Latest news with #inclusivegrowth
Zawya
29-05-2025
- Business
- Zawya
Nigeria: Energy firm affirms commitment to inclusive growth, local capacity devt
Asharami Energy, a Sahara Group upstream company, has said it will continue to spearhead the quest for driving inclusive growth and local content development across Nigeria's energy landscape through investments, responsible operations, and collaboration with stakeholders in the upstream value chain. Speaking at the 5th edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF), Leste Aihevba, Chief Technical Officer, Asharami Energy, said the sector would need to shore up local capacity development and participation to effectively contribute to Nigeria's energy security. Aihevba said that while current trends in the industry show increasing involvement of local expertise, a development he described as 'imperative for stability, innovation, seamless operations, and sustainable production to foster economic development in Nigeria. It is worthy to highlight that Asharami Energy already has close to 100% local content participation, with all but a few of the most complex technologies delivered by local service providers. 'Services covering subsurface reviews and studies, field development plans, well interventions, drilling, civil as well as oil and gas infrastructure projects, like flowlines, pipelines, flowstations, roads and location constructions are all provided by local companies.' He noted that Asharami Energy's collaboration model and capacity-building interventions drive the company's commitment to making a difference responsibly in the sector. 'Our message at NOGOF 2025 is simple. Asharami Energy is not just developing assets; we're developing people, communities, and promoting shared prosperity. We believe that the true measure of our success is not just in the number of barrels we produce, but in the impact and the value we create. Asharami Energy has a track record of both building local content capacity with Nigerian Service Providers and working harmoniously with all stakeholders in the local communities in which we operate', he said. Differentiating between local content at the national scale and local community participation in shared prosperity, Aihevba highlighted the company's gas-to-power intervention in the Ajoki community in Edo State, which has been enjoying uninterrupted power supply, promoting clean energy and environmental sustainability for the community, and the vocational training programmes it runs in partnership with the University of Benin Consultancy Services, which delivers skills training in various areas to up to 20 community youths annually. Asharami Energy is also providing roads in host communities to promote access to markets and opportunities and organises health and educational interventions to boost quality of life. Themed 'Driving Investment and Production Growth: Shaping a Sustainable Future for Nigeria's Oil and Gas Industry Through Indigenous Capacity Development,' NOGOF 2025 was held in Yenagoa, Bayelsa State, featuring high-level conversations and exhibitions geared towards putting the spotlight on growing local capacity in alignment with Nigeria's energy transition goals. Held biennially, NOGOF is a premier industry platform organised by the Nigerian Content Development and Monitoring Board (NCDMB) to showcase investment opportunities across Nigeria's oil and gas sector, with participation from key players across the upstream, midstream, and downstream sectors. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Yahoo
13-05-2025
- Business
- Yahoo
One Year On, JPMorganChase Shares Progress on £40M Investment in the U.K. and Deploys £3.3M to Boost Career Opportunities Across the Country
Delivering on its initial investment to support U.K. careers, the firm has expanded its in-house work experience initiatives and invested in national career readiness programmes NEW YORK, May 13, 2025--(BUSINESS WIRE)--As JPMorganChase continues to deliver on the £40 million commitment made in May 2024, which aims to help drive inclusive economic growth across the U.K., the firm is sharing progress and investing in new programmes to create career opportunities. Research shows that the U.K. is one of the least socially mobile countries among developed nations.1 With more than 22,000 employees in cities across the U.K. – from London to Bournemouth to Glasgow – the firm uses its unique expertise, insights and resources to help drive solutions to address this economic challenge and help grow communities, businesses and the economy. The firm's latest efforts focus on two work experience commitments: Boosting career readiness: As the U.K. Government aims to deliver two weeks worth of work experience for all young people, the firm is providing an additional £3.3 million to The Careers & Enterprise Company (CEC), the national body for careers education in England, to help connect over 3,700 young people from lower socio-economic backgrounds to high quality work experience opportunities across the U.K. Revamping work experience at JPMorganChase: Aligned with best practices defined by OECD research, the firm has refreshed its work experience programme and expanded into Edinburgh. This new approach will give young people living in underserved areas multiple opportunities to engage in work experience at the firm - providing them with insights into the finance and technology industry. JPMorganChase announced its new philanthropic investment and upgraded work experience programme during a roundtable discussion in Parliament. The roundtable focused on removing barriers to career opportunities, bringing together the Rt Hon. the Baroness Morgan of Cotes, Chair of The Careers & Enterprise Company; Anna Dunn, CEO of JPMorganChase U.K.; Tim Berry, Global Head of Corporate Responsibility for JPMorganChase; and other employers, policymakers and non-profit organisations. Given the firm's presence as the largest private sector employer in Bournemouth, and recent investment to enhance career readiness in the South-West region, Bournemouth MPs Jessica Toale and Tom Hayes co-hosted the discussion in Parliament. "We are investing in skills and training to help U.K. residents access greater career opportunities, because we think engaged labour force participation is a critical element of the strong economy that benefits U.K. business," said Anna Dunn, CEO of JPMorganChase U.K. "Our continued investments will support the U.K.'s increased focus on boosting skills and pathways to quality careers." Further detail on the latest work 1. Boosting career readiness In the U.K., nearly 1 in 7 young people are not in education, employment or training (NEET), the highest level since 2013.2 Data also indicates that work experience can increase a young person's chances of staying in school or employment by 47%, yet students do not have equal access to work experience across the country.3 At the same time, disadvantaged young people who access high quality career guidance, including work experience, are 20% less likely to become NEET. The U.K. government's broader education and skills reform as well as the Youth Guarantee - which aims to offer young people in England access to education, training or work - offers an opportunity to address issues of social mobility and economic inequality. The firm's commitment JPMorganChase is providing an additional £3.3 million to CEC to help address the work experience gap for underserved young people by providing multiple and bespoke high-quality career interactions. This programming will offer tailored work experience to improve career readiness and employability of over 3,700 young people from lower socio-economic backgrounds over three years, exposing young people to different growth sectors, work environments, and offer skill building opportunities. Through the support of JPMorganChase, CEC will work with 500 employers and 250 schools to improve the way they prepare young people for their next steps. The firm has a longstanding relationship with CEC and in 2021 JPMorganChase provided £2 million in support for a career readiness pilot helping young people from disadvantaged backgrounds. This pilot initially supported 1,000 young people through coaching and work placements to transition from education into work or training. The Institute for Employment Studies (IES) examined the impact of the pilot and found positive results – the education choices and career chances of young people were significantly improved upon participating in the pilot. 94% successfully transferred to college or training on leaving school at 16 93% are still on their course after six months, compared to 87.8% of all disadvantaged young people Today's renewed support for CEC brings the firm's total support to over £8 million – helping over 6,200 young people and driving long-term impact and scaling learnings from the firm's investments meeting wider NEET prevention ambitions, aligned to the government's Youth Guarantee. 2. Revamping work experience at JPMorganChase OECD research highlights that multiple touch points with employers and exposure to the world of work during secondary school is crucial to prepare young people for future careers and enhances their earning potential.4 However, across the U.K. students from lower socioeconomic backgrounds are significantly less likely to access these opportunities. The firm's commitment JPMorganChase has upgraded its new work experience programme and will host over 250 students a year in London, Bournemouth, Glasgow, and most recently has expanded the offering to Edinburgh. Working with Uptree, a careers organisation, the firm will promote the programme in local schools in areas where students face greater barriers. This initiative will help students develop the key skills employers look for and complements the firm's existing degree-level apprenticeship program and our Aspiring Professionals Programme (APP). The APP, run by the Social Mobility Foundation, has helped more than 800 young people secure a job at JPMorganChase and other firms since 2012. A young person that participated in a JPMorganChase work exposure programme said: "This was a once in a lifetime opportunity for me, working in a team and having to take responsibility for my work. We had to overcome conflict in our team and learn to collaborate and get back on track. I'll be able to use these skills in the future as I pursue my studies and beyond as I think about work." Overall progress on the firm's £40 million commitment and new small business investments Since JPMorganChase's 2024 announcement, the firm has deployed over £10 million in the first year of the five-year commitment through support for non-profit organisations such as CEC, Young Enterprise, Nest Insights, and other organisations. Beyond this deployment, which focuses on financial health and skills, JPMorganChase has also provided an additional £5.2 million to support small businesses in the U.K. Specifically, the firm has moved forward on the following: JPMorganChase Fintech Forward Programme: Following last year's commitment to launch an accelerator supporting the development of financial management tools, the Fintech Forward Programme will aid companies in developing solutions to help businesses and residents improve access to financial services. Applications open this month and successful applicants will join workshops, webinars, the Slush Helsinki tour and an offsite at the JPMorganChase Glasgow Technology and Innovation Centre, leveraging the firm's network and gaining exposure to external experts and JPMorganChase mentors. Enhancing access to supply chains: Building on the firm's 2024 announcement, JPMorganChase is providing £1.2 million in additional support to Newable, a small business advice organisation, to pilot a two-year programme. This initiative aims to improve supply chain access for 15,000 underserved U.K. small businesses in sectors like food and drink, construction, and facilities management by connecting them to major vendors with government contracts. The programme aligns with the U.K. government's upcoming Procurement Act, which aims to simplify public sector procurement and boost small business participation in the economy. Supporting CDFIs to deploy small business loans: JPMorganChase has provided £4 million in support to Responsible Finance, a non-profit focused on small businesses, to enhance the operational capacity of Community Development Finance Institutions (CDFIs) so they can finance and support more small businesses. This support aims to make CDFIs' operations more efficient with new technology, attract more customers with better marketing and communication and bolster leadership through employee training. This initiative complements British Business Bank's plan to lend £150 million to small businesses over the next two years. Quotes: John Yarham, Interim CEO of The Careers & Enterprise Company, said: "We are proud to continue our partnership with JPMorganChase, which has already proven how regionally targeted and tailored careers support can improve young people's outcomes. This latest investment builds on a growing evidence base that shows how structured, high-quality work experience can build confidence, increase employability, and help young people take their best next step – especially those furthest away from work-related networks." Jessica Toale, MP for Bournemouth West, said: "Breaking down barriers to opportunity is a key mission for this government. We are reforming skills training to ensure every young person has better access to the education, training, and employment that meets their aspirations. JPMorganChase's new £3.3 million investment offers a significant opportunity to tackle barriers to social mobility and foster economic growth. The firm's 2024 career readiness investment in the South-West region underscores their commitment to Bournemouth. I am proud to support these efforts to enhance career guidance for young people in our area." JPMorganChase in the United Kingdom With a legacy dating back more than 200 years, JPMorganChase has a track record of demonstrating leadership during times of both economic growth and financial instability. The firm provides £600 billion in credit and capital to nearly 4,500 medium and large companies and supports over two million retail customers. At the same time, together with its non-profit partners the firm has supported over 33,000 low income households to reduce their debt and improve their financial health, helped over 10,800 small businesses to grow their activity and placed over 9,800 individuals into apprenticeships or full and part-time employment. 1 2 3 4 View source version on Contacts Paripa Shahparipashah@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mail & Guardian
12-05-2025
- Business
- Mail & Guardian
Blockchain-based financial reporting has potential to empower SMMEs
Block-chain can eliminate the need for expensive and time-consuming manual audits. In South Africa, where economic volatility, high youth unemployment and tightening fiscal space continue to define the national mood, small businesses are often hailed as the engines of inclusive growth. But despite their potential, SMMEs (small, medium and micro enterprises) face a host of structural barriers, chief among them is the high cost of compliance. Financial audits, though crucial for credibility, funding and tax alignment, are often prohibitively expensive for small players operating on razor-thin margins. Enter Audits are traditionally backward-looking. Financial statements are compiled, reviewed manually and reconciled, often months after transactions occur. The process is time-consuming, labour-intensive and expensive. For a small business juggling payroll, marketing, operations and growth, a full-scale audit can feel like a detour it cannot afford. Blockchain challenges this model by creating a continuously updated, decentralised ledger of transactions that is both immutable and accessible in real-time. Once a financial event is recorded, whether it's a payment, invoice or expense, it is time-stamped, cryptographically secured and visible to relevant parties. This system of 'trustless' verification can dramatically cut the need for costly manual audits. According to For auditors, this doesn't spell obsolescence, it marks a reorientation. Auditing becomes a process of overseeing system design, exception reporting and real-time analytics, rather than combing through reams of paperwork to catch historical errors. This aligns with the broader academic consensus that blockchain will shift auditors' roles toward more analytical and consultative functions. What makes this shift profound is not just the technical architecture but the access it enables. In today's economy, formal compliance is often the ticket to growth. Without it, entrepreneurs can't access bank loans, apply for government tenders or attract investors. Yet, for many SMMEs, especially in townships and rural areas, the cost of accounting services alone keeps them locked out of formal financial channels. Blockchain-based reporting tools, when integrated with mobile platforms and user-friendly interfaces, can help such businesses create verifiable financial histories automatically, with minimal overhead. Imagine a spaza shop owner generating a blockchain-secured income statement simply by using a mobile point-of-sale device. Or a freelance creative sharing tamperproof payment records with a bank to apply for credit. This is more than digitisation; it is economic inclusion. South African start-ups, particularly those in tech, logistics and renewable energy, often rely on international investors and accelerators. But cross-border funding comes with strings attached — transparency, traceability and accountability. The traditional approach, hiring auditors, preparing reports, verifying bank statements, is not only slow but often distracts lean teams from their core innovation goals. With blockchain, start-ups can maintain real-time ledgers visible to investors, regulators and even customers. By integrating smart contracts and self-executing agreements coded on the blockchain, they can automate not just payments but compliance checks, tax deductions and milestone-based funding disbursements. For a Cape Town fintech looking to scale across Africa or a Limpopo agri-tech start-up pitching to a Dutch venture capitalist, this kind of digital credibility could be game-changing. Blockchain holds strong promise for enhancing trust between stakeholders and ensuring tamperproof assurance mechanisms, especially in high-stakes environments. While the most dramatic benefits are likely to be felt by small businesses, the implications for large firms and public institutions are equally significant. Corporates could streamline internal controls, reduce fraud risk and shorten audit cycles, savings that can be redirected toward innovation, training and social investment. Real-time auditing can also reduce insider risk, particularly in sectors like procurement, mining and construction, where complex supply chains often obscure financial accountability. In the public sector, blockchain-based reporting could transform how the government tracks budgets, monitors expenditure and audits departments. Although the adoption curve is steeper, the potential is enormous. Real-time visibility into departmental spending could not only reduce audit backlogs but offer a bulwark against corruption, something South Africa has learned, painfully, is not a theoretical risk. As identified in the literature, blockchain adoption in the public sector could foster a new era of financial accountability, especially when paired with capacity-building and digital infrastructure investment. There are secondary gains, too. With integrated tax logic, blockchain systems can automate VAT calculations and submissions. They can allow businesses to access real-time dashboards showing profit margins, tax liabilities and risk exposures. And, as regulatory clarity grows, they can help build investor trust, not just locally, but globally. Importantly, this is not about surveillance. Data permissions can be managed to protect privacy while still allowing selective transparency for those who need it, be it funders, banks or auditors. South Africa is not short on challenges. But it also isn't short on creativity, talent and digital capability. The opportunity now is to rethink financial infrastructure, not just as a system for big banks and corporations, but as a shared utility for every entrepreneur, every co-op and every side hustle. To get there, we need collaboration — from the South African Revenue Service to local fintechs, from regulators to township incubators. We need sandbox testing, education and low-cost blockchain platforms that meet people where they are. Blockchain-based financial reporting is not a panacea. But it can shift the narrative, from gatekeeping to accessibility, from inefficiency to automation, from distrust to verifiable truth. And in a country where trust is both fragile and vital, that might just be its most powerful feature. Yonela Faba is a University of Cape Town PhD student and writer with blockchain, finance and policy analysis expertise. He has a background in academia and banking. Linkedin: Yonela Faba.
