Author: The Nation

Original equipment manufacturer (OEM), TECNO and MTN Nigeria yesterday struck a partnership designed to bridge the gaps of availability and costs of devices that are compatible with the fifth generation (5G) technology in the country.

The telecom service provider, unarguably the largest telecommunications operator in the country, had won one of the two slots put on offer during the auction that had $197.4million as reserve price. It paid the balance of the bid price of $253.86 million before the February 24 deadline for payment set by the Nigerian Communications Commission (NCC) and also rolled out services.

The two companies partnered to launch the SPARK 10 5G smartphone as part of efforts to drive digital inclusion and make fast internet accessible to all. The SPARK 10 5G is the latest addition to TECNO’s Spark series. It has advanced features that appeal to tech-savvy consumers who demand high-speed internet connectivity, a fast processor, and a long-lasting battery.

Speaking in Lekki, Lagos, yesterday during the unveiling of the partnership, Senior Manager, Marketing and Strategy, Osaze Ebueku, said the partnership will deepen access to more telephone to the game-changing technology and democratize its usage.

An official in the Marketing Department of TECNO, said the partnership highlights their commitment to providing Nigerians with the latest technology that enhances their mobile experience.

The company said its 6.8-inch HD+ display delivers clear, vivid visuals, while the 50 MP AI quad-camera allows users to capture stunning photos and videos in any lighting condition.

The partnership between TECNO and MTN Nigeria aims to provide Nigerians with a top-of-the-range smartphone that will deliver 5G connectivity and exceptional performance. TECNO will provide cutting-edge technology and design to make 5G-enabled phones available to Nigerians. With this partnership, Nigerians can experience ultrafast MTN 5G connectivity with low latency on their TECNO SPARK 10.

The SPARK 10 5G is available in all TECNO-authorized stores nationwide, and customers who purchase the device will enjoy up to 5GB and an additional 11GB of FREE data.

• Claims climb to N318.2b

The insurance industry statistics for the fourth quarter of 2022 has shown a market performance in gross premium generation of approximately 36 per cent quarter on quarter and indeed, 17.8 per cent year on year, translating to about N726.2billion.

Equally, the industry crossed a N700 billion mark of premiums generated during the period under review, with continued improvement in retention propensity and increased market size and profitability, comparative to the prior quarter.

This was made known in a report entitled: “Bulletin of the Insurance Market Performance” released by the National Insurance Commission (NAICOM).

The claims made on insurance companies by premium holders during the fourth quarter of 2022 stood at N318.2billion representing a 31.2 per cent Quarter-on-Quarter (QoQ) growth.

NAICOM attributed this growth to “growing awareness and market expansion as well as consumer’s confidence”.

In a similar pattern, the net claims paid were reported at N244.3billion, growing at 17.9 percent YoY during the same period.

A breakdown of the claims showed that under the Non-life segment, Motor Insurance led with gross claims reported at about 92.3 percent signifying a nine points improvement as against its prior position.

Fire Insurance had the least claims record at about 46.3 percent, “the only class below average proportion”.

Recall that the gross premium of insurance industry rose to N537.7 billion as at the end of the third quarter, 2022, increasing by N170 billion from N369 billion in Q2.

This is a remarkable situation compared to the real growth of 3.5 per cent of Gross Domestic Product (GDP) over the same period and is attributable to consistent regulatory measures being carried out by the Commission.

An insight into the relative contribution of each class of business as stated in the report showed the comparative market drivers during the quarter, indicating also a sustained relevance of Life Insurance business in the industry compared to any single class in the non-life segment of the market.

Non-Life business as in the prior periods continued its dominance, contributing 57.4 per cent relative to the share of the Life business 42.6 per cent, keeping about the same position in the prior period.

The report read: “The proportional significance of Life in the industry was sustained a positive course in recent times reflective of the consumer’s confidence and awareness. In-depth analysis of the Non-Life segment of market shows Oil & Gas business sustaining its market share dominance at 30.25 per cent, increasing by 2.4 per cent compared to the previous quarter.

“The figure posted by Fire Insurance came a distant second 22.2 per cent maintaining same pattern of contribution to the gross premium pool of the market while Motor Insurance 14.9 per cent, Marine & Aviation 12.2 per cent, General Accident 11.1 per cent and Miscellaneous 9.5 per cent followed in that order.

“On the other hand, Life business was driven by Individual Life portfolio 38.6 per cent even as its relative contribution fell by about 2.6 per cent compared to third quarter 41.6 per cent. In a contrasting path to the previous quarter, group life followed by 34.5 per cent while Annuity business contributed gross premium income of about twenty-seven (26.9 per cent) per cent during the period.

The actual percentage share of various classes of Distribution of Gross Premium Income – Non-Life remains the same to a large extent, relative to the respective contributions recorded in the previous period.

For the segment of life insurance business of the industry, further insight signifies that individual life which contributed a large chunk of all premiums generated is the driving force behind the growth in the life segment closely followed by the group life portion of that corner of the market with significant improvement recorded from 27 per cent in the prior period to 38.6 per cent in the current.

NAICOM stated that the claims issue was as a result of growing awareness and market expansion as well as consumer’s confidence.

In a similar pattern, the net claims paid were reported at N244.3billion, growing at 17.9 per cent quarter on quarter during the same period.

Total assets however remained at N2.3 trillion, being the figure recorded since in the previous quarter.

The Central Bank of Nigeria (CBN), has urged women to leverage technology and innovation to bridge the digital gender gap.

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said the conversation had become necessary giving that digital financial services are now very critical to the economy.

Digital financial services, he said now provide “vast opportunities to bridge the digital gender gap, drive financial inclusion and increase employment and economic opportunities for women”.

Emefiele made this disclosure in Abuja yesterday while delivering his keynote address at the CBN International Women’s Day (IWD) webinar to commemorate the International Women’s Day Celebration.

He promised women of the CBN’s commitment to promote gender equality and financial inclusion among women through such policies as the Micro Small and Medium Enterprises Development Fund (MSMEDF), which dedicates 60 per cent of the funding under the scheme to women-owned enterprises.

Other measures include the Framework for Advancing Women’s Financial Inclusion in Nigeria, which seeks to address gender gaps in access to finance, targeted onboarding of women on its central bank digital currency, the e-Naira, amongst others.

Speaking on the theme of the celebration, “Digitise Her: bridging the digital gender gap for financial inclusion and sustainable growth”, Mr. Emefiele attributed the successes recorded by the CBN “to the hard work, resilience, and commitment of the female staff”.

Mrs. Aishah N. Ahmad, the Deputy Governor, Financial System Stability (FSS), who hosted the Coffee Table Chat with Dr. Omobola Johnson, called for broad private and public sector commitment to gender parity and ensuring that women, youth and rural dwellers have access to digital financial services.

Mrs. Ahmad noted that despite increased digital mainstreaming, women were less likely than men to have access to technology, creating a digital gender gap which perpetuates women’s economic exclusion.  She reasoned that digital innovation could be the missing link and a winning strategy for fixing the parity problem and deepening access to financial services.

In her interventions, the Special Guest Speaker, Dr. Omobola Johnson, a Senior Partner with TLcom Capital and Nigeria’s pioneer Minister of Communications Technology, emphasized that inclusive innovation that is gender sensitive was critical to reducing the gender exclusion gap.

Dr. Johnson also advocated for a catch-them-young strategy to encourage females to pursue careers in technology and the establishment of special funds for female led tech businesses to achieve greater participation in the digital economy.

She particularly underscored the importance of making Science, Technology, Engineering and Mathematics (STEM) education attractive for girls by showcasing role models in the sector. She highlighted the potential for digital financial services to enable not just financial services but important interventions in health, agriculture and SMEs. She, therefore, urged men to be deliberate in mentoring high-achieving women and their daughters in their pursuit of male-dominated careers like STEM.

Also speaking, the Minister of State for Industry, Trade and Investment, Mariam Katagum, equally stressed the need for women to learn digital skills to participate effectively alongside their male counterparts in digital financial services.

Whilst commending the CBN for its efforts at enhancing financial inclusion, she disclosed that CBN and some agencies of government, such as the Bank of Industry (BOI), Industrial Training Fund (ITF), and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), have special funds that women can access for support.

The CBN did not stop there. It has taken financial literacy to secondary schools in Nigeria.

Chinyere Jane Nwaobilo, head of Consumer Education Division, of the Consumer Protection Department of the CBN told journalists that “without financial literacy children of young age will not be able to imbibe financial discipline”.

The essence of taking financial literacy secondary schools she said “is to educate children on financial discipline to enable them acquire financial capability that will help them to have financial wellbeing,  to be able to save and  to learn to invest at a very young age”.

To ensure continuity of the initiative, the CBN she said is planning “to have financial education in school curriculums very soon”.

THE Director-General, Standards Organisation of Nigeria (SON), Mallam Farouk Salim, has reiterated the commitment of the agency to quality in the building industry. He said this is the only way to guarantee safety and boost development.

 He spoke during the kick off of the master classes at the ongoing international exhibition aka BuildMacex Nigeria at Eko Hotel and Suites, Victoria Island, Lagos. It has a theme: “Building standards and sustainable structures.”

Salim, who was represented by the SON’s  Asst. Director /Head Products Registration, Joseph Ugbaja, said one of the objectives of SON is to sensitise the public on the essence of adhering to quality to avoid such mishaps as building collapse and faking. He said SON’s standards are the minimum requirements for locally manufactured products.

 Salim advised manufacturers to embrace standards, saying a standardised product attracts more consumers, while a bad one would, at the end, lead to avoidable litigation and waste of money. He said SON has simplified the process and procedures for registering a product to sanitise the system.

 Managing Director, Atlantic Exhibition (organisers), Mr. Paul Ayodeji Olugbade, said the exhibition was the eighth, aimed at attracting state-of-the-art products to boost growth in housing and construction.

 He said as a leader on the continent, Nigeria should show the way in terms of new technology usage. He also said the forum presented Nigerians and others the opportunity to learn and network for business growth, adding that it would afford the nation the chance to offer to the world our local content.

  Olugbade, however, urged the government to assist exhibitors who are doing their best to put the country on the world map. He noted that since he delved into holding exhibitions the government has not helped him. He said abroad exhibitions are seen as one way of promoting a country’s image and products. “The government needs to identify organsations like us and help. It can start by looking at a particular sector,” he added.

• ’Lufthansa, Qatar, Emirates were my choice’

The Minister of Aviation, Senator Hadi Sirika, has said the proposed national carrier, Nigeria Air, will fly before May 29, 2023.

He said the project was 98 per cent completed.

He stated this in Abuja on yesterday during the 10th Aviation stakeholders forum where he spoke on the status of the roadmap of the ministry.

Sirika, while giving an update on the likely date Nigeria Air would commence operation, said: “All of the roadmap items, except perhaps the airline which in my opinion is in 98 per cent completion, will fly within these remaining two months by the grace of God.

“We will also finish the concessioning. So, all those things we said we would do when we came in, we did them. Before the end of this administration, before May 29th, we will fly.”

He also said he had thought Emirate, Lufthansa, Qatar airlines would emerge as the preferred bidder for the Nigeria Air project, saying he was glad Ethiopian Airlines Group consortium eventually emerged.

He said he reached out to international airlines and domestic airlines except Overland to partner with Nigeria Air.

Sirika said: “When we were setting up Nigeria Air limited, my gut feeling is to partner with airlines that I think will add value, with financial experience and high profile, such as Emirate, Qatar, Lufthansa, and the rest of them.

“Those who worked closely with me know that this is my forecast and what I wanted, because I believe if you partner with Lufthansa for example, automatically you will have a licence to fly.

“I thought we would do that and I made attempts to reach them and invite them as I did with all airline owners in Nigeria, except Overland.

“I reached out to them personally to come and partner to create a strong airline, but fast forward, we had a bidder, Ethiopian Airline.

“I was very happy that we got them (Ethiopian) to come. It was not my choice but I am happy now knowing what I know.

“They are a household name, strong and they have been in business for 70 years unbroken and they have over 200 aircraft.

“So, I am very glad we are partnering with them and it is a reality.

“Some airlines are in court and their grouse is that it can be any airline in the world but not Ethiopian because, in their own way, they think Ethiopian is a competitor.”

On the potential of the roadmap, Sirika said it can create thousands of jobs.

He said: “Upon completion of the roadmap, it is estimated that 72,300 jobs (9,100 direct jobs and 63,200 jobs within three years and with 20 aircraft) will be created.

“A recent aviation sector study for Nigeria by International Air Transportation Association (IATA) in June 2020, showcases the significant contribution of air transportation to the National economy, through providing 241,000 jobs (direct and indirect) and a contribution of $1.7 billion to the national economy.

“However, with the successful implementation of the roadmap projects, our overall goal is to grow the aviation sector’s contribution from the current 0.6per cent to five per cent approximately $14.166 billion.”