TodayPrice

Category: Business

  • 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.
  • 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.

  • 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.

  • 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.
  • 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.

  • Polymarket user loses $114,000 on $100k Bitcoin price bet 

    Polymarket user loses $114,000 on $100k Bitcoin price bet 

    The month of November is gone and bitcoin did not hit the $100,000 price mark.

    This is sad news to some Polymarket users who placed huge bets on Bitcoin surpassing $100,000 in November.

    Traders who hedged their bets on Bitcoin hitting $100,000 in November have been liquidated as the asset did not achieve that fit despite coming as close as $99,000.

    Towards the end of the month, Bitcoin surged to an all-time high of $99,655, increasing the chances of hitting the $100,000 price level to 91%, on Polymarket.

    The 91% chance on Polymarket attracted lots of traders who put in their funds on the likelihood of the event occurring.

    However, that did not take place as Bitcoin faced a steeped correction dropping as low as $90,800 on Nov.27 before bouncing back.

    Bitcoin closed November around the $98,000 price range liquidating the bets of traders who hedged their money on the asset crossing the $100,000 mark in the month.

    Heavy Liquidation as a 91% odd fails  

    A 91% odd on Polymarket was enough to convince people to go big on their bets. A Polymarket user with the name TomApproves placed a $114,000 bet while another placed a $56,000 bet on the same event.

    Both users got liquidated as Bitcoin failed to cross the target within the month.

    The Total trading volume of the event hit $28.5 million according to Polymarket.

    $100,000 Price level In December poll surges to 71% 

    Another poll placing Bitcoin to hit $100,000 this month is currently live and has surged from 19% to 71%.

    The poll has already surpassed $14 million in trading volume at the time of the report.

    • Another Poll places a 40% chance of Bitcoin falling to the $90,000 price level.
    • Bitcoin started Monday morning surging to $98,150 but at the time of the report has dropped to $95,229. its 24-hour trading volume sits at $66 billion at the moment.

    Some Analysts still believe Bitcoin will hit the $100,000 mark in the last month of the year. Robert Kiyosaki a leading financial voice believes the asset will drop to as low as $65,000 before crossing the $100,000 mark.

    What to Know  

    Polymarket is a leading crypto-based online prediction site where users can hedge their bets on the outcome of live events.

    The platform surged to prominence during the US election cycle where it accurately predicted the outcome of the US elections days before the election.

    Polymarket however faces an existential crisis as analysts worry the platform might lose relevance Post US election due to a scarcity of reasonable world events to hedge bets on.

    I am Michael Ndu-Okeke, a crypto reporter and analyst covering the intriguing world of Cryptocurrencies and its market. My work focuses on informative news, industry trends and research explaining the crypto industry to a wide range of readers.

     
  • Australia introduces skilled refugee labour agreement pilot program

    Australia introduces skilled refugee labour agreement pilot program

    Australia has introduced a new pilot program to help businesses access skilled talent from refugee and displaced communities. The Skilled Refugee Labour Agreement Pilot allows employers to sponsor skilled individuals for positions in various industries. This initiative provides an opportunity for refugees who have marketable skills but face challenges in meeting visa requirements.  

    According to Australia’s Department of Home Affairs, The pilot will run until June 30th, 2025, with 500 visa places available. 

    Pilot program overview  

    The program was developed in collaboration with Talent Beyond Boundaries (TBB), an organization dedicated to helping refugees find skilled work. Through the pilot, businesses can tap into a pool of skilled refugees registered with TBB’s Talent Catalog. These refugees include professionals such as doctors, engineers, software developers, and skilled tradespeople. Many of them are highly qualified but face significant barriers when trying to access employer-sponsored migration pathways. 

    Details inform that TBB will assist businesses with identifying qualified candidates, guiding them through the visa application process, and providing support once the candidate arrives in Australia. Employers and refugees interested in participating must register with TBB, which will endorse both the businesses and the skilled individuals for the program. 

     

    Visa programs available for employers and refugees 

    Employers participating in the pilot can sponsor refugees for various skilled visa programs, including the Employer Nomination Scheme (ENS), Temporary Skill Shortage (TSS) visa, and Skilled Employer Sponsored Regional (SESR) visa. Employers can also offer positions to refugees on a permanent or temporary basis, with potential pathways to permanent residency after a few years on a provisional visa.  

    The program also includes several concessions to make it easier for businesses to hire skilled refugees. For example, businesses do not need to conduct labor market testing, and the sponsoring employer will determine whether the candidate has the required skills for the position.  

    Additionally, businesses can benefit from a reduction in the income threshold when hiring refugees for certain skill levels. This means they can pay refugees slightly lower salaries than usual, making it more affordable for employers to hire skilled refugees, particularly for jobs with lower income expectations. 

    Eligibility and requirements for employers and refugees 

    To participate, employers must meet several criteria, including being an active, registered business in good standing in Australia for at least 12 months. They must also demonstrate financial viability and comply with sponsorship obligations, which include paying the sponsored refugees a full-time salary and ensuring that their working conditions are no less favorable than those for Australian workers. 

    Refugee applicants must be under 55 years old (except for those applying for a TSS visa), meet health and character requirements, and demonstrate functional English. There is no need for them to provide a skills assessment or work experience; the sponsoring business will evaluate whether the refugee has the necessary qualifications for the job. 

    Support for refugees and employers post-arrival 

    Once a refugee arrives in Australia, sponsoring employers will provide support to help them settle into their new roles and lives. This includes coordinating with TBB and related organizations to assist with the transition. Additionally, the program offers concessions like an increased age limit and a reduced income threshold for employers hiring refugees in specific sectors such as aged care. 

    This pilot program not only helps businesses address skill shortages but also provides skilled refugees with an opportunity to contribute to the Australian economy. The collaboration between Talent Beyond Boundaries and employers intends to foster a more inclusive and diverse workforce in Australia while supporting the long-term success of refugees in their new homes. 

    For more information, businesses and refugees are encouraged to visit:https://immi.homeaffairs.gov.au/visas/employing-and-sponsoring-someone/sponsoring-workers/nominating-a-position/labour-agreements/skilled-refugee-labour-agreement-program 

    If you have specific questions about the pilot before registering your interest, email info@talentbeyondboundaries.org. 

  • FG disburses N1.3 billion grant to empower small business owners in Borno

    FG disburses N1.3 billion grant to empower small business owners in Borno

    The Federal Government has disbursed N1.3 billion through the Presidential Conditional Grant Scheme (PCGS) to support small business owners in Borno State.

    The scheme, implemented in collaboration with the Borno State Government and the Bank of Industry (BoI), aims to empower nano-businesses across the state, stimulating economic growth and creating vital opportunities for local entrepreneurs.

    Governor Babagana Zulum, represented by the Permanent Secretary for Establishment and Service Matters, Abubakar Muhammed, announced the disbursement during the Federal Government’s town hall meeting on loans and grants in Maiduguri on Friday, as reported by the News Agency of Nigeria (NAN).

     “The Federal Government has disbursed N1.3 billion to support the growth of small enterprises in Borno. 

    “The amount was disbursed under the Presidential Conditional Grant Scheme (PCGS), to bolster nano-businesses in 27 local government areas of the state,” the NAN report read in part. 

    The grant is part of the Federal Government’s ongoing efforts to rebuild and stabilize Borno in the aftermath of the insurgency. It specifically targets small-scale traders, artisans, ICT operators, eatery owners, and transporters across 27 local government areas of the state.

    According to the NAN report, each eligible beneficiary has been awarded N50,000 to help enhance their business operations and improve their capacity to thrive amid a challenging economic climate.

    More Insights  

    Mr. Muktar Musa, the Bank of Industry (BoI) Manager in Maiduguri, disclosed that the Federal Government has disbursed over N40 billion out of the approved N50 billion to support nano-businesses across all 774 local government areas nationwide.

    He further explained that the Presidential Conditional Grant Scheme (PCGS), launched as part of the post-subsidy recovery efforts, is aimed at reaching one million beneficiaries.

    • Musa provided an update on the scheme’s progress, noting that N10 billion had been allocated to the North-West, N6.6 billion to the North-Central, N5.9 billion to the North-East, and N4.8 billion to the South-East, benefiting a total of 96,000 individuals across 95 local government areas.
    • He also highlighted that the initiative has extended support to 117,000 beneficiaries in 123 local government areas in the South-South, and 146,000 recipients across 137 local government areas in the South-West.
    • Notably, women and youth account for 70% of the beneficiaries, while 10% are persons with disabilities, 5% are senior citizens, and 15% belong to other demographic groups.

    To date, the program has empowered 810,945 Nigerians, reinforcing the Federal Government’s commitment to supporting local economies and vulnerable populations.

    Musa emphasized that beneficiaries were selected based on criteria including possession of a Bank Verification Number (BVN), National Identification Number (NIN), and evidence of a registered business premise.

     

  • Nollywood’s piracy issue indicates a distribution problem – Barr. Isioma Idigbe

    Nollywood’s piracy issue indicates a distribution problem – Barr. Isioma Idigbe

    Nigeria’s film industry, Nollywood, stands as a pillar of African storytelling, culture, and economic potential, capable of delivering over 200% returns with the right investments.

    However, its growth is hindered by piracy, which highlights a deeper issue: the lack of robust distribution infrastructure necessary to fully monetize its demand.

    At the recent African Film Finance Forum (AFFF) in Lagos, industry experts highlighted how piracy—often seen solely as a threat—actually points to a supply-side issue that requires immediate attention.

    “Piracy proves there is demand; the issue lies in supply,” explained Barrister Isioma Idigbe, Partner at Punuka Attorneys & Solicitors. “Without strong distribution channels, we’re failing to fully monetize the market’s appetite for Nollywood content.” he noted.

    Moses Babatope, CEO of NILE Group, shared that while streaming platforms created excitement around Nollywood in recent years, their recent pullback serves as a reminder of the industry’s reliance on traditional distribution models like cinemas.

    “We got carried away by the streaming bubble,” he noted. “But the reality is that cinemas remain the cornerstone of sustainable film industries globally.” 

    Babatope highlighted the resilience of the Nigerian box office, which has seen significant growth despite macroeconomic challenges.

    “In 2024, we’re looking at N12 billion to N13 billion in box office revenue, with local films accounting for over 55% of this.

    “That’s a historic milestone, but it’s clear we need to bring cinema closer to underserved audiences if we’re to sustain this momentum,” he said.

    He also stressed the need for localized solutions, such as leveraging existing community centers and youth clubs to make cinema more accessible and affordable.

    More insights

    The consensus among panellists was that Nollywood’s future depends on a balanced approach to funding, with equal emphasis on production and distribution.

    Ben Murray-Bruce, Founder of the Silverbird Group, called for increased government support.

    “The film industry isn’t just about entertainment—it’s a critical value chain like manufacturing,” he said. 

    Murray-Bruce urged financial institutions to prioritize funding for cinemas, arguing that doing so would create jobs, drive economic growth, and make Nollywood more resilient.

    “If the government can fund non-performing refineries, it can certainly invest in an industry with a return on investment potential,” he added.

    • Mary Ephraim-Egbas, convener of AFFF, echoed these sentiments, stressing the importance of collaboration between the entertainment and financial sectors. She also emphasized partnerships with telecom companies to expand distribution and combat piracy.

    “The African film industry generates over $20 billion annually, employing thousands of people,” Ephraim-Egbas noted. “This is the right time to bridge gaps in the value chain and unlock Nollywood’s full potential.” 

    • Idigbe concluded with a broader perspective, comparing Nigeria’s challenges to those of Brazil and South Africa, where foreign content dominates.
    • However, she showed an opportunity for Nigeria to become a hub for international production, particularly as global markets look to reduce costs.

    “We have the talent, the audience, and the demand,” Idigbe said. “What we need now is an ecosystem that supports distribution, making it easier for Nigerians to access and enjoy local content while ensuring investors see meaningful returns.” 

    • By addressing the supply-side constraints highlighted by piracy, Nollywood can move from being a rising star to a global powerhouse in the entertainment industry.

    Deborah Dan-Awoh is a seasoned lifestyle analyst with a knack for storytelling. The focus of her work covers people, money and culture as it relates with business and economy. When she’s not keeping tabs on the latest trends in lifestyle and finance- Deborah enjoys networking with industry experts to gain insight into major markets as it affects the populace

     

  • UK aims to attract 50 million international visitors by 2030

    UK aims to attract 50 million international visitors by 2030

    The United Kingdom is aiming to draw 50 million international visitors annually by 2030, a key target to strengthen its position as a leading global tourist destination.

    This goal is part of a new effort to expand and enhance the country’s tourism sector, which officials say will also contribute to economic growth.

    According to a report from TravelBiz, the UK’s government is focused on increasing tourism numbers, expanding beyond London, and ensuring the sector’s long-term growth.

    The country’s tourism minister, Chris Bryant, revealed the plans during the Tourism Alliance conference in London.

    He highlighted the importance of the tourism industry in driving economic expansion and outlined several initiatives to help meet the ambitious target.

    New council to lead tourism expansion 

    One of the central elements of the new plan is the formation of a Visitor Economy Advisory Council, which will be co-chaired by Minister Bryant, TravelBiz informs.

    It is noted that the council will play a key role in coordinating efforts between the government and industry stakeholders.

    Bryant emphasized the need for collaboration to achieve the target and develop a comprehensive National Visitor Economy Strategy, which will be unveiled next autumn.

    “The UK has great potential as a top tourist destination, and we must work together to make that happen,” Bryant said. The council will be tasked with supporting the development of the strategy, which will outline the specific steps needed to increase international tourism and ensure benefits are felt across the country. 

    Efforts to promote regional tourism 

    While London remains a major draw for tourists, the UK government is committed to expanding tourism opportunities beyond the capital.

    • The new strategy aims to promote tourism across other regions and cities, offering a more diverse experience for visitors. To achieve this, the government plans to invest in several areas.
    • According to reports, enhanced marketing campaigns will be launched to showcase the UK’s varied cultural offerings, while tourist boards will be reformed to better support regional tourism growth.
    • There will also be an increased focus on addressing skills gaps within the sector, with new training programs designed to prepare the workforce for the anticipated increase in visitors.

    Focus on economic growth and global competition 

    Reports inform of tourism’s vital contribution to the UK economy, generating £74 billion annually and accounting for 4% of the country’s Gross Value Added (GVA).

    • With 38 million international visitors in 2023, the sector is already showing signs of recovery after the impact of the COVID-19 pandemic.
    • However, officials are hopeful that the sector can reach new heights, surpassing the 41 million visitors recorded in 2019.
    • The government believes that tourism’s growth will not only benefit the economy but also create jobs and support businesses across the country.
    • Expanding the tourism market to include more regions is seen as a way to share economic benefits more evenly, ensuring that the positive impacts of tourism are felt throughout the UK.

    Impact on visitors and the travel industry 

    For international visitors, reports supply that the government’s plan promises more travel opportunities and access to a wider range of destinations.

    • As part of the effort to promote regional tourism, visitors can expect to explore new areas beyond London and experience the unique cultural offerings of the UK’s other cities and regions.
    • To support this growth, the government also plans to improve infrastructure and services. Visitors can look forward to better travel facilities, smoother transportation, and enhanced services, all aimed at improving the overall tourist experience.
    • TravelBiz further informs that the UK is expected to streamline its visa processes, making it easier and more efficient for international travelers to visit the country.
    • This move, as revealed, could simplify the visa application process and provide more straightforward travel options for those looking to visit the UK.

    With collaboration between the government and tourism stakeholders, these initiatives are expected to position the UK as an even more attractive destination for international travelers.