Ict/Telecom
NITDA Forms BOT For Outsourcing Firms
The National Information Technology Development Agency (NITDA), has tasked the new board of Nigeria Association of Information Enabled Outsourcing Companies to work hard on developing the sector.
The acting Director- General of NITDA, Dr Ahiru Daura, gave the advice yesterday in Abuja, while inaugurating the board of the association.
He said that the inauguration of the board was a milestone toward developing Nigeria’s outsourcing sector.
He told the members that the journey actually started in 2011, when an outsourcing conference was held in the country.
Daura said that the resolution of the conference was to have a board to oversee and guide outsourcing activities in Nigeria as obtained in other countries.
“Your board is the highest body to give directions, policies and all that is needed is to drive the association forward.
“I will therefore urge that we work hard so as to move the association forward and make Nigeria a very important outsourcing hub not only in Africa but beyond also.’’
Daura said that a lot of jobs and other benefits could be derived from outsourcing, but added that “Nigeria is not getting that in spite of its capabilities.’’
He said that there was the need to push forward and work hard to get the industry booming and flourishing.
“India and Ghana and some other countries are really getting it and we have all the mechanisms to succeed.
“In fact, we have more capabilities than India for outsourcing to flourish in Nigeria, what we need to do is to be organised, and with the present board it is achievable.’’
Daura pleaded that the agency would give all the necessary support to members in carrying out their assignment toward ensuring developing outsourcing industry in Nigeria.
Dr Chris Uwaje, one of the trustees, said that outsourcing was the only sector that could employ over a million people.
Uwaje, who is the President of the Institute of Software Practitioners of Nigeria (ISPON), described outsourcing as the backbone of economic development.
He said that outsourcing was the only dynamic sector that could create between 5,000 and 10, 000 jobs in the country.
He added that Nigeria could export outsourcing knowledge more than Ghana to the whole world.
“We were told that from the remittance fees of Nigerians in the Diaspora, they have been able to bring about 21 billion dollars annually into the Nigerian economy; that is a brain drain that we want to address.
“ Now we want to ensure that we can multiply that by outsourcing so that they can remit about 100 billion dollars back to Nigeria annually.
“Outsourcing is the core backbone of an industrial economy,’’ he said.
Uwaje pledged that the board would work with the management and staff members of the agency for the development of the industry.
Members of the board include Mr David Onu, CEO Interra Networks Ltd., Mr Ikenna Odike, Managing Director, Customer Contact Solution Nigera Ltd, Mrs Florence Seriki, Group Managing Director, OMATEK Venture Plc, and Jacqueline Yemi.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
