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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/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Rebound After Three Days of Losses

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After enduring a three-day decline, oil prices recovered on Thursday, offering a glimmer of hope to investors amid a volatile market landscape.

The rebound was fueled by a combination of factors ranging from geopolitical developments to supply concerns.

Brent crude oil, against which Nigeria oil is priced, surged by 79 cents, or 0.95% to $84.23 a barrel while U.S. West Texas Intermediate (WTI) crude climbed 69 cents, or 0.87% to $79.69 per barrel.

This turnaround came on the heels of a significant downturn that had pushed prices to their lowest levels since mid-March.

The recent slump in oil prices was primarily attributed to a confluence of factors, including the U.S. Federal Reserve’s decision to maintain interest rates and concerns surrounding stubborn inflation, which could potentially dampen economic growth and limit oil demand.

Also, unexpected data from the Energy Information Administration (EIA) revealing a substantial increase in U.S. crude inventories added further pressure on oil prices.

“The updated inventory statistics were probably the most salient price driver over the course of yesterday’s trading session,” said Tamas Varga, an analyst at PVM.

Crude inventories surged by 7.3 million barrels to 460.9 million barrels, significantly exceeding analysts’ expectations and casting a shadow over market sentiment.

However, the tide began to turn as ceasefire talks between Israel and Hamas gained traction, offering a glimmer of hope for stability in the volatile Middle East region.

The prospect of a ceasefire agreement, spearheaded by Egypt, injected optimism into the market, offsetting concerns surrounding geopolitical tensions.

“As the impact of the U.S. crude stock build and the Fed signaling higher-for-longer rates is close to being fully baked in, attention will turn towards the outcome of the Gaza talks,” noted Vandana Hari, founder of Vanda Insights.

The potential for a resolution in the Israel-Hamas conflict provided a ray of hope, contributing to the positive momentum in oil markets.

Despite the optimism surrounding ceasefire talks, tensions in the Middle East remain palpable, with Israeli Prime Minister Benjamin Netanyahu reiterating plans for a military offensive in the southern Gaza city of Rafah.

The precarious geopolitical climate continues to underpin volatility in oil markets, reminding investors of the inherent risks associated with the commodity.

In addition to geopolitical developments, speculation regarding U.S. government buying for strategic reserves added further support to oil prices.

With the U.S. expressing intentions to replenish the Strategic Petroleum Reserve (SPR) at prices below $79 a barrel, market participants closely monitored price movements, anticipating potential intervention to stabilize prices.

“The oil market was supported by speculation that if WTI falls below $79, the U.S. will move to build up its strategic reserves,” highlighted Hiroyuki Kikukawa, president of NS Trading, owned by Nissan Securities.

As oil markets navigate a complex web of geopolitical uncertainties and supply dynamics, the recent rebound underscores the resilience of the commodity in the face of adversity.

While challenges persist, the renewed optimism offers a ray of hope for stability and growth in the oil sector, providing investors with a semblance of confidence amidst a volatile landscape.

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Gold

Gold Soars as Fed Signals Patience

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Gold emerged as a star performer as the Federal Reserve adopted a more patient stance, sending the precious metal soaring to new heights.

Amidst a backdrop of uncertainty, gold’s ascent mirrored investors’ appetite for safe-haven assets and reflected their interpretation of the central bank’s cautious approach.

Following the Fed’s decision to maintain interest rates at their current levels, gold prices surged toward $2,330 an ounce in early Asian trade, building on a 1.5% gain from the previous session – the most significant one-day increase since mid-April.

The dovish tone struck by Fed Chair Jerome Powell during the announcement provided the impetus for gold’s rally, as he downplayed the prospects of imminent rate hikes while underscoring the need for further evidence of cooling inflation before considering adjustments to borrowing costs.

This tempered outlook from the Fed, which emphasized patience and data dependence, bolstered gold’s appeal as a hedge against inflation and economic uncertainty.

Investors interpreted the central bank’s stance as a signal of continued support for accommodative monetary policies, providing a tailwind for the precious metal.

Simultaneously, the Japanese yen surged more than 3% against the dollar, sparking speculation of intervention by Japanese authorities to support the currency.

This move further weakened the dollar, enhancing the attractiveness of gold to investors seeking refuge from currency volatility.

Gold’s ascent in recent months has been underpinned by a confluence of factors, including robust central bank purchases, strong demand from Asian markets – particularly China – and geopolitical tensions ranging from conflicts in Ukraine to instability in the Middle East.

These dynamics have propelled gold’s price upwards by approximately 13% this year, culminating in a record high last month.

At 9:07 a.m. in Singapore, spot gold was up 0.3% to $2,326.03 an ounce, with silver also experiencing gains as it rose towards $27 an ounce.

The Bloomberg Dollar Spot Index concurrently fell by 0.3%, further underscoring the inverse relationship between the dollar’s strength and gold’s allure.

However, amidst the fervor surrounding gold’s surge, palladium found itself trading below platinum after dipping below its sister metal for the first time since February.

The erosion of palladium’s long-standing premium was attributed to a pessimistic outlook for demand in gasoline-powered cars, highlighting the nuanced dynamics within the precious metals market.

As gold continues its upward trajectory, investors remain attuned to evolving macroeconomic indicators and central bank policy shifts, navigating a landscape defined by uncertainty and volatility.

In this environment, the allure of gold as a safe-haven asset is likely to endure, providing solace to investors seeking stability amidst turbulent times.

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Crude Oil

Oil Prices Steady as Israel-Hamas Ceasefire Talks Offer Hope, Red Sea Attacks Persist

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Amidst geopolitical tensions and ongoing conflicts, oil prices remained relatively stable as hopes for a ceasefire between Israel and Hamas emerged, while attacks in the Red Sea continued to escalate.

Brent crude oil, against which Nigerian oil is priced, saw a modest rise of 27 cents to $88.67 a barrel while U.S. West Texas Intermediate crude oil gained 30 cents to $82.93 a barrel.

The optimism stems from negotiations between Israel and Hamas with talks in Cairo aiming to broker a potential ceasefire.

Despite these diplomatic efforts, attacks in the Red Sea by Yemen’s Houthis persist, raising concerns about potential disruptions to oil supply routes.

Vandana Hari, founder of Vanda Insights, emphasized the importance of a concrete agreement to drive market sentiment, stating that the oil market awaits a finalized deal between the conflicting parties.

Meanwhile, investor focus remains on the upcoming U.S. Federal Reserve’s policy review, particularly in light of persistent inflationary pressures.

Market expectations for any rate adjustments have been pushed out due to stubborn inflation, potentially bolstering the U.S. dollar and impacting oil demand.

Concerns over demand also weigh on sentiment, with ANZ analysts noting a decline in premiums for diesel and heating oil compared to crude oil, signaling subdued demand prospects.

As geopolitical uncertainties persist and market dynamics evolve, observers closely monitor developments in both the Middle East and global economic policies for their potential impact on oil prices and market stability.

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