The Nation Newspaper

Tag: Economy

  • Lagos Assembly holds public hearing on Geographic Information Service bill

    Lagos Assembly holds public hearing on Geographic Information Service bill

    The Lagos State House of Assembly on Friday held a public hearing for the Geographic Information Service Bill.

    The Speaker of the House, Mr Mudashiru Obasa, said the new bill would harmonise all the geographic information service projects in the state.

    The speaker was speaking at the one-day public hearing on the bill at the assembly’s complex.

    The News Agency of Nigeria (NAN) reports that the title of the bill is: “The Lagos Geographic Information Service Bill and other connected purposes”.

    The speaker explained that the bill was aimed at establishing a computerised central database for all information relating to geospatial matters and related issues in the state.

    According to him, the new bill will also cut sharp practices and reduce fraudulent sale of land.

    For land, the database will have details of owners including their photographs.

    Obasa, represented by the Chairman, House Committee on Information, Mr Stephen Ogundipe, said the new bill, when passed, would also help in improving governance and boosting professionalism.

    “Section 4 (2) of the bill says the agency’s responsibilities include introducing, implementing and sustaining best practices for all Geographic Information Systems (GIS) in the state.

    “As well as develop and maintain an online platform that will contain all information and statistics on geospatial-related matters.

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    “It is targeted at integrating governance with advancements in technology. This is something we hope to always take advantage of, so that our state can continue to be ahead in the area of development,” he said.

    Chairman House Committee on Physical Planning and Urban Development, Mr Sylvester Ogunkelu, said the bill showed a commitment and sincere

    sense of duty on the part of the legislators of the state, to put people’s interest at heart.

    Ogunkelu said today’s public hearing meant a lot to the improvement of

    information technology and computerised central database in Lagos State.

    Ogunkelu, who represents Epe II, described it as a bill that would cover the database of Lagos, just as he commended the speaker for his passion for the progress of the state.

    “The bill will guide the government to have a database of everything concerning the state.

    “In this case, you could be in your house and apply for a certificate of ownership on your property and have it without even visiting the ministry,” he said.

    Rasheed Makinde, a former lawmaker, commended the House for its proactiveness, while some of the stakeholders suggested the involvement of professional bodies in the proposed law.
    (NAN)

  • World of work

    World of work

    By Daniel Ighakpe

    SIR: Unemployment and poverty are two of the major problems currently plaguing Nigeria’s economy and its society. Nevertheless, despite the high rate of unemployment and poverty, the situation is not necessarily hopeless. People can still find some meaningful work to engage in, even though it may be small. And, as one talented Nigerian musician, Sonnie Smyth, sang in his music video entitled: ‘NO WAHALA’: “No wahala, e go better, after today, I go see tomorrow o!”

    If you are unemployed, or cannot find a job in your area of particular interest, it is wise to consider looking for a job in other areas, even if the job is considered ‘menial’ by the standards of some people. Do not allow false pride to let you look down on a job – as beneath your dignity. Any legitimate service that can benefit others, and that people are willing to pay for, can be considered as an alternative job opportunity when jobs are scarce.

    People differ in terms of many characteristics such as intelligence, talents, academic levels, etc. Therefore, depending on human potential and the specific working environment, work can be equally beneficial to the person or demeaning. For example, prostitution, gambling, and drug dealing constitute work, as you get a kind of remuneration for the service you provide. But the money you get out of these kinds of work becomes useless, as it neither contributes to human flourishing, nor is the basis of a meaningful life. Work should be the key to human survival and flourishing, and not to degradation of the individual and his moral values.

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    On the other hand, no matter how honest, working from dawn to sunset does not make your life flourish either. “All work and no play makes Jack a dull boy,” goes the popular saying. Workaholics, whose only purpose in life is work, deprive themselves of the enjoyment of engaging in other activities. Productive work is not an end-in-itself, but a means of flourishing. If one pursues productive work to the exclusion of everything else in one’s life, so that it becomes one’s only purpose in life, this will undermine one’s flourishing. On the other hand, those who keep their life balanced are likely to enjoy their work even more.

    So, in conclusion, whether your work is mostly mental, mostly physical, or somewhere in between, recognize that there is dignity in labour. Hard work helps us to care for our material needs. Moreover, it contributes to our self-respect, after all, hard work is just that – hard. When we discipline ourselves to stick with our work – even if it seems boring or difficult – we can have the satisfaction of knowing that we held ourselves to a high standard. We have won the victory over the inclination to take the easy way out. In that sense, work brings an intense feeling of satisfaction.

    God wants us to enjoy the fruitage, or reward, of our hard work. His Word, the Bible says: “There is nothing better for a man than to eat and drink and find enjoyment in his hard work. This too, I have realized, is from the hand of the true God.” – Ecclesiastes 2:24.

    • Daniel Ighakpe, Lagos.

  • ‘Digital to contribute $180b to African economy by next year’

    ‘Digital to contribute $180b to African economy by next year’

    Africa’s digital economy has continued to contribute significantly to growth, innovation and improved quality of life, PwC Africa has said.

    PwC, citing World Bank estimates, said Africa’s digital economy could contribute up to $180 billion to Gross Domestic Product (GDP) by 2025 and create millions of jobs and opportunities for entrepreneurs, particularly the youth and women.

    The firm made this known in its latest report, ‘VAT in Africa: Digital Services,’ a special edition of its yearlyVAT Guide in Africa, focusing on new rules and measures that have been introduced to tax the digital economy unilaterally by countries in Africa especially for Electronically Supplied Services (ESS) across borders.

    In the report, which was released during last week and made available to The Nation, PwC Africa Indirect Tax Leader, PwC Kenya, Job Kabochi, said in recent years, the digital economy has transformed the way businesses operate and consumers interact, in Africa and globally.

    He, however, said as more and more transactions and activities are conducted online through digital platforms, the traditional concepts and rules of taxation based on physical presence, source and destination may no longer be adequate or effective to capture the value created by the digital economy.

     “These new digital business opportunities have created taxation challenges for both businesses and revenue authorities,” Kabochi said, noting: “Our 2024 VAT Guide in Africa draws attention to tax developments affecting the digital economy.” 

    Kabochi said Africa’s digital transformation continues to reshape economies and societies; that soaring rates of mobile phone penetration and the rapid adoption of mobile technologies, rising levels of internet access and the innovative spirit of Africa’s entrepreneurs, have all contributed to this ongoing transformation.

    Also, smartphone adoption in particular has enabled access to the internet and applications, even in remote areas, and facilitated mobile banking and ecommerce, among other services.

    Read Also: Ports Single Window: A potential game changer to boost economy

     “Africa’s digital transformation has also fostered and supported the emergence of local tech hubs and startups that are developing solutions for the unique challenges and opportunities on the continent,” Kabochi added.

    PwC Africa pointed out, for instance, that mobile money services like M-PESA in Kenya have revolutionalised financial transactions, promoted financial inclusion and inspired a wide range of adjacent products and experiences, from gaming to e-commerce to insurance.

    The firm further said digital education platforms are addressing some of the gaps in Africa’s educational systems and providing scalable opportunities for learning and development.

    As a result, Kabochi said tax authorities from several African countries have taken notice of this growing digital economy, and are introducing or amending their Value Added Tax (VAT)/Goods and Sales Tax (GST) and other indirect tax laws and regulations to tax the digital economy.

    This, according to him, is by expanding the scope of taxation to cover electronic services supplied by non-resident providers to local consumers.

     “Governments in Africa clearly recognize the potential of this digital transformation and their investments in infrastructure (including broadband connectivity), digital skills development and regulatory frameworks continue to support this trajectory,” he    stated.

    Kabochi said as the digital economy continues to evolve and tax authorities continue to adjust to Africa’s remarkable digital transformation, it is essential for businesses to understand and closely monitor tax developments affecting the digital economy in every country where they supply digital services.

     “PwC is committed to providing the latest and most comprehensive information and guidance on the taxation of the digital economy in Africa,” he stated, pointing out that of the 54 countries in Africa that are recognized by the United Nations, 21 have already enacted rules for non-resident suppliers to account for VAT/GST on ESS.

    The report said five more countries (Botswana, Ethiopia, Mali, Republic of Congo and Rwanda) are in the pipeline.

     “We hope that this guide (2024 VAT Guide in Africa: Digital Services) will serve as a useful and practical reference for tax professionals and businesses in or outside Africa and that it will stimulate further dialogue and cooperation amongst the stakeholders involved in the taxation of the digital economy in Africa,” Partner/Indirect Tax Services Leader, West Africa, PwC Ghana, Abeku Gyan-Quansah, said.

  • Ports Single Window: A potential game changer to boost economy

    Ports Single Window: A potential game changer to boost economy

    In a bold move to transform Nigeria’s trade landscape and boost economic growth, President Bola Tinubu recently inaugurated the National Single Window platform, designed to revolutionise clearance processes at ports, improve economic metrics, increase transparency and reduce trade costs. A cross-government initiative that aims to simplify trade processes, unlock economic potential and position Nigeria as a global trade leader, NSW promises to create a single digital platform that links ports, government agencies and stakeholders, enabling a seamless and efficient trade ecosystem. In this special report, OLUWAKEMI DAUDA delves into the vast potential benefits of the initiative and the challenges that may hinder its successful implementation

    At numerous maritime industry gatherings nationwide, stakeholders are fervently discussing the Federal Government’s implementation of a National Single Window (NSW) to eradicate human interference, combat corruption and enhance port efficiency, unanimously applauding the initiative. This follows the recent inauguration of the National Steering Committee for the single-window project in Abuja by President Bola Tinubu, who emphasised that the project aims to streamline import and export processes across the nation, simplifying procedures by eliminating the need for interactions with various agencies across multiple locations to obtain necessary documents, permits and clearances.

    The Federal Government’s decision to establish a National Single Window (NSW) platform at ports was initially announced by the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, in January of this year, attributing the initiative to President Tinubu’s vision under the theme of Renewed Hope for rebuilding the economy, fostering economic prosperity and addressing port competitiveness and efficiency concerns. Adeniyi reiterated the government’s commitment to implementing the NSW to expedite goods clearance and exports, marking a promise fulfilled six years after the Muhammadu Buhari administration pledged to create the platform in 2018 but failed to do so before leaving office last year. He underscored the clarity of the policy advisory documents delineated by the Tinubu administration, notably spotlighting the introduction of single-window technology as a crucial direction for port operations—a development warmly embraced by the Nigeria Customs Service, which is keen to align with this initiative, recognising its pivotal role in driving port operations efficiency.

    NSW and why it is necessary in Nigerian?

    A single window represents an integrated network of entities involved in a nation’s international trade, leveraging cutting-edge information and communication technology (ICT) methods, international data standards and streamlined information  systems to replace traditional paper-based processes. Essentially, it serves as a centralised facility enabling stakeholders in international transport and trade to submit uniform official documents and information through a single entry point, thereby fulfilling all transit, export and import requirements. When documents are submitted online, they typically only need to be submitted once, with common paperwork including commercial invoices, certificates of origin, export/import trade declarations and Customs manifest declarations, among others.

    Starting from January 1st of this year (2024), it has become mandatory for ports worldwide to adopt Single Window (SW) systems for electronic exchange of information concerning ships’ arrival, stay and departure at ports. Investigations further reveal that Nigeria stands as the sole country in Africa without such a platform. In 2018, under the previous administration led by former President Buhari, the former Minister of Transportation, Rotimi Amaechi, pledged to establish a National Single Window platform to be overseen by the Nigerian Ports Authority (NPA), with funding proposed from the one per cent Comprehensive Import Supervision Scheme. However, this commitment went unfulfilled before his departure from office. The absence of a Single Window platform is estimated to cost Nigeria an annual revenue loss of N1.08 trillion.

    Stakeholders in the maritime sector, speaking separately to The Nation, unanimously assert that one essential measure to expedite cargo clearance at ports and realise the diversification agenda is the implementation of a Single Window programme. One of the stakeholders, Samson Atanda, said: “The implementation of a single window system enables international (cross-border) traders to submit regulatory documents at a single location and/or single entity. Such documents are typically Customs declarations, applications for import/export permits, and other supporting documents, such as certificates of origin and trading invoices.”

    Atanda lamented that Nigerian-bound vessels are being diverted to Benin Republic, Ghana and other neighbouring ports because of endemic corruption in the ports as a result of unnecessary delays during cargo clearance at the ports. The maritime lawyer recommended that the policy on single window on the clearing of goods should be fully implemented to discourage physical examination of cargo by men and officers of the Nigeria Customs Service (NCS). “As of 2017, Ghana had commenced the registration of vehicles doing business at its port in preparation for full automation of the processes this year. Ghana has a $1.5 billion fully-automated terminal jointly built by the APM Terminals, Bolloré Africa Logistics, Meridian Port Services and the Ghana Ports and Harbours Authority,” Atanda said, adding that the expanded port could accommodate the world’s largest container ships in their breakwater and access channel. Like Ghana, other ports in Africa have automated their processes, making clearing faster and easier.

    Atanda said if the Federal Government can put the NSW in place, Nigerians who patronise other African ports would return to the ports by the time the human interface has been removed. The Maritime Single Window is intended to have a positive impact on port operations, increasing port efficiency, reducing vessel time in port, optimising processes, cutting emissions and boosting the overall safety of vessel calls.

    Challenges ahead

    In practical terms, a Single Window environment provides one ‘entrance,’ either physical or electronic, for the submission and handling of all data and documents related to the release and clearance of an international transactions. Former President of the Association of Nigerian Licensed Customs Agents (ANCLA), Prince Olayiwola Shittu, highlighted several challenges associated with implementing the Single Window in the country, including a lack of political will among those in power, deficiencies in legal frameworks and insufficient technological skills among senior and junior government officials at the ports to embrace the Single Window system. Shittu emphasised that the primary aim of the Single Window is to eliminate human-to-human contact, underscoring the imperative for political will to actualise this goal. He further stressed the necessity of addressing the challenges hindering its adoption before its implementation. “There is the need to ensure that the port access road is accessible, scanners are used in the port and there should be an improvement in our multi-modal means of cargo evacuation,” he said.

    An importer, Felix Abraham, expressed concerns over lack of an enabling law to back sharing of data. He called on the National Assembly to address the issue urgently. “The Single Window for Facilitation of Trade (SWIFT) Project was a collaboration between the International Maritime Organisation and Singapore. It was aimed to develop the SW system to allow importers and exporters the facility to lodge their clearance documents online at a single point and required permission, if any, from other regulatory agencies is obtained online without the trader having to approach participating government agencies.”

    Other stakeholders pointed out several critical challenges with Single Window implementation, including insufficient support from government agencies at ports, complex procedures and document requirements, constraints in budget and human resources, organisational and human resistance to change, inadequate coordination among entities like NPA, NIMASA, Customs and other regulatory agencies, as well as with the trade community, legal hurdles and challenges, inadequate legal frameworks, resistance to accepting a designated leading agency, lack of information and communication technology (ICT), and security concerns regarding centralised information sharing and electronic documents. Moreover, Single Window implementation is viewed as a national-level project requiring significant changes across government ministries and agencies, alongside substantial investments. Many experts speaking to The Nation identified the lack of government support as a critical challenge, noting that the government tends to prioritise physical infrastructure development over soft infrastructure projects like Single Window.

    The issue of lack of political will may not be a concern, as President Tinubu, speaking at the inauguration of the National Steering Committee for the single-window project in Abuja a few days ago, emphasised that the project aims to facilitate ease of import and export trade in the country and promote integration at both national and regional levels. President Tinubu further stated that the project would streamline import and export processes by eliminating the need for interactions with multiple agencies across various locations to obtain necessary documents, permits and clearances. He expressed his commitment to creating a conducive environment for the project’s success despite challenges, pledging to empower the committee to overcome obstacles.

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    “The national single window is a game changer that will revolutionise the way we conduct trade by simplifying government trade compliance through a digital platform. We unlock the doors to economic prosperity, and all other opportunities. This initiative will link our ports, government agencies and key stakeholders by creating a seamless and efficient system that will facilitate trade like never before.

    “The benefits of this initiative are immense. Paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion. Countries like Singapore, Korea, Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing the Single Window System,” Tinubu said

    The unveiling of the National Single Window Project is driven by the aim to revolutionise trade facilitation and stimulate economic growth, leading to the designation of the Federal Inland Revenue Service (FIRS) and the Nigerian Sovereign Investment Authority (NSIA) as implementing agencies and financial managers, with the project Secretariat housed within the FIRS. During the committee’s inauguration, FIRS Executive Chairman, Zacch Adedeji, highlighted the alignment of the project with President Tinubu’s agenda for economic stimulation through enhanced trade facilitation at ports, citing estimated annual losses of $4 billion due to inefficiencies and costs in Nigerian ports. Adedeji stressed the project’s potential to address revenue leakage, facilitate international trade and redirect lost resources toward societal development, describing the National Single Window as a “catalyst” for achieving a 7% annual GDP growth rate and projecting an annual economic benefit of approximately $2.7 billion.

    According to the FIRS chair, the National Single Window Project transcends mere technological advancement; it symbolises a gateway to a more interconnected, efficient and transparent system by integrating ports, government agencies and key stakeholders engaged in national, regional and international trade. Adedeji further highlighted that this seamless ecosystem aims to save time for businesses, foster opportunities in education and healthcare, and facilitate small businesses’ access to global markets. Additionally, the transition towards paperless trade alone is anticipated to yield an annual economic benefit of approximately $2.7 billion. “The heavy cost, delay and inefficiency at our ports has been a constant burden. It is estimated that a staggering $4 billion annually is lost due to this inefficiency. By addressing revenue leakage prevention and facilitating effective trade, we will reclaim these lost resources and channel them towards the betterment of our society,” he said.

    He cited success stories from countries like Singapore, Korea, Kenya and Saudi Arabia, which have all witnessed significant trade efficiency improvements after implementing similar initiatives. He also expressed Nigeria’s readiness to join these ranks and reap the  rewards of a streamlined and digitised trade environment.

    Benefits of National Single Widow

    Beyond trade facilitation, the National Single Window is a powerful tool for expanding the tax base and capturing the informal e-commerce sector. By providing a unified digital platform for cargo clearance and logistics, the project aims to bring more businesses into the formal economy, ensuring fair contributions to national development. Adedeji added that the project’s potential to optimise intra-Africa trade by linking Nigeria’s National Single Window with other African nations. This move aims to position Nigeria as a leader in regional trade facilitation, fostering economic ties and creating new collaborative opportunities.

    The lack of a comprehensive trade facilitation system in Nigeria has led to bottlenecks, corruption and decreased revenue, he said, noting that the National Single Window represents a decisive response to these challenges. “Moreover, by linking national single windows with other African nations, we will expedite cargo movement and optimise intra-African trade; this repositions Nigeria as a leader in regional trade facilitation, fostering strong economic ties with our neighbours and creating new opportunities for the groups and collaboration.

    “The current international trade environment is complex, involving a disparate system and requiring an average of 40 documents per transaction. Nigeria’s lack of a comprehensive trade facilitation system has led to bottlenecks, corruption, poor delay, decreased revenue and a negative business environment. The national single window is a decisive response to these challenges. By improving trade facilitation, revenue generation, economic growth, transparency, security and streamlining process, we will transform Nigeria into a global trade powerhouse,” Mr Adedeji said.

    At the core of the project’s success lies data harmonisation, facilitating efficient capture, analysis and reconciliation of regulatory trade documents, thereby positioning the port as a maritime hub in Africa. Maritime lawyer and university lecturer, Mr. Dipo Alaka, emphasised that implementing a National Single Window involves multiple stakeholders and necessitates long-term commitment from both government and business sectors. Alaka noted that the platform must be tailored to fit the country’s environment and level of development. Similarly, clearing agent, Kayode Ogunsanu, stressed the importance for the Federal Government to anticipate prevailing global trends at each phase of port development, planning ahead for 20, 30 or even 50 years and making necessary adjustments along the way. “The introduction of a national single window platform is another key plank in the President Tinubu strategy to make the port a hub of maritime in Africa,” Ogunsanu said

    Former Director-General of NIMASA, Dr. Dakuku Peterside, emphasised that for Nigeria to establish itself as the African maritime hub, it requires the implementation of a single window platform to deliver superior efficiency, quality and reliability of service. “Promoting efficiency is a major challenge confronting many African ports. A global bench-marking study by SAP found that ports that leverage technology to drive productivity improvements enjoy 36 per cent higher operating margins than similar peers and that is why the Federal Government is working tirelessly to institute a single window operation in our ports. Port automation and digital solutions are potential game-changers, not only for cargo throughput but also profitability.”

    Peterside stressed the importance for African leaders to emulate Singapore’s approach in making strategic decisions and investing in port infrastructure and technology to enhance efficiency and boost the economy.

    Regarding the need to end 100% physical examination by Customs, a senior official from the Federal Ministry of Marine and Blue Economy highlighted that the Federal Government stands to gain an additional $800 million annually from ports and border stations if government agencies align with the Single Window initiative. The official urged the Federal Executive Council (FEC) to compel agencies like the NCS and the police to integrate into the platform, thereby facilitating trade and increasing revenue. Additionally, they called on the National Assembly to support the initiative with legislation.

    The official emphasised the Single Window as a commendable initiative that Nigeria should embrace to revolutionise its ports. They noted that the platform would enhance trade competitiveness by improving import, export and transit procedures, as well as information sharing systems. Furthermore, they highlighted that the facility would enable paperless Customs declaration, compliance, and online approval, ultimately reducing the need for physical goods examination and integrating all government agencies at ports.

    According to him: “The single window facility will also need to be supported by legislation from the National Assembly. The National Single Window is the ultimate in port operation. But it must be multi-agencies integrated for it to be successful. The port is a transit point and our ports must be seen and used as such. That is why there are dry ports across the country to decongest the port and NPA as the landlord must have a say.”

    What the government should do next?

    Findings have revealed that the Central Bank of Nigeria (CBN) has established a foreign exchange (Forex) window for investors and exporters to enhance market liquidity and ensure prompt execution and settlement of eligible transactions. Efforts by the Federal Inland Revenue Service (FIRS) have simplified tax payments and remittances through the e-filing system, while importers and exporters benefit from streamlined documentation requirements for imports and exports.

    To propel further progress, the government should establish a clear and unequivocal mandate backed by genuine political will; restructure government agencies in the port, including identifying the leading agency for the initiative, defining roles and responsibilities for all stakeholders and ensuring obligations and accountabilities for success; develop a practical work programme with key milestones, matched by appropriate human and financial resources; define individual responsibilities and goals for all participating agencies, incorporating ample face-to-face support during implementation; foster genuine collaboration among stakeholders; and acknowledge that despite challenges in implementing the Single Window system, global examples showcase significant cargo clearance reforms achievable even in challenging environments like Nigeria’s.

    The establishment of a National Trade Facilitation Strategy (NTFS) is also crucial for the Federal Government to delineate a coherent reform vision and assign definitive roles, responsibilities, and obligations to all its port agencies. This framework will facilitate coordination among agencies and serve as a focal point for support from other stakeholders. Government needs to establish a Trade Information Portal that will allow traders to access all relevant trade rules, regulations, procedures, fee schedules and forms from all the agencies through a single user-friendly Web site- an electronic single window system.

    The role of banks is crucial in several aspects: they must be compelled to provide support on key technical elements such as legal and regulatory frameworks, fee models and governance structures. Additionally, banks are instrumental in financing the development of a comprehensive strategy to enhance government capacity and facilitate the transition to a single window system. In essence, national single window systems offer a practical solution for improving cargo clearance performance and can act as a catalyst for overcoming institutional resistance to cooperation and change. However, developing and implementing these systems is complex, with most challenges revolving around collaboration among individual agencies to achieve a collective goal. While technology plays a role, the primary focus lies on fostering collaboration. Banks, having acquired practical experience, understand what works and what doesn’t. Through trial and error, it’s evident that certain prerequisites must be in place to support reform efforts. Carefully planned preparatory work, particularly by development partners, significantly enhances the likelihood of success.

    The National Single Window (NSW) serves to establish a platform and processes for a paperless (electronic) system, encompassing all information exchanged by traders, government departments (including Customs), transportation systems (maritime, air, road, rail, and inland waterway), port and terminal operators, and various trade participants such as freight forwarders, customs brokers, shipping agents, banks and insurance companies. The governance system overseeing this transition from paper-based to electronic systems poses a major challenge, requiring comprehensive conversion and change management activities. Embracing the NSW is imperative for the country to sustain engagement in expanded and efficient global maritime trading activities, offering considerable and enduring benefits. Conversely, countries delaying NSW implementations risk facing significant barriers to national trade efficiency and economic growth.

    “Those that need to collaborate with the government in its drive to have a national SW are importers, exporters (consignors and consignees), trade professionals (freight forwarders, Customs brokers and shipping agents), shipping companies, airlines, road, rail and inland waterways, duty free zones, dry ports and multi-modal cargo depot, ports and airports, container terminals, bulk terminals, port gate operations and Customs and all agencies that have a trade compliance responsibility, licensing, permit issuing and/or inspection responsibilities.

    The need for collaboration has given the requirements for faster information delivery, often in advance of shipping, for security and other purposes, and the growing needs of data harmonisation in international supply chains. “The ability of government agencies to handle data efficiently and swiftly has, in fact, become a key element in international competitiveness, especially in port operations. A single window is designed to overcome this complex system of data submission and regulatory control. It is designed to sit at the national junction of national and international trade data exchange, thereby presenting a single point of access to all other relevant trade systems.”

  • ‘Nigeria can attract massive foreign capital to run economy’

    ‘Nigeria can attract massive foreign capital to run economy’

    Dr. Olukunle Iyanda who sits atop BROOT Consulting, a firm that helps organisations achieve digital transformation, innovation, and strategic excellence, boasts of over 30 years of experience in manufacturing, healthcare, management consulting, higher education to mention just a few. In this interview with Ibrahim Apekhade Yusuf, the boardroom guru shares interesting insights on how to lift Nigeria’s economy from the doldrums through a raft of policy initiatives. Excerpts:

    There seems to be a global shift to the digital economy and what it can bring to the financial fortune of any country. Is Nigeria ready to harness the prospects of the digital economy?

    We are on the right track to a digital revolution. We have a youthful entrepreneurial population and are home to the largest concentration of startups in Africa. Lagos is globally acknowledged as a leading African tech hub. This achievement notwithstanding, the digital divide remains a significant challenge. As of 2023, Nigeria had 122.5 million internet users, but with an internet penetration rate of only 55.4%, nearly 45% of the population remains unconnected. This figure rises to 61% in rural areas, limiting access to digital services. Addressing these challenges requires a comprehensive approach to bridge the digital divide, including targeted investments in digital infrastructure and initiatives to provide digital skills training to underserved communities. Collaboration between the government, private sector, and various stakeholders is crucial to harness Nigeria’s digital potential fully.

    The private sector is already making waves, with Nigeria home to the largest concentration of startups in Sub-Saharan Africa. Companies like Paystack, Flutterwave, Andela, Konga, and Flying Doctors are trailblazing in various sectors, often without significant government support. Imagine the possibilities if we had robust, intentional support similar to what’s seen in countries like China or India. The benefits to the nation could far outweigh the costs, potentially yielding a thousand-fold return on investment.

    Leadership is key in this journey. We need leaders who prioritise national development over self-interest, leaders who can envision and execute the right strategies. As the CEO of a consulting firm specialising in innovation and strategy, I am at a point where I can commend the current Minister of Communication and Digital Economy, Dr Bosun Tijani, for his commendable efforts. His leadership is helping to fast-track the development of Nigeria’s digital economy, setting the stage for a prosperous future.

    The country has shown commitment to digital transformation through initiatives like the National Digital Economy Policy and Strategy (NDEPS) and the National Broadband Plan (NBP), laying out strategic roadmaps for infrastructure development and enhancing digital skills. If there is no policy somersault and we demonstrate enough commitment, in the next 10 years, Nigeria should be home to about 25 Unicorns. We have what it takes; the government just needs to play its part.

    Regarding financial inclusion, what can be done to get the over 50 million unbanked Nigerians into the economic ecosystem?

    The advent of digital technology has contributed significantly to our strides in financial inclusion. For instance, the rate improved to 64.1% in 2020 from 63.2% in 2018; by estimate, approximately 38.1 million Adult Nigerians are financially included. The advent of Fintech has undoubtedly contributed significantly to improving financial inclusion. Most of these adults are in rural areas with extremely low penetration and places affected by conflicts, which led to the vandalisation of infrastructural support. Increases in security, infrastructure, and energy costs are critical in improving financial inclusion in Nigeria. In 2019, my firm, BROOT Consulting, conducted User-centered Research on one of the biggest commercial banks in Nigeria. To our surprise, walking the streets of Lagos and other cities, we discovered that bank charges discourage some individuals from patronising the bank. A commercial cab driver narrated how the N15k he kept in the bank in his savings account almost got wiped off due to SMS alerts and other charges. Another set of people we spoke with were shoe cobblers who walk from street to street; their pain points were around the high cost of keeping accounts with the bank and the trust issue. These issues may appear little to some of us, but they are a big deal for those at the bottom of the pyramid. We need empathy-driven solutions that alleviate their pain point, not the ones that add to it. I believe Fintech has noticed this; hence, most people now patronise Opay, Moniepoint, and Palmpay, among others.

    Unsurprisingly, other issues that may have contributed to financial exclusion will be found around cultural beliefs. It is, therefore, important that the stakeholders within the financial system constantly promote financial literacy, and this must come from user-centred perspectives rather than our current approach, which makes all our moves suspicious to those struggling to make ends meet.

    The government also has a role in boosting financial inclusion; it needs to incentivise the banks to extend their services to unbanked areas through measures like tax breaks, subsidies, or other financial incentives.

    How prepared is Nigeria in deploying artificial intelligence to address the critical issue of forensic analysis to detect financial fraud and other forms of malfeasance in the banking system?

    AI has come to stay with us, and I am happy with the Vision of the current Minister of Communication and Digital Economy. You will notice that AI is a critical focal point of the Ministry’s strategy. I see AI being used to improve virtually every facet of our economy. Adopting AI can cut down excesses, reduce corruption, and foster operational improvement and transparency in governance. To your question, I believe that going by the current effort of the Ministry and some of the trends in the private sector, especially the financial industry, AI is expected to play a critical role in forensic analysis to detect financial fraud and malfeasance in the banking system, but there are crucial considerations to address:

    As mentioned earlier, we need to invest in technological infrastructure to optimise the benefits of the digital economy. For instance, as of 2023, Nigeria’s broadband penetration stood at only 39.98%. We need to reduce the cost of technology usage to maximise its benefits. We also need to aggressively upscale the expertise of our IT professionals to be proficient in AI and data analytics. Again, the Ministry of Communication’s vision of the 3 Million Technical Talent (3MTT) program to equip three million individuals with technical skills over four years, with AI/Machine Learning being one of the twelve focus areas, is commendable. With this type of training, Nigeria will be well-positioned to leverage digital technology. The current approach of creating a collaborative ecosystem is critical; the government should leverage the academia and bridge the gap between “gown and town” to ensure we develop a human-centric program that brings AI researchers, cybersecurity experts, financial institutions, and regulatory authorities together is crucial. Collaborative efforts can drive innovation, knowledge sharing, and best practices in deploying AI for forensic analysis.

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    How do you reconcile the fact that most Nigerian banks today are more disposed to supporting short-term investment than long-term investment tickets?

    Nigeria’s economic landscape is quite dynamic; there are many opportunities amid acute instability. In such an environment, most investors want quick returns and possible exits from their risk assets. Nigeria, banks are not exempted. They prefer short-term lending over long-term investments because the longer the investment gets, the higher the risk. This trend can be attributed to several factors, including policy and market instability, the nature of funds attracted by the banks, and the desire of investors to recoup their capital quickly.

    While Nigerian banks have historically favoured short-term investments, there is a growing recognition of the need for sustainable long-term investments to address pressing challenges such as infrastructure deficit and financial inclusion. This is why it becomes extremely critical for the Banks to shore up their capital base. Nigerian banks are what they are today because of the recapitalisation policy introduced by the then CBN Governor, Professor Charles Soludo; the recapitalisation policy boosted banks’ ability to finance larger projects, expanding their operational capabilities, attracting foreign investment into the banking industry, which further bolstered the sector’s growth. This influx of foreign capital, coupled with the enhanced capabilities of the banks, helped build public confidence in the banking sector.

    The recapitalisation policy was the stability it brought to the financial system; by ensuring that they had sufficient capital, the policy safeguarded the system against potential financial crises. We are at the stage where the CBN is mooting another recapitalisation exercise, which I considered long overdue, considering the massive devaluation of Naira since 2004. A robust capital base is required to enable the banks to finance long-term projects.

    How would you summarise the value of digital transformation to an economy, and do you think Nigeria is there yet?

    Digital transformation represents a fundamental shift in how economies operate, unlocking new opportunities for innovation, efficiency, and growth. In the context of Nigeria, digital transformation holds immense potential to drive economic diversification, enhance productivity, and improve livelihoods across sectors. While Nigeria has made significant strides in adopting digital technologies, there is still room for growth. The value of digital transformation to an economy is immense, as it drives growth, innovation, and efficiency. It enables businesses to adapt to changing market demands, streamline operations, and create new revenue streams. Digital transformation facilitates better access to markets and services, enhances productivity, and fosters entrepreneurship.

    As for Nigeria, while strides have been made in digital transformation, there are still challenges to overcome. Infrastructure gaps, limited digital literacy, and regulatory hurdles pose barriers to realizing the full potential of digital technologies. However, Nigeria has shown promising growth in its digital economy, with sectors like ICT contributing significantly to GDP (18.44% in Q2 2022) and e-commerce projected to expand rapidly (estimated $75 billion by 2025, according to Statista).

    While Nigeria may not be fully there yet regarding digital transformation, ongoing efforts to bridge these gaps and foster innovation suggest the country is on the right path. With continued investments, policy support, and initiatives to enhance digital literacy, Nigeria can further harness the benefits of digital transformation to drive economic growth and development.

    It is said that corruption cannot thrive without middlemen such as banks. What is your assessment of the state of corporate governance in Nigeria vis-à-vis the anti-graft battle?

    Let me start by saying that corruption is not peculiar to Nigeria; however, corruption in Nigeria lacks strong consequences. China and some other countries have strict laws. It didn’t eradicate corruption, but it has drastically reduced it. What makes the Nigeria case sad is that it is done with impunity, and the culprit continues to live larger than life; there seems to be no incentive to live right and be ethically sound in Nigeria. This is what makes our case appear hopeless. You talk about corporate governance. I believe we have improved a bit, and in the heydays of banking failures, you will agree that poor corporate governance was a major culprit. We need substantial ethical standards and a complete mind transformation; otherwise, minimising corruption and unethical practices would be difficult. Nigeria’s corporate governance state presents a complex landscape with progress alongside persistent challenges. Regulatory frameworks aim to elevate governance standards, yet enforcement gaps persist. While some companies uphold best practices, others struggle with transparency and accountability, exposing vulnerabilities to corruption.

    Despite the presence of anti-graft agencies like the EFCC and ICPC, the fight against corruption encounters significant obstacles; unfortunately, the law enforcement agents are also somewhat compromised. You heard the EFCC Chairman’s statement some months ago that EFCC agents now take bribes from those arrested. Institutional weaknesses and political interference hamper enforcement effectiveness. Corruption remains prevalent across sectors, including banking, necessitating stronger anti-corruption measures.

    Banks are pivotal in combating corruption and money laundering. Strengthening corporate governance, implementing robust AML and KYC measures, and fostering transparency among banking professionals is vital. Again, I think there has been an improvement, but we are not there yet.

    What do you think about the CBN interest rate increase of 24.75 per cent?

    In the last two months, the CBN has increased the interest rate by over 6%; the CBN governor believes in tightening the policies to curb inflation and arrest the Naira. After all, we have an artificially induced free fall of Naira and an increase in Inflation.  The CBN raised the interest rate to curb

    Inflation hopes that higher interest rates make borrowing more expensive, which can reduce spending and slow down inflation. Also, the higher interest rate can attract foreign investment since higher interest rates mean higher ROI. While all these sound good on paper, we should also not forget the implication of higher interest rates on the real sector of the economy; the policy may, in a short while, affect businesses and individuals who want to borrow money, potentially slowing the economy. Recall that the stock market reacts negatively to the announcement of the new interest rate. The market capitalisation of listed equities fell to N58.77 trillion, translating to a loss of N103.97 billion.

    While the CBN strategy will work in a short while, we need to go beyond monetary policy to arrest the situation. A holistic approach is required, which should not be limited to fiscal and monetary policies but should be a mindset transformation for Nigeria.

    The effectiveness of the interest rate hike in controlling inflation depends on addressing underlying factors driving inflation, such as supply chain disruptions and food shortages. Nigeria must complement monetary policy measures with strategies to stabilise food prices, like purchasing during surplus periods and reselling during scarcity, to achieve sustainable economic stability amidst inflationary pressures.

    We need to boost productivity, encourage the local economy to grow by reducing dependencies on taste for foreign goods and increase patronage of made-in-Nigeria goods and services. The government should boldly enact laws or policies that will make it impossible for taxpayers’ money to be spent on frivolities by patronising foreign products and services. Imagine the recent trips of the commissioner of Finance and the Accountant General of the Federation to the UK for training or the 21 governors that went to Uganda for training. If that is not frivolity, then what is it? Do you know how much government officials spend travelling abroad for programs that Nigerian professionals can comfortably handle? We now have air peace; why should government officials travel to London, India, or China using European airlines? It is high time we elevate patriotism, starting with the president and political leaders. How will a company like Innoson and Nord Motors grow if our preference remains patronising Mercedes Benz, Toyota, BMW and the like? How will our training and health institution develop with our devilish appetite for foreign services?

    Within the academia where you once held forth, one of the issues hotly debated is that there is little or no convergence between scholarship and practice because most of the graduates these days are half-baked literates. Would that be a question of wrong curriculum, lack of research and development, poor motivation on the part of the teachers, or something else that has to do with the diminishing values of other sectors rubbing off on academia?

    Let me start by saying education is not cheap. We can invest poorly in education and think our institution will be like Harvard or Oxford. Did you know that Harvard has over $ 50 billion in endowment funds and Yale has $ 41 billion, bigger than Nigeria’s

  • Knowledge or religion economy: Nigeria versus the world

    Knowledge or religion economy: Nigeria versus the world

    • By Maxwell Adeleye

    In today’s world economy, the contradiction between the knowledge economy and the religion economy presents a compelling narrative that determines every nation’s development. While some countries’ development relies on their innovation, scientific advancement, and investment in education skills, Nigeria seems stuck in a cycle of dependency on religious fervour, neglecting the human intellect and creativity they are blessed with.

    Nations practicing the knowledge economy are nations that have harnessed the power of human intellect, innovation, and education to drive economic growth and prosperity. They are trained to ask questions, research, and proffer solutions regardless of the situation. Japan, a true example, stands as a proof to the transformative potential of the knowledge economy. Even with its lack of substantial natural resources, Japan leveraged its skills in technology, research, and development to emerge as one of the world’s most prosperous nations, with zero tolerance for religious extremists.

    In contrast to Nigeria’s reliance on divine intervention, Japan’s success is based on critical thinking, problem-solving, scientific research, and continuous learning. Japanese society has always prioritized education, investing heavily in research institutions, and promoting a conducive environment for technological innovation and development. This has not only helped Japan sustain its economy but also influenced its global markets with its rapid advancements in automotive, electronics, and robotics industries.

    On the opposite, the religion economy shows a cycle of dependency on divine intervention while neglecting the promising potential of human intellect and ingenuity. Nigeria, often cited as one of the world’s examples, grapples with systemic issues stemming from her over-reliance on religious faith to address socio-economic challenges, coveting the development of other countries while asking “God When?” without taking any steps towards emulating the development process.

    Despite being blessed with abundant natural resources, over 60 years after independence, Nigeria lags behind in overall development, plagued by corruption, poverty, and infrastructural decay, and still categorized as a developing country. The continuous collapse of industries and the rise in the number of religious institutions in Nigeria proves the influence of the religion economy, where leaders and citizens await divine interventions for intellectual solutions. The reliance of Nigerians on faith-based solutions not only deters progress but also increases the socio-economic disparities, degrading Nigeria to the level of the “poverty capital of the world.”

    Using Israel and Saudi Arabia as case studies proves the notion that religious affiliation prevents economic prosperity. Despite their religious significance as the birthplaces of Christianity and Islam, respectively, both nations embraced the knowledge economy, leveraging innovation, and strategic investments to bolster their economies. Israel is renowned for its development of technology and defence, signifying the cordial relationship between knowledge and economic development. Through investments in research and development, Israel has emerged as a global leader in cybersecurity, agriculture, and medical technology, promoting economic growth and technological innovation. Similarly, Saudi Arabia and the UAE have made significant strides in diversifying their economies beyond oil dependence; they prioritize investments in education, infrastructure, and technological innovation. The UAE, in particular, is currently known as a hub for innovation and entrepreneurship, catalysing economic growth through initiatives such as Dubai’s Knowledge Village and Abu Dhabi’s Masdar City.

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    In contradiction to the successes of Japan, Israel, Saudi Arabia, and the UAE, Nigeria’s adherence to the religion economy has enabled a cycle of underdevelopment and stagnation. Despite its vast potential, rather than development, Nigeria continues to grapple with several minor issues ranging from corruption and unemployment to inadequate infrastructure and healthcare- all man-made issues that can be solved with human intellects and research if well-funded. Yet citizens await divine intervention for solutions.

    Rather than provide funding for development, Nigerian leaders continue to allocate substantial resources for religious tourism and religious infrastructure. In 2022, A state governor spent N24 billion on erecting a worship centre in the oil rich Niger/Delta region when the people have no access to pipe borne water. Same year, another state governor subsidized Hajj pilgrimages for citizens to the tune of N20billion. These further buttressed the point of Nigerian leaders’ misplaced priorities. This money could have been invested in education, research, innovation, and sustainable development. Rather, Nigeria squanders resources on religious issues that offer fleeting solace but do little to address the root causes of poverty and underdevelopment.

    The comparison of the knowledge economy and the religion economy serves as a wakeup call for Nigeria to reassess their economic priorities and embrace knowledge and innovation, the path to development and growth. While religious faith and spirituality hold huge value for the citizens and should not be ignored, they must not overshadow the nations’ investment in human capital, education, and technological advancement.

    Nigeria, blessed with millions of intellectuals who are sought after all around the globe, should harness its abundant resources and human potential to advance herself towards prosperity and national development. Embracing the knowledge economy by prioritizing investments in education, research, and infrastructure, Nigeria can transcend the bondage of the religion economy and fully embrace her title as the ‘Giant of Africa’.

    •Adeleye sent this piece from London, United Kingdom.

  • Economy: Islamic body urges patience, understanding

    Economy: Islamic body urges patience, understanding

    The Muslim Ummah of Southwest Nigeria (MUSWEN) has urged Nigerians to be patient and show understanding with the administration of President Bola Ahmed Tinubu over the current economic hardship in the nation.

    In a statement by its President, Alhaji Rasaki Oladejo, MUSWEN expressed optimism that relief was in sight.

    He attributed the prevailing hardship to the cumulative effects of policy summersaults by previous governments and not the creation of the Tinubu administration.

    According to him, the country was on the edge economically and it only required a purposeful leader ready to take bold economic and political decisions to address the drift.

    The statement reads: “This is exactly what President Tinubu has done by some of the bold steps he had taken in his messianic mission to rescue the country’s economy from total collapse.”

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    The organisation highlighted the policies intended to boost the nation’s economy as including, the dismantling of the FOREX cabal that ‘used to whimsically determine the dollar exchange rate’, the planned implementation of the Oronsaye Report, the various agreements entered into with many countries to attract Foreign Direct Investments and other measures aimed at making life better for Nigerians.

    It noted that the lack of the political will and an inherent culture of ruling by deception for fear of incurring dire political consequences on their position did not allow past administrations to take the required step to remove fuel subsidy, adding that that caused the perennial indecision over the years that has now caused damage to the country’s economy.

    “But damning the likely consequences in an uncommon display of strong political will and surefooted conviction of his good intentions, President Tinubu, on his inauguration day, announced that the subsidy would go,” he said.

    The policies, the statement said, needed time to materialise, adding that the current situation demands more patience as there is light at the end of the tunnel.

    It urged affluent Nigerians to support the less privileged and needy at this time of Ramadan.

  • ‘CNG/LPG: Swift execution will help economy’

    ‘CNG/LPG: Swift execution will help economy’

    Chief Executive Officer of Mezovest, Tosin Thompson, has said systemic issues stalling implementation of Presidential CNG initiative aimed at powering vehicles with CNG to reduce energy costs, should be adressed on time.

    Thompson agreed with the President’s special adviser on Energy, Mrs. Olu Verheijen, on the need for fiscal incentives to deepen supply of CNG and liquid petroleum products, arguing the government should offer tax incentives to gas producers and remove taxes on gas produced for local demand.

    He said the time taken to procure licences and secure approvals should be reduced by eliminating bottlenecks.

    Thompson said: “… I think that addressing the issues quickly will be a boost for the economy. In terms of priority, I believe it is important to give incentives that encourage production to encourage independent participants … achieve a surplus, and see prices come down while adoption scales.”

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    He stressed that encouraging production should not be viewed as call for subsidies, but rather tax incentives that are efficient, effective, and less prone to corruption.

     “The government should suspend taxes (or significantly reduce them) on locally produced gas, priced in Naira and push through local supply chains. However, this must not be confused with subsidies that would only open the door for huge corrupt practices.”

    On the issue of the relationship between electricity supply and gas production, Mr. Thompson noted that producers can’t make their production costs due to the cap on the price of gas sold. He recommended that the government intervene with other fiscal incentives on gas sold to the grid so producers make a margin even as those prices remain capped.

    Thompson said “I cannot stress enough the importance of accelerating the implementation of the CNG initiative especially because it could turn around our economic situation for good. If we power enough vehicles with CNG instead of petrol or diesel, we can effectively tackle food inflation, reduce household expenditure, and drive consumption.

  • ‘SSBs tax hike will negatively affect economy’

    ‘SSBs tax hike will negatively affect economy’

    Stakeholders have decried the Sugar-Sweetened Beverage (SSB) tax hike proposals, predicting setbacks that will severely impact the industry.

    They noted that the effects of the proposed tax will be too stifling. With high inflation, unemployment, public debt, they said stretching the economy with more taxes will increase hardship.

    According to the them, the taxes will impact manufacturing and distribution, including petty retailers, and low-income consumers.

    They noted despite clamours for these taxes hoping they could encourage lifestyle changes and improve health, the claims were not evidence-based.

    “There is no evidence that supports claims taxation of soft drinks will reduce obesity or NCDs. Assessment of SSB tax effectiveness by WHO’s Guidelines Review Committee confirms lack of evidence and WHO is still unable to grade SSB taxes as a best buy-intervention.

    “There are, however, documented negative economic effects of such selective taxation, which in Nigeria’s case, runs against the policy on increasing sugar production – expected to boost production, create jobs, and enhance livelihoods,” they said.

    According to  Anti-SSB tax, in 2021, when sugar tax was first implemented, manufacturing suffered setbacks, OF eight to 10 per cent decline in profit, with Food and Beverage experiencing a negative GDP growth.

    “The proposed tax hike threatens to disrupt demand dynamics and could hinder progress in achieving local sugar sufficiency targets outlined in Nigerian Sugar Master Plan (NSMP).

    “When Federal Executive Council approved extension of the National Sugar Master Plan by 10 years, the vision was that demand for refined sugar will boost investments and lead the country to attain 70 per cent self-sufficiency in production in a short time.

    “Despite government’s commitment to diversify the economy through agriculture and manufacturing,  increase in SSB taxes will be impede its objectives.”

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    Critics emphasised the interconnectedness of prosperity and well-being, noting there are health issues that crop up when people are not buoyant – affecting mental and physical health.

    “It is important for the government to ensure that industry is further safeguarded by actions that could potentially throw more people out of jobs as companies struggle to survive,” they said.

    As part of the Finance Act of 2021, an SSB tax of N10 per litre was imposed on non-alcoholic and sugar-sweetened beverages.

    However, the industry leaders claimed there is a renewed call from some quarters for this tax to be increased by 1,200 per cent to N130 per litre.

    They alleged that groups as Corporate Accountability and Public Participation Africa (CAPPA) claim that such measures aim to discourage excessive sugar consumption, which they believe is also linked to increase in non-communicable diseases like obesity and diabetes.

  • Minister: service-driven economy possible with STI

    Minister: service-driven economy possible with STI

    Minister of Innovation, Science and Technology, Uche Nnaji, has said Nigeria can attain a service-driven economy through science, technology and innovation (STI). 

    He urged entrepreneurs and stakeholders in tech to partner the ministry.

    “I appeal to technopreneurs to be patriotic and inward-looking and partner the ministry in developing STI outcomes for the nation’s cultural, socioeconomic and political development.

    “The administration is committed to ensuring its renewed hope agenda of accelerating diversification through industrialisation, digitisation, creative arts, manufacturing and innovation is achieved, through the application of STI..” he said.

    The minister regretted most research outcomes that would catapult Nigeria to a technologically developed nation are not translated into goods and services.

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    Nnaji spoke at a briefing to usher in 2024 Technology and Innovation Expo: “STI: solution to national economic challenges.” It will hold from March 11 to 15 in Abuja.

    The minister said the event would unite innovators, inventors, research institutions, universities, ministries, departments, agencies (MDAs), polytechnics, industries, stakeholders, international community and others.

    “This effort aims to promote locally made goods and services, which will reduce importation, enhance revenue, create employment, and improve  living…” Nnaji said.

    The expo, he said, aims to foster collaboration between researchers and inventors to facilitate commercialisation of research, inventions, and innovations from research and tertiary institutions.

    It will showcase scientists, engineers, and inventors, highlighting their contributions to diversification.

    Nnaji noted: “This expo aims to ensure proper exposure of investors to our commercialisable research results, inventions, and innovations.

    “There are profitable investment opportunities in the research outcomes to make any enterprise worthwhile.