GSM reassures on security, conducive environment in Oyo State - ITREALMS

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Governor 'Seyi Makinde (GSM) of Oyo Stae, has assured investors, who already have their investments in the state and intending ones, of his government's commitment to securing life, property and businesses.

The governor also stressed that his administration would continue to ensure that there is a conducive environment for businesses to thrive.

11th Lagos PR confab to focus on climate change, environment - ITREALMS

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The focus at the 11th Lagos Public Relations Stakeholders’ Conference (LaPRSC), would be on climate change and environment, reports ITREALMS.

According to the organisers of the conference, tagged the 'August gathering of Public Relations Solution Providers,_, the annual conference is a collaboration between Addefort Nigeria Ltd and the Nigerian Institute of Public Relations.

World Environment Day: Airtel promotes plastic reduction @employee session - ITREALMS

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Leading telecommunications network, Airtel Nigeria marked World Environment Day by hosting an insightful session aimed at educating employees on the practice of tackling plastic pollution. 

The event was held on Tuesday, 4th May, 2024, at Airtel Head office, Banana Island, Lagos.

Our pledge on cable Equiano is enabling policy environment - ITREALMS

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The Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), and the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, have promised to continue to drive policy initiatives that promote investment in infrastructure in the Nigerian telecom industry in order to deepen connectivity to enhance the nation's growth and development.

The duo stated this on the sideline of the reception marking the landing of the Equiano undersea Cable System in Nigeria at the Open Access Data Centre at Lekki in Lagos.

Environment: NSML gets first sub-Saharan African terminal certification - ITREALMS

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The NLNG Ship Management Limited (NSML), manager's of the Nigeria LNG Limited (NLNG) Bonny Terminal, has achieved the terminal’s Ecoport Port Environmental Review System (PERS) certification, making it the first certification of its kind in any port in Sub-Saharan Africa, reports ITREALMS.

According to the Managing Director and Chief Executive Officer of NSML, Mr. Abdukadir Ahmed, the certification was an attestation that the facilities and operations at NLNG’s Bonny Terminal comply with leading environmental management practices.

Broadband investments: Ekiti promises conducive environment - ITREALMS

ITREALMS:

The Ekiti State government has promised to provide conducive environment for broadband and power investments, reports ITREALMS.

Speaking at the second annual lecture of the Freedom Online held in Lagos, Thursday at Radisson Blu Ikeja, the Ekiti State Governor, Dr. Kayode Fayemi gave this indication.

Fayemi who was the keynote speaker was represented by Akin Oyebode Jr, Special Adviser on Trade and Investment at the event and dwelt on “Fixing the Economy: Less Politics, More Substance” revealed that very soon his administration will unveil a set of incentives designed to make Ekiti the preferred destination for education and innovation investment in the country.

“To support this plan, we will ensure a conducive environment for broadband and power investments, both critical requirements for the Ekiti Knowledge Zone to develop,” he said.

The governor said that often political leaders overlook requirement for development at this era which is the broadband, insisting that Internet connectivity has become a necessity, not just for economic development, but also the delivery of governance itself.

ALSO READ: Fayemi @54: Attributes success to God's grace - ITREALMS

Political actors, he said, must work on improving the nation's broadband penetration, from some 30 per cent to at least 70 per cent, within the shortest possible time.

Various studies, he said, have shown that a 10 per cent increase in broadband penetration leads to 1.5 per cent increase in Gross Domestic Product (GDP).

As a Governor, one of the areas "I am interested in improving, is how we can lower the cost for providers of the required infrastructure in this area."

The work on infrastructure and industrial development, he said, complements the focus on agriculture and rural development.

“We are harnessing the productive capacity of Ekiti farmers, and promoting investments in agri-business along the value chain of our farm produce. So, we are now seeking investors who require crops including cassava, cashew, cocoa and yam, for their production value chain, to invest in Ekiti State. We will not only support these investments by providing quality road infrastructure, but will also ensure the research capability to improve the yield and quality of produce exists within the State,” he beckons.

Fayemi submitted that like statesmen, “we must think about the next generation, when making economic choices. The results of these often difficult choices might not be easily obvious to the less discerning, but our responsibility as leaders is to stay the course, and ensure we make the right investment and decisions, to safeguard the future of unborn generations.”

He further commended the organizers of this event for inviting him to share thoughts on what is required to deliver sustained economic development in Nigeria.

“Our role as leaders must remain the propagation and implementation of ideas that lift people out of poverty and create economic opportunities,” he asserted.

Remmy Nweke/DoP

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EnviroNews, others for honour @8th Environment Outreach Public Lecture

ITRealms:

Leading online environment and development magazine, EnviroNews Nigeria, along with several others organisations and individuals, will be honoured during the 8th Environment Outreach Magazine Public Lecture and Environmental Awards Ceremony scheduled to hold on Thursday, September 7, 2017 in Calabar, the Cross River State capital.

The “2017 Environmental Awards” honour individuals and corporate bodies that have distinguished themselves in various fields of environmental management. The Environmental Awards include Environmental Stewardship Award, Environmental Legislative Excellence Award, Environmental Awareness Creation Award, Environmental Media Excellence Award, Environmental Protection and Support Award, Environmental Governance Award, and Community Development and Nature Conservation Award.

EnviroNews Nigeria is to bag the “2017 Environmental Media Excellence Award”.

According to the host of the event and Publisher of the Environment Outreach Magazine, Chief Noble Akenge, the theme of this year’s lecture is “Nigeria’s Depleting Forests and Its Implication for Forest Resources and Climate Change”.

The Lecture, he added, would be delivered by the eminent sustainable development expert, Professor Hilary Inyang, former Vice Chancellor, Botswana University of Science and Technology, Papalye, as well as President/CEO of Global Education and Infrastructure Services (GEISE) LLC. He is also a 2013 Winner of the Nigeria National Order of Merit (NNOM).

The Conservator-General of the Federation, Mallam Ibrahim Musa Goni, is to chair the occasion while Governor Ben Ayade of Cross River State is expected as Special Guest of Honour.

Other distinguished guests expected at the occasion include Mr. John Odey, former Minister of Environment; Professor Steve Azaiki, President of the World Environmental Foundation for Africa and the International Society for Comparative Education, Science and Technology (ISCEST), Nigeria; Engr. Goni Ahmed, Director-General of the Great Green Wall Agency;  Barrister Sam Nwakohu, Chairman, Board of Trustees, Living Earth Nigeria Foundation;   Samuel Onuigbo, Chairman, House of Reps Committee on Climate Change; Professor Florence Obi, DVC Academics, University of Calabar; Obinna Chidoka, Chairman, House of Reps Committee on Environment and Ecology; Mr. Desmond Majekodunmi, CEO of LUFASI Park, Lekki, Lagos; and Barrister Iniruo Wills, former Commissioner for Environment, Bayelsa State.

Others expected at the event include Dr. Mrs. Alice Ekwu; Commissioner for Climate Change and Forestry, Cross River State; Dr. Iniobong Essien, Commissioner for Environment, Akwa Ibom State; other State Commissioners for Environment; top Government Functionaries, the Academia; Civil Society Organisations (CSOs); representatives of various environmental groups, traditional rulers and members of the public.

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Tech-Startups: Enabling environment priority for NITDA @GITEX 2016

ITRealms:

The National Information Technology Development Agency (NITDA) has reiterated determination to create enabling environment for the technology start-ups in the country and turn Nigeria into a continental technology-hub, reports ITRealms.

Speaking in Lagos, the acting Director-General, NITDA, Dr. Vincent Olatunji gave this indication of commitment of his agency in projecting the image of the country using the value in the new digital economy, especially as it concerns the 2016 GITEX in Dubai.

Olatunji described the intention of NITDA to be on creating ‘ICT based SMEs’ so as to make certain the help to diversify the economy but also create youth employment in the country.

“The way we live and we love and work have gone online, so there’s need for NITDA to build up capacity to sustain these online activities and ensure maximum benefits are derived from it,” he said. 

Also, he enumerated the comparative advantages of having Nigeria as destination point for the growing digital economy in Africa, outlining Nigeria’s size, English language, and high rate of education as some of the key benefits for potential investors.

In addition, he said, as a veritable platform to expose these tech-preneurs, NITDA is equally pursuing vigorously this mandate using various avenues, including via the e-Nigeria Conference and Expo, which he described as “clearing house for adopting relevant ideas and innovation for defining and accelerating national economic growth.”

Similarly, Olatunji said, NITDA is using the annual GITEX Technology show organised by the Dubai World Trade Centre (DWTC) and slated for October 16-20, to showcase the quality and potentials of local technology startups.

NITDA, he revealed is facilitating Nigeria’s participation at three levels including the Nigerian Pavilion, Nigerian Startups inside the Innovation Hub, and the Gitex Africa Investment Forum being co-managed by the NITDA and the DWTC.

“All these levels of participation are designed to ensure maximum exposure to ICT and other non-oil sectors which is a cardinal economic goal of the current government under President Muhammadu Buhari. Dubai has become an international hub for business engagements. NITDA has already opened talks with several business prospects through the support of the DWTC and the Consular Office in Dubai,” he said.

Nenye Dom/GEE 

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FG promises enabling environment for insurance growth

ITRealms:

The Federal Government (FG) has promised to provide the enabling environment for the growth of the nation’s insurance industry, reports ITRealms.

The Minister of Finance, Mrs. Kemi Adeosun gave this assurance in her remarks to the National Insurance Conference in Abuja, saying that the current administration would lead in the reforms of a more vibrant Nigeria insurance market.

She explained that a developed and active insurance market would bring about increase in the nation’s Gross Domestic Product (GDP), accumulation of long-term funds for infrastructural financing, job creation, and an improved standard of living.

She added that the development would also attract foreign investment into our country.

Dwelling on the ongoing efforts of industry stakeholders to reposition the insurance industry for growth, the Minister said the Federal Government was ready to lend its support, saying “There is a need to immediately address the decline in the Nigerian Insurance Industry as it is lagging behind global and African peers. Despite being the largest economy in Africa, the Nigerian insurance industry remains largely underdeveloped. The industry has under-performed the Banking sector and even the recently established Pensions sector."

Emphasising the resolve of the Federal Government to stimulate extra-ordinary growth and unleash the potential of the insurance industry in Nigeria, the Minister listed some factors necessary for the change. These, among others include the needs to:

"Recognise our true stage of development- we are an industry that despite its age remains in its infancy. This means that Government must act as a nurturer and incubator of the industry. We have also seen the success of the pension fund industry as a text book example of where government policy set clear parameters for participation, led by example and enforced legal obligations. 

"If we are to use the Pension fund success story as a template for the Insurance Industry, then we can jointly identify the required road map."

She also stressed the need to strengthen the capital base of insurance companies.

She recalled that in 1981, the minimum capital requirement for banks was N1million while that of composite insurance companies was N0.8 million. By 2014 Banks had grown theirs to N25 billion and Composite Insurance Companies to N5 billion showing that Banks had grown capital requirements 8x faster. The industry needs to recapitalise. Capital levels were last raised in 2007. To take true advantage of the opportunity for the industry we must recapitalise and reposition. The top 3 banks have capital in excess of N300 billion each! The top 3 insurers have capital of between N14 billion to N25 billion.

"The insurance sector needs to raise minimum capital requirements in a manner that is comparative to what happened to the banking sector in the last two to three decades. Increased capital will provide funding for publicity and product development. It will raise the clout of insurance companies in policy formulation and will enhance our capacity to hire the best people and deploy the technology and marketing, product awareness and investment needed to support the industry.”

According to her, the current administration firmly believes that the economy has only one direction to move in and that is upwards as true change means doing things differently with the full expectation of different outcomes. “Our confidence in the future of our economy is not based on the statistics that have consistently detailed its potential but rather the deliberate policies and actions that will ensure a robust and sustainable recovery.

“Our economic focus is built on pursuing a disciplined approach to our financial management, reducing the cost of governance and increasing its impact. This is being attained by efforts to maximise revenues and minimise leakages through corruption, waste and inefficiency. This will release the headroom needed to fund our essential infrastructure, which will in turn lead to the increased growth of the non-oil sector and a more diversified revenue base. Our days of reliance on oil as a principal source of revenue must be put firmly in our nation’s economic history. That process of adjustment is painful but like “’ good medicine” is the only effective cure.”

She said a key element of the enabling environment is the de-risking provided by the insurance industry.

Quoting NIA sources, the Minister said that Nigeria with a penetration of 0.3% recorded total industry Gross Written Premium (GPW) of N350 billion in 2015. “If we collectively set a 7-year target of achieving Africa’s average penetration of 3.5%, we can transform our industry into one with GWP of N4.5 trillion by 2023. 

To achieve this, the industry will have to grow at a Compound Annual Growth Rate (CAGR) of 44% from 2017 to 2023. This is in no way an impossible target and in fact represents the type of ambitious objectives we need to set for ourselves as several sectors in Nigeria including Telecoms, Banking and Pensions Management have been able to record such impressive growth through the collective support of all stakeholders. It is also consistent with the Change mandate of His Excellency President Muhammadu Buhari. We have no reason to be different.”

She reiterated the need to act urgently, as the development of the Nigerian insurance industry will come with other attendant benefits that are critical  to achieve the type of growth and change for the economy and for the large number of Nigerians who have been deprived of the financial stability, protection and business growth that developed insurance markets have provided for their citizens for centuries. All successful economies are characterized by a strong investment culture of which insurance plays a key role.

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Pix: The Minister of Finance, Mrs. Kemi Adeosun (3^rd left) holding a plague presented to her at the National Insurance Conference 2016, in Abuja, Monday. To her right are Commissioner for Insurance, Alhaji Mohammed Kari and Chairman, the Nigerian Insurers Association, Mr. Eddie Efekoha. To the Minister’s left are Chairman, National Insurance Conference Planning Committee, Mrs Yetunde Ilori; President, Chartered Insurance Institute of Nigeria, Lady Isioma Chukwuma and President, Institute of Loss Adjusters of Nigeria, Mr. Ralph Opara.

Nigeria reaffirms investors’ friendliness @GITEX 2014

ITRealms:

The Federal Government (FG) on Tuesday at the ongoing 2014 GITEX Technology Week in World Trade Center, Dubai, the United Arab Emirates (UAE) reaffirmed readiness to offer investors’ a continuous friendly environment to conduct their businesses, reports ITRealms.

This was the position of the Director-General of the National Information Technology Development Agency (NITDA) Dr. Peter Jack, when he reassured participants at the Nigerian ICT Investment Forum’s day at the GITEX 2014 tagged “Invest in Nigeria: The Gateway to Africa” of government readiness to ensure enabling business environment for foreign investors, especially in the Information and Communication Technology (ICT) sector.

Presenting the Nigeria’s position paper to participants at the forum, the chief executive officer Alteq.ict, Dr. Armstrong Takang, declared that despite the seeming challenges Nigeria is facing like other countries of the world, there has been a continuous progress.

“We are making a lot of progress from what we are 15 years ago,” Dr. Armstrong said, stressing that the a lot more of Foreign Direct Investments are coming into Nigeria.

According to him, Nigeria has a young group of individual who are gearing up to impact on the world.

He pointed out that the recent rebasing of the Nigeria’s Gross Domestic Product of the economy has shown that the exercise was real.

Nigeria, he emphasized comprised about 60 per cent of the Economic Community of West Africa States (ECOWAS) region.

The duo of James Ebuetse, a director of the Nigerian Investment Promotion Commission and Managing Director of the Nigeria Export Processing Zones Authority, Mr. Gbenga Kuye, added their voices to the efforts of the Federal Government to making the investing environment an attractive one.

The forum was attended by potential investors and members of the NITDA board led by Dr. Tosin Ajayi in attendance as well as Dr. Olaopa, the Permanent Secretary, Ministry of Communication Technology, who stood in for his Minister, Dr. Mrs. Omobola Johnson.

+Remmy Nweke (ITRealms)  +Gitex TechWeek #GITEXTechWeek
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