Ict/Telecom
Vote 1% To e-govt, ICT Dev, S’Korea Tells Nigeria
A lecturer with
Sangmyung University, South Korea, Prof. Hung Kook-Park, has urged the Federal Government to earmark one per cent of the annual budget to implementation of e-government and ICT.
He made the call in Seoul while presenting a paper entilled, “Master Plan for Nigeria e Government 2020,’’ at a stakeholder’s conference on capacity building of e-Government for Nigerian civil servants.
A total of 30 Nigerian civil servants are currently undergoing capacity building training in South Korea on e-Government.
Kook-Park said the Nigerian Federal Government had to create special fund for building and promotion of e-Government and ICT projects in order to ensure its success.
The lecturer said from 2000 to date, the South Korean government earmarked one per cent of its annual budget for the development of e-government and ICT.
He said Korea had sustained investments in e-Government and ICT-related issues for over a decade, which led to successful implementation of e-Government in that country.
The expert said that for Nigeria to achieve its vision 20: 2020, the master plan of Nigeria’s e-Government being developed by South Korean government should be adopted as national agenda for the country.
He said Nigeria should establish appropriate institutions for the implementation of each phase of e-Government and its master plan to ensure the achievement of Vision 20: 2020.
He advised the Federal Government to also establish a Presidential and Supervisory Committee on ICT/e-Government implementation to streamline support structures in the country.
Kook-Park said ICT agencies such as the National Information and Technology Development Agency (NITDA) and others should be engaged in more field works.
He added that while government handled e-Government policy making, it should partner with ICT companies to provide technology and skills, as well as promote citizens’ participation.
The ICT expert said government must put all necessary measures and policies in place to avoid rejection or protest by the management of public officers for the fear of workforce reduction.
He said Nigeria could only achieve its vision 20: 2020 through total implementation of e-Government by integrating all institutions to have e Finance, e-Customs, e-Procurement and e-Agriculture.
He explained that in 2014, Nigeria was ranked 19 out of top 20 E-Government Development Index (EGDI) countries in Africa with lower EGDI of 0.2929.
The lecturer said the UN E-Government Development Index in 2012 ranked Nigeria 162 and in 2014, it ranked 141 among 193 countries by e-readiness and e-government.
It had been projected that Nigeria might rank 75 by 2016 and rank 50th in 2018 and 20th in 2020 to achieve vision 20: 2020.
“Nigeria has made significant progress for online service. However, the country has not fully reached transactional and network stage.
“The purpose of the master plan for Nigeria e -Government is to strengthen transparency, efficiency and the quality of public administration service in line with Vision 20:2020
“This figure exceeds, by a wide margin, the number of complaints recorded about the same time last year which was 338,” he said.
According to him, the increase was made possible with the adoption of new methods in the commission’s investigations and application of modern information technology.
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
