October 7, 2021 - Page 2 of 2

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Fidelity Bank Moves To Unlock Opportunities In Non-oil Export Sector

Fidelity Bank to develop SMEs capacity in non-oil exports sector - TechEconomy.ng

Fidelity Bank Plc,says it is making strident moves to strengthen Nigeria’s non-oil export sector of the economy.

The bank said its initiative was sequel to the global oil shock triggered by the COVID-19 pandemic, Nigeria’s economic vulnerability is glaring as GDP growth declined by 6.1 per cent and 3.6 per cent in the second and third quarters of 2020.

But the bank said it is working assiduously to address this having recognised the need long before the COVID-19 pandemic.

In 2016, for instance, the bank, in partnership with the Nigerian Export Promotion Council (NEPC) and the Pan-African University (PAU) launched the Export Management Programme (EMP).

The programme, which is scheduled to hold in two locations across the country in October 2021, is an industry-focused programme aimed at equipping existing and prospective exporters with the knowledge needed to thrive in the non-oil export industry and the larger global export market.

While EMP 11 is currently holding at the Lagos Business School (LBS), Lekki, Lagos between 4 and 8 October 2021; EMP 12 would hold at a soon-to-be announced venue in Kano State from 11 to 15 October 2021.

The sessions would be facilitated by leading faculty from LBS, Nigerian Export Promotion Council (NEPC) staff as well as experts in financial management and exports.

Mrs. Nneka Onyeali-Ikpe, Fidelity Bank Plc’s Managing Director,said the benefits of supporting the non-oil sector of the economy cannot be overemphasized given the immense benefits that it provides to the economy and the nation in terms of providing much needed foreign exchange investments, increasing our Gross Domestic Product (GDP) and employment generation.

She added:”This informs our decision to host the EMP regularly and we enjoin interested entrepreneurs to take advantage of this initiative to take their business to the next level”.

Fidelity Bank, through the EMP, had over the years empowered hundreds of individuals within the non-oil export sector with many beneficiaries attesting to the positive impact of the programme on their business.

One participant, Mr. Odufeso Olusegun said, “The EMP which I was privileged to participate in was a real blessing to my business. It opened my inner eyes to the intricate details of taking my foodstuff supplies (domestically) to the next level of exportation.”

In 2019,Obianuju Nweke in 2019, said:“This programme is amazing. The knowledge bank revealed to us was perfect. There were also many aspects in this sector that were taught and it got everyone really thinking about how to add the most value to the economy whilst making profits and building institutions. Great networking and collaborative opportunity. Awesome Job! Well done LBS and Fidelity Bank.”

Nitin Verma added:“The programme is a good initiative in building capacity in the export space in Nigeria. It is highly educational and well delivered by highly skilled resource persons who are well knowledgeable in the subject matter.

“I believe participants have acquired the necessary skills to be able to compete in the export market for their own benefit as well as grow the Nigerian economy. Any agricultural exporter needs to attend a session like this. Very good one.”

Ben Chiobi described the programme as “An essential master-class for anyone desiring to be involved in the profitable export business.”

In addition to its contributions to the non-oil export through the EMP, the bank has given out around N25 billion in new credit to indigenous businesses operating in the non-oil export and agriculture sectors in 2020.

The bank also leveraged partnerships with key players, including the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs), under different funding programmes aimed at enhancing the credit access of eligible agribusiness owners and non-oil exporters.

by Online Editor — October 7, 2021 in Banking&Finance 0

Customer Satisfaction Our Utmost Priority – UBA Boss

At UBA, Customer Satisfaction Remains our Number one Priority - Uzoka | Naija247news

The Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, Kennedy Uzoka, says the utmost priority for every staff in the bank is to always ensure customer satisfaction.

He explained that the development is crucial for every proactive organisation like UBA, as the customer remains the prime employer.

Uzoka,who said this in a message to all staff to mark the commemoration of the 2021 edition of the Customer Service Week, appreciated the staff who have worked tirelessly towards satisfying their customers; and urged them to do more for the customers.

The theme for this year’s celebrations is ‘The Power of Service’ and underscores the bank’s persistent determination to provide service to customers despite the global pandemic. It also serves as an opportunity to acknowledge the vital role of service in any organisation.

Advocating the need for continuous excellent service delivery to customers, he said that UBA has in the last few years embarked on a journey to ensure excellence, enterprise, and execution which is achievable when an institution focuses primarily on satisfying its customers.

He said, “As we continue our journey to becoming Africa’s Global Bank, I would like us to recommit ourselves to the service of our customers, bearing in mind that they are indeed our undisputed employer!I applaud those of you who have consistently dedicated yourselves to providing our customers with quality service that positions UBA as the bank of choice. You have indeed proven the strength of the UBA family!

“As we celebrate this year’s Customer Service Week, I would like to urge you to be consistent in ensuring that the customer is satisfied at every point. Let us continue to deliver the best banking experience to our customers in line with the ideals of Customer-First Philosophy,” Uzoka stated.

by Online Editor — October 7, 2021 in Banking&Finance 0

Sanwo-Olu Launches Fitness Certificate To Stop Building Collapse

Building Collapse: Sanwo-Olu Launches Certificate To Enforce Planning Codes « CmaTrends

The Lagos State Governor Babajide Sanwo-Olu launched a rebranded Certificate of Completion and Fitness for Habitation with the objective to safeguard residents’ lives and address the causes of building collapse in the state.

The governor empowered the Lagos State Building Control Agency (LASBCA) with the mandate to issue the certificate to all existing and new building developments, thereby ensuring their resilience and safety for occupancy.

At the launch of Rebranded Certificate of Completion and Fitness for Habitation held on Wednesday in Alausa, Ikeja, Sanwo-Olu said the fitness certificate was initiated to find a lasting solution to structural defects, building collapse and other building contraventions in line with international best practice.

Describing the initiative as a game changer, the governor said the financial and emotional loss that usually followed incidents of building collapse led to the design of the innovative approach to control physical developments and safeguard people’s lives.

He explained that the state government’s intention is to ensure the close monitoring of building construction works by LASBCA officials, from the foundation stage to completion.

He said: “This event is a testimony to our determination to address incidents of building collapse, by ensuring that due processes are followed in physical development activities in a way that will usher in new practice and bring about saner environment devoid of avoidable loss of lives and properties.

“The launch of the Certificate of Completion and Fitness for Habitation is one of the moves to further strengthen our resolve to control building collapse incidents. This is a game changer in building control strategies as it portrays us a government that thinks ahead and that is concerned about the safety of lives and properties of the citizens.”

State government, the governor said, would start treating house owners, contractors and relevant stakeholders as individuals responsible for collapse of buildings, should they fail to obtain the fitness certificate on their buildings.

Sanwo-Olu also frowned at the long wait usually encountered by private property developers in obtaining planning permits and building approvals, reading riot act to the supervising directors at LASBCA against sharp practices.

The governor directed the Ministry of Physical Planning and Urban Development and its agencies to simplify the approval process for permits in order to speed up the issuance.

by Online Editor — October 7, 2021 in Property 0

Declaring A State Of Emergency In Anambra State?: Oh, No Please!

By Chief Mike Ozekhome, SAN, OFR, Ph.D.

The Attorney General of the Federation flew a kite today to the effect that the Federal Government may declare a state of emergency, ” to ensure necessary security is provided, and in terms of ensuring protection is accorded to lives and properties”. This is towards the forthcoming governorship election, especially “if there is failure on the part of the state government to ensure the sanctity of security of lives, properties and democratic order’.

Declaration of a state of emergency is however a serious constitutional matter within the purview of section 305 of the 1999 Constitution.It cannot be done with a knee jerk approach as the Attorney General appears to suggest. Certain conditions must be met.

Section 305 permits the president to declare a state of emergency by way of official Gazette. But, two-third majority of the National Assembly ( NASS) must ratify the executive proclamation within 2 days. This shows it is not solely an executive fait acompli. The Legislature must be fully involved.

The section permits such declaration if the Federation is at war; or if the Federation is in imminent danger of invasion or involvement in a state of war; or if there is an actual breakdown of law and order and public safety in the Federation, or ANY PART THEREOF, in such proportions as require extraordinary measures to restore peace and security.

A state of emergency may also be declared if there is clear and present danger of the above scenarios; or a disaster or natural calamity affecting the community or a section of it occurs ; or there is occurrence of any other public danger that constitutes threats to the existence of the Federation.

The president can also declare a state of emergency under section 305(4), where the Governor of a state with the sanction of resolution supported by two-thirds majority of the House of Assembly, himself requests the president to so proclaim a state of emergency. Such a state of emergency lapses after months; or if the president revokes it by instrument published in the official Gazette; or if the NASS in session does not support it within 2 days; or the NASS not in session fails to support it within 10 days.

Surely, widespread threats to lives and properties of innocent citizens,as seen in the above constitutional provisions can lead to a declaration of a state of emergency, especially if it can be demonstrated that there has been actual breakdown of public and public order.

Such does not appear to be the situation in Anambra state as at now.

I personally, do not like what is going on in Anambra state, all because of a mere governorship election. Why do people have to maim ,burn and take the precious lives of citizens just because of a mere gubernatorial election? Do you kill innocent citizens because you want to serve them? Is it a matter of overblolated ego? Is it money? I am not aware Anambra has tons of it? Is it show of bizarre wealth? Just why the incessant killings, and to achieve what? Why turn an otherwise peaceful state into a field of killings and an odeon of grisly bloodbath just for a four year Governor’ s seat?

The Federal Government will however run into a serious moral and legal cul de sac if it ever contemplates a declaration of a state of emergency, the kite of which was flown by Abubakar Malami, the Attorney General of the Federation. .

For one, the Governor has not declared he can no longer contain the ugly situation. For another, the Federal government will certainly be accused of barefaced duplicity, crass inconsistency and ignoble selectivity, for which it is now infamous for.

The question will be, why declare a state of emergency in Anambra over sporadic killings in a few weeks, when you have recused to declare it in many Northern states where boko haram killings, armed banditry and serial kidnappings and rape have been the order of day for years.

I would seriously advise the Federal government against it, as it would exercerbate an already ugly situation and engender more tension and insecurity. It would give a ready made alibi for another Federal Government invasion of the entire South East, in the fom of operation “python dance” ,etc. So, stop!!!

by Online Editor — October 7, 2021 in News 0

Protect Oil Facilities In South East,Group Begs FG

The Independent Petroleum Producers Group (IPPG)also solicited Federal Government’s support in protecting oil and gas facilities from attack especially in the South-East area of the country.

Chairman of the group, Abdulrazaq Isa,who spoke when he led a delegation to Vice President Yemi Osinbajo,said the help was necessary in view of the escalating crisis in South East and the potential danger to oil facilities in the area.

He noted the incidence of crude theft are unprecedented and becoming unsustainable particularly on the eastern axis.

He congratulated the Federal Government over the passage of the Petroleum Industry Bill (PIB) into law last month,and expressed optimism that the birth of the PIA would mark the end of uncertainty issues and under-investment in the industry over the last few years .

He also commended the Vice President’s peace efforts in the Niger Delta in 2016,adding Prof. Osinbajo has been a great supporter of the group .

Soliciting the support of the Federal Government in securing investments in the sector, Isa disclosed the importance of gas in the emerging global energy landscape saying ‘’gas should be considered as a transition fuel with deliberate policies formulated to attract investment into the sector’’.

He reiterated the group’s commitment to partner with the Federal Government by saying ‘’IPPG remains committed to working collaboratively with Government in realising its aspiration for the sector,’’ Isa said.

The Vice President,in his remarks, assured the group of the Buhari administration’s commitment to the security of lives and property, noting that government is open to suggestions that would lead to permanent resolution of the issue.

He lauded the group and assured them of government’s readiness to support their growth and development as critical stakeholders in the industry.

He also advocated the need for collaboration between the Federal Government and other stakeholders in the oil and gas sector in advocating for a just and balanced energy transition agenda.

The delegation to the Vice President led by Abdulrazaq Isa, consisted of the immediate past Chairman of the Group, Ademola Adeyemi-Bero, Chief Executive Officer, FIRST Exploration and Petroleum Development Company Limited; Charles Odita, Director, Midwestern Oil and Gas Nigeria Limited; Roger Brown, Chief Executive Officer, Seplat Energy PLC and Oyeleke Banmeke, Executive Coordinator, IPPG Secretariat.

IPPG is an association of Nigerian indigenous upstream Exploration and Production companies that constructively engages government and other industry stakeholders on issues affecting the industry with a view to realising a sustainable petroleum industry and maximise its contribution to the socio-economic development of Nigeria.

by Online Editor — October 7, 2021 in Oil&Gas 0

World Bank:Nigeria’s Economy To grow By 2.4%

Nigeria, others Listed on World Bank's High Debt Risk Exposure Countries »

..As Google Plans $1bn Investment In Nigeria,Others

The World Bank says Nigeria’s economy is projected to grow by2.4 per cent in 2021.

This is an increase in the bank’s earlier growth projection of 1.8 per cent made in January this year.

In its new edition of its Africa’s Pulse report titled ‘Climate change adaption and economic transformation in Sub-Saharan Africa’,the bank the projected growth in Nigeria is driven by growth in the service sectors of the economy.

It added :“Within Africa, recovery is also multi-speed. Angola, Nigeria, and South Africa, the largest economies in the region, are expected to emerge from the 2020 recession, yet at different paces.

“Angola is expected to grow by 0.4 per cent in 2021, after five consecutive years of recession. The country is still battling to gain momentum, with elevated debt levels and weak performance of the oil industry.

“Nigeria is expected to grow by 2.4 per cent in 2021, supported by the service sector.”

According to the report, Nigeria and South Africa still lagged behind in the projected growth for the Sub-Saharan region.

“Excluding South Africa and Nigeria, the rest of Sub-Saharan Africa is rebounding faster, with a growth rate of 3.6 per cent in 2021,” the report said.

Nigeria’s economic growth,it said, shows little sign of speedy recovery from the 2020 recession,adding that it grew five per cent in the second quarter, from 0.5 per cent growth in the first quarter.

This was the third consecutive quarter of positive growth since the pandemic crisis.The main driver of the recovery is the non-oil sector, with a growth rate of 6.7 per cent compared with 0.8 per cent in the first quarter.

“The service sector recovered strongly after a disappointing first quarter, rising from -0.39 per cent to 9.27 per cent in the second quarter, while agriculture contracted from 2.28 in the first quarter to 1.30 per cent. Industrial activity also declined to -1.23 per cent in 2021Q2, down from 0.94 per cent in 2021Q1.

“Recent improvements in the labour markets have been largely attributed to workers turning to small-scale, nonfarm enterprise activities in retail and trade although their incomes remain precarious.

“In the first half of 2021, the fiscal deficit widened at four per cent of GDP, driven by an increase in debt servicing costs and capital expenditure.”

The Sub-Saharan region is projected to grow by 3.3 per cent in 2021, which is a percentage point higher than the forecast in April 2021 Africa’s Pulse projection, 3.5 per cent in 2022, and 3.8 per cent in 2023.

“This rebound was fuelled by elevated commodity prices, relaxation ofstringent measures, and recovery in global trade,” the report stated.

It warned that although Sub-Saharan Africa was exiting recession in 2021, the recovery growth was still fragile, suggesting faster vaccine development to accelerate growth above five per cent for 2022.

Meanwhile,Google has announced a plan to invest $1 billion over five years to support Africa’s digital transformation. The investment focuses on enabling fast, affordable internet access for more Africans; building helpful products; supporting entrepreneurship and small business; and helping nonprofits to improve lives across Africa. The announcement was made at Google’s first ever Google for Africa event, held virtually and livestreamed.

The planned $1 billion investment announced today by Sundar Pichai, CEO of Google and Alphabet, will include enabling affordable internet access and building helpful products.

He said Google is building global infrastructure to help bring faster internet to more people and lower connectivity costs.

He added that the subsea cable Equiano will run through South Africa, Namibia, Nigeria and St Helena and connect the continent with Europe.

Internet access is also hampered by the affordability of smartphones. Android has developed a device locking technology as part of the Android platform that will enable partners to offer financed devices. Google has collaborated with Kenya’s largest carrier Safaricom to support the launch of the first “Device Financing” plan in Kenya, and will expand this initiative across Africa with partners like Airtel,MTN, Orange, Transsion Holdings and Vodacom, and more. These partnerships will help millions of first-time smartphone users gain access to quality, affordable Android smartphones.

Plus Codes are a free and open source addressing system to provide addresses for everyone. The government of The Gambia has adopted this in providing addresses for residents and businesses across the capital Banjul and are now scaling to the rest of the country. Plus codes will expand to South Africa, Kenya and other countries in partnership with governments and non-governmental organisations.

Investments in entrepreneurship and technology. Through a Black Founders Fund, Google will invest in Black-led startups in Africa by providing cash awards and hands-on support. This is in addition to Google’s existing support through the Google for Startups Accelerator Africa, which has helped more than 80 African startups with equity-free finance, working space and access to expert advisors over the last three years. Google also announced the launch of an Africa Investment Fund. Through this fund, the company will invest $50M in startups and provide them with access to Google’s employees, network, and technologies to help them build meaningful products for their communities.

Empowering businesses as they continue or embark on their digital transformation: In collaboration with the non-profit organisation Kiva, Google is providing $10M in low-interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria and South Africa get through the economic hardship created by COVID-19.

Renewed funding for nonprofits. Google.org is expanding its commitment to support nonprofits working to improve lives across Africa, with $40M to help more partners who are responding to challenges they see firsthand in their communities – innovators like the Airqo team at Makerere University, who use AI and sensors to monitor poor air quality, a leading cause of premature death. Google is providing $3M in new grant funding to expand this pioneering work from Kampala across 10 cities in 5 countries on the continent.

The announcement expands Google’s ongoing support for Africa’s digital transformation and entrepreneurship. In 2017, Google launched its Grow with Google initiative with a commitment to train 10 million young Africans and small businesses in digital skills. To date, Google has trained over 6 million people across 25 African countries, with over 60% of participants experiencing growth in their career and/or business as a result. Google has also supported more than 50 nonprofits across Africa with over $16million of investment, and enabled hundreds of millions of Africans to access internet services for the first time through Android.

CEO of Google and Alphabet, Sundar Pichai said: “We’ve made huge strides together over the past decade, but there’s more work to do to make the internet accessible, affordable and useful for every African. Today I’m excited to reaffirm our commitment to the continent through an investment of $1B over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups.”

Nitin Gajria, Managing Director for Google in Africa added: “I am so inspired by the innovative African tech startup scene. In the last year we have seen more investment rounds into tech startups than ever before. I am of the firm belief that no one is better placed to solve Africa’s biggest problems than Africa’s young developers and startup founders. We look forward to deepening our partnership with, and support for, Africa’s innovators and entrepreneurs.”

by Online Editor — October 7, 2021 in News 0