Economic council endorses national road safety strategy

ITRealms:

… As Nigeria loses 3% GDP to road crashes

The National Economic Council has endorsed the Nigeria Road Safety Strategy (NRSS), just as the nation lost three per cent of her Gross Domestic Product (GDP) to road traffic crashes, reports ITRealms.

Affirming this to ITRealms, the Corps Marshal, Mr. Boboye Oyeyemi, said in Lagos, weekend that strategy comprises having a National Road Safety Advisory Council (NaRSAC) to oversee the implementation of the NRSS under the Chairmanship of the Vice President, Prof. Yemi Osinbajo.

As said by Oyeyemi, the structure of the road safety management would include state governors as members in addition to members drawn from stakeholders while the office of the corps marshal would act as the secretary to the council.

He explained that the NRSS vision is to enthrone Nigeria as country where Road Traffic Crash (RTC) results in no death with a goal of reduction in road traffic crash fatality rate by 35 per cent by 2018.

The purpose, he said, is to widely adopt safe system approach to road safety management in Nigeria, develop and utilize standard templates to capture and report relevant traffic data, as well as implement design standards for all road types.

NRSS, Oyeyemi said, has the mandate to expand the Road Transport Safety Standardization Scheme (RTSSS) to cover all commercial vehicles that ply interstate roads, develop and implement awareness campaigns on proper road use in addition to providing supplementary medical equipment and emergency rescue ambulances, among others.

Further, he said, NRSS would work on setting standard National Road Safety Strategy target(s) by ensuring co-ordination between Federal, States and Local Governments in achieving Road Safety targets.

In driving the implementation of the NRSS, FRSC is expected to request for progress reports from relevant agencies, invite them to defend proposed activities and road safety efforts on a quarterly basis, evaluate of outcomes of National road safety initiatives, develop a funding plan for strategic initiatives and seek fund for the implementation of strategic initiatives, endorse disbursement of pre-approved funds for strategic initiatives and monitoring of funds disbursement for strategic initiatives, to name a few.

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GDP,World Bank Doing Business Index key to determine market performance

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The Strategy& Associate Director, PricewaterhouseCoopers(PwC), strategy consulting capability based in Africa, Peter Hoijtink, has said that to determine a performing market one should study a market’s wealth measured by Gross Domestic Product (GDP) per capitaand institutional quality measured by the World Bank Doing Business Index, ITRealms reports

These are some of the highlights of a new study, ‘Creating value in Africa,’ released recently by Strategy&, PwC’s strategy consulting.

“Companies are faced with a complex dilemma when determining which markets they should enter, and the capabilities required in each market to ensure success. Although detailed on-the-ground study of each market is ultimately necessary, our experience suggests that a good way to start is by studying a market’s wealth (measured by GDP per capita) and institutional quality (measured by the World Bank Doing Business Index). Based on these criteria and how the two are combined, African countries fall into six market types: high, medium and low income, with either strong or weak institutions. Each of these types requires companies to have different capabilities to succeed.
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Executives that follow capabilities - driven strategy will make their companies more coherent and gain a competitive advantage in the African markets where they have decided to expand their operations. The right strategy can transform a company and its industry, delivering substantially superior shareholder returns in the long-term. These are some of the highlights of the new study.

Strategy& Partner, Jorge Camarate said, “Worldwide, multinational companies are including plans to expand across Africa in their growth strategies. CEOs throughout Africa have unanimously confirmed that they see high growth potential on the continent, according to research conducted by PwC.

“This confidence is an indication of the positive long-term trajectory we have seen in general economic prospects, availability of finance, and the increasing presence of potential local and international partners attracted by the African continent’s potential.”

Traditionally, firms formulate a strategy by looking for market opportunities, but all too often it does not work, particularly in the African context. The problem is that such strategies rarely acknowledge the capabilities a company needs to capture those opportunities. As a result, many of these companies have destroyed value in the process instead of benefitting from growth opportunities. “We approach strategy the other way round with an approach that we call a ‘capabilities-driven strategy,” comments Camarate.

Cyriacus Nnaji/GEE

 
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IT industry doubles contribution to GDP – Peter Jack

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The contributions of the Information Technology (IT) industry into the Nigeria’s Gross Domestic Product (GDP), reports ITRealms.

This expose was given by the Director-General of the National Information Technology Development Agency (NITDA), Mr. Peter Jack while responding to question to ITRealms at the ongoing GITEX in Dubai.

He said that over the last five years, IT has doubled its contribution to Nigeria's GDP from 4.5 per cent to 10 per cent, thereby accounting for about N50 billion of the N500 billion of the Nigerian economy.

This he noted was invariably after the rebasing of the country’s economy.

He also expressed support for the Nigerian university that emerged finalist in the GITEX Student Lab competition, saying he was not surprised.

Jack also urge them to ensure they win top prize and encouraging other universities in the country to leverage technologies by equipping their students adequately.

“Our concern is to expose the young talents in Nigeria to opportunities that abound in the technology space,” he declared.

Pointing out that starting from last year, Nigeria became the official country partner of GITEX and that year, NITDA showcased five Nigerian technology start-ups to share their solutions to the rest of the world. 

“This year, we brought 14 technology startups and other established companies from Nigeria to showcase their solutions to the world,” he said.

The Nigerian Pavilion, Mr. Jack further said, is strategically located in such a way that it catches the attention of every investor that attended this year's GITEX in Dubai. 

“We are giving opportunities to the technology start-ups to tell the world about their solutions and how these solutions could address country specific and organisational challenges,” he assured.

Equally, the DG also said that NITDA and the Federal Government precisely is using the occasion of Nigeria Day in GITEX to sell the Nigerian brand and woo potential investors to invest in the Nigerian technology market.

 

+ITRealms DSA +Remmy Nweke (ITRealms) 
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