The Nation Newspaper

Author: The Nation

  • Lagos seeks reduction of $1.98tr global food bill

    Lagos seeks reduction of $1.98tr global food bill

    With the Food and Agriculture Organisation (FAO) forecasting that the world food import bill will reach a new record of $1 98 trillion this year, the Lagos government is encouraging residents and local farmers to grow more food ,  as rising prices hamper consumer spending.

    The State Commissioner of Agriculture, MS Ruth Olusanya said in Lagos that the turbulent economic situation was hindering the government efforts to address threats to domestic food production. She indicated that the government was aware that farmers were grappling with a cost-of-living crisis driven by inflation that has put its food supply into the spotlight, adding that farmers were not to blame for higher prices.

    Agriculture, according to her, being the most important sector of the economy, has been hard hit leading to high costs of agricultural inputs.

    Reiterating the government commitment towards poverty eradication and the reduction of hunger, she added that sustainable agriculture and food systems are important to ensure the availability, affordability and sustainability of food products for all. 

    She noted that Lagos aims to be a hub and basket of food supply, adding that the government has been piloting programmes to make agriculture more attractive.

    She said the government of Babajide Sanwo-Olu is creating enabling environment for small businesses to blossom while synching entertainment, tourism and food to develop the state economy.

    To this end, she said the government is hosting Lagos Food Festival at Muri-Okunola Park in Victoria Island Lagos. The annual festivity, ,according to her, aimed at showcasing the Lagos food potentials to the local and international markets as well as stimulate investors’ interest in food business will hold on December 10.

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    The theme of this year’s event “A Fusion of Flavours” according to her would allow food vendors to network among stakeholders, exchange information on products and services available in the global market as well as create direct and indirect Jobs for Value Chain Actors and artisans engaged to set-up activities at the festival. She acknowledged that the year 2023 was tough for the Ministry financially as their financial targets could not be met, stressing that next year will be more prosperous for the Agric Ministry.

    She said “During the Y2022 Food Festival, a total of 12,100 guests were registered as participants at the festival and over N37,000,000.00 (Thirty-Seven Million Naira) was recorded as transaction volume by the fish farmers, fishermen, fish processors, food and drinks vendors.

    “Over 1,000 Lagosians benefited directly from the event in form of artisans, loaders and packers, technicians for equipment setup, festival ground and stage design/setup, sanitation crew, security personnel, transporters, support services and logistics, caterers and helpers, branding, printers and advertising, entertainers, master of ceremony, musicians, disc jockeys, stand-up comedians, event planners, rental companies and media outfits.

    “1,500 direct and indirect job opportunities will be created within food through increased marketing opportunities by vendors, setup and dismantling of equipment for the festival, technicians to operate equipment and other hands engaged to provide support services. Over 5,000 induced business linkages is expected to be established after the festival, to supply fresh and processed food to consumers across the State.”

  • FSDH secures $20m AfDB loan for SMEs

    FSDH secures $20m AfDB loan for SMEs

    FSDH Group has secured a $20 million trade finance facility from the African Development Bank (AfDB) for lending to small and medium enterprises (SMEs) in Nigeria.

    Director-General, Nigeria Country Department, African Development Bank (AfDB), Mr Lamin Barrow said the facility was meant to ease financial constraints faced by SMEs.

    According to him, trade is considered the locomotive for economic development and trade finance is the lubricant.

    He, however, noted that the supply of trade finance in Africa was highly constrained for various reasons.

    Barrow said the bank supported over 120 financial institutions in 30 African countries and catalysed over $10 billion in trade in the past decade.

    “FSDH and the AfDB have enjoyed an enduring partnership in supporting SMEs and Nigerian corporates engaged in trade and export value chains. In 2016; the AfDB extended a $50 million trade finance line of credit to FSDH. This 3.5–year facility performed well. It supported more than 370 transactions, catalysed $375 million of trade and benefitted 60 SMEs and corporates in critical sectors including energy, agri-business, health and boosting intra-Africa trade,” Barrow said.

    He explained that the new $20 million facility comprises $15 million dollar trade finance line of credit to support eligible SMEs and corporates active in international trade value chains, as well as $5 million transaction guarantee to enhance FSDH’s correspondent banking relationships.

    “It will provide a 100 per cent guarantee to confirming banks to cover the non-payment risk of FSDH arising from the issuance of letters of credit and other trade finance instruments.

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    “This agreement is a testament to our collective endeavours to plug the trade finance gap in Nigeria by working with a valuable partner such as FSDH that provides critical support to SMEs.

    “We look forward to the successful implementation of this project while reaffirming the AfDB’s commitment to deepening and strengthening the financial sector in Nigeria,” Barrow said.

    News Agency of Nigeria (NAN) reported that AfDB has estimated the trade finance gap on the continent to be $81 billion per annum, while a recent study by the WTO and IFC estimated the gap in Nigeria to be $7 billion annually.

    It also reported that banks in Nigeria rejected a quarter of all trade finance requests from their clients.

    Lack of sufficient correspondent banking lines and inadequate access to foreign exchange were cited as major constraints.

    That is why the AfDB established a dedicated trade finance programme in 2013 to provide critical liquidity and risk mitigation support to financial institutions in Africa and for the benefit of SMEs and local corporate importers and exporters.

  • Abbey Mortgage Bank hosts sustainability stakeholders

    Abbey Mortgage Bank hosts sustainability stakeholders

    Abbey Mortgage Bank Plc has expressed its willingness to partner with stakeholders in the sustainability ecosystem through long-term sustainable investments.

    Managing Director, Abbey Mortgage Bank, Mobolaji Adewum, said the bank was creating an ecosystem where non-profits can flourish and contribute meaningfully to society and drive sustainable change. 

    “We are committed to helping individuals, build wealth and attain financial empowerment and we are proud to collaborate with these distinguished leaders to make a lasting impact by supporting financial growth and empowerment,” Adewumi said.

    He spoke at a workshop organised by the bank for stakeholders in the sustainability ecosystem in Abuja. The theme of the event was: Financial Management: A Sustainability Tool for Non-Profit Organizations.

    He explained that the event was part of efforts aimed at creating impactful investment opportunities to aid sustainability efforts in line with SDG 17 which supports the implementation and revitalisation of global partnership for sustainable development in the civil society.

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    Group Head, Non-Profit Organisations, Abbey Mortgage Bank, Bukola Ewedairo said the bank was rightfully positioned to partner with institutions in the civil society by creating opportunities for long-term sustainable investment. 

    “We believe that non-profit organisations need to be strengthened to achieve their mission and this workshop was our way of collaborating to ensure that they can thrive especially with the volatilities in our local economy,” Ewedairo said.

    She said the bank remains committed to fostering continued partnerships with NGOs, furthering its impact on the non-profit sector.

    According to her, the bank looks forward to ongoing collaboration, contributing to the achievement of sustainable development goals in Nigeria.

    The workshop had informative and interactive discussions, providing a forum for participants to share insights and explore collaborative opportunities. Attendees engaged in dynamic conversations, delving into strategies to enhance financial sustainability and drive positive change within the civil society sector.

  • Fintechs quicken agency banking spread to grassroots

    Fintechs quicken agency banking spread to grassroots

    Fintechs have revolutionised Nigeria’s financial services sector in ways that have caused economy growth in the last decade. Rural dwellers are top beneficiaries of the agency banking model which is saving cost and resources for operating financial institutions but customers are also advised to protect their accounts against cybersecurity threats, writes Assistant Business Editor, COLLINS NWEZE.

    intechs are financial technology firms relying on innovative use of technology in the design and delivery of financial services and products to consumers across different specters of the society.

    The Fintechs carry out lending, investment, payment,  funds management and provision of financial advisory services.

    Moniepoint,  OPay, PalmPay, Flutterwave, PiggyVest, Remita, Paga among others, are top players in the Fintech space.

    Banks are major users of technology. However, fintechs put technology at the heart of financial services offering, fundamentally changing the way in which companies interact with their customers.

    One major way the Fintechs have supported widespread deployment of financial services is through agency banking.

    The Central Bank of Nigeria (CBN) says the agency banking practice enables banks and other financial institutions extend their services to locations where they may not have physical presence.

    The CBN said financial service providers, government and policy makers, regulators have been making efforts at global, sub regional and  national  levels to increase access of excluded populations to finance. And one of the shortest routes to achieving this is agency banking.

    The banking model is cheap, easy to embrace and attracts low cost to serve. agency banking takes financial services to customers through a third party (agent) on behalf of a licensed deposit taking financial institution and/or mobile money operator. The Fintechs have made the realisation of agency banking objectives seamless.

    The apex bank recently deployed 30,000 Super Agents nationwide to assist in Cash Swap initiative in the hinterlands, rural areas, and regions underserved by banks in the country to ensure that the weak and vulnerable ones amongst people can swap/exchange their old notes for new ones.

    CBN Director, Payments System Management department, Must Jimoh, explained that over the years, the agency banking initiative has resulted to increase of financial services agents across Nigeria, resulting in a significant and growing portion of financial transactions being conducted through the agents.

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    For instance, within its first 100 days , Polaris Bank’s agency banking initiative, SurePadi, serviced over half a million customers impacting directly an estimated two million households across the seven business regions of the bank nationwide.

    Beyond the direct impact on customers and households in Nigeria, the sheer volume and value in financial numbers on the gross earnings of the bank has been significant as the agency recorded giant strides in the number of services and transaction volumes it processed which was valued N10 billion.

    Access Closa, another initiative to bring banking closer to the grassroots provides access to financial services right within the neighbourhoods.  Access Bank’s authorised agents process transactions quickly and easily via platforms such as Pos terminals or mobile phones, helping customers to carry out transactions without visiting a branch.

    Speaking at one of the  Access Bank’s ‘Compliance Engagements with Agents’ in Lagos, the bank said it is  through agency banking, setting standards for sustainable banking practices and delivering value to customers.

  • ‘How Nigeria can record significant economic growth in 10 years’

    ‘How Nigeria can record significant economic growth in 10 years’

    The NTU-SBF Centre for African Studies has unveiled a 10-year economic roadmap for Nigeria.

    The 150-page report “Back to Growth: Priority Agenda for the economic revival of Nigeria” was presented by the author Amit Jain at a ceremony held in Lagos.

    In his keynote address at the unveiling of the report, Jain,  laid out a set of progressive reforms that, if carried out sequentially, could put Nigeria back on the path to sustained growth. He outlined four critical factors likely to determine Nigeria’s economic performance over the next 10 years – the price of oil in the international market, fiscal stability, infrastructure, and investor confidence. 

    Although there is little that Nigeria can do to affect the global oil price, it can take steps to attain fiscal stability, improve infrastructure, and restore investor confidence. He identified three essential conditions for sustained growth for the country.

    “Firstly, if international trade and the financial markets remain favourable to Nigeria, it would be able to borrow at concessional rates. Secondly, Nigeria’s demographic dividend will not be felt unless the working-age population has the right skills to exploit opportunities in a changing world. Third, and perhaps most important, is governance. Good governance is critical to ensuring durable economic growth. It would help improve the business climate and repair the social contract between citizens and the state that has been damaged over the years,” said Jain.

    Read Also:  What Nigeria should be asking the world at COP 28

    According to the report, the priority for Nigeria over the next two years should be to achieve stabilisation. “Ending fuel subsidy, tightening monetary policy, migrating to a flexible unified exchange rate regime, and curbing oil theft should stop a bad financial situation from worsening,” said Jain. Once stabilisation is achieved, policy priority should shift towards structural transformation.

    Speaking during a panel session during the event, the renowned economist and Chief Executive Officer of KAINOS Edge Consulting Limited, Dr. Doyin Salami, argued that for Nigeria to witness growth, there is a need for the government to make deliberate investments in education. According to Salami, investment in education is the best approach to pursuing growth that would exceed the population growth rate.

    Also speaking, the Chief Executive Officer of MainOne, Ms. Funke Opeke, explained that a lot still needs to be done by the government to create the enabling infrastructure, the enabling access to new technologies, and the right incentives to guarantee growth in the digital economy.

  • Access Bank partners Asolar on green energy for SMEs, others

    Access Bank partners Asolar on green energy for SMEs, others

    • Initiative to drive financial inclusion

    Access Bank Plc and Asolar- a sustainable energy firm, have launched a green energy solution to tackle power supply challenges faced by small and medium enterprises (SMEs) and rural communities across the country.

    The products under the energy solution included solar-powered television, air conditioners, and Point of Sales (PoS) machines among many others. These were launched at the Access Bank Branch in Garki, Abuja.

    Speaking during the unveiling ceremony tagged: Light up your community, Deputy Managing Director, Access Bank, Victor Etuokwu, said inconsistent power supply has become a major obstacle to businesses and livelihoods in the country.

    He said the initiative was aimed at promoting financial inclusion in rural areas.

    He  noted that dependable electricity is a fundamental prerequisite for implementing modern financial services like digital banking and payment systems, particularly in underserved rural areas.

    “This inconsistent power supply poses a substantial challenge for small and medium enterprises (SMEs) as well as initiatives aimed at promoting financial inclusion in rural areas, which is considered a yardstick for economic growth in Nigeria.

    “Currently, in Nigeria, owners of SMEs and people living in rural communities with no or little power supply, spend huge sums in procuring generating sets, purchasing fuel, and the maintenance of generators to operate their business successfully,” Etuokwu said.

    According to him, in the broader context of financial inclusion, the absence of power accessibility becomes a critical barrier.

    Represented by Director, Regional services, Access Bank, Neka Adogu, Etuokwu pointed out that disparity in power access widens financial gap, impeding initiatives aimed at providing banking and financial services to those who are most in need.

    “Through this partnership, we embark on a transformative journey to introduce cost-effective and dependable solar-powered solutions tailored specifically for small and medium businesses.

    “By harnessing the potential of solar energy, we aim to untether these businesses from the shackles of unreliable power sources and offer promising alternatives to traditional generators reliant on expensive and polluting fossil fuels.

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    “By providing access to affordable solar-powered solutions, we endeavour to significantly reduce operational costs, enhance productivity and catalyse growth for these enterprises.

    “Access Bank PLC’s collaboration with ASOLAR is not merely transforming power solutions; it is utilising our Access CLOSA Agent Network platform as the digital payment provider,” Etuokwu said.

    Chief Executive Officer, Asolar, Hakeem Shagaya, said the company was committed to ensuring every citizen has access to reliable and sustainable energy across the country.

    While appreciating the management of the bank for the collaboration, Shagaya noted that the initiative was in line with the sustainable development goals on clean and renewable energy.

    “As we embark on this journey towards Access Green Energy, let us not overlook the profound impact on our environment. This initiative is not just about illuminating homes; it is about lighting the way for a greener and cleaner tomorrow.

    “The Solar Home Systems represent a commitment to environmental stewardship, reducing carbon footprints, and actively contributing to the global fight against climate change.

    “The positive environmental impact extends beyond emissions reduction, encompassing the preservation of ecosystems, the promotion of biodiversity and the creation of a more sustainable and resilient planet for future generations,” Shagaya said.

    Group Head, Financial Inclusion, Access Bank, Chizoba Iheme, said the bank has over 300,000 Access agents across the country to facilitate the distribution across Nigeria.

    Iheme explained that the initiative was generally geared towards proffering a lasting solution to the problem of power faced by SMEs across Nigeria; especially those situated in rural areas, noting that the partnership is expected to enhance business sustainability and growth amongst SMEs across Nigeria.

  • The Alternative Bank shapes financial landscape

    The Alternative Bank shapes financial landscape

    The Alternative Bank has unveiled two of its major financial products at the on-going Kano International Trade Fair namely AltBiz and AltInvest.

    This marks a significant step for the bank as it continues to play a pivotal role in shaping the financial landscape especially in the northern region.

    Whilst AltBiz caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability; Altinvest, a digital investment platform empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility.

    The products were unveiled to the public at The Alternative Bank Day, which was a day dedicated to the bank as a major sponsor of the trade fair. 

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    Executive Director at The Alternative Bank, Garba Mohammed remarked, “The Kano International Trade Fair is a vibrant platform, and we are thrilled to introduce AltBiz and AltInvest as innovative solutions that underscore our commitment to fostering economic growth and financial inclusivity. These products align with our vision of providing accessible and tailored financial services to both businesses and individuals in this region.”

    The event which took place at the spectacular booth of bank witnessed a large turn out of visitors who wanted to open accounts or make enquiries about the new products.

  • CISI launches ethical AI certification

    CISI launches ethical AI certification

    • Education competition begins

    The Chartered Institute of Securities and Investment (CISI) has launched a new certificate course in ethical artificial intelligence (AI).

    The ethical AI learning programme  is part of the 695th initiatives of Lord Mayor Professor Michael Mainelli in the City of London on his mission ‘Connect to Prosper’. It is driven to support the society and individual clients and consumers. The ethical AI programme is being run under the CISI Education Charity.

    Also, CISI’s Global Educational Trust Competition has started. It celebrates excellence among undergraduate and postgraduate students annually.

    Chief Executive Officer, Chartered Institute of Securities and Investment (CISI), Tracy Vegro said the launch was due to feedback received from members.

    “We are responding to member feedback. They told us it is critical for the ethics of AI to be understood to boost innovation and integrity side-by-side. AI systems rely on large amounts of data, which raises privacy concerns.

    “Without ethical guidelines and regulations in place, the misuse or mishandling of data can result in harm to individuals or groups. There are also large and widely misunderstood and misinterpreted implications for professionals working in financial services,” Vegro said.

    She said the CISI ethical AI programme is an innovative new approach for the financial services sector, notably for those working in capital markets, wealth management, financial planning, compliance and operations.

    She added that with completion of the course, a certificate to demonstrate competence is issued without having to sit for a full examination.

    Country Representative, CISI Nigeria, Dr John Osuoha, explained the modalities for the education competition noting that the competition is open to only students of CISI.

    “Any student from any university can participate by first registering as a student on their own or through partner universities. Winners will go home with huge cash awards while the global winner in addition to cash awards will have return ticket to London and will have the opportunity of working with the CISI in its UK offices.

     ”Students of CISI are enabled to write some certification examinations with global acceptance such as courses in risk management, global compliance, wealth management, securities derivatives, Islamic finance etc. We also have a new certification in Artificial Intelligence. All our courses are offered at deep discount to Nigeria Students,” Osuoha said.

     According to him, CISI is setting up tests centre at Covenant University and other leading Universities in Nigeria.

     Last year, the awards were expanded to overseas countries and this led to the emergence of Oluchi Ajieh from the University of Lagos as the overall winner in Africa while Favour Dibia of Covenant University, Ogun State was the runner up. The winners were celebrated in Lagos during which the Director, CISI Global Business Development, Kevin Moore, commended them for making Nigeria proud and advised them to strive for more excellent performance.

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    Minister for AI & Cyber, Department for Science, Innovation and Technology, Viscount Camrose, said there was no doubt AI has the capacity to supercharge economy, but to reap the benefits of this extraordinary technology, people must first understand and mitigate the risks AI poses – including,  making sure it is safely and responsibly used in the financial services sector.

    “This programme will help to increase accountability and unlock further opportunities for integration of AI technology across the sector and beyond,” Camrose said.

     The short, online, jargon-busting modules involve 12 hours of study and will be essential for anyone who needs to understand the fundamental ethical and management issues in the deployment of AI in finance. It is available to both CISI members and non-members.

     ”Designed by a global team of experts, these new online modules cover the main definitions of AI, the ethical challenges, global developments and how regulators are reacting. They will help everyone working across the financial services sector, from individual client relationships to global capital markets, across a range of experiences including those new to our profession to accomplished board professionals.

     ”With our initiative, we are trying to ensure that financial and professional services practitioners understand that AI systems need to be transparent, accountable and inclusive. As AI becomes more advanced and widespread, there are growing concerns about issues such as bias, transparency, accountability, safety – and employment trends. A number of major global asset and wealth managers, banks and insurers have approached the CISI regarding its new Certificate in Ethical Artificial Intelligence.

     ”The CISI’s recent Annual Integrity Debate featured an ethical dilemma regarding the use of AI. The CISI will be running a series of webinars on the issue of ethics in AI, including this with the FCA 22 November,” CISI stated.

  • Firms to boost digital infrastructure

    Firms to boost digital infrastructure

    Pan African Towers (PAT), a digital infrastructure company, has announced a strategic investment from Development Partners International (DPI),  an investment firm focused on Africa, and Verod Capital (Verod), an investment management firm to fuel its continued growth.

    The company says it will work with management to build on the company’s recent achievements and reaffirm its position as Nigeria’s largest homegrown digital infrastructure provider.

    Since its founding 2017, PAT has built a successful business model centred around establishing tailored, long-term contracts with blue-chip customers, including Nigeria’s leading mobile network operators (MNOs) and internet service providers (ISPs).

    CEO of Pan African Towers, Azeez Amida, said: “As a proud Nigerian-founded and run business, Pan African Towers is on a mission to accelerate the Nigerian market and support the growth of the mobile telecommunications sector in the country. We also have a clear strategic vision to grow the business sustainably, including actively reducing the carbon footprint of our network to uphold best-in-class ESG practices.”

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    Partner at DPI, Adefolarin Ogunsanya, said: “Pan African Towers is an exciting homegrown business with significant potential and is uniquely positioned to benefit from the opportunity presented by Nigeria’s digital innovation boom. We are incredibly excited to partner with PAT’s management team to help crystallize the Company’s vision of becoming Nigeria’s digital infrastructure provider of choice and look forward to sharing our deep knowledge and experience of Africa’s towers industry and the Nigerian market to help achieve this.”

    Principal and Head of Investments at Verod Capital, Daniel Adeoye, said: “The Nigerian demographic is currently experiencing a surge in data consumption and related services, driven by a generation of tech-savvy digital natives that are unparalleled. The ‘Verod Consumer Spend Index’ indicates that telecommunication expenses are increasing significantly, providing a tailwind for tower companies like PAT. Verod is delighted to support PAT’s management with ample capital and value-creation expertise to navigate this period of growth.”

  • Accounting students compete at business challenge

    Accounting students compete at business challenge

    Team ACME from the Obafemi Awolowo University (OAU), Ile-Ife, has emerged winners of the 2023 Chartered Global Management Accountant (CGMA) Business Leader Challenge out of the 30 teams from seven Nigerian universities that participated in the contest.

    The CGMA Business Leader Challenge 2023 is a regional competition for business and accounting students, organised by AICPA and CIMA, together as Association of International Certified Professional Accountants. This year’s contest was sponsored by Stanbic IBTC.

    At the final of the two-months long contest, which held recently in Lagos among the top three teams, OAU got the highest votes from the judges for its presentation. Team ACME scored 88.3 per cent to beat Team Success Link of the University of Lagos, which scored 87 per cent, and Team KFK from Nile University 75.4 per cent.

    Throughout the contest, the 30 teams were asked to address real-life business challenges and present them to a panel of CGMA designation holders and professionals in finance and business management.

    On the rationale for the contest, Associate Director in Nigeria at AICPA & CIMA, Ijeoma Anadozie, said: “This initiative underscores AICPA’s & CIMA’s ongoing commitment to develop and inspire the young business leaders of tomorrow. It is a great opportunity for Nigerian students to showcase their skills to the test and learn the importance of teamwork, communication and good leadership.”

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    Anadozie said CIMA was quite excited to host the CGMA Business Leader Challenge 2023 in Nigeria, even as she promised that the 2024 version will be even better. Addressing the finalists, the CIMA Associate Director said: “We are here to equip you with the skills and competencies you need to stay at the top of your game in an ever-changing disruptive world, driving prosperity and opportunity for those who count on us.”

    For their efforts, members of the ACME team: Omodara Faith, Ajongolo Oluwafemi, and Oluwasanmi Giwa, each won a year subscription to the CGMA Finance Leadership Programme and N1 million in cash. Team Success Link got a cash reward of N600,000 while Team KFK got N400,000. Baze, Covenant, and Top Faith Universities also got consolation prizes.

    Biodun Olorunishola, who represented Stanbic IBTC at the finals, lauded CIMA for the initiative and the students for their passion and enthusiasm for the challenge, which helped to bring out the best in them. Anadozie praised the students and the attendees and pointed out that performance and value creation were crucial in today’s corporate environment.