Connect with us

Markets

LSETF, VISA Commit N3.5m to Drive CBN’s Cashless Initiative

Published

on

Visa Inc
  • LSETF, VISA Commit N3.5m to Drive CBN’s Cashless Initiative

The cashless economy initiative of the Central Bank of Nigeria (CBN), which seeks to promote financial inclusion in Nigeria, received boost in Lagos, when the Lagos State Employment Trust Fund (LSETF) and Visa provided support worth over N3.5 million to winners of the second edition of its Cashless Lagos Hackathon.

The teams, which include Team Blended, Team Maverick, and Team LagosPay were presented with a check of N2 million, N1.5 million and N500, 000 respectively for taking the top three positions.

LSETF officials said the hackathon is in line with the Lagos State’s commitment to encourage and support the tech ecosystem in the state. The trust fund has so far issued N80 million workspace vouchers to 50 startups. It plans to issue 25 more before the end of the year.

The Cashless Lagos Hackthon was launched by Visa in partnership with Lagos Innovates – an initiative of LSETF, and Passion Incubator with the objective of creating technology based financial solutions to help Lagos MSMEs carry out daily cashless transactions.

There were seven teams that competed for the grand prize of N2 million. The teams – Akuk, Blended, Eko Wallet, Tradekiosk, Lagos Pay, Mavericks, and Cashbox – had an opportunity to meet and interview five loan beneficiaries from LSETF. During the interview they were able to learn some of the payment challenges faced by the small business owners. With the knowledge, each of them went to build a solution around it.

Addressing journalists after the cheque presentation, the Executive Secretary of LSETF, Akin Oyebode, said: “The Hackthon is designed to solve problems around cash management for small businesses. What we have done here is that we brought our beneficiaries – five women who are beneficiaries of our loan program – we brought them to see how we can use technology to improve their business. Over the course of this weekend the seven teams have listened to them, interviewed them and have gone to create solutions to help solve some problems they have identified, especially relating to receiving payments and going cashless.”

Although the selected ideas from the start-ups were still prototype solutions, the organisers, however, expect that the winning teams will go ahead with the guidance of mentors to translate them into real products that have market value. Oyebode noted the presence of bank executives at the hackathon who were also interested in seeing how they can support the roll out of the solutions to their own customers, would further encourage banks to support SMEs in developing solutions that will further drive the cashless economy initiative of the CBN.

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.

Continue Reading
Comments

Commodities

Nigeria Spends $2.13bn on Food Imports in 2023

Published

on

Commodities Exchange

The Central Bank of Nigeria (CBN) disbursed $2.13 billion for food imports in 2023.

This disclosure raises concerns about the nation’s ability to achieve self-sufficiency in food production.

Despite being touted as the “food basket of Africa,” Nigeria continues to rely heavily on imported food commodities.

The CBN’s quarterly statistics revealed a consistent demand for foreign currencies for food imports throughout the year.

The significant forex release for food imports stands in stark contrast to efforts by the Nigerian government to boost local agricultural production and reduce dependence on imports.

Factors such as inadequate infrastructure, insecurity, and climate change have hindered progress in the agricultural sector, leaving the nation vulnerable to fluctuations in global food prices.

A breakdown of the disbursements shows varying amounts allocated each month, with notable spikes observed in March and November.

Despite initiatives aimed at promoting local production, including the ban on food imports by the Federal Government, the nation’s appetite for foreign food products remains unabated.

The rise in food prices has also been a cause for concern, with the average price of imported food commodities reaching a 34% increase between April 2023 and April 2024.

This surge in prices has contributed to food inflation in Nigeria and across sub-Saharan Africa, highlighting the region’s vulnerability to global market dynamics.

Experts warn that Nigeria’s heavy reliance on food imports poses significant risks to its economy and food security.

Despite efforts to promote local production, challenges such as insecurity and inadequate infrastructure continue to impede progress in the agricultural sector.

Commenting on the issue, Kabir Ibrahim, the National President of the All Farmers Association of Nigeria, acknowledged that Nigeria has made strides in reducing its dependence on certain food items but expressed concern over the increasing trend in food imports.

He highlighted the challenges faced by farmers, including insecurity and flooding, which have affected food production and contributed to the rising import bill.

Yusuf Muda, the Managing Director of the Centre for the Promotion of Private Enterprise, emphasized the need for accurate data to assess Nigeria’s food import dependency accurately.

He called for a comprehensive analysis of the types of food imported and their contribution to the nation’s food consumption.

As Nigeria grapples with the challenges of food security and economic stability, addressing the root causes of its reliance on food imports remains a critical priority.

Efforts to strengthen the agricultural sector, improve infrastructure, and mitigate climate change impacts are essential for achieving long-term food security and economic resilience.

Continue Reading

Crude Oil

NNPCL CEO Optimistic as Nigeria’s Oil Production Edges Closer to 1.7mbpd

Published

on

Crude Oil

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), has expressed optimism as the nation’s oil production approaches 1.7 million barrels per day (mbpd).

Kyari’s positive outlook comes amidst ongoing efforts to address security challenges and enhance infrastructure crucial for oil production and distribution.

Speaking at a stakeholders’ engagement between the Nigerian Association of Petroleum Explorationists (NAPE) and NNPCL in Lagos, Kyari highlighted the significance of combating insecurity in the oil and gas sector to facilitate increased production.

Kyari said there is a need for substantial improvements in infrastructure to support oil production.

He noted that Nigeria’s crude oil production has been hampered by pipeline vandalism, prompting alternative transportation methods like barging and trucking of petroleum products, which incur additional costs and logistical challenges.

Despite these challenges, Kyari revealed that Nigeria’s oil production is steadily rising, presently approaching 1.7mbpd.

He attributed this progress to ongoing efforts to combat pipeline vandalism and enhance infrastructure resilience.

Kyari stressed the importance of taking control of critical infrastructure to ensure uninterrupted oil production and distribution.

One of the key projects highlighted by Kyari is the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, which plays a crucial role in enhancing gas supply infrastructure.

He noted that completing the final phase of the AKK pipeline, particularly the 2.7 km river crossing, would facilitate the flow of gas from the eastern to the western regions of Nigeria, supporting industrial growth and energy security.

Addressing industry stakeholders, including NAPE representatives, Kyari reiterated the importance of collaboration in advancing Nigeria’s oil and gas sector.

He emphasized the need for technical training, data availability, and policy incentives to drive innovation and growth in the industry.

Continue Reading

Commodities

Nigeria to Achieve Fuel Independence Next Month, Says Dangote Refinery

Published

on

Dangote Refinery

Aliko Dangote, the Chairman of the Dangote Group and Africa’s wealthiest individual has announced that Nigeria is poised to attain fuel independence by next month.

Dangote made this assertion during his participation as a panelist at the Africa CEO Forum Annual Summit held in Kigali.

The announcement comes as a result of the Dangote Refinery’s ambitious plan, which aims to eliminate the need for Nigeria to import premium motor spirit (PMS), commonly known as petrol, within the next four to five weeks.

According to Dangote, the refinery already operational in supplying diesel and aviation fuel within Nigeria, possesses the capacity to fulfill the diesel and petrol requirements of West Africa and cater to the aviation fuel demands of the entire African continent.

Dangote expressed unwavering confidence in the refinery’s capabilities, stating, “Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.”

He said the refinery is committed to ensuring self-sufficiency in the continent’s energy needs, highlighting its capacity to significantly reduce or eliminate the need for fuel imports.

The Dangote Refinery’s accomplishment marks a pivotal moment in Nigeria’s quest for energy independence. With the refinery’s robust infrastructure and advanced technology, Nigeria is poised to become a net exporter of refined petroleum products, bolstering its economic stability and reducing its reliance on foreign imports.

Dangote’s remarks underscored the transformative potential of the refinery, not only for Nigeria but for the entire African continent.

He emphasized the refinery’s role in fostering regional energy security, asserting, “We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico.”

Dangote further outlined the refinery’s broader vision for Africa’s economic advancement and detailed plans to expand its production capacity and diversify its product range.

He highlighted initiatives aimed at promoting self-sufficiency across various sectors, including agriculture and manufacturing, with the ultimate goal of reducing Africa’s dependence on imports and creating sustainable economic growth.

Dangote’s vision for a self-reliant Africa resonates with his long-standing commitment to investing in the continent’s development.

He concluded his remarks by reiterating the refinery’s mission to transform Africa’s energy landscape and drive socio-economic progress across the region.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending