The Nation Newspaper

Tag: Economy

  • ‘Courier, logistics can drive $1tr economy’

    ‘Courier, logistics can drive $1tr economy’

    Courier, logistics, transport and management have been identified as key areas that could help the Federal Government to raise the needed cash to drive its Renewed Hope Agenda and realisation of the ambitious $1 trillion economy by 2030.

    For the government to optimally tap into the sub-sector, there must first be a recognition of the sector as a potential cash cow and therefore drawing up policies, regulations and building requisite skills for jobs.

    Executive Chairman, Courier and Logistics Management Institute (CLMI), Prof Simon Emeje, said the courier and logistics sub-sector can boost the nation’s gross domestic product (GDP) by 60 per cent, if fully tapped, adding that it employs more people than even the oil and gas sector.

    According to him, the industry has assets worth over N15 trillion but requires a stable, dependable regulatory environment to thrive.

    Emeje who is the first professor of courier, logistics, transport, and management, expressed dissatisfaction that the full potential of the sector was yet to be tapped, primarily due to governments’ inability to entrench regulations that will drive innovation, investments and growth.

    He said: “This industry that has such huge assets should have the Federal Government’s recognition. The country is looking for measures to increase revenue and stabilise the economy. Maybe it has not occurred to policymakers, both at the federal and state levels, that logistics and courier services contribute to economic growth by facilitating the movement of goods and services, which improves supply chain efficiency, reduces costs, and increases competitiveness.

    “The logistics sector in every economy employs millions of people more than the oil and gas sector, including truck drivers, warehouse workers, supply chain managers, and freight forwarders, amongst others.

    “Out of the N15 trillion worth of assets, just 20 per cent of the combined market of courier, logistics, transport and management is currently being utilised across Nigeria.

     “The professionals in these combined areas of courier business are very few in number. We have less than 10 per cent of experts that can actually embark on capacity building and proper training that will set the economy in a good shape.

    “There is no sector of the Nigerian economy or the global economy that is not tied to these four areas. The government is looking for money to develop infrastructure, but the money is in our hands. Just we don’t know how to tap them.”

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    Emeje, who spoke in Lagos ahead of CLMI International Conference and Investiture forum scheduled November 14, 2024 told reporters that Vice President Senator Kashim Shettima, would  be the distinguished special guest of honour  at the conference with: Unlocking Economic Potentials and Fostering Nation-Building through Logistics Instruments, as theme.

    “CLMI is here to assist the system, particularly in helping the government on policies and regulations, while training professionals to remain profitable and ethical. Other countries are already consulting us, but charity they say starts from home. We make bold to say that when logistics infrastructure, such as ports, airports, and customs procedures, are well developed, they enable global trade and economic integration.

    That way, the logistics industry contributes to national income and foreign investment inflow. Courier services play an important role in driving efficiency and meeting customer demands,” he said.

    Emeje said the Conference and Investiture is a platform for the regulators and players to discuss issues affecting the industry, adding that as a significant component of the economy, “logistics affects the rate of inflation, interest rate, productivity, energy costs and availability, and other aspects of the economy. Prominent speakers have lined up to address these issues at the CLMI Conference and Investiture.”

    Aside the VP, Benue State governor, Rev. Fr. Hyacinth Iornem Alia, will be the Special Guest while Prof Anya O. Anya, former CEO, Nigeria Economic Summit Group, will chair the forum while the current Chairman, African Economic Summit 2024, Dr. Mazi Sam Ohuabunwa, will keynote the conference.

    Other invitees are Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani; former Minister of Communications, Dr. Adebayo Shittu; Postmaster-General of the Federation, Tola Odeyemi; President, Nigerian-British Chamber of Commerce (NBCC), Mr. Ray Atelly; Founder, Red Star Express PLC, Dr. Allison Sonny; and Managing Director, Zenith Carex, Dr. Adelana Olamilekan.

    The panelists include the Provost, ICPC Academy, Prof. Tunde Babawale; President, Pharmaceutical Society of Nigeria (PSN), Prof. Cyril Usifoh; Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Shola Obadimu, and Chairman, Maritime and Logistics, NBCC, Dr. Ikenna Nwosu.

  • The story of cattle in religion and the economy

    The story of cattle in religion and the economy

    Cattle, a cover term for cows (female cattle) and bulls (male cattle), have played a key role in human societies. There are over 1,000 breeds of cattle worldwide, and they have served as a major source of meat, milk and other dairy products, as well as leather. However, the handling of cattle and their place in religion, the economy, and class formation varies from society to society. From ancient times, cattle have played a major role in many religions, for example, in ancient Egypt, Rome, Greece and the Indian subcontinent. Perhaps the most famous religious role of cattle today is India, where cows are sacred, being objects of religious veneration.

    In other societies, such as Uruguay in South America and Botswana in Southern Africa, cattle are central to the national economy. In many societies, cattle have also played a significant role in class formation. In his Cattle, Capitalism, and Class (published in 1992), a former colleague, Peter Rigby, showed how cattle rearing changed the Massai of Uganda, a hitherto classless society, into a class society, by creating wealth for cattle owners and establishing social distance between them and the rest of the population.

    The examples of India, Uruguay, and Botswana provide interesting examples of variations in the handling of cattle and its place in society. All three cases provide interesting lessons for Nigeria.

    The mythology of the sanctity of cows in India has its origins in Hindu religion whose adherents believe that cows are representative of divine and benevolent forces. They are therefore to be protected and venerated. During the colonial period, the protection of cows was used by Hindus as a symbol of Hindu unification and differentiation from Muslims. This toxic mix of politics, religion, and ethnicity grew more problematic as India prepared for independence in 1947. It eventually led to the partition of the country between the majority Hindus and the minority Urdu-speaking Muslims, who now occupy Pakistan.

    Over time, the Indian government, especially at the regional level, became involved in the politicisation of cows, by prohibiting the slaughter of cattle and the consumption of beef. That is why, today, cows roam Indian streets in Hindu strongholds. However, despite the widespread notion of the sacred cow in India, there are states in the country where cow slaughter and consumption are permitted.

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    In many contemporary societies, the economic role of cattle has overshadowed their place in religion. A good example is Uruguay, where cattle are the mainstay of the economy with cows outnumbering people by 4 to 1. Yet, cows do not destroy crops or block traffic on the roadways, because every cow farmer in the country operates within a gated ranch.

    As I pointed out in an article for The Punch newspaper in 2018 (see Ranching is the best solution, The Punch, January 23, 2018), the Uruguay government’s intervention is limited to policy and technology. Rather than establish a Ministry of Livestock, the Uruguay government established a ranching policy and assisted farmers in developing the world’s first completely computerised traceability system. Each new calf is electronically tagged on one ear with a readable chip, which contains all manner of information about the animal. The chip is uploaded from time to time with new information about the animal. This allows consumers worldwide to know exactly where their beef comes from and how it was raised.

    On the African continent, Botswana provides another example where cattle are raised for consumption and export. Today, they are one of Botswana’s major exports. Ranching was adopted long ago to end conflicts between cattle herders and local farmers as they converged on the Okavango Delta region and the Limpopo River basin and its tributaries.

    Today, the cattle population in Botswana is nearly three million, about the size of the Botswana population. With efficient management of cattle, Botswana today is the largest producer and exporter of meat in Africa. One iconic use of cattle in Botswana was the One Man, One Beast fund-raising appeal by the late President Seretse Khama in 1976 for the construction of the Botswana University campus, which was opened in 1982. In addition to cattle, grain (especially sorghum), eggs, and raw cash were also donated until enough funds were raised. In recognition of this fund-raising appeal, the statue of a man and cattle stands in front of the university library, while the university logo is shaped like a shield with an open book, a cattle head, and sorghum.

    Despite the iconic status of cattle, diamond accounts for more than 60 percent of Botswana’s exports, while copper, nickel, beef, and textiles account for the remaining 40 percent. The country is rated as the largest diamond exporter in the world by value, and the second largest by volume. Once one of the poorest countries in Africa, Botswana is now one of the fastest growing economies on the continent. With a buoyant economy and a stable, uninterrupted, democracy since independence in 1966, Botswana today is the highest ranked country in Africa on both the Human Development and Corruption Perception Indices. It all boils down to the leaders’ effective management of its major resources.

    Cattle may not have been directly linked to religion in Nigeria as in India, but Nigerian cattle owners are predominantly Muslim with a distinct ethnicity. Both markers are often invoked when herders clash with farmers of different ethnicities even within the same state. Although herder-farmer clashes have subsided, especially in the South, banditry and cattle rustling still rage in the North, where the ongoing conflicts between Hausa landowners and Fulani cattle owners are based on historical injustices. It is unclear how far the newly created Ministry of Livestock will solve the problem, but it is at least a government response.

    For years, ranching was proposed as a better alternative to pastoralism, but Nigerian Fulani cattle owners have rebuffed the suggestion on the argument that pastoralism is their way of life. Such an argument is viewed as mere façade. Some have argued that the real reasons behind pastoralism today are (a) climate change, which has decimated grazing areas in the North and (b) a hidden agenda of territorial expansion.

    The truth is that Nigeria has lessons to learn from Uruguay and Botswana in cattle rearing and profit-making practices. There are also lessons to learn from Botswana’s management of mining resources, democratic practices, and purposeful governance. It is within these contexts that the Nigerian government should consider the recent invitation by the Botswana High Commissioner to Nigeria, Ms Philda Nani Kereng, for bilateral trade relations with Botswana.

  • Economy: why timelines, deliverables are essential

    Economy: why timelines, deliverables are essential

    President Bola Tinubu hit off his national address yesterday with a frank acknowledgement of the twin challenges confronting the nation – rising living costs and unemployment.

    While inflation has slowed for the consecutive month and is now at 32.15 per cent, it is still far away from the Central Bank of Nigeria (CBN)’s immediate target of 21.4 per cent.

    The sticky nature of the inflationary trend, with above-average food inflation of 37.52 per cent, has seen the CBN marinating its monetary tightening stance with continuous increases in interest rates.

    The Monetary Policy Committee (MPC) of the CBN last week defied wide expectations of a hike pause and raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent.      

    The National Bureau of Statistics (NBS) reported that unemployment rose by 1.2 percentage points to 5.3 per cent in the first quarter of 2024 from 4.1 per cent reported in the first quarter of 2023.

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    The underemployment rate, which closely relates to unemployment, was reported at 10.6 per cent in the first quarter of 2024.

    With agitations on many fronts, the thematic appeal of the national address underlined a government under intense pressure to deliver results, especially as time ticks away.

    Beyond generic policy announcements and directives, what are the definitive timelines for key deliverables that Nigerians can patiently hold on to and share the hope of the light at the end of the tunnel?

    “Last week, the Federal Executive Council approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months,” Tinubu said.

    This implies that the assembly plant should be ready by March 2025.

    The World Food Programme (WFP) estimated that Nigerians spend nearly two-thirds of their incomes on food. Mechanisation is at the heart of the food security that Nigeria desperately needs.

    Beyond the challenge of insecurity that had seen several farmlands and farming communities abandoned, the lack of modern agricultural equipment, and where sparingly available the prohibitive costs, is the major drawback to food production, especially in a country with above-average population growth.

    Agricultural mechanisation will not only significantly address the problem of food security, but it will also have positive multiplier effects on unemployment. 

    The national address was silent on the intervening period before the realisation of various initiatives on agricultural development.

    One such intervention was the recent roll-out of the 150-day suspension of tariffs on importation of select food items.

    Announced on July 8, the operating modality was laid out in August. Under the intervention, importers will not pay tariffs, duties and taxes on maize, husked brown rice, wheat, and cowpeas in a deliberate measure to reduce the average cost of basic food items.

    The N200 billion Presidential Intervention Fund (PIF) for Micro, Small and Medium Enterprises (MSMEs) and Large Manufacturers, which was launched in April 2024 was conceived as a much-needed fiscal counterbalance to the heightened inflationary and high-interest environment.

    The PIF is expected to not only help in reducing average cost but also stimulate productivity and employment.

    However, the rolling approach to such policy implementation keeps Nigerians weary.

    Needed are key deliverables with clear timelines across the various implementing agencies rather than endless calls for patience.

  • ‘How to transform economy’

    ‘How to transform economy’

    By Motunrayo Akintunde

    A technology service provider, Phase 3 Telecom, has said education has a huge role to play in shaping the future of the youths who in turn will become the drivers of the national economy in the future.

    It Chairman, Mr. Stanley Jegede, who spoke during the announcement of the expansion of the scope scope of EDP initiative of the Stanley Jegede Foundation (SJF), a non-governmental organization headquartered in the nation’s capital, Abuja has expanded the scope across six geopolitical zones of the country.

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    Through Create That Change Development Initiative (CCDI) the group in its commitment to making a meaningful impact in the lives of Africa’s less privileged, especially children and youths –identified 17 Nigerian students from different regions within the country who are children of widows – granting them funding support to sustain their academic pursuits.

    The initiative, which provides direct payment of school fees to beneficiaries, underscored the Foundation’s commitment to education as a fundamental right and reflects its resolve and determination to invest in the future of Nigeria’s youth by ensuring they are equipped with the necessary resources and opportunities to achieve their life and career goals.

    Jegede who is the SJF’s executive chairman, stressed the importance of education as a vehicle for transformation.

    He said: “At SJF, we believe that every child deserves the chance to realize their full potential, regardless of their socio-economic background. Education is the most powerful tool we can provide to change their future and, in turn, change our society. By focusing on children of widows across Nigeria, we are taking deliberate steps to address one of the most vulnerable demographics and set them on a path to success.

     “The project spans all six geopolitical zones of Nigeria, ensuring equitable distribution of resources and opportunities for children who face financial barriers to accessing quality education. With a focus on primary and secondary education, the Foundation is providing crucial support to these children, giving them a solid foundation upon which they can build a brighter future.”

    The NGO also posits that In the coming months and with initiatives spread across target programs of its 2025/2026 grant cycle, it will embark on high-impact projects aimed at uplifting and empowering more vulnerable persons and wider categories of disadvantaged communities.

  • Minister restates resolve to reset economy, combat disasters

    Minister restates resolve to reset economy, combat disasters

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has restated President Bola Tinubu’s commitment to boost the economy and tackle challenges posed by natural disasters.

    Mr. Edun spoke at WACOT Rice  Limited’s 250,000 metric tonnes processing facility in Argungu, Kebbi State, during a visit.

    Edun, accompanied by Governor Nasir Idris and Minister of Budget and Economic Planning, Atiku Bagudu, inspect ed the production processes, in readiness for the wet season harvest expectations.

    He lauded WACOT Rice for its contributions to the economy. The facility supports farmers through a procurement network and an 8,000-strong out-grower programme.

    Farouk Gumel, chair of WACOT Rice and vice chair of TGI Group, said: “We are humbled to receive the ministers, governor, and their teams. It is timely because it’s been almost a year since we started the second phase of our rice mills, bringing capacity from 120,000MT to 250,000MT. The visit reaffirms government’s recognition of the role the agricultural value chain plays in driving development.”

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    The minister also visited a nearby rice farm impacted by floods, noting the need for robust disaster management.

    Edun stressed Federal Government’s measures to address these challenges, saying it is essential to combat and mitigate effects of flooding, particularly as we prepare for 2024 rainy season harvest.

     ‘‘Our focus is on supporting our farmers and safeguarding the agricultural sector, which is the backbone of our economy,” he said.

    Gumel said: “Federal Government’s support is crucial for states like Kebbi, where agriculture is lifeline for many. At TGI Group, we partner stakeholders to strengthen agricultural production. With sustained investment and focus on food security, Nigeria will become self-sufficient in food and feed others.”

    Edun lauded Kebbi, reaffirming Tinubu’s dedication to enhancing security and increasing productive capacity.

    He urged the private sector to continue investing in agriculture, bolstering efforts towards the journey to food security.

  • We are making efforts to transition to green economy – minister

    We are making efforts to transition to green economy – minister

    Minister of Environment, Balarabe Lawal has said the country is making a lot of efforts to transition to a green economy through renewable projects including hydrogen energy initiatives.

    The minister said this during the Global Africa hydrogen summit and clean energy maximisation in Namibia.

    The minister also said a U.S.-based firm, FuelCell Energy has signed a Memorandum of Understanding with Oando Clean Energy Limited (OCEL) for the development of a large-scale green hydrogen power plant in the country.

    “U.S.-based FuelCell Energy signed MOU with Oando Clean Energy Limited (OCEL), a Nigerian renewable energy company that aims to improve access to electricity in Nigeria for a 5MW – 15MW power plant with FuelCell Energy providing its fuel cell and electrolyser technology – and possibly its carbon capture and sequestration technologies.

    “The Kaduna State Government and Qatar Government are proposing installation of $350M dollar hydrogen plant in Kaduna State of Nigeria,” he added.

    Lawal said the harnessing hydrogen project would earn the country foreign exchange and make Nigeria a regional hub for green hydrogen production and export while utilising blue hydrogen from natural gas for domestic purposes.

    Read Also: Fed Govt moves to harness green economy for sustainable development     

    According to the minister, the green energy project would help the country maximise abundant resources – sun, wind, water/hydroelectric and market.

    He said: “Nigeria is faced with huge energy crisis and as a party to United Nations Climate Convention (UNFCCC) at COP 26 in Glasgow committed to meet the Net zero target in 2060. With this pledge, a lot of efforts have been made to transition to a green economy through renewable projects including hydrogen energy initiatives.”

    He said through the project, energy access has been identified that would make Nigeria to become a leader in hydrogen technology and innovation, fostering local expertise and driving advancements in the clean energy sector to boost economic development. (SDG 7/ Energy Poverty).

    “This would position Nigeria as a leader in the African hydrogen economy, leveraging its vast resources and strategic advantages to influence regional energy markets,” he stated.

    He also said the green energy project would create jobs, especially for youths and women that are more vulnerable to the effects of climate change.

    “Nigeria has focused on using renewable energy including hydrogen to lift about 100M persons out of poverty and manage job losses due to decarbonisation in oil sector,” he added.

  • Fed Govt moves to harness green economy for sustainable development     

    Fed Govt moves to harness green economy for sustainable development     

    The Director General of the Bureau of Public Service Reform, Dasuki Arabi, has said the Federal Government is taking steps to harness the green economy for economic sustainability.

    He said this is part of the bureau’s mandate to drive integrated reform initiative.

    Arabi spoke at the bureau’s September lunchtime seminar with the theme: Harnessing Green Economy Initiative for Sustainable Development, held at the weekend in Abuja.

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    The agency chief said the nation has reached a point that it must critically explore and harness its green economy.

    He said: “The BPSR has been pivotal in coordinating and harmonising reform efforts, leveraging both local and international knowledge networks to support policy, institutional, and governance reforms. The idea is to continuously foster an environment where best practices in public administration are seamlessly integrated into the nation’s governance structures.

    “This seminar is particularly significant as it focuses on the green economy, an approach that is becoming increasingly essential in our global and national development strategies. As the world confronts the challenges posed by climate change, resource depletion, and environmental degradation, the Green Economy Initiative offers a pathway to sustainable development.”

  • Nigeria can achieve trillion dollar economy by 2030

    Nigeria can achieve trillion dollar economy by 2030

    SIR: There are divergent views about Nigeria’s ability to attain a $1 trillion economy by 2030. I am still optimistic, as it is too early to conclude that it won’t be achievable. Nigeria’s economy has shown signs of improvement and potential for more growth. President Tinubú’s economic policies are gradually paying off despite not having any significant positive impact on the standard of living of Nigerians at the moment. To achieve its target, the federal government, must remain focused, and adopt an agile approach as today’s world is volatile, uncertain, complex, and ambiguous (VUCA).

    According to the National Bureau of Statistics, Nigeria’s Gross Domestic Product grew by 3.19% in the second quarter of 2024 (on a year-on-year basis) which is higher than the 2.51% recorded in the second quarter of 2023 and the 2.98% recorded in the first quarter of 2024. With Nigeria’s GDP standing at $384 billion, a GDP growth rate of 3.19% is seemingly too low if Nigeria is to attain a $1 trillion GDP by 2030. However, the National Bureau of Statistics is in the process of rebasing Nigeria’s Gross Domestic Product. When the last rebasing exercise was done in 2014, Nigeria’s Gross Domestic Product moved from $270 billion to $510 billion, an increase of 89%. We can only keep our fingers crossed while we await the conclusion of the current rebasing exercise.

    It is no longer news that Nigeria’s headline inflation on a year-to-year basis decreased in July, for the first time since December 2022. It dropped to 33.40% from 34.19% in June. Also, on a month-on-month headline inflation has been on the decline consistently since March, with June being an exception. However, the government needs to monitor the situation closely, as the recent fluctuation in the value of the Naira may undermine this progress.

    Nigeria’s debt service-to-revenue ratio dropped from 97% to under 70% under the watch of the current administration. There is still a lot of work to be done, as it is far higher than the 22.5% prescribed by the World Bank. However, it has freed up resources for the government to invest more in infrastructure, healthcare, education, security, and other sectors of the economy. These investments will increase the growth of Nigeria’s Gross Domestic Product.

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    As part of efforts to reach a $1 trillion economy, Nigeria targets an oil production of two million barrels per day by 2025 and is intensifying its efforts to diversify the economy. With the Port Harcourt, Warri, and Kaduna refineries yet to recommence operations, the Dangote refinery will boost the Nigerian economy when it becomes fully operational due to the positive multiplier effect it will have. The refinery projects a turnover of $30 billion in the next two years. More domestic refineries are expected to become operational before 2030.

    The implementation of the new national minimum wage will stimulate consumer spending. Household consumption shrunk as a result of the devaluation of the Naira. The demand for non-essential goods and services dropped significantly. Companies experienced declining revenues, and some downsized staff strength to remain afloat. Also, better wages lead to more innovation, productivity, less staff turnover, and reduced brain drain as a result of “Japa,” leading to increased GDP in the long run.

    Using the rebasing exercise conducted in 2014, which led Nigeria’s Gross Domestic Product to jump from $270 billion to $510 billion, as a precedent, one should be optimistic about the outcome of the current rebasing exercise by the National Bureau of Statistics. Furthermore, there are positive signs of increased economic growth, namely’; increased oil production, diversification of the economy, multiplier effect of the implementation of the new national minimum wage and self-sufficiency in refining of crude oil, etc. The government must be agile and remain steadfast in its economic reforms if Nigeria is to achieve a $1 trillion economy by 2030.

    • Kenechukwu Aguolu   FCA, Kenerek1@gmail.com
  • Firm: Digitalisation ’ll transform economy

    Firm: Digitalisation ’ll transform economy

    Ongoing efforts by the Federal Government to digitalise the economy will eliminate social barriers that prevent individual growth and equal participation of all citizens in the country’s political, economic and social structures.

    It will also transform the nation’s economy and boost the nation’s gross domestic product (GDP), a technology company, UrbanID, has said.

    Its Founder Olatunji Durodola, in an e-note, said identity theft and data protection have become subjects of immense and intense debates and concern to nations, institutions, security agencies, the financial industry and corporates globally, adding that the company has set for itself the onerous task of ensuring that its clients adopt digitalization.

    “Digitalisation as a process which eliminates the social barriers that prevent complete individual growth and equal participation of all citizens in a country’s political, economic and social structures,” Mr. Durodola said.

    With its footprints established both directly and through a couple of subsidiaries in countries such as the UAE, the UK, Estonia, Rwanda and still counting, UrbanID prides itself as an IT company with a difference, which offers a wide range of exceptional services that cut across various sectors thereby enabling the global economy. Over the years, the company has committed itself to providing guaranteed world-class digital identity solutions in a disruptive yet highly efficient manner.

    “We are building the technology infrastructure of a robust and disruptive Digital Identity ecosystem for the world across borders with mutual recognition, while offering solutions that are crafted in strict compliance with our mission to empower individuals, strengthen communities, and foster inclusive citizenship services through a secure and innovative digital identity ecosystem,” he said.

    Speaking on why the company places great emphasis on user consent for personal information especially for Africans, Mr. Durodola said: “The identity of a Nigerian or any African, for that matter, is no less important than that of a European. Enterprises are therefore encouraged to value citizens’ personal information higher than bundles of money in a bank account.

     “Our world-class disruptive technology seeks to simplify the process (yet retain the integrity) of the importance of ensuring that any verification entity obtains an ID holder’s explicit Consent to verify their identity, with immutable proof of such an approval and what was done.

     “We emphasise that simply signing a piece of paper “I approve” or clicking on a button “I consent” falls way below any set industry standards for a full value chain of who did what, when and from where, with a citizen’s personal information, and, this is what UrbanID is about: Zero Knowledge Proof.”

    Durodola also founded the company’s subsidiary, Common Identity Ltd in Nigeria in 2017 with a clear mandate to serve as an Identity Management Consulting and Software Development firm.

    He said he established Common Identity to assist governments especially in developing economies to scale up and catch up with the advanced economies in identity management. Thus, his company is focused on Digital Identity Solutions for governments of developing nations with Nigeria as the starting point.

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    According to him, the company has built technology infrastructures with robust and disruptive Digital Identity ecosystem for the world across borders with mutual recognition bouquet that include identity management, identity tokenization, public key infrastructure (PKI), and user consent management.

    He said in nearly three decades of outstanding tech solutions experience, the company has paved the way as a leading provider of most secure and robust identity management solutions to governments, large enterprises and non-profit organisations across regions of the world, adding that UrbanID is celebrated for spearheading and creating the unique tokenization tech solution which provides one-of-its kind service that strengthens and enhances the security of end-user data protection and protects personally identifiable information (PII). He said one area where the company has impacted identity management across emerging economies most is in providing services and expertise in PKI that assist governments secure their information systems, databases and operations. Eliminating the phenomenon of ghost has stood out UrbanID thus endearing it to governments at both national and sub-national levels.

    Complementary to tackling the issue of ghost workers and other leakages in organisations is the important component of its identity management system suite. UrbanID equally prides itself as a User Content Management service provider; and, it offers a wide range of ID verification products, along with user content management services for government-issued IDs.

    These complex and highly technology-driven suites of ID solutions offered by the company are a sure proof of the tenacity of its founding, a proof of one man’s resilience and years of total commitment to the promotion of best practices in ICT focused on assisting governments secure their most prized asset: the citizens’ identity records and databases, Durodola said.

    UrbanID technology services have delivered to very high profile clients, particularly countries in Asia, the Middle East and Africa in the last 25 years. To underscore its vision and commitment to delivering unmatched digital identity solutions for developing countries, UrbanID, participated in the ID4Africa 2024 conference and exhibition in Cape Town, South Africa.

     “UrbanID is proud to present state-of-the-art digital identity solutions and products for the developing world, with specific emphasis on Africa and South-East Asia, focusing on their unique identity management challenges. In a world where a person’s identity needs to be secure, trusted and protected, UrbanID comes with over 30 years of experience in the mobile landscape and bears a passion for solving problems that only Africans know best to resolve. You can count on us to always have a listening ear, be prepared to respect local cultures and norms, as well as local fiat currencies,” Durodola had said on the occasion.

    With growth and the need to reach the larger world, in 2021, Common Identity Ltd was acquired by UrbanID Global and it currently controls 51 per cent equity stake in the new company. Part of the outcome of the acquisition was to restructure and focus on consumer based Identity Solutions. This narrative was based on the earlier accomplishment of having developed Africa’s first and only MobileID ecosystem with around 20 million downloads, and still counting.

    Another UrbanID subsidiary is a Nigerian outfit called TruID Ltd with focus on enterprise-based ID management solutions. UrbanID holds another 51 per cent stake in this start-up.

    “Our Patented Tokenisation Technology is being used in the largest Identity Database in Africa, to provide enhanced data protection and privacy to all ID holders. Our passion is to reduce the proliferation of personal data in so many disparate and insecure databases in developing economies.

     “To insure this, we use state-of-the-art hardware, hand-picked and custom-built by our engineers and computer scientists, who have decades of experience in Enhanced Data Privacy, development of open standards, hardware and bespoke software development solutions.

     “From the Graphic Processing Units (GPUs), to the high-performance CPUs, to the highly secure Hardware Security Modules (HSMs), to our optimised custom Linux Kernel, we are very proud of our work to put the developing world in particular at the pinnacle of innovation and creativity,” Durodola said of the company’s commitment and mission-critical focus.

    Durodola’s accomplishments in developing some of the globally renowned IT solutions leading some of today’s ID Solutions in various countries through his companies are making the difference in the identity management systems in several countries including Nigeria.

    As far back as the 1980s, Durodola developed the world’s first mobile version of the London Underground Tube Map for the Psion Organiser II. He also collaborated with W & R Chambers to develop the first electronic version of the Official Scrabble Word Dictionary. Similarly, Durodola participated in developing Palmtop work for the Hewlett-Packard Company, in Portland, Oregon, USA. And since 2012, he has been involved in creating some of the most outstanding Identity products for the Nigerian government.

    It is not a surprise that Urban ID is a critical success factor in the development of Africa’s best, largest and unarguably, most reliable identity management systems. Assisting the National Identity Management Commission (NIMC), and seeing the monumental gains the Nigerian state has made in enrolling over 120 million citizens with National Identification Number (NIN), as well as designing the most recent Polycarbonate Card, which manages a robust, easy to use Mobile Digital ID Card are some of Durodola’s accomplishments even as he continues to innovate with a mind-set to evolve and create new tech solutions in the global digital identity space.

  • Tinubu: GDP surge points to an economy on right path

    Tinubu: GDP surge points to an economy on right path

    • NBS links growth to industry, services sectors
    • ‘I made N7m in one year growing tomatoes’

    The economy is on the right path and will soon turn the curve.

    President Bola Ahmed Tinubu expressed this enthusiasm yesterday following the report that Gross Domestic Product (GDP) grew in the second quarter (Q2).

    The National Bureau of Statistics (NBS) put the growth of GDP in Q2 at 3.2 per cent year on year far above the 2.51 per cent recorded in the same period of 2023.

    The report followed the drop in headline and food inflation last month – the first time in 19 years.

    Experts said this development will reverse the economic crisis in the next few months.

    The President is excited about the new figure, according to his Special Adviser on Information & Strategy Bayo Onanuga.

    He said in a statement: “President Tinubu has welcomed the latest report by the National Bureau of Statistics on the state of the economy, as the country’s Gross National Product (GDP) posted another growth.

    “According to NBS, the real GDP grew by 3.2 per cent year on year in Q2, higher than the 2.51 per cent recorded in the same period of 2023. 

    “After another report on declining food and headline inflation, this latest report affirms that the economy is on the right trajectory and is indeed on the path to recovery.

    “As the President said in his August 4, 2024 national broadcast, our economy is recovering.

    “Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts. 

    “We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence.

    “President Tinubu is working to build a solid and resilient economy.

    “President Tinubu urged Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent on aborting and undermining the current reforms for their selfish ends.

    “According to the NBS report, the growth rate in Q2 is higher than the 2.51 per cent recorded in Q2 2023 and higher than the 2.98 per cent growth in Q1 2024. 

    “The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate output.

    “The agriculture sector grew by 1.41 per cent in contrast to the 1.50 per cent recorded in the second quarter of 2023.

    “The industrial sector’s growth was 3.53 per cent, up from the -1.94 per cent recorded in the second quarter of 2023.

    “The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.

    “We are confident that with the policies we have put in place, we expected production to rise to about two million barrels very soon.

    “In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

    “In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 million in nominal terms.

    “This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94 per cent year-on-year nominal growth.”

    Experts applaud growth

    A breakdown of the NBA report showed significant improvements across key sectors, with the services sector rising by 3.79 per cent, contributing 58.76 per cent to the aggregate GDP.

    The agriculture sector grew by 1.41 per cent in the second quarter as against 0.18 per cent recorded in the first quarter and 1.50 per cent recorded in the second quarter of 2023.

    Also, the industry sector recorded growth of 3.53 per cent in the second quarter, compared with a negative -1.94 per cent recorded in the comparable period of the second quarter of 2023 and 2.19 per cent recorded in the first quarter.

    The oil sector’s real GDP grew by 10.15 per cent in the second quarter, nearly double of 5.70 per cent recorded in the previous first quarter and a major turnaround from a decline of -13.43 per cent recorded in the corresponding period of the second quarter of 2023.

    The non-oil sector real GDP remained flat at 2.80 per cent over the past two quarters, lower than the 3.58 per cent recorded in the comparable period of the second quarter of 2023.

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    Most analysts commended the economic outlook, highlighting gains from the government’s efforts aimed at tackling oil theft and boosting the productive sectors.

    Managing Director, Arthur Steven Asset Management, Mr Olatunde Amolegbe, described the economic growth as “a pleasant surprise”, expressing optimism that the growth momentum will build up further in the quarters ahead.

    He said concerted efforts should be focused on non-oil sectors of manufacturing, transport, agriculture and services to further boost the economy.

    “All in all, it’s a welcome step that we hope will continue in subsequent quarters,” Amolegbe said.

    Managing Director, AIICO Capital, Dr Femi Ademola, said the GDP report appeared to show some gains of ongoing activities aimed at optimising the contribution of the oil sector.

    “The growth is generally expected due to the increase in oil production from 1.22mbd to 1.41mbd over the period.

    “The devaluation of naira over the period also improved the accruable value to the federal government in naira terms.

    “The value increase in other non-oil exports and other commodities also contributed to the 2.8 per cent increase in non-oil GDP.

    “The combination of these developments drove the GDP growth. The continued efforts in curbing oil theft and leakages appear to be yielding results,” Ademola said.

    President, Association of Capital Market Academics in Nigeria, Prof Uche Uwaleke, called for more support to drive inclusive growth, especially across the productive sectors.

    According to him, the economic structure should be such that productive sectors such as industry and agriculture are favoured in fiscal and monetary decisions.

    “Indeed, structural change is strongly recommended as one of the ingredients of building productive capacities,” Uwaleke said.

    He pointed out that the aggressive hike in the monetary policy rate in February and March by the CBN took a toll on output in the second quarter, which might be responsible for the decline recorded in major contributors to GDP such as manufacturing, trade, information and communication technology and real estate.

    He said the growth pattern, weighted in favour of the services sector, is not healthy for a developing economy such as Nigeria’s and called for efforts to drive more inclusive growth.

    Analysts at Cordros Capital noted that the economy “maintains growth trajectory”, pointing out that the economy sustained its positive growth momentum in the second quarter.

    I earned N7m in one year growing tomato, pepper, says Gombe farmer

    In what is seen as a reflection of the growth in agriculture, a farmer has said that he made N7 million in one year from selling his agricultural produce.

    Mr Saleh Maikudi, 35, who hails  Bula community in Akko Local Government Area of Gombe State,  told the News Agency of Nigeria (NAN) that he became a millionaire from growing vegetables.

    He said that investing in tomato and pepper farming yielded good returns.

    Maikudi said he spent over N1.5 million on 30 hectares of farmland which he cultivated in 2023.

    “In 2023, I made N7 million from cultivating tomato and pepper.

    “I only spent N1.5 million as the total cost of preparing and planting the vegetables.

    “I cultivated tomato, bell pepper (Tatashe), chilli pepper, Cayenne pepper (shombo) and Scotch bonnet (hot pepper) on my farmland.”

    Maikudi, who is also the chairman of Vegetables Farmers’ Association in the community, said he cultivated 30 hectares of the vegetables annually.

    He said that it took 10 weeks after cultivating the vegetables to start harvesting the commodities for another period of 10 weeks.

    The farmer said that in the present wet season, farmers had started harvesting and off-takers had been coming to their community to buy the commodities for supply to various states.

    He said that the year’s rainfall, which he described as moderate, was good enough for his vegetables to grow and that his tomato and pepper did well.

    “If the market is good this year, I am expecting nothing less than N10 million because my vegetables really did well.’’

    Maikudi advised the government to build a modern market in the community.

    According to him, the facility will help standardise the marketing of vegetables and other agricultural produce as well as provide farmers with the platform to centralise the selling of the commodity.

    “Also, the government can establish mini-processing factories to help farmers cut post-harvest losses, boost food security and provide more jobs for youths in the state,” he said.