All Posts in "Day: December 9, 2022"

CBN Governor tasks banks to boost non-oil exports 

By Favour Nnabugwu

 

 

 

Governor, Central Bank of Nigeria, Mr. Godwin Emefiele has called on banks to come up with actionable plans to boost foreign exchange inflow from non-oil exports.

Emefiele at the 13th annual Bankers Committee retreat held in Lagos with the theme, “Increasing the Productive Base of the Nigerian Economy and Non-Oil Export Revenues,”

Emefiele  stated that the nation needs actionable  plans to boost non-oil revenue given the sharp decline in forex inflow from oil exports  triggered by various factors bedevilling the global economy.

The CBN Governor challenged  the gathering of bank executives on the need to come up with measures to  resolve  structural issues inhibiting Nigeria’s non-oil export receipts as well as   strengthen the immunity and engender the resilience of the  economy against exogenous shocks.

He said,  “We must, in an attempt to walk towards diversifying the nation’s economy, think about how we can be less reliant on crude revenues. We are in the business of servicing our customers and servicing customers also entails that they have import needs and they need foreign exchange to conduct their import activities.

“To do so means you need foreign exchange for solving them. There is a clear shortage of foreign exchange today but yet as bankers, we must meet the needs of our customers. The market is tight and I know we don’t have a choice, we will have to do something to ensure that this problem is solved.

“That is the reason we decided at this retreat to focus on RT200 because essentially, we have to think about how to source foreign exchange for our customer’s needs without necessarily needing to resort to revenues from crude which as we all know has come to zero or almost zero compared to about $3 billion monthly that we were getting in 2014

“This retreat is convened to focus on the development of the local manufacturing industry and non-oil sectors, more broadly, and particularly to enhance the sector’s capacity to generate foreign exchange inflows. The focus is even more germane considering the enormity of the global economic turbulence, as wave after wave of negative shocks continue to ravage many countries.

“The Bankers’ Committee must recognise the critical role of the financial system in accelerating the development of the productive base of the economy. We must play our productive parts to engender the necessary infrastructure and services that are critical to boos non-oil exports.

“The 2022 Bankers’ Committee Retreat provides us with the opportunity to review the progress and impact of implementation of RT200. It is equally an occasion to re-examine our support for other government programmes to promote non-oil export and to identify specific implementable actions by the financial system to enhance foreign exchange revenues.

“At this retreat, we must come up with actionable steps to ensure that the Bankers’ Committee continues to make meaningful contributions to the growth and development of our dear country.”

Patoma Admin by — December 9, 2022 in Banking & Finance 0
Naicom directs companies to unite long-term, short-term goals

 By Favour Nnabugwu
National insurance Commission, Naicom has direct insurance companies to unite long-term goal with short- term objectives without misplacing their focus of profitable operations.
Commissioner for Insurance, Mr Sunday Thomas at the Directors conference on the theme: Transforming the Insurance
Industry Through ESG Principles: Directors’ Roles held at the College of Insurance and Financial Management, Ogun State.
Thomas said while increasing their shareholders value, companies should reconcile global expansion with local objectives and workplace with the community.
 According to him, “It is instructive that you take deliberate steps at reconciling long-term with short-term goals, global expansion with local objectives, workplace and community issues; all of which must be united, while not losing sight of the basic goals of profitable operations and increasing shareholder value”
“Consequently , in order to facilitate
economic prosperity, ensure environmental sustainability and social
development, we must join forces with identified stakeholders to drive
long term sustainable growth in the insurance sector for lasting benefits
to all stakeholders”.
“As  an industry, we should draw on external knowledge and partnerships to keep pace with wider trends affecting not just the local but also the global insurance market. We must discover strategies to adapt and overcome further changes in the near future that may arise as a result of entrenching Economic, Social and Governance principles”
The CFI said the annual programme is meant to apprise the directors with the developments in the industry and also equip them with necessary knowledge that will enhance the value of their companies
“We must take cognizance of the fact that Industrialization and economic development have given rise to a wide
spectrum of environmental externalities and social impacts bringing to the fore issues such as board structure, shareholder rights, business ethics, risk management, incentives and executive compensation.
“Consequently, for businesses to continually develop, they must take
into consideration the community in which they operate, ensure consistent value to customers, maintain the highest standards of governance and ethics, and mitigate its overall impact on the
environment”
Sustainable finance which is the creation of economic value through the
provision of financial services, now integrates Environmental, Social.
and Governance (ESG) considerations for the lasting benefit of stakeholders and the society at large.
The CFI said the major objective of balancing the spheres work well for the companies, “The objective is to achieve a balance in the pursuit of economic prosperity with environmental
protection and social development.
In the financial services industry, there is an increasing realization that
sustainable practices have a positive potential to save costs, increase
revenues, reduce risks, develop human capital and improve access to
finance thus, ignoring sustainability issues increases legal and
reputational risk”.
Thomas stated that Corporate Sustainability refers to an overall approach to managing organizations that prioritize environmental and social value creation alongside the traditional goals of profitability and growth. And ESG (Environment, Social, and Governance) are the three broad categories within which corporate sustainability is measured.
“The insurance industry globally is continuously undergoing profound
changes; we must admit that the disruption we are faced with is not just
digital but also harsh market conditions, demanding customers, innovative new market entrants and regulations which are also some of the forces transforming the insurance industry.”
He urged insurance companies to take steps that will prepare them for the future, however, wherever there is a challenge, there is an opportunity. And all the sources of disruptions can be harnessed to become a source of
growth for insurers.
“While no one can predict exactly what insurance might look like in a decade, insurers can take several steps now to
prepare for these changes”
“Each  of the four Principles for Sustainable Insurance has actions in the
areas of company strategy, risk management and underwriting, product
and service development, claims management, sales and marketing,
investment management, clients and suppliers, insurers, reinsurers and
intermediaries, government regulators, policymakers and stakeholders “
“It  is imperative that as an industry, we take precautionary measures by
raising awareness within ourselves on the potential sustainability impacts of business transactions, and integrating these considerations into pre-emptive and holistic risk management processes”.
We want to further encourage insurance companies to reduce their
environmental footprint through their internal operations and business
activities.
Speaking earlier, the Chairman, Governing Board of Naicom, Dr Abubakar Sani said the limiting of tenure for Chief Executive Office in the insurance industry is to ensure younger crops coming into the sector.
Sani said the limit of tenure will engender crops of younger professional and also help the industry to have a succession plan.
Patoma Admin by — December 9, 2022 in Insurance 0
ECOWAS Commission, Spain sign MOU on €1,49m for agriculture, energy

By Favour Nnabugwu
 President of the ECOWAS Commission, H.E. Dr. Omar Alieu Touray, signed a Memorandum of Understanding (MoU) of (€1,496,000) with the Spanish Agency for International Development Cooperation of the Kingdom of Spain on support to ECOWAS Specialised Agencies
The specialise agencies are the ECOWAS Centre for Gender Development (ECDG), the ECOWAS Agency for Agriculture and Food (RAAF) and the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE)
The Spanish Cooperation will make a voluntary contribution in 2022 directly of 1.498,000 euros to the ECOWAS Specialised Agencies through the ECOWAS Commission as broken down below:
A line of 500,000 euros will go to the RAAF’s Project for the Promotion of Integrated School Feeding Models in West Africa.
A line of 250,000 Euros for ECREEE’s Water and Energy Project for the Increase of Food Security and Socio-Economic Development, corresponding to the first annuity.
A line of 498,000 euros from ACID’s Ecological Transition Program (FONTEC) will support the project Transition to a Clean Energy Circular Economy through the Optimization of High Energy Intensity Value Chains in High Impact Sectors, with ECREEE.
A line of 250,000 euros will go to the Project of institutional support and promotion of the new strategies of the ECGD within ECOWAS on the promotion of gender equality and the fight against gender-based violence.
The Spanish Cooperation has been supporting ECOWAS with programmes across different fields, including Peace and Security
Patoma Admin by — December 9, 2022 in Foreign 0
Faces @ PenOp Seminar for NAIPE members in Lagos

 

 

Pensions Funds Operators, PenOp, held a one day seminar for the members of the Nigeria Insurance and Pension Editors, NAIPE in Lagos today

CAPTION

L – Managing Director/CEO Leadway Pensure Limited, Lanre Idris; President Pension Operators Association of Nigeria/Managing Director Stanbic IBTC Pension Limited, Olumide Oyetan and Head, Surveillance Department, National Pension Commission, Dr. Ehimeme Ohioma at the event

Mr. Oguche Agudah, Chief Executive Officer, Pension Fund Operators Association of Nigeria, (PenOp) 

Members of the Nigerian Insurance and Pension Editors, NAIPE at the seminar today at Lilygate Hotel, Lekki Phase 1, Lagos

 

Patoma Admin by — December 9, 2022 in Pension 0