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Tech Innovation as Driver of Govt Institutions

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  • Tech Innovation as Driver of Govt Institutions

Driven by technology innovation and the need to extend its benefits to Nigerians, especially in the area of financial inclusion, the Central Bank of Nigeria (CBN) introduced the cashless policy some years back.

Since the introduction of the cashless policy, the central bank has been able to reduce the volume and cost of producing cash, a situation that has enhanced financial inclusion.

In the same vein, the Computer Professionals Registration Council of Nigeria (CPN), the umbrella body of computer professionals in the country, has initiated a paperless assembly for its annual Information Technology (IT) Assembly.

For the first time ever, CPN introduced paperless communication in its 2018 IT Assembly, which held in Abuja recently. According to the group, the initiative was borne out of its zeal to align its operations with technology innovation that will benefit all members of the computer profession.

The CPN ‘s tech innovation

For the first time in the 22 years history of the annual IT Assembly ‘Paperless Communication’ was used. Brochures and programmes of events were not printed. Instead, participants got computer tablets already pre-loaded with the programmes of events and other necessary information. The introduction of tablets added colour and glamour to the event.

During the event, registered members who were given computer tablets, were seen communicating with them and sending information relating to the conference and the computer profession, across boards.

The benefits

Just as the CBN is saving huge money from the reduction in the printing of cash, following the introduction of cashless initiative, CPN said it was able to save cost of paper printing since every information about the conference, including paper presentation was passed electronically.

“It costs us so much to pay for printing jobs for every annual conference and most times the printed materials are delayed. But with the electronic copies, we were able to pre-load them into the tablets and made them available at the point of registration during the conference,” the conference organisers said.

The highpoint of this event was the setting aside of March 31st every year, as the National IT Day in Nigeria. It is set aside for the recognition of the role of IT in the country.

The assembly is a yearly gathering of IT professionals and practitioners in Nigeria and the Diaspora with the objective of discussing and strategising on emerging issues in IT and generating recommendations and decisions that impact positively on the industry and the nation.

As it was with past editions of the programme, this year’s was preceded with the induction of 290 members into the profession.

Speaking at the conference,ny, the Secretary to the Government of the Federation, Boss Mustapha, who was represented by the Acting Director, Procurement, Research and Statistics, Office of the Secretary to the Government of the Federation, Mr. Emmanuel Ogunmefun, said governments all over the world were increasingly becoming smart, efficient with the adoption of appropriate technologies to drive governance and create the requisite enabling environment for national change and the much needed transformation.

He said as agency of government established to control and regulate the practice of IT profession in Nigeria, the role of CPN in the scheme of developmental goals of government could not be over-emphasised.

In addition, he noted that IT remains a critical sector and the flagship of other professions, and one that is viewed seriously in the course of the nation’s drive for sustainable national developments. According to Mustapha, the establishment of CPN, was government’s way of demonstrating its commitment to the development and deployment of IT in Nigeria.

He expressed confidence that the Council would keep aligning itself to the federal government’s developmental goals, especially in science, technology and innovations.

Also speaking on issues confronting the country, which could be addressed through technology innovation, the Minister of Education, Mallam Adamu Adamu, who was represented by the Director, ICT, Federal Ministry of Education, Mr. I. K. Oji, said the federal government recognised the critical role of IT in its developmental agenda, and has therefore made technology a priority.

The minister decried the poor state of IT in the country, and called on the council to work with government towards the attainment of the national goals and the Sustainable Development Goals (SDGs). He urged the participants to discuss how the nation Nigeria can facilitate technology–enabled learning as a way of preparing the youths for the future workplace.

Adamu assured the group of government’s continued support to promote the CPN’s course for national development.

The President/Chairman of CPN, Prof. Charles Uwadia, said the 2018 edition of the assembly was the first since his election, adding that it coincided with the 25th anniversary of the establishment of the council.

He said the choice of the theme for this year’s assembly involved an assessment of the progress that IT practice had made in the past 25 years in the country in its drive to bridge the digital divide as well as to enhance the deployment of IT.

CPN progress report

The Registrar, CPN, Mr. Allwell Achumba in his 2018 AGM annual report said the council was being repositioned for increased relevance, visibility, profitability and sustainability.

“We live in a world driven and powered by intellect and technology, a world where we see nations rise and fall as a result of its embrace or neglect of IT.

“Therefore, we need to intensify our efforts at developing the IT profession in Nigeria. We should not pay lip service to our efforts at building a solid and highly respected IT profession in Nigeria.

“It is for the good of the profession, the nation as well as the professionals and practitioners, who will be reaping the dividends of their sacrifice. IT profession has lots of prospects in Nigeria.

“Therefore, we should not be tired of making more efforts and sacrifices especially in terms of effective regulation of the IT profession as well as discharging our financial obligations to the profession in order to make it what it should be in the country,” he added.

Other speakers dwelt more on technology evolution and the need for organisations, government bodies and individuals to take advantage of technology innovation to beaks innovative in providing solutions that will address the pressing needs of individuals, organisations and the Nigerian economy.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Energy

NLC Describes President Tinubu’s Involvement In Dangote Refinery Petrol Pricing As ‘Fraud’

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Joe Ajaero

The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has described the involvement of the President Bola Tinubu-led government in deciding the price of petrol produced by Dangote Refinery as fraud.

Ajaero spoke during a media briefing at the Murtala Muhammed Airport in Lagos on Wednesday.

According to him, the inconsistencies in policies and fraudulent actions of the Tinubu-led administration are the cause of the ongoing conflict between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.

The NLC President criticised the current administration for attempting to interfere with the operations of private entities like Dangote.

He countered the government’s attempt to dictate the price of petrol produced by Dangote, describing it as fraudulent.

Ajaero said: “In a truly deregulated market, there should be no interference in how private sector entities like Dangote operate. Imposing restrictions or dictating prices goes against the principles of a free market.

“For a locally produced product, with no reliance on imported dollars or landing costs, they’re demanding he sells it at the same price as the imported ones. That’s both fraudulent and unacceptable.

“What you’re witnessing is a mix of fraud and policy inconsistency. Nigerians were led to believe that the sector had been deregulated, and in a deregulated market, competition and choice should prevail. So why is there now an attempt to control how much Dangote should sell his product for?

“When the Port Harcourt refinery becomes operational, both NNPC and Dangote should be able to sell freely. But trying to dictate Dangote’s pricing is dishonest.

“This is the time for Nigerians to speak out. We were told that deregulation would put the private sector in charge and limit government interference in business. Now, the government is trying to regulate how private businesses should price their products.

“They expect him to sell at the same price as the imported product, even though it was produced locally without the additional landing costs. That’s outright fraud.”

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Crude Oil

Oil Prices Gain Amid U.S. Production Woes and Rate Cut Expectations

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Crude Oil - Investors King

Crude gained on Tuesday following Hurricane Francine disruption in the U.S. and the possibility of an interest rate cut in the U.S.

These two factors have boosted traders’ sentiment in the oil market despite concerns about global demand and slowing growth in China.

Brent crude oil, against which Nigerian oil is priced, rose by 36 cents, or 0.5% to $73.11 per barrel while the U.S. crude oil gained 53 cents, or 0.8% to settle $70.62 per barrel.

Both closed higher in the previous trading session as the market reacted to the impact of Hurricane Francine on U.S. Gulf Coast production.

More than 12% of crude oil production and 16% of natural gas output in the Gulf of Mexico remained offline as of Monday, according to the U.S.

According to the Bureau of Safety and Environmental Enforcement (BSEE), the disruption has raised concerns over short-term supply shortages and contribution to the upward momentum in prices.

Yeap Jun Rong, a market strategist at IG said “while the market is seeing near-term stabilization, the fragile state of China’s economy and anticipation of the U.S. Federal Reserve’s interest rate decision could limit further gains.”

The Federal Open Market Committee (FOMC) is expected to announce a rate cut later this week, with futures markets pricing in a 69% chance of a 50-basis-point reduction.

Lower interest rates are favourable for oil prices as they reduce borrowing costs and encourage economic growth.

“Growing expectations of an aggressive rate cut are lifting sentiment across the commodities sector”, stated ANZ analysts.

The market, however, remains cautious due to lower-than-expected demand from China, the world’s largest importer of the commodity.

Chinese data released over the weekend showed that China’s oil refinery output dropped for the fifth consecutive month in August. This signals weaker domestic demand and declining export margins.

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Crude Oil

New Petrol Prices to Range Between N857 and N865 Following NNPC-Dangote Deal

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Petrol

Hopes for cheaper Premium Motor Spirit (PM), otherwise known as petrol, rose, last night, as indications emerged that the product may sell for between N857 and N865 per litre after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today.

It was learnt that the NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.

However, whether uniform product prices would apply at filling stations nationwide was unclear.

As of yesterday, petrol sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.

At independent marketers’ outlets, the price was over N1,000. Elsewhere across the country, PMS sold for more than N1,200 per litre.

Sources said the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.

President Bola Tinubu, Sunday Vanguard was made to understand by a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not be such that would place heavy financial burden on them while dealing with the new reality of the prevailing price”.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has, meanwhile, expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of PMS.

Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Sunday Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels to the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.

“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”

Soneye hinted that at least 100 trucks had already arrived at the refinery for the petrol lifting, adding that the number of trucks could increase to 300 by Saturday evening.

On his part, Executive Secretary, of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, said: “We have been lifting diesel (AGO) and aviation fuel (jet fuel) and we look forward to lifting petrol (PMS).”

On pricing, he said: “We await clarity in respect of the pricing mode, and once that is clarified, we’ll do the needful towards meeting the energy needs of Nigerians.”

Yesterday, Edun, the Minister of Finance and Coordinating Minister of the Economy said the structuring of the NNPCL, Dangote Refinery deal in Naira would assist in reducing pressure on the local currency.

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