Ict/Telecom
StartUps Attracted $4bn Into Nigeria’s Economy – NITDA
Director General of the National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa, has said Nigerian StartUps attracted over $4 billion into the economy in terms of investments.
Inuwa disclosed this recently in Abuja, while speaking at the Innovation Support Network (ISN) 2023 annual summit with the theme: “Unlocking Potential: Collaborating for Growth and Impact’’.
He said NITDA currently has over 500 Startups that had either gone through its programmes, or those that ran in partnership with other stakeholders within the ecosystem.
Based on statistics, he said, Nigeria had over 3000 startups, which was a far cry looking at the 200million population of the country.
He said the theme of the gathering was not only appropriate, but also underscored the reality that collaboration was an innovation leading competitive edge across all spheres of socio-economic activities.
Inuwa commended the efforts of ISN in sustaining the annual event, adding that its contribution to the growth of tech innovation ecosystem remains invaluable.
He also congratulated ISN on the successful launch of ‘Omniverse’, the premier ecosystem platform for tech, innovation, and connected industries on the continent.
The Director General said the initiative would go a long way to build collaborations, connections, community, and content that drive the entire ecosystem to scale investments and share knowledge for a positive, lasting impact.
He said there were quite a lot of challenges in terms of regulation and policies.
“The StartUp Act aims to address the challenges in the ecosystem, providing funding, capacity building and infrastructure to the StartUps.The tech industry thrives on collaboration”, he said.
He, therefore, stated that collaboration was no longer an option, but a necessity for progress and growth.
Inuwa urged that all levels of government, corporations, investors, Venture Capitalists, the academia, hubs, and entrepreneurs must deepen their collaboration.
In her address, the Legal Partner to ISN, Beverly Agbakoba, said by organising the summit it wanted to boost home grown and organic tech businesses, starting from home and stepping out to the larger world.
Agbakoba, who described ISN as the “Hub of hubs” in Nigeria, said over 200 hubs across Nigeria were gathered at the summit, with capacity building support, skill acquisition to engage other youths in job and wealth creation.
‘‘These hubs have done a lot of advocacy training for over 7000 girls in the north. We are also here to give guidance to the hubs. For us, future leaders are all in this room and are ready to contribute their quota to the economy.
“The cardinal focus of gathering was to encourage and strengthen collaboration towards assisting innovators in discovering innovative and efficient solutions to the various problems confronting the economic, social, and governance realms”, she said.
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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