Akanimo Udofia oversees the operations of Desicon Engineering as managing director and CEO. Aside from managing the construction and procurement firm, Akanimo Udofia supports various organizations and charitable causes, including Eastside Young Leaders’ Academy.
Based in London, Eastside Young Leaders’ Academy recognizes the need to provide children, particularly those of African and Caribbean descent, an opportunity to become skilled and productive citizens through academic training. The organization was founded by former deputy mayor Ray Lewis, who made it his mission to transform at-risk children into responsible leaders.
To achieve this mission, EYLA awards scholarships to children who have limited financial resources but unlimited potential. Through the scholarship program, children have the chance to attend some of the best boarding and independent day schools in the country, including Bedales School, Bradfield College, and King Edward’s School. The academy also works with children’s families to help them prepare for opportunities.
With over 25 years in Nigeria’s oil and gas industry, seasoned executive Akanimo Udofia works as the managing director and CEO of Desicon Engineering Ltd. in Lagos. In this capacity, Akanimo Udofia has helped grow the company from 100 employees to over 4,000, serving as a driving factor in the company’s successful operational performance.
In July 2016, Nigeria’s minister of finance announced that the country was in a recession. According to the leading credit rating agency Moody’s, the oil and gas industry will greatly help resolve the country’s financial worries in 2017.
Moody’s said Nigeria’s oil and gas industry will help the country’s economy bounce back from last year’s 1.5 percent contraction in the country’s economy. The firm predicts the country’s economy will bounce back, reaching 2.5 percent growth in 2017.
The financial firm predicts that two-thirds of the country’s real growth in 2017 will come from the oil sector, with the country’s abundant hydrocarbon reserves providing key credit support. Nigeria sits atop roughly 37 billion barrels of oil, more than a quarter of Africa’s reserves. Ninety percent of Nigeria’s goods exports come from oil and gas.
With 25 years of experience in the oil and gas industry, Akanimo Udofia serves as the managing director of Nigeria-based Desicon Engineering Ltd. In this capacity, Akanimo Udofia has coordinated efforts related to the completion of projects totaling over $10 billion. The recent agreement to cut oil production by several of the countries belonging to the Organization of the Petroleum Exporting Countries (OPEC) has had a major impact on the petroleum industry.
On November 30, OPEC reached an agreement to reduce oil production. According to the agreement, members of OPEC will cut production by 1.2 million barrels per day. A deal of this kind has not been reached for over eight years.
In recent years, the oil market has been oversupplied, negatively affecting the global supply balance and keeping oil prices very low. This has had an adverse effect on the industry as a whole, but especially on countries like Nigeria and Venezuela. The goal of the OPEC agreement, signed in Vienna, is to benefit the global economy by stabilizing supply levels. The highest-producing nation in OPEC, Saudi Arabia agreed to the greatest level of production cuts.
The impact of the deal was immediate, as prices rose to above $55 per barrel in less than a week, marking a 16-month high. It is unclear whether non-members of OPEC will join in the agreement to curb production in coming months.