All Posts in "Day: December 1, 2022"

Insurance industry grow by 28.16% in Q3 2022

By Favour Nnabugwu
Insurance industry has increase in capacity to 28.26 percent in Q3 2022, according to the National Bureau of Statistics, NBS,
Other impressive sectoral rebounds are insurance sector from 7 percent growth in Q2 to 19 percent in Q3, Quarry from 22.2 percent in Q2 to 39.6 percent in Q3; motion pictures and music from a contraction of 6 percent in Q2 to a positive growth of 22.4 percent in Q3.”
Acknowledging the growth of the sector, is Chief Executive Officer of the Center For The Promotion Of Private Enterprise, CPPE, Mr Muda Yusuf
The report said, “As a whole, the sector grew at 21.37 per cent in nominal terms (year-on-year), with the growth rate of financial institutions at 20.65 per cent and a 28.26 per cent growth rate recorded for insurance.
In his review of the country’s GDP, report, Chief Executive Officer, CEO, of the Center, Dr. Muda Yusuf, excitingly noted that it is noteworthy that the insurance alongside others out performed other sectors in growth outcomes, compared to second quarter figures.
According to the NBS, the financial institutions and insurance accounted for 89.99 per cent and 10.01 per cent of the sector respectively in real terms in Q3, 2022.
The Head, corporate communications  Polari Bank, Mr Rasheed Bolarinwa said these factors had  done so much harm to the insurance industry that the response that followed  the mention of insurance or insurance companies to an average Nigerian was predictable.
Negative reactions and lukewarm attitude are the kind of feelings that come with an invitation to insurance policies. This informed the low patronage and acceptance of insurance companies operating in Nigeria”, he observed.
The Chairman of the Insurance Industry Consultative Council, Mr Edwin Igbiti said the insurers needed the support of the media to achieve their growth agenda in order to deepen insurance Penetration in the country.
The Chairman, Insurance Industry Consultative Council (IICC), Mr. Edwin Igbiti, has affirmed that insurance industry is one of the most resilient and fast expanding sectors in Nigeria.
Igbiti on “Media as Catalyst for Insurance Inclusion,”organized for the members of the Nigerian Association of Insurance and Pension Editors (NAIPE) recently.
Igbiti said, “You will agree with me that there has been growth in the industry despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests which resulted into millions of claims. The insurance industry has stood as one of the most resilient and fast expanding sectors in the nation’s economy. “
 “The crucial position the media plays in the economy and society at large cannot be over emphasized. Indeed, the media poses as a veritable authority for agenda setting, public education, sensitization and awareness creation.
“It is in the light of the above, that the theme for this retreat “Media as Catalyst for Insurance Inclusion”, comes to limelight. The media is a powerful catalyst for social change and equally an effective tool for insurance inclusion that the industry desires. Hence, the need to continually carry the media along with the various initiatives and developments in the industry for good coverage and projection.
“As the industry witness expansion, we equally need you the media to keep promoting these achievements for the good of the common goal of the industry.
“We are partners and we urge you all to use your reputable platforms to consistently announce the gospel of insurance and its benefits to the public so that we can attain the desired penetration rate in Nigeria.
“When the industry is booming from our efforts, it will also be a common joy and gain for us all. Hence, the onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem.”
While commending NAIPE members for their support, the IICC Chairman who is also the President/Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN) said “I like to use this opportunity to express our profound appreciation to the media for its inestimable support over the years especially, you the insurance industry Journalists who have constantly employed your expertise and in-depth knowledge about the industry to objectively report the trends and opportunities as well as enlighten the public about the values of insurance.
He noted that the retreat is “organised annually by the IICC to serve as a platform to engage and recognize the contributions and the key roles the media has been playing as an instrument for awareness creation and education for insurance in Nigeria.
“It is also a great opportunity to feel the pulse of the public through the lens of the media. It is against this backdrop that the IICC ensures its commitment to this annual gathering remains an ever-present feature in the calendar of the industry.
“This forum also serves the objective of further unifying all Arms of the Insurance Industry who have come together under one umbrella, the IICC, to ensure unity and single-mindedness in promoting the insurance industry agenda.
“It is vital to state that the IICC was formed with the purposes targeted at enhancing the profile of the industry as well as boost its significance to the nation’s economic growth.”
Patoma Admin by — December 1, 2022 in Insurance 0
Monthly Focus for December 2022 by Pastor Favour Onoja

Monthly Focus for December 2022

 

By Pastor Favour Onoja

 

“And there we saw the giants, the sons of Anak, which come of the giants: and we were in our own sight as grasshoppers, and so we were in their sight” (Numbers 13:33).

Welcome to the Month of December, the last Month of the year 2022. We bless God for His faithfulness and help we have seen thus far.

May the Lord crown this year with His goodness and your paths shall drop fatness in Jesus Name, Amen (Psalm 65:11).

Our Focus for this Month is “Breaking Limitations”

I decree and declare that every limitations shall be broken before you and you shall eat the fruits of your labour this year. You shall also enter 2023 full of the blessings of the Lord and satisfied with favour in Jesus Name, Amen (Deuteronomy 33:23).

WHAT IS LIMITATION?

1. A Limitation is an inhibition, a barrier, a force resisting your rising; advancement and hindering you from realizing or fulfilling your God given purpose or reaching your maximum potential.

2. It is a prolonged period of challenge that looks a bit difficult to surmount with the physical eyes

3. It is any prolonged or persistent effort to overcome resistance.

4. It is also a force hindering you from expressing or experiencing the fullness of God’s blessings upon your life.

5. It is accepting the status quo as an answer or alternative.

TYPES OF LIMITATION:

1. Self Imposed Limitation: (Numbers 13:33): This is the limitation imposed by oneself. It is the worst form of limitation because the Bible says in Numbers 14:28 “Say unto them, As truly as I live, saith the LORD, as you have spoken in mine ears, so will I do to you”. This kind of limitation limits you and also hinders God from helping you because you are bound by your words. For by thy words thou shall be justified, and by thy words thou shalt be condemned (Matthew 12:37). As a man thinketh in his heart, so he is (Proverbs 23:7). You cannot rise above your thought level. Do you want to see limitless possibilities? Then take off the limits.

2. Sin & Disobedience (Judges 6:1-9): Sin and disobedience are another major causes of limitation.

3. Curses & Spells (Genesis 3:14-19; Deuteronomy 28:15-68; Galatians 3:13-14)

4. Indecision (Deuteronomy 1:6): Indecision can limit you. The children of Israel couldn’t get to their destination because of indecision. God had to rebuke them for their indecision and challenged them to go forward.

5. Fear (Job 3:25): Fear is defined as false evidence appearing real. Job was bound by the spirit of fear. He said “For the things which I greatly fear is come upon me, and that which I was afraid of is come unto me”. Fear is a spirit, so deal with it; for the Bible said “He has not given us the spirit of fear, but of a sound mind (2Timothy 1:7)”.

HOW TO BREAK OUT OF LIMITATION:

1. Prayer & Fasting (Matthew 17:21) Howbeit this kind goeth not out but by prayer and fasting: Engage the ministry of prophetic prayer with periodic fasting. Look up to God for divine intervention and help (Psalm 121:1-8; 34:5)

2. Forceful Declaration: Isaiah 43:26 says “Put me in remembrance: let us plead together: declare thou, that thou mayest be justified. Your mouth is not only for eating. It’s also your instrument of victory through your declarations. Your mouth is an instrument of victory through positive and prophetic declarations. The Bible said “Open your mouth wide and I will fill it” (Psalm 81:10). Job said “How forcible are right words” (Job 6:25).

3. The Ministry of the Prophet is another veritable tool with which you can handle and tackle limitations. The story was told in 2Kings 6:1-7 when the axe head fell into the water and by the prophetic ministry of Elisha, the law of density that said that a heavier object cannot be suspended upon the water, that it must go down, was demystified and the axe head was recovered.

4. Meditation: Joshua 1:8; Psalm 1:1-3. Meditation is thinking upon the promises of God’s words until the reality of it enters into your spirit. When that happens, your light breaks forth and whatever that is holding you back will let you go; because it is light that disarms darkness.

5. Praise & Worship : Engage the ministry of Praise and Worship. Paul and Silas did so in Acts 16:25-26; Jehoshaphat did same in 2Chronicles 20:20-22 and the enemies were defeated cheaply.

6. Arm Yourself with Revelational Light: Paul said I went up by revelation (Galatians 2:2). The way up is through revelation, not by tears and murmuring. Light is the terminator of darkness. With light, every voidness, darkness and formlessness can be handled and done cheaply. Light is the end of toiling and struggles (Luke 5:4-5). Whatever is lost, with requisite light, can be found (Luke 15:8-9). Light also speed up and fast track the process for you.

7.  Introduce A Seed: Every woman goes through the menstrual cycle until a seed is introduced that interrupts the cycle and a miracle takes place. What 700 men that drew sword couldn’t do, a seed did it (2Kings 3:26-27)

PROPHESIES:

I decree and declare upon your lives that every limitations shall give way to your emancipation and glorification in Jesus Name, Amen.

I decree and declare that the portion that God has kept for you until now shall be given to you in this Month in Jesus Name, Amen

I decree and declare the sound of abundance of joy and rejoicing shall not cease from your habitation in Jesus Name, Amen.

H A P P Y N E W M O N T H!!!

Pastor Favour OnojaE-mail: onojaaf@yahoo.com

Tel:: +234(0)8055842594 (WhatsApp Number).

Patoma Admin by — December 1, 2022 in Religion 0
Nigeria remits over $100m community levied to ECOWAS in 2022

By Favour Nnabugwu 

 

 

The Federal Government of Nigeria has paid over US$100m to the Economic Community of West Africa (ECOWAS) as community levy for 2022.

At the presentation of the Nigeria country report by the Nigerian delegation at the on-going Second Ordinary Session of the ECOWAS Parliament in Abuja revealed

The leader of Nigeria’s Delegation of Parliamentarians to ECOWAS Parliament, Rt. Hon. Ahmed Idris Wase said Nigeria has remitted a total sum of US$100,324,011.33 to the ECOWAS Commission in 2022 and added that the government is committed to fulfilling her financial obligations to ECOWAS, and is making arrangements to pay up the balance for the year.

He said “Nigeria’s commitment to the ECOWAS Protocol on Free Movement of Persons and Goods is completely unwavering. In a bid to gain full realization of the protocol, the Federal Government has introduced the Visa on Arrival (VoA) policy to expedite movement of ECOWAS members through Nigeria’s borders.

“The Federal Government of Nigeria has signed the agreement establishing the African Continental Free Trade Area, AfCFTA. Nigeria has equally demonstrated commitment to a gradual removal of import duties and other non-tariff barriers on imports within the African continent.

To show the Federal Government’s commitment, the Nigerian Ports Authority has commissioned the first Export Processing Terminal (EPT) in the country. This is geared at enabling export-bound cargoes access to the Lagos Seaports without a glitch, in line with AfCFTA objectives. With this move, we believe we will encourage intra-African trade and boost regional development.”

On the 2023 elections, he reported that the political situation in Nigeria is charged-up with electioneering activities and that the Independent Electoral Commission (INEC) has expressed its commitment to free, fair and credible elections.

He mentioned that Nigeria security situation is currently stable, as data for Q3 shows a decline in security but added that the country is still experiencing some security challenges.

“The months of July and August 2022 saw a peak in security related incidents, particularly unprovoked attacks on civilians and security operatives by armed bandits and terrorists.

“The Federal Capital Territory (FCT) was not spared, with the attack on a medium security prison in Kuje, that led to the escape of a number of criminal elements, some of whom are affiliated with the Boko Haram terrorist group.

There was also the attack on the presidential guard brigade that led to the death of six officers and other unprovoked attacks on military checkpoints that have led to loss of lives,” he said.

On the economy, Wase said “the economy is slowly recovering from the combined impact of the Covid-19 pandemic, the Russian-Ukraine war, insecurity, and natural disasters.

Despite the challenges, the Nigerian economy recorded a 3.54% growth in the second quarter (Q2) of 2022. This is a 0.43% increase from Q2 of 2021 where we had a 3.11% growth and a higher showing, compared to the initial market forecasts of 2.60% growth.

“The current growth we see in the economy is driven by the non-oil sector with key sectors being – finance and insurance; transportation; agriculture and manufacturing; information and communication sectors.

“The oil sector, which has been the economic driver and core revenue generator for the country, has shrunken by 12%. Oil production declined to 1.43 million barrels per day in Q2 of 2022, compared with 1.49 million barrels in Q1. The loss in production is largely attributable to oil bunkering and as a result, Nigeria has been unable to meet her OPEC+ quota this year.

However, the country’s oil production is set to improve through the Federal Government’s collaboration with some major stakeholders in the industry to clamp down on oil theft. Thus, improving production and guarantying efficient export operations by the end of November 2022.”

He explained that to cushion the impact of the troubled economy, the Federal Government of Nigeria has leveraged on Nigeria’s international partnerships.

“In this regard, Nigeria and Indonesia have intensified commitments to improving bilateral trade to reach US$4 billion. Both counties have considered developing an ecosystem, including reduction of trade hurdles to improve the capacity of micro, small, and medium enterprises (MSMEs).

Nigeria also supports the realization of the Indonesia/ECOWAS Preferential Trade Agreement (PTA) which is expected to provide major opportunities and benefits for all stakeholders, especially in trade and investment.

Additionally, Nigeria is in talks to broaden her bilateral trade relationship with South Korea to extend beyond gas exports,” he said.

He stated that Nigeria is working assiduously to alleviate the human rights situation posed by nagging security incidents and the flooding disaster.

“Over 3.2 million people in the country have been affected by the floods that have resulted in at least 600 fatalities as of 3rd November 2022.

“The widespread flooding has destroyed over 300, 000 homes and rendered about 1.4 million people homeless, thus increasing the already high number of internally displaced persons within the country,” he said.

Patoma Admin by — December 1, 2022 in Foreign 0
COP 27: AfDB, EBRD partner African businesses become more resilient

CAPTION:

L-African Development Bank President Akinwumi Adesina and his counterpart at the EBRD, Odile Reinaud-Basso affirm commitment to climate adaptation to help African businesses become more resilient

 

 

By Favour Nnabugwu

 

 

 

African Development Bank President Dr. Akinwumi Adesina and European Bank for Reconstruction and Development (EBRD) President Odile Reinaud-Basso have agreed that their organizations would step up cooperation to enhance resilience among African businesses.

The two development bank heads held talks earlier this month at this year’s global climate summit (COP27) in Sharm El Sheikh, Egypt.

Adesina highlighted that “climate adaptation in Africa was a key condition to preserving economic growth and maintaining social cohesion on the continent.”

Reinaud-Basso confirmed EBRD’s commitment to support the implementation of the Africa Adaptation Acceleration Program (AAAP), an initiative jointly launched in 2021 by the African Development Bank and the Global Center on Adaptation.

The program is mobilizing $25 billion by 2025. These funds will help accelerate climate adaptation action in Africa through initiatives in four priority areas: food security; resilient infrastructure; youth entrepreneurship and job creation; and innovative climate adaptation finance.
Global heating entails rethinking of how infrastructure, cities, and financial systems are designed and operated. This requires effective partnerships between public and private actors and strong engagement with civil society.

By partnering and working closely with government institutions, public utilities, local enterprises and communities, multilateral development banks like the African Development Bank and EBRD can play a catalytic role in developing the approaches to finance that underpin this transformation since financing models use both public and private channels.

Multilateral development banks can also support the development of innovative financing products using blended finance approaches and developing market-based instruments that reward enterprises investing in climate resilience projects.

Both institutions will collaborate to further develop the African Development Bank’s Adaptation Benefits Mechanism. They will explore innovative non-market approaches under Article 6.8 of the Paris Agreement.

The African Development Bank and EBRD will expand their cooperation in all these areas of work in the context of the Africa Accelerated Adaptation Program. They will prioritize support to countries and clients to understand physical climate risks and scale up adaptation investments.

Reinaud-Basso said: “Africa has the potential to become a global leader in climate adaptation solutions and services and we want to expand our cooperation to support Africa fulfill its potential.

Adesina said he and his EBRD counterpart were both fully aligned on the need for multilateral development banks to adjust their business models to respond to the multiple crises they face, including climate change, and the task of building resilient economies.

While preserving their triple-A rating, which must remain the cornerstone of multilateral development banks’ business model, MDBs must find avenues to secure more risk capital to leverage more private sector investments,” Adesina said. He added: “One of these in the short term is the reallocation of a portion of their International Monetary Fund Special Drawing Rights from wealthy countries to MDBs.

These can apply a multiplier factor of 3 to 4 on it. Both the African Development Bank and the EBRD are ready to implement this option, which will offer significant value for money to the countries that will provide SDRs.”

Patoma Admin by — December 1, 2022 in Banking & Finance 0