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Business

Blockchain, AI, Robotics will positively transform the maritime sector – DG NITDA

NITDA DG says the usage of Blockchain technology, Artificial Intelligence and Robotics will positively transform the maritime sector.

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local content, NITDA launches Consumer Protection Forum for IT industry

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullah has disclosed that the usage of Blockchain technology, Artificial Intelligence and Robotics will positively transform the activities of the maritime sector.

This was disclosed by Mallam Abdullah during a courtesy visit by members of the Nigeria Shippers’ Council led by its Executive Secretary, Hassan Bello, to NITDA’s corporate headquarters in Abuja.

The DG explained that due to the unwavering determination to holistically implement the National Digital Economy Policy and Strategy, his agency will assist in the digital technical transformation of the maritime sector.

He disclosed that the agency is optimistic that the usage of Blockchain technology, Artificial Intelligence and Robotics will positively transform the activities of the sector.

According to him, the deployment of Information Technology (IT) in the maritime sector, would bring about efficiency and more revenue generation, adding that Blockchain technology can be used in tracking and tracing trade, supply chain, training and many more.

He stressed that for the NSC to get the best possible outcome, the council needs to look at its business architecture to identify the gaps in order to know where they are currently and where they want to be.

What they are saying

In his speech, The NITDA boss said:

“We are set to assist Nigeria Shippers’ Council in the digital technical transformation of the maritime sector. We are optimistic that the usage of Blockchain technology, Artificial Intelligence and Robotics will positively transform the activities of the sector.

“The infusion of Artificial Intelligence and Robotics in the ports will bring about little or no human efforts with great result. As the transformation in the maritime sector is beyond technology alone, it has to cut across the people, the process and then the technology.

“The process flow and headhunt is required in order to look for people with the prerequisite skills to help get to where they want to be.”

Speaking at the visit, the Executive Security of Nigeria Shippers’ Council, Hassan Bello said: “The purpose of the visit was to seek technical assistance to ensure that the maritime sector, especially the ports in Nigeria, are fully digitalised for efficiency so as to key into the pursuit of a Digital Nigeria.”

 

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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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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