Ict/Telecom
Low Income, Bane Of Women Participation In Technology
The Minister of Women Affairs, Mrs Pauline Tallen, has stated that women’s exclusion from the digital world has reduced one trillion dollars from the Gross Domestic Product (GDP) of low and middle-income countries.
Tallen, who said this recently at a news conference in Abuja, in commemoration of the 2023 International Women’s Day (IWD), said this occurred over the last decade.
The theme of this year’s edition, “DigitALL: Innovation and technology for gender equality”, she said, which was aimed at bringing women and other marginalised groups into technology, has greater potential for innovations that meet women’s needs and promote gender equality.
“The lack of women inclusion, by contrast, comes with massive costs and according to the UN Women 2022 Snap Short Report, women’s exclusion from the digital world.
“This has reduced one trillion dollars from the GDP of low- and middle-income countries in the last decade.This loss will grow to $1.5 trillion by 2025 without action”, she said.
The Minister also stressed the need for gender-responsive approach to innovation, technology and digital education that could increase the awareness of women and girls regarding their rights and civic engagement.
She further called for the adoption of Science, Technology, Engineering, and Mathematics (STEM) courses by girls to address discrimination, gender bias and improve participation in all spheres.
“I therefore ask that teachers and educational institutions be supported to consciously remove gender biases and stereotypes in our educational environments, textbooks and didactic materials.
“It starts with making women’s contributions to STEM visible, including through connecting young women and girls with STEM professionals and mentors”, she said.
Also, Mr Marthias Schumale, UN resident Coordinator, said they would enhance involvement of women and girls in technology to increase gender inclusion.
“We will continue to invest into technology. And as we do that, we will prioritise women and girls because collectively we can make the world of technology and innovation inclusive by working together,” he said.
Ms Uller Mueller, UNFPA Country Representative, harped on the role technology plays to expand networks, opportunities, and minds.
Mueller, represented by Ms Erika Goldson, UNFPA Deputy Representative, however, noted that technology was increasingly misused and weaponised, with women and girls disproportionately targeted.
“This can take the form of image-based abuse, sextortion, harassment, hate speech, cyberbullying and doxing.
“Data tell us that 97 per cent of girls between 11 to16 years in Nigeria have experienced unwanted sexual approaches in chat rooms, social networking sites or emails.
“Over 7.89 per cent of this group have been sent sexual images or content, 57 per cent of women have had their videos or images online abused or misused”, she said.
She added that UNFPA was developing safety and ethics guidelines for practitioners designing technology for gender-based violence prevention and response.
Mueller said that technology companies are engaged to involve women in design processes from the outset.
“Technology is essential to advancing gender equality. When women and girls can access and use technology safely, they can amplify their voices and exercise their agency and autonomy.
“This is giving them a platform that can transform their future – and ours,” she said.
Also, Prof. Ibrahim Pantami, Minister of Communications and Digital Economy, said they would train 200 women on ICT and digital economy in March to reduce the gender gap in technology innovation.
Pantami was represented by Mrs Iklima Musa, Special Assistant to the minister on Strategy and Innovation.
Ms Kemisola Bolarinwa, President, Women in ICT Foundation, launched the prototype of a “Smart Bra Device” to detect abnormalities like cancer cells.
Bolarinwa also added that they invented a wrist watch and necklace to track movement, in a bid to curb insecurity, particularly kidnapping.
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