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The Second Episode of the Terraskills Online Competition Tagged ‘Show your Talent and Win Big‘ was aimed at giving young Nigerians the opportunity to express their skills and market themselves to the world.
The Terraskills Online Competition is impacting the online world positively while influencing the minds of young people with the goal of helping to develop their skills and share them with the world; thereby forming a lifelong partnership.

Participants submitted their videos to us via Telegram or email.
The qualified participants had their videos released on YouTube as voting commenced immediately.

Participants were asked to show us what they do, their talent, skills or job and tell us how they plan to use them to impact the world.

Here’s what they did:

Participants were given three (3) days to gather votes.

Grading System

The grading system was based on how well participants performed in their videos. The criteria used for grading video performance are shown below;

• Duration: they were instructed to send a maximum of 45secs videos.
• Orientation: it was stated clearly on the WhatsApp and Telegram platforms that their video is expected to be in Landscape Orientation (Horizontal).
• Quality: as part of the written instructions, participants were to ensure that their video is sent in high quality (HD).
• Skills: the essence of the competition was to share your skills with the world. Therefore, it is pertinent that your skills are portrayed in your video.
• Message: the message was to “tell us how you would impact the world with the skill you have”.

This voting system aimed to test participants’ ability in marketing and to expose and connect them to a broader audience. It was an opportunity for participants to be more famous and showcase their skills.

Based on the above criteria, the final result is as follows;

Winners will get rewarded and celebrated tomorrow, Tuesday 29th November 2022.

Join us, as we host many more mind-blowing Episodes of the Terraskills Online competitions. Join our Telegram and Whatsapp Groups for more information on the next episodes and other offerings.

President Muhammadu Buhari has charged the authorities of the Federal University of Technology Akure (FUTA) and other scholars across the country to embark on research to develop technology to tackle the menace of insecurity in the country; which is currently causing havoc in the political, social and economic fabric of the nation.

The President who stated this during the 32nd convocation ceremony for the awards of post-graduate diplomas, masters degrees, and Philosophy of Science degrees (PhD), said the deployment of advanced technologies is necessary to improve local intelligence gathering that will aid the work of security agencies.

The President represented by; a Director in the National University Commission (NUC) Professor Joseph Anyeneku said; FUTA is noted for proffering solutions to national issues in the area of innovation called for.

“Universities are drivers of (applied research) innovation, entrepreneurship, and technology. Universities of Technology must, therefore, contribute their quota to the improvement of the economy by coming up with better, efficient, and cost-effective processes of producing goods and services, using information technology tools.

A sustainable engagement between universities, industries, and their host communities cannot be over-emphasise.

Such collaborations would provide a mutually conducive environment for business/entrepreneurial activities to thrive.

“The Federal University of Technology, Akure, like other universities of technology, must continue to ensure that research; development, in collaboration with local industries, is targeted at proffering solutions to the identified challenges for community and national growth.

“As an Ivory Tower; FUTA should come up with a lasting solution to the menace of farmer-herders crises in Ondo State and environs. The responsibility of providing security for citizens is not the job of the government alone.

“The people must willingly share useful information with security personnel about strange persons and activities around their locality. My administration will continue to provide the needed support in the war against crime and criminality”

Adapted from Nigerian Tribune (Hakeem Gbadamosi)

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As part of the Tony Elumelu Foundation Entrepreneurship Programme, he has announced that, he will grant a total of $16.8 million in non-refundable seed capital to 3,369 women in African, hence, bringing its total foundation disbursement to $24.75 million in 2021 alone.

This was disclosed in an online statement by Tony Elumelu, Chairman of United Bank for African.

However, he revealed that the grant would be targeted at young women who would make up 68% of total candidates.

Speaking on the announcement, the founder of the Tony Elumelu Foundation, Mr Tony Elumelu, encouraged young African entrepreneurs to be hard working and disciplined, stating that, “the entrepreneurship journey is not linear, there are ups and downs, but by staying focused and resilient, ultimately success will come your way.

“The future of our continent is in your hands. What you do as an entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68 per cent representation this year.”

For its 2021 programme, the foundation said its disbursement was set at 24.75m to 5,000 African Small Medium Scale Enterprises.

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To fit into the future of work, today’s students will need more than just a diploma, experts have said.

They add that the students will also need digital savvy and real-world skills that make them more employable in the future of work context.

As a result, education systems will need to nurture traditional IQ alongside digital literacy and skills, while also equipping learners with the tools they will need to independently innovate, create and collaborate in a global digital economy that will require agile, resilient mindsets.

The reason for this, the experts explain, is that around 50 percent of today’s jobs require some element of digital skills. By 2030, we can expect that figure will jump to 77 percent, with a host of new technologies changing not only the types of jobs, but also the skill sets to succeed in them.

Echoing this is McKinsey’s August 2021 Opportunity Youth report, which notes that the next generation of youth in the MENAP region will be entering a radically changed labour market.

As a result, education systems will need to nurture traditional intelligent quotient (IQ) alongside digital literacy and skills, while also equipping learners with the tools they will need to independently innovate, create and collaborate in a global digital economy that will require agile, resilient mindsets.

During the pandemic, the world witnessed first-hand great collaboration between ministries of education, Microsoft and donors such as UNESCO, UNICEF and Global Partnership for Education, joining together to provide solutions for remote learning. This opened new doors of opportunity.

Adapted from BusinessDay (Chuka Iroko)

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Nigeria is investors’ most preferred destination, therefore, attracting half of the total technology funding in Africa and 37 deals in 2020; a report from Tellimer Research shows.

The strong growth opportunity for financial technology (fintech) companies in Nigeria is owing to limited access to credit; low technological sophistication, as well as a diversified ecosystem.

This year, Nigerian start-ups receives several large-scale fintech funding rounds; including Flutterwave and also Opay to add to the list of African fintech unicorns; while in 2020, Nigeria attracted over half of the $160 million total fintech venture capital funding.

There are four reasons put forward for investors choosing more Nigerian tech companies compared with their peers in other African countries.

1. Low Financial Inclusion

Firstly, Nigeria’s financial penetration is low compared to other emerging markets.

However, Reports from Tellimer Research show that only two-fifths of the adult population have a bank account; versus a 70 percent medium across the sample of 11 emerging markets (EM).

Poor access to bank branches as well as formal credit; and this is because the credit card penetration rate is at 2.6 percent of the population aged 15 plus compared to 5.7 percent EM median.

However, this data only amplifies the challenges faced by ordinary Nigerians in accessing basic financial services.

2. Technological sophistication lags behind peer countries

Secondly, technological indicators in Nigeria are below other countries. Just 1.5 percent of manufactured exports can be classified as high technology; data on technology exports 2019 according to World Bank and Global System for Mobile Communication (GSMA), showed.

This is as a result of poor local skill base. Also, the GSMA infrastructure score was put at 42.7 compared to Ghana’s 134.3, Kenya’s 103.8, among other EM.

However, the main areas of weakness are in network coverage and performance; as well as other technology enabling infrastructure, and many start-ups’ investors are not letting these challenges hold them back.

Another encouraging factor for investors is the size of the Nigerian youth population which makes up a median aged of 18 years versus 28 per peer countries.

3. Extensive and well-diversified ecosystem

Nigeria’s fintech universe has a wide range with a similar overall profile to global EM. Payments and also lending accounted for 53 percent of the total landscape which is close to the 52 percent EM average.

The weight of software solutions appeared higher (15 percent versus 5 percent EM median); and this also reflects that firms are looking to service Nigeria’s fintech network.

Nigerians are keen to invest to help curb their exposure to both high inflation and depreciation when it comes to hard-currency investments.

4. Funding arena

Lastly, Nigeria is leading in Africa’s fintech funding arena. In 2020, the funding pumped into African fintechs amounted to $160 million, well above $107 million in 2019.

About 90 percent was concentrated on just three markets including Nigeria, South Africa, and also Kenya.

Nigeria is a preferred destination, attracting $89 million total funding (56 percent of total) and closing on 37 deals.

Credit: BusinessDay

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Nigeria’s unemployment crisis, the worst since the country’s transition to democracy in 1999, is unrelenting and waging a continuous war on the people.

Some 23 million Nigerians are unemployed, according to the National Bureau of Statistics (NBS); the equivalent of the population of the Netherlands and Singapore combined.

The unemployment rate of 33.3 percent is the second highest globally after Namibia. What is worse is the forecast by economists that the rate could hit 40 percent by the end of 2021. Sadly, the pain of unemployed Nigerians is however not limited to simply having no jobs.

Unemployed workers do not only lose their income, but their minimum security and their health benefits. They lose the capacity to update themselves in their professions. They lose their identity. Their families are unstructured. Their lives are unstructured. A family in which all members lose their jobs lives the reality of; hunger, lack of housing, illness and poor or no education.

What must be done

Providing enough productive jobs for Nigeria’s young and growing population presents a particular challenge, especially at a time of weak economic growth.

As posited by the World Bank, labour is the main asset for the world’s poorest people. This means that; the labour market is “the primary vehicle through which the proceeds of economic growth are spread to households and individuals. Therefore; understanding the labour market is crucial to achieve Nigeria’s aspiration to lift 100 million people out of poverty by 2030.”

It will be critical to invest in human capital, recouping learning lost due to insecurity and long years of poor investment in education by the state. Doing this will not only provide workers with the skills needed to prosper in the labour market and create jobs themselves, but as argued by the international financial institution, “could also aid the country’s fertility transition, so that the proceeds of growth are shared among fewer people, enabling a faster rise in living standards.”

Secondly, the policy framework has to be more stable. The Nigerian government needs to address insecurity so people can thrive in their business. The government must also undertake macroeconomic reforms around exchange-rate, trade, and fiscal policies to help the economy broaden away from oil and kindle the structural transformation needed to create good wage jobs.

Adapted from BusinessDay (Nosa Igbinadorlor)

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There is a wave of excitement around three Nigerian startups that have hit a $1 billion valuation this year. They have become unicorns.

In business, a unicorn is a privately held startup company valued at over $1 billion. The term was first popularised in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.

These $1 billion companies, typically referred to as Unicorns include Flutterwave, Opay and Andela in fintech.

These tech startups have attracted massive funding from investors including; angel, seed, as well as, early-stage and later-stage venture capitalists across the globe in the recent past.

Opay

OPay is a company that enables users to accomplish more with their money by providing smart financial services. It is a one-stop mobile platform for payment, transportation, food and grocery delivery, and other important services in everyday life.

Founded by Yahui Zhou in June 2018, the startup has raised $570 million in funding over 3 rounds; with SoftBank Vision Fund as its lead investor and three others. In total, OPay is funded by 14 investors.

A $50 million series A round of funding was complete in July 2019 with investments from; IDG Capital, Sequoia Capital China, and Source Code Capital as lead investors.

In November 2019, the company raised $120 million in the Series B round, from the series A investors including; Redpoint Ventures China and Bertelsmann Asia Investments.

OPay attained the Unicorn status in August 2021 with a $400 million investment in a Series C round; from seven Chinese-based venture investors which include SoftBank Vision Fund as the lead, Softbank Ventures Asia, 3W Capital, Source Code Capital, Redpoint Ventures China, Longzhu Capital and Sequoia Capital China.

Following this achievement, OPay has become the first Africa-focused company with a $2 billion valuation. The word OPay is a combination of the prefixes of two entities Opera and Paycom.

Andela

Andela, a Nigerian startup that connects African software engineering talent to global companies; has become the country’s newest startup to attain unicorn status, in September after raising $200 million from investors.

The company was founded by; Jeremy Johnson, Christina Sass, Ian Carnevale, Nadayar Enegesi, Brice Nkengsa, and Iyinoluwa Aboyeji. In May 2014; it has raised a total of $381 million in funding over 10 rounds and is funded by five lead and 40 participating investors.

In September 2014, 16 investors participated in the $3 million raised in the seed and angel rounds. This led to its first funding in series A round in to close $14 million led by Spark Capital; and $24 million in series B round led by Chan Zuckerberg Initiative, Omidyar Network, Learn Capital, GSV Ventures in June 2015 and 2016 respectively.

The company completed a $40 million funding in series C round in October 2017 led by CRE Venture Capital. Generation Investment Management led the $100 million funding in a Series D round in January 2019 by 12 other investors who participated.

Flutterwave

Flutterwave provides; technology, infrastructure, and services to enable global merchants, payment service providers; and helps banks and businesses build secure and seamless payment solutions for their customers by smoothening the exchange of funds.

The company has raised a total of $234.7million in funding over 13 rounds; with a total number of seven lead investors and 43 others so far.

Founded by Olugbenga GB Agboola and Iyinoluwa Aboyeji in 2016; the company completed its four seed funding rounds in August 2016 from investors which include; Y Combinator, 4DX Ventures, HOF Capital, Green Visor Capital, among others.

In April 2017, it raised $250,000 funding in series A round from one investor- LoftyInc Capital Management; and proceeded to close $10 million in its final series A round in October 2018 from six investors.

Following an announcement in January 2020; a Series B round of $35 million in funding in August of the same year. This was led by two investors which include Headline and Greycroft, with participation from 10 others.

In March 2021, Flutterwave raised a $170 million Series C funding round. The investors who led this funding are Avenir Growth Capital, Tiger Global Management.

At the time, this was the largest amount ever secured by an African tech startup and gave it a valuation of over $1 billion; making the company a Unicorn.

Credit: BusinessDay (Ebunoluwa Ladipo)

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Barkin Kogi, a farming village in Nigeria of about 2000 people, has never had electricity; despite being located in Lafia, just less than an hour drive from the government’s house in Nasarawa state. To change this narrative; a United States-based Husk Power Systems has signed a grant agreement with Nigeria’s Rural Electrification Agency (REA). The agreement is to install solar mini-grids in seven rural communities which will power; 5,000 households in the country’s Northcentral state of Nasarawa.

The agreement falls under the Solar Hybrid Minigrid Performance-Based Grant (PBG) sub-component of Nigeria Electrification Project (NEP); a project funded by the World Bank and the African Development Bank.

The Objective of the PBG Programme

The objective of the PBG programme is to increase electricity access to unserved and underserved communities across Nigeria using solar hybrid technology. The agreement provides grants of $350 per connection with a minimum total grant request of $10,000 per minigrid.

The grant is under the purview of a subsidy, implemented by the REA support suppliers of green mini grids, whose power generation and distribution systems are major assets for rural electrification elsewhere in sub-Saharan Africa.

“I am very excited to see our partnership with REA coming to fruition. It will enable Husk Nigeria, under our strong local leadership team, to scale rapidly in Nigeria and achieve our ambition of catalysing socio-economic development in rural communities across the country,” said Manoj Sinha, Husk Power co-founder and CEO.

According to the CEO, Husk Power will install its mini-grids in Doma Local Government Area (Rukubi, Idadu, and Igbabo) and Lafia Local Government Area (Kiguna, Akura, Gidan Buba, and Sabon Gida).

Husk estimates that these mini-grids will provide electricity to 5,000 households, as well as rural small and medium-sized enterprises (SMEs).

Nearly a year ago, Husk secured $5 million from Maatschappij voor Ontwikkelingslanden (FMO), the Dutch development finance company, to expand its services in Africa and Asia.

Credit: BusinessDay (Oladehinde Oladipo)

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The National Information Technology Development Agency, NITDA; has said the Federal Government hopes to achieves 95 digital literacy in the country by 2030.

Director-General of NITDA, Kashifu Abdullahi said this on Tuesday at an Innovation, Research, and Software Summit; organized by the National Association of Computing Students in Abuja.

Speaking on the topic titled, “Technology Renaissance for Innovation and Productivity”; Abdullahi also revealed that the government had trained 200,000 youths in the use of productivity tools; digital content creation and digital marketing this year alone.

He said, “Globally, the most valuable companies in the world are in Information Technology.

“Today, even the richest countries are getting money from digital economy than resources like crude oil.

“At NITDA, we crafted our strategic roadmap as well as action plan 2021 to 2024; with seven strategic pillars to help youths benefit from the national digital economy policy.

 “We have a target of achieving 95 percent digital literacy by 2030. So, we have launched many initiatives to train people.

“This year alone, we have trained close to 200,000 Nigerians in different areas of digital literacy”.

However, according to him, the Federal Government launched the Digital Nigeria online portal; where youths can go online to acquire training in digital literacy.

“We also have the NITDA academy, which is equally a self-learning platform.

“The government is developing a framework to license private organization to also carry-out digital literacy training; because we know that government cannot do it alone,” he added.

Abdullahi described the COVID-19 pandemic as a blessing in disguise; saying the experience created an opportunity to drive economic activities in the country.

“We understand that Information Technology is dynamic. So, what we are trying to do is to help youths use innovation to create prosperity for our country.

“Just recently, we identified five start-ups, and we are working with the Nigeria Export Promotion Council to give them between N15m to N29m each as a grant to develop their products,” the Director-General also stated.

Speaking also, the Executive Director of Financial Services Innovators, Mrs Aituaz Kola-Oladejo; however, lamented that innovation was yet to be democratised in Nigeria.

“Democratizing innovation will create products at affordable rates for Nigerians. This is when we, as a nation, will fully achieve digital, social, financial, and economic inclusion,” she said.

In his remarks, the President, National Association of Computing Students, Comrade Olamilekan Abolade; said the body was focused on empowering a new crop of innovative young men and women; who will add technology value to every sector of the economy and solve real-life problems.

According to him, “We want to use our power as students to push for the rebirth of technology; which is the enabler for adequate innovations and ensuring productivity”. 

Source: Vanguard News

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Terraskills Learning Systems Limited is pleased to announce that all applications for the Terraskills Graduate Employability Skills (GES) Programme advertised on 14th July 2021 have been successfully reviewed and 80% of the applicants have been shortlisted for the next phase of the screening exercise.

Out of a total of 255 applications received across Nigeria, a total of 204 applicants reached the pass mark of 50% in the GES assessment and have been shortlisted for the next phase of the screening exercise; which is an online interview scheduled to hold from 12th October to 12th November 2021 as stated in the GES Calendar.

Click the button below to view the list of shortlisted Applicants. All shortlisted Applicants should check their emails for the details of their online interviews.

We encourage other applicants who were not shortlisted to look out for and apply in the next batch of the GES Programme 2022/2023 Edition.

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