Ict/Telecom
UK Govt Builds Sustainable, Inclusive Digital Access
The United Kingdom government via the Foreign Commonwealth Development OrganIsation (FCDO), and the Policy Innovation Centre (PIC) of the Nigerian Economic Summit Group, are driving the digital access project implementation in Nigeria.
PIC and its UK partner held a workshop that brought together stakeholders in the public and private sectors to drive digital transformation in Nigeria, in Abuja recently.
The Tide’s source reports that in 2019, the Federal Government launched the Nigerian Digital Economy Policy and Strategy to drive the implementation of the digital economy.
The Deputy Director at the centre, Dr. Osasuyo Dirisu, in an interview with the press, on the sideline of the event recently, said their intention was to drive inclusive and sustainable digital transformation in Nigeria.
Dirisu, represented by the PIC’s Senior Policy Specialist, MR. Mayokun Adeiran, said the gap in digital divide was overwhelming.
According to him, to achieve digital transformation in Nigeria by 2030, public and private stakeholders must come together.
“Government cannot do it alone, there has to be this collaboration because the sector that drives the economy is the private sector,” he said.
Chris Abhulimen, Government Sector Specialist for the PIC and FCDO project in Nigeria said in the majority of civilised climes, it is the private sector that takes the lead in creating innovation and projects that drive the digital economy.
“Nigeria not wanting to be left out, this project now seeks to strengthen the capacity of the stakeholders in the digital economy to be able to drive the implementation plan of 2020 to 2030.
“The FCDO and PIC will build sustainability in the digital economy by empowering the private sector ecosystem and stakeholders.
“This allows them to be able to take the initiative to aid and engage the government through favourable policies.
“These policies will unlock opportunities out of the digital economy and also create opportunities for Nigerian Start-Ups to be able to thrive and create innovation that would create more opportunities,’’ he said.
He emphasised that the private sector needed to take ownership of the project as the government alone cannot digitally transform the society.
According to Abhulimen, the true measure of success in a digital economy would be that the government would be fully digitally transformed which would facilitate numerous services offered by the government.
He explained that Nigerians would also be able to participate in a digital economy by leveraging on digital policies and services launched by the government for consumption of various products and services.
“The true measure of a digital economy is in the companies that are unicorns, which have been created out of these opportunities.
“When I mentioned unicorn, which means a billion dollar company and currently Nigeria is not doing so bad, imagine the country having five unicorns, five billion dollar companies already without effort from the government.
“Imagine what would happen if the public and private sector come together and create the enabling environment for innovation to thrive,’’ he said.
Oswald Osaretin, Senior Special Adviser to President Muhammadu Buhari on Digital Transformation and the Nigerian Start-Up Bill (NSB)Lead, said the bill was waiting for the president’s assent.
Represented by Tracy Okoro, the NSB State ADOPTION Lead, Osaretin said, “the Start-Up Bill is a set of regulations and legislations that have been put together to create an enabling environment and a thriving economy for tech enabled companies.
“This is because the president decided that young people are the largest assets of the economy and it is important to harness these potentials and use them to develop the country,’’ he said.
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