The Nation Newspaper

Tag: World Economic Forum

  • Osinbajo raises hope for textiles, garments industry in SEZ

    Osinbajo raises hope for textiles, garments industry in SEZ

    The local textiles and garment industry will be revamped at the Special Economic Zones to be created, Vice President Yemi Osinbajo has said.

    According to Osinbajo the Federal Government and private sector will collaborate in creating SEZs, starting first with the textile and garments industry, to spur the nation’s economic development.

    He made the promise during an interaction with selected investors in Davos during the World Economic Forum, according to a statement issued in Abuja by Mr Laolu Akande, his Senior Special Assistant on Media and Publicity.

    Osinbajo said that “having the right mind-set and understanding where we want to go” would affect the implementation process, whilst ensuring things got done in the nation’s business environment.

    He said that the private sector-government collaboration had ensured consistency in the implementation of economic policies.

    The Vice President said he was optimistic about the forthcoming SEZ for garment manufacturing “because it is specific and is something we can measure very quickly’’.

    Osinbajo said that working with investors and allowing them to determine what should be achieved would enable the government to attain set objectives.

    He suggested having labs, where issues around effective implementation plans would be intensely discussed with expert participants drawn from the private sector and public sector.

    The Vice President said such mechanism would also help ensure the realization of objectives as those labs would set up the implementation agenda and see it through to the end.

    Speaking earlier, Sen. Udoma Udoma, the Minister of Budget and National Planning, stressed the advantages for Nigeria to create the SEZ for textile manufacturing.

    He cited the country’s lingua franca, political stability and the provision of enabling environment for the private sector as advantage to investors.

    Udoma remarked that confidence was being restored in the heart of the people regarding economic policies.

    Mr Okey Enelamah, the Minister for Industry, Trade and Investment, described 2018 as a year of implementation.

    Enelamah stressed the need for a continuous active implementation of the ERGP hinged on investment, trade and industrialisation with enabling environment across the spheres.

    A former World Bank Chief Economist, Prof. Justin Lin, said that the garment and textile industry in Nigeria had huge potential.

    He said this was because Nigeria produced cotton, as well as the availability of good locations around the country, including the large domestic and global markets.

    NAN

  • Failure of school: Skills your kids must learn before 2020

    Failure of school: Skills your kids must learn before 2020

    It is clear that preparing children for the future demands re-focusing concepts of learning and education alongside other skills. However, knowing how to read, write and do maths remain important for children to unlock the world in front of them.

    This is according to a research quoted by the World Economic Forum in its publication, which compared children who learned how to read at age five with those who learned at age seven.

    Based on the research findings, when they were 11 years old, both sets of children displayed the same reading ability. But the children who only learned how to read at age seven actually showed a higher comprehension level.

    One of the explanations is that they had more time to explore the world around them through play.

    Every child begins their journey through life with an incredible potential: a creative mindset that approaches the world with curiosity, with questions, and with a desire to learn about the world and themselves through play.

    However, this mindset is often eroded or even erased by conventional educational practices when young children enter school. This is further facilitated or impeded by the level of parents’ literacy

    The Torrance Test of Creative Thinking is often cited as an example of how children’s divergent thinking diminishes over time. 98% of children in kindergarten are “creative geniuses” – they can think of endless opportunities of how to use a paper clip.

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    This ability is reduced drastically as children go through the formal schooling system and by age 25, only 3% of 98% remain creative geniuses.

    Most of us only come up with one or a handful of uses for a paperclip. Most adults regret the skills they used to have while they were kids. Sometimes, you only get disappointed by yourself when you attempt to put those skills to use again in adulthood.

    What is most concerning in connection with the human capital question is that over the last 25 years, the Torrance Test has shown a decrease in originality among young children (kindergarten to grade 3).

    By the way, did you know you could combine six standard LEGO bricks in more than 915 million ways?

    Wrong focus

    The World Economic Forum has just released its Human Capital Report with the subtitle “Preparing People for the Future of Work”.

    The report states that “many of today’s education systems are already disconnected from the skills needed to function in today’s labour markets”.

    It goes on to underline how schools tend to focus primarily on developing children’s cognitive skills – or skills within more traditional subjects – rather than fostering skills like problem solving, creativity or collaboration.

    This should be cause for concern when looking at the skill set required in the Fourth Industrial Revolution: Complex problem solving, critical thinking and creativity are the three most important skills a child needs to thrive, according to the Future of Jobs Report.

    Other skills include:

    10 skills to learn
    Let’s take a moment to underscore that creativity has jumped from 10th place to third place in just five years.

    And that emotional intelligence and cognitive flexibility have also entered the skills list for 2020.

    Worryingly, these skills are often not featured prominently in children’s school day where the norm still is the chalk-and-talk teaching approach that has prevailed for centuries.

  • Forum takes safe school campaign to Rivers

    Forum takes safe school campaign to Rivers

    The Global Shapers Community, an initiative of the World Economic Forum in Port Harcourt, Rivers State, has begun its safer school campaign, as part of its efforts towards achieving Quality Education in the Sustainable Development Goal.

    The GSC, Port Harcourt adopted Community Secondary School, Nkpolu as its pilot school with training tagged “Say No to Bullying” and “Conflict Management”.

    Mr Dayo Ibitoye, Curator, PH Global Shapers Hub, said the training was aimed at “ensuring quality education”, towards ensuring that “our schools are safe havens for learning unhindered by bullying or inadequate infrastructural and learning facilities.”

    “We decided to embark on a two-prong safer schools campaign with training on bullying, conflict and anger management and the possibility of re-fencing the school property to prevent interlopers, criminals and other undesirable elements from using the school grounds as a thoroughfare or constituting harm to the students,” he said.

    He further said students were taught, through practical and theoretical exercises, the adverse effects of bullying, the causes of bullying and how to avoid being bullied.

    “At the end of the day, it was obvious that these trainings have to be continuous exercise with a more hands-on approach, possibly even private counselling sessions for students who are victims of bullying and who may be unable to express themselves in a class full of other students.

    “It was also evident that beyond rebuilding the fence, a lot of the senior classes we visited are in dire need of refurbishing as most of them had grossly inadequate and damaged furniture, blackboards and broken ceilings.

    “While we are not certain that this damage was occasioned by outsiders or overuse, we believe that the students must also be given a sense of responsibility with regard to their classroom facilities after they are refurbished.

    “In conclusion, CSS Nkpolu is a big school with a sizeable land mass and a substantial student population and the student-to-teacher ratio seems to be quite unbalanced.

    “The challenges already stare us in the face- how do we make a scalable and sustainable impact in a school so big with such a diverse student population?” Ibitoye asked.

    Ibitoye said the hub intends to take the challenges one step at a time, adding that they would be seeking partnerships with individuals and other bodies to do so.

  • Norway appoints first female foreign minister

    Norway appoints first female foreign minister

    Defense Minister of Norway, Ine Eriksen Soereide was named minister of foreign affairs on Friday, making her the first woman to hold the post in the Nordic country.

    She replaced Boerge Brende, who in September was appointed president of the World Economic Forum.

    Report says the appointment leaves the top three government jobs, that of prime minister, foreign minister and finance minister, in the hands of women.

    Prime Minister Erna Solberg said European Affairs Minister Frank Bakke-Jensen would move to the defense post, while Marit Berger Roesland will join the cabinet to take up the European affairs portfolio.

    NAN

  • Zuma says ‘not worried’ about protests, calls to step down

    Zuma says ‘not worried’ about protests, calls to step down

    Embattled President Jacob Zuma on Wednesday said he had no idea why hundreds of thousands of South Africans had been calling for his resignation in recent weeks.

    “I am not worried about the political situation in South Africa. I haven’t heard that people are unhappy,” Zuma said in Durban.

    Zuma made the comments shortly before the opening of the World Economic Forum on Africa, which is taking place in the coastal city from May 3-5.

    South Africans have been demonstrating against Zuma in cities across the country since late March, calling on him to resign over corruption scandals and his decision to sack finance minister Pravin Gordhan.

    The dismissal of Gordhan caused the rand to plunge and prompted two ratings agencies to downgrade South Africa.

    Zuma said he didn’t know why people were protesting. “I don’t know what makes people so excited,” the president said.

    “Demonstrations are always there,” Zuma said, adding that he regarded the protests as a sign of democracy “maturing” in South Africa.

    On Monday, Zuma had to leave a May Day rally after he was booed off the stage by members of the country’s main trade union confederation in the central city of Bloemfontein.

    His speech had to be cancelled.

  • WEF: Council calls for bold reforms in Middle East, North Africa

    WEF: Council calls for bold reforms in Middle East, North Africa

    The World Economic Forum’s Middle East and North African (MENA) Regional Business Council at Davos-Klosters, Switzerland, on Wednesday, launched a report outlining policy reforms to create jobs and stability in the region.

    This is according to a statement on Tuesday by Mr Fon Mathuros, Head of Media, World Economic Forum, which is currently taking holding with the theme “Responsive and Responsible Leadership”.

    The report, “Accelerating Economic Reforms in the Middle East and North Africa, a Private-Sector Perspective,” outlines actionable policy recommendations for six priority reform areas.

    The launch took place on the sideline of the 47th World Economic Forum Annual Meeting.

    More than 3,000 participants from nearly 100 countries are participating in over 400 sessions.

    According to the report, labour market regulation in the MENA region should allow workers to quickly move, at low cost, from one job to another.

    “Insolvency systems should be based on efficient legal frameworks and effective judicial actors: impartial judges, competent lawyers and accountants experienced in insolvency proceedings.

    “To stimulate entrepreneurship, decision-makers in the region should exploit IT to create an efficient single interface, a one-stop-shop, for registering a company.

    “For quick conflict resolution, develop an efficient commercial court procedure that increases public-private collaboration, builds trust and promotes mediation as a recognised alternative dispute-resolution method,” it stated.

    According to the report, anti-corruption laws that promote competitive businesses, attract foreign investment, especially in the context of small and medium-sized enterprises is needed in the region.

    Mr Mirek Dusek, Head of MENA, WEF, said the current momentum for reform in the MENA region created an opportunity for the government to initiate inclusive sustainable development.

    “Each of these six policy reforms marks a milestone along the road to success and prosperity.

    “The current drive and the determination of MENA’s premier group of companies offer promise that it will boost growth and achieve prosperity for all,” he said.

    Also, the Chief Executive Officer of Crescent Petroleum, United Arab Emirates, Mr Majid Jafar, said reforms were needed to change and enhance basic business regulations to enable more private-sector investment and entrepreneurship.

    “We cannot continue to have one in three young people in our region unemployed. We need to transform our economies to enable job creators and not just job seekers.

    “Without fundamental economic reform in these key basic areas, we stifle prospects for progress in the region and hold back businesses’ potential to create jobs,” he said.

  • World Economic Forum: FG shuts offices, schools

    The Federal Government has directed all government offices and schools in the Federal Capital Territory (FCT) to be shut down during the hosting of World Economic Forum Africa holding in Abuja from 7th to 9th of this month.

    The directive was contained in a statement issued by the Secretary to the Government of the Federation, Anyim Pius Anyim.

    The government also appealed to private organizations with large number of staff to follow suit.

    It reads: “This is to inform the general public that the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan has approved, as part of arrangements for the successful hosting of the World Economic Forum Africa, that all Government Offices and Schools in the Federal Capital Territory, except those on essential services, are to be closed from Wednesday, 7th to Friday, 9th May, 2014.”

    “Private Organisations with large number of staff may also wish to close down. This is to ease the flow of traffic within the city and enable participants carry out their assigned roles and participate actively at the World Economic Forum Africa.” It stated

  • Abuja’ll still host World Economic Forum

    Abuja’ll still host World Economic Forum

    The World Economic Forum said yesterday its Africa summit will be held in Nigeria’s capital next month, despite a bomb attack on the outskirts of the city where over 71 people were killed.

    The bombing blamed on Boko Haram Islamists targeted morning commuters at the Nyanya bus terminal south of the city-centre and was the deadliest attack ever in Abuja.”These tragic events will not stop us from delivering on our promise to host a world-class meeting next month,” the forum said it a statement. Abuja has hosted a number a high-profile international events, including west African and African Union summits, but the World Economic Forum conference has been described as the most prestigious meet to come to Nigeria’s capital. The forum said it was putting in place unprecedented security measures to protect delegates in Abuja.”Our security planning for the World Economic Forum on Africa is already well under way and will be the largest security operation ever mounted in this country for an international summit,” the body said it a statement.

    “In total, over six thousand security personnel, consisting of police and army will be deployed, covering a secure area the size of 250 square kilometres.” Nigerian police have beefed up security across the capital following Monday’s attack and have pledged to intensify surveillance at all “vulnerable targets.”

     

    The summit is set to held at a number of hotels and venues in heavily-guarded central Abuja from May 7 to May 9.

     

     

     

  • Transcorp Hilton is official hotel for WEFA

    Transcorp Hilton is official hotel for WEFA

    Transcorp Hilton Abuja has been named as the official hotel and hospitality partner of the 24th World Economic Forum on Africa (WEFA), which will be held for the first time in Nigeria.

    The three-day event, scheduled from May 7-10, 2014, is expected to draw over 700 participants from more than 40 countries to host city Abuja, to discuss the continent’s integration agenda and a renewed commitment to sustainable growth and development.

    Delegates will include regional and global leaders from business, government and civil society.

    According to w, MD/CEO of Transnational Hotels & Tourism Services Limited, which runs the Transcorp Hilton Abuja and is partly owned by Tony O. Elumelu’s proprietary investment company, Heirs Holdings, the hotel was unanimously selected by the World Economic Forum after a diligent evaluation of Nigeria’s hotels’ facilities and services.

    ‘’Transcorp Hilton won the hospitality ticket due to its track record of successfully hosting international conferences and events, coupled with its world class facilities and vintage Hilton quality standard of service delivery.

    “Transcorp Hilton has a proud history of successfully hosting high profile international events and we are honoured to be the official host of the 24th edition of WEFA. The forum presents an unprecedented opportunity for Nigeria to make a strong business case as Africa’s investment destination of choice, while showcasing our rich culture and tourism potential.”

    The Coordinating Minister for the Economy and Minister of Finance of Nigeria, Dr Ngozi Okonjo-Iweala, first announced that Nigeria would host WEFA last May at the closing of the 23rd World Economic Forum in Cape Town, South Africa.

    In preparation for the 2014 program, a team of the local organizing committee led by Frank Nweke II met with the Managing Director and member of Governing Board of WEF, Borge Brende, last week to discuss plans for a successful hosting of WEFA 2014 in Abuja. Nweke restated the commitment of the Federal Government of Nigeria to ensure world class preparations and deliver a great WEFA 2014.

    In his remarks, Brende expressed the excitement of his team and the optimism shared by their members who are looking forward to a great showing in Abuja.

    The Director for Africa at the WEF, Elsie Kanza, will lead her team this week to Abuja to continue preparations and stakeholder engagement for a successful hosting.

    Nweke thanked the WEF team and promised that his team is ready to host the world. According to him, plans are progressing from all fronts to make WEFA 2014 in Abuja a remarkable event and a greater opportunity for foreign investors willing to do business in Nigeria.

    Last year, President Goodluck  Jonathan established a Steering Committee of select Cabinet members and eminent professionals under the co-Chairmanship of Okonjo-Iweala and the Chief Economic Adviser to the President, Dr Nwanze Okidegbe, to superintend Nigeria’s preparations.

  • Nigeria to host World Economic Forum

    Nigeria is to host the 24th edition of the World Economic Forum (WEF) on Africa in Abuja next year.

    The Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, made the announcement at the close of the 23rd edition of the WEF in Cape Town, South Africa on Friday.

    The minister thanked the WEF for choosing Nigeria as the next host, expressing the readiness of the country to make the next edition as exciting as possible.

    According to the News Agency of Nigeria (NAN), she said that the choice of Nigeria was appropriate given its position and huge economic potential.

    “I think we epitomise a lot of things about Africa. We have the excitement, the passion, the entrepreneurship, the private sector drive and the glow for the future.

    “But we also epitomise all of the difficult challenges of the continent such as infrastructure deficit, governance issues, corruption and transparency,” she said.

    According to her, a combination of these opportunities and challenges in one country makes Nigeria the most exciting place to be on the continent.

    Okonjo-Iweala said that the future of Africa was bright, judging by the commitment and passion demonstrated by participants in the forum, especially the Young Global Leaders, who represented the youths of the continent.

    The Director General, Nigeria Economic Summit Group, Mr Frank Nweke Jnr, said that the country was excited to be the host of the next WCF.