Ict/Telecom
NITDA, US Consulate General, others Partner On Global Tech
The National Information Technology Development Agency (NITDA), the United State Consulate General in Lagos, and other partners have launched Global Tech Africa (GTA) are set to explore opportunities in tech ecosystem across Africa.
The Head, Corporate Affairs and External Relations, NITDA, Mrs. Hadiza Umar, said this in a statement she issued in Abuja recently.
GTA is an initiative of Future Map Foundation, designed and implemented by Ascend Studios Foundation, in partnership with NITDA and the United State Consulate General, Lagos.
Umar disclosed that the GTA Summit held in Lagos recently with 300 tech stakeholders from the private, public and development sectors.
She said it would be followed by the GTA conference in Lagos between November 17 and 20.
“The conference is designed to bring together African and international stakeholders in Tech, unlock growth opportunities and build the tech ecosystem in Africa.
“GTA will provide a platform for consumers, enthusiasts, and the general public to engage with and learn from technology experts and practitioners”, she stated.
According to her, it will also showcase the latest technology trends in Africa and provide insight into future trends and innovations.
The statement also quoted the Director-General of NITDA, Mr Kashifu Inuwa, as saying that Africa was poised to play a critical role in the global tech ecosystem.
Inuwa said the continent can provide innovation, talent and new market opportunities in areas such as mobile technology, e-commerce, fintech, agro-tech and the digital economy.
“Nigeria’s tech prowess ignites a flame of innovation that illuminates Africa’s path towards a prosperous digital future, fostering job creation and driving economic growth across the continent”, he said.
The United State Consul General, Mr. Will Stevens, stated that the United State has been a key partner to Nigeria in providing an enabling environment for the tech ecosystem.
Stevens pledged United State mission in Nigeria’s continued support towards promoting partnerships that advance the development of Nigeria’s tech and startup ecosystem.
He said the mission would continue to catalyse technological progress and promote a more robust United State Nigeria trade and investment relationship.
“Nigeria is rapidly being recognised by global tech companies as a centre for tech talent and innovation and the United State mission is committed to working with the U.S. and Nigerian tech companies to harness this great potential”, he said.
The implementing partners, Dr Inya Lawal of Ascend Studios Foundation, and Mr Abdulsalam Umar of Future Map, affirmed that GTA would attract support from private, public and development sectors.
According to them, it will help explore opportunities for tech infrastructure and investment, support for start-ups, grants, seed funding and investments.
Other partners expected at the event include Business Sweden, Venture Garden Group, RivExcel Health, and other Tech Giants across the world.
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