The Board of Directors of the African Development Bank Group (AfDB) has approved a loan of $115 million to support a major road rehabilitation project in Nigeria’s Abia State.
The project will see the rehabilitation of roads, erosion control infrastructure and preparation of solid waste management facilities in the state capital, Umuahia, and the commercial hub, Aba.
Financing for the project, estimated at a total cost of $263.80 million, will come through an African Development Bank loan of $100 million; a Canada–African Development Bank Climate Fund (CACF) loan of $15 million; and a $125 million co-financing loan from the Islamic Development Bank.
The Abia State government will provide $23.80 million in counterpart funding for compensation to people affected by the project and implementation of a Resettlement Action Plan.
Under the project, which is expected to be completed in 2029, a total of 248.46 km of road – 58.03 km of roads in Umuahia and 190.43 km of roads in Aba – will be rehabilitated to asphaltic concrete standards at varying cross sections.
Erosion sites in Umuahia and Aba will be reinstated as well as preparatory studies undertaken for private sector participation in solid waste management for the two cities.
The project will also include capacity building, project management and development of social infrastructure such as the rehabilitation of schools and the provision of sanitation facilities in schools, community markets and hospitals.
With an estimated population of 553,000 and 814,000 respectively (2022 estimates), Umuahia, capital of Abia State, and Aba, the commercial hub, are currently facing serious infrastructure challenges arising from decades of underinvestment amidst rapid urbanisation. The situation is aggravated by gully erosion and the emergence of huge piles of solid waste on the roads.
When completed, the 1.37 million population in these two cities will benefit from reduced travel time, reduced vehicle operating costs and lower transport cost. The project will also create 3,000 temporary jobs (30% for women) at the construction phase, and about 1,000 permanent jobs during the operational phase.
The permanent jobs will particularly benefit the youth, who will make up 50% of the project. They will be trained in contract management by the State Youth Road Maintenance Corps for road maintenance, a body of young Abia engineers drawn from the 17 Local Government Areas of the State.
Lamin Barrow, Director General of the African Development Bank’s Nigeria Country Department, said the project will build resilience by providing the towns access to urban infrastructure services, including economic and social amenities.
Barrow said, “The results from implementation of the project will help expand access to economic and social amenities in the two cities, and thereby contribute to building sustainable and liveable cities.”
The African Development Bank’s portfolio in Nigeria comprises 48 operations worth $4.2 billion. The national (Federal and States) operations account for 90% of the portfolio, for 41 projects amounting to $3.79 billion, while multinational operations constitute 10%, for 7 projects amounting to $0.41 billion.
There are 24 Sovereign Operations ($2.36 billion or 56% of total commitments) and 24 Non-Sovereign Operations ($1.84 billion or 44%).
The National Youth Service Corps (NYSC) Management said it is aware of corps members’ concerns about the delayed delivery of their monthly allowance in June 2023.
The Scheme ascribed the June allowance payment delay on “fund administration by various banks.”
Eddy Megwa, NYSC Director of Press and Public Relations, said in a statement on Sunday that the Scheme has finalized arrangements for the payment of June allowance to corps members on June 27, 2023.
“For the avoidance of doubt, the Scheme completed all arrangements for the payment of Corps Members’ allowance since 27th of June, 2023, and remittances made same day to various banks accordingly,” the statement partly read.
“The delay being currently experienced is due to the administration of funds by various banks who are yet to credit Corps Members’ accounts.
“In line with the above, NYSC Management is assiduously interfacing with the banks to fast track the payment of Corps Members’ June allowance without further delay.”
The Joint Admissions and Matriculation Board (JAMB) has announced that it will prosecute Ejikeme Mmesoma, a 2023 UTME applicant from Anambra State, for “manipulating” her score in 2023’s examination.
“Miss Ejikeme Joy Mmesoma had actually scored 249 and not the 362 she claimed,” the Board said in a statement signed by Fabian Benjamin, its spokesman, on Sunday.
“She had manipulated her UTME results in order to deceive the public in order to fraudulently obtain scholarships and other recognitions.”
JAMB further stated that Mmesoma’s initial result would be withdrawn, claiming that many applicants are displaying fraudulent results after “using some funny software packages.”
Innocent Chukwuma, the founder of Innoson Motors, is claimed to have already offered the candidate ₦3 million scholarship.
JAMB commended “Chukwuma and encouraged other Nigerians, who desire to invest in the future of genuine youngsters, never to be discouraged but to always ensure that they get the authentic results from the Board as done by the Anambra State Ministry of Education, otherwise they will be celebrating criminality as this is just another new fraudulent method in town”.
“It is to be noted that Miss Mmesoma had sent a message to the Board’s platform to request her UTME result after which she manually inflated her scores and pasted same on the 2022 UTME result sheet.
“Unknown to her, the Board had changed the design of the 2023 UTME result sheet. Her original result remains 249 as nothing can change that. With this her ignoble act, Miss Mmesoma would be prosecuted and her original result withdrawn.”
The N1,000 Proof of Ownership Certificate verification charge that drivers must pay is expected to bring in almost N12 billion for the federal government each year.
Abdulhafiz Toriola, the Lagos Ministry of Transportation’s Permanent Secretary, revealed this last week. He said that by providing this certificate, car owners and the government would be able to monitor car theft and the recovery of stolen vehicles, as well as ensure the integrity of all vehicles listed on the National Vehicle and Identification Scheme database.
He said, “To this end, the Federal Government has introduced the issuance of annual Proof of Ownership Certificate for all registered vehicles.”
In Nigeria, there were 11.76 million automobiles as of Q2 2018, and the vehicle to population ratio for the quarter was 0.06, according to the National Bureau of Statistics (NBS). Nigeria imports roughly 400,000 automobiles yearly, according to various statistics.
In the first ten months of 2021, 192,287 automobiles were brought into the nation through the Ports & Terminal Multipurpose Limited, but just 114,159 vehicles did so in the same time of 2022.
The Proof of Ownership Certificate, according to Toriola, will be used as formal proof of a vehicle’s ownership. “The POC will contain vital information, including the vehicle’s registration details, such as license plate number, model, and year of manufacture in addition to the owner’s name and contact information,” he added.
“Having critically reviewed the challenges encountered in ensuring the promotion of Safety and Security of lives and property through the issuance of POC nationally and especially in our dear State, the Joint Tax Board, in its communiqué issued at the end of the emergency meeting held on May 9, 2023, adopted, and made a resolution that proof of ownership be issued to motorists on an annual basis nationwide.”
He added that Lagos would begin collection of POC fees from the beginning of July. Other states are yet to make their positions known yet. Mixed reactions have trailed this move by the government, and the Fiscal Policy Partner and Africa Tax Leader at PwC, Taiwo Oyedele, has stated that the tax is retrogressive, ill-conceived, and poorly designed.
He said, in a LinkedIn post, “Apart from the payment which seems to be solely for revenue generation, and perhaps more for non state actors than for the government, it is illogical to have to prove annually that you own a vehicle for which you already have a certificate of proof of ownership issued by the government.”
He noted that the tax adds complications to the myriad of multiple taxes which make doing business difficult and dampens tax morale.
He added, “While this tax will not necessarily stop the earth from rotating, it is wrong both in terms of signalling from a multiple taxation perspective and in terms of timing given the recent fuel subsidy removal.
“To be sensitive and demonstrate empathy, the government should not impose any new or higher taxes on transportation, energy, or food which are the most impacted by the subsidy removal. The same reasons why the recent attempt to collect VAT on diesel needs to be reconsidered.”
Oyedele further stated that the tax should be set aside in the interest of good order and to prevent setting a bad precedence.
The equities sector of the Nigerian Exchange (NGX) posted a big gain in June as a positive atmosphere prompted a bargain hunt for growth and value stocks. Continued buying momentum has permeated the atmosphere, with assets of alpha-seekers increasing by around N3 trillion this month.
Afrinvest said in a market note to investors that the rally in the domestic stock market has given investors renewed optimism after the new government’s early start to implement expected market-oriented policies. said it was because
Futureview Financial Services said despite concerns, investor confidence remains strong, fueled by positive sentiment around the peaceful transfer of power and favorable policies by President Bola Tinub’s government.
The domestic stock market set new records in June with sustained gains boosting key performance indicators despite the absence of overseas portfolio investors. Trading has accelerated from new highs this year and is approaching Nigerian inflation levels as NGX ended a four-year losing streak in June. The stock market rose 18.9% in the first half of the year, according to market data.
Futureview Financial Services also said in a note that the exchange posted its best monthly performance in more than two years, citing increased demand for long-term products, changes in the foreign exchange framework, Factors such as outages affected performance, he added. bank president.
An influx of local investors and favorable policies contributed to market stability and increased capital gains. Futureview expects the market’s strong performance to continue into earnings season, driven by investor expectations for attractive dividends and a promising yield environment. Trading activity improved during the month, with June’s average volume and value rising 15.5% and 42.1% to £684.3m and £10.7bn, respectively. ACCESSCORP (1.6 billion shares), GTCO (900 million shares), and UBA (800 million shares) were the top trading stocks in the same month.
Meanwhile, BUACEMENT (₦65.7 billion), AIRTELAF (₦46.4 billion) and GTCO (₦30 billion) topped the value table this month. Afrinvest said the performance of all sectors covered was positive as all indices posted monthly gains.
The insurance and oil & gas indices that led the rise were MANSARD (+21.5%), AIICO (+16.4%), TOTAL (+28.7%) and SEPLAT (+16.7%). The Banks Index and AFR-ICT Index followed suit, rising 23.3% and 10.3% respectively on a monthly basis, reflecting price increases for Zenith (+18.1%), Air Terraf (+12.3%) and MTNN (+8.9%). bottom.
Similarly, the Consumer Goods Index and the Industrial Goods Index rose by 5.5% and 0.1% m/m, respectively, due to price increases in Bua Foods (+4.5%), NB (+7.7%) and Bua Cement (+0.3%).
In a market report, Afrinvest said 94 stocks were up, 22 were down and 37 were flat, with investor sentiment as measured by market width improving from 1.6x in May to 1.9x.
The best performers this month were FTNCOCOA, up 195.1%, ETERNA, up 172.7%, and TRANSCHOT, up 162.6%.
Meanwhile, John Holt lost 45.5% of its market value in June, followed by McNichols 13.0% and Ellalac 11.0%, making it the worst-performing stock on the ticker. Overall, market capitalization increased by £2.8 trillion to £33.2 trillion in June 2023.
Dementia is a complex neurodegenerative condition that affects millions of individuals worldwide. As the disease progresses, it becomes crucial to explore various treatment options to manage symptoms, slow down progression, and improve the quality of life for individuals with dementia. In this article, BizwatchNigeria will take you through the different dementia treatment options available, including medications, therapies, and interventions, to provide a comprehensive understanding of the approaches used in dementia care.
Dementia refers to a group of progressive neurological disorders characterized by a decline in cognitive function and the ability to perform daily activities. It is not a specific disease but rather an umbrella term that encompasses a range of conditions that affect the brain. Dementia is typically caused by damage or degeneration of brain cells, which leads to impairments in memory, thinking, behavior, and the ability to reason.
The most common form of dementia is Alzheimer’s disease, accounting for the majority of cases. Other types of dementia include vascular dementia, which occurs due to reduced blood flow to the brain, and dementia with Lewy bodies, which is characterized by abnormal protein deposits in the brain. Additionally, frontotemporal dementia affects the frontal and temporal lobes of the brain, leading to changes in behavior, personality, and language.
Symptoms of dementia can vary depending on the underlying cause and the stage of the condition. However, common signs include memory loss, confusion, difficulty with language and communication, impaired judgment, personality changes, and problems with daily activities. As dementia progresses, individuals may require assistance with basic self-care and may experience significant challenges in maintaining independence.
It is important to note that dementia is different from the normal aging process, as it represents a significant decline in cognitive abilities that goes beyond what is typically expected with age. While there is currently no cure for most forms of dementia, early detection, appropriate management, and supportive care can help improve the quality of life for individuals with dementia and their caregivers. Treatment strategies may include medication to manage symptoms, non-pharmacological interventions, therapy, and support services tailored to the individual’s needs.
Medications play a significant role in managing the symptoms associated with dementia and can potentially slow down disease progression. Two classes of medications commonly used for dementia treatment are cholinesterase inhibitors and memantine. Cholinesterase inhibitors, such as donepezil, rivastigmine, and galantamine, work by increasing the levels of acetylcholine in the brain, a neurotransmitter involved in memory and learning. Memantine, on the other hand, regulates glutamate, another neurotransmitter associated with learning and memory. These medications can help improve cognitive function, memory, and daily functioning in individuals with dementia.
Considerations and Side Effects
While medications can be beneficial, it is essential to consider individual factors such as the type and stage of dementia, overall health, and potential side effects. Common side effects of dementia medications include gastrointestinal issues, dizziness, and headaches. It is crucial for individuals and their caregivers to work closely with healthcare professionals to monitor the effects of medication and make any necessary adjustments.
Non-Pharmacological Approaches for Dementia Treatment
The Role of Non-Pharmacological Approaches: In addition to medications, non-pharmacological interventions play a crucial role in dementia treatment. These approaches focus on improving quality of life, enhancing cognitive function, and promoting emotional well-being. Non-pharmacological interventions are particularly valuable in the early stages of dementia and can be used alongside medication to maximize the benefits of treatment.
Therapeutic Activities
Various therapeutic activities have shown promise in improving cognitive function and reducing behavioral symptoms in individuals with dementia. Music therapy, for instance, utilizes music to stimulate the brain, evoke memories, and promote emotional well-being. Art therapy involves engaging in artistic activities, such as painting or sculpting, to express emotions and enhance creativity. Reminiscence therapy involves recalling and sharing memories to foster social connections and improve mood. These therapeutic activities can provide meaningful engagement, reduce agitation, and enhance overall well-being in individuals with dementia.
Behavioral Management Strategies
Challenging behaviors, such as agitation, aggression, and wandering, are common in individuals with dementia. Behavioral management strategies focus on identifying triggers, implementing environmental modifications, and employing techniques to minimize these behaviors. Creating a structured routine, providing visual cues, and promoting a calming environment can significantly reduce agitation and improve the overall quality of life for individuals with dementia.
Cognitive Stimulation Therapy
Understanding Cognitive Stimulation Therapy (CST)
Cognitive Stimulation Therapy (CST) is an evidence-based approach that aims to enhance cognitive abilities and social interaction in individuals with dementia. CST involves structured group activities designed to stimulate thinking, memory, and communication skills. The therapy focuses on providing enjoyable and meaningful experiences while challenging cognitive abilities in a supportive and engaging environment.
CST Activities and Techniques
CST activities can include puzzles, quizzes, discussions, and reminiscence exercises. These activities are tailored to the individual’s cognitive abilities and interests, promoting active participation and cognitive engagement. The therapy provides opportunities for individuals with dementia to interact with others, exercise their cognitive skills, and maintain a sense of self-identity.
The Role of Occupational Therapy
Occupational therapy plays a crucial role in supporting individuals with dementia in maintaining their independence and engagement in daily activities. Occupational therapists work with individuals and their caregivers to identify meaningful activities, adapt the environment, and develop strategies that promote independence, safety, and well-being.
Occupational Therapy Interventions
Occupational therapy interventions for dementia treatment can include environmental modifications, such as organizing the living space for safety and ease of navigation. Occupational therapists may also recommend the use of assistive devices to support individuals in carrying out daily tasks, such as memory aids, adaptive utensils, or mobility aids. Additionally, occupational therapists provide education and training to caregivers to help them better support individuals with dementia in their daily activities.
Speech Therapy for Dementia Treatment
Communication Challenges in Dementia
Communication difficulties are common among individuals with dementia, as the disease affects language processing, word-finding abilities, and overall comprehension. These challenges can significantly impact social interaction, daily functioning, and overall quality of life.
Speech Therapy Interventions
Speech therapists, also known as speech-language pathologists, play a vital role in helping individuals with dementia improve their communication skills. They utilize various strategies and techniques to enhance communication, such as communication boards, memory aids, and techniques to improve speech clarity. Speech therapists also work with caregivers to provide communication strategies that foster effective communication and understanding.
Physical Exercise and Dementia
Benefits of Physical Exercise
Physical exercise has been shown to have numerous benefits for individuals with dementia. Regular exercise can improve cognitive function, enhance mood, reduce the risk of other health conditions, and promote overall well-being. Exercise is also beneficial for cardiovascular health, which is important in maintaining brain health.
Recommended Exercises
It is important to choose exercises that are suitable for individuals with dementia and take into account their physical abilities and interests. Walking, dancing, stretching, and seated exercises are examples of exercises that can be adapted to suit the needs of individuals with dementia. Engaging in physical exercise not only provides physical benefits but also offers opportunities for social interaction and meaningful engagement.
In conclusion, understanding the various dementia treatment options is crucial for effectively managing the condition and improving the quality of life for individuals with dementia. Medications, therapies, and interventions, both pharmacological and non-pharmacological, play essential roles in addressing cognitive symptoms, managing behaviors, and promoting overall well-being. By working closely with healthcare professionals and implementing a comprehensive treatment plan that combines medications, therapies, and interventions, individuals with dementia can receive the support they need to live fulfilling lives.
Week 5 Pool Fixtures 2023 Released: Live Scores and Results
Discover the Week 5 Pool Fixtures 2023, including the pool results and fixtures, UK pool fixtures, football pools results, and more. Stay up-to-date with the latest pool fixtures for this week, as well as the coupon fixtures, Aussie pool fixtures, advance pool fixtures, and special advance fixtures. Get live score updates, pool panel results, and today’s pool results. Find all the Week 5 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
POOL FIXTURES FOR THIS WEEK: 5; SEASON: AUSSIE 2023
Week 4 Pool Fixtures 2023 Released: Live Scores and Results
Discover the Week 4 Pool Fixtures 2023, including the pool results and fixtures, UK pool fixtures, football pools results, and more. Stay up-to-date with the latest pool fixtures for this week, as well as the coupon fixtures, Aussie pool fixtures, advance pool fixtures, and special advance fixtures. Get live score updates, pool panel results, and today’s pool results. Find all the Week 4 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
POOL FIXTURES FOR THIS WEEK: 4; SEASON: AUSSIE 2023
Week 3 Pool Fixtures 2023 Released: Live Scores and Results
Discover the Week 3 Pool Fixtures 2023, including the pool results and fixtures, UK pool fixtures, football pools results, and more. Stay up-to-date with the latest pool fixtures for this week, as well as the coupon fixtures, Aussie pool fixtures, advance pool fixtures, and special advance fixtures. Get live score updates, pool panel results, and today’s pool results. Find all the Week 3 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
POOL FIXTURES FOR THIS WEEK: 3; SEASON: AUSSIE 2023
Week 2 Pool Fixtures 2023 Released: Live Scores and Results
Discover the Week 2 Pool Fixtures 2023, including the pool results and fixtures, UK pool fixtures, football pools results, and more. Stay up-to-date with the latest pool fixtures for this week, as well as the coupon fixtures, Aussie pool fixtures, advance pool fixtures, and special advance fixtures. Get live score updates, pool panel results, and today’s pool results. Find all the Week 2 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
POOL FIXTURES FOR THIS WEEK: 2; SEASON: AUSSIE 2023
Week 1 Pool Fixtures 2023 Released: Live Scores and Results
Discover the Week 1 Pool Fixtures 2023, including the pool results and fixtures, UK pool fixtures, football pools results, and more. Stay up-to-date with the latest pool fixtures for this week, as well as the coupon fixtures, Aussie pool fixtures, advance pool fixtures, and special advance fixtures. Get live score updates, pool panel results, and today’s pool results. Find all the Week 1 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
APT Securities & Funds Limited and nine other stockbroker firms traded 57.01 per cent or N829.96 billion worth of value of transactions on the trading floor of the Nigerian Exchange Limited (NGX) in the first half of 2023.
THISDAY gathered that most firms’ transactions were inflow from Foreign Portfolio Investors (FPIs), domestic/institutional investors, Pension Funds Administrations and stock exposure in mutual funds as the stock market continued to rally in the first half of 2023 amid decisive government policies.
Their major clients are foreign portfolio investors, while a few of them have significant stock exposure through collective Investment Schemes (CIS) at which they access a high volume of trading every day.
Before now, analysts have noted that these firms have some of the most diversified portfolios of clients which other firms are envious of.
The activities of these big stockbroking firms have made the stock market tilt towards oligopoly- a market dominated by few buyers and sellers who create room for a sort of imperfect competition, in order to accrue greater revenue and market share.
The Exchange currently has 224 stockbroking firms, including those classified by Securities and Exchange Commission (SEC) as sub-broker.
The NGX stockbrokers’ performance report between January and June of 2023 revealed that top on the list of the 10 top stockbrokers in the review period include: APT Securities & Funds which traded N168.99billion or 11.61 per cent, while Cardinal Stone Securities Limited traded N161.86billion or 11.12 per cent as Stanbic IBTC Stockbrokers Limited traded N129.9 billion or 8.92 per cent worth of equities in first six months of 2023..
United Capital Securities came fourth after trading N85.5billion or 5.87per cent in the period under review.
The fifth place was occupied by EFG Hermes Nigeria Limited after trading N57.93billion or 3.98 per cent while Meristem Stockbrokers Limited traded N56.03 billion or 3.85 per cent, to place itself at sixth position.
According to NGX chart, Cordros securities Limited, traded N48.2billion or 3.31 per cent of transactions in the period under review, coming close was FBN Quest Securities Limited with N44.67 billion or 3.07per cent of transactions.
Others on the list of NGX’s 10 top stockbrokers for first six months under review include: Chapel Hill Denham Securities Ltd with N40.21billion or 2.76per cent and APEL Assets Limited with N36.62billion or 2.52per cent were on the list of bottom firms that contributed to the N billion worth of transactions on NGX.
In terms of volume traded, United Capital Securities Limited and nine others traded 76.345million or 57.64 per cent volume of transactions in the first six months of 2023.
United Capital traded 25.158 million or 18.99 per cent worth of transactions, followed by APEL Assets Limited, which traded 10.086million or 8.07 per cent transactions.
Cardinalstone securities came third in volume of transactions, trading about 9.979 million or 7.53 per cent of the 776.345million transactions in the period under review.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at ₦741.50.
This would mean that the Nigerian currency gained in value against the United States dollar, as the foreign exchange (forex) trading closed at ₦769.25 per $1 on Friday, June 30.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last exchanged ₦775 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective bank
World Bank, in its June 2023 edition of the Nigeria Development Update, predicted that inflation will hit 25 per cent in 2023 due to the fuel subsidy removal.
The Washington-based financial institution, however, noted that headline inflation will fall by the first quarter of 2024.
“The removal of the petrol subsidy is anticipated to cause a temporary increase in inflation in the upcoming months before contributing to disinflation in the medium term. The price increases resulting from the subsidy removal will have a one-time impact on prices, primarily affecting petrol purchases for transportation, power generation, and certain services,” the report read.
“Headline inflation is expected to rise from 18.8 percent in 2022 to 25 percent in 2023. However, by Q1 of 2024, the subsidy removal will start to have a disinflationary effect, meaning that it will alleviate inflationary pressures despite higher petrol prices.
“This is because the subsidy removal creates additional fiscal space and reduces reliance on financing from the CBN, curbing the growth of the money supply. To limit the risk of so-called second-round effects, where one-off price increases trigger more generalized inflation including through wage-price spirals, it will be important to adopt macro-fiscal policy settings that are conducive to price stability.”
Nigeria’s inflation hits 22.41 per cent
Nigeria’s annual inflation rate rose to 22.41 per cent in May from 22.22 per cent in the previous month, the National Bureau of Statistics (NBS) disclosed.
The statistics office said the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate.
The total amount of transactions on Nigerian Exchange Limited (NGX) grew to N322.92 billion in the month of May as against N191.21 billion in the previous trading month, thus representing a 68.88 percent increase.
This is according to the Domestic and Foreign Portfolio Investment Report of Nigerian Exchange Limited for the month of May 2023. The prolonged foreign exchange scarcity, and inflation among others had been taking their toll on the Nigerian economy and the capital market which is the barometer of the economy had seen mixed sentiments in transactions in the month under review.
However, the securities market hit the biggest single-day gain in two years, rising by 5.23 percent on May 29 as investors reacted positively to President Bola Tinubu’s ‘no more fuel subsidy and immediate unification of exchange rates’ comments.
It will be recalled that President Tinubu also stated that his administration will targeting a higher Gross Domestic Product (GDP) growth, create jobs, work towards a unified exchange rate and ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.
This resulted into a huge bounce as the total value of transactions executed by domestic investors outperformed transactions executed by foreign Investors by 76 per cent.
Further analysis of the total transactions executed between the May and prior month (April 2023) revealed that total domestic transactions increased by 56.37 percent from N182.74 billion in April to N285.76 billion in May 2023.
Similarly, total foreign transactions increased significantly by 338.72 percent from N8.47 billion (about $18.31 million) to N37.16 billion (about $79.88million) between April 2023 and May 2023.
Over 16-year period, domestic transactions decreased by 45.30 percent from N3.556 trillion in 2007 to N1.945 trillion in 2022 whilst foreign transactions also decreased by 38.47 percent from N616 billion to N379 billion over the same period.
Also, total domestic transactions stood at N945.02 billion, whilst total foreign transactions closed the month under review at N99.34 billion.
The report also revealed that institutional investors outperformed retail Investors by 38 percent while a comparison of domestic transactions in May and prior month (April 2023) revealed that retail transactions increased by 19.29 per cent from N74.19 billion in April to N88.50 billion in May 2023.
Similarly, the institutional composition of the domestic market increased significantly by 81.72 percent from N108.55 billion in April 2023 to N197.26 billion in May 2023.
Elon Musk stated on Saturday that Twitter will temporarily limit the number of tweets users could see every day, in an effort to limit the use of the site’s data by artificial intelligence firms.
Twitter has set a restriction of 6,000 tweets read per day for verified users. Non-verified users, or free accounts, which account for the vast majority of users, are limited to reading 600 tweets every day.
New unverified accounts would have a tweet limit of 300.
Musk stated in a tweet on Saturday that the decision was made “to address extreme levels of data scraping” and “system manipulation” by third-party platforms, as certain users quickly reached their limitations.
To address extreme levels of data scraping & system manipulation, we’ve applied the following temporary limits:
– Verified accounts are limited to reading 6000 posts/day – Unverified accounts to 600 posts/day – New unverified accounts to 300/day
Some of the topics that are trending in Nigeria as a result of Elon Musk’s decision are ‘GB Twitter’ and ‘Rate Limit Reached.’
Musk did not give a timeline for how long the limit would be in place.
He had announced on Friday that it would no longer be possible to read tweets on the site without an account.
“Several hundred organizations (maybe more) were scraping Twitter data extremely aggressively, to the point where it was affecting the real user experience,” Musk said.
“Almost every company doing AI, from startups to some of the biggest corporations on Earth, was scraping vast amounts of data.
“It is rather galling to have to bring large numbers of servers online on an emergency basis just to facilitate some AI startup’s outrageous valuation.”
Micro, Small, and Medium Enterprise (MSME) owners in Nigeria have been advised to adopt cloud services to drive efficiency, agility, and innovation in their businesses.
This was the position held by IT experts at the webinar series organized by Rack Centre on Thursday, June 22, 2023, titled “Promoting Cloud Neutrality: Cloud adoption as a cost-effective and efficient direction for MSMEs”.
In his opening remarks, Senior Sales Manager, Rack Centre, Kelechukwu Nsofor, who moderated the session, explained that the discussion around cloud adoption by businesses in Nigeria had become necessary in view of the transformation being witnessed in the digital space.
Leading the conversation, Senior Account Cloud Engineer, Oracle, Ismaila Salami, analyzed the transition in the digital space over the last two decades. He disclosed that 50 per cent of in-house applications deployed in organizations are still on-premises. He added that there is a need for medium enterprises, in particular, to adopt the cloud for their infrastructure, especially at a time when data is getting more proliferated.
Highlighting the benefits of cloud services, Ismaila noted that business owners stand to gain a lot by building their infrastructure on the cloud as it offers flexibility, choices, and big accomplishments with less effort while navigating uncertainty and building security.
Allaying the concerns of MSMEs on vendor locking, he stated that the cloud providers now have the flexibility to migrate within different platforms without any data breach using either a multi-cloud strategy or leveraging open standards.
Speaking during the panel session, Assistant General Manager Cyber Cloud, Laurel Onumonu stated that a large percentage of digitized SMEs do not require cloud computing services, noting that the nature of the business or capacity determines whether cloud services would be required.
Onumonu charged the cloud service providers to take up the responsibility of mobilizing and encouraging middle-scale enterprises for cloud adoption, identified low level of awareness, capital flight, high pricing, absence of government support, and poor technical expertise as some of the issues affecting MSMEs in managing the cloud-based ecosystem.
Also speaking at the panel session, Chief Technology Officer, INQ Digital Nigeria, Stephen Okoye, stated that cloud providers or connectivity players are gradually stepping up to provide the needed infrastructure for users to access the content they usually source abroad. There is now low latency and ease of access to content with the entrance of ISPON, Google, Microsoft, and other cloud providers.
“If the economies are right, there is high connectivity and good IT infrastructure. You will most likely see Rack Centre and other cloud providers have footprints in Kano, Akure, and other semi-urban cities in Nigeria. I believe that with the maturity of infrastructure, high cloud penetration, the efficiency of many organizations will improve,” he said.
On his part, Azure Go-To-Market Lead, Africa, Microsoft, Chuks Okpaka, explained that the fear of multiple tenants in a data collocation centre experiencing data breaches do not arise as cloud service providers now have several measures in place to prevent unauthorized access or data leakage.
Sharing his experience as a business user, Vice President, Infrastructure, Qore, Okey Chimeh noted that leveraging cloud services has significantly helped save costs and enhance speed in financial institutions. Citing the case of debit card issuance, which now takes less than 24 hours, Chimeh stated that with cloud services, businesses now enjoy greater efficiency.
The Rack Centre webinar series has become a knowledge-sharing platform for data experts to lead conversations on happenings within the ICT industry and how Africa can leverage the digital revolution to drive economic growth and development.
In a major leap forward to build a complete security system across emerging markets, Prembly introduces its unified platform hosting an array of AI-powered infrastructure, encompassing facial biometrics solutions, fraud detection and prevention, age and sex verification tools tailored for social platforms, digital tools for background checks, global document verification, and an extensive range of digital identity and compliance solutions.
From e-commerce to digital financial services, the digital economy is rapidly expanding, resulting in an upsurge in demand for businesses on the continent, both locally and from the diaspora. While this presents tremendous opportunities, it also raises the challenge of safeguarding systems against malicious actors and protecting user data from potential risks, demonstrating the importance of robust digital identity infrastructure.
Having provided a suite of identity solutions and integration into over a hundred government security agencies, we noticed that too often companies deploy fraud detection systems that were originally designed for different markets, neglecting the unique characteristics and requirements of emerging markets. This has highlighted the urgent need to develop new, valuable, and resilient products and the security infrastructure for global businesses to transact with trust even in today’s evolving climate.
“By establishing a secure transaction framework, Prembly is shaping the future of the digital economy, driving financial service adoption, and fostering a foundation for secure transactions across the continent. Our goal is to empower global businesses with the tools they need to navigate today’s rapidly evolving climate, ensuring trust and safety in every transaction.” – Lanre Ogungbe, CEO/Co-Founder Prembly.
Through the unification of these essential services, our aim is to optimize operations, resulting in substantial time and cost savings for businesses on a global scale. Today, Prembly now serves hundreds of digital businesses, delivering a robust security and compliance infrastructure they can trust. Within our comprehensive product lineup, we proudly offer Identitypass, our flagship simplified KYC/KYB solution, Identityradar, a cutting-edge AI-powered fraud detection and prevention solution, IdentityForm, a digital identity verification solution for businesses, and Background Check, which is coming soon.
Prembly remains committed to its vision of reshaping digital interactions, ensuring authenticity, security, and trust. Our goal is to create a safe digital space where businesses confidently engage with the right individuals as valued customers and partners through our comprehensive solutions.
The Private Infrastructure Development Group (PIDG) introduced its 2030 strategy at a business reception in London – affirming its leadership position as a mover and multiplier of infrastructure finance in sub-Saharan Africa and south and south-east Asia.
Climate and nature, together with sustainable development, are the core focus of the new strategy and will inform all of PIDG’s infrastructure financing and development activities. Working even more systematically in partnership with the private sector, development finance institutions, and providers of catalytic capital will be key to successful delivery.
PIDG’s new strategic framework aims to attract $1.6bn in funding, deliver $9bn in commitments, and mobilise $25bn in additional finance over 10 years. The accelerated movement of finance will be aimed at moving markets and stimulating flows worth many multiples of their original value.
Over the last 20 years, PIDG has successfully delivered 211 infrastructure projects, providing 222 million people with access to new or improved infrastructure. It has mobilised $40bn of investment in PIDG projects, of which $25bn were commitments from the private sector. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC.
PIDG’s new strategy is designed to build the momentum it has created while responding to the macrotrends that are reshaping the infrastructure market in Emerging Markets and Developing Countries (EMDCs). These include strong economic headwinds, the acceleration of the climate crisis, and a changing geopolitical context.
Working against this backdrop, PIDG is raising its ambition on the scale of project development it undertakes and introducing new local currency guarantee solutions. It aims to:
– Improve climate resilience and economic opportunities for 100 million people by 2030
– Accelerate the flows of public and private finance deployed for climate action and sustainable development – including attracting $1.6bn in funding, to deliver over $9bn in new commitments in projects that mobilise over $25bn in additional finance
– Avoid future greenhouse gas emissions in emerging markets, supporting leapfrogging carbon technologies
– Demonstrate how infrastructure can deliver gender equality and inclusive opportunities, alongside nature conservation, restoration, and regeneration.
PIDG is one group with multiple solutions that run across the entire project lifecycle – including early-stage project development, equity, and credit solutions that bridge gaps in local capital markets.
With the new strategy, PIDG will bring together its capabilities in service of:
– Increasing the pipeline of projects built to internationally investable standards
– Unlocking domestic institutional capital for infrastructure investment
– Deploying commercial and institutional capital in developing and emerging markets through its blended finance structures.
In addition to elevating climate action with sustainable development, and scaling its impact with new ambition and urgency, PIDG will undertake some key shifts to reach these goals:
– Develop a more deliberate and coordinated origination and product strategy
– Bring a more strategic focus to project origination that targets impact at scale through growth in a selected combination of geographies, sectors and products
– Grow the level of investment delivered while balancing financial sustainability with sustainable development impact at scale
– Nurture a culture of radical collaboration – within PIDG and its partners – to enhance its ability to provide solutions and serve as a bridge between development and private finance.
The Rt Hon, Andrew Mitchell, UK Minister of State for Development and Africa, said:
“The Private Infrastructure Development Group’s new strategy will help deliver more climate resilient infrastructure across developing countries in Africa and Asia. PIDG has over two decades of expertise in creating development impact and has given over 222m people access to new or improved infrastructure. The UK is proud to be a long-standing supporter and funder of this brilliant organisation.”
Philippe Valahu, CEO, PIDG said:“With the new strategy, PIDG is entering a new chapter – one that will be defined by a focus on climate and nature, together with sustainable development. Private sector has a key role to play to develop and finance infrastructure that delivers economic opportunities and climate resilience for all. Drawing on our legacy of providing new and improved access to infrastructure, we will scale our efforts through ambitious, collaborative partnership that reshapes sectors and markets for the benefit of all. We know we cannot address the scale of challenge on our own – this strategy is a call to collaborate, to make it happen together.”
Standard Bank Group, the parent company of Stanbic IBTC Holdings PLC and Africa’s largest bank by assets, in collaboration with its equity partner, the Industrial and Commercial Bank of China (ICBC), has announced its participation in the third biennial China-Africa Economic and Trade Expo (CAETE). The expo, from 29 June to 02 July 2023 in Changsha, China, aims to bolster Africa’s export capacity to China and foster direct business cooperation at the sub-national level.
This year’s CAETE theme is “Common Development for a Shared Future” and the event is holding at the state-of-the-art Changsha International Convention and Exhibition Centre. This event marks the first time African clients get to experience the impressive trade exhibition space in person.
CAETE, co-sponsored by the Ministry of Commerce of the People’s Republic of China and the People’s Government of Hunan Province, was established in 2019 to fulfil the commitments of the Forum on China-Africa Cooperation (FOCAC) in enhancing the trade balance between Africa and China. Through the previous editions of CAETE, 216 projects have been signed, contributing to over US$43 billion in new trade between Africa and China.
Aligning with the China-Africa Cooperation Vision 2035, which was announced by the Chinese President Xi Jinping during the Eighth Ministerial Conference of FOCAC in Senegal in 2021, CAETE supports the trade promotion goals by facilitating the import of African goods and services into China. President Xi emphasised the creation of “green lanes” for African agricultural exports, streamlining inspection and quarantine procedures, and expanding the number of zero-tariff products from least developed countries with diplomatic relations with China.
Standard Bank and ICBC actively supports FOCAC’s China-Africa Cooperation Vision 2035 by providing invaluable insights, relationships, and platforms enabling African businesses to trade successfully with China. “Our Africa-China trade and investment ability empower African clients to connect with a network of reliable export partners and reputable Chinese importers,” said Philip Myburgh, Head of Trade and Africa-China for Business and Commercial Banking at Standard Bank Group. He further highlighted the transactional offerings, trade solutions, and working capital finance provided by Standard Bank, complemented by English and Mandarin-speaking staff in China and Africa.
To enhance sales and marketing efforts in China, Standard Bank assists African clients in registering their products on its ICBC-linked e-trade platform, granting them access to a vast customer base in China. Standard Bank and ICBC also assume a pivotal role in identifying and communicating the commercial potential of trade opportunities to the respective governmental authorities in Africa and China. Through their presence in Africa and a strong foothold in China, they leverage client insights and collaborate with producer associations and trade promotion councils. “This valuable insight enables officials on both continents to recognize Africa’s competitive advantage as an alternative source for many products currently imported from Southeast Asia, South America, or Australia,” explained Myburgh.
Myburgh expressed excitement, stating, “As China celebrates its reopening to the world following the COVID-19 pandemic and travel restrictions, our African clients are thrilled to participate in this significant trade event.”
Speaking about the expo, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, stated that CAETE 2023 marks a significant milestone in the economic partnership between China and Africa. The expo offers a unique opportunity to strengthen trade ties, promote investment, and advance African economic development. With the targeted theme of ‘Building Africa’s Ability to Export to China. “We are committed to empowering African businesses and encouraging Chinese investment in Africa, leading to a win-win situation for both sides.”
As a trusted partner for business growth, we are pleased to have facilitated the physical participation of some of our customers at the ongoing expo, providing a global platform for our customers to network and enrich their business visibility. Wole added that the event has consistently been pivotal in promoting China-Africa cooperation, facilitating economic exchanges, and boosting trade volumes over the years.
Furthermore, this client focused drive corroborates with the brand’s commitment to support the growth of businesses in Nigeria and create partnerships across various sectors.
