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Tag: wealth creation

  • Economist tasks youth to change Nigeria’s negative story to wealth creation

    Economist tasks youth to change Nigeria’s negative story to wealth creation

    An economist and chairman of FIT Group of Companies, Chief Loretta Aniagolu, has tasked Nigerian youths to reduce constant complaints about the ills of the country and turn such situations to wealth creation.

    Aniagolu, who described the nation’s younger generation as the catalyst for developing a new economic frontier for the country, also advised the youths on job creation rather than job seeking.

    She spoke as one of the panelists at the inaugural edition of The Nigerian Hamilton Project: A National Dialogue Series on Development as Attitude, organised by the Nigerian Economic Summit Group (NESG) in Enugu.

    The event saw policymakers, thought leaders and private sector players gather at the Enugu International Conference Centre, to dissect the nation’s developmental challenges and leadership philosophies.

    According to Aniagolu, the earlier young people started turning the nation’s adversities into fortune, the better for the country.

    “Young people must stop spending time complaining about what is not being done right. Whatever that is not done right is an opportunity for you to take up the gauntlet and see how you can use it to your benefit.

    “I have tried to give examples of when some of us were starting up in the private sector. I used to read the newspapers and every time I saw negative news, I asked myself, how can I change this negative news into business.

    “I want to tell the story of a young lady that started pure water business in Enugu. Of course she has grown into bigger things now. Where she lived, there was no water and what she did was to figure out if they were paying too much money to access water from the water vendors in cans, which was not even drinkable. She decided to make the water drinkable and sell it. That’s how the word, pure water, came about. Then, I was an adviser to the government and she spoke to us and the rest was a story.

    “So, as much as there is difficulty in the country, there is a lot of opportunities for anyone who wants to see them.

    “Unfortunately, a lot of young people don’t realize how much work they need to do to be able to get to these opportunities.

    “In Nigeria, everybody wants to eat, who’s going to do the work?

    “As much as there is disappointment on the part of leaders, you also have to task yourself. There is the Internet. The world is at your palm. There’s so much you can learn and work on. Young people need to use their creativity and God given talents to think out of the box. There is no job. But there is an opportunity everywhere,” Aniagolu said.

    Read Also: A new dawn for young women leaders in Nigeria

    The author of the book, Development as Attitude: a national dialogue series, Prof. Osita Ogbu, stated that from his many years of research and travelling, leadership is not just the leaders; but what the leaders bring, such as their ideas, their knowledge, values and ethics and ideology and what they bring into office.

    He said, “If a governor does not have the framework, a philosophy that governs his governance, his advisor is not going to go far in his job”.

    Ogbu, a one-time presidential economic adviser, disclosed that he put the book together to begin to share that kind of conversation to ensure that leaders are clearheaded about their leadership philosophies.

    “The future is also moving. You have to be fast paced. When leaders are not clearheaded, they don’t know what they stand for and it will be difficult for them to govern well,” Ogbu said.

    An official of the Nigeria Economic Summit Group (NESG), Nnanna Udeh, said as a policy think-tank that promotes the private sector economy, the group decided to shift from its tradition of organizing dialogues mostly in Lagos and Abuja on specific sectors of the economy that it believed will transform the Nigerian economy.

    “When this book was published by Prof Ogbu, we in the NESG read the book as a community and it triggered a couple of questions that surrounds the work that we’ve been doing.

    “We just believe that this should be a platform for promoting dialogue in our environment not just within our traditional Lagos and Abuja but taking it across the across the country.

    “With this book, it seems to us like a solid body of knowledge around nation building and we, as a think-tank, are strongly convinced that if we take the conversations that this book elicited across, it’s going to build the foundations of a stronger and more viable economic nation for the country. That’s why we decided to not only invest in this book but also take it across the country beginning with Enugu the home state of the author,” Udeh said.

  • Paradigm shift vital to wealth creation, others, says don

    Paradigm shift vital to wealth creation, others, says don

    Expert says paradigm shift is imperative in the thinking and approach of the federal, state and local governments to job creation with a view to  enhancing entrepreneurial capabilities of citizens. DAMOLA KOLA-DARE reports

    Director, Entrepreneurship and Skills Development Centre (ESDC) of the University of Lagos (UNILAG), Prof. Sunday Adebisi, has stressed the need for a paradigm shift in the thinking and approach of the federal, state and local governments to creating jobs. This, he said, would promote a new economic sphere where citizens can productively explore entrepreneurial capabilities and take  advantage of innovation opportunities that create wealth and boost standard of living.

    The don also urged President Bola Tinubu to ensure the  “Renewed Hope” agenda stimulates and drives innovation.

    According to him, it  would not only make Nigeria rise above  unemployment among other challenges, but it would enhance the creation of a New Enterprise Nigeria where the prospect of the country’s  youths is guaranteed.

    Adebisi delivered the First Special Annual Lecture of Dr Mike Adenuga (Jnr) Professorial Chair in Entrepreneurship Studies. It was entitled:  “Revolutionising the Nigerian economy to create jobs and sustainable wealth: the Sole Ladder, the Sole Option, the Sole Platform” last week, at the J.F. Ade Ajayi (Main) Auditorium of UNILAG. The don  is the First Occupier Professor of the Professorial Chair.

    He deplored the  rise in the nation’s inflation rate, the sustained assault on the nation’s currency and upward trend in the number of youths exiting the country for greener pastures abroad, a development, he said, is fuelled by failed promises, dashed hopes, poor change management system, irresponsible leadership, dysfunctional policies, outright disregard for citizens’ feelings and government’s inability to live up to its billings to the people.

     The don called on  the Federal Government  to  be committed to promoting and building a knowledge-based economy which thrives on the pillar of innovation.

    Read Also: Three kidnapped while performing sacrifice at Enugu river

    He queried the indices used in the latest data from the National Bureau of Statistics (NBS) which puts the national unemployment rate at 4.1 percent as against the 2020 report which was  33 percent.

     The don also faulted the 92.6 percent informal employment statistics and the 75.4 per cent allocated to those in farming and other small businesses in the NBS data which he labelled as outrageous and capable of distracting the government from paying the desired attention to job creation.

    Adebisi expressed concerns over the rate and  impact of job loss, brain-drain and the generational gap between those he called Gen-Baby Boomers (i.e. 1946- 1964), Gen-X (i.e. 1965-1979), Gen-Y (1981-1996) and Gen-Z (i.e. 1997-2021).

    On solutions to job loss, he  underscored the need for states to harness their innate strength  to create an Enterprise Innovation Hub that will propel wealth-creation job opportunities, tackle unemployment, create decent jobs and wipe out  poverty.

    He noted that youths especially the Gen-Y and Gen-Z who accounts for over 80 percent of the nation’s population as Nigeria’s hope and change agents. He stressed the need for them to be wary of the globalisation agenda, the neo-liberalisation policies of the West as well as the current free global market which is being used to lure them out of the country.

    Adebisi urged governments at all levels to democratise entrepreneurship knowledge, formulate and implement policies that  would bring unfettered access to entrepreneurial financing, support ease of market entry and ensure conversion of innovation to enterprises.

    He tasked states and local governments, private companies and individuals to take advantage of the African Continental Trade Area (AfCTA) by increasing their investments and dedication to producing commodities that are fit for markets beyond the country. Earlier, Chairman of the lecture, Dr Olutoyin Okeowo (Pro-Chancellor and Chairman, Governing Council of Ajayi Crowther University) and the Special Guest of Honour, Otunba Abimbola Ashiru (Chairman, Odu’a Investment Company Ltd.) hailed  Adebisi for creating the right environment for entrepreneurship and enterprise to thrive in the university.

    They stressed  the need for better partnerships between the town and the gown towards boosting  the potentials of small businesses and young entrepreneurs.

    The Vice Chancellor, Prof. Folasade Ogunsola, said the lecture was organised  to expand public awareness in the field of Entrepreneurial Studies and Skills Development, adding that it is expected to promote interest that can be galvanised to enhance job creation and address the massive problem of youth unemployment.

    The VC said to support  the development of the innovation and entrepreneurial mindset among UNILAG students, the school is  adopting new teaching methods to facilitate better learning as well as prioritise the use of modern methods of knowledge and skills acquisition that emphasise problem solving and critical thinking skills. Ogunsola said the Entrepreneurship, Innovation and Business Incubation Certificate (EIBIC) offers students the opportunity to discover and develop their creativity and entrepreneurial skills by including Entrepreneurship Skills Development into all courses, programmes and promote student entrepreneurship ideas (SEI’s). She thanked the donor of the Professorial Chair, Dr Mike Adenuga (Jnr.), GCON for partnering with the university in enhancing the frontiers of entrepreneurial academic knowledge and skills acquisition through this endowment.

    She said: “This first Public Lecture which is organised to expand public awareness in the field of Entrepreneurial Studies and Skills Development, is expected to promote interest that can be galvanised to enhance job creation and address the massive problem of youth unemployment.

    “This Chair is one of many initiatives to promote research and learning at the University of Lagos especially research and teaching that is responsive to development needs. We have continued to record success in the quality and quantum of research and grants, improved collaborations and partnerships with other universities and industry within & outside Nigeria, as well as exchange programmes for staff and students. Our Future Ready Agenda is beginning to record many successes.

    “To support the development of the innovation and entrepreneurial mindset among our students, we are adopting new teaching methods to facilitate better learning as well as prioritise the use of modern methods of knowledge and skills acquisition that emphasise problem solving and critical thinking skills. The Entrepreneurship, Innovation and Business Incubation Certificate (EIBIC) which offers our student the opportunity to discover and develop their creativity and entrepreneurial skills by including Entrepreneurship Skills Development into all courses, programmes and promote student entrepreneurship ideas (SEI’s).

    “Recently, we concluded the Project I2M Incubator programme which onboarded several innovators from across the country and trained them on skills and techniques to develop their innovation. Some of the selected innovators were supported with prototyped funding as well as intellectual Property filing, and company and tax registration. Similarly, we just secured the support of Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) in accrediting the University of Lagos as a Business Development Service Provider Centre. This will offer support in financing student enterprises and pitch ideas, creating an enabling environment for their business sustainability.

    “Based on the example of Dr Adenuga,  permit me to use this opportunity to call on all Nigerians to support education, entrepreneurship and research with their endowments however small. This is the only way we will be able to impact globally through special attention being paid to areas of interest to us as Nigerians.”

  • Beekeeping: Gateway to wealth creation and good health

    Nigerian honey and its by products are currently in hot demands in Europe signifying that bee farmers in the country need to step up their production to meet up with international and local markets. SINA FADARE, who has been the following the trends reports.

    BEES are wonderful insects created for the use of man. However, its potentials have not been well articulated for many decades by human until in the recent times when scientific research has shown the importance of the ‘golden insect’.

    According to the Food and Agriculture Organisation (FAO) of the United Nations, bee offers a lot of potentials with minimal investment. Perhaps against this backdrop, the Federal Ministry of Agriculture has mapped out a strategy to encourage bee keepers to diversify into its commercial production in order to create employment opportunities for youths.

    Mr. Bidemi Oyeleye is the Chief Executive, Centre for Bee Research and Development and the President of the Federation of Beekeepers Association of Nigeria (FEBKAN) with about 35 years romance with beekeeping,  he told The Nation that the potentials inherent in beekeeping is so enormous that if government could invest in the sector, it is more lucrative than petroleum.

    His success story in beekeeping with over 4000 hives scattered in various forests in Oke-Ogun area of Oyo State where honey and other by products are produced gave him the conclusion that bee farming could liberate youths from firm grip of poverty

    The inherent potential in beekeeping and the continuous importation of honey for domestic consumption which has been a source of worry   to beekeepers in the country necessitated the recent coming together of all the movers and shakers of beekeeping industry in Nigeria at a conference at the Faculty of Agriculture, University of Ibadan, Oyo State.

    The Conference that was organised by the Centre For  Bee Research And Development, (CEBRAD) with the theme ‘Let the honey flow’  gathered all the stakeholders ( Bee farmers, honey packers, researchers, MDAs with beekeeping mandate, policy makers, investors and bee scholars)  within and outside the country to brainstorm on how  the ‘golden juice’ can flow in the country.

    The guest speaker, Mr. Daniel Schulze, Vice President of Hanse Hamburg Naturroh-stoffe; a leading bee products importer in Germany, lamented that many big honey buyers are very reluctant to buy honey from China in the recent times because of fake products which is now a global problem.

    According to him, this has increased the demand for quality honey from Nigeria, which is largely regarded as a trusted source. He added that taking standard and quality into serious consideration, “this is a big opportunity for beekeepers in Nigeria to establish themselves as one of the country’s capable to meet the demand of the world for high quality bee products.”

    Ambassador B. A Nurudeen, Permanent Representative of Nigeria to the ECOWAS Commission noted that, “In recent times apiculture industry has become a profitable agricultural enterprise in all parts of the world including Nigeria. It is an important foreign exchange earner for those that export honey and bees-wax. Regrettably, beekeeping as a commercial venture is still largely unexplored in Nigeria, and the country meets domestic demand for honey mostly by importation from producer countries.”

    Nurudeen explained that, “To effectively maximize the benefits of apiculture and develop beekeeping value chains that will accelerate Medium and Small-Scale Enterprise (MSSE) in Nigeria, stakeholders need to put more emphasis on beekeeping policy at national, regional and continental levels.”

    Art of bee keeping

    According to bee farmers, one third of the world’s food crop is dependent on food `pollination’; therefore bees are important for the survival of many more plants.  Prof. Willie Siyanbola, a researcher at the Obafemi Awolowo University, Ile Ife, argued that beekeeping requires experience, anticipation and an understanding of various external factors outside one’s control with knowledge of bee science, botany and modern agriculture.

    He explained that adult honeybees eat pollen and nectar adding that they also pick up some of the pollen and transport it to the next plant where they feed.

    To Ismail Abdul Azeez, a bee consultant, beekeeping is an investment for mining wealth. He explained that a prospective entrepreneur needs a small space. “After finding this, the next step is to create hives, as many as 30 hives which can be kept in an area as small as 25 x 50ft. One can start with N150,000 after land acquisition.”

    He explained that “Success in beekeeping requires an intimate knowledge of the biology of honey bee as management practices are based on colony habits and bee behaviour. These skills, he said, could be acquired after two days training. New beekeepers need to make observations of bee activities and examine their colony’s hive frequently.”

    Speaking about his romance with bee, Mr. Ademola Adigun, a bee farmer and a Natural Science Student said bee is a wonderful insect that takes a very unique position in entomology. “They (bees) have their guiding angel. They have their uniqueness in food and medical world. They are intelligent insect, the Queen, the foragers and the soldiers. We have about 28 enzymes. That is why honey is used for a lot of illnesses.”

    Corroborating the potential inherent in beekeeping, Mr. Lawal Abdulraman Adebowale, a bee farmer and a postgraduate student at the University of Abuja noted that his familiarisation with beekeeping since 13 years ago has been fruitful and financially rewarding.

    Adebowale who is the Coordinator of Nigerian Youths in Beekeeping has his farm in Saki area of Oke-Ogun in Oyo State. He explained that been a student does not hinder his business as a bee farmer because he was able to meet his entire financial obligations from his bee farm.

    Why the honey is yet to flow

    Like all agricultural products in the country that is bedeviled with one crisis or the other, apiculture sector is not exceptional. According to Siyanbola, the country is producing an average of 200,000 tonnes of honey annually, while the consumption rate stood at 380,000 tonnes. Therefore the rest 180,000 are imported into the country in order to meet up with the local consumption capacity.

    Given credence to this, the Team Leader, USAID Bee keeping Pollination Project, Mr. David Musa noted that the domestic consumption rate of honey in the country is currently 380,000, with a global price of about $4.5 billion.

    According to him, Nigeria can generate over $10 billion from local and international trade in honey and other hive products, stressing   the need for the country to get honey export certification from the European Union

    Musa pointed out that the country has a lot to offer in terms of producing good and quality honey and other by products to the international market adding that if all potentials in the industry are harnessed “it is a gold mine.”

    However speaking to The Nation on why honey cannot flow as expected in the country, a researcher and expert in honeybee behaviour and health, Dr. Kayode Akinwande said honey can only flow if all the stakeholders put up a policy on bee keeping and follow it to the logical conclusion.

    He explained that “The government must have understanding of what bee keeping is, otherwise all the money they invested in beekeeping will be like putting it in a bottomless pit. We must understand what is in the terrain of beekeeping otherwise we will not get anywhere. One of the fundamental facts which government must know is the fact that the farmers are not the one that are bringing the bees but it will come over to the hives.”

    According to him “If therefore you give a bee farmer a certain amount of money to go and set up a bee farm and you give same amount to a cassava farmer, the cassava farmer can predict what he may likely have at the end of the year, but the bee keepers cannot predict the harvest. The government must be able to dole out money with little interest, having it in mind that the money may run into bad debts. It will take some years before beekeepers can predict its activities.”

    The University don pointed out that “Beekeeping is a profitable venture, but not like buying and selling business that you invest today and by tomorrow rake in the profit. It has a gestation period; it is not like cassava or yam farming. Therefore if government is interested to encourage beekeeping farmers, it has to factor in that it has a gestation period which is a bit longer before the business can be stabilized.

    “Take  for instance if you put your hives in the forest, the bees might decide not to go there no matter how you attract them, therefore such a farmer may not get the required honey at the end of the day.  It is a business that is very gradual, but when you stabilize in it, the sky is your limit.” he explained

    Wealth creation

    Aside the fact that honey is the least of the products that can generate revenue for the farmers, Pastor Israel, a bee farmer based in Umahia, Abia State, said “Initially people think that it is only honey that bee provided until recent time through research that it was discovered that there are a lot of derivative items that can be sourced from beekeeping. Some of the products extracted from bees are good for human being and animal kingdom. Aside from honey there is bee wax, bee pollen, it is anti-biotic and anti-fungi.  It is good for respiratory cases and scientifically proven to be good for stomach crises.”

    Siyanbola explained that bee business is more than just harvesting honey. “Bee keepers can rent out their bees for pollination services, transporting bee hives across the country to pollinate different crops. For instance the almond farms of California which rely on honey bee pollination will pay around $200 per hive for the service.”

    According to him, the demand for honey is high because of the daily consumption of the product and its preservative nature.

    He noted that “if N10,000 is spent on a colony, a colony can produce about 10 liters  per harvest, adding that if a bee farmer has about 10 colonies, at the end of the day  he will rake in about N50,000 as gross profit and N40,000 as return on investment

    He,  however, lamented that most of the honey produced in the country are not branded, which gave some of the neighbouring African countries to re- blend and export Nigerian honey at premium prices.

    Corroborating Siyanbola’s view, Ojeleye who has about 4,000 hives in his farm explained that he his surviving solely on bee keeping which he said is very lucrative.

    The President of FBAN explained that beekeepers in the country are yet to meet up with the local demands talk less of exploring the international market which he said is anxiously waiting and expecting quality bee products from bee farmers in the country.

    He therefore challenged bee keepers to meticulously operate and package their product in the most hygienic way that can attract high demand both within and outside the country.

    Ojeleye maintained that a lot of by products can be derived from beekeeping which can also create wealth for bee farmers adding that everything produced by bees can be turned into cash. While most farmers harvest honey twice a year, he harvests four times a year, attributing this higher harvests ratio to proper maintenance

    “One can make money from extracting wax which bees create to cover the honey and brood cells. For example, bees wax is used in candle making, shoe polish, vehicle and floor polishes, varnish, gum, carbon paper, electrical appliances, fabric industry, cosmetics, wax crayons, metal casting and food processing and packaging.

    Health benefits

    Exploring the heath benefits of bee products in the recent times has been an area which researchers are beaming their search light on due to the wonders which honey and its ally products are recording. According to FAO, there is a considerable history of bees and bee products having medicinal properties. For instance, honey, pollen, propolis, wax, royal jelly and venom are seen by many to have curative properties even though others suggest the contrary as a result of a lack of critical scientific scrutiny on bee products.

    However, majority of the bee farmers that spoke to The Nation are very authoritative about the medicinal potency of bees and its products.

    Onyema who had been in the business of bee keeping in the last two decades explained that from experience he had cured a lot of diseases with bee products. “We also have bee pollen, it is used as a food for the young bee, and it is a perfect food because it contains all what the body requires. It is also used for fertility in both man and woman. If it is taking for some days, it can also cure prostate cancer in men.”

    The bee bread which the bee itself takes is a good medicinal product. “It is useful because of the enzymes present through the worker bee. Royal jelly is one of the precious gems given to the Queen bee. The Queen bee can live up to six years, but the worker bee, for only a month. By taking royal jelly one will be looking younger than ones actual age. It helps in taking care of women infertility. If a woman can be taking it few days to her ovulation period, it will actually boost it.”

    According to him, “The bee venom is the stings; it serves as its defensive mechanism, it comes out of the bee lancets, it carries a liquid that it injects into the body, it is poured into the body through venom sack. That is why when it stings you, you can quickly remove it to reduce the venom pumped into the body. This bee venom is telepathic.  I used it to treat a diabetic and arthritics patients.”

    Speaking in the same vein, Adegun who had a long romance with bee explained that the healing prowess of the wonderful insect cannot be quantified.  “There are different types of honey. The bitter honey is highly medicinal and there is no disease it cannot treat, blood pressure, diabetes even cancer and skin rashes.

    “With honey it can assist against ageing, it can also   be used for preservatives. That is why the old Egyptians usually used honey to embalm their dead bodies.   It is rich in propolis that is good for preservation. It also contains a royal jelly which can be combined with other things and used for fertility drug and impotence.”

    He explained that “Through articulated and methodological approach to honey product, a lot of sickness can be cured. Honey can cure some diseases that cannot be emphatically or scientifically proved.”

    Given credence to the medicinal efficacy of bee products Prof. Siyanbola said that beeswax is used in food processing industries as an additive and a common ingredient in chewing gum adding that skin care and cosmetic industry are using it in making lips and gloss balm.

    The researcher said bee glue is used as antibiotic and anti -fungal agent in the pharmaceutical industries while in natural medicine it is used to treat inflammations, viral disease, ulcers skin burns and scalds.

    Challenges

    For honey to flow, beekeepers   according to Ojeleye should be able to maintain a high standard and produce in a hygienic environment that will attract good final product.

    Dr Akinwande pointed out that government is only looking at beekeeping in terms of honey production, but not realizing that the disappearance of bees will lead to low production in other crops, adding that bees are the most pollinator of other crops.

    In his own view Siyanbola pointed out that for honey to flow there must be synergy between the beekeepers, government, industry academia and the environment to achieve the best desired end.

    According to him such, constraints like biological and man -made, like increase of flowerless landscapes, use of pesticides, inadequate bees nests, bees aggressiveness, theft by man, bush burning, bee swarming and absconding disease and predators could be collectively tackled by all stakeholders.

    To Ambassador   Nurudeen, poor colony establishment and management, poor harvesting method, hives vandalism, bush burning and  the infestation of hive beetles and wax moth could be tackled through a synergy among MDAs, bee hunters, academia and all the stakeholders.

    Ojeleye capped it all with a call to the government to establish a National Bee Research Institute, a strong and functional cooperative society to enhance community based beekeeping and a need for a good advocacy among agricultural stakeholders on the importance of bees.

  • Ambode, others task youths on wealth creation

    Ambode, others task youths on wealth creation

    The Lagos state governor, Akinwumi Ambode has impressed on the youths the need to be self-reliant rather than wait on government’s lean resources for socioeconomic empowerment.Ambode gave this charge yesterday when he delivered the keynote address at a public forum tagged: ‘Lagos Money Conference’ with the theme, ‘Financial Literacy: Antidote to Economic Recession.

    The governor who was represented by the Commissioner for Wealth Creation and Employment, Babatunde Durosinmi-Etti was however quick to add that the parlous state of the economy notwithstanding, there are lots of opportunities for businesses, especially startups. He said the state government is doing everything within its limited resources to create opportunities for the financially excluded in order to support their quest for economic empowerment.

    According to him, Lagos state he said has approved N4.9b loans for over 6000 micro, and small and medium enterprises (MSMEs). These modest efforts, he maintained, is to assist the teaming population of youths out there just as he implored the youths to make the most use of opportunities like volunteering rather than staying idle.

    Speaking earlier, Mayowa Adeduro, Managing Director and Chief Executive Officer, Anchor Insurance Company Limited, who spoke on ‘Uncommon strategies for financial inclusion’ regretted that over 112million Nigerians, which represents 70% of the entire population of over 180million, are living below poverty line. He tasked youths to be ready to take up any opportunity that comes their way rather than daydream about hitting it big.

    Fielding questions from journalists, Pastor Ola Adejube, the convener of the conference said he is convinced that if they youths are equipped with the right skills set and knowledge their worldview will change for the better.

  • Commitment to wealth creation, justice sacrosanct – Obaseki

    Commitment to wealth creation, justice sacrosanct – Obaseki

    …Hosts US Envoy

     
    The Governor of Edo State, Mr. Godwin Obaseki, has said the imperatives for wealth creation, law and order and justice administration, are the key drivers of his administration, noting that steps have been taken to ensure a well-motivated judiciary and an enabling business environment for investments.

    Governor Obaseki said this on Thursday night when he hosted the United States Ambassador to Nigeria, Mr.  Stuart Symington, at the Government House, Benin City, Edo State. The Ambassador is in Benin City for an exhibition of photographs by Chief S. O. Alonge, a photographer of the Royal Court of Benin, organised by the United States Diplomatic Mission and the Smithsonian’s National Museum of African Art at the National Museum, Benin City, Edo State.

    Stressing that law, order and justice are major pillars of his administration; he added that building an equitable society must be anchored on peace and justice. To ensure that the state’s judiciary works at optimal capacity, he said the state government invested in training about 150 court reporters and also upgraded court infrastructure.

    He added that Edo State is an integral part of Nigeria, and as such was in full support of Nigeria’s unity. “There are certain things that are not negotiable. Nigeria is not negotiable. But it is not just enough to say that Nigeria is not negotiable. Everything has to work for the common man. That is why we are prioritising wealth creation so that people are equipped to contribute meaningfully to society,” he said.

    Speaking on the issue of Internally Displaced Persons (IDPs), he said the state government has been in the eye of the storm, as it has in recent years played host to some of those affected by insurgency in the North East, adding, “We have 3000 internally displaced children at the IDP camp in Benin. I was with them last Christmas, as their Father Christmas. We hope that when these children go back to their homes and communities, they would go with ideal and values from the Edo people.”

    Mr. Symington said with Nigeria’s population projected to climb to 450 million by 2050 amid concerns of rising youth bulge and other social economic implications, the country would stand a better chance to exploit its potential if it prioritises justice administration, girl-child education and delivery of good governance.

    He said that despite the challenges that may come with a huge population, the onus lies on Nigerian leaders to carve a positive narrative for the country by being benevolent in handling issues of development and justice administration, adding that there was need to embrace everyone irrespective of where they come from, as members of a united Nigeria.

    According to him, “If Nigeria goes to 450 million people in 33 years’ time, the country would be the third largest nation, behind China and India. Depending on what you do with girl child education, governance and justice, and a whole lot of other things, if the projection continues that way, by the end of the century, Nigeria would be the second or even the most populous country on earth.”

    “When I said this up North, three of the wisest counsellors of great leaders there were surprised and two said Alhamdulillah. I think that describes Nigeria. You are somewhere between being surprised or screaming Alhamdulillah. And it is up to you. But you cannot just focus on one thing, the approach has to be broader. It has to be about caring about people in the North East as well as those in the South East. We have more than two million people displaced in this country, and they are not just from the North East. Now is the perfect time to treat them all as what they truly are – brothers and sons of a united Nigeria,” he added.

  • Cryptocurrency is next wealth creation frontier

    Cryptocurrency is next wealth creation frontier

    The Managing Director Awoof-dey, an e-commerce platform, Mr. Peter Elofusim, says cryptocurrency, a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds,  is a new vista of wealth creation in the digital space. In this interview with Blessing Olaifa, Elofusim says the banks and other financial institutions should re-strategise their wealth creation models with Information Communication Technology (ICT) to enable them advance the ladder through digital money. 

    Information Communication Technology (ICT) is said to a driver of investment opportunities but there is the perception that it is also not safe making money online. How do you react to this?
    Well, as it is, I will yes, there is a place for naysayers. There is one thing that cannot be taken away and that is the fact that if Information Technology (IT) has been driving business for the past 100 years in Nigeria, there will still be people who will wake up and say they will not be part of it, but the truth about it is that it is all part of human nature to resist change. But, eventually, human beings will fall in line, because not changing is fatal. Eventually, human beings will adapt. I know there are people who will tell you that they don’t want to use automated teller machine (ATM) card. Some people will tell you they don’t want to do online banking. But over time, when they see the comfort and convenience from that come from it, you will start seeing them use the ATM card or do online banking, which abinitio they rejected.
    Is technology, therefore, forcing people to change their perception in doing business?
    I will start with a little background and it is this: You would have noticed that money had evolved over time and it had been changing forms. Though a lot of people didn’t quite notice it, it started from trade by barter: you give me tomatoes, I give you onions. Later it moved to cowries and coins and from there, it moved to paper money and again it proceeded to plastic money referred to as ATM cards, which millions of Nigerians are using today. In all these forms of monies, there is one essential thing that money has been lacking which are as means of storing wealth and assets that will remain relatively stable over a period of time. This is because once you store money in any ‘fiat-form’ like naira, pound or dollar, there is that likelihood that it will depreciate over time because of the dynamics of social and political events in any country. For example, if you have stored money in pounds, when Brexit happened, you are likely to have lost about 30 percent of the value of that money just because a socio-political event happened in Britain. If you, therefore, store your wealth in dollar for instance, just because, Mr. Donald Trump won the United States presidential election, you would have lost a considerable amount of wealth. That tells you that there is no safe haven for any currency to store wealth. In other words, all currencies are subject to depreciation. Investigation has shown that businessmen are looking for transactions that guarantee instant payment, however and to some extent you can say that technology within the local and external environment guarantees instant transfers/payments. Also, as in most cases, when this is not delivered within 24 hours due to glitch or other reasons, complaints are lodged and it will take the bank 72 hours to resolve the issue. So, it means that there is no 100 percent guarantee of fool proof instant money transfer and therefore clients and people may wait for upward of three days for accounts to be credited overseas. Today, modern businesses do not have that luxury of time any more. It is the answer to these discrepancies that led to the emergence of money in digital form known as cryptocurrency which is gaining wide acceptance and creating wealth for people across the globe.
    What is the evolution of this currency?
    The first cryptocurrency that came into existence was established by a Japanese. He started basically by putting out some mathematically algorithm on the internet in such a way that any person who solved a mathematical equation was rewarded with a coin called or known as Bitcoin. In the course of time, there were hitches because it was only those who were mathematically and technically oriented that could solve the equation and as more equations were solved they were getting more difficult just like the popular Who Wants to be a Millionaire programme on TV. Essentially, the Bitcoin that was created in 2009 became the answer to the lack of stability in storing wealth and assets as an instant payment for transactions that will not depreciate over time. The man who developed this currency in digital form was though facially anonymous he even did not envisage or know that Bitcoin was going to be a success. As things evolved, the first Bitcoin was therefore exchanging for $10. With the spread in technology, businesses started accepting it as they found out that if wealth and assets were stored in digital money/currency, the value of that wealth keeps appreciating. Between 2009 and 2012, the value of Bitcoin jumped from 10 cents to $1,200. This led to the emergence of millionaires across the globe. Coincidentally, these millionaires were people who ventured to take positions ahead of time mainly due to their technology instinct. Now, hear the poster boy story of Bitcoin: A Norwegian lad called Christopher invested $27 in Bitcoin and by 2012, the value of his investment networth was $8,086. As an IT guru, I can say that cryptocurrency is an idea whose time has come, nobody or force that can stop it. In several of my workshop on digital currency, I have often said very soon, commercial and central banks across the world will close shops, it may sound far too fetched. I have also predicted that within the next 15 years, commercial banks will be looking for what to do because of the technology called blockchain technology which is essentially a digital open ledger that tracks, verifies and validates transactions which essentially is what our CBN does. The digital open ledger what is driving cryptocurrency. You will agree with me today that the world is looking for more transparent means of payment and therefore what cryptocurrency seeks to do is that its takes away the middle man (who is the bank) from the banking transaction and makes individual their own bankers. By so doing, charges which drive the banking system were taken away. Whether the world likes it or not, businesses are looking for other means of transaction that is relatively cheap, instant and without charges at all and also because businesses are looking for means of storing assets that is relatively stable over a period over time that is not affected by any socio-political event. This is exactly what cryptocurrency does. You will agree with me that if I’m in a position of authority, my body language politically speaking can upturn the market. Just the fact that Trumpwon election, the American dollar went down; the Bitcoin which is the cryptocurrency went up in value by as much as 20 per cent within two days, because people started converting what they had into cryptocurrency, because they were not sure where the U.S. was going.
    How does perception affects the value of a country’s currency?
    I want to say first and foremost that money is what it is, but it is the perception that is given to it that matters. For example, N100 and $100 is the same money but with so much value difference. It take about three times more to produce the naira than the dollar because of the colours embedded in the production of the different currencies, but today the dollar has greater value than the naira. As Nigerians, if we can create enough perception and hope in our currency and people buy into it, the first thing that will happen is that the Nigerian currency will take a jump at least to a greater value. If there is a major threat to peace in the U.S. or anywhere in the world, the dollar will depreciate or go down, it is all about perception. That was exactly what happened to Brexit. The confidence that is put on a currency to some extent determines the value of that currency. On the other hand, the only thing that determines the value of cryptocurrency is the demand and supply dynamics. There are though many cryptocurrencies that have come out after Bitcoin, any cryptocurrency that essentially has a strategic marketing platform to boost demand and has confidence in it will rival the U.S. currency in the future as the world reserve currency, and this is Bitcoin. The driving force behind cryptocurrency is the blockchain technology. Any currency that government can make pronouncement and say print more, such a currency is subject to devaluation. Nigeria touts itself as having $34 billion in reserve, another country can say they have about $20billion in their reserves, but the question is: The U.S. authority can wake up tomorrow and say print more of that currency because they want to devalue their currency. Therefore, if tomorrow, America is not happy with country ‘Z’ and it found out that ‘Z’ has so much value in its USD, all that it needs to do is to devalue its currency. But this scenario is not obtainable in cryptocurrency, because what happens with cryptocurrency is that there is a finite amount of money that can be created. Why? This is because it is not under the control of any jurisdiction. Once that amount is tied together and the number of coins is hit, you cannot create more because no government determines its circulation.
    Can the government or corporate bodies be part of this new wealth creating dynamics?
    People have actually being asking this question: Can government be part of this digital currency? The truth about it is that cryptocurrency seeks to take away power from government and put it in the hands of citizens, individuals and businessmen. This is where the world is headed. With the way things are happening across the globe today, individuals are getting more influential than government; corporations are getting more powerful than government. For example, the CEO of Facebook, Mr. Mark Zukerberg, is becoming more powerful than some countries. What is evolving now will be a disruption in the next financial institution which is through cryptocurrency. Banks and other financial institutions should re-strategies on their business models or key into cryptocurrency or they risk being shipped out of the system.
    How does this technology create money?
    Technology is evolving daily to add value to life and to a greater measure cannot be regulated. This digital money/cryptocurrency technology which is block chain cannot be regulated because once it is regulated the whole essence of blockchain is defeated. Blockchain is an open ledger that cannot be hidden or regulated and it is the most secured means of payment and transactions. For example, you can spend N1000 note today in Abuja and within the next six months, it will pass through several hands and come back to you again, but you won’t know that it is the same money that was handed over to you some months ago. But with cryptocurrency, every coin that is mined in blockchain pools goes into mine coins. If for instance, I give you a coin now, you will give it to Mr. ‘B’ and ‘C’ and before you know it, any day that coin enters your hand, you can trace the history of all its transactions that it was used for before it came back to you. It is therefore easy to check the movement of the Bitcoin through the blockchain technology which is safe and secure.
    How about the fear of systems or networks collapse?
    The good thing about it is that there opportunities that exist in two folds. The first opportunity is to do a due diligence on any cryptocurrency that is presented to you based on the strategic marketing plans to first make it useable and acceptable. Once you have done that, convert part of your first money into cryptocurrency by making a stake. On conversion for instance of one-coin platform, what it does is that it offers you in different platforms like the one coin, ripple coin and on the one coin which I promote, there are different packages for potential investors to come onboard and take a chunk of it. It depends on how much money you can dispose of for now and the company has packaged in such a way that there is a generous reward for an early adaptor. For example, an investment of about N3million in cryptocurrency today will yield about N80million in a year’s time. What Nigerians should take advantage of is the fool proof security of the technology because most people that are rich today in the world are people that took position in technology companies. So, Bitcoin is a technology company offering the one-coin cryptocurrency which is an avenue for Nigerians to become millionaire in the nearest future in Euro. If for instance, you have children school fees to pay abroad, the quickest way to create the wealth that can sponsor that education of your children anywhere is to take advantage of this technology and this one happens to be it.
    How can wealth be created for individuals through Bitcoin?
    The way we are used to creating wealth in the past had gone, the traditional way of creating wealth is gone forever. It is awareness that is creating wealth for people now. If you are aware and know that this opportunity exist and you key into it, and any wealth that is tangible now is about value addition and not about production of goods and services anymore. Production of goods and services as a means of being wealthy is gone, though you can be rich, but in terms of being wealthy, you need to create values and what one-coin is doing basically now is first of all is the creation of merchant pools. The wealth creation is left to the company and what it does to create this wealth through actively marketing this opportunity all over the world as they are meeting businesses that will accept the coin, making it popular. If you go to YouTube, there are a lot of presentations on one coin and actively building the network. In Nigeria, there are relatively few of us have invested in one coin and this is just like Facebook. Most times I travel to educate people and I hold seminar every weekend and what we are doing right now is to basically educate people on digital currency.

    The value creation for one coin is that it is actively building members in daily basis and about 8000 investors are coming in every day globally. Right now, there are about 2000 Nigerians on the network. What gives advantage is that for every new investment, coming at the early stage matters and so anybody coming now is coming in at that early stage because potentially one coin optimistic value is that it is going to reach Euro100 per coin in the next three years. If Nigerians really want to benefit from the wealth creation that one coin technology is doing this is the best time to come. Just like Facebook, one coin is building on the number of its investors. When I invested in one coin about four months ago, the number of investors were about 1.6 million people, today I have invested a lot of money on one coin business. The first benefit is because we are trying to maintain price stability. You cannot sell until it is a year’s time and this is for obvious reasons, because if you allow everybody to sell, the value of Bitcoin will crash when it is sold to everybody and so because of this restriction it will rise to about $1200.
    Has this form of investment taken root in other climes?
    Take for instance, when the Greeks started losing the values of their assets, luckily for them they stumbled on the useability of the Bitcoin and started converting what was left of their assets because the value of the money was going down and do what was left of their assets were converted to Bitcoin and that stabilised what they had individually. In Greece today, we can say they have internationalised their wealth or safe guarded the value of their assets because they have invested in Bitcoin and that is exactly what is happening all over the world. Once, you are able to move a certain value over your money into Bitcoin, you have already safeguarded tomorrow. I tell people that if we knew two years ago what was about to happen now, a lot of Nigerians would have gone to Bitcoin because if you have invested in Bitcoin, instead of your wealth going down, it will be going up. The best way for anybody to remain in safety net is to internationalise part of your assets by investing in cryptocurrency, convert part of your local money and leave it there as an investment until a year’s time.
    How did you evolve from been an ICT practitioner to digital-money entrepreneur?
    Well, first it is through sheer courage coupled with knowledge of the ICT terrain which is daily evolving. From my background I studied engineering in the University and after my National Youth Service Corps (NYSC), I got job with Vodacom as Satellite/Radio Communication engineer and later I moved to MTN as Switch-engineer. After acquiring enough experience and exposure I felt it was time to move on and add value to myself and impact on the society. So from MTN, I launched out to set up my two ICT firms: Awoof-Dey, an e-commerce shopping engine and Promosol. I’m still fully into Information Technology (IT) because of the evolving convergence of IT and telecommunications which is my background, I was able to venture into television infrastructure. One of the things that my company does is that we set up satellite television stations for other TV stations. I also set up an e-commerce platforms. I’m a strong believer in IT driving innovations. Today, Awoof-Dey, has gone into wholesale provision for smaller e-commerce companies. We leverage on our international connection to get good prices which has always been our dream out to smaller e-commerce companies. Today, with my varied knowledge of ICT I have ventured into making money online with the hope to build more entrepreneurs on how they can improve their well being through digital money making.

  • Ugwuanyi restates commitment to wealth creation, youth empowerment

    Ugwuanyi restates commitment to wealth creation, youth empowerment

    Governor Ifeanyi Ugwuanyi of Enugu State has restated his administration’s commitment to programmes that are aimed at developing and empowering the youths in the state.

    Ugwuanyi spoke at the flag-off of the YUBOSS Entrepreneurship Summit, organized by the state Ministry of Culture and Tourism, and sponsored by Yudala in collaboration with the Enugu State University of Science and Technology (ESUT), which held at Michael Okpara Square, Enugu.

    The governor noted that the conscious and continuous empowerment of youths is essential to any society’s development, particularly given the current economic challenges in the country.

    “With the number of unemployed youths in Nigeria, it is obvious that urgent, concerted and sustainable measures must be taken in order to prevent the situation from spinning out of control,” Ugwuanyi said.

    He also stressed that the acquisition and deployment of requisite entrepreneurial skills by the youths to manage their own businesses will further put them in prime position to drive the economic development of the country, urging them to take advantage of the summit to enhance their capacity and explore business opportunities.

    While thanking Yudala for bringing the summit to Enugu, Governor Ugwuanyi promised to always identify with any initiative that would enable youths in the state actualize their potentials.

    In his remark, the Vice Chancellor of ESUT, Prof. Luke Anike, disclosed that the institution’s decision to partner Yudala in sponsoring the programme was borne out of the vision to create an enabling environment that will “grow new sets of entrepreneurs, catalyze private sector investment and contribute to economic growth.”

    Other speakers at the event include the former governor of Anambra State, Mr. Peter Obi, the Chairman of Zinox Group, Leo Stan Eke and former Minister of Power, Prof. Chinedu Nebo, among others.

  • Lagos tackles multiple taxes to boost wealth creation, jobs

    Lagos State government has reiterated its determination to tackle multiple taxes in the bid create jobs and unleash entrepreneurial potential of residents.

    Speaking in Lagos, the Commissioner, Ministry of Wealth Creation and Employment, Mr Babatunde Durosimi-Etti  said  the  state is  working to reduce tax and regulatory burdens on business.

    Consequently, there are moves to harmonise taxes between the state and local government councils to enable businesses pay all their  taxes thorough a single window.

    He reiterated that the government is  determined to  incentivise the creation of new jobs in the formal sector by  focusing  on infrastructure development, skill development, rural economy  to have  a direct impact on job creation.

    According to him, the government is promoting domestic manufacturing sector, while simplification in tax rules for start-ups and small businesses would encourage entrepreneurship in the country and boost job creation.

    These measures, he  added, would  have the potential to create gainful employment, build domestic demand and thereby revitalise the economy.

    Durosimi-Etti noted that the state was going to witness a rapid escalation of efforts to produce moreentrepreneurs and better support them.

    He saidthe government is determined  to  help the  next generation of entrepreneurs get the financial help – and the confidence – to turn that spark of an idea, into a growing, thriving business.

    He maintained that there are plans to ensure workforce has the skills necessary to take advantage of emerging opportunities.

    Meanwhile , stakeholders at the just concluded Lagos State Government Wealth Creation and Employment Summit have called on policy makers and business leaders to work together to aid skills development and instigate labour policies that would help workers cope with the economic structural changes.

    The summit urged the government to create the enabling environment to help smaller businesses exploit the business opportunities, by improving resource efficiency of SMEs and facilitating market access for entrepreneurs.

    The summit observed that access to finance constitutes one of the most significant constraints on growth and entrepreneurship, adding that entrepreneurs have particular difficulties in raising finance in the early stages of their businesses.

  • Lagos budget to focus on job, wealth creation

    The Lagos State government has said its 2016 budget will deepen the goals of job creation, poverty eradication and wealth creation. It also put the half year performance of the current budget at 63 percent. The Permanent Secretary, Ministry of Economic Planning and Budget, Mr. Kadri Abayomi made this known yesterday at the 2016 Budget Consultative Forum organised by the ministry at Adeyemi Bero auditorium, Ikeja, Lagos.

    He said the forum, which had in attendance the Oba of Lagos, Oba Riliwanu Osuolale Akiolu, executive secretaries of several local government councils, traders,  professional bodies and Non-Government Organisations (NGO), was meant to further entrench the present government’s commitment to participatory governance.The Permanent Secretary said the forum was organised to promote citizens’ participation in budget preparation, update stakeholders on the half-year performance of the 2015 budget and obtain inputs, contributions and opinion on the 2016 budget process. He said the priority areas in the 2016 budget will be security, economy, infrastructure, healthcare, social welfare, good governance, justice  and sports, adding that sectoral allocation in the budget will reflect government priority areas as illustrated in the Lagos State Development Plan 2012-2025, manifesto.

    Abayomi said the priority of Governor Akinwunmi Ambode will be on reducing expenditure on governance as well as prepare the state for Sustainable Development Goals (SGDs) as Millennium Development Goals (MDGs) winds up.

    The 2016 budget fiscal strategy, he added, is to entrench sustainablegovernment expenditure through the adoption of more accurate revenue estimates and the continued realistic growth in internally generated revenues, taxes and non-tax revenues by deepening the tax base and tax net; ensure sustainable fiscal balance with appropriate level of public sector borrowing and acceptable aggregate public debt; to put the Oracle System to optimum use and block leakages and wastages.

    He said: “2016 budget will also sustain the capital / recurrent ratio within the acceptable range of 60-52: 40-48, focus on government key priority areas, employ Budget Profiling System (BPS) for better cash management, lay emphasis on maintenance of public assets, effective management of parastatals agencies and departments in order to reduce their dependence on state’s finances and deepen the goals of job creation, poverty eradication and wealth creation.”

  • New interest-free bank to promote wealth creation, customer service

    The newest addition to the Nigerian banking industry- Welfare Microfinance Bank, has promised to build its operations on commitment to wealth creation and excellent customer service with a view to ensuring that Nigerians have access to a banking service that partners with them to realize their goals without compromising their values.

    At the opening of the bank in Ilorin, Kwara State, chairman, Welfare Microfinance Bank, Mr. Aliu Badmus, said the bank would usher in a new era in customer-focused financial services noting that the bank represents the beginning of an epoch because this is the first time a financial institution designed to meet the finance needs of the ordinary folks just the way they want and yet within extant laws and regulations is opening shop.

    According to him, Welfare Microfinance Bank will not be just a bank but an institution that partners with customers to create wealth while upholding the highest ethical standards.

    “Today, we live in a world where overwhelming majority of people believe that it is impossible to be wealthy and yet be ethical. We are here to challenge that view because our vision as a bank is to facilitate an enabling environment for prosperity, integrity and faith to co-exist and be mutually reinforcing. Our mission is to partner with customers to fully utilize their economic opportunities by offering them ethical financial products and services while satisfying the interests of all stakeholders. This implies that as a bank, we shall be interested in making profits but shall not make any profit at the expense of integrity no matter how huge, cheap or attractive the profit may be,” Badmus said.

    He said the bank would work assiduously to earn the trust of customers and other stakeholders adding that the bank’s strategy would be to work to succeed together with the customers.

    “We shall be honest and transparent in each and every transaction because we know that this is the only basis for enduring success. Besides, we know we are successful only when our customers succeed. In our bank, customers are our partners. Our strategy is to work to succeed together with our customers,” Badmus assured.

    He pointed out that the bank’s operational framework is built on interest-free banking with a view to providing alternative financing means for all Nigerians that desire such banking service and to demonstrate that non-interest financing is as viable as any other mode of finance or even more.

    According to him, the interest-free banking framework would help the Nigerian government to deepen financial inclusion in the banking system by attracting the large segment of the citizenry who will not deal with interest-charging financial institutions, thus helping to achieve the main purpose of micro-financing policies and programmes of the government.

    He outlined that the bank has designed various financial products to meet the needs of customers including savings and credit scheme that will enable apprentices to acquire equipment to start their own practice immediately they complete their training to reverse the current trend where trainees are unable to complete apprenticeship completion passage or remain as journeymen several years after their training.

    Other banking products included monthly saving and credit scheme for traders which makes available to them working capital on credit and at the same time helps them to build their own capital base so that they will be able to operate without credit sooner than later, a working capital booster scheme for small and medium scale businesses to grow their operations, funding assets and equipment acquisition for customers in various ways as may be convenient for customers and Hajj and Umrah savings scheme that simply requires customers to choose the year they wish to go on pilgrimage and leave the bank to work out the rest.