Ict/Telecom
FG Seeks Indigenous Digital Solutions To Country’s Challenges
The Federal Government says Nigerians can contribute their quota to Nigeria’s digital economy by being digitally creative and initiating indigenous solutions to the country’s challenges.
Minister of Communications and Digital Economy, Prof. Isah Pantami, made this call yesterday at the launching of Rated Artisan Services Limited, a Nigerian-owned software solutions provider.
He said such initiatives are in line with Federal Government’s target of achieving 95 per cent digital literacy by 2030.
Pantami, represented by Mr Babangida Gilo, Head, Corporate Liaison and Advocacy Unit, National Centre for Artificial Intelligence and Robotics, encouraged Nigerians to sharpen their skills with relevant knowledge.
He applauded the start-up digital company’s efforts, describing the innovative solutions as timely.
“Numerous activities being carried out in this company are no doubt gaining traction.
“This contributes in shaping our thinking towards not only maximising our socio-economic opportunities as a people, but also creating a platform for advancing tech-driven entrepreneurship towards national development.
“Considering the increasing need for stakeholders within the ecosystem to discuss ways to better harness the vast opportunities offered by ICT, our current realities point to the fact that the future of the world economy is digital.
“ IT is a wide-ranging tool that is already transforming every walk of life,’’ Pantami said.
The Minister then urged more Nigerians to develop ideas that would fast track the achievement of a digital Nigeria.
Speaking also, the Director-General, National Information Technology Development Agency (NITDA), Kashifu Inuwa, reaffirmed FG’s commitment to creating an enabling environment for start-ups to flourish and support in building a sustainable digital economy.
The Director-General, represented by the Acting Coordinator, Office for Nigerian Digital Innovation, Yakubu Musa, said digital innovation drives the economy.
According to him, providing the right kind of product and services is the driver of the ecosystem which will in turn boost the economy and create jobs.
“It is often said that it is where there are challenges that you have opportunities, and it is where there are opportunities that wealth is created.
“Today we are here to celebrate Rated Artisan for identifying a challenge and exploring the opportunities presented by the challenge to create wealth for Nigerians.
“Today we are here to celebrate Rated Artisan for identifying a challenge and exploring the opportunities presented by the challenge to create wealth for Nigerians,’’ he said.
The Managing Director of Rated Artisan Services, Mr Inya-Agha Gabriel, on his part said the digital platform would provide errand services and real time business to clients.
He added that the platform would connect trusted artisans to clients across Nigeria.
“It is often said that it is where there are challenges that you have opportunities, and it is where there are opportunities that wealth is created.
“The AI-driven mobile applications providing innovative solutions include Rated Artisan, Rated Academy, Banga and Ecoforce, and they are structured for businesses to meet the growing demands in today’s digitally-advanced business environment,’’ Gabriel said.
The Tide’s source reports that Rated Artisan Services Limited is an Artificial Intelligence-driven mobile application.
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