Ict/Telecom
GITEX Africa: NITDA Advocates Accelerated Digital Transformation
The National Information Technology Development Agency (NITDA) has called for regional collaboration in accelerating digital transformation across Africa.
Mr Kashifu Inuwa, the Director-General of NITDA, made the appeal in a statement issued by Mrs Hadiza Umar, the Head of Corporate Affairs and External Relations of NITDA.
Inuwa made the call at the just concluded maiden edition of the Gulf Information Technology Exhibition (GITEX) in Morocco, that held from May 31 to June 2.
GITEX Africa is a technology exhibition in the region that brought together industry leaders, policy makers, entrepreneurs and innovators to discuss and showcase advancements in technology.
It was themed “Accelerating Digital Transformation in Africa: Strategies, Challenges and Opportunities”, and Fast Tracking to an Integrated and Inclusive Digital Public Infrastructure”.
The event provided an ideal platform for organisations to promote dialogue, showcase innovative solutions and build partnerships to harness the potential of the digital age.
NITDA’s participation focuses on fostering collaborations, sharing best practices and addressing the challenges hindering Africa’s digital growth.
Represented by Dr Aristotle Onumo, the Director of Corporate Planning and Strategy, he said the digital transformation in the region would provide opportunities that could propel the continent into a digital era of innovation and inclusive development.
He highlighted the need for African countries to invest in digital infrastructure, skills development and policy reforms to reap the benefits of digital transformation driven by technology.
“There is the need to collaborate with governments, academia, industry, venture capitalists and the tech community in order to accelerate digital transformation in Africa.
“African countries require to work together to develop common standards and regulations for the digital economy, and to promote the adoption of digital technologies across all sectors of the economy,” he said.
He further commended progress made through African Free Trade Agreement and African Smart Alliance, and called for a sustained effort towards a common digital identity for Africa.
Inuwa also highlighted that Africa faced the dearth of the inadequate infrastructure, poor digital skills as well as digital inclusion, pointing out that there is need for more investments in human capital development.
“Inspite these challenges, Africa has the potential to become a major player in the global digital economy.
“African nations should work together to overcome the challenges and seize the opportunities that abound in digital transformation.
“Technology is a key driver of economic growth and job creation, so we need to invest in digital infrastructure, develop our own digital strategies in order to fully reap the benefits of the digital revolution.
“Public-private partnerships are essential for driving digital transformation in Africa,hence work for more inclusive and sustainable digital future for the continent,” he said.
He reiterated that NITDA was committed to supporting the digital transformation of Nigeria and Africa.
According to him, the agency is working with governments, private sector and the tech community to develop and implement policies, programmes and initiatives that accelerate digital transformation on the continent.
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