All Posts in "Month: October 2022"

13,000 Civil Servants For 2022 confirmation exams

By Favour Nnabugwu

 

 

Over 13,000 officers from the core Civil Service, the Nigeria Police; and other Para-military and specialized Agencies will take part in the 2022 confirmation

The Office of the Head of the Civil Service of the Federation, OHCSF, stated that it has concluded plans to conduct the 2022 Annual Public Service confirmation examination, nationwide, adding that the examination will be a Computer-Based Test, CBT.

A statement by the Deputy Director of Communications, Mr Mohammed Ahmed, on Monday, said this was part of the ongoing efforts to digitize activities and work processes in the Federal Civil Service.

Ahmed explained that the Combined Confirmation/Promotion Examination (COMPRO) for Junior Staff and the Compulsory Confirmation Examination for Senior Staff are the two Mandatory Confirmation Examinations in the Public Service, including the Police and Para-Military Agencies. “They are not an option but a mandatory requirement.”

The statement reads in part: “Since inception, the examinations have been conducted through manual processes across the 36 States of the Federation and the FCT.

All newly recruited officers in the Federal Public Service are required to sit for and pass the examination as a pre-requisite for the confirmation of their appointments.

Patoma Admin by — October 19, 2022 in Education 0
AIICO Insurance, Indo-Eye Care Foundation operate 2,000 free eye service to Nigerians

By Favour Nnabugwu

 

 

AIICO Insurance Plc, in conjunction with the Indo-Eye Care Foundation, has successfully performed free eye surgery on 2,000 Nigerians this year.

Since 2007, the organization has made it a tradition to provide between 2,000 and 2,500 patients with free eye surgery; they accomplished a similar number in the most recent year.

The Managing Director/CEO of AIICO Insurance Plc, Babatunde Fajemirokun, recently mentioned at the 2022 Sharad Purnima Dandiya event in Lagos that his insurance company offers to help the less fortunate restore their sight through the support it offered to Indo-Eye Care Foundation.

Asserting that this action is in keeping with the company’s Corporate Social Responsibility (CSR) to the communities and humanity, Fajemirokun, who was represented by the Communication Manager of AIICO Insurance, Ademola Adenekan, promised that the company will continue to support the underprivileged and initiatives like the eyecare foundation.

The management of the underwriting company, he claimed, is pleased that its gesture has allowed more blind people to regain their sight.

He stated that fast payment of claims has been and will remain a defining feature of the insurer’s operations and that it will continue to uphold its expectations and civic duties.

Patoma Admin by — October 18, 2022 in Insurance 0
Climate finance to low, middle income countries hits $51 billion in 2021

 

By Favour Nnabugwu

 

 

 

Total financing by major multilateral development banks (MDBs)to low-income and middle income economies in 2021 of $50.666 billion,

The figure surpassed the annual expectations of $50 billion set in 2019 (link is external) at the UN Secretary General’s Climate Action Summit in New York.

Of the $50.666 billion of climate finance committed to low-income and middle-income economies, $47.24 billion was from the MDBs’ own account and $3.426 billion from external resources that were channelled through the banks. Mitigation finance committed to low- and middle-income economies totalled $33.055 billion, or 65%, while adaptation finance totalled $17.611 billion, or 35%.

He MFBs fince on climate change rose in 2021 with over $19 billion committed to climate change adaptation finance, according to the Joint Report on Multilateral Development Banks’ Climate Finance

The report tracks the progress of MDBs in relation to their climate finance targets such as those announced at COP21 and the greater ambition pledged for the post-2020 period.

 

The 2019 goals projected a collective total of $50 billion for low- and middle-income economies and at least $65 billion of climate finance globally, with an estimated doubling of adaptation finance to $18 billion and private mobilization of $40 billion.

The report also records a notable increase in adaptation finance to over $19 billion in 2021, again beating expectations. A total of $19.187 billion was committed to climate change adaptation finance, with$17.611 billion, or 92%, committed to low- and middle- income economies, thus surpassing the expected collective delivery of increasing adaptation finance to $18 billion.

Kevin Kariuki, Vice President of Power, Energy, Climate and Green Growth at the African Development Bank, commented: “As MDBs, we have steadily grown the amount, and access to climate finance over the last decade, thereby demonstrating the potential of multilateralism in tackling global threats. However, this is not near enough, and efforts to ramp-up the quantum of, and rate of access to, global climate finance, especially adaptation finance, in developing countries are necessary”. He added,

“This is why we have established flagship programmes such as the $ 25 billion African Adaptation Acceleration Program and the $20 billion Desert-to-Power, to accelerate climate action, while safeguarding the wellbeing of our people and nature”.

This edition of the report presents the multilateral development banks’ climate finance commitments data in two different chapters, with data for low- and middle-income economies and that for high-income economies presented separately.

The African Development Bank’s contribution to climate finance in 2021 stands at $2.49 billion or 41% of all Bank investment approvals. Of this amount, the proportion of climate adaptation grew to 67%, which evidences the Bank’s steadfast commitment to supporting its regional member countries build adaptive capacity and climate resilience.

The 2021 multilateral development bank report combines data from the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, the Islamic Development Bank and the World Bank Group.

Patoma Admin by — October 18, 2022 in Banking & Finance 0
FG to commission Lagos-Ibadan expressway, 2nd Niger bridge, Kaduna-Kano highway before May 29

And 70,000 Abuja housing project
.

By Favour Nnabugwu

 

 

The Federal Government has listed nine priority areas for its developmental target ahead of May 29, 2023 terminal date of the President Muhammadu Buhari administration.

Consequently, as part of measures to achieve set targets, the Executive and Legislature are to de-emphasize separation of powers and focus on collaboration and cooperation in the nation’s interest.

The priority areas include the commissioning of some projects like the Lagos-Ibadan expressway, the 2nd Niger bridge, and Kaduna-Kano highway and a 70,000 housing project in Zuba, a suburb of the Federal Capital Territory FCT, Abuja.

The targets were part of the recommendations from various panel discussions at the two-day ministerial performance review which held at the presidential villa in Abuja.

“The President expects to see these ideas and commitments coming to life on the dates promised and in the submissions to FEC”, said Secretary to the Government of the Federation SGF, Mr Boss Mustapha.

Accordance to him, Priority One is about stabilizing the macroeconomy, wherein the Federal Ministry of Finance, Budget and National Planning will drive aggressive revenue mobilization to reduce current levels of fiscal risks

According to him, “fuel subsidy will eventually be phased out by next year and use every apparatus available to the government to fight oil theft”.

The second priority would see the Federal Ministry of Agriculture and Rural Development committing to embarking on an aggressive dry season farming immediately after the wet season to sustain increased food production.

The Ministry will also sustain the use of Agro-rangers to enhance security in the farmlands and ensure continuity in food production.

Also, Priority Three which is on energy sufficiency would see the Ministry of Petroleum Resources fast-tracking the full implementation of the Petroleum Industry Act for sustainable national development and the development of an Oil and Gas Policy for Nigeria.

The Ministry will also expedite action in rehabilitating the existing refineries and ensuring mechanisms are in place to cushion the effects of total removal oil subsidy.

“The Siemens Grid and Distribution Enhancement Project aims to achieve 25,000 megawatts by 2025. Early work orders and financing structure for the deployment of transmission and distribution equipment have been completed.

“Efforts are on towards the realization of 11,000 megawatts of installed transmission capacity by 2023

“The Federal Ministry of Transport will work with other key government agencies to deliver the national single trading window and aggregate trade.

Appropriate technology to modernize and automate processes of port operations will be introduced to reduce delays in port operations.

“The Ministry of Aviation will work hard to complete the various ongoing projects listed under the Ministry of Aviation Road map.

“The Federal Capital Territory Administration will likewise deliver major projects to connect suburban areas and make movement easier in Abuja”, the document showed.

Other priority areas include ensuring that 35% Affirmative Action for women in public office is implemented; ensuring the release of funds to remaining states for Nigeria Development project that empowers women.

“Sustain the change management strategy being implemented by the Head of Civil Service to ensure full acceptance of key reforms across the civil service.
Federal budgets should be realistic and implemented to deliver value to the people.

“Office of the National Security Adviser to work with the National Assembly to revise and review the National Security Agency Act for effective coordination of the national security apparatus.

“The Ministry of Interior committed to ensuring the security of the over 200 border points of the country covering the land, sea and air border points.

“To resolve security issues government must consider the social contract it has with the citizens as a critical imperative
Consider deployment of a National Police Communication Surveillance System as a strategy for optimizing effectiveness of the Police Force.

“Collaboration to deliver/fostering Executive/Legislative Relationship and Enhancing Opportunities for Legacy Legislations.

“Senate President committed to the passing of all outstanding critical bills before the end of the Administration.
Senate president committed to the passage of the National Security Act by the end of 1st quarter of 2023

“The Executive and Legislature should deemphasize separation of powers and focus on collaboration and cooperation in the nations’s interest.

“The Senate President recommended the resuscitation of the joint committee of the office of the Attorney General of the Federation and the National Assembly for consideration of Bills”.

Patoma Admin by — October 18, 2022 in News 0
Nigeria’s inflation rate in September hits 20.77% ― NBS

By Favour Nnabugwu

 

The country inflation has increase from 8 percent straight month to 20.77 per cent in September, data released by the National Bureau of Statistics (NBS) on Monday has shown.

The NBS attributed the likely cause of the rise to the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation, and a general increase in the cost of production.

On a year–on–year basis, in September 2022, the headline inflation rate of 20.77 per cent was 4.14 per cent points higher compared to the rate recorded in September 2021, which was 16.63 per cent.

According to the NBS, “this indicates that in the month of September 2022 the general price level was 4.14 per cent higher relative to September 2021.

“On a month-on-month basis, the Headline inflation rate in September 2022 was 1.36 per cent, this was 0.41 per cent lower than the 1.77 per cent rate recorded in August 2022. This means that in the month of September 2022, the headline inflation rate, month-on-month basis declined by
0.41 per cent, relative to August 2022″.

The rise in September 2022 inflation rate to 20.77 per cent from 20.5 per cent recorded in August 2022, tends to defy the Central Bank of Nigeria (CBN) latest unanimous decision to increase the benchmark interest rate (monetary policy rate) to 15.5 per cent in a bid to check the rising rate of inflation in the country.

The decline in the all-items index on a month-on-month basis, that is over the two months was due to the changes in the food index relative to the reference month index which is due to the ongoing harvesting season.

The percentage change in the average CPI for all items index for the twelve months ending September 2022 over the average of the CPI for the previous twelve months period was 17.43 per cent, showing a 0.6 per cent increase compared to 16.83 per cent recorded in September 2021.

Patoma Admin by — October 18, 2022 in News 0
25th NIA Chairman, Olusegun Omosehin’s investiture holds Nov 3

By Favour Nnabugwu

 

 

 

The Nigerian Insurers Association (NIA) will hold the investiture ceremony of Mr. Olusegun Omosehin as the 25th Chairman of the association on November 3rd, 2022 at Oriental Hotel, Lekki, Lagos.

NIA which happens to be the umbrella organization for all insurers in the country will hold the investiture ceremony of its new Chairman that bring change of leadership including the principal officers of the Association.

In a statement released by Davis Iyasere, Corporate Communications Dept said that the investiture ceremony presents an opportunity for the new Chairman to share his vision and strategic direction of the association during his tenure.

It is a unique opportunity for stakeholders in the insurance industry including clients, insurers, brokers, investors, government agencies, other professional bodies and providers of ancillary services to interact and share ideas on how to continually position insurance and appreciate its role in the larger economy.

The Chairman of the Investiture Committee Mr. Kunle Ahmed, also said that “this investiture ceremony will be significantly different from others as the investiture committee has lined up programmes / activities to signpost the event including the 25th Investiture Golf kitty.

“We want to use this investiture ceremony to make a bold statement that insurance has taken its pride of place in the financial service sector and our hope is that guests will go home with a clear understanding of the agenda of the new chairman for the association during his tenure which will impact insurance practice and the economy at large. We are looking forward to the best investiture ever”, he enthused.

Patoma Admin by — October 18, 2022 in Insurance 0
Tanzanian insurance market grows by 11% to US$391m in 2021

By Favour Nnabugwu
 
Tanzanian insurance sector wrote gross premiums amounting to TZS912bn ($391m) in 2021, as released by Tanzania Regulatory Authority (TIRA).
The figure represents a nominal increase of 11 percent from TZS824bn written in 2020.
TIRA commissioner Dr Baghayo Saqware said in the report, “Growth for 2020 was 1.2 percent . The financial soundness of the industry was enhanced as a result of minimum capital improvement which increased by 4.3 percent from 2020 to 2021. Total assets for the insurance industry increased by 8.4 percent from TZS1,180bn at end-2020 to TZS1,279bn as of 31 December 2021. Total assets grew by 12.6 percent in 2020 compared to the value of total assets in 2019.”
The life assurance business recorded growth of 21.6  percent from TZS135.7bn in 2020 to TZS165.0bn in 2021. Improved public awareness and quality of products created an increase in sales of individual life policies that has steered the growth.
General insurance, which constitute the bigger share in insurance market recorded an increase of 8.4 percent in gross premium income from TZS688.6bn in 2020 to TZS746.4bn in 2021. This increase is attributed to a number of factors, including an increase in compliance by the public, with the statutory requirements and new systems in place i.e. TIRA MIS, aggressive marketing and continued public awareness programmes.
The total number of insurance companies registered in Tanzania as of 31st December 2021 (including two reinsurance companies, Tan Re and Grand Re) was 33. There were two new registrations in 2021, comprising one life insurer and one reinsurance company. For the years 2019 and 2020, the number of (re)insurers remained the same at 32.
Of the total number of registered (re)insurance companies, 23 are privately owned with at least one third local ownership, two are 100 percent state-owned by the Government of the United Republic of Tanzania and the Revolutionary Government of Zanzibar and nine are 100 percent locally owned. insurance industry outlook
The report says that the Tanzanian insurance market offers numerous opportunities for growth, and international benchmarks in the African region suggest that there is much space to develop.
The overall economic outlook remains positive for the country with a GDP growth of 4.9 percent in 2021 (2020:4.8 percent) and an estimated GDP growth of between 4.5% to 5.5 percent for the year 2022 and average of 6.0 percent over the medium term. This means that middle-class Tanzanians are increasingly able to afford insurance coverage.
As the regulatory and supervisory body, TIRA is working to increase awareness. TIRA is targeting 50 percent of adult population to have access and use insurance products by 2030.
The regulator also targets to increase the insurance penetration rate to 5 percent by 2030. Insurance penetration in Tanzania is 1.68 percent at present compared to 0.8 percent for Uganda and 2.17 percent for Kenya (world average is 7.4 percent).
The penetration ratio is expected to improve following the registration of the bancassurance agents as well as increase in awareness of insurance to the public and other regulatory measures in place.
An amendment to the Insurance Act this year expands the scope for mandatory insurance to include public markets, commercial buildings, imported goods, marine vessels, ferries and pontoons. This will significantly widen the insurance penetration rate and increase insurance density. The Authority is currently working on the regulations that will provide guidance on the implementation of the legislative changes.
Furthermore, the Authority has issued new guidelines on Islamic Insurance called Takaful Operational Guidelines which took effect from May 2022. The expectation behind the guideline is to increase penetration and accommodate Shariah-compliant products so as to extend the scope of insurance services and to increase financial inclusion and insurance contributions to the economy.
Patoma Admin by — October 17, 2022 in Insurance 0
Ugandan insurance market Life rise by 25%, Non-Life by 11%

By Favour Nnabugwu
 
Insurance market in Uganda despite all challenges increase by 25 percent in Life and 25% in Non- Life insurance in 2021
Life GWP was UGX392bn in 2021 from UGX313bn in 2020 reflecting a growth of 25 percent
Non-Life gross written premium (GWP) in 2021 was UGX734bn ($191m) from UGX662bn in 2020 reflecting a growth of 11percent
Overall combined, premiums grew from UGX973bn in 2020 to UGX1,126bn, reflecting an industry growth of 15.7 percent
Non-life business still dominates at approximately 65 percent of gross written premium though this was a drop from 68 percent in 2020.
Life business, however, continued to grow at a higher rate and the market share improved slightly to 35 percent, up from 32 percent in 2020.
Patoma Admin by — October 17, 2022 in Insurance 0
NEPZA boss lauds appointment of Oluwasoromidayo George as Chairman MANEG

CAPTION:
Mrs Oluwasoromidayo George, newly appointed Chairman MANEG.
By Favour Nnabugwu
Nigeria Export Processing Zones Authority (NEPZA) has described the appointment of the new Chairman, Manufacturer Association of Nigeria Export Group (MANEG)  Mrs Oluwasoromidayo George, as a new dawn for the country’s export sector.
 Prof. Adessoji Adesugba, the Managing Director of NEPZA made the remark in a congratulatory message to the new appointee on Sunday in Abuja.
Adesugba, also the Chief Executive Office of the Authority, said that it was time for the Organised Private Sector to re-organise itself more profoundly in order to increase collaborations with relevant government agencies to speed up the country’s economic growth.
He explained that the association had, however, consistently shown its capacity to assist government in driving production, adding that George’s appointment indicated the readiness of the group to commit to a competitive export arena.
“Oluwasoromidayo George remains a fantastic asset for the country and for the organized private sector with incredible cognate experience in diverse areas of the economy. We are hopeful that her reign will increase the country’s export profiles significantly.
“For us in NEPZA, we look forward to deepening our collaboration with her office to boost the country’s industrialization process as well.
“Let me, therefore, congratulate her on this new appointment and also to express my delight on the series of strides made by MAN over the years to grow the nation’s economy,’’ he said.
George is also the Corporate Affairs & Sustainable Business Director, Unilever, West Africa and the Chairperson of the UN Global Compact Network, Nigeria.
She is a Co-Chair of CEO Water Mandate Council, representing the Nigerian Economic Summit Group (NESG).
She was the first female Executive Director of the British American Tobacco Nigeria Foundation (BATN) and the Head of Corporate Affairs, British American Tobacco (BAT) in West and Central Africa.
Patoma Admin by — October 16, 2022 in Industry, Trade & Investment 0
AfDB approves $2.5m grant to Mozambic

By Favour Nnabugwu
The Board of Directors of the African Development Bank (AfDB) has approved a grant of a grant of $2.5 million to the Mozambican government to develop renewable energy resources.
The grant, from the Sustainable Energy Fund for Africa (SEFA), administered by the Bank, will be used to implement the Mozambique Renewable Energy Integration Program (MREP).
“With the support of the Sustainable Energy Fund for Africa, Mozambique’s capacity to integrate larger shares of variable renewables will increase its efforts to become a major regional electricity supplier,” said Dr. Daniel Schroth, Director of the African Development Bank’s Renewable Energy and Energy Efficiency Department. He added, “Given that Mozambique is one of the most highly climate-vulnerable countries in the world, the project will help build a more sustainable and resilient power generation infrastructure.”
The funding will assist the national electricity company to provide financial support for technical, economic, environmental and social feasibility studies for the development of a solar floating power plant in Chicamba reservoir. In addition, it will support funding for a feasibility study for Energy Battery Systems Storage in up to 10 sites, as well as capacity building for EDM´s personnel; and support for tender preparation.
The donation will also be used to conduct studies to increase the share of variable renewable energy production in Mozambique’s energy mix. Feasibility studies to develop floating photovoltaic solar energy will be conducted in existing EDM hydropower assets.
Increasingly affected by severe and sudden cyclones, storms, and prolonged drought periods, Mozambique is endowed with abundant energy from renewable and fossil resources. Over the last decade, the energy sector in Mozambique has made considerable progress: the country is a net exporter of electricity despite low access rates (57% in urban areas and 13% in rural areas). With 187 gigawatts, Mozambique has the most significant power generation potential in southern Africa, thanks to untapped resources in coal, hydroelectricity, gas, wind, and solar energy. Hydropower currently accounts for about 81% of installed capacity. But natural gas and renewable energy sources are set to take a growing share of Mozambique’s energy mix.
The African Development Bank is a key player in the energy sector in Mozambique. It provided more than $400 million in financing for the ongoing $20 billion Mozambique Liquefied Natural Gas (LNG) Project. The Bank supports power generation, transmission and distribution, such as the Tamine Gas Project. It is currently supporting the Mphanda Nkuwa hydroelectric power station project, the rehabilitation of the Cahora Bassa hydroelectric power station and the construction of a transmission line from the north to carry electricity to the South
Patoma Admin by — October 15, 2022 in Banking & Finance 0