NEWS AGENCY OF NIGERIA
Data & Analysis

E-Naira: Why Nigeria’s digital currency is struggling

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By Ibukun Emiola (News Agency of Nigeria)

The e-Naira also known as the Nigerian digital currency was launched and activated on Oct. 5, 2021 by former President Muhammad Buhari, under the slogan: “Same Naira, More Possibilities”.

 

But why have Nigerians not adopted the platform as expected by the initiators? Were the possibilities with the platform elusive to the target customers?

 

Like some other Nigerians, a Lab Scientist, Mr Demola Okunola, claimed they knew nothing about the e-Naira and the possibilities it could achieve.

 

Okunola wondered about the need for the platform and how it could serve Nigerians as many electronic platforms perform similar functions.

 

“I know nothing about the e-naira and what it is supposed to do,” he said.

 

According to reports, the digital currency platform has been sluggish as less than 0.5 per cent of Nigerians are using it after a year of its launch, in spite of discounts to encourage its adoption.

 

Wikipedia reports, as of 2024, indicated that most wallets were reportedly inactive with barriers such as weak technology infrastructure, unreliable electricity, the lack of training for financial employees, anxieties about data privacy and financial crime, and low trusts in government.

 

An ICT expert, Mr Emmanuel Nkom, stated that he adopted the platform when it was introduced but couldn’t do much with it.

 

He alleged that the introduction of the policy was to clamp down on crypto currency and after the launch, there was no activity on the wallet he created.

 

“I didn’t see any benefits or incentives for using it or what difference is it from our native banking system. There was really no noise about it after the start,” Nkom said.

 

According to experts, more important is the lack of a financial inclusion policy; it excludes people without existing bank accounts.

 

 

 

 

Experts’ opinion on digital currency

 

According to a report by Access to Finance survey, as of 2023 about 26 per cent of the Nigerian populace is financially excluded while the financially included population rose to 74 per cent (formal and informal).

 

Considerable efforts from platforms like Opay and Moniepoint have helped to reduce the number of those excluded according to the industry’s experts.

 

A banker, who spoke to the News Agency of Nigeria(NAN), said the first thing to note is what problem was e-Naira meant to solve, and what is the issue surrounding creating e-Naira.

 

“In other parts of the world where digital currency has been used, the main problem solved will always be a means of exchange for goods and services and in those cases, it’s usually used in international trade business.

 

“For example, you have the UDT which is the equivalent of digital dollar currency, you have the Bitcoin, you have Ethereum and all of these digital currencies are meant to provide settlement for international trade,” he said.

 

He stated that digital currencies were meant to be internationally acceptable as a means of exchange, not localised and they are basically created where the fiat currencies are in short supply to do trade settlements.

 

The banker said that UDT which is the dollar is affiliated to the USD. “We all know that the dollar is an international means of settling goods and services as there could not be enough paper dollars to go around internationally.

 

“So, when they came up with UDT, it was you know wise in that it’s now the digital version of USD that can be acceptable internationally to settle trades. The same thing for Bitcoin, same thing for Ethereum.

 

‘’When it came to the issue of e-Naira, to start with, it is only a local currency and the time it was pushed, the idea sold was that it was supposed to replace the physical Naira.

 

“But as you and I know, the Nigerian populace is not ripe enough for digital currency,” he said.

 

According to him, the level of literacy among Nigerian traders to accept digital currency in the form of the Naira is still low.

 

“The infrastructure that will drive it is still not well formed. The security architecture around it that will support the acceptability and give confidence to the adoption of this digital Naira currency is still not well developed.

 

“All of this summed up has not even given the owner of the initiative the ability to push it and to ask for the adoption of this digital currency,” he said.

 

He noted the need for financial inclusion to be a key agenda of the nation’s digital currency.

 

An Ex-banker, Mr Yomi Babalola said digital currency must factor in the inclusion of most of the unbanked populace.

 

Babalola added that the e-Naira should not jettison the physical Naira so as not to disenfranchise some set of people who were unbanked.

 

He noted that some sets of users of the current means of exchange are not well literate, and do not have enough gadgets to power the digital currency initiative.

 

“Before you can talk of e-Naira you must have a smartphone that will house the application and you must be able to have a know-how on how to navigate to the utilisation of this digital Naira.

 

“You must have to understand how the security around it works and we all know the level of literacy in the country,” Babalola said.

 

He stated that the greater proportion of the population was not yet ripe, in terms of being educated or well exposed, well knowledgeable about technological things for us to be able to drive it.

 

“The infrastructure for digital currency; do we have it? We rely on the telecommunication industry to provide data and stuff like that. Do we have the right infrastructure?

 

“The spread of this infrastructure, how the spread is you know telecommunication services in all the over 700 plus local government areas, not to talk of the wards, that will make this technology to go around and be well adopted,” Babalola said.

 

**If used, credit the writer and the News Agency of Nigeria (NAN)

 

***This report is produced under the DPI Africa Journalism Fellowship Programme of the Media Foundation for West Africa and Co-Develop.”

Data & Analysis

Public Building: Commission calls on organisations to comply with laws for PWDs

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By Collins Yakubu-Hammer

The National Commission for Persons with Disabilities (NCPWD) has called on organisations across the country to ensure compliance to accessibility law and regulations to make provisions for Persons with Disabilities (PWDs) to access their buildings.
The Executive Secretary of the Commission, Mr James Lalu, made the call during a ‘Disability Walk’ on Tuesday in Abuja.
According to Lalu, President Bola Tinubu has already signed the African Union Protocol on the Rights of Persons with Disabilities.
He added that the Discrimination Against Persons with Disabilities (Prohibition) Act, 2018 is still in effect.
“It show that the president is committed. And the Federal Government is making adequate budgetary allocation to meet up with the enforcement of the Act.
“This is to make sure that public buildings truly comply with the law. The Accessibility Department of the NCPWD is always available to provide technical support and assistance to every public building owner.
“We remain committed to an accessible environment for PWDs in Nigeria, including health sector, public sector and government buildings. The enforcement of the law will commence on Jan. 16, 2024.
“We are calling on the international community in Nigeria, all Embassies in Nigeria, Development Partners and other organisations to comply with the provisions of the law.
“This is what Nigeria wants; and this is what Nigeria is going to enforce and therefore, let everybody respect what Nigeria truly stands for,” Lalu said.
The NCPWD boss commended the Minister of Humanitarian Affairs and Poverty Alleviation for her commitment to provide the necessary back up support to the Commission in the enforcement of the law.
He further explained that the provision of the law provides for punishment, adding that the National Accessibility Regulation is also there to provide prescribed punished/fee/penalty.
He stressed that any public building that does not provide accessibility for PWDs would be sealed and it would only be unsealed if payment of fine is made by the organisation.
“A public building is defined as any building that is supposed to be accessible to citizens of the Federal Republic of Nigeria with a maximum person of 10 per day.
“Public building is not just a government office, but if you have a shop or supermarket that not less than 10 person can come into everyday, or an estate, it is supposed to be accessible to PWDs.
“We are also calling on governments to enforce the provision of this law that will take off on Jan. 16, 2024,” Lalu said. (NAN) (www.nannews.ng)

Edited by Vincent Obi

Troops of the Nigerian Army
Data & Analysis

Military neutralises 39 terrorists, arrests 157, rescues 109 hostages

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By Sumaila Ogbaje

Troops of the armed forces eliminated 39 terrorists, apprehended 159 others and rescued 109 hostages in different operations in the last two weeks

Director, Defence Media Operations, Maj.-Gen. Edward Buba, said this on Thursday in Abuja at a bi-weekly news briefing on military operations across the country.

He said troops of Operation Hadin Kai ambushed and arrested Boko Haram/ISWAP terrorists in Gwoza and Tarmuwa Local Government Areas of Borno and Yobe, respectively in the Northeast.

He said that the offensive led to the surrender by some terrorists at Gwoza area of Borno and resulted in the elimination of some others; the rescue of hostages and the recovery of arms and ammunition.

He added that in another operation, troops neutralised 11 terrorists, arrested 45 others and rescued 34 hostages within the period and recovered large cache of arms and ammunition.

According to him, troops recovered six AK47 rifles, one HK21 gun, one GPMG, one fabricated gun, 11 AK47 magazines and 34 rounds of 7.62mm special ammunition.

They also recovered 17 rounds of 7.62mm NATO, one bandolier, and seven empty cases of 7.62mm special, five motorcycles, eight mobile phones and N368, 950.

Buba said the air component of the operations acquired and engaged terrorists’ enclaves at Wulde in Borno, adding that the outcome was being monitored.

He said that in the North Central, troops of Operation Safe Haven neutralised two gunmen, rescued three hostages and arrested 15 crime suspects during the period.

He added that the troops arrested two suspects in Jema’a Local Government Area of Kaduna State, one of whom was a notorious armed robber on the wanted list of a security agency.

According to him, troops recovered three AK47 rifles, one fabricated AK47 rifles, one fabricated pistol, one Dane gun and 41 rounds of 7.62mm special ammunition in the state.

Operation Whirl Stroke the North Central also arrested a member of notorious violent extremist group in Ukum Local Government Area of Benue, neutralised terrorists and rescued hostages.

Buba said troops recovered one FN rifle, five rounds of 7.62mm NATO, and neutralised two terrorists, arrested 11 suspects and rescued six hostages.

The defence spokesman said troops of Operation Hadarin Daji in the Northwest neutralised 12 terrorists, arrested 33 others, rescued 40 hostages and recovered three AK47 rifles, 18 motorcycles and three mobile phones.

Buba also told newsmen that the air component of the military operations conducted an interdiction of terrorists at Sububu Forest in Kankara Local Government Area of Katsina State and degraded terrorists at the location. (NAN) (www.nannews.ng)

Edited by Alli Hakeem

Data & Analysis

Osun govt begins staff audit

30 total views today

 

By Victor Adeoti

Gov. Ademola Adeleke of Osun has commenced staff audit across the public service with a plan to fill existing vacancies within the education, health and other sub-sectors in the state.

 

This is contained in a statement by Malam Olawale Rasheed, the Spokesperson for the governor, on Saturday in Osogbo.

 

The statement said the exercise started with the biometric capture of the governor, his deputy and the Speaker of the House of Assembly at the governor’s office on Friday.

 

It said that data capturing was preceded by a close door meeting with the state labour leaders, where processes and procedures were concluded to ensure the protection and fulfilment of the interest of all stakeholders.

 

The statement said that the governor assured that the exercise was not a witch-hunt, but to strengthen the capacity of the state government to satisfy the needs of the workers, members of the public and the state leadership.

 

“I want to assure workers and other stakeholders that the staff audit is not a witch-hunt.

 

“Our administration has workers’ welfare as number one on our governance agenda. So, we will not take any action that will negatively affect formal and informal workers.

 

“The audit is to achieve several goals namely; cleaning up the payroll system, validating the actual number of state workforce and establishing areas of vacancies across various sectors of the public service.

 

“We need to authenticate the data of our workforce. We also need to confirm existing vacancies within the public service.

 

“I have earlier issued a directive for the collation of vacancies for teachers and health workers. The compilation is almost completed. The outcome will then provide what we call data driven management of our public service.

 

“We are ascertaining the number of teachers we need in our schools. Our team is checking out the number of science, English, Mathematics, Social Science and other teachers as well as which schools need what type of teachers.

 

“I assure the public that we are aware of the existing vacancies in our schools and health facilities.

 

“The audit report will provide a strong foundation for the recruitment of new teachers and health workers which our administration will embark upon after the ongoing exercise,” the governor said. (NAN)(www.nannews.ng)

 

Adited by Angela Okisor/Tayo Ikujuni

Data & Analysis

TEXEM UK congratulates Director, Goodluck Jonathan Foundation on prestigious Yale Fellowship

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Ann Iyonu

 

By Abigael Joshua

TEXEM UK, a leading consulting organisation dedicated to promoting excellence and societal development, has celebrated her alumnus Ann Iyonu, the Executive Director of the Goodluck Jonathan Foundation.

 

 

According to a statement on TEXEM’s website, Iyonu is congratated on being selected as one of the 16 prestigious Global Yale Fellows.

 

 

 

The recognition is a testament to Ann’s outstanding contributions to humanity and exemplary societal leadership, the statement from TEXEM’s Director of Special Projects, Caroline Lucas announced.

 

 

Ann Iyonu participated in and completed the TEXEM executive development programme, Building Resilient Organisations for sustainable success, which held between Aug. 22 and Aug. 24, 2022, in Birmingham, UK.

 

The Maurice R. Greenberg World Fellows Program at Yale University is renowned for its commitment to fostering global leadership and promoting internationalism.

 

 

As a core element of Yale’s ongoing dedication to nurturing leaders who can drive positive change worldwide, the programme has become synonymous with excellence and impact.

 

Thus, Iyonu’s selection as a Global Yale Fellow is a momentous achievement for Nigeria and the continent of Africa for recognising her remarkable achievements, strategic leadership and unwavering commitment to making society a better place.

 

 

Throughout her career, Iyonu has consistently displayed initiative, resilience, dynamism, and a vibrant spirit that has propelled her forward in her endeavours.

 

 

Her exceptional dedication to helping society and unwavering support for security, good governance, democracy, and societal betterment make her an outstanding leader.

 

 

While attending the TEXEM programme, she actively participated and portrayed impressive emotional intelligence and ability to think critically, infectious drive, commendable capacity to multitask and inestimable capability to inspire.

 

“TEXEM UK firmly believes that this prestigious global recognition will serve as a catalyst, inspiring Ann Iyonu to continue her remarkable work and make an even more significant impact on society.

 

 

 

“With this fellowship, Ann has been bestowed with an extraordinary opportunity to expand her influence, network, and knowledge, further empowering her to drive positive change on a global scale.

 

 

“Ann’s selection as a Global Yale Fellow reflects positively on the Goodluck Jonathan Foundation, an organisation dedicated to advancing democracy, good governance, and peace across Africa,” the statement affirmed.

 

 

It says her accomplishments highlight the Foundation’s commitment to fostering leadership and excellence in the service of humanity.

Dr Alim Abubakre, Founder of TEXEM, UK, says “that this global recognition of Ann Iyonu for her sterling qualities, impressive potential, and the positive difference she makes and will make in the future is a call for more service to humanity.

 

 

“Ann exemplifies the principle that hard work, dedication, altruism and societal leadership will always result in an enduring legacy.

 

 

“We hope her success thus far will spur her to do more and inspire others to emulate her”.

 

The statement elaborates that as Iyonu embarks on the prestigious fellowship journey starting in August, TEXEM UK cheers her on, offering unwavering support and encouragement. (NAN) (www.nannews.ng)

 

Edited by Razak Owolabi

 

 

 

 

 

 

 

 

 

 

 

 

 

Data & Analysis

FG moves to train 250,000 persons on data privacy, protection

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By Ruth Oketunde

The Federal Government has unveiled plans to train 250,000 data protection officers on enhanced management of data across organisations to safeguard the privacy of citizens.

Dr Vincent Olatunji, National Commissioner of the Nigeria Data Protection Bureau, (NDPB) made this known during a capacity building workshop for data protection officers in the public sector, in Abuja.

He said that there is need for data protection officers operating in the public sector to understand the difference between data security and data privacy as they carry out their duties.

He bemoaned the poor statistics of data expert operating in Nigeria, adding that the Bureau would not relent in its drive to build capacities and train data protection officers in the country.

“We will develop a pool of competent data protection experts in the country. This is first set of data protection observers that we are training so far.

“We have gone round ministries and parastatals, we have trained them. We have done for the Attorney-General office, we have done for NTA, we have done for VON, we have done for Federal Polytechnic Nekede, we are working with the office of the secretary general to conduct their own.

“We are also working with the Federal Ministry of Health. We are pulling different people from ministries and departments and this is the first batch and I want to really congratulate all of them.

“Data privacy protection ecosystem is still emerging globally.

“In Nigeria the number of data processors and controllers that we have identified are over 500,000 and by our own estimates, those who are experts are not up to 10, 000, so there is a huge gap of over 490, 000 jobs available,” he said.

For his part, the Head, Legal Enforcement and Regulations, NDPB, Mr Babatunde Bamigboye, said that the training is part of its activities to commemorate this year’s Data Privacy Day, celebrated yearly on Jan. 28.

Bamigboye said that the training which would be in series, is aimed at ensuring that the officers are placed aper with their counterparts in the western world.

“We are starting with a batch of 100 and the idea is to have a pool of about 250,000 data protection officers in Nigeria who are globally competent.

“We also want to ensure that they have competence to practice data privacy or protection anywhere in the world. We have our partners from META that are helping us to achieve this,” he said.

On enforcement mechanisms to checkmate data breach on data protection by any organisation, he said that the Bureau would continue to create awareness and build capacities of data protection officers in the country.

“The bureau is currently investigating two banks because of data privacy issues. We realize that it is possible that organisations could have data privacy or protection policies at the very top.

“Sometimes they have third parties and these policies do not go down the strata. We have enforcement, though it is an emerging thing but we still have to create awareness even though ignorance of the law is not an excuse,” he said.

A participant, Patrick Odeh, from the Nigeria Immigration Service (NIS) appreciated the Bureau for the training, adding that the knowledge gained from the training would make them more effective as they handle data issues.

“I believe that what NDPB is trying to do is to ensure that we understand what it takes to be able to manage our records, manage the data, and also put the subject data into consideration,” he said.(NAN)(www.nannews.ng)

Edited by Sadiya Hamza

Data & Analysis

FG empowers 2,510 rural women in Abia

33 total views today
By Collins Yakubu-Hammer
The Ministry of Humanitarian Affairs, Disaster Management and Social Development says it has empowered 2, 510 rural women in Abia with N20,000 each through its Special Cash Grant Project.
Beneficiaries of the programme are from all the local government areas in the state.
Hajiya Sadiya Umar Farouq, the humanitarian affairs and social development minister disclosed this on Saturday in a statement by the Deputy Director of Information in the ministry, Mrs Rhoda Iliya.
The statement said women living with disabilities also benefited from the empowerment programme.
Farouq, who was represented by the Permanent Secretary, Alhaji Bashir Alkali said the same amount would be disbursed to at least 125,000 poor women across the 36 states of the federation and the Federal Capital Territory (FCT).
“Our target in Abia is to disburse the grant to about 2,510 women across all local government councils.
“The grant is expected to increase income and productive assets of target beneficiaries.
“However, with the complementary effort of the state government, the target beneficiaries will all be adequately covered within the next few days.
“I am optimistic that with the support and cooperation of the governor, Dr Okezie Ikpeazu and other stakeholders, we will remain on track to improve the livelihood of ordinary Nigerians.
“To the beneficiaries, let me reiterate that this money belongs to you.
“It is meant for you to use in any small business venture you deem fit and that will improve your lives,” the statement quoted her as saying.
It said Farouq urged the beneficiaries to ensure that they used the grant for the intended purpose.
The statement added that minister applauded the state government and the state’s Focal Person on Social Investment Programme, Mr Chinenye Nwaogu for supporting the inauguration of the project in the state.
The statement said Ikpeazu praised the Federal Government for the initiative.
Speaking through the Deputy Governor of the state, Mr Ude Okochukwu, Ipeazu was quoted as saying, “In order to improve the welfare of the rural people in Abia State, the administration prioritised and mainstreamed Social Inclusion and Poverty Reduction in its policy thrust.”
He urged all the beneficiaries to judiciously invest the money in petty businesses as a way of improving their livelihood and growing the rural economy.
The governor assured the Federal Government and its agencies that the state government would continue to complement its efforts in the over all interest of the people, the statement said.
According to the statement, Nwaogu, described  the grant as a seed fund that could be multiplied if properly invested.
Nwaogu added  that the funds came at the time when the people were faced with a challenging pandemic which had ravaged global  economies.
The statement said a beneficiary of the grant,  Mrs Ngozi Nwagu expressed gratitude to the Federal Government for including women with disabilities in the cash grant.
Nwagu, one of the women with disabilities said it was the first time people with disabilities would benefit from such initiative in the state. (NAN)

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