almost all meme coins failing in the long term

    RelatedStories

    It is shocking to learn that 76% of influencers advertise dead meme coins, which are tokens that have lost more than 90% of their value.

    According to CoinWire report, 86 per cent of influencer-promoted meme coins saw a 10X decline in value after three months. Additionally, only 1% of influencers have been successful in promoting a meme-coin that has improved tenfold.

    Here are some of the Pitfalls

    Pump-and-Dump Schemes: Pump-and-Dump schemes pose a danger as they may be used to manipulate the meme coin market.

    Coin promoters rely on coordinated buying to encourage people to buy the coin and then sell the coin for a profit leaving people who come after the peak with worthless coins.    This happens mostly in the areas that are lightly regulated, and little transparency exists.

    Extreme Volatility:    

    Meme coin’s price swings are well known and generally much greater than other altcoins. Their fluctuations can reach hundreds of per cent in a matter of days.

    The reasons for such fluctuations usually lie not within any fundamentals but within the hype created by the community or the trend on social networks. Because of their extreme volatility and speculation power, they are extremely dangerous.

    Limited Functionality: Functional benefits are non-existent for most meme coins.

    For most, they are not compatible with the wider blockchain space such as DeFi networks or even offer any functionalities other than being a token that can be traded. This in turn limits their practical applicability and can hinder their usefulness in the future.

    Regulatory Uncertainty: The regulatory landscape for cryptocurrencies, especially meme coins, remains unclear in many jurisdictions. New regulations or legal actions against meme coins or their platforms could lead to significant value drops or even make certain investments illegal overnight.

    Market Manipulation: Memes are easier targets for market manipulation because they frequently have lower liquidity than more established cryptocurrencies.

    Little investments have a big impact on prices, creating fictitious price increases or decreases that could deceive investors.

    No intrinsic value  

    Most Meme coins lack intrinsic value and real-world utility, they are based on social media popularity, community sentiment, and frequent celebrity endorsements, and their value is purely speculative. They are prone to quick devaluation because their price is unrelated to any material asset or utility due to their lack of fundamental value.

    High risk of scams and rug pulls:  

    Most meme coins are made by anonymous developers with no long-term development or utility in mind. Rug pulls are frequent, in which developers drop the project after raising the price.

    If the creators abruptly decide to sell their holdings or the project proves to be a scam, investors may discover that a sizable portion of their investment could vanish overnight.

    How to mitigate meme coins risk:    

    Knowledge is power as the adage goes. This statement is true especially if you decide to invest in a meme coin. One should thoroughly study every meme coin that one invests in to make an intelligent decision.

    Finding facts from the documentation: Study the white paper and other official documents to understand the basic concepts and goals of the meme coin project.

    A good investor always practices risk management when investing, and the same applies when investing in meme coins.

    One should allocate part of their investment in meme coins to different tokens. If one or more failed, you would still have some money remaining.

    In this way, one can gain from many projects assuming they are all successful.  No matter how good the underlying asset is, putting all your earnings into a token is a risky decision

    Conducting research: Investigate the roadmap, the technologies, the objectives of the project and its development team.

    Make sure that there is a strategic alignment, and that the project is forward-looking and aspirational.

    Defining profit strategy: To effectively manage risk while dealing with assets as volatile as meme coins, one should always have a profit allocation plan. The term ‘here’ refers to selling an asset once its value has risen beyond what was originally paid for it.

    There are different techniques and calculations that are used to determine when the profits will be taken, however, the processes involved in all the techniques are consistent.

    Conclusion   

    • Memecoins are perhaps the most thrilling assets in the blockchain ecosystem. Meme coins might seem absurd as investments; however, they have been effective investment vehicles in many instances. Nevertheless, meme coin investments involve risks that potential investors must understand.
    • Such assets could be highly unpredictable, lack transparency and use cases, or be exposed to scams and cybersecurity threats.
    • However, it is important to note that other risks need to be managed. It is basically about managing emotions in volatile markets and using correct techniques to cut losses. t
    • Lastly, risk management plays an important role in investment therefore one should always have a risk and profit-taker strategy

    CoinWire Memecoins Token

  • UK government introduces stricter regulations to protect foreign workers

    UK government introduces stricter regulations to protect foreign workers

    The UK government is set to introduce new measures to combat the exploitation of foreign workers, with tougher penalties for employers who break visa rules or fail to meet minimum wage standards.

    The proposed Employment Rights Bill, currently under discussion in Parliament, aims to hold employers accountable and curb unethical practices, particularly in sectors that rely heavily on migrant labor, such as health and social care.

    Tougher penalties for rule-breaking employers 

    TravelBiz reports that the UK government is planning to impose stricter penalties on employers who violate visa and wage laws.

    The new Employment Rights Bill proposes to double the period during which employers can be sanctioned for serious breaches.

    Currently, employers who fail to comply with minimum wage laws or repeatedly break visa rules face a one-year restriction on hiring foreign workers. Under the new measures, this period will be extended to two years, making it harder for non-compliant businesses to hire from overseas.

    Stronger enforcement and action plans

    The reforms will also introduce more robust enforcement measures. The government plans to introduce action plans for businesses found to have violated visa rules. These plans will require companies to make improvements within one year, a significant increase from the previous three-month period.

    During this time, businesses will be restricted from hiring international workers, increasing the pressure on companies to comply with regulations.

    Focus on the care sector 

    Reports inform that the UK government is particularly concerned with sectors where workers are most at risk of exploitation, such as health and social care.

    • Many migrant workers in these sectors have been vulnerable to unethical practices, such as being forced to pay for their visa sponsorship or being underpaid.
    • The Home Office has revoked 450 sponsor licenses in the care sector since July 2022, as part of efforts to crack down on exploitation.
    • The government is also working to support care workers who are affected by these changes, helping them transition to new jobs when their employers lose their sponsorship licenses.

    The government’s commitment to protecting workers 

    Migration Minister Seema Malhotra emphasized the government’s commitment to protecting migrant workers from exploitation.

    “Worker exploitation is completely unacceptable,” Malhotra said, stressing that businesses that shift the costs of visa sponsorship onto employees or engage in other exploitative practices would face serious consequences.

    Health Minister Stephen Kinnock echoed this view, underscoring the importance of safeguarding migrant workers in the care sector and ensuring they are not subjected to abuse.

    Plans for future expansion of rule changes 

    While the initial focus of these reforms will be on skilled worker visas, including those for care workers, reports inform that the government plans to extend these rules to other visa categories in the future. The aim is to ensure that all foreign workers are treated fairly and are not subjected to exploitation by employers who break the law.

    Key requirements for employers 

    It is stressed that employers must comply with several key requirements to avoid facing penalties under the new regulations.

    • These include paying for all costs associated with visa sponsorship, ensuring workers are paid at least the minimum wage, and adhering to all immigration rules.
    • Businesses that fail to meet these standards may face up to two years of sanctions and be banned from hiring overseas workers.
    • The UK government’s focus is on protecting vulnerable migrant workers, especially those in high-risk sectors such as health and social care.
    • By introducing these stricter measures, the government aims to reduce exploitation and ensure that the immigration system is fair and accountable for both workers and employers.
  • Medical laboratory scientists vow to tackle national health security threats

    Medical laboratory scientists vow to tackle national health security threats

    The Association of Medical Laboratory Scientists of Nigeria (AMLSN) has vowed to tackle the growing threats to national health security.

    Speaking at the 60th Annual General Meeting (AGM) of the association in Owerri, the AMLSN President, Dr. Casmir Ifeanyi, stressed the need for urgent action to address these challenges.

    He noted that while resources are being mobilized for kinetic approaches to physical security, a lot needed to be done to address national health security.
    Ifeanyi described health security as the bedrock of national security and called on President Bola Tinubu to assemble health experts for insight into national health security issues.

    “There are many conversations about mobilisation of resources for kinetic approach to national security but the conversations about national health security, which is the bedrock of national security, has become compromised.

    “A security meeting by the National Security Adviser should have health security experts in attendance to provide insight into national health security threats,” he said.

    Medical laboratory scientists’ role in health decision-making
    Describing medical laboratory scientists as vital contributors to healthcare, Ifeanyi stated that as the second critical stakeholder of health globally, medical laboratory scientists provide over 70 percent of the data required for medical decisions and over 80 percent of data required for medical planning.

    He advocated for stronger investments in laboratory services and research to improve Nigeria’s health outcomes.
    He commended the president for the Executive Order on local production of diagnostics and pharmaceuticals for affordability by Nigerians, saying that the guideline for its optimization should become commonplace.
    “As a nation, we must strengthen our laboratory services, by strengthening collaborations between contingent states and improving investments in medical laboratory research,” he said.

    Addressing brain drain in the health sector
    The AMLSN President also addressed the challenge of medical brain drain confronting the country.

    Ifeanyi, argued that the policy document launched by the Federal Ministry of Health to address the brain drain facing Nigeria’s health workforce, “is a step in the right direction, but seeks to frustrate health workers from leaving the country rather than addressing the real reasons for their exodus”.
    He frowned at the section of the policy which, he said, denies health workers a leave of absence.
    He described it as “a violation of public service rules by the government, which only tends to frustrate rather than discourage”.

    He urged the adoption of a more holistic and people-friendly approach to addressing brain drain, aligned with existing laws.

  • Cutix PLC reports 13% increase in pre-tax profit as cable and wire revenue climbs

    Cutix PLC reports 13% increase in pre-tax profit as cable and wire revenue climbs

    Cutix PLC reported a pre-tax profit of N764 million for the period from May 1 to October 31, 2024, up from N673.4 million reported the previous year.

    This reflects a 13.46% increase, with the company’s post-tax profit also climbing by 13.72%, reaching N514.1 million.

    During the reported period, revenue surged to N7.8 billion, up from N5 billion in 2023, driven by a robust increase in cable and wire sales.

     

    Additionally, total assets grew by 11.7% year-over-year, reflecting steady progress in the company’s financial position.

    Key highlights  

    • Revenue: N7.8 billion, +54.37% YoY
    • Cost of sales: N6.4 billion, +74.30% YoY
    • Gross profit: N1.3 billion, +0.39% YoY
    • Operating profit: N605.8 million, -21.21% YoY
    • Finance cost: N151.1 million, -2.85% YoY
    • Other income: N309.2 million, 415.52% YoY
    • Pre-tax profit: N764 million, 13.46% YoY
    • Post-tax profit: N514.1 million, 13.72% YoY
    • Earnings per share: N7.30, -43.2% YoY
    • Total Assets: N7.5 billion, 11.7% YoY

    Commentary 

    A cursory look at Cutix’s financial results shows that ‘other income’ played a key role in the reported pre-tax profit, as high costs of sales dampened the full impact of income from the company’s main revenue sources.

    • The company reported a 54.37% year-over-year increase in revenue for the period ending October 31, 2024, with cable and wire sales accounting for 77.7% of total revenue at N6 billion, followed by armored cable sales at 22.3% or N1.7 billion.
    • However, Cutix experienced a 74.30% rise in the cost of sales, totaling N6.4 billion, with raw material costs constituting 86.8% of this amount, reducing gross profit to N1.3 billion.
    • Operating profits declined by 21.21%, amid a 2.85% drop in finance costs, which stood at N151.1 million, primarily due to accrued interest from term loans, commercial papers, and overdrafts.
    • On a positive note, the company saw a remarkable 415.52% year-over-year increase in ‘other income’, particularly from the sale of scrap.
    • Consequently, despite rising costs of sales, the company achieved a pre-tax profit of N764 million, buoyed by strong performance from scrap sales.
    • Pre-tax profit grew by 13.72%, while earnings per share fell to N7.30, down from N12.84.

    • Assets and liabilities position: 

      Between October 31, 2023, and October 31, 2024, Cutix PLC’s total assets increased from N6.76 billion to N7.55 billion, driven by growth in inventories and a slight rise in non-current assets.

      • Finished goods accounted for 50% of inventories, totaling N2.1 billion, while raw materials made up 28.5%, amounting to N1.1 billion.
      • Among non-current assets, property, plant, and equipment were the largest component, with plant, machinery, and equipment comprising over 50% of this category.

      The company reduced its long-term borrowings, leading to a decrease in non-current liabilities, while current liabilities increased due to higher short-term borrowings and trade payables.

      • Commercial papers made up 49.1% of short-term borrowings, totaling N744.7 million.
      • Accruals, totaling N520 million, represented a significant portion of trade payables, which amounted to N1.1 billion.
      • Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.
  • Nigeria, 9 others join global fight against cervical cancer

    Nigeria, 9 others join global fight against cervical cancer

    As world leaders gather in Rio de Janeiro for the G20 Summit, attention turns to the fight against cervical cancer. The Christ the Redeemer statue will be lit in teal, symbolizing a global effort that includes Nigeria and nine other countries raising awareness through advocacy and campaigns.

    The World Health Organization (WHO) in a statement on Sunday, said, this effort is among many around the globe joining to mobilize efforts on a worldwide “Day of Action for Cervical Cancer Elimination.”   

    Adding that other countries are marking the day with campaigns to provide human papillomavirus (HPV) vaccination and screening, launching new health policies to align with the world’s first-ever effort to eliminate cancer, and raising awareness in communities.
    Nigeria’s role in the global campaign

    Nigeria is actively participating through advocacy initiatives spearheaded by the Nigerian First Ladies Against Cancer. These efforts aim to raise awareness of cervical cancer prevention and push for equitable access to vaccination and screening.

    Four years after 194 countries committed to eliminating cervical cancer, WHO reports that significant progress has been made, including HPV vaccine introductions in 144 countries, over 60 countries now include HPV testing in their cervical screening programmes and 83 countries include surgical-care services for cervical cancer in health-benefit packages.
    Despite these advancements, WHO Director-General Dr. Tedros Adhanom Ghebreyesus highlighted ongoing challenges.
    “While we are making progress, we still face huge inequities, with women in low-income countries bearing most of the burden.

    “Only with strong leadership and sustained investment can we achieve our shared goal of equitable access for communities most in need,” he said.

    Ghebreyesus also thanked all the health workers who are playing a critical role in this global effort.

    Global initiatives for the day of action
    Marking this campaign for the fourth year, governments, partners, and civil society are organizing various activities and commitments. These include:

    Chile will announce a pilot for self-collection with HPV testing, which will be incorporated as part of its health care reform and universal primary health care.

    China: Medical schools and hospitals will host a series of academic lectures, health runs, and illuminations to raise awareness across 31 cities.

    Democratic Republic of the Congo will host a 3-day forum to launch a national strategy for cervical cancer elimination, concluding with a march through Kinshasa for cervical cancer awareness.

    Ethiopia, with support from Gavi, will launch an HPV vaccination campaign aiming to reach over 7 million girls.

    India: Civil society groups in different states will host a series of activities that include awareness campaigns and trainings for health-care professionals.

    Ireland will launch its Action Plan to achieve cervical cancer elimination, one year after announcing its goal to achieve this milestone by 2040 on the Day of Action in 2023.

    Japan’s Ministry of Health, local municipalities, and hospitals will illuminate over 70 landmarks across the country during their annual Teal Blue Campaign.

    Nigeria will raise awareness through advocacy led by the Nigerian First Ladies Against Cancer.

    Rwanda will announce its goal to reach the 90-70-90 targets by the year 2027, three years ahead of the WHO goal.

    South Africa’s Department of Health will roll out health provider trainings in 3 provinces.

    Push for better tests
    WHO is launching new guidance on Target Product Profiles (TPPs) for HPV screening tests.

    “This technical product outlines preferred standards for new HPV tests. The tests should be able to function even in remote areas in low- and middle-income country settings where disease burden is highest.

    “The TPPs highlight the importance of tests that give women the option to collect their own samples for testing; and the value of tools that enable HPV testing in settings closer to where women receive care,” the statement reads.

    The new publication aims to support innovation in the HPV testing market, emphasizing high-performance, low-cost, and accessible solutions, particularly transformative in resource-limited settings.

  • China, Nigeria strengthen ties in renewable energy, smart city development

    China and Nigeria are set to deepen their bilateral relationship through an ambitious partnership focused on renewable energy, smart city development, and critical infrastructure projects. 

    This was made known by Fang Qiuchen, Chairman of the China International Contractors Association (CHINCA). Speaking on the sidelines of the China-Africa Economic and Trade Expo (CAETE) Exhibition in Abuja, Fang highlighted the potential of the collaboration to address Nigeria’s pressing energy challenges while promoting sustainable urban development. The move underscores the enduring relationship between the two nations, which dates back to 1991. 

    “The collaboration will leverage China’s advanced technologies and Nigeria’s abundant resources to create a sustainable energy framework that will benefit both nations,” Fang said, emphasizing its transformative potential for Nigeria’s energy sector and the broader economy. 

    Fang outlined plans to deploy advanced technologies such as big data, cloud computing, and artificial intelligence (AI) to modernize infrastructure and automate urban systems. Renewable energy projects, including investments in solar, wind, and hydroelectric power, are set to align with global transitions towards cleaner energy solutions. 

    “The focus on renewable energy will enhance energy access across Nigeria, reducing reliance on fossil fuels and fostering economic growth,” Fang noted. He also stressed the integration of digital technologies into smart city projects to improve urban management and elevate the quality of life for residents. 

    What to know 

    Highlighting the strategic importance of the partnership, Mr. Joseph Tegbe, Director-General and Global Liaison for the Nigeria-China Strategic Partnership, stated that the collaboration aligns with China’s Belt and Road Initiative (BRI). This initiative seeks to position Nigeria as a pivotal hub for West Africa, unlocking significant socio-economic opportunities. 

    “Nigeria’s large population and its robust economic ties with China present a unique opportunity to accelerate development in renewable energy and infrastructure,” Tegbe remarked. He lauded the partnership’s potential to drive innovation and capacity building in critical sectors. 

    The CAETE Exhibition featured over 100 Chinese firms showcasing their expertise in infrastructure and energy. Key participants included Power China, China Civil Engineering Construction Corporation (CCECC), China Harbour Engineering, and Guangxi LiuGong Machinery. These firms demonstrated China’s readiness to invest and collaborate on transformative projects in Nigeria. 

    Mr. Xia Hao, Deputy Dean of the School of Economics and Trade at Hunan University, highlighted Nigeria’s status as a critical economic partner in Africa, with vast potential to benefit from China’s technological advancements and investments. 

    This partnership marks a significant step in fostering sustainable development, leveraging technology and innovation to address Nigeria’s developmental needs while strengthening its ties with China. 

    Backstory 

    Earlier Nairametrics reported that the growing trade volume between Nigeria and China, reached $22.6 billion in 2023, marking one of the highest trade exchanges in Africa.  

    VP Kashim Shettima shared this during a meeting with a Chinese delegation led by Mr. Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, at the Presidential Villa in Abuja. 

    According to a statement issued by his spokesperson, Mr. Stanley Nkwocha, Shettima emphasized that Nigeria’s trade relations with China are growing annually by 33%, demonstrating resilience even as the Nigerian economy continues to recover. He reaffirmed Nigeria’s commitment to supporting and strengthening this partnership, describing the bilateral relationship as deeply cherished. 

    Reflecting on the long-standing ties between the two nations, Shettima noted that Nigeria and China have enjoyed warm bilateral relations for over 53 years, dating back to 1971.

  • Nigeria to host 5th global antimicrobial resistance ministerial conference in 2026

    Nigeria to host 5th global antimicrobial resistance ministerial conference in 2026

    Nigeria has been announced as the next host of the bi-annual High-Level Ministerial Conference on Antimicrobial Resistance (AMR) in 2026.

    The announcement was made during the just-concluded 4th edition held in Jeddah, Saudi Arabia, from 15 to 16 November under the leadership of Saudi Arabia’s Minister of Health, Fahad Al-Jalajel.

    The Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, has confirmed the success of the 4th bi-annual High-Level Ministerial Meeting on Antimicrobial Resistance (AMR) and pledged Nigeria’s readiness to host the next edition in 2026.
    In a post on his X account, Pate wrote, ” I thank Saudi Arabia’s Minister of Health, Fahad Al-Jalajel, and the Saudi Ministry of Health for their outstanding leadership in addressing AMR.”

    “We will learn and build upon your success for the 5th edition in 2026. Counting on the Troika process for smooth transition and the quadripartite. Nigeria is open to welcoming all member states in 2026,” he wrote, expressing Nigeria’s readiness to build on Saudi Arabia’s success and continue the fight against AMR.

    Pate emphasized the urgent need to address AMR, calling it a “silent but wicked problem” that impacts lives and livelihoods every day.

    According to him, “We need to enhance preventative measures, using one health approach, and advance access and rational use of effective antimicrobials to save lives while promoting research and innovation to develop more effective tools.,” he said.

    The 4th AMR meeting in Jeddah brought together global health leaders, policymakers, and stakeholders to address the escalating AMR crisis.

    Delegates reaffirmed their commitment to strengthening National Action Plans and promoting access to vital medicines.

    The Jeddah commitments
    According to the Saudi Press Agency, the ministerial conference culminated in the approval of the Jeddah Commitments, marking significant progress in the global fight against antimicrobial resistance.

    The conference themed: “From Declaration to Implementation”, had ministers, health experts, and stakeholders from around the world address the urgent need for coordinated action to address AMR.
    The Jeddah Commitments build on the Political Declaration on AMR adopted at the 79th United Nations General Assembly High-Level Meeting on AMR in September.
    The Jeddah Commitments include strengthened governance, enhanced surveillance and stewardship, capacity building, research and development, and public awareness building through educational initiatives.
    Speaking on the adoption of the Jeddah Commitments, the Saudi Minister of Health said he believes the commitments drive the global AMR agenda forward with impactful actions. “It’s time to act,” he said.
    Mr Al-Jalajel also announced Nigeria as the host of the 5th Global High-Level Ministerial Conference on the issue.

    “To maintain momentum, we propose a stronger mechanism, the troika system, to drive forward action and implementation through 2025 and 2026 until the 5th Ministerial Meeting. I look forward to working with Nigeria as the newest member of the troika,” he added.

    Understanding Antimicrobial Resistance (AMR)
    According to the World Health Organization (WHO), AMR occurs when bacteria, viruses, fungi, and parasites evolve and no longer respond to medicines, making infections harder to treat. This increases the risk of disease spread, severe illness, and death.

    AMR targets set by world leaders at UNGA79
    During the 79th United Nations General Assembly (UNGA79), world leaders committed to tackling AMR by adopting ambitious targets. Key goals include:

    Reducing drug-resistant infections.
    Promoting responsible antimicrobial use.
    Strengthening global surveillance systems.
    Investing in innovation and research.
    Scaling up prevention measures.
    Adopting a One Health approach to address AMR across human, animal, and environmental health.
    These commitments reflect a global consensus on the need for a coordinated, long-term approach to combating AMR.

  • Top ten export destinations of Nigerian goods in Q2, 2024

    Top ten export destinations of Nigerian goods in Q2, 2024

    Nigeria’s export trade has remained strong in Q2 2024, with the top ten destinations accounting for 72.15% of total exports, valued at N14.01 trillion.

    Total exports to all destinations saw a modest increase of 1.31%, rising to N19.41 trillion in Q2, compared to N19.16 trillion in Q1 2024.

    Spain emerged as the leading destination, receiving N2 trillion worth of Nigerian exports in Q2 2024, while China, the smallest importer among the top ten, received N744.91 billion in total exports.

    This data is derived from the Nigeria Bureau of Statistics (NBS) report for Q2 2024.

    Below is a detailed breakdown of Nigeria’s top export destinations, along with key insights into the factors driving these trade patterns.

    1. China – N744.91 billion (5.32% of total exports)
    • China, which did not appear among Nigeria’s top ten export destinations in Q1, re-entered the list in Q2 2024 with imports totaling N744.91 billion.
    • Although Nigeria’s crude oil exports to China have been on the decline, accounting for only 28.05% of total exports, the country continues to play a key role in Nigeria’s non-oil exports, representing 71.95% of trade with Nigeria.
    1. Indonesia – N862.77 billion (6.16% of total exports)
    • Indonesia, though a major importer of Nigerian crude, saw a decline of 24.70% in imports from Nigeria in Q2, totaling N862.77 billion from 1.14 trillion in Q1.
    • Crude oil accounted for 98.71% of exports to Indonesia, with the remaining 1.29% non-crude oil products.
    • Indonesia’s expanding industrial sector remains a key driver of demand for Nigerian oil.
    1. Italy – N1.16 trillion (8.31% of total exports)
    • Italy’s imports from Nigeria saw a significant increase of 28.72%, reaching N1.16 trillion in Q2 2024 from N904.27 billion.
    • Crude oil made up 99.54% of exports to Italy, with non-crude oil products comprising just 0.46%.
    •  Italy’s growing reliance on Nigerian crude, particularly after the geopolitical shifts in Europe, reflects the continued importance of Nigerian oil for its energy security.
    1. Canada – N1.17 trillion (8.40% of total exports)
    • Canada’s imports from Nigeria grew by 5.94% to N1.17 trillion in Q2 2024 from N1.11 trillion in Q1.
    • Crude oil constituted 98.48% of exports to Canada, with non-crude oil products making up the remaining 1.52%.
    • Despite increasing energy independence in North America, Canada continues to rely on Nigerian oil, maintaining a steady trade relationship.
    1. Ivory Coast – N1.35 trillion (9.64% of total exports)
    • Ivory Coast has seen a remarkable surge in imports from Nigeria, with an 81.39% increase in Q2, totaling N1.35 trillion from N744.59 billion in the first quarter of 2024.
    • As the only African nation in the top ten, the bulk of its imports from Nigeria consisted of 99.29% crude oil, bolstered by Ivory Coast’s growing refining capacity.
    •  The country’s increasing demand for energy makes it a vital partner for Nigeria’s oil exports.
    1. Netherlands – N1.38 trillion (9.85% of total exports)
    • The Netherlands received N1.37 trillion worth of exports from Nigeria in Q2 2024, with a marked decrease of 18.63% from 1.695 trillion in Q1.
    • Despite this drop, the Netherlands plays a crucial role in distributing Nigerian crude to other European markets, alongside a significant portion of non-oil products, contributing 71.29% crude oil and 28.71% non-crude oil in Q2.
    1. India – N1.65 trillion (11.78% of total exports)
    • India’s growing industrial and energy needs have driven a slight 2.40% increase in imports from Nigeria, totaling N1.65 trillion in Q2 2024 from N1.61 trillion in the first quarter of the year.
    • Nigeria’s export to India comprises 67.38% crude oil and 32.62% non-crude products.
    • As one of the world’s largest consumers of oil, India’s demand for Nigerian crude is expected to continue growing, solidifying Nigeria’s position as a key supplier.
    1. France – N1.82 trillion (12.99% of total exports)
    • France, like other European nations, has increased its reliance on Nigerian crude oil.
    •  In Q2 2024, the country imported N1.82 trillion in goods, with crude oil representing 78.57% of that total.
    • While imports from Nigeria declined by 14.36% from N2.125 trillion in Q1, France remains a critical partner in the diversification of Europe’s energy supply, particularly considering the ongoing energy crisis stemming from the Ukraine conflict.
    1. United States – N1.86 trillion (13.25% of total exports)
    • The U.S. remains one of Nigeria’s major trade partners, receiving N1.86 trillion in exports during Q2 2024, a notable 41.55% increase from N1.31 trillion in Q1.
    • Crude oil made up 87.43% of exports to the U.S., with non-crude oil products accounting for 12.57%.
    • Despite its growing energy independence, the U.S. continues to rely on Nigerian oil, reinforcing its role in Nigeria’s export economy.
    1. Spain – N2.01 trillion (14.32% of total exports)
    • Spain bagged the position as Nigeria’s largest export destination, receiving N2.01 trillion worth of goods in Q2 2024, despite a slight decline of 0.82% from N2.02 trillion the previous quarter.
    • A significant portion, 81.03%, of exports to Spain consisted of crude oil, with the remaining 18.97% comprising non-crude oil products.
    • Spain’s importance as a key refining hub in Europe has been magnified by the broader EU strategy to diversify energy sources away from Russian oil.

    Key insights and conclusion

    • The top ten export destinations for Nigeria in Q2 2024 highlight the strategic role of oil in the global trade dynamics and crude oil continues to dominate Nigeria’s exports.
    • Europe remains a critical market for Nigerian oil, with countries like Spain, France, and Italy continuing to rely on Nigeria to secure their energy needs.
    • Meanwhile, Asian economies such as India and China also represent significant markets for Nigerian oil, with India’s demand rising steadily.
    • These trade relationships are shaped by a complex interplay of energy security, geopolitical factors, and economic demands, positioning Nigeria as an important global supplier of crude oil, even as it works to diversify its export base.
  • Health carousel’s PassportUSA program offers international nurses pathway to US careers

    Health carousel’s PassportUSA program offers international nurses pathway to US careers

    Health Carousel International (HCI), through its PassportUSA program, is offering internationally trained nurses a clear pathway to becoming Registered Nurses (RNs) in the United States.

    Designed to help nurses navigate the complexities of the immigration process, the program provides personalized support for individuals seeking to advance their careers while addressing critical healthcare staffing shortages in the US.

    According to HCI, PassportUSA connects skilled nurses with leading US healthcare organizations, helping them achieve their American dream while providing essential services to patients across the country. Since its launch, the program has successfully helped over 3,000 international healthcare professionals start careers in the US.
    Key requirements for participation
    To join the PassportUSA program, candidates must meet several requirements. First, applicants must be nurses with bedside experience and proficiency in English. Additional qualifications may be needed depending on the individual’s situation. The program is open to both nurses already authorized to work in the US and those who are internationally trained and seeking to enter the US workforce.

    “We offer life-changing opportunities at leading US healthcare organizations, where you can provide expert care and address critical staffing shortages,” said the agency.

    Step-by-Step pathway to success
    The journey to a US nursing career through PassportUSA involves several key steps, each aimed at making the process as efficient and supportive as possible.

    1. Initial Consultation – Prospective applicants begin by speaking with a recruiter to assess their eligibility and discuss the specifics of life and work in the US. This conversation helps determine if PassportUSA is the right fit for their career goals.

    2. Visa Preparation and Filing – Once accepted into the program, applicants are guided by an International Program Associate (IPA) who assists with the necessary visa documentation. The program also covers costs for test preparation, including the English proficiency exam and the NCLEX (National Council Licensure Examination).

    3. Visa Petition and Approval – With the support of HCI’s experienced legal team, applicants file their visa petition with the United States Citizenship and Immigration Services (USCIS). Once the visa is approved, a priority date is assigned, securing the applicant’s place in line for visa processing.

    4. Job Placement and Credentialing – After visa approval, participants work with HCI to explore job opportunities at US healthcare facilities. HCI submits resumes and coordinates interviews, ensuring each candidate finds a placement that aligns with their skills and lifestyle. Applicants are also assisted with the credentialing process to meet US licensing requirements.

    Comprehensive support throughout the process
    Throughout their journey, candidates receive ongoing support. HCI’s legal team helps applicants gather the remaining documents for the National Visa Center (NVC), ensuring a smooth path to approval.

    Once the NVC deems an applicant “documentarily qualified,” the individual is eligible for an embassy appointment. Upon arrival in the US, HCI’s team provides housing assistance, travel logistics, and orientation to help workers settle into their new roles.
    Additionally, the PassportUSA program offers specialized services like NCLEX preparation and reimbursement for licensing expenses, ensuring participants are fully equipped to succeed in their new roles.
    HCI also provides career advancement opportunities through its Clinical Ladder program, which helps nurses continue to grow professionally.

    Additional benefits for nurses and families
    HCI’s PassportUSA program not only supports the professional development of nurses but also offers assistance for family members. Qualified participants can bring their immediate family members to the US without any waiting periods or delays. The program also provides premium processing options for faster visa approval, and financial support for travel and housing costs.

    “At Health Carousel, we are committed to the success of our nurses and their families,” the spokesperson added. “Our goal is to provide them with all the tools they need to build a fulfilling career in the US while ensuring a smooth transition for their loved ones.”

    With its comprehensive services, the PassportUSA program offers an ideal opportunity for internationally trained nurses to advance their careers and contribute to the US healthcare system, addressing critical workforce needs across the country.

  • Waste managers to Lagos govt, reduce remittances from 25% to 10%

    Waste managers to Lagos govt, reduce remittances from 25% to 10%

    Waste managers under the aegis of the Association of Waste Managers of Nigeria (AWAMN) have pleaded with the Lagos Waste Management Authority (LAWMA) to reduce its remittance to the authority from 25% to 10%.

    This is due to the high cost of doing business in Nigeria at the moment and helping its members sustain their operations in the industry.

    The appeal was made by the President of AWAMN, Mr Olugbenga Adebola, during a chat with journalists after the unveiling of the association’s planned conference, with the theme: “Redefining Integrated Waste Management In Nigeria Through Circular Economy” on Thursday, November 2, 2024.

    Adebola said that the 25% remittance which was an arrangement between the association and the Lagos state government, involves the remittance of a certain percentage to LAWMA after carrying out its duties.

    Profitability has been eroded

    Adebola explained that due to the current economic situation, and the inflationary effect on the gamut of all operations, not only within waste management, it was extremely difficult for the waste managers to maintain the cost of doing things.

    The AWAMN President said, “The cost of doing business in Nigeria is going higher. If the cost of doing business is going higher and we keep on paying the 25 per cent to the government, then we are not making anything.

    “That is why, to help our members to be sustainable in the industry, we appeal to the Lagos State Government to reduce our 25 percent to 10 percent so that our people can make a profit.

    “Right now, the profitability has been eroded by that 25 percent. so it’s like, you go and work and you get the money, you just give it to the overnment, and then the operators don’t have anything at the end of it all.’’

    According to him, due to the present situation, even the Federal Government is reducing the amount of taxes.

    He said, “So it’s just simple economics that, given the current increment in the cost of operation, there is a need for us to re-engineer our cost activities.

    “We need to re-engineer our cost recovery. We need to re-engineer even the sharing formula, and that is what we are saying.’’

    We will look into the issues – LAWMA

    Reacting to the appeal made by waste managers, the Managing Director of LAWMA, Dr Muyiwa Gbadegesin, noted that the 25% was part of the contract agreement LAWMA had with the waste managers.

    Gbadegesin said that the money was meant to be a cross-subsidy for low-income areas that don’t pay for waste evacuation.

    He said, “That is why we have it. So, we look into the issues, and like I said, there is a need for us to take a holistic approach, and look at the cost of managing waste statewide.

    “We will look at how we can efficiently make funds available so that they will be able to do their work well and ensure that people are paying an affordable rate that will guarantee timely and efficient evacuation of waste from the household,”

    What you should know

    This is not the first time the association has made a case for the reduction of remittance to the Lagos State Government.

    However, the Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, during a meeting with the waste managers in November 2023, rejected such a request saying the government is aware that the PSP operators need some interventions but they must explain why the revenue being generated presently has dropped by 50% within 5 years.

    He said, “When you had a surplus, did you increase the stake of the government? As such I reject the appeal to reduce the 25% remit to LAWMA. I will not go that route except on two conditions: I want the enumeration of all the houses and digitize the number of household facilities across the state.’’

    He said the continuous increase in population with the corresponding increase in the generation of waste has necessitated the need for a major change in PSP’s daily operations, adding that the present cost is not sustainable in light of the growth of the economy.

    He noted, ‘’I think it is high time we have to sit down and thoroughly review the whole gamut of the PSP operations. The fact is that we must be able to speak the truth to one another as this will continually encourage the government to complement what the operators are doing”.

    He added that the time has come for PSP Operators to create an online portal where the GPS receivers installed in their trucks provide accurate locations always including the number of trips undertaken by each operator daily amongst other things.