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  •   An Analysis Nigerian News Agency The Small and Medium Enterprises SME sector is considered to be the backbone of any economy as it contributes enormously to the growth of employment and exports A recent survey conducted by SMEs represented 91 per cent of business 60 per cent of employment and contributed 52 per cent of the total Gross Domestic Product GDP in South Africa The survey also showed that SMEs contributed 48 per cent of the national GDP accounted for 96 per cent of businesses and 84 per cent of employment in Nigeria Giving credence to that report the National Bureau of Statistics said that SMEs contributed about 48 percent to Nigeria s GDP in the last five years He noted that with a total of about 17 4 million SMEs accounted for about 50 per cent of industrial jobs and almost 90 per cent of the manufacturing sector in terms of number of companies However despite the significant contribution of SMEs to the Nigerian economy the sector is plagued The problems of the sector are the aggravated infrastructure deficit which has limited economic development and the achievement of the average growth rate of at least five to seven percent required to boost the productivity and sustainable growth of companies According to World Development Indicators 2019 56 20 of Nigerians have access to electricity while electricity consumption stood at 144 52 kWh per capita in 2018 Similarly the infrastructure deficit in Nigeria is estimated to be around 1 2 of GDP the federal government is projected to need to commit about 100 billion annually to address the nation s infrastructure deficit No less a personality than the Governor of the Central Bank of Nigeria CBN Mr Godwin Emefiele recently acknowledged the malaise of the SME sector Governor of CBN Mr Godwin EmefieleHe emphasized that the sector of the economy which had also emerged as an important source of growth innovation and job creation was that of micro small and medium sized enterprises MSMEs Emefiele confirmed that the sector represents approximately 90 percent of companies and employs more than 50 percent of the global workforce However he lamented that Emefiele s weak and inadequate infrastructure as well as the scarce flow of credit to companies particularly MSMEs seriously impacted economic growth as well as human development With over 42 million MSMEs in Nigeria contributing 49 78 of the country s GDP 7 64 of exports and 76 5 of the workforce the sector faces many challenges that continue to limit the potential of companies to contribute to economic growth and development said Emefiele He explained that lack of access to quality infrastructure had been a limiting factor for MSMEs in developing countries making it difficult for them to realize their growth potential and create jobs Beyond infrastructure access to fice remains one of the biggest threats to MSME development in both developed and developing economies with serious implications for productivity economic development and job creation Emefiele said It noted that realizing the importance of access to service and infrastructure for economic growth and development the CBN had taken steps beyond its traditional macroeconomic mandates of ensuring price and official system stability as well as maintaining a strong foreign reserve To this end he said the CBN introduced various development office policies and programs to improve access to credit for MSMEs deepen the bank s support to the real sector support job creation and build payment system infrastructure solid foundation to help drive official inclusion Around Emefiele and the CBN some official institutions introduced products designed to support the growth of SMEs For example First Bank of Nigeria Ltd launched FirstSME Classic and FirstSME Deluxe designed specifically to empower SMEs to contribute to national growth and development FirstBank CEO Dr Adesola Adeduntan said the accounts were offered to SMEs regardless of their industry and tailored to expose businesses to a wide range of services and opportunities essential to their continued growth It said account holders had access to temporary overdrafts and other bank facilities subject to meeting risk management benchmarks for each product Banks logo in NigeriaThrough the accounts SMEs are automatically enrolled in all of the bank s digital platforms and are granted access to the bank s SME events extensive promotional and networking opportunities on its SMEConnect portal and a wide range of discounts and offers promotional Adeduntan added that FirstBank s SMEConnect was a digital platform through which SMEs could access the bank s services and that the portal was also designed to help SMEs identify various gaps that were hindering their growth The general manager explained that the bank s extensive research identified seven strategic pillars considered essential for the sustainability and growth of SMEs According to him the pillars are connect with infrastructure connect with talent develop skills connect with politics and regulation connect with resources connect with the market and connect with fice FirstBank is delighted to unlock various opportunities for SMEs to thrive Our FirstSME account is one of many opportunities designed to empower SMEs to continuously drive impact as the backbone and contributor to employment and economic growth We remain at the forefront in providing the desired official products and services to meet the unique needs of SMEs he said Osinbajo congratulates Buhari Uzodimma for attracting the MIPYME Clinic to Imo One FirstBank SME client Mr James Osoka who makes shoes said he enjoyed a zero account maintenance charge access to webinars training various credit facilities workplace resources access to the SMEConnect portal and directory since the concept began in 2020 Osoka said that FirstBank through the initiative helped him grow his business of operating corporate accounts accessing loans and providing advisory services when needed Another SME account holder Ms Teni Salami said that FirstBank SMEclinic had helped her expand her business Salami said that through FirstBank SMEclinic he learned to keep and manage the accounting correctly there and prevented his business from collapsing FirstBank is not alone in the rescue mission for SMEs Fidelity Bank Plc has also revealed plans to support SMEs with unique empowerment schemes in a bid to expand these businesses The bank said it realized some operators were struggling to obtain official support posing a major challenge to their ability to sustain their businesses Therefore Nneka Onyeali Ikpe Managing Director CEO of Fidelity Bank Plc said that the bank had to launch numerous initiatives to help SMEs scale their businesses According to her the bank deliberately designed low interest lines of credit with flexible collateral requirements for SMEs with at least four different loan products The products are Rapid Cluster Based Loans Business Support Overdraft Loans for Specialized MSME Segments and Fice Loan Products for Development made available to MSMEs in their attempt to ease the burden of accessing the fiduciary they face With the major bank prioritizing the needs of SMEs and the banks offering a plethora of products perhaps SMEs are finally on the path to sustainability and will eventually contribute to the economic growth of the nation Keep reading Source NAN
    Enhancing SMEs’ growth through ficial products to boost employment
      An Analysis Nigerian News Agency The Small and Medium Enterprises SME sector is considered to be the backbone of any economy as it contributes enormously to the growth of employment and exports A recent survey conducted by SMEs represented 91 per cent of business 60 per cent of employment and contributed 52 per cent of the total Gross Domestic Product GDP in South Africa The survey also showed that SMEs contributed 48 per cent of the national GDP accounted for 96 per cent of businesses and 84 per cent of employment in Nigeria Giving credence to that report the National Bureau of Statistics said that SMEs contributed about 48 percent to Nigeria s GDP in the last five years He noted that with a total of about 17 4 million SMEs accounted for about 50 per cent of industrial jobs and almost 90 per cent of the manufacturing sector in terms of number of companies However despite the significant contribution of SMEs to the Nigerian economy the sector is plagued The problems of the sector are the aggravated infrastructure deficit which has limited economic development and the achievement of the average growth rate of at least five to seven percent required to boost the productivity and sustainable growth of companies According to World Development Indicators 2019 56 20 of Nigerians have access to electricity while electricity consumption stood at 144 52 kWh per capita in 2018 Similarly the infrastructure deficit in Nigeria is estimated to be around 1 2 of GDP the federal government is projected to need to commit about 100 billion annually to address the nation s infrastructure deficit No less a personality than the Governor of the Central Bank of Nigeria CBN Mr Godwin Emefiele recently acknowledged the malaise of the SME sector Governor of CBN Mr Godwin EmefieleHe emphasized that the sector of the economy which had also emerged as an important source of growth innovation and job creation was that of micro small and medium sized enterprises MSMEs Emefiele confirmed that the sector represents approximately 90 percent of companies and employs more than 50 percent of the global workforce However he lamented that Emefiele s weak and inadequate infrastructure as well as the scarce flow of credit to companies particularly MSMEs seriously impacted economic growth as well as human development With over 42 million MSMEs in Nigeria contributing 49 78 of the country s GDP 7 64 of exports and 76 5 of the workforce the sector faces many challenges that continue to limit the potential of companies to contribute to economic growth and development said Emefiele He explained that lack of access to quality infrastructure had been a limiting factor for MSMEs in developing countries making it difficult for them to realize their growth potential and create jobs Beyond infrastructure access to fice remains one of the biggest threats to MSME development in both developed and developing economies with serious implications for productivity economic development and job creation Emefiele said It noted that realizing the importance of access to service and infrastructure for economic growth and development the CBN had taken steps beyond its traditional macroeconomic mandates of ensuring price and official system stability as well as maintaining a strong foreign reserve To this end he said the CBN introduced various development office policies and programs to improve access to credit for MSMEs deepen the bank s support to the real sector support job creation and build payment system infrastructure solid foundation to help drive official inclusion Around Emefiele and the CBN some official institutions introduced products designed to support the growth of SMEs For example First Bank of Nigeria Ltd launched FirstSME Classic and FirstSME Deluxe designed specifically to empower SMEs to contribute to national growth and development FirstBank CEO Dr Adesola Adeduntan said the accounts were offered to SMEs regardless of their industry and tailored to expose businesses to a wide range of services and opportunities essential to their continued growth It said account holders had access to temporary overdrafts and other bank facilities subject to meeting risk management benchmarks for each product Banks logo in NigeriaThrough the accounts SMEs are automatically enrolled in all of the bank s digital platforms and are granted access to the bank s SME events extensive promotional and networking opportunities on its SMEConnect portal and a wide range of discounts and offers promotional Adeduntan added that FirstBank s SMEConnect was a digital platform through which SMEs could access the bank s services and that the portal was also designed to help SMEs identify various gaps that were hindering their growth The general manager explained that the bank s extensive research identified seven strategic pillars considered essential for the sustainability and growth of SMEs According to him the pillars are connect with infrastructure connect with talent develop skills connect with politics and regulation connect with resources connect with the market and connect with fice FirstBank is delighted to unlock various opportunities for SMEs to thrive Our FirstSME account is one of many opportunities designed to empower SMEs to continuously drive impact as the backbone and contributor to employment and economic growth We remain at the forefront in providing the desired official products and services to meet the unique needs of SMEs he said Osinbajo congratulates Buhari Uzodimma for attracting the MIPYME Clinic to Imo One FirstBank SME client Mr James Osoka who makes shoes said he enjoyed a zero account maintenance charge access to webinars training various credit facilities workplace resources access to the SMEConnect portal and directory since the concept began in 2020 Osoka said that FirstBank through the initiative helped him grow his business of operating corporate accounts accessing loans and providing advisory services when needed Another SME account holder Ms Teni Salami said that FirstBank SMEclinic had helped her expand her business Salami said that through FirstBank SMEclinic he learned to keep and manage the accounting correctly there and prevented his business from collapsing FirstBank is not alone in the rescue mission for SMEs Fidelity Bank Plc has also revealed plans to support SMEs with unique empowerment schemes in a bid to expand these businesses The bank said it realized some operators were struggling to obtain official support posing a major challenge to their ability to sustain their businesses Therefore Nneka Onyeali Ikpe Managing Director CEO of Fidelity Bank Plc said that the bank had to launch numerous initiatives to help SMEs scale their businesses According to her the bank deliberately designed low interest lines of credit with flexible collateral requirements for SMEs with at least four different loan products The products are Rapid Cluster Based Loans Business Support Overdraft Loans for Specialized MSME Segments and Fice Loan Products for Development made available to MSMEs in their attempt to ease the burden of accessing the fiduciary they face With the major bank prioritizing the needs of SMEs and the banks offering a plethora of products perhaps SMEs are finally on the path to sustainability and will eventually contribute to the economic growth of the nation Keep reading Source NAN
    Enhancing SMEs’ growth through ficial products to boost employment
    Features1 year ago

    Enhancing SMEs’ growth through ficial products to boost employment

    An Analysis, Nigerian News Agency

    The Small and Medium Enterprises (SME) sector is considered to be the backbone of any economy as it contributes enormously to the growth of employment and exports.

    A recent survey conducted by SMEs represented 91 per cent of business, 60 per cent of employment and contributed 52 per cent of the total Gross Domestic Product (GDP) in South Africa.

    The survey also showed that SMEs contributed 48 per cent of the national GDP, accounted for 96 per cent of businesses and 84 per cent of employment in Nigeria.

    Giving credence to that report, the National Bureau of Statistics said that SMEs contributed about 48 percent to Nigeria's GDP in the last five years.

    He noted that, with a total of about 17.4 million, SMEs accounted for about 50 per cent of industrial jobs and almost 90 per cent of the manufacturing sector, in terms of number of companies.

    However, despite the significant contribution of SMEs to the Nigerian economy, the sector is plagued.

    The problems of the sector are the aggravated infrastructure deficit, which has limited economic development and the achievement of the average growth rate of at least five to seven percent required to boost the productivity and sustainable growth of companies.

    According to World Development Indicators (2019), 56.20% of Nigerians have access to electricity, while electricity consumption stood at 144.52 kWh per capita in 2018.

    Similarly, the infrastructure deficit in Nigeria is estimated to be around 1.2% of GDP; the federal government is projected to need to commit about $100 billion annually to address the nation's infrastructure deficit.

    No less a personality than the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, recently acknowledged the malaise of the SME sector.

    Governor of CBN, Mr. Godwin Emefiele

    He emphasized that the sector of the economy, which had also emerged as an important source of growth, innovation and job creation, was that of micro, small and medium-sized enterprises (MSMEs).

    Emefiele confirmed that the sector represents approximately 90 percent of companies and employs more than 50 percent of the global workforce.

    However, he lamented that Emefiele's weak and inadequate infrastructure, as well as the scarce flow of credit to companies, particularly MSMEs, seriously impacted economic growth, as well as human development.

    “With over 42 million MSMEs in Nigeria, contributing 49.78% of the country's GDP, 7.64% of exports and 76.5% of the workforce, the sector faces many challenges that continue to limit the potential of companies to contribute to economic growth and development”, said Emefiele.

    He explained that lack of access to quality infrastructure had been a limiting factor for MSMEs in developing countries, making it difficult for them to realize their growth potential and create jobs.

    “Beyond infrastructure, access to fice remains one of the biggest threats to MSME development in both developed and developing economies, with serious implications for productivity, economic development, and job creation,” Emefiele said.

    It noted that realizing the importance of access to service and infrastructure for economic growth and development, the CBN had taken steps beyond its traditional macroeconomic mandates of ensuring price and official system stability, as well as maintaining a strong foreign reserve.

    To this end, he said, the CBN introduced various development office policies and programs to improve access to credit for MSMEs, deepen the bank's support to the real sector, support job creation, and build payment system infrastructure. solid foundation to help drive official inclusion.

    Around Emefiele and the CBN, some official institutions introduced products designed to support the growth of SMEs.

    For example, First Bank of Nigeria Ltd. launched FirstSME Classic and FirstSME Deluxe, designed specifically to empower SMEs to contribute to national growth and development.

    FirstBank CEO Dr. Adesola Adeduntan said the accounts were offered to SMEs, regardless of their industry, and tailored to expose businesses to a wide range of services and opportunities essential to their continued growth.

    It said account holders had access to temporary overdrafts and other bank facilities subject to meeting risk management benchmarks for each product.

    Banks logo in Nigeria

    Through the accounts, SMEs are automatically enrolled in all of the bank's digital platforms and are granted access to the bank's SME events, extensive promotional and networking opportunities on its SMEConnect portal, and a wide range of discounts and offers. promotional.

    Adeduntan added that FirstBank's SMEConnect was a digital platform through which SMEs could access the bank's services and that the portal was also designed to help SMEs identify various gaps that were hindering their growth.

    The general manager explained that the bank's extensive research identified seven strategic pillars considered essential for the sustainability and growth of SMEs.

    According to him, the pillars are: connect with infrastructure, connect with talent, develop skills, connect with politics and regulation, connect with resources, connect with the market and connect with fice.

    “FirstBank is delighted to unlock various opportunities for SMEs to thrive.

    “Our FirstSME account is one of many opportunities designed to empower SMEs to continuously drive impact as the backbone and contributor to employment and economic growth.

    “We remain at the forefront in providing the desired official products and services to meet the unique needs of SMEs,” he said.

    Osinbajo congratulates Buhari, Uzodimma for attracting the MIPYME Clinic to Imo

    One FirstBank SME client, Mr. James Osoka, who makes shoes, said he enjoyed a zero account maintenance charge; access to webinars/training, various credit facilities, workplace resources, access to the SMEConnect portal and directory since the concept began in 2020.

    Osoka said that FirstBank, through the initiative, helped him grow his business of operating corporate accounts, accessing loans and providing advisory services when needed.

    Another SME account holder, Ms. Teni Salami, said that FirstBank SMEclinic had helped her expand her business.

    Salami said that through FirstBank SMEclinic, he learned to keep and manage the accounting correctly, there, and prevented his business from collapsing.

    FirstBank is not alone in the rescue mission for SMEs. Fidelity Bank Plc has also revealed plans to support SMEs with unique empowerment schemes in a bid to expand these businesses.

    The bank said it realized some operators were struggling to obtain official support, posing a major challenge to their ability to sustain their businesses.

    Therefore, Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank Plc, said that the bank had to launch numerous initiatives to help SMEs scale their businesses.

    According to her, the bank deliberately designed low-interest lines of credit with flexible collateral requirements for SMEs with at least four different loan products.

    The products are: Rapid Cluster-Based Loans, Business Support Overdraft, Loans for Specialized MSME Segments and Fice Loan Products for Development, made available to MSMEs, in their attempt to ease the burden of accessing the fiduciary they face.

    With the major bank prioritizing the needs of SMEs and the banks offering a plethora of products, perhaps SMEs are finally on the path to sustainability and will eventually contribute to the economic growth of the nation.

    Keep reading

    Source: NAN

  •   Mr Bismarck Rewane General Manager CEO of Official Derivatives Company forecast that the official services industry will grow by 8 32 in 2022 Rewane was the keynote speaker at the Nigerian Economic Outlook 2022 webinar hosted by Nigeria Ltd on Thursday in Lagos He swung predictions toward more partnership and collaborations that promote official inclusion Rewane added that there would be rationalization and drift within the industry stressing that Tier 1 banks would take advantage of their strong customer base and balance sheet size He said there would be aggressive digital innovation and lending solutions as well as possible intra and inter tier mergers and acquisitions to boost the capital structure Rewane said the manufacturing sector would likely grow 4 70 percent in 2022 He predicted that increased foreign exchange liquidity and increased product innovation would drive growth in the sector Players would benefit from volume and value growth The major players Nestl Nigeria and Unilever will report 20 percent earnings growth in 2022 The agricultural sector is likely to grow 1 6 percent in 2022 an efficient rail system will ease logistical constraints and increase productivity he said Rewane added that the ICT industry is likely to grow 9 72 percent in 2022 with phone penetration on the rise There will be an increase in Fintech and mobile payments while a higher level of activities will be supported the sector will consolidate within the year he said According to him the telecommunications infrastructure will expand with the acquisition of cable Rewane noted that the nation s economic performance would largely be determined by the implementation of the 2022 budget and the recently approved five year development plan He explained that the decrease in inflation would be positive for the purchasing power of consumers and added that monetary tightening in advanced economies could trigger capital outflows He also said that the price of oil would remain relatively stable and added that the real growth of the Gross Domestic Product GDP would be sublime According to him in 2022 the competition between traditional banks and Fintech companies will intensify while banks with constant innovation and regional diversification will remain resilient He further noted that the reform could hamper activities within the year saying insecurity could prove difficult to contain and would become a political campaign tool for the opposition Rewane also said that the Central Bank of Nigeria CBN would likely increase foreign exchange supply to manufacturers to ease foreign exchange pressures He stressed that pre election spending would be positive for aggregate demand and would also boost business performance On the exchange rate outlook he said the CBN would likely intensify efforts towards exchange rate convergence He also noted that political jitters would increase foreign demand pressures in the fourth quarter of the year In the risk matrix in 2022 he listed delayed policy change and reforms rising social unrest and official sector crisis among others as things to watch out for Earlier in his opening remarks FirstBank Chief Executive Officer Dr Adesola Adeduntan said the webinar provided an opportunity to assess the performance of the Nigerian economy on key indices in 2021 and benefit from expert views on expectations and the forecast for 2022 Adeduntan said it would also provide excellent insights into the key factors shaping the global and local economic landscape in 2022 He noted that in 2021 global production rebounded and the recovery was strong thanks to improved vaccination efforts as well as support from monetary and fiscal authorities According to him the fourth wave of the omicron variant of COVID 19 created a certain level of caution which affected the activities of the fourth quarter of 2021 and led to the push for booster injections and the reinstatement of COVID protocols According to him specific key lessons can be drawn from the economic and related activities of 2021 He noted that these lessons and other developments expected in 2022 were vital ingredients for the planning processes of the bank s esteemed clients and stakeholders As a bank we have a legacy of supporting business growth as an engine of economic growth and development in Nigeria and throughout sub Saharan Africa In accordance with our renewed vision of being Africa s bank of choice FirstBank will take the lead in driving the development of the different sectors and industries within the economies where we operate to support overall economic growth and sustainability As a bank that is woven into the fabric of society this webinar further strengthens our support and collaboration with stakeholders as we demonstrate our commitment and willingness to be the partner of first choice for our clients he said I hoped that by the end of the webinar the participants would have gained valuable insights into global and local economic direction He said that participants would also understand how to strategically position their business and personal endeavors to take advantage of the opportunities that would arise throughout the year Keep reading Source NAN
    Ficial services industry to grow by 8.32% in 2022 – Rewane
      Mr Bismarck Rewane General Manager CEO of Official Derivatives Company forecast that the official services industry will grow by 8 32 in 2022 Rewane was the keynote speaker at the Nigerian Economic Outlook 2022 webinar hosted by Nigeria Ltd on Thursday in Lagos He swung predictions toward more partnership and collaborations that promote official inclusion Rewane added that there would be rationalization and drift within the industry stressing that Tier 1 banks would take advantage of their strong customer base and balance sheet size He said there would be aggressive digital innovation and lending solutions as well as possible intra and inter tier mergers and acquisitions to boost the capital structure Rewane said the manufacturing sector would likely grow 4 70 percent in 2022 He predicted that increased foreign exchange liquidity and increased product innovation would drive growth in the sector Players would benefit from volume and value growth The major players Nestl Nigeria and Unilever will report 20 percent earnings growth in 2022 The agricultural sector is likely to grow 1 6 percent in 2022 an efficient rail system will ease logistical constraints and increase productivity he said Rewane added that the ICT industry is likely to grow 9 72 percent in 2022 with phone penetration on the rise There will be an increase in Fintech and mobile payments while a higher level of activities will be supported the sector will consolidate within the year he said According to him the telecommunications infrastructure will expand with the acquisition of cable Rewane noted that the nation s economic performance would largely be determined by the implementation of the 2022 budget and the recently approved five year development plan He explained that the decrease in inflation would be positive for the purchasing power of consumers and added that monetary tightening in advanced economies could trigger capital outflows He also said that the price of oil would remain relatively stable and added that the real growth of the Gross Domestic Product GDP would be sublime According to him in 2022 the competition between traditional banks and Fintech companies will intensify while banks with constant innovation and regional diversification will remain resilient He further noted that the reform could hamper activities within the year saying insecurity could prove difficult to contain and would become a political campaign tool for the opposition Rewane also said that the Central Bank of Nigeria CBN would likely increase foreign exchange supply to manufacturers to ease foreign exchange pressures He stressed that pre election spending would be positive for aggregate demand and would also boost business performance On the exchange rate outlook he said the CBN would likely intensify efforts towards exchange rate convergence He also noted that political jitters would increase foreign demand pressures in the fourth quarter of the year In the risk matrix in 2022 he listed delayed policy change and reforms rising social unrest and official sector crisis among others as things to watch out for Earlier in his opening remarks FirstBank Chief Executive Officer Dr Adesola Adeduntan said the webinar provided an opportunity to assess the performance of the Nigerian economy on key indices in 2021 and benefit from expert views on expectations and the forecast for 2022 Adeduntan said it would also provide excellent insights into the key factors shaping the global and local economic landscape in 2022 He noted that in 2021 global production rebounded and the recovery was strong thanks to improved vaccination efforts as well as support from monetary and fiscal authorities According to him the fourth wave of the omicron variant of COVID 19 created a certain level of caution which affected the activities of the fourth quarter of 2021 and led to the push for booster injections and the reinstatement of COVID protocols According to him specific key lessons can be drawn from the economic and related activities of 2021 He noted that these lessons and other developments expected in 2022 were vital ingredients for the planning processes of the bank s esteemed clients and stakeholders As a bank we have a legacy of supporting business growth as an engine of economic growth and development in Nigeria and throughout sub Saharan Africa In accordance with our renewed vision of being Africa s bank of choice FirstBank will take the lead in driving the development of the different sectors and industries within the economies where we operate to support overall economic growth and sustainability As a bank that is woven into the fabric of society this webinar further strengthens our support and collaboration with stakeholders as we demonstrate our commitment and willingness to be the partner of first choice for our clients he said I hoped that by the end of the webinar the participants would have gained valuable insights into global and local economic direction He said that participants would also understand how to strategically position their business and personal endeavors to take advantage of the opportunities that would arise throughout the year Keep reading Source NAN
    Ficial services industry to grow by 8.32% in 2022 – Rewane
    Business1 year ago

    Ficial services industry to grow by 8.32% in 2022 – Rewane

    Mr. Bismarck Rewane, General Manager/CEO of Official Derivatives Company, forecast that the official services industry will grow by 8.32% in 2022.

    Rewane, was the keynote speaker at the Nigerian Economic Outlook 2022 webinar hosted by Nigeria Ltd. on Thursday in Lagos.

    He swung predictions toward more partnership and collaborations that promote official inclusion.

    Rewane added that there would be rationalization and drift within the industry, stressing that Tier 1 banks would take advantage of their strong customer base and balance sheet size.

    He said there would be aggressive digital innovation and lending solutions, as well as possible intra- and inter-tier mergers and acquisitions to boost the capital structure.

    Rewane said the manufacturing sector would likely grow 4.70 percent in 2022.

    He predicted that increased foreign exchange liquidity and increased product innovation would drive growth in the sector.

    “Players would benefit from volume and value growth. The major players (Nestlé Nigeria and Unilever) will report 20 percent earnings growth in 2022.

    "The agricultural sector is likely to grow 1.6 percent in 2022, an efficient rail system will ease logistical constraints and increase productivity," he said.

    Rewane added that the ICT industry is likely to grow 9.72 percent in 2022 with phone penetration on the rise.

    “There will be an increase in Fintech and mobile payments, while a higher level of activities will be supported, the sector will consolidate within the year,” he said.

    According to him, the telecommunications infrastructure will expand with the acquisition of cable.

    Rewane noted that the nation's economic performance would largely be determined by the implementation of the 2022 budget and the recently approved five-year development plan.

    He explained that the decrease in inflation would be positive for the purchasing power of consumers and added that monetary tightening in advanced economies could trigger capital outflows.

    He also said that the price of oil would remain relatively stable and added that the real growth of the Gross Domestic Product (GDP) would be sublime.

    According to him, in 2022 the competition between traditional banks and Fintech companies will intensify, while banks with constant innovation and regional diversification will remain resilient.

    He further noted that the reform could hamper activities within the year, saying insecurity could prove difficult to contain and would become a political campaign tool for the opposition.

    Rewane also said that the Central Bank of Nigeria (CBN) would likely increase foreign exchange supply to manufacturers to ease foreign exchange pressures.

    He stressed that pre-election spending would be positive for aggregate demand and would also boost business performance.

    On the exchange rate outlook, he said, the CBN would likely intensify efforts towards exchange rate convergence.

    He also noted that political jitters would increase foreign demand pressures in the fourth quarter of the year.

    In the risk matrix in 2022, he listed delayed policy change and reforms, rising social unrest, and official sector crisis, among others, as things to watch out for.

    Earlier in his opening remarks, FirstBank Chief Executive Officer Dr. Adesola Adeduntan said the webinar provided an opportunity to assess the performance of the Nigerian economy on key indices in 2021 and benefit from expert views on expectations and the forecast for 2022.

    Adeduntan said it would also provide excellent insights into the key factors shaping the global and local economic landscape in 2022.

    He noted that in 2021 global production rebounded and the recovery was strong thanks to improved vaccination efforts as well as support from monetary and fiscal authorities.

    According to him, the fourth wave of the omicron variant of COVID-19 created a certain level of caution, which affected the activities of the fourth quarter of 2021 and led to the push for booster injections and the reinstatement of COVID protocols.

    According to him, specific key lessons can be drawn from the economic and related activities of 2021.

    He noted that these lessons and other developments expected in 2022 were vital ingredients for the planning processes of the bank's esteemed clients and stakeholders.

    “As a bank, we have a legacy of supporting business growth as an engine of economic growth and development in Nigeria and throughout sub-Saharan Africa.

    “In accordance with our renewed vision of 'being Africa's bank of choice', FirstBank will take the lead in driving the development of the different sectors and industries within the economies where we operate to support overall economic growth and sustainability.

    “As a bank that is woven into the fabric of society, this webinar further strengthens our support and collaboration with stakeholders as we demonstrate our commitment and willingness to be the partner of first choice for our clients,” he said.

    I hoped that by the end of the webinar, the participants would have gained valuable insights into global and local economic direction.

    He said that participants would also understand how to strategically position their business and personal endeavors to take advantage of the opportunities that would arise throughout the year.

    Keep reading

    Source: NAN

  •   The Securities and Exchange Commission SEC has warned the public against deals with FinAfrica Investment Ltd and Poyoyo Investment A circular from the SEC and posted on the commission s website said that the companies activities were not recorded by it The commission described Poyoyo Investment Pilvest Nigeria Ltd s business as a Ponzi scheme where returns were paid out of other people s invested sums The SEC s attention has been drawn to the activities of an illegal operator FinAfrica Investment Limited The company claimed to be an investment company that is dedicated to business development in the commercial sectors of the economy and uses the funds in entities of the Chinmark Group The commission here publicly invests that neither FinAfrica Investment Limited nor Chinmark Group is SEC registered The investment schemes promoted are also not authorized by the SEC In view of the above the general public is here Anyone dealing with the aforementioned companies in any business related to the capital market does so at their own risk and expense said the circular He also noted that the SEC s attention had been drawn to WhatsApp and electronic messages that are distributed to investors on behalf of Poyoyo Investment Pilvest Nigeria Ltd The commission here publicly invests that Poyoyo Investment PILVEST Nigeria Limited does not have a tangible business model therefore it is a Ponzi scheme where returns are paid with the sum invested from other people he added In reaction to the circular Dr Marksman Ijiomah Chairman of Chinmark Group told the Nigerian News Agency in an interview that FinAfrica Investment Limited was not engaged in capital markets Ijiomah who disclosed that the partnership had been around for six years said the SEC had never written to the company to notify them that its dealings were not in line with its regulations The SEC did not qualify us as a Ponzi scheme in the circular We do not do business in the capital market we do not sell stocks or shares We are not interested in equity financing What we do is we have partners who come together and give us funds to run the business and at the end of the month we give them profit from the business We don t call it interest we call it profit We have been doing it for over six years and thanks to that partnership we were able to build a six unit hotel in Enugu We have also built a restaurant in Dubai and these things are visible for all to see Ijiomah said He added that the company was not involved in a Ponzi business Our rate is three percent per month that s what we pay The SEC has not invited us or sent us a circular to say that what we are doing is not in line with their regulations before they made the publication he said Source NAN
    SEC warns public against dealings with FinAfrica, Poyoyo investments
      The Securities and Exchange Commission SEC has warned the public against deals with FinAfrica Investment Ltd and Poyoyo Investment A circular from the SEC and posted on the commission s website said that the companies activities were not recorded by it The commission described Poyoyo Investment Pilvest Nigeria Ltd s business as a Ponzi scheme where returns were paid out of other people s invested sums The SEC s attention has been drawn to the activities of an illegal operator FinAfrica Investment Limited The company claimed to be an investment company that is dedicated to business development in the commercial sectors of the economy and uses the funds in entities of the Chinmark Group The commission here publicly invests that neither FinAfrica Investment Limited nor Chinmark Group is SEC registered The investment schemes promoted are also not authorized by the SEC In view of the above the general public is here Anyone dealing with the aforementioned companies in any business related to the capital market does so at their own risk and expense said the circular He also noted that the SEC s attention had been drawn to WhatsApp and electronic messages that are distributed to investors on behalf of Poyoyo Investment Pilvest Nigeria Ltd The commission here publicly invests that Poyoyo Investment PILVEST Nigeria Limited does not have a tangible business model therefore it is a Ponzi scheme where returns are paid with the sum invested from other people he added In reaction to the circular Dr Marksman Ijiomah Chairman of Chinmark Group told the Nigerian News Agency in an interview that FinAfrica Investment Limited was not engaged in capital markets Ijiomah who disclosed that the partnership had been around for six years said the SEC had never written to the company to notify them that its dealings were not in line with its regulations The SEC did not qualify us as a Ponzi scheme in the circular We do not do business in the capital market we do not sell stocks or shares We are not interested in equity financing What we do is we have partners who come together and give us funds to run the business and at the end of the month we give them profit from the business We don t call it interest we call it profit We have been doing it for over six years and thanks to that partnership we were able to build a six unit hotel in Enugu We have also built a restaurant in Dubai and these things are visible for all to see Ijiomah said He added that the company was not involved in a Ponzi business Our rate is three percent per month that s what we pay The SEC has not invited us or sent us a circular to say that what we are doing is not in line with their regulations before they made the publication he said Source NAN
    SEC warns public against dealings with FinAfrica, Poyoyo investments
    Business1 year ago

    SEC warns public against dealings with FinAfrica, Poyoyo investments

    The Securities and Exchange Commission (SEC) has warned the public against deals with FinAfrica Investment Ltd. and Poyoyo Investment.

    A circular from the SEC and posted on the commission's website said that the companies' activities were not recorded by it.

    The commission described Poyoyo Investment (Pilvest) Nigeria Ltd.'s business as a Ponzi scheme, where returns were paid out of other people's invested sums.

    “The SEC's attention has been drawn to the activities of an illegal operator, FinAfrica Investment Limited.

    “The company claimed to be an investment company that is dedicated to business development in the commercial sectors of the economy and uses the funds in entities of the Chinmark Group.

    “The commission here publicly invests that neither FinAfrica Investment Limited nor Chinmark Group is SEC registered.

    “The investment schemes promoted are also not authorized by the SEC.

    “In view of the above, the general public is here; Anyone dealing with the aforementioned companies in any business related to the capital market does so at their own risk and expense ”, said the circular.

    He also noted that the SEC's attention had been drawn to WhatsApp and electronic messages that are distributed to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

    "The commission here publicly invests that Poyoyo Investment (PILVEST) Nigeria Limited does not have a tangible business model, therefore it is a Ponzi scheme where returns are paid with the sum invested from other people," he added.

    In reaction to the circular, Dr. Marksman Ijiomah, Chairman of Chinmark Group, told the Nigerian News Agency in an interview that FinAfrica Investment Limited was not engaged in capital markets.

    Ijiomah, who disclosed that the partnership had been around for six years, said the SEC had never written to the company to notify them that its dealings were not in line with its regulations.

    “The SEC did not qualify us as a Ponzi scheme in the circular.

    “We do not do business in the capital market, we do not sell stocks or shares. We are not interested in equity financing.

    “What we do is we have partners who come together and give us funds to run the business and, at the end of the month, we give them profit from the business.

    “We don't call it interest, we call it profit.

    “We have been doing it for over six years and thanks to that partnership, we were able to build a six-unit hotel in Enugu.

    "We have also built a restaurant in Dubai and these things are visible for all to see," Ijiomah said.

    He added that the company was not involved in a Ponzi business.

    “Our rate is three percent per month, that's what we pay.

    "The SEC has not invited us or sent us a circular to say that what we are doing is not in line with their regulations before they made the publication," he said.

    Source: NAN

  •   The Securities and Exchange Commission SEC has warned the public against dealing with FinAfrica Investment Ltd and Poyoyo Investment A circular from SEC management and posted on the commission s website stated that the companies activities were not recorded by it The commission described Poyoyo Investment Pilvest Nigeria Ltd s business as a Ponzi scheme where returns were paid out of other people s invested sums The SEC s attention has been drawn to the activities of an illegal operator FinAfrica Investment Limited The company claimed to be an investment company that is dedicated to business development in the commercial sectors of the economy and uses the funds in entities of the Chinmark Group The commission hereby notifies the investing public that neither FinAfrica Investment Limited nor Chinmark Group is SEC registered The investment scheme promoted by these entities is not authorized by the SEC either In view of the foregoing the general public is advised that anyone dealing with the aforementioned companies in any business related to the capital market does so at their own risk the circular said He also noted that the SEC s attention had been drawn to WhatsApp and electronic messages that are distributed to investors on behalf of Poyoyo Investment Pilvest Nigeria Ltd The commission hereby notifies the investing public that Poyoyo Investment PILVEST Nigeria Limited does not have a tangible business model therefore it is a Ponzi scheme where returns are paid with the sum invested from other people he added In reaction to the circular Dr Marksman Ijiomah Chairman of Chinmark Group told the Nigerian News Agency in an interview that FinAfrica Investment Limited was not engaged in capital markets Mr Ijiomah who disclosed that the partnership had been in existence for six years said the SEC had never written to the company to notify them that its dealings were not in line with its regulations The SEC did not qualify us as a Ponzi scheme in the circular We do not do business in the capital market we do not sell stocks or shares We are not interested in equity financing What we do is we have partners who come together and give us funds to run the business and at the end of the month we give them profit from the business We don t call it interest we call it profit We have been doing it for over six years and thanks to that partnership we were able to build a six unit hotel in Enugu We have also built a restaurant in Dubai and these things are visible for all to see Ijiomah told NAN He added that the company was not involved in a Ponzi business Our rate is three percent per month that s what we pay The SEC has not invited us or sent us a circular to say that what we are doing is not in line with their regulations before they made the publication he said YAYA
    SEC warns Nigerians against dealings with FinAfrica, Poyoyo investment schemes
      The Securities and Exchange Commission SEC has warned the public against dealing with FinAfrica Investment Ltd and Poyoyo Investment A circular from SEC management and posted on the commission s website stated that the companies activities were not recorded by it The commission described Poyoyo Investment Pilvest Nigeria Ltd s business as a Ponzi scheme where returns were paid out of other people s invested sums The SEC s attention has been drawn to the activities of an illegal operator FinAfrica Investment Limited The company claimed to be an investment company that is dedicated to business development in the commercial sectors of the economy and uses the funds in entities of the Chinmark Group The commission hereby notifies the investing public that neither FinAfrica Investment Limited nor Chinmark Group is SEC registered The investment scheme promoted by these entities is not authorized by the SEC either In view of the foregoing the general public is advised that anyone dealing with the aforementioned companies in any business related to the capital market does so at their own risk the circular said He also noted that the SEC s attention had been drawn to WhatsApp and electronic messages that are distributed to investors on behalf of Poyoyo Investment Pilvest Nigeria Ltd The commission hereby notifies the investing public that Poyoyo Investment PILVEST Nigeria Limited does not have a tangible business model therefore it is a Ponzi scheme where returns are paid with the sum invested from other people he added In reaction to the circular Dr Marksman Ijiomah Chairman of Chinmark Group told the Nigerian News Agency in an interview that FinAfrica Investment Limited was not engaged in capital markets Mr Ijiomah who disclosed that the partnership had been in existence for six years said the SEC had never written to the company to notify them that its dealings were not in line with its regulations The SEC did not qualify us as a Ponzi scheme in the circular We do not do business in the capital market we do not sell stocks or shares We are not interested in equity financing What we do is we have partners who come together and give us funds to run the business and at the end of the month we give them profit from the business We don t call it interest we call it profit We have been doing it for over six years and thanks to that partnership we were able to build a six unit hotel in Enugu We have also built a restaurant in Dubai and these things are visible for all to see Ijiomah told NAN He added that the company was not involved in a Ponzi business Our rate is three percent per month that s what we pay The SEC has not invited us or sent us a circular to say that what we are doing is not in line with their regulations before they made the publication he said YAYA
    SEC warns Nigerians against dealings with FinAfrica, Poyoyo investment schemes
    Headlines1 year ago

    SEC warns Nigerians against dealings with FinAfrica, Poyoyo investment schemes

    The Securities and Exchange Commission, SEC, has warned the public against dealing with FinAfrica Investment Ltd and Poyoyo Investment.

    A circular from SEC management and posted on the commission's website stated that the companies' activities were not recorded by it.

    The commission described Poyoyo Investment (Pilvest) Nigeria Ltd.'s business as a Ponzi scheme, where returns were paid out of other people's invested sums.

    “The SEC's attention has been drawn to the activities of an illegal operator, FinAfrica Investment Limited.

    “The company claimed to be an investment company that is dedicated to business development in the commercial sectors of the economy and uses the funds in entities of the Chinmark Group.

    “The commission hereby notifies the investing public that neither FinAfrica Investment Limited nor Chinmark Group is SEC registered.

    “The investment scheme promoted by these entities is not authorized by the SEC either.

    "In view of the foregoing, the general public is advised that anyone dealing with the aforementioned companies in any business related to the capital market does so at their own risk," the circular said.

    He also noted that the SEC's attention had been drawn to WhatsApp and electronic messages that are distributed to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

    "The commission hereby notifies the investing public that Poyoyo Investment (PILVEST) Nigeria Limited does not have a tangible business model, therefore it is a Ponzi scheme where returns are paid with the sum invested from other people," he added.

    In reaction to the circular, Dr. Marksman Ijiomah, Chairman of Chinmark Group, told the Nigerian News Agency in an interview that FinAfrica Investment Limited was not engaged in capital markets.

    Mr. Ijiomah, who disclosed that the partnership had been in existence for six years, said the SEC had never written to the company to notify them that its dealings were not in line with its regulations.

    “The SEC did not qualify us as a Ponzi scheme in the circular.

    “We do not do business in the capital market, we do not sell stocks or shares. We are not interested in equity financing.

    “What we do is we have partners who come together and give us funds to run the business and, at the end of the month, we give them profit from the business.

    “We don't call it interest, we call it profit.

    “We have been doing it for over six years and thanks to that partnership, we were able to build a six-unit hotel in Enugu.

    "We have also built a restaurant in Dubai and these things are visible for all to see," Ijiomah told NAN.

    He added that the company was not involved in a Ponzi business.

    “Our rate is three percent per month, that's what we pay.

    "The SEC has not invited us or sent us a circular to say that what we are doing is not in line with their regulations before they made the publication," he said.

    YAYA

  •   An analysis by the Nigerian News Agency It is no longer news that oil price shocks have negatively affected the country s revenues over the years The dwindling oil revenues worsened like a pandemic so economic managers had to think creatively about how to boost the country s revenues for growth and development The federal government soon realized that a strong non oil export base was no longer a policy option it had to rapidly grow its non oil exports Surprisingly Nigeria s non oil exports increased a penny to N2 07 billion in 2020 from N1 74 billion achieved in 2019 Data released by the Export Promotion Council listed some of the top non oil export products such as cocoa beans sesame seeds cashews and urea Others are aluminum ingots finished hides soy flour cocoa butter shrimp and frozen processed crabs among others This shows that non oil exports have the potential to stimulate the growth of the Nigerian economy if properly harnessed In fact the federal government had introduced different agricultural schemes to support the nation s diversification agenda Some of these schemes were the Agricultural Credit Scheme Fund ACGSF the Agricultural Credit Support Scheme ACSS the Commercial Agricultural Credit Scheme CAC the Anchor Borrower Program and the implementation of the Facility Program Export Expansion of N50 billion With Nigeria finally signing the African Continental Free Trade Area AfCFTA on November 11 2020 it becomes imperative to strengthen the country s non oil exports to take advantage of the AfCFTA The agreement which establishes a single market for goods and services in 54 countries allows the free movement of business and investment travelers and creates a unified customs union to streamline trade on the continent Dr Adesola Adeduntan CEO of FirstBank believes that AfCFTA is a true platform for Nigeria to properly position itself to become Africa s export hub According to him the non oil sector has enormous value and opportunities for the country to enhance job and wealth creation foreign exchange earnings and gross domestic product GDP growth This can be achieved considering our population resources and economic size At FirstBank we have been at the forefront of driving economic growth and will use our reach and connection to orchestrate growth in the non oil sector he said Adeduntan said that to further the goal the bank had created an Export Table to support the needs of exporters including the design of export products and solutions to cater for pre export and post export fiction and services Adeduntan said the bank will continue to demonstrate its support for driving sustainable income in growing the economy s product and service offerings for export trade services spanning agriculture structured trade and commodity manufacturing and treasury Pursuant to that mandate First Bank of Nigeria Ltd recently convened a non oil exports webinar the first of its kind The theme of the webinar series was Promoting the Sustainable Export of Non Petroleum Products in Nigeria Seize opportunities within the AfCFTA and agricultural produce Participants in the webinar deliberated on opportunities that would enhance the country s momentum toward diversifying the economy there in oil Adeduntan assured participants that the bank will leverage its vast experience in supporting commercial enterprises especially small and medium sized enterprises SMEs to support the federal government s efforts to diversify the income base of the economy Dr Biodun Adedipe chief consultant at B Adedipe Associates Ltd agreed with Adeduntan that the country needed to shift its orientation towards an export led or import substitution growth economy Adedipe noted that the world in which Nigeria operated in the pre COVID 19 pandemic was rapidly disappearing highlighting the need to pay more attention to the country s non oil export industry According to him there is a need to build supporting infrastructure to help export companies as it was done deliberately to boost economic growth He added that aggressive targets must be set and rigorous measures applied If Nigeria does not act other countries will act on us Adedipe said Commenting Dr Ezra Yakusak Executive Director of the Nigerian Export Promotion Council NEPC said that the council developed the zero oil plan in 2016 as a strategy to shore up currencies through the non oil sector Yakusak added that following the drop in international crude prices the Zero Oil Plan was developed leveraging the AfCFTA in response to the 2016 recession in preparation for a world in which crude is less relevant He said the Zero Oil Plan was a strategy to boost foreign exchange through non oil sector export policies for 22 major products that could generate up to 30 billion in foreign exchange in one year He added that the plan implied the start of export projects and investment monitoring in each state of the federation as part of the One State One Product OSOP scheme Yakusak representing Akintunde NEPC s deputy director said an export policy was developed through the plan for 22 major products that could generate 30 billion annually According to him the council is preparing and positioning SMEs for AfCFTA through various trainings programs and incentives He said NEPC was working closely with Afrexim Bank and ITC to ensure Nigeria was ready for AfCFTA especially Export Trading Company In addition Comptroller Malanta Yusuf Custom Area Controller Apapa advised exporters to familiarize themselves with the items that can be exported and those that are on prohibited lists He also advised them on a clear description of the products and proper packaging to facilitate acceptance of the products Also speaking Eric Intong Regional Operations Director Anglophone West Africa Afreximbank said the bank developed various products programs and initiatives to boost intra African trade Intong said that to support the AfCFTA the bank would spend 40 billion on intra African trade and investment in fiction over the next five years double the amount spent for the same purpose in the past four years Initiatives such as the FirstBank webinar series and the mass support sector are expected to boost stakeholder interest in non oil exports and generate new revenue streams for the general well being of Nigerians Source NAN
    Harnessing non-oil exports to diversify Nigeria’s revenue
      An analysis by the Nigerian News Agency It is no longer news that oil price shocks have negatively affected the country s revenues over the years The dwindling oil revenues worsened like a pandemic so economic managers had to think creatively about how to boost the country s revenues for growth and development The federal government soon realized that a strong non oil export base was no longer a policy option it had to rapidly grow its non oil exports Surprisingly Nigeria s non oil exports increased a penny to N2 07 billion in 2020 from N1 74 billion achieved in 2019 Data released by the Export Promotion Council listed some of the top non oil export products such as cocoa beans sesame seeds cashews and urea Others are aluminum ingots finished hides soy flour cocoa butter shrimp and frozen processed crabs among others This shows that non oil exports have the potential to stimulate the growth of the Nigerian economy if properly harnessed In fact the federal government had introduced different agricultural schemes to support the nation s diversification agenda Some of these schemes were the Agricultural Credit Scheme Fund ACGSF the Agricultural Credit Support Scheme ACSS the Commercial Agricultural Credit Scheme CAC the Anchor Borrower Program and the implementation of the Facility Program Export Expansion of N50 billion With Nigeria finally signing the African Continental Free Trade Area AfCFTA on November 11 2020 it becomes imperative to strengthen the country s non oil exports to take advantage of the AfCFTA The agreement which establishes a single market for goods and services in 54 countries allows the free movement of business and investment travelers and creates a unified customs union to streamline trade on the continent Dr Adesola Adeduntan CEO of FirstBank believes that AfCFTA is a true platform for Nigeria to properly position itself to become Africa s export hub According to him the non oil sector has enormous value and opportunities for the country to enhance job and wealth creation foreign exchange earnings and gross domestic product GDP growth This can be achieved considering our population resources and economic size At FirstBank we have been at the forefront of driving economic growth and will use our reach and connection to orchestrate growth in the non oil sector he said Adeduntan said that to further the goal the bank had created an Export Table to support the needs of exporters including the design of export products and solutions to cater for pre export and post export fiction and services Adeduntan said the bank will continue to demonstrate its support for driving sustainable income in growing the economy s product and service offerings for export trade services spanning agriculture structured trade and commodity manufacturing and treasury Pursuant to that mandate First Bank of Nigeria Ltd recently convened a non oil exports webinar the first of its kind The theme of the webinar series was Promoting the Sustainable Export of Non Petroleum Products in Nigeria Seize opportunities within the AfCFTA and agricultural produce Participants in the webinar deliberated on opportunities that would enhance the country s momentum toward diversifying the economy there in oil Adeduntan assured participants that the bank will leverage its vast experience in supporting commercial enterprises especially small and medium sized enterprises SMEs to support the federal government s efforts to diversify the income base of the economy Dr Biodun Adedipe chief consultant at B Adedipe Associates Ltd agreed with Adeduntan that the country needed to shift its orientation towards an export led or import substitution growth economy Adedipe noted that the world in which Nigeria operated in the pre COVID 19 pandemic was rapidly disappearing highlighting the need to pay more attention to the country s non oil export industry According to him there is a need to build supporting infrastructure to help export companies as it was done deliberately to boost economic growth He added that aggressive targets must be set and rigorous measures applied If Nigeria does not act other countries will act on us Adedipe said Commenting Dr Ezra Yakusak Executive Director of the Nigerian Export Promotion Council NEPC said that the council developed the zero oil plan in 2016 as a strategy to shore up currencies through the non oil sector Yakusak added that following the drop in international crude prices the Zero Oil Plan was developed leveraging the AfCFTA in response to the 2016 recession in preparation for a world in which crude is less relevant He said the Zero Oil Plan was a strategy to boost foreign exchange through non oil sector export policies for 22 major products that could generate up to 30 billion in foreign exchange in one year He added that the plan implied the start of export projects and investment monitoring in each state of the federation as part of the One State One Product OSOP scheme Yakusak representing Akintunde NEPC s deputy director said an export policy was developed through the plan for 22 major products that could generate 30 billion annually According to him the council is preparing and positioning SMEs for AfCFTA through various trainings programs and incentives He said NEPC was working closely with Afrexim Bank and ITC to ensure Nigeria was ready for AfCFTA especially Export Trading Company In addition Comptroller Malanta Yusuf Custom Area Controller Apapa advised exporters to familiarize themselves with the items that can be exported and those that are on prohibited lists He also advised them on a clear description of the products and proper packaging to facilitate acceptance of the products Also speaking Eric Intong Regional Operations Director Anglophone West Africa Afreximbank said the bank developed various products programs and initiatives to boost intra African trade Intong said that to support the AfCFTA the bank would spend 40 billion on intra African trade and investment in fiction over the next five years double the amount spent for the same purpose in the past four years Initiatives such as the FirstBank webinar series and the mass support sector are expected to boost stakeholder interest in non oil exports and generate new revenue streams for the general well being of Nigerians Source NAN
    Harnessing non-oil exports to diversify Nigeria’s revenue
    Features1 year ago

    Harnessing non-oil exports to diversify Nigeria’s revenue

    An analysis by the Nigerian News Agency

    It is no longer news that oil price shocks have negatively affected the country's revenues over the years.

    The dwindling oil revenues worsened like a pandemic, so economic managers had to think creatively about how to boost the country's revenues for growth and development.

    The federal government soon realized that a strong non-oil export base was no longer a policy option: it had to rapidly grow its non-oil exports.

    Surprisingly, Nigeria's non-oil exports increased a penny to N2.07 billion in 2020 from N1.74 billion achieved in 2019.

    Data released by the Export Promotion Council listed some of the top non-oil export products such as cocoa beans, sesame seeds, cashews and urea.

    Others are: aluminum ingots, finished hides, soy flour, cocoa butter, shrimp and frozen processed crabs, among others.

    This shows that non-oil exports have the potential to stimulate the growth of the Nigerian economy, if properly harnessed.

    In fact, the federal government had introduced different agricultural schemes to support the nation's diversification agenda.

    Some of these schemes were: the Agricultural Credit Scheme Fund (ACGSF), the Agricultural Credit Support Scheme (ACSS), the Commercial Agricultural Credit Scheme (CAC), the Anchor Borrower Program and the implementation of the Facility Program. Export Expansion of N50 billion.

    With Nigeria finally signing the African Continental Free Trade Area (AfCFTA) on November 11, 2020, it becomes imperative to strengthen the country's non-oil exports to take advantage of the AfCFTA.

    The agreement, which establishes a single market for goods and services in 54 countries, allows the free movement of business and investment travelers, and creates a unified customs union to streamline trade on the continent.

    Dr. Adesola Adeduntan, CEO of FirstBank, believes that AfCFTA is a true platform for Nigeria to properly position itself to become Africa's export hub.

    According to him, the non-oil sector has enormous value and opportunities for the country to enhance job and wealth creation, foreign exchange earnings, and gross domestic product (GDP) growth.

    “This can be achieved considering our population, resources and economic size.

    "At FirstBank, we have been at the forefront of driving economic growth and will use our reach and connection to orchestrate growth in the non-oil sector," he said.

    Adeduntan said that to further the goal, the bank had created an Export Table to support the needs of exporters, including the design of export products and solutions to cater for pre-export and post-export fiction and services.

    Adeduntan said the bank will continue to demonstrate its support for driving sustainable income in growing the economy's product and service offerings for export trade services spanning agriculture, structured trade and commodity manufacturing, and treasury.

    Pursuant to that mandate, First Bank of Nigeria Ltd. recently convened a non-oil exports webinar, the first of its kind.

    The theme of the webinar series was: “Promoting the Sustainable Export of Non-Petroleum Products in Nigeria; Seize opportunities within the AfCFTA and agricultural produce. "

    Participants in the webinar deliberated on opportunities that would enhance the country's momentum toward diversifying the economy, there in oil.

    Adeduntan assured participants that the bank will leverage its vast experience in supporting commercial enterprises, especially small and medium-sized enterprises (SMEs) to support the federal government's efforts to diversify the income base of the economy.

    Dr. Biodun Adedipe, chief consultant at B. Adedipe Associates Ltd., agreed with Adeduntan that the country needed to shift its orientation towards an export-led or import-substitution growth economy.

    Adedipe noted that the world in which Nigeria operated in the pre-COVID-19 pandemic was rapidly disappearing, highlighting the need to pay more attention to the country's non-oil export industry.

    According to him, there is a need to build supporting infrastructure to help export companies, as it was done deliberately to boost economic growth.

    He added that aggressive targets must be set and rigorous measures applied.

    "If Nigeria does not act, other countries will act on us," Adedipe said.

    Commenting, Dr. Ezra Yakusak, Executive Director of the Nigerian Export Promotion Council (NEPC), said that the council developed the zero oil plan in 2016 as a strategy to shore up currencies through the non-oil sector.

    Yakusak added that following the drop in international crude prices, the Zero Oil Plan was developed leveraging the AfCFTA in response to the 2016 recession in preparation for a world in which crude is less relevant.

    He said the Zero Oil Plan was a strategy to boost foreign exchange through non-oil sector export policies for 22 major products that could generate up to $ 30 billion in foreign exchange in one year.

    He added that the plan implied the start of export projects and investment monitoring in each state of the federation as part of the One State One Product (OSOP) scheme.

    Yakusak, representing Akintunde, NEPC's deputy director, said an export policy was developed through the plan for 22 major products that could generate $ 30 billion annually.

    According to him, the council is preparing and positioning SMEs for AfCFTA through various trainings, programs and incentives.

    He said NEPC was working closely with Afrexim Bank and ITC, to ensure Nigeria was ready for AfCFTA, especially Export Trading Company.

    In addition, Comptroller Malanta Yusuf, Custom Area Controller, Apapa, advised exporters to familiarize themselves with the items that can be exported and those that are on prohibited lists.

    He also advised them on a clear description of the products and proper packaging to facilitate acceptance of the products.

    Also speaking, Eric Intong, Regional Operations Director, Anglophone West Africa, Afreximbank, said the bank developed various products, programs and initiatives to boost intra-African trade.

    Intong said that to support the AfCFTA, the bank would spend $ 40 billion on intra-African trade and investment in fiction over the next five years, double the amount spent for the same purpose in the past four years.

    Initiatives such as the FirstBank webinar series and the mass support sector are expected to boost stakeholder interest in non-oil exports and generate new revenue streams for the general well-being of Nigerians.

    Source: NAN

  •   The Minister of Energy Abubakar Aliyu has mobilized the sum of 40 million naira from companies for the Potiskum Education Appeal Fund which is part of the mobilization of resources for the take off of the Yobe State Education Trust Fund The minister mobilized the support of Sermatech Nigeria Ltd Mothercat Nigeria Ltd CCECC Nigeria Ltd and Sake Machines Ltd who each donated N10million Mr Alisyu also praised the vision of the state governor Mai Mala Buni for establishing the trust fund for education and his commitment to putting the state of Yobe at the forefront in the area of education The minister urged all Yobeans Nigerians and the world at large to support the effort to revive education in the state by reaching out to individuals organizations and other stakeholders both in Nigeria and around the world He described education as everyone s responsibility In a personal capacity the minister donated N3 million on behalf of himself and his family The minister added that he will continue to seek support to revive education in Yobe state
    Minister of Power mobilizes N40 million from companies for Yobe Education Fund
      The Minister of Energy Abubakar Aliyu has mobilized the sum of 40 million naira from companies for the Potiskum Education Appeal Fund which is part of the mobilization of resources for the take off of the Yobe State Education Trust Fund The minister mobilized the support of Sermatech Nigeria Ltd Mothercat Nigeria Ltd CCECC Nigeria Ltd and Sake Machines Ltd who each donated N10million Mr Alisyu also praised the vision of the state governor Mai Mala Buni for establishing the trust fund for education and his commitment to putting the state of Yobe at the forefront in the area of education The minister urged all Yobeans Nigerians and the world at large to support the effort to revive education in the state by reaching out to individuals organizations and other stakeholders both in Nigeria and around the world He described education as everyone s responsibility In a personal capacity the minister donated N3 million on behalf of himself and his family The minister added that he will continue to seek support to revive education in Yobe state
    Minister of Power mobilizes N40 million from companies for Yobe Education Fund
    Headlines1 year ago

    Minister of Power mobilizes N40 million from companies for Yobe Education Fund

    The Minister of Energy, Abubakar Aliyu, has mobilized the sum of 40 million naira from companies for the Potiskum Education Appeal Fund, which is part of the mobilization of resources for the take-off of the Yobe State Education Trust Fund.

    The minister mobilized the support of Sermatech Nigeria Ltd, Mothercat Nigeria Ltd, CCECC Nigeria Ltd and Sake Machines Ltd, who each donated N10million.

    Mr. Alisyu also praised the vision of the state governor, Mai Mala Buni, for establishing the trust fund for education and his commitment to putting the state of Yobe at the forefront in the area of ​​education.

    The minister urged all Yobeans, Nigerians and the world at large to support the effort to revive education in the state by reaching out to individuals, organizations and other stakeholders both in Nigeria and around the world.

    He described education as everyone's responsibility.

    In a personal capacity, the minister donated N3 million on behalf of himself and his family.

    The minister added that he will continue to seek support to revive education in Yobe state.

  •   On Wednesday the Lagos state government began the final 24 hour construction works on the Alaba interchange bridge linking the Lagos Badagry highway with the Apapa Oshodi highway A Nigerian News Agency correspondent on the construction team reports that some 400 meters have already completed part of the bridge on the Lagos Badagry Highway which is being widened Heavy duty concrete pumps were seen transferring concrete to various forms in a section of approximately 600 meters that is being built from the full part to link the Apapa Oshodi highway Formworks are wooden frames that function like cubes or shells where freshly mixed concrete is stored in different ways before solidifying to become a permanent structure Rotimi Thomas Permanent Secretary of the Office of Infrastructure Lagos State Ministry of Works and Infrastructure who led the team told reporters that the work on the Alaba Link Bridge included the casting of three span girder girders He said it would take 24 hours to complete the continuous casting We are carrying out huge concrete works at the Alaba interchange Previously the deck has been finished There is a box girder that needs to be fixed at Akinwande on the highway Thomas said Section One of the Lagos Badagry Highway project is being managed by the Civil Engineering Construction Company CCECC It is State Government supervised and divided into segments He said the Alaba Interchange portion of the project is included in Section Two adding that construction would bring the project to the Second Rainbow bus stop area on the Apapa Oshodi highway It is going to fly over the Apapa Oshodi highway for this segment we are 50 percent in it he said Welcoming 75 Level 400 and Level 500 students from the University of Lagos UNILAG who came to see the project Thomas said that the bridge work was part of the massive project awarded about 10 years ago He said that around 300 tons of reinforcement and around 600 cubic volumes of concrete will go into continuous 24 hour construction He said the invitation to UNILAG students was for them to have first hand knowledge of the construction under the leadership of Governor Babajide Sanwo Olu a student of the institution Mr Lateef Shomide Project Director at the Lagos Badagry Highway said that massive reinforcements were simultaneously taking place at the Iyana Iba Interchange which flies to LASU Iba Road on the highway He said the interchange was going to be three times the size of the Alaba interchange and would gobble up some 2 500 cubic meters of concrete and more than 550 tons of reinforcement The reinforcement is ongoing but we are likely to launch that one from God in January he said The Project Manager CCECC Mr Jiang Yaowu said that construction was progressing rapidly while progress was recorded on various sections of the road Yaowu said land acquisition problems financing and rising construction material prices were some of the challenges that plagued the project Dr Adeyemi Adebote a UNILAG transportation engineer who represented the civil and environmental engineering departments led the students to the site He expressed his joy at the opportunity given to the students to experience hands on construction Some of the students including Ms Azumta Ibiam a 500 level student she spoke with said they were excited to have practical knowledge to help better understand the theoretical aspects of engineering courses informs that the reconstruction of the Lagos Badagry Highway Lot 2A from Mazamaza to Okokomaiko with a distance of 14 8 km is an ongoing project awarded by the Government to Messrs CCECC Nigeria Ltd The Alaba Interchange Bridge is one of three interchange bridges currently under construction in the corridor The purpose of the interchange bridge is to carry traffic from the toll lanes on both sides of the Lagos Badagry highway and connect them with the service lanes and other inland roads The one kilometer Alaba Interchange Bridge when completed will carry traffic from the Lagos Badagry Highway along Akinwande Road via the Apapa Oworonshoki Highway to the Second Rainbow bus stop section of the Apapa Highway Oworonshoki It is a main link road with the city of FESTAC Source NAN
    Lagos State completes interchange flyover linking Lagos-Badagry Expressway to Apapa-Oshodi
      On Wednesday the Lagos state government began the final 24 hour construction works on the Alaba interchange bridge linking the Lagos Badagry highway with the Apapa Oshodi highway A Nigerian News Agency correspondent on the construction team reports that some 400 meters have already completed part of the bridge on the Lagos Badagry Highway which is being widened Heavy duty concrete pumps were seen transferring concrete to various forms in a section of approximately 600 meters that is being built from the full part to link the Apapa Oshodi highway Formworks are wooden frames that function like cubes or shells where freshly mixed concrete is stored in different ways before solidifying to become a permanent structure Rotimi Thomas Permanent Secretary of the Office of Infrastructure Lagos State Ministry of Works and Infrastructure who led the team told reporters that the work on the Alaba Link Bridge included the casting of three span girder girders He said it would take 24 hours to complete the continuous casting We are carrying out huge concrete works at the Alaba interchange Previously the deck has been finished There is a box girder that needs to be fixed at Akinwande on the highway Thomas said Section One of the Lagos Badagry Highway project is being managed by the Civil Engineering Construction Company CCECC It is State Government supervised and divided into segments He said the Alaba Interchange portion of the project is included in Section Two adding that construction would bring the project to the Second Rainbow bus stop area on the Apapa Oshodi highway It is going to fly over the Apapa Oshodi highway for this segment we are 50 percent in it he said Welcoming 75 Level 400 and Level 500 students from the University of Lagos UNILAG who came to see the project Thomas said that the bridge work was part of the massive project awarded about 10 years ago He said that around 300 tons of reinforcement and around 600 cubic volumes of concrete will go into continuous 24 hour construction He said the invitation to UNILAG students was for them to have first hand knowledge of the construction under the leadership of Governor Babajide Sanwo Olu a student of the institution Mr Lateef Shomide Project Director at the Lagos Badagry Highway said that massive reinforcements were simultaneously taking place at the Iyana Iba Interchange which flies to LASU Iba Road on the highway He said the interchange was going to be three times the size of the Alaba interchange and would gobble up some 2 500 cubic meters of concrete and more than 550 tons of reinforcement The reinforcement is ongoing but we are likely to launch that one from God in January he said The Project Manager CCECC Mr Jiang Yaowu said that construction was progressing rapidly while progress was recorded on various sections of the road Yaowu said land acquisition problems financing and rising construction material prices were some of the challenges that plagued the project Dr Adeyemi Adebote a UNILAG transportation engineer who represented the civil and environmental engineering departments led the students to the site He expressed his joy at the opportunity given to the students to experience hands on construction Some of the students including Ms Azumta Ibiam a 500 level student she spoke with said they were excited to have practical knowledge to help better understand the theoretical aspects of engineering courses informs that the reconstruction of the Lagos Badagry Highway Lot 2A from Mazamaza to Okokomaiko with a distance of 14 8 km is an ongoing project awarded by the Government to Messrs CCECC Nigeria Ltd The Alaba Interchange Bridge is one of three interchange bridges currently under construction in the corridor The purpose of the interchange bridge is to carry traffic from the toll lanes on both sides of the Lagos Badagry highway and connect them with the service lanes and other inland roads The one kilometer Alaba Interchange Bridge when completed will carry traffic from the Lagos Badagry Highway along Akinwande Road via the Apapa Oworonshoki Highway to the Second Rainbow bus stop section of the Apapa Highway Oworonshoki It is a main link road with the city of FESTAC Source NAN
    Lagos State completes interchange flyover linking Lagos-Badagry Expressway to Apapa-Oshodi
    General news1 year ago

    Lagos State completes interchange flyover linking Lagos-Badagry Expressway to Apapa-Oshodi

    On Wednesday, the Lagos state government began the final 24-hour construction works on the Alaba interchange bridge linking the Lagos-Badagry highway with the Apapa-Oshodi highway.

    A Nigerian News Agency correspondent on the construction team reports that some 400 meters have already completed part of the bridge on the Lagos-Badagry Highway which is being widened.

    Heavy duty concrete pumps were seen transferring concrete to various forms in a section of approximately 600 meters that is being built from the full part to link the Apapa-Oshodi highway.

    Formworks are wooden frames that function like cubes or shells where freshly mixed concrete is stored in different ways before solidifying to become a permanent structure.

    Rotimi Thomas, Permanent Secretary of the Office of Infrastructure, Lagos State Ministry of Works and Infrastructure, who led the team, told reporters that the work on the Alaba Link Bridge included the casting of three-span girder girders. .

    He said it would take 24 hours to complete the continuous casting.

    “We are carrying out huge concrete works at the Alaba interchange. Previously, the deck has been finished. There is a box girder that needs to be fixed at Akinwande on the highway.

    Thomas said Section One of the Lagos-Badagry Highway project is being managed by the Civil Engineering Construction Company (CCECC).

    It is State Government supervised and divided into segments.

    He said the Alaba Interchange portion of the project is included in Section Two, adding that construction would bring the project to the "Second Rainbow" bus stop area on the Apapa-Oshodi highway.

    “It is going to fly over the Apapa-Oshodi highway; for this segment we are 50 percent in it, '' he said.

    Welcoming 75 Level 400 and Level 500 students from the University of Lagos (UNILAG), who came to see the project, Thomas said that the bridge work was part of the massive project awarded about 10 years ago.

    He said that around 300 tons of reinforcement and around 600 cubic volumes of concrete will go into continuous 24-hour construction.

    He said the invitation to UNILAG students was for them to have first-hand knowledge of the construction under the leadership of Governor Babajide Sanwo-Olu, a student of the institution.

    Mr. Lateef Shomide, Project Director at the Lagos-Badagry Highway, said that massive reinforcements were simultaneously taking place at the Iyana-Iba Interchange, which flies to LASU / Iba Road on the highway.

    He said the interchange was going to be three times the size of the Alaba interchange and would gobble up some 2,500 cubic meters of concrete and more than 550 tons of reinforcement.

    "The reinforcement is ongoing, but we are likely to launch that one, from God, in January," he said.

    The Project Manager, CCECC, Mr. Jiang Yaowu, said that construction was progressing rapidly while progress was recorded on various sections of the road.

    Yaowu said land acquisition problems, financing and rising construction material prices were some of the challenges that plagued the project.

    Dr. Adeyemi Adebote, a UNILAG transportation engineer who represented the civil and environmental engineering departments, led the students to the site.

    He expressed his joy at the opportunity given to the students to experience hands-on construction.

    Some of the students, including Ms. Azumta Ibiam, a 500-level student she spoke with, said they were excited to have practical knowledge to help better understand the theoretical aspects of engineering courses.

    informs that the reconstruction of the Lagos-Badagry Highway, Lot 2A, from Mazamaza to Okokomaiko with a distance of 14.8 km is an ongoing project awarded by the Government to Messrs. CCECC Nigeria Ltd.

    The Alaba Interchange Bridge is one of three interchange bridges currently under construction in the corridor.

    The purpose of the interchange bridge is to carry traffic from the toll lanes on both sides of the Lagos-Badagry highway and connect them with the service lanes and other inland roads.

    The one kilometer Alaba Interchange Bridge when completed will carry traffic from the Lagos-Badagry Highway along Akinwande Road via the Apapa-Oworonshoki Highway to the "Second Rainbow" bus stop section of the Apapa Highway -Oworonshoki.

    It is a main link road with the city of FESTAC.

    Source: NAN

  •   Nigeria and Israel have expressed their determination to prioritize investment in innovative youth research and programs to address poverty Vice President Yemi Osinbajo made this known in his keynote speech at the Innovative Grant for Aspiring Inventors and Researchers i FAIR 2 ceremony on Tuesday in Abuja Osinbajo was represented at the Science and Technology event Ogbonnaya Onu I FAIR 2 was organized in collaboration with the Office of the Vice President and Skill G Ltd Gregory University and DeNovo private sector organizations Osinbajo said Nigeria was not only great in the past Nigeria will be one of the largest nations in the world President Muhammadu Buhari is working very hard and we will provide him with all the necessary support to lay the solid foundation for this to be achieved There is no reason for our nation Nigeria or even Africa to be poor because we have everything that every other continent is looking for but these things were simply placed there for us by God Other nations and other continents that come to Africa take these resources to develop their country the question is why can t we do it We have young men and women who can compete As long as young people with dreams and determination come together and are prepared to work to change the world we must support them So we want to assure them that the government of President Buhari will support them He praised the i FAIR initiative for enabling young people to realize their dreams transform their ideas into inventions and also turn them into useful products He noted that Nigeria would no longer continue to import things Nigerians need into the country saying the jobs are exported to another nation Speaking Mr Yotam Kreiman Israel s Charg d affaires and Acting Ambassador to Nigeria said that the program was drawn up amid the challenges of the Covid 19 pandemic According to him looking back and seeing how far we ve come in building this initiative on a platform that elevates innovation and entrepreneurship in Nigeria is extraordinary Everyone present has been invited to this event because of the role they play in advancing the cause of innovation and entrepreneurship in Nigeria Israel invites each and every party represented here to collaborate and build more success stories like the i FAIR initiative To the i FAIR mentors and participants I congratulate you on the fascinating journey ahead of you over the next 6 months and look forward to presenting your results with pride said Yotam Also speaking the Speaker of the House of Representatives Mr Femi Gbajabiamila said that it is very necessary for the government to encourage young Nigerians to become innovators and inventors Gbajabiamila was represented by Olatubosun a member representing the federal constituency of Atisbo Saki West Saki East Oyo State and president of the Nigeria Israel Friendship Group 50 percent of GNP globally comes from innovation and if Nigeria does not want to be left behind we have to do everything we can to encourage young Nigerians Nigerians between the ages of 18 to 35 make up 65 percent of our population and that s massive whether it s in entertainment science or sports young Nigerians can compete with the best in the world I will be at the forefront of everything that will promote innovation in Nigeria to push for legislation that encourages Nigerians to excel in such endeavors said Gbajabiamila Speaking Prof Suleiman Bogoro Executive Secretary Trust Fund for Tertiary Education TETFund expressed his appreciation to Osinbajo for supporting the cause of youth innovation As person number two in this country he supports youth innovation In the 21st century knowledge defines the economy we cannot be different in the midst of knowledge it is innovative research that makes the difference What I call problem solving research Having this collection of great Nigerian citizens and leaders from around the world associated with innovation shows that they are willing to support us Nigerians must embrace the cause and make the best of it Bogoro said Meanwhile Prof Gregory Ibe Managing Director CEO of Skill G Nigeria Ltd has expressed his appreciation to Israel for the support towards the full realization of the i FAIR project Ibe who is also Founder Chancellor of Gregory University Uturu Abia State was represented by the President of ECOWAS Mr Edward Singhatey In congratulating you on being a part of i FAIR 2 I encourage you to make the best use of these facilities to devalue your ideas put them on paper Make sure you work with the experts here at Skill G and the mentors they provided for you Turn your ideas into prototypes because I know that one day one of your products will change this world said Ibe The Nigerian News Agency reports that i FAIR is a platform and acronym for the Innovation Startup Program for aspiring Nigerian inventors and researchers Source NAN
    Nigeria, Israel express determination to support youth innovative programmes
      Nigeria and Israel have expressed their determination to prioritize investment in innovative youth research and programs to address poverty Vice President Yemi Osinbajo made this known in his keynote speech at the Innovative Grant for Aspiring Inventors and Researchers i FAIR 2 ceremony on Tuesday in Abuja Osinbajo was represented at the Science and Technology event Ogbonnaya Onu I FAIR 2 was organized in collaboration with the Office of the Vice President and Skill G Ltd Gregory University and DeNovo private sector organizations Osinbajo said Nigeria was not only great in the past Nigeria will be one of the largest nations in the world President Muhammadu Buhari is working very hard and we will provide him with all the necessary support to lay the solid foundation for this to be achieved There is no reason for our nation Nigeria or even Africa to be poor because we have everything that every other continent is looking for but these things were simply placed there for us by God Other nations and other continents that come to Africa take these resources to develop their country the question is why can t we do it We have young men and women who can compete As long as young people with dreams and determination come together and are prepared to work to change the world we must support them So we want to assure them that the government of President Buhari will support them He praised the i FAIR initiative for enabling young people to realize their dreams transform their ideas into inventions and also turn them into useful products He noted that Nigeria would no longer continue to import things Nigerians need into the country saying the jobs are exported to another nation Speaking Mr Yotam Kreiman Israel s Charg d affaires and Acting Ambassador to Nigeria said that the program was drawn up amid the challenges of the Covid 19 pandemic According to him looking back and seeing how far we ve come in building this initiative on a platform that elevates innovation and entrepreneurship in Nigeria is extraordinary Everyone present has been invited to this event because of the role they play in advancing the cause of innovation and entrepreneurship in Nigeria Israel invites each and every party represented here to collaborate and build more success stories like the i FAIR initiative To the i FAIR mentors and participants I congratulate you on the fascinating journey ahead of you over the next 6 months and look forward to presenting your results with pride said Yotam Also speaking the Speaker of the House of Representatives Mr Femi Gbajabiamila said that it is very necessary for the government to encourage young Nigerians to become innovators and inventors Gbajabiamila was represented by Olatubosun a member representing the federal constituency of Atisbo Saki West Saki East Oyo State and president of the Nigeria Israel Friendship Group 50 percent of GNP globally comes from innovation and if Nigeria does not want to be left behind we have to do everything we can to encourage young Nigerians Nigerians between the ages of 18 to 35 make up 65 percent of our population and that s massive whether it s in entertainment science or sports young Nigerians can compete with the best in the world I will be at the forefront of everything that will promote innovation in Nigeria to push for legislation that encourages Nigerians to excel in such endeavors said Gbajabiamila Speaking Prof Suleiman Bogoro Executive Secretary Trust Fund for Tertiary Education TETFund expressed his appreciation to Osinbajo for supporting the cause of youth innovation As person number two in this country he supports youth innovation In the 21st century knowledge defines the economy we cannot be different in the midst of knowledge it is innovative research that makes the difference What I call problem solving research Having this collection of great Nigerian citizens and leaders from around the world associated with innovation shows that they are willing to support us Nigerians must embrace the cause and make the best of it Bogoro said Meanwhile Prof Gregory Ibe Managing Director CEO of Skill G Nigeria Ltd has expressed his appreciation to Israel for the support towards the full realization of the i FAIR project Ibe who is also Founder Chancellor of Gregory University Uturu Abia State was represented by the President of ECOWAS Mr Edward Singhatey In congratulating you on being a part of i FAIR 2 I encourage you to make the best use of these facilities to devalue your ideas put them on paper Make sure you work with the experts here at Skill G and the mentors they provided for you Turn your ideas into prototypes because I know that one day one of your products will change this world said Ibe The Nigerian News Agency reports that i FAIR is a platform and acronym for the Innovation Startup Program for aspiring Nigerian inventors and researchers Source NAN
    Nigeria, Israel express determination to support youth innovative programmes
    Economy1 year ago

    Nigeria, Israel express determination to support youth innovative programmes

    Nigeria and Israel have expressed their determination to prioritize investment in innovative youth research and programs to address poverty.

    Vice President Yemi Osinbajo made this known in his keynote speech at the Innovative Grant for Aspiring Inventors and Researchers (i-FAIR-2) ceremony on Tuesday in Abuja.

    Osinbajo was represented at the Science and Technology event, Ogbonnaya Onu

    I-FAIR-2 was organized in collaboration with the Office of the Vice President and Skill G Ltd., Gregory University and DeNovo, private sector organizations.

    Osinbajo said, “Nigeria was not only great in the past; Nigeria will be one of the largest nations in the world.

    “President Muhammadu Buhari is working very hard and we will provide him with all the necessary support to lay the solid foundation for this to be achieved.

    There is no reason for our nation Nigeria or even Africa to be poor, because we have everything that every other continent is looking for, but these things were simply placed there for us by God.

    “Other nations and other continents that come to Africa take these resources to develop their country; the question is why can't we do it?

    “We have young men and women who can compete; As long as young people with dreams and determination come together and are prepared to work to change the world, we must support them.

    "So we want to assure them that the government of President Buhari will support them."

    He praised the i-FAIR initiative for enabling young people to realize their dreams, transform their ideas into inventions and also turn them into useful products.

    He noted that Nigeria would no longer continue to import things Nigerians need into the country, saying the jobs are exported to another nation.

    Speaking, Mr. Yotam Kreiman, Israel's Chargé d'affaires and Acting Ambassador to Nigeria, said that the program was drawn up amid the challenges of the Covid-19 pandemic.

    According to him, looking back and seeing how far we've come in building this initiative on a platform that elevates innovation and entrepreneurship in Nigeria is extraordinary.

    “Everyone present has been invited to this event because of the role they play in advancing the cause of innovation and entrepreneurship in Nigeria.

    “Israel invites each and every party represented here to collaborate and build more success stories like the i-FAIR initiative.

    "To the i-FAIR mentors and participants, I congratulate you on the fascinating journey ahead of you over the next 6 months and look forward to presenting your results with pride," said Yotam.

    Also speaking, the Speaker of the House of Representatives, Mr. Femi Gbajabiamila, said that it is very necessary for the government to encourage young Nigerians to become innovators and inventors.

    Gbajabiamila was represented by Olatubosun, a member representing the federal constituency of Atisbo / Saki-West / Saki-East, Oyo State and president of the Nigeria-Israel Friendship Group.

    “50 percent of GNP globally comes from innovation and if Nigeria does not want to be left behind, we have to do everything we can to encourage young Nigerians.

    “Nigerians between the ages of 18 to 35 make up 65 percent of our population and that's massive, whether it's in entertainment, science or sports, young Nigerians can compete with the best in the world.

    "I will be at the forefront of everything that will promote innovation in Nigeria, to push for legislation that encourages Nigerians to excel in such endeavors," said Gbajabiamila.

    Speaking, Prof. Suleiman Bogoro, Executive Secretary, Trust Fund for Tertiary Education (TETFund), expressed his appreciation to Osinbajo for supporting the cause of youth innovation.

    “As person number two in this country, he supports youth innovation; In the 21st century, knowledge defines the economy, we cannot be different, in the midst of knowledge, it is innovative research that makes the difference.

    “What I call problem-solving research; Having this collection of great Nigerian citizens and leaders from around the world associated with innovation shows that they are willing to support us.

    "Nigerians must embrace the cause and make the best of it," Bogoro said.

    Meanwhile, Prof. Gregory Ibe, Managing Director / CEO of Skill “G” Nigeria Ltd, has expressed his appreciation to Israel for the support towards the full realization of the i-FAIR project.

    Ibe, who is also Founder / Chancellor of Gregory University, Uturu, Abia State, was represented by the President of ECOWAS, Mr. Edward Singhatey.

    “In congratulating you on being a part of i-FAIR-2, I encourage you to make the best use of these facilities to devalue your ideas, put them on paper.

    “Make sure you work with the experts here at Skill“ G ”and the mentors they provided for you.

    "Turn your ideas into prototypes, because I know that one day, one of your products will change this world," said Ibe.

    The Nigerian News Agency reports that i-FAIR is a platform and acronym for the Innovation Startup Program for aspiring Nigerian inventors and researchers.

    Source: NAN

  •   First Bank of Nigeria Ltd unveiled its first fully automated branch called FirstBank Digital Experience Center for clients FirstBank CEO Dr Adesola Adeduntan said this in a statement made available to reporters Tuesday in Lagos Mr Adeduntan said the digital experience center will provide customers with the ability to do various banking activities on their own without interacting with anyone He said the branch was a reinvention of digital banking solutions in the country as customers were exposed to a seamless world class banking experience The self service branch is built with a wide range of progressive modern banking facilities which include humanoid robots equipped with video banking and artificial intelligence AI Mr Adeduntan said According to him the device takes on the role of friendly branch staff Cash recyclers TCR Self service kiosks for non financial transactions such as updating the account He said he also played the role of Fast Track contactless ATMs Interactive smart screen to ensure efficient and comprehensive consultation with bank sales staff via remote video connection Other services include money transfer distribution of new ATM cards fixed deposit reservation between N100 000 00 to N5 000 000 00 card services and management check management email and phone number update among others With our Digital Experience Center we have reaffirmed our role as a pioneer of innovative technology driven solutions Our self service branch illustrates the future of banking in Nigeria and we remain committed to putting you our customers first he said Mr Adeduntan also noted that the FirstBank Digital Experience Center was being piloted by the bank s refurbished Adetokunbo Ademola branch on Victoria Island NOPE
    FirstBank unveils fully automated branch
      First Bank of Nigeria Ltd unveiled its first fully automated branch called FirstBank Digital Experience Center for clients FirstBank CEO Dr Adesola Adeduntan said this in a statement made available to reporters Tuesday in Lagos Mr Adeduntan said the digital experience center will provide customers with the ability to do various banking activities on their own without interacting with anyone He said the branch was a reinvention of digital banking solutions in the country as customers were exposed to a seamless world class banking experience The self service branch is built with a wide range of progressive modern banking facilities which include humanoid robots equipped with video banking and artificial intelligence AI Mr Adeduntan said According to him the device takes on the role of friendly branch staff Cash recyclers TCR Self service kiosks for non financial transactions such as updating the account He said he also played the role of Fast Track contactless ATMs Interactive smart screen to ensure efficient and comprehensive consultation with bank sales staff via remote video connection Other services include money transfer distribution of new ATM cards fixed deposit reservation between N100 000 00 to N5 000 000 00 card services and management check management email and phone number update among others With our Digital Experience Center we have reaffirmed our role as a pioneer of innovative technology driven solutions Our self service branch illustrates the future of banking in Nigeria and we remain committed to putting you our customers first he said Mr Adeduntan also noted that the FirstBank Digital Experience Center was being piloted by the bank s refurbished Adetokunbo Ademola branch on Victoria Island NOPE
    FirstBank unveils fully automated branch
    Headlines1 year ago

    FirstBank unveils fully automated branch

    First Bank of Nigeria Ltd. unveiled its first fully automated branch, called FirstBank Digital Experience Center for clients.

    FirstBank CEO Dr Adesola Adeduntan said this in a statement made available to reporters Tuesday in Lagos.

    Mr Adeduntan said the digital experience center will provide customers with the ability to do various banking activities on their own without interacting with anyone.

    He said the branch was a reinvention of digital banking solutions in the country as customers were exposed to a seamless world-class banking experience.

    “The self-service branch is built with a wide range of progressive modern banking facilities, which include humanoid robots equipped with video banking and artificial intelligence (AI),” Mr. Adeduntan said.

    According to him, the device takes on the role of friendly branch staff; Cash recyclers, TCR; Self-service kiosks for non-financial transactions such as updating the account.

    He said he also played the role of Fast Track (contactless) ATMs; Interactive smart screen to ensure efficient and comprehensive consultation with bank sales staff via remote video connection.

    “Other services include money transfer, distribution of new ATM cards; fixed deposit reservation between N100,000.00 to N5,000,000.00, card services and management, check management, email and phone number update, among others.

    “With our Digital Experience Center, we have reaffirmed our role as a pioneer of innovative technology-driven solutions.

    “Our self-service branch illustrates the future of banking in Nigeria and we remain committed to putting you, our customers, first,” he said.

    Mr Adeduntan also noted that the FirstBank Digital Experience Center was being piloted by the bank's refurbished Adetokunbo Ademola branch on Victoria Island.

    NOPE

  •   By Itohan Abara Laserian First Bank of Nigeria Ltd is committed to supporting startups and innovators in the fintech ecosystem by providing relevant data and infrastructure that would enable them to succeed FirstBank Managing Director CEO Dr Adesola Adeduntan made this promise at the bank s FinTech Summit 5 0 in Lagos The Nigeria News Agency reports that the summit which is the fifth in its series was themed Open Banking and its Derivatives Opportunities in the Financial Ecosystem Adeduntan said the summit was being organized to create a global brainstorming platform on the future of innovation in the financial services industry and particularly in the financial technology space The boss of FirstBank said part of the summit s goals were to help rapidly evolve the delivery of banking and financial services The summit provides us with a very good platform to hear from leading experts in the field as open data cloud technology artificial intelligence and how they work together to create the right environment for innovation or l evolution become important For us Open Banking demonstrates the practical merging of these variables presenting a potential that can redefine product development customer experience and overall value creation within the financial services system with a significant multiplier effect not only for players but also for consumers of financial services products We believe that there is enough space for continuous innovation and for us as an economy to quickly embrace it with the aim of materially improving the quality of public services in Nigeria As a more than 127 year old institution our bank is going through a series of industry transformations and will continue to play a leading role in shaping conversations about refining regulatory frameworks and shaping the industry not only for Open Banking but for all contemporary issues to be supported our industry We will also continue to demonstrate our support to fintech startups and innovators by providing them with relevant data support and infrastructure to enable them to scale appropriately through our SMEConnect platform said he declared Professor Ndubuisi Ekekwe Keynote Speaker and Senior Professor of the Tekedia Institute spoke about Open Banking The Grand Unification of Application Utility Age According to Ekekwe Open Banking is the mechanism by which banks are required to share their market data through APIs which are third party companies to help drive innovation Ekekwe said that thanks to APIs different companies will have access to customers He called for the development of the credit system to grow the economy noting that Open Banking could create the credit architecture to help individuals rise in the economic ecosystem Open Banking gives us a very large toll it allows you to share customer data as a bank with trusted third parties through APIs without any form of privacy breach or risk It gives retail customers the ability to aggregate their data and through the analytics system you can get insight into what s going on in your banking experience There will be no catalytic evolution of Nigeria s economic architecture without a credit system which we urgently need to have the opportunity to develop our economy I think open banking through data aggregation and analytics system can also bring a national credit architecture that will allow each of us to rise up and imagine that every person with a BVN will have a credit rating Ekekwe said The Deputy Director of the Central Bank of Nigeria Payments System Mr Musa Jimoh represented by Mr Olubukola Akinwunmi of the apex bank said the framework specifically addresses the risk management that needs to be built Jimoh said At the end of the day when we fully open the banking system we take care of the top customer concerns One of the main aspects of open banking is the ledger The current framework has already indicated that the bank will engage industry stakeholders to come up with defined guidelines on how a number of the framework s positions will be translated into operations he said He said the Open Banking ledger would promote transparency and ensure customers know who they are dealing with he added reports that other leading players in the fintech space in a panel discussed the issues surrounding Open Banking and the guaranteed prospects for the Nigerian financial services industry as well as the economy in general www Source NAN
    FirstBank pledges support for startups, innovators in fintech ecosystem
      By Itohan Abara Laserian First Bank of Nigeria Ltd is committed to supporting startups and innovators in the fintech ecosystem by providing relevant data and infrastructure that would enable them to succeed FirstBank Managing Director CEO Dr Adesola Adeduntan made this promise at the bank s FinTech Summit 5 0 in Lagos The Nigeria News Agency reports that the summit which is the fifth in its series was themed Open Banking and its Derivatives Opportunities in the Financial Ecosystem Adeduntan said the summit was being organized to create a global brainstorming platform on the future of innovation in the financial services industry and particularly in the financial technology space The boss of FirstBank said part of the summit s goals were to help rapidly evolve the delivery of banking and financial services The summit provides us with a very good platform to hear from leading experts in the field as open data cloud technology artificial intelligence and how they work together to create the right environment for innovation or l evolution become important For us Open Banking demonstrates the practical merging of these variables presenting a potential that can redefine product development customer experience and overall value creation within the financial services system with a significant multiplier effect not only for players but also for consumers of financial services products We believe that there is enough space for continuous innovation and for us as an economy to quickly embrace it with the aim of materially improving the quality of public services in Nigeria As a more than 127 year old institution our bank is going through a series of industry transformations and will continue to play a leading role in shaping conversations about refining regulatory frameworks and shaping the industry not only for Open Banking but for all contemporary issues to be supported our industry We will also continue to demonstrate our support to fintech startups and innovators by providing them with relevant data support and infrastructure to enable them to scale appropriately through our SMEConnect platform said he declared Professor Ndubuisi Ekekwe Keynote Speaker and Senior Professor of the Tekedia Institute spoke about Open Banking The Grand Unification of Application Utility Age According to Ekekwe Open Banking is the mechanism by which banks are required to share their market data through APIs which are third party companies to help drive innovation Ekekwe said that thanks to APIs different companies will have access to customers He called for the development of the credit system to grow the economy noting that Open Banking could create the credit architecture to help individuals rise in the economic ecosystem Open Banking gives us a very large toll it allows you to share customer data as a bank with trusted third parties through APIs without any form of privacy breach or risk It gives retail customers the ability to aggregate their data and through the analytics system you can get insight into what s going on in your banking experience There will be no catalytic evolution of Nigeria s economic architecture without a credit system which we urgently need to have the opportunity to develop our economy I think open banking through data aggregation and analytics system can also bring a national credit architecture that will allow each of us to rise up and imagine that every person with a BVN will have a credit rating Ekekwe said The Deputy Director of the Central Bank of Nigeria Payments System Mr Musa Jimoh represented by Mr Olubukola Akinwunmi of the apex bank said the framework specifically addresses the risk management that needs to be built Jimoh said At the end of the day when we fully open the banking system we take care of the top customer concerns One of the main aspects of open banking is the ledger The current framework has already indicated that the bank will engage industry stakeholders to come up with defined guidelines on how a number of the framework s positions will be translated into operations he said He said the Open Banking ledger would promote transparency and ensure customers know who they are dealing with he added reports that other leading players in the fintech space in a panel discussed the issues surrounding Open Banking and the guaranteed prospects for the Nigerian financial services industry as well as the economy in general www Source NAN
    FirstBank pledges support for startups, innovators in fintech ecosystem
    Banking1 year ago

    FirstBank pledges support for startups, innovators in fintech ecosystem

    By Itohan Abara-Laserian

    First Bank of Nigeria Ltd. is committed to supporting startups and innovators in the fintech ecosystem by providing relevant data and infrastructure that would enable them to succeed.

    FirstBank Managing Director / CEO Dr Adesola Adeduntan made this promise at the bank's FinTech Summit 5.0 in Lagos.

    The Nigeria News Agency reports that the summit, which is the fifth in its series, was themed: “Open Banking and its Derivatives Opportunities in the Financial Ecosystem”.

    Adeduntan said the summit was being organized to create a global brainstorming platform on the future of innovation in the financial services industry and particularly in the financial technology space.

    The boss of FirstBank said part of the summit's goals were to help rapidly evolve the delivery of banking and financial services.

    “The summit provides us with a very good platform to hear from leading experts in the field, as open data, cloud technology, artificial intelligence and how they work together to create the right environment for innovation or l evolution become important.

    “For us, Open Banking demonstrates the practical merging of these variables, presenting a potential that can redefine product development, customer experience and overall value creation within the financial services system with a significant multiplier effect, not only for players but also for consumers of financial services products. .

    “We believe that there is enough space for continuous innovation and for us as an economy to quickly embrace it with the aim of materially improving the quality of public services in Nigeria.

    “As a more than 127-year-old institution, our bank is going through a series of industry transformations and will continue to play a leading role in shaping conversations about refining regulatory frameworks and shaping the industry not only. for Open Banking, but for all contemporary issues to be supported. our industry.

    “We will also continue to demonstrate our support to fintech startups and innovators by providing them with relevant data, support and infrastructure to enable them to scale appropriately, through our SMEConnect platform,” said he declared.

    Professor Ndubuisi Ekekwe, Keynote Speaker and Senior Professor of the Tekedia Institute, spoke about: “Open Banking: The Grand Unification of Application Utility Age”.

    According to Ekekwe, Open Banking is the mechanism by which banks are required to share their market data through APIs, which are third-party companies, to help drive innovation.

    Ekekwe said that thanks to APIs, different companies will have access to customers.

    He called for the development of the credit system to grow the economy, noting that Open Banking could create the credit architecture to help individuals rise in the economic ecosystem.

    “Open Banking gives us a very large toll, it allows you to share customer data as a bank with trusted third parties through APIs without any form of privacy breach or risk.

    “It gives retail customers the ability to aggregate their data and, through the analytics system, you can get insight into what's going on in your banking experience.

    “There will be no catalytic evolution of Nigeria's economic architecture without a credit system, which we urgently need to have the opportunity to develop our economy.

    "I think open banking through data aggregation and analytics system can also bring a national credit architecture that will allow each of us to rise up and imagine that every person with a BVN will have a credit rating, ”Ekekwe said.

    The Deputy Director of the Central Bank of Nigeria Payments System, Mr. Musa Jimoh, represented by Mr. Olubukola Akinwunmi of the apex bank, said the framework specifically addresses the risk management that needs to be built.

    Jimoh said, “At the end of the day, when we fully open the banking system, we take care of the top customer concerns.

    “One of the main aspects of open banking is the ledger.

    “The current framework has already indicated that the bank will engage industry stakeholders to come up with defined guidelines on how a number of the framework's positions will be translated into operations,” he said.

    He said the Open Banking ledger would promote transparency and ensure customers know who they are dealing with, ”he added.

    reports that other leading players in the fintech space in a panel discussed the issues surrounding Open Banking and the guaranteed prospects for the Nigerian financial services industry as well as the economy in general. (www.)

    Source: NAN

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