Oil prices rose on the market on Thursday as a result of US data showing a decrease in crude stocks, which pointed to an improvement in the nation’s oil consumption. International benchmark Brent crude closed at $78.04 per barrel, up $0.41% over the previous trading session’s closing price of $77.72 per barrel.
West Texas Intermediate (WTI), the American benchmark, was trading at $74.55 a barrel concurrently, up 0.34% from the session’s previous closing of $74.30 per barrel.
The Energy Information Administration reported on Wednesday that oil stocks decreased by 5.1 million barrels, to 460.9 million barrels, in the week ending April 21. According to the American Petroleum Institute, 6.08 million barrels would be drawn. Demand is increasing despite the lower-than-expected decrease in inventories.
The US dollar index dropped, supporting prices even further by lowering the cost of crude oil for overseas customers.
The US dollar index, which gauges how much the dollar is worth in relation to a variety of other currencies such as the British pound, Canadian dollar, Swedish krona, and Swiss franc, dropped to 101.095 on Thursday, a 0.11% decrease from Wednesday’s closing price of 101.205. Price hikes were nevertheless constrained by continued recessionary worries brought on by subpar global economic statistics.
Later in the day, more information is anticipated by investors to provide further light on the veracity of recession worries. The first-quarter US GDP data, as well as the Federal Reserve’s personal consumption expenditures price index, are expected to show a slowdown in economic growth.
The National Economic Council (NEC) halted the scheduled removal of petroleum subsidy by the conclusion of President Muhammadu Buhari’s government on Thursday.
This was revealed by Zainab Ahmed, Minister of Finance, Budget, and National Planning, while briefing State House media at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa in Abuja.
According to the minister, the NEC agreed in its meeting that the timing of the measure is not favorable.
She noted that the Council discussed on the topic and determined that it could not be eliminated for the time being, but it also agreed on the importance of continuing the conversation and the necessary preparation work in collaboration with states and representatives of the new administration.
Ahmed said, “What I said is that it is not going to be removed now; which means it is not going to be removed before the transition is completed. But then we two laws that have inadvertently made the provision that we should exit (subsidy) by June.
“So, if the committee’s work, which will include the representatives of the incoming administration determine that the removal can be done by June, then the work plan would be designed to exit as at June.
“But if the determination is that the period needs to be extended, it will mean that, as a country, we will have to revisit the Appropriation Act because the 2023 Budget only made provision up to June.
“So, if we are extending beyond June, it means we have to revisit the Appropriation Act and do a Supplementary or amend the bill and also the PIA.”
The African Development Fund and Smart Africa Alliance have jointly launched a $1.5 million project on April 27th in VICTORIA FALLS, Zimbabwe to streamline digital trade and e-commerce policies across 10 African countries.
The Institutional Support for Digital Payments and e-Commerce Policies for Cross-Border Trade Project (IDECT) will evaluate policy gaps in the digital trade and e-commerce ecosystems of Côte d’Ivoire, Benin, Ghana, Liberia, Uganda, South Sudan, Zimbabwe, the Republic of Congo, São Tomé and Príncipe, and the Democratic Republic of Congo.
The project will see to the implementation of regional training and capacity-building programs focusing on cross-border e-payment and e-commerce for governments, private sectors, and Small and Medium Sized Enterprises (SMEs). These programs are expected to reach 600 participants, with 60% being women and youth. Additionally, a certified gender-sensitive e-learning training program addressing the unique challenges faced by women in digital trade and e-commerce, will be developed and disseminated to 2,500 participants, of whom 60% will be women.
The agreement was signed on Tuesday, 25 April, a day ahead of the 2023 Transform Africa Summit which takes place in Victoria Falls, Zimbabwe, from 26-28 April.
African Development Bank Director General for Southern Africa Region Leïla Mokaddem, described the IDECT as a pivotal step towards strengthening Africa’s digital trade and e-commerce landscape.
“This initiative will bolster the development of harmonized e-payment policies, capacity building, and gender-sensitive frameworks, ultimately fostering a digital trade ecosystem that generates employment opportunities across the continent,” she said.
Lacina Koné, CEO of Smart Africa, said: “The IDECT project demonstrates our commitment to fostering digital transformation and economic growth in Africa. By addressing policy gaps and promoting gender-sensitive training, we are laying the foundation for a thriving digital trade and e-commerce ecosystem.”
For more information about the IDECT Smart Africa project, click here
The African Development Bank Group has appointed Jean-Hubert Bayala, a national of Burkina Faso, as Acting Director for its General Services and Procurement department on April 27th in Abidjan Ivory Coast. The appointment took effect on 1 March 2023.
Bayala has over 30 years of progressive professional, technical and managerial experience that includes supporting core Bank Group business operations and financial activities.
Before his appointment, Bayala led the bank’s Business Continuity Unit, which oversees its capability to respond to threats and risks with the potential to disrupt operations. Since assuming that position in 2010, Mr. Bayala has developed, implemented and managed business continuity, including for operations and services.
Mr. Bayala has previously served as Acting Director of the General Services and Procurement department from February 2020 to April 2022. From May 2007 to December 2009, Mr. Bayala was a risk and business continuity planning officer at the World Bank Group, where he worked on security, risk, and emergency management issues.
In an earlier stint with the African Development Bank, before he joined the World Bank Group, Bayala served as team leader for the Information Technology Security and Business Continuity Plan. He was also a member of the Management Committee of the Information Technology department.
During this period—from 1992 through 2007—he played a lead role in developing and deploying the business continuity plan that paved the way for the Bank’s relocation in 2003 from Cote d’Ivoire to Tunisia and its subsequent return to the former country in 2014.
Bayala holds a master’s degree in Electronics Engineering from l’Institut National Supérieur de l’Enseignement Technique, INP- HB Côte d’Ivoire. He also holds certificates in Leadership and Management Development from Cranfield School of Management in the UK and Persuasive Leadership Development from the University of Pennsylvania’s Wharton School (USA).
Commenting on his appointment, Bayala said: “I accept the appointment with humility and commitment to deliver on the Bank’s noble mandate. I would like to thank President Adesina for the trust he always places in me, and will do my best to lead the team to deliver in the interim period.”
Dr. Akinwumi A. Adesina, President of the African Development Bank Group, said: “I am pleased to appoint Mr. Jean-Hubert Bayala as Acting Director of the General Services and Procurement department.
Mr. Bayala is a respected professional and will lead and provide strategic direction to the team, ensuring that there is adequate management of the Bank’s administrative affairs, effective and efficient management of the Bank’s real estate portfolio, and optimization of the Bank’s institutional procurement.”
Access to clean water, sanitation, and hygiene is essential for human health and well-being. The Sustainable Development Goal (SDG) 6 is about “clean water and sanitation for all”.
However, in many developing countries, these necessities remain out of reach for a significant portion of the population, particularly those living in suburban and rural areas. The popular thinking is that local governments can play a critical role in scaling up interventions to improve access to water, sanitation, and hygiene.
Take Nigeria. It is easily the most populous country in Africa with a rapidly growing population that is expected to reach 400 million by 2050. Despite its vast natural resources, including water, Nigeria faces significant challenges in providing access to clean water, sanitation, and hygiene. According to the World Health Organisation (WHO), only 29 per cent of Nigerians have access to basic sanitation facilities, and only 63 per cent have access to basic water services.
The local government is Nigeria’s third tier of government. It consists of 774 units located across the thirty-six states of the federation. Local governments are typically responsible for a range of vital services for people and businesses in defined areas.
Empowering the local government is key to addressing these and other basic everyday challenges. Across the world, local governments are responsible for providing basic services, including water and sanitation, to their communities.
They are, however, often hampered by a lack of resources, capacity, and technical expertise to effectively implement interventions to improve access to these services. To overcome these challenges, several strategies can be implemented to empower the local government:
Capacity building
One of the most critical strategies for empowering the local government is to build its capacity to implement water, sanitation, and hygiene interventions effectively. This can be achieved through training programs, workshops, and other capacity-building initiatives that provide local government officials with the knowledge and skills they need to plan, implement, and monitor these interventions.
Partnerships
Partnerships with NGOs, private sector organisations, and other stakeholders can provide local governments with the resources and technical expertise they need to implement water, sanitation, and hygiene interventions. These partnerships can also help to mobilize resources and raise awareness about the importance of improving access to these services.
Decentralization
Decentralization of water and sanitation services to the local government can enhance the accountability and responsiveness of local governments to their communities. Decentralization can also provide local governments with greater control over the allocation of resources, enabling them to prioritize interventions that are most needed in their communities.
Use of technology
The use of technology can help to improve the efficiency and effectiveness of water, sanitation, and hygiene interventions. For example, mobile technology can be used to collect data on water sources and sanitation facilities, monitor water quality, and track the implementation of interventions.
Community participation
Community participation is critical to the success of water, sanitation, and hygiene interventions. Local governments can empower communities by involving them in the planning and implementation of interventions, as well as in monitoring and evaluation.
This is the core of the matter, transforming the operations of local governments in Nigeria will require a significant investment of resources. The exact amount required will depend on several factors, including the size and population of each local government, the specific interventions needed, and the level of capacity and resources currently available to local governments.
Experts foresee that it would require consistent investment over the next 10 years, at the minimum, to make any dent
To start, we must have full autonomy for local governments in the country. Local government autonomy refers to the degree to which local governments have the power to make decisions and manage their affairs independently of the state or federal government. In Nigeria, local governments have limited autonomy, which has led to a range of issues and challenges. The biggest problem here is that of access to funds.
Empowering the local government is key to truly transforming the nation. As local governments are able to scale up water access, sanitation, and hygiene interventions, they will contribute directly to improving the quality of life of citizens.
By building the capacity of local governments, fostering partnerships, decentralizing services, utilizing technology, and promoting community participation, we can improve access to these necessities and promote health and well-being for all. Local government autonomy is the ideal starting point.
In the heart of Dubai’s bustling financial district, Emirates is set to launch a new City Check‑in and Travel Store, enabling customers to conveniently book travel, check-in for flights, drop luggage, shop for travel essentials, and save time at the airport.
Passengers can avail of complimentary access and discounts to lifestyle facilities. The state of art facility will be open from April 27, located in the elite ICD Brookfield Place in Dubai International Financial Centre (DIFC),
As part of Emirates’ continuous investment into enhancing customer experience, the City Check-in and Travel Store has a prime and premium location for busy professionals in Dubai’s finance hub and allows customers to drop their luggage as early as 24 hours and up to 4 hours before a flight, arriving at the airport at leisure.
Customers can visit the space and check in anytime from 8:00am to 10:00pm daily, beginning their travel experience with seamless service via self check-in kiosks, at dedicated desks with Emirates agents, or with the help of the world’s first ever check‑in robot assistant – Sara.
Sara is an innovative portable robotic check-in system, which can match faces with scanned passports, check passengers in, and guide them to the luggage drop area. With an eye-catching 2.5 metre LCD screen showing the latest destination content from Emirates, and more screens showing an interactive touchscreen map, the City Check-in and Travel Store is a stylish and spacious contemporary space which offers the opportunity to book tickets, browse travel merchandise, drop luggage, and check in – with paid valet parking and self-parking ensuring an elevated, hassle-free check in experience for Emirates passengers.
Visitors can also get expert advice and offers on trending destinations, while dedicated travel consultants can assist with purchasing tickets for future journeys, managing current bookings, purchasing upgrades, selecting preferred seats, and arranging extra baggage if required.
Emirates passengers with valid boarding passes, who wish to discover the area or spend time relaxing before their flight, will have complimentary access to select lifestyle facilities in the world-renowned ICD Brookfield Place, and exclusive discounts and special offers across a range of restaurants, gyms, and luxury stores – including Josette, 1Rebel, Lulu and the Beanstalk, and Embody Fitness.
Around the DIFC, visitors can enjoy a diverse range of services, shopping, world-class cuisine, and art galleries, including the extensive promenade at DIFC’s Gate Avenue. When it’s time to fly, passengers can then connect directly to the airport via taxi, Emirates chauffeur service, or take a short 10-minute walk to Financial Centre Metro Station connecting seamlessly into the Airport Terminal 3 Metro Station.
According to Emirates’ Chief Operating Officer Adel al Redha, remarked: “Emirates City Check In is our latest addition to the Emirates travel experience, showing our commitment to providing customers with an array of check-in options. Our new location is the first ultra-convenient check in and baggage drop facility conveniently located in the DIFC area. People can avoid busy periods at the airport and minimize queuing.”
“We are pleased to collaborate with ICD Brookfield on this project and look forward to providing our customers with more technology-focused solutions in the future,” Al Redha added.
In a statementwith Rob Devereux, CEO of ICD Brookfield said: “We are thrilled to welcome Emirates City Check-In and Travel store to ICD Brookfield Place, further enhancing our ecosystem as an attractive destination for workers, visitors, and residents.
“This exciting new addition will bring the convenience of city check-in to the central business district, allowing Emirates passengers more time to go about their daily routine, spend productive time at work and enjoy the wonderful lifestyle Dubai has to offer.”
Isidore Agritech Limited is revolutionizing agri-tech in Nigeria with the launch of Jinja Marketplace and Jinja Agent Apps which provides seamless platforms that connect buyers and sellers of agro commodities, extension services, and financing.
By leveraging advanced technology, the Jinja Agent and Marketplace apps offer convenient and efficient solutions for the agriculture industry in Nigeria. With the Jinja Agent app, farmers and aggregators can effortlessly connect with the market by dialing *347*465# to sell their commodities, access extension services, purchase input seeds, and obtain insurance coverage.
Additionally, the Jinja Marketplace app provides agro-businesses with a user-friendly platform to compare and purchase high-quality agro commodities from multiple sellers in Nigeria. This app saves time and money for buyers by providing competitive prices, secure payment options, real-time notifications, and buyer/seller ratings to ensure a safe and seamless experience.
Speaking on the launch, Pamela Adie, Vice-President, Business Development, Isidore noted that Jinja is enabling access to a grid value chain more conveniently. She said, “Jinja is more than just a digital marketplace. One of our goals is to reduce wastage by making sure that farmers and aggregators have access to a wider pool of buyers in an instant, and that agro businesses can see, compare prices, and buy high-quality commodities in bulk without having to go to the farms or markets.”
“Beyond that, we want to improve the quality of life of our farmers and aggregators, so they can buy insurance, get access to financing, and earn a share of our profits on every single transaction! Jinja empowers farmers, aggregators, and businesses with the tools and support they require to grow their businesses faster”, she added.
Speaking on the Jinja platform, Valentine Eke, the product manager at Isidore, elaborated that Jinja features a user-friendly interface that allows farmers, aggregators, and businesses to easily navigate and meet their agric needs.
According to the United Nations, the recent naira scarcity severely hampered the Nigerian economy as the informal sector took the greatest toll from the shortage. It was mentioned that the country’s finances will be affected in 2023 as oil production continues to drop.
In its publication, “Trade and Development Report Update; Global Trends and Prospects (April 2023),” published by the United Nations Conference on Trade and Development, the UN made this information public.
UNCTAD said, “In Nigeria, a shortage of cash, triggered by the replacement of the highest denominations of the country’s currency, hobbled the economy, especially the informal sector.
“Meanwhile, the continuing decline of oil production, accompanied by large-scale oil theft, poses a main threat to strained finances in Africa’s most populous nation.”
According to the organisation, the general African economy is projected to expand 2.5 per cent, which is a drop from last year, and insufficient to curtail poverty levels on the continent. It explained that this is in no thanks to weaker external demand and tighter financial conditions.
Banks push out dirty, mutilated notes as new naira scarcity persists It noted that many African economies are at risk of stagflation in 2023, with half of African countries recording double digit inflation in early 2023.
UNCTAD highlighted, “In many instances, these recent inflation spikes relate to the continuing depreciation of several African currencies in early 2023 – often following a loss in 2022 of 10–30 per cent of their value vis-à-vis the dollar.
“Public debt, in many cases standing at levels not seen since the early 2000s, is another worry across the continent. Out of the 38 African countries that are part of the Debt Sustainability Framework of IMF and World Bank, 8 entities are already ‘in debt distress’, while 13 are considered ‘at high risk’ of distress.”
The New York-headquartered agency raised concerns that many African economies are approaching a maturity wall as maturities on international bonds issued in the previous decade peak in 2024 and will remain elevated for the next decade, with most governments unable to tap international capital markets to roll over maturing debts.
The agency added, “Overall, risks remain tilted to the downside. The rising domestic cost of living and a deteriorating security situation remain of a key concern in many parts of the continent. More than 116 million African people are currently in acute food insecurity according to the latest projections of WFP and FAO.”
Recently, the UN revealed that the Nigerian economy will grow to three per cent in 2023 due to its commodities trade and consumer goods and services markets.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on Thursday, April 26, 2023, called off its industrial action which constrained export activities of up to 300,000 barrels of oil per day across all ExxonMobil locations in Nigeria.
This follows the mediation efforts of Mele Kyari, the Group CEO of the Nigerian National Petroleum Company Limited.
A statement issued via Twitter on Thursday morning explained that Kyari successfully led the mediation efforts between the union and the company, represented by PENGASSAN’S National President, Comrade Festus Osifo and the MD of Mobil Producing Nigeria who represented ExxonMobil.
Interswitch, Africa’s leading digital payments and commerce company has announced plans to host the second edition of its annual Career Fair on Saturday, 13th of May 2023, at the Landmark Event Center, Victoria Island, Lagos.
In line with the event theme ‘The Future of Work’, the Fair will explore trends in today’s workplace, as well as insights into the future of work. It will also present opportunities for forward-thinking professionals, enabling them to connect, network and explore new career opportunities.
With the rise in cutting-edge technologies such as artificial intelligence and robotics, the workplace as we know it, is at the threshold of a new frontier. In light of these developments, the Interswitch Career Fair 2.0 has been organized to equip attendees with the tools and skills to pre-empt and navigate the new, emerging world of work. Attendees can also anticipate insightful panel discussions, networking opportunities with industry leaders, and opportunities to upskill.
They will also have the opportunity to discuss their career prospects during the job fair session and meet experts from various fields, including Finance, Technology, Marketing, and Human Resources, among others, who will share insights and provide guidance on how to build successful careers.
Interswitch has been a pacesetter in Africa’s digital payment ecosystem for over two decades, continuously developing innovative products and services that have revolutionized the payment landscape in Africa. With physical presence in Nigeria, Kenya, Uganda, Gambia, USA and Germany, and a footprint across the globe, Interswitch has established itself as a formidable market leader.
This year’s edition of the Interswitch Career Fair also features added highlights, owing to the partnership between Interswitch and industry giants like Google, Udemy and Linkedin whose experts will be available to dispense insightful career development advice and upskilling opportunities to attendees. In addition, interested attendees will be given an opportunity to join the Interswitch talent community, a growing talent pool of individuals who can potentially fill the current or future hiring needs of the tech company.
Commenting on the upcoming event, Franklin Ali, Chief Human Resource Officer Interswitch Nigeria, said, “At Interswitch, our goal is to empower bright African minds to realize their full potential as we work for a prosperous Africa.
As a company, we recognize that Africa’s youth are one of its greatest assets and the building blocks for the future of the continent. The Career Fair initiative was birthed out of the need to provide a platform for industry stakeholders, including experienced and entry-level professionals, to converge and explore relevant themes pertaining to the workplace. It also serves to unlock the tremendous potential that exists among Nigerian talent and draw fresh minds into the tech ecosystem.”
Following a successful first edition in 2022, the Interswitch Career Fair 2.0 is set to dial things up a notch and further entrench Interswitch as an enabler within the industry. In March 2023, Interswitch was named the Best Employer Brand on LinkedIn at the LinkedIn Talent Awards held in Johannesburg, South Africa.
The company also recently ranked fourth in LinkedIn’s ‘Top Companies 2023: The 25 Best Workplaces to Grow Your Career in Nigeria’ list. LinkedIn explained that “the stability in our ever-changing world of work, in addition to the high retention rate of employees” formed the basis of the selection.
Interested persons can register to attend the fair via the link www.interswitchgroup.com/careerfair.
The African Development Bank (www.AfDB.org) has signed a $525,000 grant agreement with Africa Fintech Network (AFN) for the setup of the Africa Fintech Hub (www.AfricaFintechNetwork.com/), an online portal that will serve as a one-stop shop for all fintech activities in Africa.
The agreement was signed on 4 April 2023.
The Africa Digital Financial Inclusion Facility (ADFI) will provide funding and technical assistance to the Africa Fintech Network to host and manage the African Fintech Hub. The hub is a digital platform that will enable fintech associations across Africa to pool resources and knowledge, strengthen relationships and partnerships, as well as showcase the work of fintech on the continent, including those which are female-led or owned.
The African Fintech Hub will be delivered through a strategic partnership between AFN and the Centre for Financial Regulation and Inclusion (Cenfri), which will provide technical support in the development of the Hub, as well as promote research, knowledge creation and other innovative initiatives.
Lamin Barrow, Director General of the African Development Bank’s Nigeria Country Department, underscored the importance of the Bank’s support to the project, saying it would contribute to strengthening the fintech ecosystem in Africa, boost competitiveness in the digital world, whilst leveraging partnerships.
“At the African Development Bank, we recognize that we have a major role to play in helping to create a robust, efficient and sustainable fintech ecosystem across the continent. We are accelerating the delivery of our High 5 strategic priorities through our various innovative interventions. These have helped improve access to digital infrastructure, including Information and Communications Technology linkages to landlocked countries and broadband internet services. The need to leapfrog barriers and scale up inclusive digital financial solutions to accelerate economic resilience across Africa has become even more urgent.”
The African Development Bank, together with its partners, launched the Africa Digital Financial Inclusion Facility to make catalytic investments in support of innovative ideas such as the Africa Fintech Hub Project aimed at expanding access and usage of digital financial solutions to meet the needs of all Africans.
Dr Segun Aina, President of Africa Fintech Network, commended the Bank for supporting the initiative.
“We are truly excited about this partnership with the African Development Bank, and the possibilities of working in partnership with Cenfri on multiple initiatives with fintech across Africa to further our mission to drive Africa-led fintech solutions, stimulate information exchange, ideation and the support and to promote innovative technologies within the financial services sector across Africa and beyond. “
ADFI Coordinator, Sheila Okiro, said the Bank, through the partnership of the Africa Digital Financial Inclusion Facility, is delighted “to support this project to strengthen the fintech sector, furthering our work to leverage technology to contribute to closing the financial inclusion gap and creating employment across Africa.”
Currently, ADFI-supported projects are enhancing digital financial infrastructure and regional interoperability through the development of payment systems and infrastructure in Ethiopia and the ECOWAS region. Other projects are equipping financial sector regulators with innovative technology to strengthen consumer protection in Ghana, Rwanda and Zambia.
The Facility is also supporting projects to enhance the deployment of digital micro-insurance to smallholder farmers in Nigeria, Zambia and Kenya, as well as to build capacity for cyber resilience and help to remove barriers to access to fintech services across the continent.
Although fintechs have great potential to contribute to digital financial inclusion across the continent, the African fintech sector significantly lags behind those in other regions such as Latin America and South-East Asia.
In 2019, AFN and Cenfri conducted a survey that demonstrated the need to establish and coordinate local fintech chapters, recruit new members, profile members’ achievements, link them to market access and investment opportunities, as well as advocate on behalf of members to local and regional regulators.
The survey also shows that less than 15% of fintechs are owned by women. Based on the result of the survey, AFN will develop and apply gender indicators and lens as a core part of the project implementation.
The emergence of cultures within adaptable working models that facilitate improved flexibility and therefore well-being whilst generating new range of opportunities to innovate and increase productivity shows that hybrid work is here to stay. A report by Gartner shows a sizeable 51% of US knowledge workers are projected to work ‘hybrid’ and 20% to work fully remotely in 2023.
Just as a Phillips Consulting (PCL) study reveals how Nigerian executives considered culture as one of the top factors to consider in their business strategy, moving from a 17% focus pre-COVID to a 44% focus in some cases to align with the future of work.
Notably, these new dynamics signal new trajectories for security teams, as business protection is now more demanding because the path has become doubtful. To mitigate this, emphasis must be on protecting endpoints – PCs and printers; the ‘focal point’ of most attacks. Thus, to detect, prevent, and control cyber threats, new cybersecurity strategies are required; to dispel the threats associated with lost or stolen devices by boosting remote PC management.
Mitigating security slips
It’s clear that 82%[i] of security experts adopting a hybrid work model have slip-ups in their organization’s security architecture, a new research and a hybrid security report from HP Wolf Security reveals. The epicenter of the hybrid worker’s world is the endpoint.
In fact, 84% of security experts agree that endpoint is where the most enterprise-damaging cyber-threats occur, and it’s the root of most security threats – be it a PC, smartphone, laptop, tablet, or complementary peripherals like printers. For malicious attackers, these devices can be a target entry point.
Nonetheless, local networks may be compromised and misconfigured. But truly, endpoints are the link bridging unprotected technologies and imperfect users. When devices are not provided with requisite routine enterprise protection, hybrid work models suffer and negatively affect productivity. Significantly, machines and employees working remotely are likely to be without appreciable protection and left vulnerable.
Furthermore, some employees who are confined to their comfort zone without assistance of knowledgeable coworkers makes them more prone to either opening an attachment containing malware or clicking on a risky link. Employees likewise work in cafes, restaurants, and airports, and perhaps even living the digital nomad lifestyle abroad; they aren’t just working from home (WFH). Actually, two-thirds (66%i) of security leaders and IT experts consequently concluded that the most pronounced cybersecurity weakness in their organization is the possibility for hybrid employees to be compromised – phishing, ransomware, and attacks via unsafe home networks are also cited as top enterprise risks.
Forward-thinking organizations now seem focused on fine investment in securing hybrid work, with a commendable four-fifths i.e., 82% of security leaders increasing budgets threshold specifically for hybrid workers, and 71%of these leaders expect this focus to increase further in 2023. Yet, the impact of their budget must be targeted at the appropriate tools with a concentration on positioning the endpoint front and center of any hybrid security strategy.
Leaving no stone unturned
An improved remote management of devices, despite its attendant complexities, is most necessary as most major considerations for the IT and security teams, in this hybrid age. Also, 70%i of security experts conclude that the risk of lost or stolen devices is prevalent in hybrid work. This triggers the question – when remote machines are powered down or offline, what happens? Locating or safeguarding data on these devices could be tasking, and substantially risky if they either contain confidential trade secrets, personally identifiable information (PII), or intellectual property (IP). The reality here is that Cloud Technologies have helped to reduce the workload here, but they’re not 100% effective.
Human-error risk tendency is rife with itinerant workers always on the move; same way there will always be unethical hackers lurking around for susceptible devices they can attack. This trend raises risks, exclusively in highly regulated sectors like government – where a lost or stolen laptop could mean a national security risk.
Connecting with a fresh approach
In Nigeria, an emerging economy, institutions are gradually deepening hybrid work models via infrastructure investments despite challenges of electricity, network coverage, low bandwidth, and affordability. HP has also been working on designing a model of IT management connectivity solution hence, the new HP Wolf Connect service now enables IT to manage devices even when powered down or offline.
So, for IT managers, what can they do to mitigate these concerns? Step one is to find a fresh approach to link remote computers over cellular networks. This implies that devices can be controlled even when turned off or offline. Fundamentally, such functionality could be deployed to connect with lost or stolen devices and then lock and wipe them. This approach will not only lower the risk of data leaks and violations, but it can also moderate IT expenses by cutting cases of PC replacement or remediation. A stronger and secure connection to remote computers also reduces the time and effort required to resolve support tickets. Teams can precisely report where and when devices went missing, and how long it took to lock or erase them. Now, that’s a fresh approach to security.
About 80% of institutions laid claims to have deployed numerous tools and policies to protect hybrid working staff. However, what’s vital now is that these tools and policies require a paradigm shift from old perimeter-focused thinking. Once again, endpoint must become the focus for applying protection in the hybrid age. Accepting hardware-enforced security features and protection above, in, and below the OS – such as application isolation – will be strategic for protecting end-users without impacting on the freedoms that hybrid work admits.
This model should be part of an approach to hybrid workplace security that takes into consideration the distinct threats and contextual challenges that are more common with flexible working.
Incidentally, about two-thirds, representing 61% of corporations and leaders, are saying that protection of their hybrid workforce will be harder moving forward. This doesn’t necessarily have to be the case. Enhanced remote management and the adoption of hardware-enforced security, can help businesses unleash end-user productivity without alluring extra cyber risks.
Consequently, businesses should upgrade to a hybrid work model, at a time when sustainable growth is strategically significant to all organizations, bearing a fine blend of tech tools and motivated people to optimize lasting productivity. This is the future of work.
One hundred and one female entrepreneurs have made it to the final stage of the Y’ellopreneur initiative and will each receive equipment loans of up to N2 million at a fixed interest rate of 2.5% and 36-months repayment duration from the MTN Foundation.
The loans, which will be disbursed by the Bank of Industry, are expected to help the women scale their businesses thus contributing to reduction in female unemployment.
SMEs in less wealthy economies are mostly faced with sociocultural barriers and infrastructural deficit. They also lack poor access to finances and continuous education, and government support.
Nevertheless, a 2022 report by Mastercard, shows that women in less wealthy economies are making their mark as vital economic contributors with over 25% significant business ownership of all local businesses, despite prevailing socio-economic constraints. The Y’ellopreneur initiative was established to contribute to tackling these problems in Nigeria, through capacity building, advisory and business support services.
Speaking about the equipment loan, Executive Secretary, MTN Foundation, Odunayo Sanya stated that the equipment loan is to facilitate the expansion of more sustainable women-led businesses.
“Women-led businesses are powerful sources of job creation and economic growth. According to a report by PwC Nigeria, women account for 41% of business ownership and 3.4% of female employment within micro-enterprises, but they continue to face challenges in accessing finance. Through the Y’ellopreneur initiative, MTN Foundation and Bank of Industry are helping female entrepreneurs in Nigeria. By working together, we can build a fairer, more prosperous future,” said Odunayo Sanya, Executive Secretary, MTN Foundation.
“This time, the MTN Foundation is concentrating on female entrepreneurs. Five hundred out of the nearly 42,000 applicants for the Y’ellopreneur programme were trained, and following careful assessment of their respective pitches, 101 women have qualified to receive the equipment grant and loan,” she added.
The Y’ellopreneur initiative in partnership with the Bank of Industry (BOI) and the Enterprise Development Centre (EDC) is part of the MTN Foundation’s strategic efforts to support the government in attaining Sustainable Development Goals (SDG’s) 1,2, 5, 8 and 17 which seeks to eliminate poverty and hunger, achieve gender equality by empowering all women, and promote inclusive economic growth.
In addition to the previously won 14 Red Dot awards, Ericsson has clinched the Red Dot Product Design Award 2023 for its dual-band Radio 4490 and ultra-lightweight Massive MIMO Radio AIR 3268 from the Ericsson Radio System portfolio. The latest distinction shows that apart from the aesthetics, Ericsson is successfully carrying out a design strategy that has energy efficiency in mind.
David Hammarwall, Head of Product Area Networks, Ericsson, says: “The Red Dot Design Awards for Radio 4490 and AIR 3268 are solid evidence that the effort we put into the human-centered design of our portfolio really pays off. With reduced weight and power consumption, we are not only making products that are easy to carry and install but also more energy-efficient compared to previous generations.”
Dating back to 1955, the Red Dot Design Award is one of the biggest design competitions in the world, with around 20,000 entries per year. The jury, comprising international experts, evaluates products based on various criteria, constantly adapting to new technical, social, economic, and ecological requirements.
Commenting on the awards, Dr. Peter Zec, Founder and CEO, Red Dot, says: “Companies and design studios from all over the world faced the professional judgment of the Red Dot Jury, international experts who examined a remarkable number of products in the course of the competition. In an evaluation process lasting several days, the submissions were thoroughly reviewed and assessed according inter alia to their design quality and degree of innovation. The fact that you emerged victorious from such a strong group of participants is testimony to the extraordinary quality of your products – a wonderful achievement! “
This year’s Red Dot Product Design Award reaffirms that the design effort Ericsson puts into product development – taking a smooth user experience into consideration – pays off in terms of churning out products that are not only aesthetically appealing but also help reduce energy usage and site footprint and are easy and efficient to install and maintain.
So far, Ericsson has won 14 Red Dot awards covering various parts of the company’s portfolio, from macro radios and advanced antenna solutions to indoor products like Ericsson Radio Dot, as well as MINI Link products. A special achievement was realized in 2020 with the” Best of the Best” award for Ericsson AIR 3239.
The Federal Executive Council (FEC) has approved the construction of the ministry of agriculture and rural development’s corporate headquarters.
Mohammad Abubakar, minister of agriculture and rural development, told journalists following the council meeting (led by President Muhammadu Buhari) on Wednesday that an initial figure of ₦6 billion will be utilized to begin building of the new headquarters.
Abubakar stated that the proposed headquarters will be a 10-story structure dubbed “Agriculture House.”
He said “the memo we presented was for the construction of our corporate headquarters here in Abuja. Since the relocation of the ministry to Abuja over 30 years ago, we have not had a corporate headquarters.
“We are currently using an office of the Federal Capital Territory (FCT) administration which is just about three floors and cannot accommodate the entire ministry.
“We have about four departments which are outside the main ministry.
“So, the FCT administration has allocated a plot to us in the cadastral zone, totalling about 1.84 hectares at a very strategic place for the construction of a 10-storey building which we will call Agriculture House.”
Abubakar stated that while the ministry had already purchased a building in Abuja, it was insufficient for the services required.
As a result, the building will be sold, and the proceeds will be added to a projected allocation of ₦6 billion (2022 and 2023) to begin the project, according to the minister.
He also stated that the ministry will seek additional funding to complete the project through presidential intervention and other means.
Speaking about the rising cost of rice, Abubakar stated that much is being done to ensure its supply and further reduce its price.
“There are 10 rice mills that are being constructed under a public-private partnership arrangement and the president has given us intervention to complete those mills and we will commission some of them before the end of this administration,” the minister said.
The Ogun State Government has issued an advisory to residents in various regions along the state’s river channel in anticipation of flash floods caused by heavy rainfall predicted for the state by the Nigerian Meteorological Agency.
This was contained in an address by the state Commissioner for Environment, Ola Oresanya. The commissioner stated this while giving the outlook predictions for the 2023 flood alert for the state.
While assuring that the state government is doing its best by putting plans in place to minimise the impact of the predicted downpour, Oresanya sought the cooperation and understanding of residents in this direction, as he called for a change of attitude.
According to the Nigerian Meteorological Agency, Ogun State will have two seasons of rainfall in 2023, the first between April and July with an average of 1658mm and the second between September and November with an average of 1988mm.
Many areas across the state are expected to experience flash floods as a result of heavy rainfall in short periods, some with long-term consequences in wetlands, while coastal flooding is expected in areas such as Isheri, Mowe, Kara, and Ibafo as a result of tidal lock of the Ogun River by Lagos Lagoon caused by natural sea level rise.
Residents have been urged against any man-made activity that could exacerbate the difficulty of the impending flash floods in several regions of the state.
The African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA) have signed a JPY 44,100,000,000 ($350 million) loan to finance the bank’s support for private sector operations in Africa.
The loan comes under the Enhanced Private Sector Assistance (EPSA) initiative, which is a component of Japan’s Official Development Assistance to Africa.
The fifth version of EPSA, for an amount of $4 billion, was signed by the Bank and JICA at the Eighth Tokyo International Conference on African Development (TICAD 8), held in Tunis last August.
According to a statement yesterday, the signing ceremony for the private sector concessional loan took place at JICA’s headquarters in Tokyo, between JICA President, Dr. Tanaka Akihiko and AfDB’s President, Dr. Akinwumi Adesina.
Adesina is in Japan to discuss investment opportunities in Africa with senior government officials, large Japanese companies, development partners, parliamentarians and the African diplomatic corps.
Tanaka, said the loan represented a crucial step in Japan’s efforts to work with the African Development Bank to support Africa as it faces the challenge of navigating multiple compounded crises including issues of debt sustainability and the impact of the war in Ukraine.
He explained: “The private sector in Africa is fundamental in creating jobs for the prosperity and progress of Africa. Although the private sector has been confronting unprecedented economic and social pressures, we are confident that the Bank’s Non-Sovereign Operations supported through this concessional loan will play an essential role in addressing these pressing issues.”
Adesina thanked the government of Japan as well as JICA, for their continued support to the Bank and Africa.
He invited JICA to collaborate with the AfDB Group in other critical areas, such as refining the food and agriculture delivery compacts developed by African countries during a January food summit held in Senegal to tackle the continent’s food insecurity.
“JICA’s support would be crucial in the implementation of the Special Agro-processing Industrial Zones, which will be the biggest game changer of Africa’s agriculture. It will transform rural economies, reduce food loses, process and add value to crops produced in rural areas and create jobs,” Adesina added.
“Support young people to go into agriculture. Youth are Africa’s best asset, but they lack access to finance. The Bank is establishing youth entrepreneurship investment banks to provide young people with financial and technical support throughout the business cycle,” Adesina urged.
Tanaka agreed with the areas highlighted by the African Development Bank chief saying they were important to Japan’s agenda of future collaboration with Africa.
On the need to create jobs for young people the JICA president said: “It is silly not to take advantage of active youth in Africa. In Africa you have abundance of youth but in Japan we have abundance of an old population.”
Tanaka also said it was important to explore ways of promoting interaction between Japan’s university students and those of Africa to foster exchange of knowledge and skills.
JICA and the African Development Bank signed the first private sector assistance loan in 2007. To date, the Bank and the government of Japan have signed eight non-sovereign loans totaling $1.85 billion.
Meanwhile, the AfDB has launched a six-month campaign to sensitise its internal and external stakeholders on its new Whistleblowing Policy, approved by the Boards of Directors in January this year.
The Whistleblowing Policy 2023 builds on a 2007 policy, which at the time was widely considered as progressive and reflective of the value the Bank Group places on the contribution of whistleblowers to its anti-corruption processes, and its zero tolerance of any retaliation against them.
“The new policy sets additional standards, by bringing the Bank’s Boards members and elected officials under the disciplinary scope of the policy where they are found to have threatened or participated in retaliation against any internal or external party reporting fraud and corruption in Bank operations, or assisting in audits, investigations and disciplinary processes.
“Enhancing its ability to protect external whistleblowers, the new policy classifies retaliation by external parties within the context of AfDB-financed operations as Obstructive Practices, which are subject to debarment under the Bank’s sanctions system,” a statement from the Bank explained.
The new policy ensures that the Bank would continue to protect natural persons or entities who make disclosures of fraud or corruption in good faith, who refuse to violate the law by making public disclosures, who challenge national or international illegality, as well as abuse of authority, mismanagement, gross waste, or substantial health or safety threats, who are mistakenly identified as whistleblowers, including AfDB staff and consultants, private citizens, development partners, non-governmental organisations, professional bodies, government officials and officials of other international financial institutions, and employees of vendors and contractors participating in AfDB-financed projects, by making the guarantees of whistleblower rights by employers, a contract condition.
Director of the Office of Integrity and Anti-Corruption of the Bank, Paula Santos-Da Costa stated: “the campaign will be implemented over a six-month period in the Bank’s headquarters, regional and country offices and in Regional Member Countries.”
The Federal Government (FG) has announced the purchase of 40 buses for the evacuation of Nigerians stranded in war-torn Sudan.
Geoffrey Onyeama, Minister of Foreign Affairs, revealed this on Wednesday, saying the buses will cost the nation $1.2 million.
During a press conference following the Federal Executive Council meeting, Onyeama stated that the government will evacuate residents within days of Sudan’s 72-hour ceasefire.
He claims that the government has finished talks with the Sudanese government and that they are on the same page. He stated that no diplomat will be given precedence during the evacuation and that the government will also prioritize women and children.
Affirming that no Nigerian lives have been lost thus far, Minister of State for Foreign Affairs Zubairu Dada revealed that the first batch of Nigerians is being transported as of the time of filing this report, saying that nationals will be transported via buses into Egypt and then airlifted.
He further stated that several Nigerians had already been flown to Saudi Arabia in preparation for airlifting.
The two ministers’ comments come only hours after the first batch of buses for the evacuation of Nigerian students from Sudan arrived at the collection places.
The buses arrived on Tuesday night, according to the Nigerians in Diaspora Commission (NIDCOM), with more buses anticipated to arrive on Wednesday with assistance from the National Emergency Management Agency (NEMA) and the Nigerian Embassy in Sudan.
According to the World Bank, food price inflation is still widespread and significant. It said this in its most recent Food Security Update report, which was released on Wednesday.
“Information from the latest month between December 2022 and March 2023 for which food price inflation data are available shows high inflation in almost all low and middle-income countries.
“Inflation levels are greater than 5 per cent in 70.6 per cent of low-income countries and in 90.9 per cent of lower-middle-income countries.
“Inflation rate is also above 5 per cent in 87 per cent of upper-middle-income countries some of which are experiencing double-digit inflation,’’ it stated.
It stressed that about 84.2 per cent of high-income countries were experiencing high food price inflation.
“The countries affected most are in Africa, North America, Latin America, South Asia, Europe, and Central Asia,’’ the World Bank noted.
It quoted the Food and Agriculture Organisation (FAO) as stating that the benchmark index of international food commodity prices declined for the 12th consecutive month in March 2023.
“The FAO Food Price Index averaged 126.9 points in March 2023, a marginal 2.1 per cent decrease from February 2023 and a 20.5 per cent decrease from its peak in March 2022.
“The index, which tracks monthly changes in international commodity prices, indicated that a combination of factors, including ample supplies, subdued import demand, and extension of the Black Sea Grain Initiative, contributed to the decrease,’’ the bank stated.
It noted that in 2019 and before COVID-19, the FAO Food Price Index stood at 95.1 points.
As part of its global response to food security crisis, the World Bank announced in April 2022 that it would provide up to 30 billion dollars over 15 months, including 12 billion dollars in new projects.
The bank stated that the financing was to scale up short-term and long-term responses along four themes to boost food and nutrition security, reduce risks, and strengthen food systems.
“This will be done by supporting producers and consumers, facilitating increased trade in food and trade inputs, supporting vulnerable households, and investing in sustainable food and nutrition security.
“Between April and December 2022, the bank’s food and nutrition security commitments in new lending passed the 12 billion dollars mark with almost half of this for Africa, which is one of the regions hardest-hit by the food crisis.
“Some examples include the 766-million-dollar West Africa Food Systems Resilience Programme which is working to increase preparedness against food insecurity and improve the resilience of food systems in West Africa.
“The programme is increasing digital advisory services for agriculture and food crisis prevention and management.
“It is also boosting adaption capacity of agriculture system actors, and investing in regional food market integration and trade to increase food security,’’ it stated.
The World Bank added that an additional 345 million dollars is currently under preparation for Senegal, Sierra Leone, and Togo.
As the purchasing momentum in the banking sector increased midweek, the size of the equity component of the Nigerian Exchange (NGX) increased further, shifting year-to-date results away from the negative. As a result of maintaining the market rise, key performance indicators increased, suggesting that continuing the exit trading pattern witnessed last week, a new rally may be seen during the week.
According to market statistics, the year-to-date return increased to 1.65% while investor wealth increased by 267 billion. The Nigerian Exchange All-Share Index, which measures the performance of the market, increased by 491.13 basis points today, or +0.95%, to close at 52,097.62 points.
Stockbrokers reported increased market activity in their briefings, including increases in total volume and total value traded for the day of +209.85% and 120.04%, respectively. Atlass Portfolios Limited said that 5,109 trades totaling roughly 6,476.21 million units valued at 19,471.45 million were completed.
With 76.21% of the total volume of transactions, TRANSCORP was the stock that was most actively traded. Following the conglomerate that has had significant capital growth in the top 5 on the volume list were ALEX (7.63%), ACCESSCORP (4.10%), UBA (1.87%), and FIDELITYBK (1.51%).
With 45.94% of the total value of trades on the market, TRANSCORP was also the stock that was traded the most. With price increases of 10%, LIVESTOCK and ACADEMY lead the list of advancers, followed by TOTAL (9.96%), CADBURY (9.80%), HONYFLOUR (+9.80%), TRANSCORP (+9.67%), and 34 other stocks.
Seven equities declined, market experts noticed. returning prior gains. The worst performer was FIDELITYBK, whose price declined by -6.57% to settle at $5.26. Following the tier 2 bank were FIDSON, which lost 5.56%, LINKASSURE, which dropped by 4.35%, MANSARD, which fell by 3.28%, and JAIZBANK, which lost 3.26%.
In line with the trend, the market breadth closed mostly up, with 40 gainers and 7 losers. The market sector performance, however, ended in the negative. Three of the five major market sectors were down, led by the Consumer goods sector, down by 0.13%. The index was trailed by the Oil & Gas sector which lost 0.12% while the Banking sector declined by 0.08%.
The Insurance and Industrial sectors advanced by +0.93% and +0.16% accordingly. Overall, the equities market capitalisation gained ₦267.42 billion, representing a rise of +0.95% to close at ₦28,367.34 trillion from ₦28,099.92 trillion yesterday.
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