NEWS AGENCY OF NIGERIA
AIF 2024 closes with 0bn in investments, renewed commitment
Economy/Business

AIF 2024 closes with $180bn in investments, renewed commitment

523 total views today

By Kamal Tayo Oropo

Dr Akinwumi Adesina, President of the African Development Bank Group, on Friday delivered a touching keynote speech at the closing ceremony of the Africa Investment Forum 2024 Market Days.

The event, held in Rabat, Morocco, marked his final attendance as President of the African Development Bank Group, as he will be completing his two terms of five-year each in 2025.

The forum had the theme ”Leveraging Innovative Partnership for Scale”.

Adesina expressed satisfaction at the achievements of the Africa Investment Forum.

According to him, the forum has attracted over $180 billion worth of investments as Africa’s premier investment marketplace.

He  commended the partners of the forum, including the African Development Bank Group, Africa-50, Africa-Export Import Bank, and the Development Bank of Southern Africa.

The renowned economist and agriculture development expert was honoured with the ‘African of the Decade’ award by the Africa Business News Group.

Adesina accepted the award, saying that it was not just a recognition of his efforts, but also of those of  the “army of believers” who shared his vision for Africa’s development.

Adesina’s speech was a testament to his passion for Africa’s transformation and promoting investments on the continent.

He reaffirmed his dedication to Africa’s development, saying, “We will not stop believing in Africa. We will not stop making sure that we make Africa to be like a lighthouse. The rest of the world will say, ‘That is the place to be.’”

The News Agency of Nigeria (NAN) reports that Adesina was elected in 2015, after which he launched a bold strategy called ‘High 5s’.

They are Light Up and Power Africa, Feed Africa, Integrate Africa, Industrialise Africa and Improve the quality of life of the people of Africa.

He said the High 5s had already impacted the lives of more than 400 million Africans.

In 2018, he launched the Africa Investment Forum which, he said, had attracted up to $180 billion worth of investments as Africa’s premier investment marketplace.

In 2019, Adesina led the African Development Bank to achieve its highest capital increase since the bank’s establishment in 1964, raising it from $93 billion to $208 billion.

In 2020, Adesina was re-elected for a second term and  he led the bank through the COVID-19 pandemic.

In 2023, he convened the Feed Africa Summit together with the Senegalese President which mobilised $72 billion for tackling food insecurity in Africa. (NAN) www.nannews.ng

Edited by Ijeoma Popoola

Digital disruption strategic for innovation, growth- TEXEM boss
Business

Digital disruption strategic for innovation, growth- TEXEM boss

419 total views today

 

Dr Alim Abubakre of These Executive Minds (TEXEM) has described digital disruption as a strategic tool for leaders to enable innovation and growth in their organisations.

 

At a Strategic Leadership Programme in Oxford, Abubakre said that this would ensures that their organisations remain competitive in the fast-changing global markets.

 

In a paper titled “Strategic Leadership in a Disruptive World”, he urged leaders to take digital disruption as a launch pad to moving forward.

 

On the programme, Abubakre said: “(It) was a transformative initiative that empowered leaders to excel in a world characterised by digital disruption and rapid change.

 

“With a blend of academic excellence, actionable insights, and innovative methodologies, the programme left participants inspired and equipped to drive growth, resilience, and sustainability in their organisations.

 

“The programme’s benefits were evident from the start and organisations whose leaders participated stand to gain significantly. Leaders left with enhanced strategic agility, enabling them to anticipate and adapt to market shifts, customer demands, and technological advancements.

 

“This agility ensures that their organisations can remain competitive in fast-changing global markets.

 

“Participants also developed the ability to make improved decisions, grounded in a deeper understanding of big data, analytics, and AI. By leveraging these tools, leaders can navigate complexities, identify opportunities, and optimise operations, driving their organisations toward sustainable success.

 

“A significant outcome of the programme was the cultivation of stronger organisational cultures. Leaders are now better equipped to inspire their teams, fostering environments that prioritise adaptability, inclusion, and continuous learning.

 

“Such cultures empower employees to think creatively and embrace innovation, a critical component of success in today’s fast-paced world.”

 

Col. Andrew Clarke, in a presentation on Cyber Security, said leaders must be aware of importance of cyber security in their operations.

 

Clarke said it provides them with the tools to safeguard organisational assets, protect sensitive data, and foster trust.

 

“This heightened cybersecurity awareness is especially critical for organisations operating in all sectors including fintech and technology.”

 

During this programme, participants engaged in peer-to-peer learning and networking with leaders from diverse industries and regions.

 

“These connections open doors to international collaborations, enhancing organisational influence and reach in an increasingly interconnected world.”

 

Clarke said that by prioritising ethical governance, environmental, social, and governance (ESG) compliance, and future-ready strategies, leaders are prepared to steer their organisations through uncertainty while ensuring enduring success.

 

“They are building organisations not just for today but for the future, creating systems capable of thriving amidst challenges and seizing emerging opportunities.”

 

The Strategic Leadership Programme, designed and delivered by TEXEM, UK, utilised a tested and proven methodology, including games, observation practice, self-reflection, and case studies, making learning both engaging and impactful.

 

“Leaders departed not only with enhanced skills but also with renewed vision and purpose, ready to redefine success in their organisations.

 

“This programme was more than a capacity development session; it was a call to action for leaders to champion innovation, inspire change, and create a legacy of growth and resilience.

 

“For organisations in Nigeria, it offers a pathway to building visionary leaders who can transform industries and contribute to nation-building.”

 

Mr Ismael Yahaya, the General Manager of Production Operations at SEPLAT and a participant in the programme, said: “This leadership programme has been incredibly impactful.

 

“It provided me with the opportunity to learn from top-notch resources from across the globe, coupled with highly engaging participation.

 

“While I previously viewed digital transformation from a different lens, this experience has given me a clearer understanding of effective leadership in a digitally evolving environment.

 

“I’m confident I can apply these insights to my current role, ensuring measurable improvements moving forward.”

 

Anne Omezi, the Director of ICT at NMDPRA and a participant, said: “This has been an enriching and transformative experience for me. I’ve gained valuable insights and skills that I’m eager to take back to Nigeria and put into practice.

 

“The true essence of training lies in its application, and I’m confident that implementing what I’ve learned here will drive meaningful change- not just within my department but across the organisation as a whole.”(NAN)

PR:

LCCI anticipates positive growth, seeks policies to boost projections
Economy/Business

LCCI anticipates positive growth, seeks policies to boost projections

424 total views today

By Rukayat Moisemhe

The Lagos Chamber of Commerce and Industry (LCCI) has expressed belief that the economy would end the current year in positive growth of three to four per cent.

LCCI president, Mr Gabriel Idahosa, said this at the chamber’s Annual General Meeting (AGM) on Thursday in Lagos.

He, however, said that achieving faster recovery required the fiscal and monetary sides of the economy to promote policies that would encourage private capital flows to the economy.

According to him, fiscal and monetary authorities need to develop a medium-term growth plan anchored on boosting local production, supporting ease of doing business and attracting private investment.

Idahosa said the plan should also focus on developing infrastructure, business-friendly regulatory policies, economic diversification, and employment generation.

“Nigeria is presently confronted with a myriad of challenges including sustained double-digit inflation, a steadily rising debt profile, revenue mobilisation challenges and others.

“We have advocated for a well-coordinated synergy between the fiscal and monetary authorities in engagement with the private sector to navigate the uncertain economic terrain.

“We will continue to engage with government in creating an enabling business environment where the private sector is empowered to grow, create jobs and generate revenue for the government,” he said.

Addressing some economic indices, the LCCI president noted that the private sector was currently plagued with increased borrowing costs and a pressured foreign exchange market.

He said recent hikes in Monetary Policy Rate (MPR) had directly translated to higher interest rates, making it more expensive for businesses to access credit for working capital, expansion, and sustainability.

He said that rate hikes alone would not curb inflation without resolving the challenges of the real sector of the economy.

Idahosa added that the country needed to diversify its exports by boosting local crude refining capacity production of petrochemical products and accelerating reforms in the and gas sector.

“The chamber looks forward to the sustained implementation of naira payments for crude oil sales to the Dangote refinery and other local refineries, which started on Oct. 1, 2024.

“We urge government to summon the courage to be consistent with the oil and gas sector reforms and implement the Petroleum Industry Act (PIA) fully.

“We see the long-term gains of these reforms if they are implemented under a conducive regulatory environment,” he said.

On the projected N47.9 trillion 2025 budget to run the economy, Idahosa said the key parameters and assumptions on which the budget was proposed was too optimistic in face of some economic and social indicators.

Dr Chinyere Almona, Director General, LCCI, urged government to create an enabling environment for businesses to thrive to enhance their productivity and contribute more meaningfully to the economy.

She noted that while the last one year was filled with very difficult reforms, businesses should stay the course on these reforms and things would improve.

Almona urged businesses to think of alternatives to improve efficiency, attract finance and be more productive, while hoping for the next year to be better.

She also called on authorities to focus on non-oil exports to attract more foreign exchange.

“When we talk of exports, we are not just talking of exporting raw materials but processing materials to command top dollar in the export market.

“At the chamber, we are looking for how we can improve our export and Small and Medium Enterprises (SMEs) groups to improve their capacity and productivity to export more, ” he said.

He said they would continue to advocate on bottlenecks that government needed to address while working to educate them on standards, parameters and packaging of products across the borders. (NAN)(www.nannews.ng)

Edited by Benson Ezugwu/Oluwole Sogunle

GDP: Nigeria’s economy making some progress- Don
Economy/Business

GDP: Nigeria’s economy making some progress- Don

469 total views today

By Okeoghene Akubuike

An Analyst, Prof. Abiodun Adeniyi has stated that Nigeria’s economy is showing progress, although not yet reflected in the living standards of the population.

Adeniyi, who is the Dean of the School of Postgraduate Studies at Baze University Abuja, said this in an interview with the News Agency of Nigeria (NAN) on Sunday.

He was responding to the release of the Q3 2024 Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), which revealed a 3.46 per cent growth in Nigeria’s GDP in real terms.

According to the report, this growth rate surpassed the 2.54 per cent recorded in Q3 2023 and the 3.19 per cent achieved in Q2 2024.

The report shows that GDP performance in Q3 2024 was driven by contributions from both the oil and non-oil sectors, with the service sector leading the way, growing by 5.19 per cent and contributing 53.58 per cent to the total GDP.

The service sector includes banking and finance, trade, tourism, real estate, telecommunications, information and communication technology, arts, entertainment, recreation, and education.

Adeniyi explained that the growth is a monetary policy indicator, which may not be reflecting fiscal policy measures.

He noted that since the manufacturing and production sectors are declining, the service sector is the primary contributor to Nigeria’s GDP growth, as shown in the report.

“Yes, we need to acknowledge that there is growth, even though it is still marginal and not yet significant enough to impact people’s lives or living standards.

“However, this does not change the fact that there is growth in our GDP.

“There is growth, but what we need to do is ensure alignment between fiscal and monetary policies, and between the macroeconomic variant of GDP and macroeconomic indices.

“Once this alignment occurs, we can expect the improvements to be reflected in people’s standards of living”.

Adeniyi also stated that the cost of living crisis could begin to ease once the economy shows recovery in both statistical and practical terms.

He emphasised that Nigeria is on the right track in spite the marginal growth.

“Although the changes we want to see are not yet evident, we must recognise the progress being made, no matter how small,” he said.

He urged the government to maintain consistency in its policies to achieve economic stability and sustainability.

“We need policy consistency, not just in words but in actions, transparency, accountability, and conduct. Once these elements are visible, we can be confident that we are on the right track,” he added.

(NAN)(www.nannews.ng)

Edited by Vivian Ihechu

AI revolutionalising risk management- Institute
Economy/Business

AI revolutionalising risk management- Institute

430 total views today

By Nana Musa

Dr Harriet Akubuiro, Chairman of the Governing Council of the Chartered Institute of Loan and Risk Management of Nigeria (CILRMN), has stated that Artificial Intelligence (AI) is transforming risk management practices.

Speaking at the 14th Annual Risk Professionals International Conference held in Abuja on Saturday, Akubuiro noted the increasing influence of AI in modern risk management strategies.

The theme of the conference was “AI: An Essential Factor in Risk Management Practice”.

“AI is quietly shaping the future of risk management, a summary of what we are looking at through this theme is how to optimise risk management using AI.

“AI is revolutionising risk management; it is very useful in fraud detection, improves accuracy and efficiency, enhances risk management practices, and provides simulation capabilities.

“It also reduces risks in credit decisions and modelling, assists in analysing big data, and enables financial disclosure and consequent risk quantum,” she added.

Akubuiro noted that the future of risk management extends beyond mitigating threats to leveraging AI for opportunities.

Prof Linus Osuagwu, Provost of the College of Postgraduate Studies at Veritas University, Abuja, underscored the importance of AI in risk management.

He described it as a systematic process involving the identification, assessment, mitigation, monitoring, and control of potential risks.

“AI encompasses a portfolio of technologies, including machine learning (ML), natural language processing (NLP), and predictive analytics.

“In risk management, AI facilitates the analysis of large datasets, identification of complex patterns, and generation of predictive insights that enhance organisational decision-making processes.

“Some of the applications of AI in risk management include credit risk assessment, fraud detection and prevention, marketing risk analysis, operational risk management, cybersecurity threat detection, supply chain risk management, and environmental risk assessment”.

According to Osuagwu, the integration of AI into risk management provides several benefits, including enhanced accuracy, real-time monitoring, scalability, and cost efficiency.

However, he acknowledged that the adoption of AI also presents challenges.

“Some of these challenges include data quality and availability, model interpretability, regulatory compliance, ethical implications, integration with existing systems, dependence on technological infrastructure, cybersecurity risks, as well as cost and resource requirements,” he said.

Mrs Salamatu Ahmed, Executive Secretary of the Federal Government of Nigeria Housing Loan Board, emphasised the role of the institute in promoting professionalism in risk management.

Represented by the Director of Administration, Mrs Monica Igwe, Ahmed described the institute as a non-profit and non-political independent body committed to advancing best practices in risk management.

She also highlighted the mandate of the Housing Loan Board to manage a revolving fund for granting soft loans to federal public servants to own homes, thereby addressing the nation’s housing deficit.

“The institute is always ready to partner with dynamic risk management institutions to advance itself with best practices.

“The board will continue to partner with the institute in capacity building for its personnel to ensure effective and efficient management of the housing loan scheme for the benefit of all federal public servants,” she added. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Hackaholics 5.0: Wema Bank awards N145m to 7 innovators
Economy/Business

Hackaholics 5.0: Wema Bank awards N145m to 7 innovators

572 total views today
By Rukayat Adeyemi
Wema Bank has disbursed N145 million in cash prizes to seven startups, winners of the fifth edition of its Hackaholics initiative that showcased innovative solutions in addressing real world challenges,

The Managing Director of Wema Bank, Mr Moruf Oseni, told newsmen on Thursday in Lagos that this year’s prize nearly doubled the previous amount of N75 million.

Hackaholics initiative is designed to empower and support the nation’s
tech innovators.
Oseni said that this year’s Hackaholics stood out with 3,500 applications from across Nigeria.
He explained that from the pool, 10 finalists showcased innovative solutions addressing real world challenges, ranging from education accessibility to sustainable agriculture, healthcare and more.
The bank said that, Feegor, the overall winner, was awarded the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform.
He added that Feegor empowers Small and Medium Enterprises (SMEs) to discover, negotiate and source goods from verified suppliers, while accessing credit through a Buy Now Pay Later (BNPL) model.
According to him, this groundbreaking premiere ideathon is set to drive growth and create significant economic impact.
Oseni said that the first runner up, Empayment Al, received N35 million for its Al powered invoice discounting platform, revolutionising how businesses manage payments.
He alsobsaid that Bloom Beauty, the second runner up, was awarded N20 million for its personalised, Al curated solutions that are transforming the beauty industry.
In the women led category, MyTherapist secured the position of first runner up, earning N12 million.
MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being.
He stated that Myltura, an innovator delivering remote healthcare services, clinched the position of second runner up in the women led category, receiving N8 million.
Both Northino and University X earned honourable mentions at the grand finale, each receiving N10 million.
Northino was recognised for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.
Oseni noted that the groundbreaking innovations was significant and the bank was delighted to celebrate the brilliance of our youth through the Hackaholics initiative.
He said: “At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation.
“Initially, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million.
“Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”
According to him, the Hackaholics 5.0 not only underscores the bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem- solvers poised to reshape Nigeria’s future.
Mr Ugonna Ginigeme, Chief Executive Officer of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support.
“I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling.
“I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity.
“These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy, while building an all around successful company.” Ginigeme said.
Edited by Olawunmi Ashafa
Defence chief, others bag security, emergency management award
Business , Defence/Security

Defence chief, others bag security, emergency management award

666 total views today

By Sumaila Ogbaje

The Chief of Defence Staff (CDS), Gen. Christopher Musa, received the Award of Excellence at the 2024 Security and Emergency Management Award (SEAMA), on Thursday in Abuja.

The event was organised by Emergency Digest, a publication of Image Merchants Promotion Limited (IMPR), in collaboration with the Centre for Crisis Communication (CCC).

The award featured different categories which include, crime prevention, public information management, cybercrimes prevention, emergency management, community service, diligent investigation, civil-military relations among others.

It also includes outstanding crisis communicator;outstanding law enforcement officer; outstanding security officer; outstanding military officer and outstanding; defence journalist and awards of excellence.

In his remarks, Musa emphasised the need for all segments of the society to engage on how best to achieve sustainable national security and emergency management through civil military collaboration.

He said the SAEMA was also an annual event that recognised outstanding contributions to security, emergency management and humanitarian service.

The CDS said the military was making deliberate efforts towards deepening civil military collaboration to enhance national security.

According to him, civil military synergy has impacted significantly on the armed forces operations in the North East and new models are being developed to meet peculiarities in the other geo-political zones across the country.

“Thus, the theme, “Civil – Military Relation for National Security and Stability” is apt and relevant at this critical period of our national existence.

“The threats we face as a country are multi-faceted, ranging from terrorism and insurgency to socio-economic issues and community unrest.

“Arising from these complex dynamics, it has become increasingly evident that no single institution can solve these issues in isolation of others.

“Thus, a whole of society effort that brings together every segment of our nation is needed to build lasting peace, security and progress.

“This can only be achieved by integrating our collective expertise, resources and influence of various stakeholders with a view to creating a resilient framework for both security and emergency management strategies through civil-military relations,” he said.

Musa gave assurance that the military would remain committed to ensuring peace in Nigeria and protecting democracy.

The Minister of Information, Muhammed Idris, represented by the Director-General of Voice of Nigeria (VON), Jibrin Baba-Ndace commended the management of Security Digest for the awards and support for the military and other security agencies.

Idris said the security narrative has continued to change, saying that actions of a single black sheep should not be used to demonise an institution that had continued to make sacrifices for the nation.

“This is the time for us as a country to continue to support our armed forces.

“This war is a people’s war. It is what they first call the war among the people where the enemy is the neighbor who does not wear uniform or some who have double identity.

“So it is a difficult war. It is a war that is in the media space and therefore it is important that the nation will come together and that is why this celebration is very important,” he said.

The Publisher of PRNigeria and other titles, Mallam Yushau Shuaib, said the annual event recognises outstanding gallantry contribution to safety, security and emergency management in Nigeria.

He said the 2024 edition recognised the CDS for his expertise in the vital field of inter-agency collaboration and civil military relations making him the ideal speaker for the occasion.

According to him, the award unit selection process remains rigorous and transparent with their jury that comprises security experts, industry professionals an~d independent observers ensuring that deserving individuals and organisations are recognised for their exceptional achievement. (NAN)

Edited by Sadiya Hamza

FG hands over 15 CNG buses to transport unions
Economy/Business

FG hands over 15 CNG buses to transport unions

624 total views today

By Gabriel Agbeja

The Federal Government has handed over 15 Compressed Natural Gas (CNG)-powered buses to three transport unions in Abuja, to alleviate the burden of fuel subsidy removal on the residents.

The Minister of Transportation, Sen. Said Alkali, handed over the buses to National Union of Road Transport Workers (NURTW), Road Transport Employers Association of Nigeria (RTEAN), and National Association of Road Transport Owners (NARTO).

Alkali at the ceremony on Thursday, said the initiative was in fulfillment of President Bola Tinubu’s Renewed Hope Clean Energy Transport Scheme.

He said moving to compressed natural gas would cut down carbon emissions, reduce cost of fuel for transport operators, and enable growth of a cleaner and more efficient transportation system.

The minister said the buses also symbolised the government’s commitment to empowering citizens, while transitioning to a cleaner energy economy.

“The Presidential Compressed Natural Gas Initiative is a bold statement of Nigeria’s intent to take control of its resources and utilise them for the benefit of its people.

“We have been exporting our raw materials for decades only to import finished goods at a premium.

“We exported crude oil and imported refined petroleum; we exported palm oil, cocoa, and rubber and imported soap, chocolate, and tires. The time has come to break this cycle,” he said.

According to him, the nation will not continue to export gas only to import products like fertilizers or other derivatives, but to harness the gas to power the economy.

“Nations like Japan, which import our gas, have demonstrated their transformative potential.

“They use gas to drive their transportation sector, reduce their reliance on petrol, and export vehicles like Toyota, Nissan, and Mitsubishi to countries like ours.

“Why shouldn’t Nigerians benefit from the resources beneath our soil?” he said.

He said the buses doled out to the unions were tools to make a positive change in the country.

“They represent a commitment to sustainable growth, economic empowerment, and a greener future.

“ I call on the NURTW, RTEAN, and NARTO to ensure these buses are used effectively and maintained properly. This is not just about today but about creating a transportation system that will serve generations to come.”

He said the ministry would ensure effective sensitisation of transport owners, operators, passengers and the general public to make the initiative accessible to Nigerians.

The Programme Director of Presidential CNG Initiative, Mr Michael Oluwagbemi, said that residents of the FCT would enjoy 40 days free rides on the buses.

According to him, the initiative is safer, more reliable, and available.

“On these buses for the next 40 days, people will enjoy free transportation as part of the benefits of this administration.

“And after 40 days, they will enjoy a discount because of the work of  President Bola Tinubu,” he said. (NAN)

Edited by Deji Abdulwahab

BoI partners NGOs to empower women with solar-powered smart kiosks
Business

BoI partners NGOs to empower women with solar-powered smart kiosks

482 total views today

 

 

 

By Joy Akinsanya

 

A Non-Governmental Organisation (NGO), Adeola Azeez Community Care Foundation (AACCF), in partnership with the Bank of Industry (BOI) and Neighbours Shop, has empowered 50 women with solar-powered smart retail kiosks.

 

The founder of AACCF, Mrs Adeola Azeez, disclosed this on Thursday during the inauguration and handing over of the solar-powered kiosks in Ijebu-Ode Local Government Area, Ogun.

 

Azeez said 35 women in Ijebu-Ode benefitted from the initiative, while 15 other beneficiaries were captured from Ikorodu Local Government Area in Lagos State.

 

She added that each kiosk had been stocked with items to sell, including a solar-powered freezer and a digital tablet.

 

She said the launch of the solar-powered kiosk empowerment project was about unveiling opportunities for growth, transformation, empowerment and sustainability.

 

According to her, the foundation seeks to empower women, children and youth to reach their full potential through initiatives that drive collective prosperity.

 

“Our project aligns with our unwavering commitment to drive financial independence and support community development.

 

“Today, we are taking a giant step towards achieving one of our goals of empowering women and transforming communities in the micro-retail business sector by confronting the challenges of informal hurdles, financial exclusion, energy deficiency and safety concerns.

 

“This achievement is a testament to the power of collaboration,” she said.

 

Azeez appreciated BOI for supporting the vision and for being the beacon of inclusion and empowerment.

 

“It is with great joy that I acknowledge and celebrate our exceptional partner, the Bank of Industry, whose generous grant transformed a good idea into a life-changing reality,” she said.

 

She said the women selected for the phase of the programme were trained by Neighbours Shop, the idea initiator.

 

The Managing Director of BoI, Mr Olasupo Olusi, said the project testified to the bank’s shared commitment to creating opportunities and enabling women to take their rightful place as economic growth drivers.

 

The News Agency of Nigeria (NAN) reports that Olusi was represented by Mr John Akinde, an official of the bank.

 

Olusi said BOI recognised that women constitute more than half of the population and were vital contributors to the economy of the household, community and the nation at large.

 

“The solar part feature of this course also aligns with our commitment to sustainability and innovation.

“By leveraging renewable energy, we are not only reducing the environmental footprint of this project but also ensuring that women in even the most remote areas can access consistent and affordable power to support their businesses.

 

“This is a step towards addressing the energy challenges that have historically constrained productivity in many rural and semi-urban areas,” Olusi said.

 

The founder of Neighbours Shop, Muyideen Sanwo-Ola, explained that beneficiaries would be paid weekly by a profit-sharing formula as designed by the system.

 

“For example, a bottle of coke bought for N80 and sold for N100 gives a profit margin of N20, which, with the algorithm in the system, gives the associate (beneficiary) 60 per cent of the profit and us, 40 per cent.

 

“The system keeps on adding profits on all transactions. So, they can see their profits on their tablets – how much they make for the day and for the week,” he said.

 

Sanwo-Ola noted that each kiosk is being monitored online to ensure the empowerment did not end up like other political empowerment programmes.

 

He says goods sold daily will be restocked the following day by a route manager, who supplies goods to all the kiosks.

 

According to him, any beneficiary who fails to abide by the laid-down guidelines will have her kiosk reallocated to another person.

 

“However, those who manage their kiosks successfully and diligently will become full owners of the kiosks after three years,” he said.

 

He disclosed that BOI supported the project with a grant of N97 million.

 

The wife of the Ogun governor, Mrs Bamidele Abiodun, represented by Mrs Bolanle Oduyale, said the state government remained steadfast in its commitment to supporting initiatives that promote sustainable development.

 

“We have championed education, healthcare, and entrepreneurship for women, ensuring they are equipped to lead and contribute meaningfully to society,” she said.

 

Speaking on behalf of other beneficiaries, Mrs Olamide Babalola, appreciated AACCF, BOI and Neighbours Shop for the kind gesture.

 

She promised they would make judicious use of the kiosks. (NAN)(www.nannews.ng)

Edited by Moses Solanke

Minister vows to tackle regulatory, bureaucratic challenges hindering exporters
Economy/Business

Minister vows to tackle regulatory, bureaucratic challenges hindering exporters

440 total views today

 

By Rukayat Moisemhe

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, has expressed the Federal Government’s determination to address the regulatory and bureaucratic challenges exporters faced to drive a thriving export ecosystem.

The Minister made this known at an export stakeholders consultation engagement on Tuesday in Lagos.

She said that the ministry was committed to re-establishing and reinvigorating commodity exchange, particularly as Nigeria journeyed towards an export-driven economy.

According to her, all agencies under the ministry of industry, trade and investment would be supported to drive exports, particularly of services, which is a lowest hanging fruit.

“Nigerian youths would have the opportunity to earn foreign exchange while living in Nigeria by exporting their services such as digital trade, and Nigeria is going to be a leading force in that regards.

“There is a lot of work ahead no doubt, but President Bola Tinubu is committed to this and has given the ministry a matching order to go ahead to enhance the country’s trade.

“While the economic reforms may have been tough, the country’s economy is already turning the corner and it takes everybody’s commitment to make this economy work,” she said.

Oduwole also called for collaboration among all agencies to address issues of miscommunication, operation in silos, overlapping duties among others.

Amb. Nura Rimi, Permanent Secretary of the ministry, said that the event was geared towards fostering inclusive engagement to advance Nigeria’s economic diversification agenda and expand its export capacity.

Rimi said that the ministry was committed to deliberating on the challenges and opportunities that shaped the country’s export landscape.

He said that as a nation, the importance of exports in driving economic growth, creating jobs, enhancing foreign exchange earnings, and positioning Nigeria in the competitive global marketplace was recognised.

According to him, the ministry remains steadfast in its mandate to create enabling policies and frameworks that enhance export competitiveness.

“Through the feedback and insights from this engagement, we aim to fine-tune interventions, tackle critical points such as access, regulatory bottlenecks, infrastructural constraints and ensure alignment with global best practices,” he said.

Mrs Folashade Ambrose-Medebem, Commissioner, Commerce, Cooperatives, Trade and Investment, Lagos, said that the state’s economic strategy closely aligned with the Federal Government’s goal of diversifying the Nigerian economy.

She said that in alignment with global trends, Lagos had introduced digital tools to enhance the efficiency and sustainability of cooperatives.

She said that the tools enabled better record-keeping, transparency, and decision-making, ensuring that cooperatives remained competitive in a rapidly changing economic environment.

Ambrose-Medebem said that the state, by focusing on non-oil sectors such as agriculture, manufacturing and technology, was playing a leading role in reducing Nigeria’s dependence on crude oil exports.

“Our role is clear; to create an enabling environment where businesses can thrive, support trade competitiveness, ensure the sustainability of cooperative societies, and expand Lagos’ reach in the global marketplace.

“With the unwavering support of Gov. Babajide Sanwo-Olu, we have made remarkable strides in fostering trade and investment, empowering exporters and aligning our initiatives with the Federal Government’s diversification goals,” she said.

The Commissioner revealed that earlier in the year, the state embarked on an ambitious export training programme, equipping over 2,000 exporters with the skills, knowledge, and resources to penetrate global markets.

According to her, the programme addressed challenges such as compliance with international trade regulations, export financing, and product quality standards.

She said that building on the success of the training programme, Lagos State was set to launch its export readiness programme in January 2025.

Ambrose-Medebem said the initiative would focus on capacity building, export readiness assessments, and facilitating market linkages for businesses looking to expand internationally.

Also, Bashir Adeniyi, Comptroller General, Nigeria Customs Service, pledged to address regulatory overlaps at the ports and tackle documentation procedures that created problems for exporters.

Adeniyi said that the potentials in export called for unity in ensuring that the vision of Federal Government to turn the country into a huge trade hub succeeded.

He said that the customs service would never allow its processes and procedures constitute an impediment to the success of exports.

He added that the service would not allow corruption and corrupt practices stand in the way of export development in Nigeria.

“In 2025, most port operations would be automated, even as we push export numbers up to increase the country’s foreign exchange earnings and translate to real economic development for Nigeria.

“We call for transcontinental customs administration cooperation to further drive trade, particularly under the Africa Continental Free Trade Area (AfcFTA),” he said. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email