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STI Can Fight Poverty, Economic Development Challenges – Expert
The Expert Supervisor at the Centre for Excellence in Science and Technology Innovation (STI) and African Union Development Agency ( AUDA- NEPAD), Prof. Olalekan Akinbo, has said STI is the key to poverty and economic development challenges.
Speaking recently on the role of STI to national development in an interview with The Tide source in Abuja, Akinbo said, “STI has been central in the progress and development of virtually all the nations of the world, contributing immensely to all sectors of the economy.
“STI are intimately connected with development because they have a historical record of bringing advances that have led to healthie longer, wealthier and more productive lives.
“They are key ingredients of solutions to the most serious poverty alleviation and economic development challenges that we currently face and are likely to face in the future”, he said.
According to him, STI has been central in the progress made till date in the fight against poverty and in stimulating economic growth.
He said advances in STI were in many ways the ultimate global for good public use, adding, “because once discovered, their benefits could be extended to additional users at little or no marginal costs”.
Akinbo said in most basic and critical areas of human needs, STI has made significant progress till date, and that they hold the best prospects for continued progress, particularly in respect to agriculture, health, energy, among others.
Underscoring STI’s role in agriculture, the NEPAD Expert said advances in STI has facilitated higher yields, greater efficiency and nutritional content in the world’s food supply.
He added: “Food production, however, must double in the coming decades to meet rising demand and challenges entailed in inter alia improving resistance to drought, pests, salinity and temperature extremes”.
Akinbo also mentioned raising the nutritional content and reducing post-harvest losses all in an environmentally and socially sustainable manner.
“At the same time, the regulatory challenges of assuring safety in food production and consumption will increase exponentially”, he said.
Accordingly, he noted that although the necessary technology for increasing agricultural output was available in many developing countries including Nigeria, certain requisites were to be met.
Akinbo said these requisites were the will to advance economically, opportunity and organisation to use technology, elimination of political, social and economic obstacles to development, among others.
Explaining further, he said in the area of food security, advances in STI provided the foundation for the green revolution, and also allowed food prices to remain at historical lows for the past decades.
He stated that improved knowledge of plant biology and breeding techniques led to better seeds and cultivation practices that drastically increased yields.
In economic growth and rural development, Akinbo said STI stratigically important.
He said for many years, policy makers had suspected a close link between economic growth and productive investment in STI, and that now mounting evidence supported this.
Firstly, he explained, since the industrial revolution, developed countries have had the most STI capacity and have been the ones to grow fastest.
“From 1870 to the present, scientifically and technologically advanced countries have become increasingly wealthy, and their rates of growth have not diminished over the years.
“Second, returns to rural development have been shown to be consistently positive and high in countries where science and technology were properly established”, he said.
He added that in such cases, there was always a correlation between innovation and growth.
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
