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Business

FG set to commission National Centre for Artificial Intelligence and Robotics in Abuja

FG is set to commission the National Centre for Artificial Intelligence and Robotics in Abuja.

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Data Isa-Ali-Ibrahim-Pantami.

The Federal Government of Nigeria, represented by the honorable Minister of Communication and Digital Economy, Dr. Isa Pantami, is set to commission the National Centre for Artificial Intelligence and Robotics in Abuja today.

This is according to a verified tweet by the Federal Ministry of Communications and Digital Economy, as seen by Nairametrics.

What you should know

Nairametrics had earlier reported concerted efforts made by the honorable Minister to drive digital inclusiveness, such as the creation of a digital ID card for Internally Displaced efforts and his appeal to the Association of National Accountants of Nigeria (ANAN) to adopt the use of technology in the execution of accounting activities.

(READ MORE: Why Artificial Intelligence will separate winning banks from losers amid COVID-19)

On the recent development, the National Center for Artificial Intelligence and Robotics is equipped with state-of-the-art facilities that include;

  • 3Dprinter
  • Training facilities
  • The digital innovation lab,
  • Abuja MIT Reap Office,
  • Co-working Space for startups
  • Marketspace and Fablab infrastructure.

Why it matters

This center is aimed at harnessing converging technologies that will create an inclusive and human-centered future, building human capital and getting the country ready for the fourth industrial revolution.

What they are saying

A verified Tweet by the Federal Ministry of Communications and Digital Economy read thus, “Fourth Industrial Revolution: In a bid to harness converging technologies to create an inclusive, human-centered future. The Honorable Minister of Communications & Digital Economy, @DrIsaPantami will today commission the National Centre for Artificial Intelligence & Robotics.”

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

1 Comment

1 Comment

  1. Benya Jamiu

    November 13, 2020 at 3:33 pm

    I think all these ministers are a bit having problems,instead of advising FG to settled ASUU problem they are just setting up what they feel its OK..shame on them and even as Patani who is religious and experience…

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Business

AFEX Commodities Exchange announces the listing of cashew on its trading platform

AFEX’s addition of cashew is to diversify investment options available on its exchange.

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AFEX to partner with FMDQ and Dubai Commodities Exchange, 50,000 farmers to benefit from AFEX Commodities agric funding initiative

AFEX Commodities Exchange Limited has announced the listing of Cashew on its platform, in a bid to diversify available investment options and create more wealth.

This is according to a disclosure issued by AFEX today and seen by Nairametrics.

According to the notice, the addition will help to expand the list of existing commodities available at the exchange which include;

  • Maize
  • Sorghum
  • Soybean
  • Paddy Rice
  • Cocoa
  • Ginger
  •  Sesame

In addition, the Exchange notified the investing public that the new commodity will be made available on the exchange’s trading platform, ComX.

Why it matters

AFEX Commodities Exchange in the recent disclosure rationalized the need to list cashew on its platform. It hinged this on the lucrative nature of the commodity, noting that it has a lot of untapped potentials.

According to the disclosure, cashew exports in Nigeria are highly profitable, with a yearly export volume of over $167 million, and untapped yearly potential of over $115.8 million. Therefore, listing the commodity on the AFEX Exchange provides opportunities for investors to gain exposure to the commodity and maximize their returns on investment.

What you should know

  • AFEX Commodities Exchange had earlier announced the issuance of its debut Warehouse Receipt Backed Commercial Paper- The first of its kind in Africa.
  • AFEX Commodities Exchange is Nigeria’s first licensed private commodities exchange established in 2014. It provides a final resting place for commodities using a three pronged approach of production region, logistics differential and final commodity price.
  • ComX is the proprietary trading platform of AFEX. It serves as a market for investors, financiers as well as other market participants.
  • AFEX Commodities Exchange posted a turnover of N11.46 billion for Q4 2020, indicating an increase of 5,228.4% QoQ.

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Business

Osinbajo reveals what Nigerians in diaspora asked for to make more investments in the country

Osinbajo has disclosed that the Nigerians in diaspora seek an enabling business environment in order to make more investments.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

Nigeria’s Vice President, Yemi Osinbajo, has revealed that the Nigerians in diaspora asked for improvement in the enabling business environment in order to make more investments into Nigeria in specific engagements with investment opportunities.

This follows the conduct of a study by the Federal Government with stakeholders, which found out that many Nigerians have a keen interested in investing in the country.

This disclosure was made by Osinbajo while speaking at a webinar organized by Fidelity Bank Plc, entitled, ‘The New FX Policy, Implications and Positive Impact on Diaspora Investments’

Osinbajo, who was represented by the Executive Secretary/Chief Executive Officer of Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, commended the new CBN FX policy, ‘Naira 4 Dollar Scheme,’ an initiative aimed at incentivising senders and recipients of international money transfers, saying it would aid more investment from Nigerians living abroad.

READ: Diaspora Remittances: Mobile Payment Operators appeal to CBN to allow naira payments

What Nigeria’s Vice President is saying

Osinbajo pointed out that for several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenue, adding that the country is interested in finding out how to translate this potential to investments.

He said, “Nigerians in diaspora represent an indomitable force, they are flag bearers of Nigeria’s image, Nigeria entrepreneurial energy and Nigeria’s incredible can-do attitude. In business, politics, education, sports, entertainment, science, medicine, and arts, Nigerians have demonstrated across the world what Nigerians represent in Nigeria. We realise the role of the diaspora and the potential that they represent.

“For several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenues, which translated sometimes as high as six per cent of GDP. We are interested in understanding exactly how to translate this potential to investments.

READ: This report explains why Nigerians are bent on leaving the country

“So, the office of the VP working with stakeholders, including NIPC, worked on a study and we found that many Nigerians, particularly first-generation males, have a keen interest in investing in their country.”

Going further, Osinbajo added, “We noticed that 70 per cent of remittances go into family support and only 30 per cent of the inflows go into investments and in that 30 per cent, a bulk of it goes into real-estate.

“But what Nigerians in the diaspora indicated would be useful for them is to undertake more investments into Nigeria in specific engagements that promote investment opportunities led by the private sector. From government, what they asked for was improvement in the enabling business environment.

“The effort of government in recent years has been on improving the business environment and initiatives, such as this, driven by the private sector, to attract investment from the diaspora is one of the key things they asked for,’’ he said.

READ: VP Osinbajo calls for provision of capital to grow businesses for long term

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The Vice President expressed delight with the new CBN policy that makes it easier for Nigerians in diaspora not just to transfer funds to Nigeria but to have greater control over the funds they transfer to Nigeria.

He said that he is confident that when statistics would be released, there would be a material impact on the diaspora remittances from Nigerians to Nigeria.

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What you should know

  • It can be recalled that the CBN in an earlier circular dated March 5, 2021, stated its new forex policy initiative that all recipients of diaspora remittances through the apex bank’s licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow as an incentive.
  • This means for instance if an individual sends you $10,000, you will get an additional special credit alert of N50,000.
  • The new policy initiative which is with effect from Monday, March 8 and end on Saturday, May 8, 2021, states that this incentive is to be paid to recipients whether they choose to collect the US dollar as cash across the counter in a bank or transfer same into their domiciliary account. In effect, a typical recipient of diaspora remittances will at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.”

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