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Leverage Technology To Enhance Productivity, NBCC, Bank CEOs Advise Businesses
The Nigerian-British Chamber of Commerce (NBCC) and top bank chief executives have charged businesses to leverage technology to improve productivity and positively impact the nation’s economy.
They spoke at the Nigerian-British Chamber of Commerce (NBCC) maiden conference and exhibition with the theme: “Fast Tracking Productivity- Leveraging Technology” on Tuesday in Lagos.
Mrs Bisi Adeyemi, President, NBCC, stressed the imperative of technology in driving productivity, especially in view of the current realities propelled by COVID-19 pandemic.
She said that the conference, whiah would be biannual, afforded businesses the opportunity to showcase their brands and foster new partnerships.
“These businesses would also develop foreign market opportunities, which aligns with our cardinal objectives,” she said.
Dr Adesola Adeduntan, Chief Executive Officer, First Bank Group, said that technology had entered an era of digitalisation.
Adeduntan, represented by Mr Ini Ebong, Executive Director, Treasury and International Banking, First Bank, said new technologies were powering and providing attractive basis for business growth, innovation and differentiation.
He noted that increasingly, both large and small businesses were leveraging modern technology to become agile and grow more efficiently.
The CEO said that technology was powering business development in various ways, leading to enhanced business growth and profitability.
Adeduntan projected that the rise of frontier technologies promised to further impact and transform the dynamics of business.
“Organisations are leveraging technology to future proof their business through investments in talents, embracing e-commerce option and using analytics to draw insights.
“Businesses that will remain sustainable must have digital and online presence by creating e-commerce stores which may complement brick-and-mortar points of sale.
“Businesses will also need to leverage digital ecosystem partnerships to remain competitive,” he said.
Mr Lamin Manjang, Chief Executive Officer, Standard Chartered Bank Nigeria, said that the opportunities that had come with the adoption of digitalisation in the financial sector were enormous.
Manjang was represented by Head, Digital Banking and Financial Inclusion, Mr Adeyinka Shorungbe.
He said that following the adoption of digitalisation, total retail account base grew by 200 per cent in two years and its revenue base for retail business increased by 300 per cent.
“Technology now allows us to acquire customers in all states, with an average of 9,000 new accounts opened monthly.
“Also, the bank’s digital penetration is at 87 per cent, with increased efficiency, speed and quality, yet reduced cost,” he said.
Mr Olukayode Pitan, Managing Director, Bank of Industry (BoI) said that the bank would continue to play its role in fast tracking productivity through its various funding and advisory facilities.
Pitan, represented by Mr Simon Aranonu, Executive Director, Large Enterprises, Bank of Industry, said that Nigeria, like many countries around the world, was not immune to the economic headwinds presented by the COVID-19 pandemic.
This, he said, made it essential for all non-oil sectors, particularly manufacturing, to boost productivity, create employment opportunities, and enable Nigeria to be more self sufficient (less import dependent).
He described the manufacturing sector as the gateway to industrialisation through substantial forward and backward linkages with other sectors, providing a wealth of opportunities for suppliers, distributors and retailers.
He stressed that with the introduction of the African Continental Free Trade Agreement (AfCFTA), Nigeria must build its manufacturing sector towards it becoming the manufacturing hub for West Africa and the rest of Africa.
Pitan revealed that the BoI had successfully raised about $3.8bn from the international market in the last four years with some of the meetings and roadshows held virtually, leveraging technology.
“BOI supports projects with potential developmental impact and the capability to generate considerable multiplier effects such as job creation, import substitution and poverty alleviation.
“All of which would have significant positive effects on the socio-economic condition of Nigerians, particularly in light of recent challenges presented by the COVID-19 pandemic.
“BoI also sponsors Corporate Social Responsibility activities that provide technology solutions to businesses such as innovation hub across all states in Nigeria,” he said.
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Technology, Others Responsible For Nigeria’s Bonga Oil Operations
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”.
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Banks Cut Borrowing From CBN By 44%
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.
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Expert Highlights Technology Impact On Fintech Industry Growth
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