Tag: Economy

A cross-section of experts have made a case for the continuous drive towards a viable credit system, saying that this will bode well for the economy in the short, medium to long term.

This was the submission made at the public forum in Lagos to commemorate the 30th anniversary and Business Networking Dinner Night of the National Institute of Credit Administration (NICA) Chartered, recently.

While making a case for credit economy, Lagos State Governor, Babajide Sanwo-Olu impressed on the board of the NICA, the need to continue to promote credit management profession in the country.

Sanwo-Olu, represented by the Commissioner of the Ministry of Youths and Development of Lagos State, Mr Mobolaji Ogunlende, while lauding the enviable heights attained by the forerunners of the Institute in terms of achievements and milestones achieved thus far, underscored the pivotal role played by credit in any system.

The governor said that over the past few decades, this institute played a role in shaping and equipping professionals with the knowledge and skills needed to navigate the ever-changing landscape of finance.

“We are also here to commemorate the transition of the institute to one of the professional bodies’ powers of control, supervision and regulation of credit management in Nigeria,” he said.

The President and Chairman, Governing Council of the National Institute of Credit Administration, Mr Andy Ojei, emphasised the importance of a sound credit management system for sustainable economic growth.

He said it would eliminate the global economic crisis caused by inadequate credit management skills.

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“Our steadfast commitment to aiding governments in shaping policies and advocating for implementation in matters of credit management is a source and pride to us,” he said.

NICA, he added, aimed to contribute to the ease of doing business in Nigeria by fostering international collaborations and partnerships, thereby attracting trade and investment into the country.

Echoing similar sentiments, the Registrar/Chief Executive Officer of NICA, Prof. Chris Onalo, said, it was celebrating its satisfaction as NICA clocked three decades in existence, and its recent achievement as a national chartered professional body for credit management knowledge, education, and certification in Nigeria.

He noted that hard work, passion, diligence, and dedication were the only mantra in the journey to success.

“The idea was conceived, and the vision delivered not only to navigate but to orchestrate the best possible economic growth model and a systematic paradigm for Nigeria as a better economic future approach,” he said.

The NICA founder who attempted a historical excursion back in time to the early days of the Institute remarked that it was heartening that the charter bill passed and signed into law on the 16th of August, 2022, by the Administration of former President Muhammadu Buhari.

“This is a milestone for Nigeria, this is a milestone for credit management profession, and this is a milestone for the credit economy, credit business, consumer credit, trade credit and financial credit industries locally and internationally, As I speak to you, Nigeria’s NICA is globally rated as the third largest credit management Institute in the world after the United States of America and the United Kingdom. NICA is the largest in Africa.”

Pressed further, Onalo hinted that NICA’s two next immediate projects is to build a world class credit management headquarters at the cost of N3.5billion to be located in Lagos even as he urged the Lagos state government to lend her support towards the noble cause.

Besides, he also desires that credit administration becomes a course of study at degree levels in all Nigerian universities.

The rising wave of a new variant of populism among the youth could upend both businesses and government, a report by the public relations and communications consulting firm, Chain Reactions Africa, has alerted.

The report entitled: ‘Aramanda,’ to typify the baffling character of the mystique surrounding behavioural evolution within the youth population, therefore, called on the present administration in Nigeria and businesses to make diligent efforts to study it and understand it.

The consulting firm made the call at the public presentation of the distillation edition of its periodic report, known as the ‘Neuroscience of Nigerian Youth trends and culture report,’ describing the rise of this new variant of populism as challenging for governments and business all over the world.

On this variant of populism described as “popumoblism”, Group Strategy Director of Chain Reactions Africa, Adekunle Odukoya, cited this variant of populism from across the world beginning from the Arab spring, the recent pension protests in Paris, and the demonstrations that rocked Israel over government’s push for a wide-ranging judicial overhaul.

He also listed the Black Lives Matter, the #EndSARS protests and the highly divisive character of the toxic narratives which pervaded the air during the last general elections in Nigeria as manifestations of this variant of populism. 

Managing Director, Chain Reactions Africa, Israel Opayemi, said the report could be perplexing for the government and businesses unless intentionally studied and understood by those responsible for policy and business decision making in government and on the side of businesses.  

Opayemi explained: “What this distillation edition of this report is about is to present to stakeholders what we have been studying for a number of years, which is that we have been tracking trends within the youth population not only in Nigeria but across Africa. Youth Trends and Culture simply point to the emerging belief system, the things that the young people are doing now and the way they behave.

“So, we have been tracking these behavioural patterns as a consulting firm. Our trend spotters, cultural anthropologists, neuroscientists and strategists have been tracking behavioural patterns, distilling them into data, and this is impacting businesses and governments and to some extent upending them.”

Continuing, he said: “Why are we tracking trends? Why are we tracking culture? There is a saying that culture will eat strategy for breakfast.

No matter how intelligent the people in government are, unless they understand the emerging trends and cultures within their own jurisdiction, then their policies are bound to fail.

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“This is what we are doing to help the Nigerian government, to help the respective state governments to be able to understand the trends that are emerging in the society and in the continent so that government is able to plan policies that are in line with these trends.

“We are studying the trends and we’re saying to brands as well as government to study these things because once you study these trends you can never go wrong.  This is how the youth are now thinking and for as long as you can understand how they think, then you will probably be able to know the type of shirts they would love to wear and produce them.

“That’s the same thing we’re saying to government. Unless you have people who are helping you interpret culture, people who are helping you interpret trends, then it might be very difficult.”

The representative of the Lagos State Deputy Governor, Hon. Mobolaji Ogunlende, who is the Commissioner for Youths and Social Development, affirmed the importance of the youth population in the society saying: “We have to bring the youth into the ecosystem. We have no choice. The youths have a major role to play and they are already playing that role.”

He said the government and business institutions had to recognise this new reality, noting that it could be mind-boggling, confusing, but it is what it is, and it is all about accommodating each other because “A lot of what the youths are saying is, engage us, be there for us, we want to know that you are hearing us”.

The distillation edition of the report also focused on five other key trends namely “Afriverse” which captures the rise of Afrocentric consciousness amongst Nigerian youth; “E Go Better” which captures the resilient character of the Nigerian youth in the face of doing business in a challenging economy like Nigeria’s.

Others are “Orisa Meta” which captures the preoccupation of the Nigerian youth with Metaverse and the realm of alternate reality where they see the world like an orderly utopian state of nature; “YouManity” which refers to the growing preoccupation of the youth with self, a trend which has spiked a boom in what is now called the “The New Me Economy” exemplified by the growing consciousness of Nigerian youths with health and wellness, Spa business, beauty and care business amongst others.

This special distillation edition of the Youth Trends and Culture Report is the third Chain Reactions Africa has released since 2014 when it first launched the initiative to help government and businesses understand the under currents of behaviours within the population in Nigeria and Africa.

The public presentation event was well-attended by notable multi-sectoral industry stakeholders, top government functionaries, corporate decision makers, prominent personalities in the Nigerian marketing communications industry, and the media.

Governor of Lagos State, Babajide Sanwo-Olu and his deputy, Dr. Kadri Obafemi Hamzat, were represented by the Commissioner for Information and Strategy, Gbenga Omotoso and his counterpart in the Ministry of Youth and Social Development, Mobolaji Ogunlende respectively.

• By Daniel Adeleye

A financial expert, Adebukola Lambo had maintained that competent leadership, right policies and committed implementation of policies will boost the struggling Nigerian economy and reduce poverty among its citizens.

Lambo who is also the president of Institute of Chattered Accountant of Nigeria (ICAN) Ota Cooperatives Society, stated this during the 5th Annual General Meeting of the society in Ota, recently.

He blamed the current economic woes in the country on the mismanagement of the previous economy handlers, saying Nigerians need to join hands with the government to chat a way forward.

The cooperatives leader maintained that Small and Medium Enterprises which account for the majority of businesses and important contributors to job creation and economic development should be empowered by the government through cooperatives society to boost the country’s GDP.

The financial expert urged federal government to stop importation of petroleum products to tackle foreign exchange which has posed greater challenge on Nigerian economy.

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He also noted that fixing unstable power supply, bridging infrastructure gaps and creating an enabling environment are fundamental to business and economic development.

Lambo advised that for Nigeria to attain economic growth and development, the dominant principle when appointing people into public offices should be merit rather than compensation for political allies.

“We can manufacture some of those things we are consuming, and this is another way we can reduce pressure on our foreign exchange rate. Our leaders need to do what we make Nigerians to trust them.

“Fuel is a product that impacts on every strata of economy, and government has promised that Port Harcourt refinery will commence operation in December. If they can make our refineries working, it will reduce FX pressure, and there will be a relief the high purchase price,” he submitted.

The Customs Area Controller of Kirikiri Lighter Terminal, Comptroller Timinadi Bomodi, has warned that the nation’s blue economy won’t attract foreign direct investments (FDIs) without adequate data to guide investors.

Speaking at the 2023 JournalNG Port Industry Town Hall meeting in Lagos, Bomodi said that automated processes and technology could be utilised in addressing the dire need for relevant data on various aspects of the sector which makes it easier for investors to understand the terrain.

He identified fishing trawler operations in the country as a sub-sector that requires optimum regulation and adequate data to guide the regulators, operators, government policies and spur Foreign Direct Investments

While stating that the Customs online portal, Nigeria Integrated Customs Information System (NICIS) II, allows for integration of other agencies, he maintained that the blue economy should be explored as an ecosystem that leverages technology.

Also speaking at the meeting, Chief Abdullai Tony Dania, a Maritime Lawyer, called for due diligence and enactment of laws that will strengthen integration among government agencies.

According to Dania, there is a need for mandatory inter agencies and inter-ministerial collaboration, supported by statute to give impetus to the required technologically backed integration.

He stated the Nigerian Customs and Excise is under the Ministry of Finance, but her operations are more under the marine and the blue economy.

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Echoing similar sentiments, the Founder of National Association of Government Approved Freight Forwarders (NAGAFF) and Chairman of the occasion, Dr. Boniface Aniebonam observed that automated processes of port agencies are fragmented.

Aniebonam, who was represented by the Registrar, NAGAFF Academy, Mr. Francis Omotosho observed that even the popular Customs Vehicle Identification Number (VIN) Valuation system and NPA’s electronic truck call-up system are fraught with the challenge of human interference.

The veteran freight forwarder suggested that technology could be utilised to alert Customs of overtime cargoes after 28 days at ports, thereby positioning the Service to expedite the evacuation of such cargoes.

On his part, the Chairman of the Association of Maritime Truck Owners (AMATO), Chief Remi Ogungbemi advised that already established technological processes should be improved upon.

He also lamented that truck owners are equally being vilified when their trucks are seized along with consignments intercepted by Customs and other security agencies.

Earlier, the Publisher of JournalNG and convener of the conference, Mr. Ismail Aniemu observed that technology has become part of daily life and automation has also become the norm.

Aniemu said Nigeria Customs Service is the best suitable to be the lead agency for a national single window project and most qualified to handle it with its more robust NICIS II platform.

In similar vein, some experts in the Nigerian maritime sector have advised the Federal Government to deploy the Webb Port model of port community system being used in neighbouring Benin Republic.

Giving an insight into the workings of the Webb Ports in Benin, Lanre Balogun, a manager in charge of installation at Webb Fontaine Nigeria Limited, said the Port Community System has achieved seamless interactions between systems used by the port authority, customs and terminal operators from data exchange and logistics through billing and payment.

Balogun said all port processes under the Webb Ports regime enjoy speedy processing from electronic manifest declaration through electronic payment of all duties and fees; space booking for delivery and loading preparation; e- release for cargo exit authorisation and cargo movements management and follow up.

He said his company has trained 8,137 persons in Benin from 2018 to 2022 and has 6,624 users of the system that has helped Benin Republic Customs achieve 97 percent increase in customs revenue collection between 2016 and 2022.

He added that the PCS is active at Cotonou Port, Cotonou Airport and six land borders of Hilla Condji, Krake Plage, Malanville, Parakou, Iloua and Tchicandou.

He said the contract entered with Benin Ministry of Finance has contributed immensely to the port efficiency in the country easing trade. He listed trucking companies, banks, stevedores, customs brokers, shipping agents, inspection authorities and others as maximising the benefits of the Webb Ports system.

While commending the Webb Port system as the most suitable tested and trusted platform observed to be sustainable in Benin in the last six years, Aniemu said the Nigeria Customs strong presence at the seaports, airports and border stations further attests to its suitability to undertake the task.

The Director-General, Manufacturers of Nigeria (MAN), Dr. Segun Ajayi-Kadir, has canvassed support for a circular economy as a solution for the challenges in the plastics and packaging industry.

He stated this yesterday at the opening ceremony of the 10th Propak Exhibition in Victoria Island, Lagos.

Ajayi-Kadir said its linear counterpart, which he described as ‘resource-depleting’, the former emphasises sustainability, resource efficiency, and environmental responsibility.

 He said though for years, the sector has been a generator of huge revenue and employment, its problems had remained unresolved, thereby hindering its growth. Therefore, Ajayi-Kadir said there was need to look inward for a solution to transform it.

He said the transition from linear to circular economy “represents an extraordinary opportunity for innovation and expansion within the plastic and packaging sector” while also addressing the pressing need to curtail plastic waste and its environmental repercussions”.

The DG, however, noted that transition would come with challenges and risks. “It involves rethinking traditional business models, redesigning products for longevity and recyclability, and overhauling supply chains. These changes can be costly and disruptive, especially in the short term.

It requires visionary leadership and a commitment to long-term sustainability,” he warned.

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Also, for the circular economy to survive, there would be a need for financial support for its framework that would enable the plastic and packaging industry to unlock its green economic growth.

He was optimistic that “Nigeria can explore green financing mechanisms such as green bonds and loans to provide the requisite capital for investments in recycling infrastructure, research and development, and eco-friendly technologies”.

The MAN chief fair sought trade agreements that prioritise environmental sustainability for the circular economy and “explore opportunities for exporting recycled plastic materials that not only contribute to our national development but also align with global efforts toward a more sustainable future for all”.

He pledged the support of the association to enable the plastics and packaging industry to embrace a circular economy.

The Regional Director, Afrocet Montgomery Group, organisers of the exhibition, George Pearson, expressed satisfaction with the turnout at the event. He said the exhibition was held to enable Nigerians to see the latest technology in manufacturing at home rather than travel abroad to buy them.