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Expert Decries Frequent Use Of Social Media
A psychologist, Dr
Rose Chukwuma, has said that the frequent use of social media platforms seems to decrease the social skills of most users.
Chukwuma, in an interview with newsmen in Abuja, said it had been observed that frequent use of social media had an effect on its users’ communication skills and mental wellbeing.
The Tide reports that social media sites like Facebook, Twitter, Instagram, Snapchat and others, have created a forum for people to stay in touch with friends and family, and share ideas.
These platforms are also beneficial to various organisations which use them to attain feedback on situations, share global information and news.
Organisations advertise products and services and obtain vital details needed for development on these platforms.
The use of social-media platforms has become a lifestyle among youths as they dedicate their time to making friends, sharing personal moments and monitoring the lifestyle of their favourite celebrities on the platforms.
“The biggest issue, however, is that social skills especially communication among youths has fallen drastically.
“Social skills are low among young people and you can see it when they try to start and maintain a conversation with someone they do not know.
“Productivity in the work places has also been affected because these people struggle to have a face-to-face discussion with their colleagues.
“Even the simple objective of a young man walking up to a lady to make her a friend is a big problem because they lack the tools for face-to-face communication.
“It is sad to see that our youths can only function through a screen and are beginning to act like emotionless robots,’’ Chukwuma said.
The psychologist stressed that the platforms like Instagram, which engaged its users through sharing of videos and pictures, also gave room for unhealthy lifestyle competition.
She said users were judged by how many likes they got on a post and some other criteria, which definitely affected people’s self-confidence.
“In the last seven years, I have observed an increase in the number of youths who suffer from depression and narcissistic tendencies.
“I have also come to realise that the continuous use of social media by young ones, who are at a sensitive and confusing stage of their lives tends to become addictive.
“Furthermore, the cyberspace provides freedom to try out new things that are in most cases disapproved of by their parents,’’ Chukwuma added.
According to the psychologist, anyone who was a frequent social media user will notice how drugs and alcohol have been glamorised and the rise in cyber-bullying among young adults and teenagers.
She said the rise in children from stable homes getting involved in illegal situations could also be blamed on social media.
“It has also become a platform that has created unrealistic expectations and has encouraged youths to create a false or fake life to attract attention from friends or people they want to be friends with.
“This is causing an increase in depression as individuals continuously try to impress their followers and they realise they are not being appreciated for who they truly are.’’
Chukwuma noted that in social media environment, youths have a diminished sensitivity to emotional indications.
She said due to social media addiction, youths became unable to properly comprehend the feelings of people around them and unable to express their own emotions properly.
“That is why we see many youths lashing out unnecessarily, getting angry over little things, fighting or arguing over petty issues and we, the adults, interpret it as the child just being spoilt,’’ the psychologist said.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
