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  • At Special Annual Summit, Finance Sector Stakeholders Restate Commitment to Quality Education

    At Special Annual Summit, Finance Sector Stakeholders Restate Commitment to Quality Education

    Stakeholders of the financial sector of the Nigerian economy have charged private operators to promote innovative and sustainable approaches to uplift the educational standards for underprivileged children living in low-income communities.

    Among the stakeholders are Managing Director of EDC Fund Management Limited, a member of the Ecobank Group, Mrs. Oluwayemisi Ogunmola; CEO of Sterling Bank, Abubakar Suleiman; CEO of Unity Bank, Mrs. Oluwatomi Somefun; Chairman, African Philanthropy Forum, Gbenga Oyebode; Founding Partner at Banwo & Ighodalo, Asue Ighodalo;  Managing Director, First E&P, Adeyemi Ademola  and Managing Director, Credit Direct, Chukwuma Nwanze.

    They maintained that private sector collaborations will offer the advantage of diffusing emotional burdens, leading to more informed and intelligent decision-making, as together, they can achieve much more to support the provision of sustainable education for the Nigeria youth.

    The stakeholders converged on the Ecobank Pan African Centre (EPAC) in Victoria Island, Lagos at The Special Foundation annual summit, tagged: Transforming Education Summit 2023.

    This year’s edition of the summit focused on the theme: “Enhancing Access and Quality Education in Africa” had visionaries, partners, corporate leaders and esteemed diplomatic representatives, converging to effect meaningful change in the realm of education.

    Founder of The Special Foundation, Seyi Akinwale, said the event sought to redefine the trajectory of education and leadership, said: “As we build a formidable platform that can confront societal challenges, proper solitaires and uphold the aspirations enshrined in the Sustainable Development Goals (SDGs).

    “The summit aims to chart innovative and sustainable approaches to uplift the educational standards for underprivileged children living in low-income communities.

    “Founded several years ago, The Special Foundation’s mission is to raise Africa’s future leaders by tackling the educational crisis in our society through increased access to education. What is truly rewarding is our journey from a single child nine years ago to now impacting over fifteen thousand children and continuing to educate more than four hundred children. This success is a testament to the collaborative spirit of the institutions and individuals here today.”

    Speaking, Suleiman articulated the role of the private sector, stressed that it was its responsibility to improve the lives of underprivileged children, saying: “In societies where children reside in impoverished conditions, we, the privileged elite are responsible for eradicating their suffering. It is not an act of benevolence but a solemn obligation.

    “A significant issue within the corporate sector is the pursuit of success at the expense of society. Some corporate actions inadvertently contribute to the creation of impoverished communities.

    “Then after achieving success, they attempt to ameliorate the problems they have indirectly caused. This approach raises concerns, and I believe that corporations must build their enterprises responsibly, avoiding the creation of slums and societal impoverishment.”

    On her part, Mrs. Somefun stressed the power of collaboration for the greater good, stating: “Individual efforts can be limiting, as we often find ourselves overwhelmed by the enormity of the challenges. Collaborations offer the advantage of diffusing emotional burdens, leading to more informed and intelligent decision-making. Together, we can achieve much more.”

    Also speaking, Managing Director of EDC Fund Management Limited (a member of the Ecobank Group), Mrs. Ogunmola said the organisation supports promotion of quality education for youths, as an avenue to create future leaders for Nigeria and Africa, which she said, was at the core of EDC’s Corporate Social Responsibility (CSR) activities.

    Maintaining that the initiative is ensuring that children who come from underserved communities are given the opportunity and a shot at making it in life, she said: “The value connection between us and TSF was instant. As one of the thriving asset management firms in Nigeria, we don’t just proffer top notch financial solutions to our clients but also promote financial inclusion in our society.

    “We recognise there is an urgent need to support the indigent in our communities to enable them to integrate with the larger society, where opportunity is available for everyone to thrive, especially the young people amongst us.”

    The summit also featured inspirational stories from beneficiaries of The Special Foundation’s Inspire Scholarship program, a captivating live performance by Seun Adesina, Sinmidele Ayodeji and a thought-provoking call to action by Olakunle Soriyan, Chief Knowledge Officer of Kenneth Soriyan Research and Ideas LLC.

  • Nigerian Businesses, Consumers Unite Against IMF’s Tax Proposal: Seeking Economic Reform For Prosperous Future

    Nigerian Businesses, Consumers Unite Against IMF’s Tax Proposal: Seeking Economic Reform For Prosperous Future

    The International Monetary Fund’s recent proposal to the Nigerian government, suggesting tax hikes as a means to finance the national budget and pay off public debts, has sent shockwaves through the Nigerian business community and consumer groups. In response, a formidable alliance of businesses and entrepreneurs in Nigeria is pushing back, recognizing the threat the proposal poses to their very survival.

    At the core of this crisis lies the excessive cost burden shouldered by Nigerian businesses. Rising operating costs due to government policies, such as the removal of fuel subsidies and foreign exchange unification, have rendered many firms uncompetitive, both locally and globally.

    The IMF’s recommendation to increase taxes at this juncture could potentially push businesses to the brink, possibly triggering a wave of closures of businesses in Nigeria and job losses that would reverberate across the nation.

    While big industries and multinational organisations express their concerns about the hazards of tax increases, the small and medium-sized enterprises (SMEs) are particularly vulnerable. These businesses are the lifeblood of the Nigerian economy, contributing significantly to employment and economic activity. They are also the most susceptible to tax hikes and rising operational costs.

    Small business owners and entrepreneurs are presently at the forefront of the opposition against the IMF’s proposals. They argue that the focus of the present administration should be on promoting an environment conducive for business growth and job creation, rather than imposing heavier tax burdens that threaten their very existence.

    Nigerian industry and small businesses are mounting an impressive response to the IMF’s unpopular proposal. Business associations, chambers of commerce and advocacy groups are joining forces to form a powerful front against the IMF’s recommendations. In the midst of this resistance, they are demanding a more comprehensive approach to economic stability, one that prioritizes the creation of an environment favorable to business growth.

    They argue that their fight against the IMF’s tax hike proposals isn’t merely numbers adding that it’s a struggle for the survival of industries and small businesses, as well as the livelihoods of countless Nigerians who are leaving far below the World Bank recommend bench-marked poverty level.

    They also posited that the excessive costs that have pushed businesses to the brink must be addressed, adding that the solution does not lie in more taxes. Instead, they argue that Nigeria needs a holistic approach to economic reform, one that promotes competitiveness, fosters innovation, and ensures that businesses, both large and small, have the opportunity to thrive.

    Consumer income in Nigeria has faced immense pressure in recent years, with factors like the removal of fuel subsidies and the lingering effects of the COVID-19 pandemic leading to job losses, reduced working hours, and stagnant wages. Households have been navigating a challenging economic landscape where they are expected to do more with less. Prices of goods and services across the country have soared, with minimal or no corresponding increases in wages.

    In this context, the IMF’s proposal for increased taxes is seen as another threat to consumer income. Higher taxes can diminish disposable income, leaving consumers with less money for essential needs, savings, and discretionary spending. Consumer groups argue that higher taxes can affect various aspects of everyday life, pushing the cost of basic necessities like food, utilities, and transportation to rise, making it even harder for consumers to make ends meet. While governments may argue that these tax revenues are crucial for funding public services and economic recovery, consumer advocates insist that the approach should not unreasonably burden those already struggling to cover their bills.

    Consumer groups are urging governments and the IMF to consider alternative solutions that prioritise the well-being of consumers. Instead of relying solely on tax increases, advocates are proposing a more balanced approach, one that includes measures to curb wasteful government spending, reduce corruption, and stimulate economic growth. They argue that these measures can alleviate the financial strain on consumers while fostering economic stability.

    The ongoing debate surrounding the IMF’s tax increase proposal reflects the delicate balance governments must strike between revenue generation and safeguarding the well-being of their citizens. In the face of growing income inequality and economic disparities, the burden of higher taxes on consumers is a matter that should not be taken lightly.

    As the IMF proposal continues to generate discussions across by various interest groups, there are high hopes that the federal government will consider the plight of business operators and consumers in the country and turn deaf ears to the IMF proposal when making decisions about tax policies.

    For emphasis, the road to economic recovery should not come at the expense of those who are already struggling to make ends meet. A balanced approach that takes into account the concerns of business operators and various interest groups in the country, can lead to a brighter and more equitable future for all, and the outcome of this battle will undoubtedly have far-reaching consequences for Nigeria’s economic future.

     

  • Schweppes Unveils 40cl PET Bottle for Enhanced Consumer Experience

    Schweppes Unveils 40cl PET Bottle for Enhanced Consumer Experience

    General Manager, Nigerian Bottling Company, Goran Sladic (left); General Manager, Coca-Cola Nigeria Limited, Fiyin Adewakun; Marketing Director, Coca-Cola Nigeria Limited, Yusuf Murtala; Head of Trade Marketing, Nigerian Bottling Company, Dayo Adefulu and Schweppes new ambassadors, Sharon Ooja and Ebuka Obi-Uchendu at the unveiling of Schweppes 40cl PET Bottle in Lagos recently

    Schweppes, a sparkling premium beverage, has introduced a new sleek and vibrant 40cl PET bottle into the Nigerian market. The recently introduced 40cl bottle is an extension of the elegance of the three Schweppes brand variants: Virgin Mojito, Chapman and Pineapple with malt extract.

    The launch event, which held at the W Bar, Ikoyi, Lagos, was attended by Nigerian celebrities from the entertainment industry as well as many corporate executives. It was a night of music and fun even as the audience were treated to a sip of their favourite Schweppes in the new bottle.

    Top music artistes like Byno, Chike, Wande Coal, Dbanj and the Okoye brothers, P Square engaged the audience with their energetic and classical songs that left guests excited at the event. The soiree also saw the Brand Ambassadors Ebuka Obi-Uchendu and Nollywood sensation Sharon Ooja in attendance.

    Speaking at the event, Marketing Director, Coca-Cola Nigeria, Yusuf Murtala, said that the aim of the Schweppes 40cl PET Bottle launch is to revolutionize the approach to how people socialise and foster positive connections.

    “Schweppes has an illustrious history of delivering exceptional and timeless flavors. Our objective is to elevate our consumers’ experience with the brand. With our innovative new bottles, consumers can now savor our premium brand and experience refreshment whenever and wherever they desire,” he said.

    Also speaking, Senior Marketing Manager, Flavours, Coca-Cola Nigeria, Adesoji Omoigui, emphasised that “the newest inclusion to the Schweppes family aims to provide elevated and gratifying socializing experience. The Virgin Mojito, Chapman and Pineapple with Malt Extract variants in the PET bottles are the perfect fusion of taste and style.”

    In a statement, the company explained that Coca-Cola Nigeria Limited is a total beverage company, offering one of the world’s most valuable brands, Coca-Cola. Our company portfolio includes valuable beverage brands, such as Coca-Cola, Fanta, Sprite, 5Alive juices, Eva water, Schweppes and Limca.

    “We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We’re also working to reduce our environmental impact by replenishing water and promoting packaging recycling across our value chain.

    “With our bottling partners, we employ more than 5,000 people with over 700,000 distribution partners helping bring economic opportunity to local communities. Learn more at the Coca-Cola Nigeria website at www.coca-cola.com.ng and follow us on Twitter, Instagram, Facebook and LinkedIn,” it added.

     

  • Ecobank Tasks Customers on Cybersecurity Consciousness

    Ecobank Tasks Customers on Cybersecurity Consciousness

    Ecobank Nigeria has advised its customers and stakeholders to stay safe online and boost their cybersecurity initiatives against the rising activities of cyber criminals.

    In an email message to customers as part of the Cybersecurity Awareness Month, the bank enjoined its customers to integrate four key measures into their online practices to safeguard their personal data from digital threats.

    These include, using strong passwords and (or) a password manager, turning on multifactor authentication, recognizing and reporting phishing and regular update of their phone or computer software.

    The National Cybersecurity Awareness Month is usually celebrated in October of every year. It is a month-long effort dedicated to promoting cybersecurity awareness and education. It aims to empower individuals and organizations to take proactive steps in safeguarding their digital lives, assets, and sensitive information.

    According to the bank, customers should be risk aware enough to recognise and report phishing, describing phishing as an attack that attempts to steal money, or identity, by getting bank customers to reveal personal information, such as credit card numbers, bank information, or passwords – via a phishing website or link that poses to be legitimate.

    “Cybercriminals typically pretend to be reputable companies, friends, or relatives in a fake message. Be careful if you receive an email or message asking for personal information. If you get this type of message, don’t provide the requested information without confirming that it is legitimate.

    “We also advise customers to always use multi-factor authentication to protect their bank accounts and confidential information.  Multi-factor authentication acts as an additional layer of security that helps prevent unauthorised users from accessing your accounts, even when the password has been stolen.

    “Multi-factor authentication is a multi-step account login process that requires users to enter more information than just a password. For example, along with the password, users might be asked to enter a code sent to their mobile or email, answer a secret question, or scan a fingerprint,” the bank stated.

    Further, Ecobank stressed the need for a strong password, “Your PIN, OTP and passwords should always be kept confidential. For strong passwords, consider using three random words, a mixture of capital letters, special characters and even numbers.

    “In addition, you should update your apps and your device’s software as soon as they are available. Updates include protection from viruses and other kinds of malware and often improvements as well as new features.”

    The Pan-African Bank noted that it continually runs awareness programmes to ensure employees and customers understand the various forms of cybercrime and how to prevent them, stressing that with digital banking remains a key pillar of its strategy.

    “We must ensure our platforms are well secured to safeguard the integrity of our data.

    The bank has invested heavily in training and various forms of capacity building to ensure staff understand cyber related challenges and address them promptly,” the statement added.

     

  • BAFI Awards: LAPO MfB Wins Microfinance Bank of The Year

    BAFI Awards: LAPO MfB Wins Microfinance Bank of The Year

    LAPO Microfinance Bank Limited, a premium microfinance institution in Nigeria wins the “Microfinance Bank of the Year” 2023 BusinessDay Banks and other Financial Institutions (BAFI) Awards.

    In a statement issued by the bank, Director of Communications & Branding, Oluremi Akande, said: “LAPO Microfinance Bank has won this award category for nine times consecutively since its inception of the BAFI awards; an explicit  recognition of the bank’s consistency in the delivery of its core mandate, industry leadership and social impact.

    “The Management of the microfinance bank appreciates BusinssDay Media, organisers of the awards for enduring legacy of BAFI and its invaluable contributions to growth of the financial services sector.”

    In a related development, Founder, LAPO Microfinance Bank, Dr. Godwin Ehigiamusoe, was conferred with the honour of ‘Fellow Chartered Institute of Bankers’ in recognition of his immense contributions through LAPO Microfinance Bank to the development of the financial sector, growth of the national economy and socio-economic empowerment of members of low-income households and owners of micro small and medium enterprises in Nigeria.

    LAPO MfB remains committed to its over 30-year mandate of socio-economic empowerment of members of low-income households and owners of micro small medium enterprises in a most sustainable manner.

     

  • Embracing 147 Years Of Global Excellence: How Henkel’s Legacy Shapes Its Business Ambitions In Nigeria

    Embracing 147 Years Of Global Excellence: How Henkel’s Legacy Shapes Its Business Ambitions In Nigeria

    Transformation and Public Affairs Manager of Henkel Nigeria, Chidera Akwuba (left); Head of Finance, Kadir Demirtas; Senior Brand Manager, Oluwaseun Ayemi and Managing Director/ Chief Executive Officer (MD/CEO) at the Henkel Day celebration in Lagos recently.

    Henkel, a global consumer goods, laundry, hair care and adhesives manufacturing leader, with headquarters in Germany and a vast workforce across 125 nations and offices in 79 countries, including Nigeria, recently celebrated its 147 years global legacy of innovation, excellence and sustainability.

    This milestone is a testament to how the corporate brand is driving its purpose through its leadership commitments including acting as entrepreneurs, collaborating with strong teams, developing people with passion, and owning its results and its purposeful growth agenda.

    With a rich history spanning nearly a century and a half, Henkel globally has become a name synonymous with quality, compliance, and sustainability. This legacy has been instrumental in guiding the company’s journey towards becoming a global leader.

    Since its entry into Nigeria in 2016, Henkel’s well-known laundry detergent brands, which include WAW and Nittol detergent, have grown to be a significant participant in Nigeria’s Fast-Moving Consumer Goods (FMCG) market.

    Speaking on its anniversary in Lagos, Managing Director of Henkel Nigeria, Rajat Kapur, stated: “Throughout our long history, Henkel has evolved into a global leader, guided by a legacy of excellence and a commitment to innovation. This has been our compass, steering us through change, uncertainties, and disruptions. Through our goal of creating value for all stakeholders, we are enablers of employee empowerment, regulatory compliance, and environmental stewardship. We remain committed to shaping a brighter future for all, not just for ourselves but for generations to come.”

    On its diversity, equity and inclusion agenda, Rajat said: “Henkel was one of the first German DAX companies to establish a dedicated global diversity team. Today, diversity, equity and inclusion are deeply anchored in the company strategy and corporate culture.

    “One of the things that really worked for us in Nigeria since we established the purposeful growth agenda in 2020 was the fact that we had since fully ingrained it as part of work culture and transited to a more open transparent culture in our transformation journey.”

    Rajat also highlighted the significance of cultural transformation in promoting understanding among employees, fostering stronger relationships, teamwork, and collaboration among team members, ultimately enhancing productivity and innovation within the organization.

    Head, Public Affairs, Governance (PAG) and Transformation, Henkel Nigeria, Chidera Akwuba, emphasized Henkel’s resilience and commitment to organisational cultural values to drive sustainable impact.

    In her words: “As we celebrate beyond now, let us remember that our legacy is not just a record of our past achievements but a promise of what we can achieve in the future. Together, we will continue to innovate, lead, and make a positive impact on the world.

    “Our global journey of 147 years is a testament to our resilience, adaptability, and unwavering commitment to our values. We embrace diversity and inclusivity as part of our ways to drive our purposeful growth agenda through cultural transformation. A diverse workforce can bring fresh perspectives and ideas that contribute to a more innovative and adaptable culture,” Chidera said.

    The corporate brand has also consistently demonstrated its commitment to empowering Nigerian youth and contributing to the socio-economic transformation of its host communities. Through its Peer-to-Peer (P2P) entrepreneurship initiative, over 250 unemployed Nigerian youths have been empowered and transformed into thriving entrepreneurs. Its Researchers’ World Initiative has positively impacted over 1,000 children and students from 2021 till date.

    Transformation and Public Affairs Manager of Henkel Nigeria, Chidera Akwuba (left); Head of Finance, Kadir Demirtas; Senior Brand Manager, Oluwaseun Ayemi and Managing Director/ Chief Executive Officer (MD/CEO) at the Henkel Day celebration in Lagos recently.

     

     

  • Ecobank Group Champions Intra-African Trade Growth At IATF 2023

    Ecobank Group Champions Intra-African Trade Growth At IATF 2023

    Ecobank Group, the leading pan-African banking Group, has restated its commitment to position as the ‘go to’ bank for payments and trade on the African continent.

    Group Executive, Corporate and Investment Banking, Ecobank Group, Eric Odhiambo, who disclosed this at the ongoing Intra-African Trade Fair 2023 (IATF 2023) in Cairo, Egypt, said the bank’s digital platforms facilitate seamless payments and collections across the 35 countries where the Pan-African bank operates on the continent.

    He said IATF 2023, the continent’s premier trade and investment event with the theme: Connecting African Markets provides a springboard for businesses to grow their intra-African trade and investments across the continent’s single market of 1.4 billion people created by the African Continental Free Trade Area (AfCFTA).

    “IATF provides Africa’s businesses with unrivalled opportunities to network, connect and sign contracts with buyers and sellers from across the continent.

    “With our comprehensive suite of banking products, services, solutions and our established digital platform, which facilitates seamless payments and collections across our 35 countries of presence in Africa, Ecobank is positioned as the ‘go to’ bank for payments and trade.

    To further support businesses to grow and succeed we have also put in place a range of initiatives which include the game-changing Ecobank Single Market Trade Hub, which connects importers and exporters across Africa.”

    The Ecobank Single Market Trade Hub is a cutting-edge digital platform, which serves as an exchange and information repository, designed to respond to the evolving trading needs of SMEs and corporates within Africa’s single market. The Trade Hub reduces the asymmetry in trade information and leverages Ecobank’s wide client base, through its network advantage given its presence in 35 African markets.  With more than 2,000 customers on-boarded on the platform, the Trade Hub offers the following essential features and services:

    MyTradeHub: An online match-making platform that enables importers and exporters to create their company profiles, exhibit their goods and services, and connect with buyers and suppliers throughout Africa.

    AfCFTA Expertise: A valuable repository of knowledge and information on the African Continental Free Trade Area to help SMEs and other corporate organisations familiarise themselves with the single market and ways to expand their trade into new African markets.

    Trade and Payment Solutions: A gateway to Ecobank’s full range of products and digital solutions, including trade finance and services, cash management solutions, domestic and cross-border payments and collections, investment banking and Capex financing, among others.

    Ecobank’s additional solutions to facilitate intra-African trade include RapidCollect, which enables businesses to collect payments instantly and at low cost from their customers in 33 countries, whilst only needing one single account in their home country; and assisting businesses to gain an online presence and develop a free website through Google My Business Platform.

    In addition, Ecobank will be acting as an inter-bank settlement agent for central banks in our countries of operation that have not yet signed up to Pan-African Payment and Settlement System (PAPSS).

    IATF 2023 promises to play a key role in raising awareness and helping Africa’s businesses to grasp the opportunities and benefits of the AfCFTA and create new markets across Africa, while fostering investments and boosting value chains.

    The Ecobank Group is determined to continue to play a significant role in helping to achieve the objectives of the AfCFTA and is delighted to be a sponsor of the IATF2023.

     

  • How We Made N1.1tr Collection in 2023- Comptroller Jaiyeoba

    How We Made N1.1tr Collection in 2023- Comptroller Jaiyeoba

    L-R: Comptroller Babajide Jaiyeoba, Customs Area Controller of Apapa Command; Assistant Comptroller Nura Miko and a representative of the Army Commander where a presentation was made to Miko in Apapa on Wednesday

    Comptroller Babajide Jaiyeoba, Customs Area Controller of Apapa Command has explained that it took extra efforts and concerted team work for the command to collect N1tr revenue in 2023.

    Speaking at a decoration ceremony for newly promoted officers of the command on Wednesday in Lagos, Jaiyeoba said the revenue profile of the command was not impressive as at August 2023 when he assumed office as Controller of the area

    The Customs Controller who described 2023 as a year that came with many challenges which affected port activities adversly, deployed team work, tact and unrelenting pursuit of the service goal to achieve a leap in revenue collection

    He disclosed that the command under his watch veered into strategic consultations and continually held revenue meetings weekly to proffer solutions to the situation.

    While commending 6 newly decorated and promoted Comptrollers in the command who had served with him as Deputy Comptrollers, Jaiyeoba said their invaluable individual and collective support and ideas were helpful in the journey towards increasing revenue collection

    He described newly promoted Assistant Comptroller Nura Miko as an officer with great ideas whose advise helped him upon assumption of office in understanding how best to administer the command

    Jaiyeoba said Miko’s deployment back to the command after his recent promotion to AC gladden his heart as the officer has distinguished himself in revenue collection, trade facilitation and all aspects of modern customs operation.

    He said Miko’s drive and dedication to duty is what every junior and middle level officer should emulate as they rise in their career as customs officers who have critical roles to play in national security and economic development.

    He reminded newly promoted officers that their elevation comes with ia blend of celebration and additional challenges that could be overcome.

    The Area Controller urged the officers to brace up to improved performance in 2024 as the Comptroller General looks up to them towards achieving the overall target of the service this year.

     

  • Ecobank, EPAC Studios Partners Photo Artists, Explores Contemporary Photography Scenes

    Ecobank, EPAC Studios Partners Photo Artists, Explores Contemporary Photography Scenes

    Ecobank Nigeria’s flagship media outfit, EPAC Studios is partnering with Nigerian photographers to explore contemporary photography scenes.

    The immersive photo experience which takes place at the Ecobank Pan African Centre (EPAC) on Ozumba Mbadiwe Avenue in Victoria Island, between January and February is set to feature photography experts such as Kelechi Amadi, Emmanuel Oyeleke, Jokotade Shonowo, Yemi Kings and Okeffect, among others.

    These ace creatives will take participants on a thrilling visual journey that spans professional headshots, family shoots, valentine theme shoots, as well as lifestyle and fashion.

    Head, Marketing and Corporate Communications, Jide Sipe, who announced the EPAC Photo Experience, said the initiative is geared towards helping customers, creatives and everyone to start the year on a visually buoyant note, freezing memories in time and creating picture perfect moments.

    He stressed that it would be a highly engaging and interesting time for all stakeholders in the photography space and members of the public, adding: “At Ecobank, our passion for supporting Nigerian creatives is only matched by our desire to create signature experiences built around our customer’s lifestyles.”

    Speaking further, he stated: “This is why through our flagship media outfit; EPAC Studios, we are bringing everyone together to savor the beauty and thrill of visual arts with added opportunities for learning and networking with some of the finest minds in the industry.

    Sipe further said: “We are not stopping at just photography. We have gone beyond to include videography and podcasts which we understand is rapidly becoming an integral part of our customers’ lives. We have themed and customised booths for customers to take all kinds of pictures with different backgrounds.

    “These booths are reflective of some of the things people are passionate about i.e. our culture, nature, family, among others as well as a booth filled with inspirational quotes designed to galvanize people for the new year. Furthermore, we have also provided and optimized a recording booth for interested persons to “do their thing” whether in audio or video format.”

    Ecobank Nigeria is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing and Dubai).

    The financial institution is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.

     

  • Marine & Blue Economy, N9.9tr Allocation for Infrastructure, Others to Drive Growth in 2024

    Marine & Blue Economy, N9.9tr Allocation for Infrastructure, Others to Drive Growth in 2024

    Executive Director, Retail Banking South, FirstBank, Oluseyi Oyefeso (left); Head, Strategy & Corporate Development, Chike Uzoma; Group Executive, Transaction Banking, Olaitan Martins; Executive Director, Corporate Banking, Tosin Adewuyi; Special Assistant to the President on PEBEC and Investment, Jumoke Oduwole; Founder and Chief Consultant, B. Adedipe Associates Limited (BAA Consult), Dr. ‘Biodun Adedipe; Group Head, Marketing & Corporate Communications, FirstBank, Folake Ani-Mumuney; Founder, The FactBox Company and Leadership-By-Data, Babajide Ogunsanwo and Executive Director, Investment Management and Oversight, FBNHoldings, Oyewale Ariyibi, at the FirstBank Nigeria Economic Outlook 2024 in Lagos

    Policy and data analysts, as well as economic experts have declared that the creation of the Marine and Blue Economy Ministry and the allocation of N9.99 trillion for capital expenditure and infrastructure development in the 2024 Budget will be major drivers of growth in fiscal 2024.

    They also posited that Nigeria’s large population of 223.8 million comprising mostly youth of an average age of 17.2 years and the sixth largest populace in the world presents a positive outlook for the nation’s economy since a youthful and vibrant population is capable of buying and consuming anything.

    Speaking at FirstBank of Nigeria’s Economic Outlook 2024: Current Realities and Prospects, the pundits argued that President Bola Ahmed Tinubu’s policy thrust in critical sectors as captured in the 2024 budget point to a positive outlook for the nation’s economy in the year.

    Chief Executive Officer of Biodun Adedipe and Associates (BAA Consult), Dr. ‘Biodun Adedipe, who presented the keynote address at the summit, said the creation of the Ministry of Marine and Blue Economy and allocation of N9.99 trillion for capital expenditure (infrastructure development) represent a positive outlook for the nation’s economy.

    He said the way President Tibunu has handled national issues since assuming office shows that he listens to people’s opinions and that given that disposition, Nigerians should continue to speak up for the government of the day to take more proactive steps in moving the nation forward.

    “The President knows the value of money in a sustainable economy and he is poised to look for the money in all the critical sectors and one of his strategies is to appoint experienced and competent people into such key sectors to deliver on his administration’s mandate. Another area of strength is the Federal Government’s focus on capital expenditure last seen in the 1980s,” he said.

    In his overview of the 2024 budget, he stressed that other interesting indices for positive economic outlook are rapid urbanisation at 51.96 percent in 2020 and 53.96 percent in June 2023, up from 47.84 percent in 2015 and deepening internet penetration at 45.57 percent in August 2023, rising from 31.48 percent in December 2018.

    “The nation’s teledensity at 116.6 percent in December 2022 and 115.63 percent in August 2023, a drop from 123.48 percent in December 2018 (91 percent in March 2019) and Internet users for which Nigeria ranks 11th globally are also good pointers to a better and resilient economy projected to grow at 3.5 percent this year.

    “On exchange and interest rates, the Federal Government benchmarked the budget assumption at N800/$; significant utterance N650-N750/$, while JP Morgan pegged it at N850/$. The Monetary Policy Rate (MPR) of 18.75 percent is expected to be raised to reduce negative interest rate by closing the domestic inflationary gap of 26.72 percent and respond to rate differentials with dollar interest of 4.58 percent yield on 10-year treasury bonds and inflation of 3.7 percent,” he said.

    He further explained that money supply and imports have maintained a relentless uptick on inflation rate, while local oil refining, revived manufacturing and focused export promotion will support stability to the Naira exchange rate, just as improvement in infrastructure would begin to positively impact the cost of doing business.

    Adedipe, who urged the Federal Government to create a friendlier business environment for more businesses to thrive, pointed out that Switzerland, Japan, Germany and other countries have been making enquiries on investment opportunities in the Nigerian economy in 2024 and beyond.

    He stressed that the government should strive to attract and retain manufacturers, adding that big manufacturing companies like GSK, P&G and Nestle, among others exiting in recent times, was not about Nigeria, but they were doing so to align with their global business strategies.

    “Most of the companies exiting Nigeria are still producing and shipping to countries from which they exit, but still export from. It is global shift of international trade post-COVID 19 pandemic. But essentially, China, India and Lebanon are dominant countries in terms of trade with Nigeria,” he added.

    Speaking during the panel session, Founder of FactBox Company and Leadership-By-Data, Babajide Ogunsanwo, who said security remains crucial to agriculture and food production, lamented that across the 45 sectors of the economy, crop production was growing at only 1.65 percent, while post-harvest losses in the country was still high at 60 percent.

    He said the Federal Government should leverage the country’s youthful population and ensure availability and affordability of food by engaging in all-year faming, as well as provide facilities for improved processing, storage and preservation of farm produce with a view to attaining a sustained agricultural production and entire food chain.