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Expert Seeks Innovation To Improve Livelihoods
The Supervisor at Centre of Excellence in STI, African Union Development Agency (AUDA –NEPAD), Prof Olalekan Akinbo, has called on Nigeria and other African countries to take advantage of innovation in order to improve livelihoods of citizens.
Akinbo made the call while responding to questions on genome editing technology from The Tide source in Abuja, recently.
“Since Africa is naturally agrarian, the opportunity this technology offers should be utilised. This is by adding value to the available rich natural resources through innovation, in order to improve the livelihood of the citizenries”, he said.
Akinbo stated that many African governments have strong policies for innovation as a milestone that would improve the economy and create enabling environment to support innovative ideas.
“I’m talking about innovation in technology, agriculture, petrochemical, among others, because innovation is the pathway that many African countries have now taken in trying to improve the lives of citizens.
“A case in point are countries that have established ministries and parastatals that focus specifically on innovation, and some of these ministries have added innovation to the name of the ministry.
“That shows government’s commitment to innovation and in most of the AU decision process, there have been decisions that support innovations for the improvement of livelihoods”, he said.
According to him, Government has been making efforts to ensure that they are part of the agenda, by creating enabling environments to enhance innovation.
“Nigeria is an example, Nigeria is a leader and we witnessed how the Ministry of Science and Technology was changed to Ministry of Science, Technology and Innovation, indicating that the government supports innovation.
“There are also many start-ups in Nigeria these days and Nigeria is actually a leader in so many things in Africa, especially in the area of innovation and creating enabling environment”, he said.
He also noted that, out of the 55 member states in Africa, South Africa has taken advantage of innovative way of breeding plants.
Akinbo listed other countries that have also moved in this direction to include: Ethiopia, Malawi and Eswatini, all of which have adopted biotechnology crops.
He said Kenya has not only adopted biotechnology crops, but went further to establish a research institutes that focuses on biotechnology.
The AU Official further informed that Nigeria has adopted two biotechnology crops, both for feed and food while others were in the pipeline.
“Looking at this, for a government to have approved these biotech crops is indicative of its willingness and even establishing an agency that sees to the safety”, he said.
He said Nigeria’s National Biosafety Management Agency (NBMA) was also responsible for the approval of biotechnology related products.
Akonbo said Africa, especially Nigeria, has given a supportive role to the improvement of biotechnology adoption which would also influence the pathway genome editing technology would go.
The expert said genome editing was an emerging technology with an innovation that would help in various areas of improvements.
They include: agriculture, climate change, and health, with all geared towards improving livelihoods.
“There is always a phobia surrounding the emergence of a new technology and that the area people seem to be skeptical of is safety.That something is new doesn’t mean it is not safe”, he said.
According to Akonbo, some food crops that people initially thought to be unsafe are now being used by them.
He said cassava, which has become a staple food in numerous homes in Nigeria, contains cyanide acid, adding, “but, due to its importance, scientists were able to manage this acid through processing for safety.
“Though nothing is safe as people are bound to be skeptical, genome editing, which is yet to produce a product in Africa, does not include any external introduction”.
Akinbo assured that the technology of genome editing make use of information stored in the DNA to improve on its usage.
“So, from the scientific point of view, genome editing is safer compared to other imagined technology that had been in existence”, he stated.
Akinbo, however, revealed that apart from Nigeria that had already developed the guidelines for the adoption of genome editing, Ethiopia has also done so, and others were either at the drafting or signing stages.
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