Economy

CBN tasks financial institutions on technology to remain in business

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The Central Bank of Nigeria (CBN) on Tuesday urged financial institutions and organisations to embrace technology to remain competitive.

Mr Adebisi Shonubi, Deputy Governor, CBN, stated this at Greenwich Registrars and Data Solutions Ltd seminar held in Lagos with the theme: Big Data in Nigeria.

Shonubi represented by Hajiya Rakiya Mohammed, Director, Information Technology Department, said many organisations had gone out of business due to their inability to adapt to current trends in technology.

He stated that organisations must harness the power of data and wind of change in their environment to remain competitive in product development and services.

To survive in this age, organisations need to have an idea and data that will enable them to play in their ecosystem,” Shonubi stated.

According to him, organisations must have a very clear vision to look at data as an asset to harness its benefits.

He also stressed the need for traditional institutions to seek ways of leveraging technology and provide better services to customers through the deployment of alternative engagement channels and platforms.

Shonubi said companies must redesign and harness data and generate insights that enabled quantifiable difference to customers, revenues and profits in order to remain relevant in the industry.

Also speaking, Obiageli Chiki-Ijegbulem, acting Managing Director, Greenwich Registrars & Data Solutions, stated that one of the most important developments of the 21st century was the rise of data driven service delivery.

Chiki-Ijegbulem said, “most traditional organisations that have not crossed the digital divide are at a disadvantage because they incubate a cohesive ecosystem that inhibits the establishment of a fully integrated digital culture.”

“This conundrum stems from an enshrined mundane work culture, weak disposition to change management and quality of the human capital.

“Factually, the significance of big data does not revolve around the quantity of data you have, but what you do with it.

“You can take data from almost any source, analyse it to generate intelligence that will help your business in areas like customer life cycle management, new product development and smart decision-making.

“Ideally, mature organisations build protocols and employ tools for data security, these tools in themselves depend on big data to track and neutralise evolving threats,” she said.

The Executive Director, IT & Operations, Access Bank Plc, Mr Ade Bajomo said Nigeria had the opportunity to solve Africans problems by leveraging the best technology ecosystem.

According to him, this can be achieved if companies digitalise their strategies in such a way that they become more competitive to serve the customers in the most efficient manner.

“We need to drive and participate in this transformation to boost our organisations.

“Based on this pattern, we want to move into predictive, which is digital transformation.

“The fourth industrial revolution is powered by data and 90 per cent of all the data created in the world was generated in the last two years,” Bajomo said.

JNC/SA

Edited by Salif Atojoko

Economy

FG reiterates commitment to give priority to development of textile industry

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The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, said that the Federal Government would give priority to development of the textile industry.

The minister said this in a statement issued on Friday in Abuja by Mrs Oluwakemi Ogunmakinwa, the Assistant Director of Press in the ministry.

The minister of state said that it was essential to make Nigeria an exporter of finished products.

Katagum spoke when a delegation of investors from China led by the Treasurer of Kano State Chamber of Commerce, Industry, Mines and Agriculture, Alhaji Umar Ibrahim visited her in Abuja.

She expressed delight with the Chinese investors who indicated interest to develop the textile industry in Kano.

According to her, Kano is known to be a historic centre for the textile industry, particularly the traditional dying art technology that has been there for many decades.

Katagum further assured of the Federal Government’s commitment to support the Kano State Government and the Chinese investors for the development of the textile industry.

She added that the support was in line with the current administration’s Economic Growth and Recovery Plan (ERGP) policy.

Earlier, Ibrahim said the purpose of the visit was to seek collaboration with the ministry for the development of the country’s textile industry.

He explained that Kano State Government in partnership with Dantata Group of Companies was working assiduously to ensure that Nigeria’s textile industry was developed to support the country’s economic diversification plan.

Edited by: Ese E. Ekama

(NAN)

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Economy

Maintenance: AEDC notifies power interruption in parts of Abuja, Kano

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The Abuja Electricity Distribution Company (AEDC),  says customers in parts of Central Area, Abuja will experience power interruption on Dec. 14 and 15 due to maintenance of its facility. .

AEDC’s General Manager, Coporate Communication, Mr 0yebode Fadipe said this in a statement in Abuja on Friday.

Fadipe said that the areas to be affected by the interruption  which would commence from 9 a.m. to 6 p.m. include Wuse Zone 1-7, Maitama and some parts  of Kano.

He said that the interruption was to enable the Abuja Region of the Transmission Company of Nigeria (TCN) maintenance team in conjunction with AEDC undertake the replacement of a punctured 132 kilo Volt  XLPE cable on the Katampe – Central Area 132kV Line 1.

Fadipe  said  that the  scope of work had  been planned to last for three weekends in order to minimise the period of interruption of power supply to  customers within the affected areas.

“The decision to embark on the replacement of the cable is gratifying as it will engender improved service  to customers.

“Our customers who had hitherto been experiencing loadshedding can now look forward to longer hours of power supply after the replacement of the cable, which is situated at the back of the IBB Golf Course

“We appeal for patience and understanding of the affected customers as the replacement of the cable is expected to be completed on Dec. 29,” he said.

Edited by: Ese E. Ekama

(NAN)

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Economy

AfDB approves $124.2m loan for water sector reforms in Akure

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The Board of Directors of the African Development Bank (AfDB) has approved a 124.2 million dollars loan to finance the urban water sector reform and Akure water supply and sanitation projects in Nigeria.

the bank’s active portfolio in Nigeria comprised 61 operations, of which 54 were national and seven were regional.

“The total commitment to these projects is 4.8 billion dollars and includes water and sanitation projects worth 606.0 million dollars.

Edited by: Donald Ugwu

(NAN)

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Economy

2019 Q3: MAN pegs CEOs Confidence Index at 51.7 per cent

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The Manufacturers Association of Nigeria (MAN) on Friday pegged the composite Manufacturers CEO’s Confidence Index (MCCI) for the third quarter of 2019 at 51.7 per cent.

The percentage was given in a statistics report made available to newsmen in Lagos.

According to the report, the value presents a marginal increase of 0.8 index point over 50.9 index points as recorded in the second quarter of the year.

It also indicates some level of improvement in the nation’s ports operations following some ongoing government reforms.

Notwithstanding, the CEOs said that poor access, heavy traffic and undue congestion at the ports still prevalent were recorded.

Additonally, local sourcing of raw materials gained traction due to the backward integration policy and import substitution strategies of the government.

The CEOs urged government to sustain the implementation of the backward integration policy by properly funding relevant institutions, initiating policies that would prioritise development of local raw materials in commercial quantities.

“The slight increase is a welcome development as it depicts upstick in the performance of the manufacturing sector and shows that manufacturers confidence in the economy improved in the third quarter.

“Nevertheless, the slight improvement in performance was attributed to doggedness of manufacturers as the operating environment remains very challenging,” the report reads in part.

It also states that the indexes of the current business conditions dropped to 41.5 per cent from 43 per cent recorded in the second quarter.

In addition, current employment conditions which stood at 35 per cent in the second quarter also improved to 42.3 per cent in the third quarter, while production expectations for the next three months increased marginally from 64 per cent to 66.4 per cent.

The CEOs, in the report, however, urged the government to make conscious efforts at addressing the challenges currently rocking the manufacturing sector.

They identified and ranked poor electricity and gas supplies first; multiple taxation and frivolous demands by government agencies  second; high interest rates and difficulty accessing loans, poor accessibility to ports and high demurages ranked third; and poor economic infrastructure fourth.

Difficulty in sourcing forex, low patronage, counterfeiting and inflation, high cost of spare parts, high government bureaucracy, lack of skilled labour, insecurity, high cost of production, poor environmental management systems ranked fifth to twelfth respectively.

The CEOs recommended urgent resolution of the Nigeria-Benin border disputes, resuscitation of domestic refining to conserve forex for industry needs, and proper implementation, monitoring of government laws, regulations and Executive orders.

They also callee for deliberate channeling of economic infrastructure to strategic economic hubs across the nation.

The CEOs urged government to address the observed port-related challenges, dilapidated infrastructure, inadequate space, weak trade facilitation infrastructure, poor road network and the associated gridlock to enhance competitiveness.

The Nigeria News Agency reports that the MCCI was created to gauge the pulse of the economy on a quarterly basis.

The data presented in the report was generated from the responses of over 200 CEOs of MAN member-companies across the country focusing on their positions on macroeconomic and business operating environments as well as perception on the earlier mentioned diffusion factors.

The MCCI report took into account manufacturers’ perception on a set of diffusion factors including current business condition and business condition for the next three months.

Additionally, the current employment condition, rate of employment, employment condition for the next three months and production level for the next three months were also measured.

It also considered the general macroeconomic condition inclusive of foreign exchange, business operating environment, lending rate, credit to the manufacturing sector and capital expenditure of the government in the analysis.

Edited by: Oluwole Sogunle

(NAN)

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Economy

27 ships laden with petroleum products, food items awaiting to berth — NPA

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The Nigerian Ports Authority (NPA) says 27 ships laden with petroleum products, food items and other goods have arrived Tincan port waiting to berth.

NPA made this known in its publication, `Shipping Position’, a copy of which was made available to the Nigeria News Agency in Lagos on Friday.

According to it, the ships are carrying containers, bulk salt, used vehicles, bulk sugar, new vehicles and automobile gasoline.

The publication said that 30 ships were expected at the ports with automobile gasoline, fuel, containers, bulk malt, general cargo, lab/base oil, crude palmolien and used vehicles.

Also, the organisation said that 11 other ships were at the ports discharging general cargo, containers, bulk wheat and vehicles.

Edited by: Tayo Ikujuni/Ali Baba-Inuwa

(NAN)

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