The Nation Newspaper

Author: The Nation

  • Foundation hosts climate action week

    By Janefrances Chibuzor

    As the world battles impacts of climate change, the Nigerian Conservation Foundation (NCF), in collaboration with some local and international Non-Governmental Organisations (NGOs) and corporate outfits, is hosting this year’s National Climate Action Week across Nigeria.

    It opened on Monday November 25 and will end on Friday 29.

    NCF Director-General Dr. Muhtari Aminu-Kano said this year’s event, with the theme Promoting Nature-based Investment for  Climate Resilience in Nigeria, opened in 15 states, including Lagos, Abuja.

    Aminu-Kano said the objective of the week was to promote nature-based solution to climate change through mobilising communities, businesses, youths and women for action in Nigeria.

    He noted that Nigeria was a diverse country with complex environmental crises ranging from flooding in the South, soil erosion and land degradation in the East, desertification and drought in the North, to farmland expansion leading to deforestation in the West. Combatting these challenges, he said, requires a combination of nature-based solution hence the need to advocate and promote investment in nature-based solution to address these environmental problems especially as Climate change challenge facing people, planet, and livelihood.

    Read Also: Climate Change: WAICA Re urges more agriculture insurance uptake

    “Taking Lagos as the typical Nigeria’s coastal state with a significant population living along its coast lines and the economic capital of the nation having its major Central Business District occupying Lagos Island. Ocean surge as a result of sea level rise has been a major environmental

    crisis leading to loss of life, infrastructure, and hindering business growth in the area. Lagos has witnessed several historical ocean surges displacing people and affecting livelihood of both coastal and inland communities. “This annual incident is continuously exacerbated by climate change as result of sea level rise with forced displacement of people across the coastline,” he added.

    He recalled that in July last year, NCF conducted a satellite imagery assessment of how the Lagos coastline has changed over a period of 10 years forcing coastal

  • Nigerian-German photographer partners teachers on Yoruba language promotion

    By Omolola Afolabi

    There is no gain saying that parents are struggling to keep the local languages alive in today’s world.

    To ensure that Yoruba Language is kept alive, photographer and CEO of Camara Studios, Mrs. Yetunde Ayeni Babaeko, is partnering teachers and academics on a new YouTube channel, known as Nalingo Naija. The channel,  according to her, is to aid the teaching and learning of the Yoruba Language, especially among Nigerians at home and in the Diaspora.

    The move, Babaeko, a Nigerian-German photographer and social activist, said, was inspired by her training at the New York Film Academy (NYFA). Narrating how her experience as an alumnus of the New York Film Academy contributed to the initiative, she said: “The NYFA gave me the confidence to pursue this path as I understand the Yoruba language decline, it also exposed me to the global recognition of the language. At NYFA, I learnt writing and scripting production skills which stimulated my interest in this initiative.”

    The channel presents videos that are two to three minutes long which are divided into two sections; the first part discusses the vocabulary of the actor.

    “The speech is said slowly so the viewers may follow the plot and be able to read the subtitles which are 100% accurate because you do not only have the English subtitles but you also have the Yoruba subtitles with intonation marks.”

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    Leveraging on technology to promote culture, she said: “Nalingo Naija is an informative and entertaining channel designed to teach Nigerians and non Nigerians the Yoruba language and Nigerian culture, the channel went live on October 2019 with about 20 videos and it’s prepared to release a new video every day of the week.

    “Camara Studios and Y.A.B Photography saw the need for an effective and entertaining presentation of the Yoruba language on social media, together with Yoruba teachers and academics, a new and effective method of teaching is therefore adopted,” Babaeko stated.

    She hoped that subsequently actors in the movie industry will be incorporated as faces of Nalingo Naija. This, according to her, will also influence language use and subtitling in Nollywood movies, noting that the move is needed to promote proper representation of the Yoruba culture on the local and international scenes. Although the initiative is a self-funded, Babaeko told The Nation that she looks forward to more partnership and sponsorships.

  • Double celebrations as LIMCAF explores The Other Side

    It was double celebrations at Enugu last week as Enugu Chamber Choir rendered special songs in honour of the late Dr. Nnamdi Azikiwe, at the grand finale of the annual Life in My City Arts Festival (LIMCAF). Its theme was The Other Side. Venue was the International Conference Centre, Institute of Management and Technology (IMT), Enugu, Assistant Editor (Arts) OZOLUA UHAKHEME reports.

     

    I felt so nervous and scared when I saw the massive art works produced by the artists as well as the creative dexterity put into production of their works. In fact, it is truly a competition. As the announcement was being made and the number of contestants on the podium kept reducing, my anxiety rose. But, by faith I was expecting the award.”

    That was the reaction of an excited Victor Emmanuel Olaoye, a 400-level student of Adeyemi Federal University, Ondo who, last Saturday, emerged the overall best at this year’s Life In My City Art Festival (LIMCAF) in Enugu. He got a prize of N500,000 and a sponsorship to attend an international exhibition.  His work, Angel among gods, was adjudged the best entry of the final shortlist of 100. No fewer than 550 entries from across the country made it to the first round of the competition.

    Angel among gods, a painting of charcoal and acrylic on canvas, is an epiphany of truth and the mystery of man and angels upon earth, and the reality of man as gods. The art piece was “inspired by the truth and revelation of gods walking with angels. Who are these gods? Gods are men from creation with the dominion to rule over everything on earth no matter the cultural differences or religion in the hands of man”.

    Other winners of the top four prizes were Samson Ejiofor Mmadubuchi (Best Sculpture/Installation/Ceramics); Fagorusi Folashade Rashidat (Best Textile Art) and Clarke Toritseju Favour (Graphic/Multimedia/Digital art). Winners of the endowed prizes were Chuwuma Doris Onyinye (Justice Anthony Aniagolua Prize for originality), Idowu Emmanuel Dare (Dr. Pius Okigbo Prize for technical proficiency), Lamie Atonye (Lawrence Agada Prize for the most-promising young artist) and Nnorom Samuel John, (VinMartin Ilo Prize for best overall entry from Enugu State).

    Seventeen other artists got consolation prizes.

    An elated Olaoye, who could not hide his joy, said the cash would be utilised to build and invest in his capacity as an artist, especially in the area of sharpening his skill.

    He is a self-taught figurative and realistic artist, a trait that started from childhood. His practice over the years    has brought about a quest for the true human identity and change in the concept of life itself and the reason for human existence. Through his creative ideas, epiphany and satori charcoal drawings, he creates a unique style in art, bringing the reality in the sprit realm into the physical world.

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    Enugu State Governor Ifeanyi Ugwuanyi, who assured organisers of the festival of his continued support and collaboration, described LIMCAF as a true representation of the Biblical injunction that thou should not despise small beginning as the festival has grown from strength to strength. He said the festival has become one of the most prestigious longest running festivals in the country.

    He said: “Enugu State is particularly grateful to you for bringing this annual event to the state. We appreciate how much your presence alone contributes to the economy of the state. You can be sure that I will keep hosting and collaborating with you. I thank you for creating workshop for the children and for helping to catch them young.”

    Patron of the festival His Royal Majesty Igwe Nnaemeka Achebe, the Obi of Onitsha. called on governors of Southeast to declare the month of October for the celebration of arts in the region.

    He disclosed that this year’s festival was conveniently fixed to coincide with the post-humours birthday celebration of the late Dr. Nnamdi Azikiwe, Owelle of Onitsha, who turned 115 on Saturday, November 16.

    “Today, we started at Onitsha with the opening of the new office of Okpalanze in honour of Nnamdi Azikwe. As I stand here, I feel completely fulfilled… My own idea is that the month of October should be declared for creative arts in Southeast region. We have the Oreze at every Ofala festival, which features over 140 artworks by 140 artists from Nigeria, Africa and outside Africa at this year’s edition.

    “This year, we started with a symposium as part of the activities and I’m sure so many people who were at that symposium are here. We have LIMCAF, Oreze and Anambra Book and Creativity Festival and others. Creative art is not just visual art. It involves art, literature, music, dance, masquerade etc. October is for Southeast. Let the whole world come here to savour the rich culture of the region,” he said.

    He noted that some of the contestants would earn prizes, but that the greatest prize that all of them would receive today is the opportunity to know each other. “I’m sure many of them will become future masters of creative art not just in Nigeria but in the world at large,” he added.

    Chairman, LIMCAF Board, Elder K Uke Kalu, said the top six winners at this year’s edition would join the six of last year’s edition on an all-expense paid visit and participation in Dak’Art Biennale in Senegal next year, courtesy of Prof El Anatsui.

    For the first time in 13 years, owners of the 100 works on exhibition at the grand finale were sponsored to Enugu.

    A five-man jury, led by Nsikak Essien, made the final selection of winners.

    Essien said the process of selection was democratic, adding that the 100 works in the exhibition are ‘imbued with the winning potential in their own rights. Thus, everyone whose work is in this collection is a winner.’

    According to him, the jury’s work is that of moderation of freewill; freewill of the artist to relate his/her creations to the various possibilities the theme offers. Selecting 100 out of more than 500 entries that registered this year is the first signal of the enormous work left in the jury’s domain. First process was the online elimination of some entries and a further critical selection by the zonal jury, from the various zones. These processes, he said, culminated in the compilation of a hundred works with high aesthetic promise as typified in the exhibition. “A more critical parameter comprising: originality, visual content, proficiency in media control, finishing and presentation, and paradigm shift/wow factor were employed to trim down from 50 to 25 artworks. It is from this handful that the specific prize categories were rigorously arrived at,” he added.

    Other members of the team were Sam Ovraiti, Klaranze Okhide, Erasmus Onyishi and Dr Lasisi Lamidi.

     

  • Uwaifo: I improvised my first guitar

    Prof Victor Uwaifo, aka Guitar Boy, is among Nigeria’s living legends in the arts. In visual art and music, his trajectory has etched his name on the timeless marble of Nigeria’s art history. At 78, he is still waxing stronger. Assistant Editor (Arts) OZOLUA UHAKHEME writes.

     

    AT 78, the former Edo State Commissioner for Culture and Tourism, Prof, Victor Uwaifo, aka Guitar Boy, is among Nigeria’s oldest active musicians and visual artists. His imprints are in almost every genre of the art.

    He remains a spectacle to watch at any given performance. Little wonder then that he wowed the audience with his impressive performance at the opening of this year’s National Festival of Arts and Culture (NAFEST) at the Sport Complex, University of Benin, Benin City.

    Decked in an all-white outfit, Uwaifo, who rendered some classic songs from his famous Joromi series, literarily stole the show. Also on stage was a younger musician,  Innocent Idibia (2Baba), who also entertained the audience with his popular numbers like One Love and African Queen.

    Apart from his remarkable exploits in music, art and academics, Uwaifo has a strong passion for the promotion and preservation of Edo heritage. Fifteen years ago, he founded Revelation Palazzo Museum, Benin City that houses his music studio and collection of rare artefacts and cultural objects on Benin history. The facility, which is close to his residence in Benin City, is described as ‘gate way to Edo State’ where the good, the bad and the ugly sides of Edo history are showcased. The artworks explain the history of the Edo people and are all done by Uwaifo.

    A visit led by Director-General, National Council for Arts and Culture (NCAC), Otunba Segun Runsewe, during the recently concluded NAFEST 2019, to the museum revealed many aspects of Edo history that are unknown to Nigerians.

    “This is Oba Erediauwa Open Air Court, which is about art, culture and tourism. In Benin art, there is an interplay between aesthetics and functionality,” the curator of the museum who served as the tour guide, Mr. Chris Eburu, told the guests.  Unfortunately, the state of the facility is not palatable to the eyes. Worried by this development, Uwaifo called on government and corporate bodies to take over the private museum to save it from total rot. He lamented that he invested hugely in preserving the culture and history of the Edo people and Nigerians at large by establishing the museum.

    He said the museum, which houses all his intellectual property, ancestral shrines, slave market peculiar to Edo State, firing squad of notorious armed robber Aninih, portrait paintings of famous Nigerians, among other cultural objects, was his contribution to humanity.

    According to him, government or private investors can take up the management of the museum to ensure proper preservation and conservation of the content.

    “I am bothered by the poor state of the museum because I am funding it alone. That is why I am calling on the government and private organisations for support. I am okay with any arrangements, be it partnership or collaborations, because I spent so much of my flesh and blood since inception. In fact, I maintain the entire street leading to the museum.

    “I invested so much money into the museum, which I could have put in fixed deposit. I am a fulfilled musician and artist. For me, there is nothing better than music and art because it gives me satisfaction. It makes me look forward to the future with pride. Patronage of the museum has been on the high side. But, we have not been able to break even because visitors pay token,” he added.

    Read Also: Young Nigerian artist, Kareem to meet Taiwanese President

     

    Uwaifo said despite the poor state of the museum, it has always been a beehive of activities since inception as it recorded huge patronage from students who got entertained, educated and inspired through its works of art.

    Touched by Uwaifo’s challenges, Runsewe promised to supply computer systems to the museum for proper data capturing which, he said, was very important to its growth. “If this museum were to be in other countries of the world, tourists would be paying hugely to visit it. We must ensure this place is well preserved for the sake of posterity.The education I got here is out of this world and I am happy that history is kept and our children can learn,” he said.

     

    Growing up

    Uwaifo said: “I  grew up listening to gramophone records as a child. The sounds I heard from the records then inspired me into music. Also, arts flows in the blood in the family, though we all took to different professions. I carved my first guitar with plywood, trap strings and sardine opener because I couldn’t afford to buy a guitar.

    “I said to myself that if human beings can play guitar so well, I should be able to do better. That inspired me. The guitar appeals to me more than other instruments though I can play every other instrument. I made a revolving guitar which is the only one in the world.

    “Later, I was able to buy a guitar for myself. But my brother, who was a church organist and later magistrate, taught me the rudiment of guitar. I was playing in the assembly hall at St, Gregory College, Lagos, before moving to Yaba College of Technology. I was already a graduate before I took to music full time.

    “But, I went back to University of Benin for a BA honours degree and I made a First Class. I also did my MFA. Soon after it I was employed as a lecturer. Within that time, I was honoured by the varsity with an honourary doctorate degree. I accepted it but decided to earn it by enrolling for my PhD, which I got in Fine and Applied Arts. My thesis was on Architectural sculpture.

    •Uwaifo performing

    “Ekassa is performed during the coronation of a new Oba. And when it was released then, many thought it was not proper but I broke the jinx.”

     

    Music by young generation artistes

    “Music is real. If you don’t have it, you don’t have it. You need apprenticeship where you learn how to play one instrument or the other, then there is a problem. The young ones want it quick. Computer-aided music is not music. Play live and you know it. The young musicians have a problem. If they are off key, they use the machine to regain their voice.

    “It is like you are writing an examination, you have the questions and the answers as well. Unless they study music and take it seriously as a profession that is when they can stand the test of time. I have been around for almost 60 years and Iam still relevant. If any of them can stay 30 years or more and still be relevant, then I will know they are musicians. They should not be carried away by technological advancement, which on its own is not bad.

    “Everybody can argue, that does not make one a lawyer. Also, everybody can play street football, that does not make one a professional footballer,” the maestro said.

     

    Social Life

    “I have never smoked cigarette or tobacco in life since I was born. Also, I don’t drink except these days I take wine. I don’t compete with anybody. I compete with myself. I do things within my capacity. I go into any business because of the passion I have for it. I could have decided to do other things. I have invested so much money in this museum, which I could have put in fixed deposit. I have over 600 songs and video clips, which I earn royalty from.”

    “I have some books that I have written. So, my income comes from different sources. In fact, I am a fulfilled person. To me, there is nothing better than music and arts because they give me satisfaction. It makes me feel younger and look forward to the future with great pride. Sustainability however belongs to God.

    “My experiences in government and academics added value to my life, even if it is negative. If you don’t know how to fall you will not know how to rise. The best is yet to come,” he stated.

     

    Negative musical content

    “I will not condemn the younger musicians. I have played with EC Arinze, Victor Olaiya etc as apprentice. In the past, there were many genres that changed with time. From waltz to soul, reggae, twists, highlife, hip-hop and juju, the sector has witnessed lots of it. For me what they are doing whether good or bad, they are giving themselves employment and not nuisance to the society.

    “But let them do it right. Quality of video has improved because of technology. The sound quality also has improved but is very shallow because they don’t understand the rudiment of music. However, if they are making money from it, they should invest it for the future,” he observed.

     

    Sustaining his band

    “My band is the highest paying band in the country. For every show I pay band members N100,000. For every rehearsal, I pay five thousand naira to each member. I want them to feel proud that they belong to a profession. I do rehearse twice or thrice in a month. Music has gone beyond road side act. A time will come when hip-hop in vogue now will fade away,” he said.

  • Oyo PDP to APC: accept defeat

    Oyo State Chapter of the Peoples Democratic Party (PDP) has urged the opposition All Progressives Congress (APC) to accept defeat and prepare for 2023 polls.

    The Publicity Secretary, Akeem Olatunji, said the election petition filed against the victory of Governor Seyi Makinde at the March 9, 2019 election was doomed to fail. He said APC has a bad case.

    Olatunji said the petition was a waste of time at the Election Tribunal and the Appeal Court, adding that it will fail.

    “They know that they have no case, but being characters who are not ashamed of telling lies in the open, they are attempting to deceive the fickle-minded and the unsuspecting persons.

    “But they have a bad case from the outset. They indeed have no case, we all know. Even their candidate knows he is in a wide goose chase,” the PDP spokesman said.

    Read Also: ‘My opponents should wait till 2023’

    Olatunji added: “In line with the world of fantasy the APC in Oyo has created for itself, it has been going about peddling all sorts of rumour, half-truths and outright lies in the media. They have been conjuring claims that the PDP and Governor Seyi Makinde were priming persons to embark on street protests and media campaigns.

    “Let us put it on record that the truth cannot be coloured no matter how hard you try. Governor Seyi Makinde needs not engineer street protests to justify his acceptance by the people of Oyo State. He, has, rather than encourage street protests, been calming down the people all these days so as to ensure peace continues to reign in the state.

    “Let it be known that the anger of the people of Oyo is against the APC and its leaders in the state. They are trying to insult our people who massively for the Governor in the governorship election in March. The people are really angry with their media posturing. They have Governor Seyi Makinde to thank for guaranteeing that they can freely workaround in the state; being a man who plays politics without bitterness. Let them not stretch their luck too far because our people are watching.”

    Olatunji said, Makinde cannot stop the people from freely expressing their love for him anytime they so wish. He said: the governor has spent the past weeks calming the people down and urging them to face their jobs because his mandate is intact. The Court of Appeal which ruled on the Adebayo Adelabu and APC’s petition actually nailed the petition as incompetent and useless.  There is nothing that will tamper with the mandate freely and widely given to Governor Seyi Makinde because the people are firmly behind him.”

     

  • ‘LDR increase to impact banks’ 2020 earnings’

    The full impact of the Central Bank of Nigeria’s (CBN’s) increase in Loan to Deposit Ratio (LDR) to 65 per cent for banks will be seen in their 2020 earnings. Also, sustaining stability in the foreign exchange market and funding for Small and Medium Enterprises (SMEs) are some of the issues that will be discussed at the the Financial Market Dealers Association of Nigeria (FMDA) market-development conference, titled: “The Nigerian Financial Market – An Agent for Growth and Development.” It holds in Lagos on December 6. FMDA President Mrs. Adetoun Dosunmu speaks with COLLINS NWEZE on key issues driving the financial markets and what investors should expect in the coming year.

     

    What is your general overview of the Nigerian financial markets and areas you think need

    government or regulatory support?

    The Nigerian financial market has great potentials to drive growth and sustainable economic development, with the advent of new products and the use of technology to enhance financial inclusion. The government can support by providing an enabling environment to support lending to the real sector thereby driving economic activities – both in the formal and informal sectors. This will ultimately lead to economic growth. For sustainable economic growth, there must be a deliberate collaboration between the government, the financial sector and the real sector.

    What are your thoughts on corporate governance practices in the financial markets and what should be done to strengthen it in the overall interest of stakeholders?

    The core principle of corporate governance in Nigeria is on how to make those in the management of the companies more accountable, responsible and sensitive to the interests of shareholders, creditors and members of the public. We now have transparent, accountable and ethical business structures in line with global best practices. I believe the regular audit exercises being conducted by the different regulatory bodies on different levels ensure that corporate governance is enshrined in the management of financial institutions in Nigeria and regular updates of the principles are done and as when necessary. In addition, the CBN has consistently taken steps, including issuance of circulars that guide banks and discount houses regarding monitoring compliance on implementation of the Code of Corporate Governance and submission of quarterly returns.

    You were recently elected President of FMDA. What is your vision for the association and immediate priorities for the group’s members?

    The Financial Markets Dealers Association of Nigeria (FMDA) has consistently contributed to the development of the financial sector by collaborating with the government and financial markets regulatory bodies in formulating policies on monetary issues as well as creating awareness of financial markets products through education, technical advice and networking events. The FMDA’s vision is promoting efficient market practices by encouraging high standards of conduct and professionalism. The association’s priority among others is to contribute to the growth and development of our financial markets as well as the protection of the interest of members in the exercise of their dealing/trading activities.Our immediate priorities are to create structured and regular meetings with the Central Bank of Nigeria and other regulatory agencies in financial markets. We will also build members’ capacity in new products with continuous learning and knowledge sharing on best global practices.

    The FMDA will be organising the second Financial Markets Conference in Lagos on December 6 with the theme: The Nigerian Financial Market – An Agent for Growth and Development. Why has the association decided to play up this segment of the market at this time?

    In 1999, Nigeria had a dream, it was coined The Vision 20:2020 – Nigeria will become one of the first 20 economies in the world by the year 2020 but as at today, even with an estimated population of over 200 million and it being largest economy in Africa , we are yet to live up to that potential. Though the economy had in 2017 come out of recession, its first in 27 years, the World Bank projects growth to be a mere 2.1 per cent in 2020 whilst the population is projected to double by 2050.

    Looking at these projections seems to be very dire compared to the vision that was conceived over 20 years ago. The FMDA is well aware of the fact that for an economy to grow and be sustainable, a vibrant financial market is a necessity whilst Small and Medium Scale Enterprises (SMEs) are required to create employment for a ballooning population. This we see as the recipe for growth and development of the Nigerian economy in the very near future and we believe that the theme of the conference is quite appropriate for such a time as this. The conference will serve as an avenue for all market participants, regulators, policy makers and the general public to rub minds, share and collaborate on driving growth and development of our country especially with the government’s commitment to fostering rapid growth in the real sector.

    Who are the stakeholders expected to attend this programme and what will be your preferred likely takeaways towards business growth?

    We look to have in attendance, SMEs, Regulators (CBN, FMDQ OTC Securities Exchange (FMDQ), Nigeria Deposit Insurance Corporation, Debt Management Office, Securities and Exchange Commission, other government agencies, Deposit Money Banks/financial market participants, corporate treasurers, fund managers and the general public. On my preferred take ways, I will like to see collaborative engagements between the financial markets and corporates, entrepreneurs, small/medium business level owners – with targeted ways of fostering business engagements on both sides of the divide, with resultant increase in lending to the real sectors and ultimately in the medium term accelerated growth and development of our economy.

    This year’s conference is bringing in top government officials – the Honourable Speaker, Federal House of Representatives, Hon. Femi Gbajabiamila is the Special Guest. Are there certain areas of financial markets operation in your view that need legislative intervention?

    As the market evolves in line with best global practices, new products will be developed and traded, this will result in international participants in our markets thereby creating liquidity in these products. There is therefore the need for a new legal framework that will require legislative support that will give comfort to investors – both local and international and ease operational challenges in trading these products.  We believe the forum will be an avenue of collaboration between the market and the legislature on these matters and much more. Also, the sub-theme of the conference – “Unlocking Real Sector Development: SMEs as an Agent of Growth and Development International Monetary Fund Perspective” will be presented by IMF Country Chief, Amine Mati; the Role of Small and Medium enterprises Development Agency of Nigeria (SMEDAN) in Enhancing Sustainable Business Growth for SMEs will be presented by SMEDAN Director  General,  Dikko Radda and Intermediary Role of Banks – SMEs As Springboard of National Economic Growth and Development – Managing Director/CEO Sterling Bank Plc, Abubakar Suleiman are focused on SMEs development.

     

    Read Also: NECA applauds CBN over 60 per cent LDP

     

    What are your thoughts on the state of the SMEs in the country and what should be done to lift their operations?

    The SMEs have been discovered to be a key driver for any country’s economic growth. And as seen all over the world, the SME sector is the backbone of major developed economies, as well as an important contributor to employment. With the significant contribution of SMEs to the Nigerian economy, I believe the sector needs support from all and sundry. The government can provide an enabling environment for them to function, transportation and stable power supply comes easily to mind. Imagine the impact of the reduction in the cost of transporting goods and services from one point to the other or the effect on their bottom line if you remove the cost of generating electricity to power their businesses. Taxation is also an issue, some states charge multiple taxes which have become huge burden on SMEs. The financial markets can also provide access to reasonable priced credits to grow and expand their business operations. Again, due to the complexities of dealing with the formal financial markets, many resort to the informal lending sector which is quite expensive. Generally speaking, doing business in Nigeria is pretty expensive, this stalls their ability to expand and grow their businesses, generate more employment and contribute to economic development.   

    What is your 2020 forecast on the performance of financial institutions and the equities market?

    Just using a back of the envelope approach, I think the market will be slightly positive in 2020. After closing down for two consecutive years (-18 per cent in 2018 and -14 per cent year to date), we see the market closing up by around +10 per cent in 2020. The supporting catalysts are depressed equity valuation which is supportive for most stocks. Almost all the names are cheap, with most of them trading near or close to their trough price to earnings multiples. Also, with the regulatory stance of the CBN, particularly the restriction on Open Market Operation (OMO) Bills, we expect to see some asset class rotation into equities as investors search for yields.

    There is also strong outlook for oil prices on the back of geopolitical events and current policy stance of the US Fed- recent reduction of interest rates among others are expected to help in boosting the market.

    I expect to see the full impact of the increase in Loan to Deposit Ratio (LDR) policy on the financial institutions’ earnings by 2020, which might have flat impact on their earnings vis-à-vis 2019 results as banks adapt to a higher risk asset earning environment. The border closure if it progresses into 2020 might also have an impact on lending, as Nigerians look inwards to meet demand for exported products.

     

    What role do you think that improved risk management framework could play in building a sustainable financial sector and better funded SMEs?

    Adequate risk management framework is key to having a sustainable financial sector. Any rational investor or finance provider would only deploy capital having done its due diligence by identifying all the risks involved in the venture as well as ways to mitigated all risks – both known and perceived. A risk management framework provides the tools to ensure that this is done as well as reduce exposures to unfavourable markets and economic conditions. In addition, a robust risk management framework ensures that only SMEs that are well structured have access to credit.

    What should be done to boost local and foreign investments into the Nigerian economy?

    Several factors influence investment decisions in any given economy. They include an open market that is transparent; an enabling environment-adequate infrastructure, attractive tax incentives/breaks, targeted sectoral initiatives to drive investment in non-oil sectors; access to credit; a skilled workforce/cheap labour amongst others are necessary to drive investments in any economy.

    Would you kindly share perspectives on the Nigerian forex market and in your view factors responsible for the level of stability witnessed in the market the last couple of years?

    The Nigerian forex market has been quite stable at N360 to N362 to dollar since the introduction of the Investors & Exporters’ forex window by the CBN in 2017, with the CBN being the major supplier of forex to the market through the various intervention windows. The price of crude oil averaging $63 per barrel and the sovereign Eurobond issues have helped to shore up the country’s reserves to $40.5 billion in October 2019 to accommodate 11.9 months of imports. The CBN has demonstrated the willingness to meet demand at the different intervention windows and has proven to be capable of doing so throughout this year. I do not foresee a change in the exchange rate in the nearest future.

     

     

  • In search of a better education sector

    The Ministry of Education is exploring options to give Nigeria a globally-respected education sector, FRANK IKPEFAN reports.

    Will For some time now, the education sector has been under crises. From poor and dilapidating infrastructure to lack of access and equity, poor teacher training as well as low budgetary provisions, there is also the worrisome phenomenon of the growing number of out-of-school kids. Apart  from power and health sectors, education sector seems to be one that Nigerians are in a hurry to witness tangible results that are commensurate with the huge investments in it. Many will agree that a functional education  system in the 21st Century is at the heart of development in any country.

    Many equally agree that the various challenges confronting the sector are daunting, but not insurmountable. The situation is not cheery for Minister of Education Adamu Adamu.

    Worried about the phenomenon, the minister had said the uninspiring status of Nigeria parading the highest number of out-of-school children globally, was a thing of shame to the entire country.

    Education as a tool for development

    The minister said education must be able to produce middle-level and high-level manpower with the requisite knowledge, skills and competences needed to drive the country’s sustainable development and increased national prosperity.

    The minister equally stressed that education must prepare and arm Nigeria’s youths to take competitive advantage of the 21st Century knowledge-driven economy within and outside the country.

    Mindful of the ugly situation, his ministry has made some efforts to address some of these challenges. One of the ways he is tackling the situation is drawing up a roadmap which his ministry presented at a retreat. The theme of the retreat is “Education for Change: A Ministerial Strategic Plan (MSP) – Revised: 2018-2022.” The roadmap is expected to serve as a blueprint or a pill capable of curing most of the ailments currently affecting the sector, and provide immediate short and long-term solutions.

     

    The roadmap

    The roadmap identifies the challenges facing the sector and what needs to be done, either in the short-term or long-term, to address these constraints. The 136 -page document detailed series of activities that are to be undertaken by the ministry, states and local government areas.

     

    The 10 pillars   

    Like the 2016-2019 MSP plan, the roadmap hopes to build on some of the gains recorded in the first term of the Buhari administration in the sector. The minister’s plan for the sector is anchored on what he identified as the 10 pillars.

    The pillars include Out-of-school children; Youth and Adult Literacy; Science, Technology, Engineering and Mathematics (STEM); Basic and Secondary Education and Teacher Education Capacity Building and Professional Development.

    Others are Curriculum and Policy Matters; Tertiary Education; Education Data and Planning, Information and Communication Technology (ICT) and Library Services in Education.

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    MSP’s main focus areas

    At the retreat, it was noted that the most important aspects of the MSP the ministry has taken into consideration were the out-of-school children programme, the adult literacy, the development of capacity of teachers and development of quality of their services.

    “The human capital development index listed Nigeria 152 out of 157. There is no way we are going out of this except by making education great and give it the needed funds,” he said.

     

    Out-of-school children

    The 2018 National Personnel Audit for primary schools put the population of Nigeria’s out-of-school children at 10,193,918; with Kano, Akwa-Ibom, Katsina and Kaduna states having a larger chunk of the figure.

    These include the Almajiri, girls of school age (who constitute 60 per cent), children of nomadic pastoralists and migrant fishermen and the one million children displaced by the Boko Haram insurgency.

    The document revealed that the continued existence of the phenomenon of out-of-school children is the strongest evidence that Nigeria has failed to achieve one of the Education for All goals of the Millennium Development Goals (MDGs) of universalising access to primary education for all school-age children, irrespective of social class, religion, region and ethnicity.

    The document estimated that the number of out-of-school children at the end of the five years (2018-2023) activities would be reduced to 193, 918.

    It noted that it will first declare a state of emergency on education in the states mostly affected by insurgency and direct the Universal Basic Education (UBEC) to come up with a strategic work plan for ensuring that all the basic education schools in the affected states are either rehabilitated or rebuilt.

    Other activities being planned by the government include the recruitment of 34,375 qualified teachers annually in the next three years and the establishment of additional 1,000 neighbourhood/community schools annually.

    To achieve this (193,918), the government said it has launched various intervention programmes aimed at reducing the rate of out-of-school children in Nigeria by two million every year for the next five years.

    “Following the various Federal Government intervention programmes aimed at reducing the rate of out-of-school children in Nigeria by two million every year for the next five years, the estimated out-of-school children at the end of the five years would be 193, 918.”

    Also, both the federal and state governments are expected to commit N10 billion to remove 10.2 million out-of-school children from streets in the next five years.

    The government explained that it hopes to achieve this target by enrolling two million children yearly in the next five years.

    According to the document, by the end of 2020 about N3 billion would have been committed by 19 states, outside the intervention of the Federal Government to ensure the enrolment of over two million school age children that are not in school.

    Also, states are expected to commit another N2.4 billion in 2021, N2 billion in 2022, N1.5 billion in 2023 and N1.1 billion in 2024 respectively towards addressing the problem of out-of-school in the country.

    Youth and adult literacy

    This is another area that the document emphasised on. It noted that previous efforts at providing mass literacy in the country suffered significant setbacks due to many problems.

    To address this, the document noted that a new course of action was needed for the implementation of a proposed mass literacy programme by the Federal Government with the goal to drastically reduce the mass illiteracy in Nigeria by 2020 and totally eradicate it by 2025.

    The document noted that in order to cater for about 12.7 million illiterate Nigerians, there is need to employ 170, 000 facilitators nation-wide.

     

    Capacity development for teachers

    For teacher education, the document noted that the quality of teachers produced by teacher education institutions and their classroom performance has been unsatisfactory.

    According to the document, there is need to  improve the quality of teachers through consistent Teacher Professional Development, launch the National Teacher Education Policy and reform the teacher education in order to make it more attractive.

     

    Reasons for out-of-school kids’ phenomenon

    Permanent Secretary, Federal Ministry of Education, Sonny Echono, said some socio-cultural and economic factors were responsible for the increase in the number of out-of-school kids which needed urgent attention.

    Echono said there was need to synergise the concurrent and exclusive list of education. He noted that the sector was faced with a lot of challenges which necessitated the introduction of the strategic plan.

    Echono also said the issues of girl-child education, due to poverty, should be looked into and addressed.

    “If you educate a girl child, you are sure of educating the citizens.

    “We should begin to attack the problem of girl- child education. This is because if you have a female child that is educated in a family, they will influence the other children and their behaviours in later life,” he said.

    He urged the stakeholders to modernise the country’s educational system by ensuring that teachers were computer-literate to deliver adequately in line with 21st Century.

    Also, the Minister of State for Education, Chukwuemeka Nwajiuba called on stakeholders to align with the states’ key priority areas with the MSP and Education 2030 agenda of the Federal Government.

    “Nigeria deserves an education system that will be a model in terms of quality and efficiency. Education is a critical investment for all countries and we must invest in quality and functional education of our country,” he said.

    The Chairman, Senate Committee on Tertiary Institutions and TETFund, Senator Ahmed Kaita stressed the need for education administrators to design mechanisms for accountability and performance evaluation on all variables set to ensure quality education.

    Similarly, the Deputy Chairman, House Committee on Tertiary Education and Services, Ifeanyichukwu Ibezi called for policies that would ensure that the Nigerian child received education which will prepare them for the future.

     

    Document not final

    Adamu said while efforts were made to make the document factual, the ministry is ready for discussion with all stakeholders on issues contained in the document.

    The minister said the successful implementation of the roadmap required concerted efforts by all levels of government, stakeholders, community leaders, religious leaders, civil society organisations, organised private sector and international development partners.

    “This plan sets out clearly the key issues, challenges and the activities that need to be undertaken by various agencies and institutions in order to address them, the time frame for each activity, the targets that must be attained if a problem or issue is to be resolved.

    “While every effort has been made to make it as factual as possible, it is an open document. Thus, we shall welcome rigorous discussion with all levels of stakeholders to ensure a sustainable and enduring document.

    “The successful implementation of the Ministerial Strategic Plan requires concerted efforts by all levels of government, stakeholders, community leaders, religious leaders, civil society organisations, organised private sector and international development partners.

    “We hope that this noble initiative-Education for Change: A Ministerial Strategic Plan (2018-2022) would bring about desired improvement in the education sector,” the minister said.

  • CIoTA mulls integration of transportation modes

    The President, Chartered Institute of Transport Administration of Nigeria (CIoTA), Dr. Bashir Jamoh, has said that the way to go in seeking solution to the perennial gridlock in the port city of Apapa, Lagos, is to turn to the railway and barges for the movement of containers. This is aside the urgent need for the expansion of the ports, especially as the present Apapa and Tin-Can Island ports have lost spaces where containers would have been, to concessionaires, who are in charge of the terminals.

    Jamoh, who spoke ahead of a planned summit aimed at taking a holistic look at the entire transport value chain in the logistics sector, disclosed that when  to  have rail tracks to move cargo from the ports to the outside would be a paramount discussion at the summit, with emphasis on same in terms of policy, advisory, human capacity, and skill acquisition for the association members across the various agencies in the maritime industry.

    According to him, CIoTA, at its 2019 National Transport Summit,  with the theme: Unlocking the Potentials of Transportation for Sustainable Development, holding from December 3 – 5 at the Musa Yar’Adua Conference Centre, Abuja, pushes for policies to enable seamless integration of the different modes of transportation in the country a focal point. This, he reckons, will ensure that smooth logistics that would help improve cargo movement from the ports to final destinations, are explored and formulated. Besides, it would also create an avenue to address the silo nature of the modes of transportation in the country, which have not been beneficial to the trade supply chain.

    Jamoh, who is also Executive Director, Finance and Administration, Nigerian Maritime Administration and Safety Agency (NIMASA), further explained that the event would also avail the stakeholders in the sector an opportunity to learn how best they can get the needed value in the supply chain, noting that trade is only complete when goods can get to their final destination in efficient manner.

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    “We can see that the challenge has been the non-integrated approach of the various transportation modes, making it difficult for movement of goods from the ports to various locations. We shall be looking at solutions that would integrate the road, rail, air, and water transport systems. We are looking to push for policy to uphold seamless integration of the transport modes to support trade, in terms of easy movement of cargo across locations,” Jamoh said.

    He revealed that the Chairman Presidential Economic Council, Dr. Doyin Salami, will lead other speakers at the event. Other speakers lined up include Director-General of NIMASA, Dr. Dakuku Peterside; Founder, Centre for Value in Leadership, Professor Pat Utomi; Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala-Usman; as well as  retired Merchant Navy Captain, Emmanuel Iheanacho; The Managing Director, Nigerian Railway  Corporation , Fidet Okhiria, Prof. Innocent Ogwude and Chris Asoluka, Chairman Onne Oil and Gass Free Zone.

    President Muhammadu Buhari will be the Special Guest of Honour at the three-day summit.

     

  • Vivo eyes top global position

    World leading smartphone brand, Vivo, said it is eyeing global leading position in the smartphone category. It said it is known for being consistently innovative with its smartphone offerings, adding that since its global debut in 2009, it has produced and shipped well over 10 million smartphone devices around the world with each device boasting of a unique offering unrivalled by its closest competitor in the market.

    “Vivo’s V7 and V7plus devices launched at the Mobile World Congress, were the first smartphones to spot an elevating 24MP front camera from APEX Not stopping at that, Vivo upgraded its V15 Pro from the 24MP to 32MP Elevating Front Camera.

    “In January last year, Vivo received a global acclaim for introducing the first In-Display Fingerprint sensor with its X21 and the feat came at a time when the industry standard was having a fingerprint sensor either at the rear of the device or on the home button.

    Read Also: Vivo mulls 5G phones for Nigeria

     

    “Just recently, vivo introduced yet another amazing feature with its latest device- the V17 Pro. This innovative device houses a total of six cameras made up of the first ever Dual Pop Up Front Camera and a 60MP AI Quad Rear Camera. The Dual Pop Up Front Camera also has the Selfie Softlight which helps to capture clear pictures in lowlight environments while the rear camera has a combination of lenses including the macro that helps capture every exquisite detail of closeup shots. This camera also has a Pose Master which interestingly, suggests poses for users when taking photos,” it explained in a statement.

    Asides pioneering smartphone advancement, Vivo also shows interest in activities aimed at creating an extraordinary life for its youthful consumers. From its involvement as a sponsor at the 2018 FIFA World Cup in Russia to its partnership with PUBG Games Mobile as its official smartphone sponsor amongst many others, it has become evident that vivo knows how and where to connect with its teeming fans.

     

  • Tecno partners Lagos Fashion Week

    Africa’s Most preferred smartphone brand, Tecno, said it was proud to have partnered with the organisers of this year’s Lagos Fashion Week. It said it is in line with its determination to promote every facet of human endeavour in the country.

    Speaking on the occasion, its, Deputy Marketing Manager, Attai Oguche, said the firm was particularly excited to be part of the show as it coincided with the launch of its Camon 12 Series in the market with its camera-centric focus.

    “We are proud to be a part of this year’s edition of the Lagos Fashion Week, being official mobile partner is a feat, we proud of.

    “This partnership is coming at a time when the brand just launched its Camera-Centric mobile line the Camon 12 Series. The world of fashion is another medium to explore the limitless possibilities of its camera and that is what we are doing here today. Camon series is a phone loves by creatives and fashionistas”

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    He said Tecno showing its presence in everything Nigerian including arts, style and now fashion, stressing that the brand is truly for Nigerians.

    The four-day event, held at Federal Palace Hotel provided a platform for designers to exhibit their new designs and collections on the runway and maximise their exposure within and beyond the industry.  It also offered guests the opportunity to showcase their sense of fashion to the world. Tecno was there to capture individual creativity of attendees and creativity on the runway.

    Every day of the event attracted models, fashion enthusiasts, potential buyers, designers, celebrities and the media to the Tecno Fashion Booth, which was one of the major highlights and the most visited booth of the event as they had the opportunity to experience creativity captured with the Camon 12 Series.

    Visitors at the booth had the opportunity to have their images taken by two celebrity photographers Emmanuel Oyeleke and Abdulsalami Photography, as well as the top three from the just concluded CAMission camp.  All images taken at the booth were taken with the Camon 12 Pro, an evidence of its excellent camera output quality.

    Also present at the booth were Ex-Big Brother Pepper Dem Housemates: Sir Dee, Isilomo and Esther who came around to take pictures with their fans. Nollywood Actress Toni Tones also came around to take pictures in the booth.