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Business News

Investment One advocates investment in tech as it clocks ten

Investment One Financial Services Limited wants Nigerians to really think about some of the tech ideas that are shaping the future, and invest in them.

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Investment One Financial Services Limited

Investment One Financial Services Limited wants Nigerians to really think about some of the tech ideas that are shaping the future, and consider investing in them.

This important message is the key takeaway from a symposium organised yesterday in Lagos, as part of the activities marking the company’s ten years anniversary.

The event saw the gathering of some of the leading experts across five key sectors Technology, Finance, Healthcare, Agriculture, and Media  who spoke to investors and the general public on the topic Ideas shaping the Future.

The world is changing before our eyes thanks to tech

One of the experts at the event is Mr Bolaji Lawal, the Head of Digital Banking at Guaranty Trust Bank Plc. He said the future is all about digital technology and that the phenomenon will eventually become more than just an enabler “but at the core of everything we do.”

This is because regardless of the current nature of your occupation, it will eventually become technology-first in no distant time.

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To buttress his point, Mr Lawal cited the revolution that has taken place in the banking sector and how GTBank has particularly been able to leverage digital technology to distinguish itself as a leader in the Nigerian financial industry.

Speaking further, he disclosed that technology has helped Guaranty Trust Bank to grow from five million customers to about thirteen million customers over the course of just five years.

He also gave the example of media companies like Linda Ikeji Blog who have successfully used technology to build companies that can successfully compete with traditional media platforms.

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Meanwhile, as technology continues to disrupt the business environment whilst taking jobs away from people, there is the need for Nigeria to develop a national strategy that will accommodate future developments in the field, he said.

You don’t need to go to school to partake in the digital revolution

Another expert at the event, Mr Aniedi Udo-Obong, a Programme Manager at Google. He said advancements in global technology has made it possible for anyone to become a part of the revolution.

This, therefore, calls into the question the importance of the formal education system as we know it. In other words, Nigerians need to rethink school and work. He also reiterated the need for a national plan for digital technology.

Meanwhile, technology could potentially solve Nigeria’s future food needs

According to the Co-Founder of Farmcrowdy Ms Tope Omotolani, the world’s population has been projected to increase exponentially by 2050. And already, companies like hers are thinking of the roles technology can play towards the production of the food that will feed Nigerians by then.

She said so far, Farmcrowdy has successfully used technology to disrupt the Nigerian agric sector. But their achievements so far is not enough to take care of the future needs that will arise.

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As such, the company continues to innovate, because “innovation is not a one-stop thing.” The company also needs Nigerians to invest in the type of digital solution to farming which they proffer; which by the way is a great way to invest.

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Technology is also solving health problems

According to Dr Tokunbo Ali, the future of healthcare has to be digital. This is because digital technology has the potential to proffer solution to a wide range of the biggest problems plaguing the healthcare system.

Dr Ali, who represented the CEO of AXA Mansard Plc, gave examples of the challenges facing the Nigerian healthcare system to include the unavailability of healthcare professionals, the rising cost of healthcare, a growing demand for healthcare, patients’ inability to access their medical records, and a reduction in the patient satisfaction index.

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Already, some of the biggest tech companies are already investing in technologies that offer solution to some of the problems enumerated above, he said. He cited examples of artificial intelligence being used for non-invasive surgeries, and wearable wrist watch by Apple which can detect ailments at its earliest stages.

He also noted that patients’ medical records can be safely stored in the cloud and easily accessed by the patients and whoever they grant access.

But to achieve all these, Nigerians must be willing to invest in digital technology.

In nutshell, technology is essential and Nigerians must innovate or die! 

Speaking on what he termed “techpocalypse”, the Founder and CEO of X3M Ideas, Mr Steve Babaeko, said it has become imperative for Nigerians to innovate.

Giving his vote of thanks, the GMD of Investment One Financial Services Limited, Mr Nicholas Nyamali said the company is celebrating ten years of innovation and excellence. He also used the occasion to urge Nigerians to prepare for the future of tech.

The event was moderated by our very own Ugochukwu Obi-Chukwu, the Founder and Publisher of Nairametrics.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Macro-Economic News

BREAKING: CBN retains MPR at 11.5%, holds other parameters constant

The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.

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CBN forex restrictions on food itemsCBN approves new cheque standard for banks

The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Highlights of the Committee’s decision

  • MPR retained at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • While Liquid Ratio was also kept at 30%

More details shortly…

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Coronavirus

FG says N10 billion disbursed funds not only for Covid-19 vaccines

FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.

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Nigeria might fall into recession - Budget Office, FG not enjoying dividend of trillions spent on CBN, NPA, other MDAs - Akabueze

The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.

This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.

Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.

“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.

Ibrahim Oloriegbe,  Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.

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“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements

“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.

The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,

The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.

What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.

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Economy & Politics

Investing in digital economy, infrasture crucial to mitigate impact of COVID-19 pandemic – World Bank

Investing in digital economy will be crucial to mitigate the impact of COVID-19 and foster a sustained recovery in Sub-Saharan Africa.

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World Bank, Focus on lifting people out of poverty - World Bank tells FG , World Bank, IFC to assist in solving Nigeria’s infrastructure deficit , EXCLUSIVE: World Bank tasks developing nations to tap opportunities in GVCs, Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI , Terrorism bane to Nigeria's Agric development - World Bank

The World Bank has asserted that investing in the digital economy and infrastructure will be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery and foster a sustained recovery in Sub-Saharan Africa.

This is according to the World Bank In Africa report – #AFRICAN CAN.

The report noted that in a time of Covid-19, dominated by lockdowns and social distancing, investing in the digital economy and infrastructure will be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery.

It argued that the adoption of digital technologies by governments, households and firms in Sub-Saharan Africa still lags behind that of other regions in the world.

The report, therefore, maintains that government intervenes to reduce the cost of devices and services, avoid disconnections for lack of payment, and increase bandwidth will be key, considering that the road to economic recovery is projected to be long and arduous.

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What they are saying

The report states that:

“The road to recovery will be long and arduous and will require policies and investments that focus on connecting people to job opportunities, which can help end extreme poverty, particularly post-COVID-19.”

What you should know

Even though the World Bank did not suggest the form that the policies and investments would take in the report, the Bank, in a separate report — flagship report – Global Economic Prospects – as reported by Nairametrics on the 19th of January, 2021, has argued that productivity-enhancing structural reforms are required for quick economic recovery.

The Bank suggests these productivity-enhancing reforms encompass promoting education, effective public investment, sectoral reallocation, and improved governance. Investment in green infrastructure projects can provide further support to sustainable long-run growth while also contributing to climate change mitigation.

According to the report:

  • Sub-Saharan Africa is home to more than 1 billion people, half of whom will be under 25 years old by 2050.
  • It is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and wipe out poverty in the region, enabling Africans across the continent to live healthier and more prosperous lives.
  • With the world’s largest free trade area and a 1.2 billion-person market, the continent is creating an entirely new development path, harnessing the potential of its resources and people.
  • Knowledge is essential for governments to make better policies and institutions to make more effective decisions, thus, governments should pay attention to research and analysis.

According to World Bank’s Flagship report – Global Economic Prospects.

  • Investment is projected to shrink again this year in more than a quarter of economies – primarily in Sub-Saharan Africa (SSA), where investment gaps were already large prior to the pandemic.
  • Growth in Sub-Saharan Africa is expected to rebound only moderately to 2.7% in 2021 – 0.4% point weaker than previously projected, before firming to 3.3% in 2022.

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