All Posts in "Day: January 26, 2023"

CIIN assembles insurance elders at a forum

The Chartered Insurance Institute of Nigeria ( CIIN) under the able president of the institute, Mr Edwin Igbiti assembled yhe elders in the industry for a get together.at a forum in Lagos

CAPTION

L- Council Member, Chartered Insurance Institute of Nigeria, Mrs Yinka Adekoya; Director General, Nigerian Insurers Association, Mrs. Yetunde Ilori; President, Chartered Insurance Institute of Nigeria, Edwin Igbiti; former President, Sir (Dr.) Muftau Oyegunle; former President, Ogala Osoka and former President, Adeyemo Adejumo at the event

Patoma Admin by — January 26, 2023 in Insurance 0
FG renames MIST of NIMET after President Buhari

By Favour Nnabugwu

 

 

The Federal Government has renamed the Meteorological Institute Of Science and Technology (MIST), Katsina after the President of Nigeria, Muhammadu Buhari.

The Institute was established to serve as a centre for training and research under the Nigeria Metrological Agency, NIMeT

The Institution which will now be addressed as ‘Muhammadu Buhari Meteorological Institute of Science and Technology’ was commissioned on Thursday by President Buhari who is on a two-day visit to the state.

Briefing the press shortly after the institute was commissioned, the Director General, Nigeria Meteorological Agency (NIMET), Prof. Mansur Bako Matazu said the institute which offers National Diploma courses in Meteorology, Climate Change Science and other electrical and technical related areas with NBTE accreditation is the first of its kind in Nigeria and West-Africa.

He also noted that the institute is currently pursuing accreditation for Higher National Diploma in Climate Change Science, Meteorology, and Electro-Meteorological Technology so as to provide advance training for graduates of the institute.

According to Prof. Matazu who is also Nigeria’s Permanent Representative with World Meteorological Organisation (WMO), the institution also offer support services and training to Meteorological personnels from other African countries like Republic of Niger and Gambia. Both countries he said are presently under-studying NIMET and preparing to send more than 50 of their staff to be trained in the institute.

On the capacity of the institution to deliver on all its set objectives, Prof. Matazu said:

“NIMET has been running training activities since 1957 with facilitators from within the agency as well as Professors, lecturers and researchers from other higher institutions.

“This has helped the institute achieve its goals and it reflected in the excellent remarks given by the employers of our students who went on industrial attachment recently.”

Furthermore, Prof Matazu noted that all over the country, through the institute, weather in more than 41 parameters and over a 100 stations are being monitored.

Patoma Admin by — January 26, 2023 in Aviation 0
AfDB to invest &10bn to boost agriculture in Africa

CAPTION:
R – President of Africa Development Bank Group, Mr. Akinwunmi Adeisina and two participants at the Dakar Sumit
By Favour Nnabugwu
African Development Bank Group AfDB plans to invest $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world,
Bank Group President, Dr Akinwumi Adesina, made announced at the Dakar 2 Africa Food Summit in Diamniadio, east of the Senegalese capital of Dakar.
Adesina called on more than 34 heads of state, 70 government ministers, the private sector, farmers, development partners, and corporate executives to work out compacts that would deliver food and agriculture transformation at scale across Africa.
He encouraged them to take collective action to unlock the continent’s agricultural potential to become a global breadbasket.
The Dakar 2 summit—under the theme Feed Africa: food sovereignty and resilience—takes place amid supply chain disruptions caused by the Covid-19 pandemic, climate change, Russia’s invasion of Ukraine. More than a thousand delegates and dignitaries attended, including the President of Ireland Michael D. Higgins.
The Government of Senegal and the African Development Bank Group are co-hosting the summit, eight years after the inaugural Dakar 1 summit where the newly elected Adesina announced the Bank’s Feed Africa strategy.
Opening the summit, President Sall who is also the African Union chairperson, said the time had come for the continent to feed itself by adding value and stepping up the use of technology.
“We must raise the bar. We must raise our ambition. We must arise and say to ourselves: it is time to feed Africa. The timing is right, and the moment is now. Feed Africa; we must,” said Adesina.
The bank head urged the leaders to turn political will into decisive actions to deliver food security for Africa,
“We must strongly support farmers, especially smallholder farmers, majority of whom are women, and get more young people into agriculture. And we must take agriculture as a business, not a development activity, and boost support to the private sector.”
development of the agriculture sectors. They will help us generate wealth, develop integrated infrastructure around special agro-processing zones, and add value.”
During the three-day summit, private sector players are expected to commit to national food and agriculture delivery compacts, to drive policies, create structural reforms, and attract private sector investment.
Central bank governors and finance ministers are expected to develop financing arrangements to implement the food and agriculture delivery compacts, in conjunction with agriculture ministers, private sector players, commercial banks, financial institutions, and multilateral partners and organisations
Patoma Admin by — January 26, 2023 in Banking & Finance 0
Regular diagnosis, targeted policy actions for African economies critical.- AfDB Chief Economist

The African Development Bank Group’s Acting Chief Economist and Vice President for Economic Governance and Knowledge Management, Professor Kevin Chika Urama, shares his thoughts on the inaugural Africa’s Macroeconomic Performance and Outlook report, released last Thursday.

Excerpts

The new biannual publication aims to provide African policymakers, global investors, researchers, and other development partners with an incisive, timely, evidence-based evaluation of the continent’s recent macroeconomic performance and short-to-medium-term outlook amid dynamic global economic developments.

Why is Africa’s Macro-Economic Performance and Outlook report important?

Like other world regions, Africa continues to face overlapping shocks such as the COVID-19 pandemic, climate change-related impacts, rising geopolitical tensions, supply chain disruptions and the tightening global financial conditions impacting key macroeconomic indicators.

The macroeconomic indicators include economic growth, financial sector development, interest and exchange rates, fiscal positions, current account positions, financial flows and debt dynamics that are making policymaking and investment decisions very challenging.

The Africa’s Macroeconomic Performance and Outlook report covers all African countries and aims to provide regular analysis on the recent evolution and short to medium-term outlook of these key macroeconomic indicators at the continental, regional and country levels. It also proposes policies to aid policymaking and investment decisions on the continent.
The report will be released twice a year – in the first and third quarters – to provide policymakers, investors and all stakeholders with real-time and evidence-based information on the factors shaping Africa’s development.

Prof. Kevin Chika Urama

 

Why did the bank find it necessary to produce the report? What were the key objectives?

Africa’s Macroeconomic Performance and Outlook Report responds to a critical need for timely information to help decision-making in a context of heightened global and regional uncertainties.

Global macroeconomic conditions have recently become uncertain, with persistent multiple shocks that make policymaking and investment decisions challenging. With these global shocks and their interaction with prevailing pockets of domestic and regional risks, the need for regular diagnosis and targeted policy actions to address their impacts on African economies is critical.

With the publication of Africa’s Macroeconomic Performance and Outlook Report, The Bank –Africa’s premier knowledge broker — is reaffirming to African policymakers that it has a mandate to shape the African narrative on key issues of relevance to the continent’s development.

The report, therefore, serves as a compass for African countries on their economic situation, providing interested parties and stakeholders with an up-to-date evidence-based assessment of the continent’s recent macroeconomic performance and short-to-medium term outlook amid dynamic global economic developments.
2023 and 2024, higher than the projected global averages of 2.7 percent and 3.2 percent, respectively.

The stable outlook projected for 2023-2024 reflects continuing policy support in Africa, global efforts to mitigate the impact of external shocks and rising uncertainty in the global economy, the expected growth in demand for Africa’s commodities and green minerals as countries seek alternative sources of food and energy to counter the effects of Russia’s invasion of Ukraine, and green minerals to support global green transitions. globally.

Climate change could increase losses and damages due to extreme weather events and exacerbate fiscal risks for countries. The high dependence on exports of primary commodities with limited value addition exposes countries to commodity price volatility and could delay the structural transformation presented by the green transition.

With the low rates of COVID-19 vaccination across Africa, currently 26%, there is a moderate risk of new variants emerging, which could be amplified by a full reopening of the global economy.

We also have regional conflicts in key hotspots such as Burkina Faso, the Democratic Republic of Congo, Ethiopia, Mali, and Mozambique that could exert further pressures on the fiscal position of countries through increased security expenditure and reverse investment flows.

In addition, political risks could rise in 30 African countries. Algeria, the Democratic Republic of Congo, Egypt, Ethiopia, Libya, Madagascar, Nigeria, South Africa, and Zimbabwe are scheduled to hold national elections in 2023 or 2024
Managing foreign exchange reserves to reduce exchange-rate volatility and enhance export competitiveness could be part of effective risk-reducing agents.

Countries also need to implement local-content development and franchising policies to develop value chains and get more value from natural resources, especially in countries with minerals for green development.

African countries should boost regional trade to enhance resilience to spillovers from the global economic slowdown and reduce persistent trade deficits. Carrying out structural reform to boost regional trade can lead to a more vibrant regional market in the medium to long term.

Prof Kevin Chika Urama

 

What would you say are the key takeaways from the report?

The report offers fundamental insights that African policymakers, global investors, researchers, and other development partners will find handy and utilize as an essential reference tool. It gives hope for continued economic resilience amid the heightened risk of global recession. Importantly, the economic growth was positive across all five African regions and that 53 of 54 African countries in 2022 with a stable outlook in the medium term against multiple shocks.

What would you say are the key takeaways from the report?

The report offers fundamental insights that African policymakers, global investors, researchers, and other development partners will find handy and utilize as an essential reference tool. It gives hope for continued economic resilience amid the heightened risk of global recession. Importantly, the economic growth was positive across all five African regions and that 53 of 54 African countries in 2022 with a stable outlook in the medium term against multiple shocks.

But the recovery and the economic resilience of African countries in the short-to-medium term come with cautious optimism given the considerable global uncertainty. Therefore, bold policy actions outlined above should be implemented to address the effects of rising inflation and sustain growth to a higher trajectory needed to reduce poverty. To meet the significant financing gaps in Africa, it is imperative to enact policies that can mobilize and leverage private financing for development in Africa

Patoma Admin by — January 26, 2023 in Banking & Finance 0
We can transform our cities- AfDB President tells Mayors from 15 African countries

CAPTION:
From left: Luísa Diogo, former Prime Minister of Mozambique, Dr. Akinwumi A. Adesina, President of the African Development Bank Group, Jamie Cooper, Founder and President of Big Win Philanthropy and Co-Chair of AMALI, Dr. Nkosazana Dlamini-Zuma, Minister of Cooperative Governance and Traditional Affairs of South Africa, Alan Winde, Premier of the Western Cape.
By Favour Nnabugwu
Mayors from 15 African cities gathered for the inaugural forum of the African Mayoral Leadership Initiative (AMALI) where African Development Bank Group President, Dr Akinwumi A. Adesina told them that they must work together to transform the cities in the continent
AMALI is a partnership between the African Centre for Cities (ACC) at the University of Cape Town and Big Win Philanthropy.
According to Dr Adesina: “There is need to provide greater autonomy and fiscal responsibility to cities and towns and for national governments to allow them to raise financing to meet the huge needs of development. Instead of simply depending more on transfers from national governments, cities and towns should build their institutional capacity to raise their own financing.”
The Bank’s support includes the establishment of an Urban and Municipal Development Fund to provide technical assistance and capacity building for integrated urban planning, governance, project preparation, and broader urban management, including municipal fiscal management. The Fund provides support in more than 15 cities—to help improve the lives of millions of urban residents.
In a clear call to action to Africa’s city leaders, Dr Adesina said,“The Africa we want must be one where our cities are well planned to become drivers of greater economic growth and prosperity for Africa. This cannot happen by chance. The future is not created by a roll of the dice. So let us act to transform Africa’s cities,” Dr Adesina said.
By 2050, the number of people living in African cities is expected to double from about 600 million to 1.2 billion, representing the most rapid rate of urbanisation in the world. This poses significant development challenges, which will require innovative, African-led solutions.
Speaking at the event, Dr Nkosazana Dlamini-Zuma, Minister of Cooperative Governance and Traditional Affairs of South Africa, exhorted African city leaders to always put people first. To reduce urban migration, she urged African countries to invest in rural areas and small towns.
The Minister also encouraged African countries to prioritise the skills revolution, citing the African continent’s skills gap as a barrier to development.
Speaking at the event, Alan Winde, Premier of the Western Cape, highlighted strategic ways in which regional and national governments can support mayors to transform their cities—creating impact that extends well beyond the city limits.
“I believe in decentralisation. I believe, where possible, it gives local authorities the power to dream big, to have visions, and to move forward into the future,” he said. According to Premier Winde, decentralisation “lets us, at national levels and provincial levels, empower and enable local authorities and cities, because it’s cities that are going to be growing out of proportion over the next 50 and 100 years.”
In a clear call to action to Africa’s city leaders, Dr Adesina said,“The Africa we want must be one where our cities are well planned to become drivers of greater economic growth and prosperity for Africa. This cannot happen by chance. The future is not created by a roll of the dice. So let us act to transform Africa’s cities,” Dr Adesina said.
Speaking at the event, Dr Nkosazana Dlamini-Zuma, Minister of Cooperative Governance and Traditional Affairs of South Africa, exhorted African city leaders to always put people first. To reduce urban migration, she urged African countries to invest in rural areas and small towns. The Minister also encouraged African countries to prioritise the skills revolution, citing the African continent’s skills gap as a barrier to development.
Speaking at the event, Alan Winde, Premier of the Western Cape, highlighted strategic ways in which regional and national governments can support mayors to transform their cities—creating impact that extends well beyond the city limits.
“I believe in decentralisation. I believe, where possible, it gives local authorities the power to dream big, to have visions, and to move forward into the future,” he said. According to Premier Winde, decentralisation “lets us, at national levels and provincial levels, empower and enable local authorities and cities, because it’s cities that are going to be growing out of proportion over the next 50 and 100 years.”
The event also included remarks from Prof. Edgar Pieterse, Founding Director of the African Centre for Cities and Co-Chair of AMALI, Prof. Mamokgethi Phakeng, Vice-Chancellor of the University of Cape Town, and Jamie Cooper, Founder and President of Big Win Philanthropy and Co-Chair of AMALI.
Patoma Admin by — January 26, 2023 in Banking & Finance 0
CBN launches Nigerian Domestic Card, AfriGo

…Bans dollar charges on domestic              transactions

 

By Favour Nnabugwu

 

The Central Bank of Nigeria (CBN) hasp/,/,,ll, launched the Nigerian National Domestic Card Scheme, AfriGo.

The AfrGo is aimed at creating a more robust payments system that would drive financial inclusion in the country.

Launching the card virtually, this morning, the Governor of the central Bank of Nigeria, Mr. Godwin Emefiele, said that transaction charges on all cards, would henceforth be paid in Naira, except for international transactions.

According to him, “AfriGo would be cheaper and would be a matter of national pride, with potential to boost financial inclusion.

“The National Domestic Card avails us the sovereignty of our data. Secondly, it comes at lower costs and thirdly, the issue of foreign exchange.

“At this time when foreign exchange challenges persist globally, it is important for me to say that we have come up with this card to ensure that all card online transactions will now effective immediately, begin to go on the Nigerian National Domestic System.

The VN Governor said, “At some point in the next few weeks, I am sure that the CBN will come up with the cut-off. All domestic card transactions that will be conducted in Nigeria will have to be through the Nigerian Domestic Cards.

“Your existing cards are fine. You can continue using them but given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards.

“We will only pay dollars for charges on transactions that are done outside Nigeria. NIBSS, the CBN and Nigerian banks will work together to see how to segregate those transactions. To ensure that we pay fees or charges for international transactions that are conducted on both domestic cards, Visa or Master Cards, as they are known today.”

“We will bar domestic charges from the Nigerian foreign exchange market at some point in the very near future.”

The governor said that the introduction of AfriGo was not an attempt to discourage international investors’ operations in the Nigerian payments space but that it had become necessary owing to its obvious advantages.

He said, “This effort is not an attempt to prevent international service providers from continuing to provide services in Nigeria. Rather, it aimed at providing more options for domestic consumers, while also promoting the delivery of services in a more cost-effective and competitive manner.

“The CBN is committed to a robust and safe payment system and welcomes innovations from domestic and foreign investors.

“The Nigerian market is vast and the current participants have done so in the last 12 years to transform the ecosystem. Yet there is much ground to cover as millions of Nigerians are still without cards to consummate transactions.

“I am convinced that the National Domestic Card scheme will make this a reality in the coming months. We can no longer neglect the vast majority of Nigerians, he added.

Patoma Admin by — January 26, 2023 in Banking & Finance 0