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Lagos Admitted Into World’s 100 Resilient Cities

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  • Lagos Admitted Into World’s 100 Resilient Cities

Lagos State Governor, Mr. Akinwunmi Ambode, Tuesday received the Certificate of Admission of the state as one of the 100 Resilient Cities (100RC) in the world pioneered by the Rockefeller Foundation, saying that it was a starting point and a positive partnership that would help the state address the challenges of urban planning, transport gridlock, environment and modern infrastructure.

Governor Ambode, who spoke at the presentation of the certificate held at the Renaissance Hotel, Ikeja, Lagos, said the development was not only historic in the annals of the State but a confirmation that the efforts to build a globally competitive state had received international recognition.

The governor said it was gratifying to note that despite the challenges faced by the state in many areas including transportation, security, ocean surge, flooding, high unemployment rate, pressure on physical and social infrastructure, growth of slums and a huge housing deficit, Lagos remained resilient and ever progressive.

While alluding to the objective of his administration to make every community in Lagos economically liveable and stem rural-urban flight, the governor said deliberate initiatives have been put in place to address the housing deficit, transport challenges and economic development, among others.

He said: “We acknowledge these challenges and needs; and now as a member of the 100 resilient cities of the world, we have a platform to compare notes with cities who have similar experiences and create innovative and mitigating strategies.

“Lagos is currently home to about 23 million inhabitants with an estimated 86 people moving into Lagos every hour. This creates challenges of managing a daily increase in human and vehicular movement,” he said.

The governor, who said that resilience had always been part of the Lagos story, said despite the fact that the State remained the smallest state in Nigeria by geographical size, it is the largest by population and economic power.
He particularly recalled the manner with which Lagos contained the outbreak of the Ebola virus in 2015 and secured residents from a terrible epidemic.

While speaking on the plans for the state, Governor Ambode said his administration was currently in partnership with the Agence Francaise de Development (AFD) to upgrade 2 blighted settlements in Bariga and Amukoko.

“We have initiated many interventions all over the State to shorten road travel time and we are in talks with the Japanese International Corporation Agency (JICA) to introduce rail transportation in the Ikoyi-Lekki corridor.

We have also engaged in massive road construction and opening-up of our rural communities, continuous clearance of drainages and the upgrade and construction of Primary Health Care Centers (PHCs). Our objective is to make every community in Lags economically liveable and stem rural-urban flight.

“In response to the high unemployment figures, we created the Lagos State Employment Trust Fund to provide cheap source of funding to our young entrepreneurs and SME’s. The Fund started disbursement to beneficiaries in December 2016 and more funds will be made available to in the coming months to stimulate economic activity and get more of our young people employed.

“The ocean surge is a huge challenge and the Lagos State Government in partnership with notable investors have invested in the development of Eko Atlantic City to not only contain the ocean surge but to deliver a new city which will be a future financial, commercial and tourism centre,” he said.

In his opening remarks, Lagos State Commissioner for Finance, Economic Planning and Budget, Mr. Akinyemi Ashade said the selection of Lagos among the 100 Resilient Cities was sign post of a new dawn for the State in terms of ability to adapt to some of the risks and shocks it may be exposed to and how to effectively treat and overcome them.

He recalled how Governor Ambode issued a directive in August 2016 for commencement of process for Lagos to be selected, adding that the feat, apart from taking the delivery of electoral promises a notch higher in terms of concrete and measurable deliverables to the citizenry, would also compliment the vision of the present administration to make Lagos Africa’s model mega city of choice.

Earlier, President of 100 Resilient Cities, Mr. Michael Berkowitz said out of the over 1,000 applications received and three rounds of selection process, Lagos was chosen for its innovative leadership, infrastructural strides and influential status not just in Africa but in the world.

He said the organisation, by the initiative, was hoping to help cities change the way they think about their resilient opportunities and to see an integration between challenges.

“Sometimes cities think about transport, just about moving people; housi
ng, just about housing people; economic development, just about creating jobs but cities get better when they think about those things in an inter-related way.

“We are trying to inspire a movement across the world to change the way cities approach their risks and opportunities and so Lagos is not just the most influential city in West Africa or the continent but around the world and that was very appealing to us,” Berkowitz said.

The Governor later signed a Memorandum of Understanding (MoU) with the Mayor of Paynesville, Liberia, Mrs Cyvette Gibson, which would facilitate information sharing around resilience in the two cities with the view to bring about economic development.

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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POS Terminal Deployment in Nigeria Hits 2.68 Million in March 2024

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The total Point of Sale (POS) terminals deployed across Nigeria have now reached 2.68 million as of March 2024.

According to data released by the Nigeria Inter-Bank Settlement System (NIBSS), this represents a Year-on-Year (YoY) growth rate of 47.36% and reflects the accelerating pace of digitalization within the nation’s financial sector.

The proliferation of POS terminals signals a fundamental shift towards cashless transactions, as businesses and consumers increasingly embrace the convenience and efficiency offered by digital payment solutions.

This surge in adoption highlights the growing reliance on technology to facilitate financial transactions, driving innovation and transforming the way commerce is conducted across various sectors of the economy.

Breaking down the figures, January 2024 saw a deployment of 2.47 million POS terminals, representing a significant YoY increase of 50.61% compared to the same period in 2023.

Similarly, February 2024 witnessed a surge in deployment with 2.58 million POS terminals, marking a YoY growth rate of 54.49% compared to February 2023.

While these numbers paint a picture of rapid expansion, a closer examination reveals that there are over a million registered POS terminals yet to be deployed or taken up by merchants.

In January 2024, the number of registered terminals reached 3.44 million, rising from 2.31 million in 2023. February and March continued this trend, with registered terminals reaching 3.6 million and 3.73 million respectively in 2024.

The increase in registered POS terminals underscores the potential for further expansion and utilization within Nigeria’s digital payment landscape.

As the number of terminals continues to grow, there is a clear indication of the country’s readiness to embrace cashless transactions on a broader scale, paving the way for increased financial inclusion and efficiency.

Industry stakeholders view this surge in POS terminal deployment as a positive step towards realizing Nigeria’s vision of becoming a digital economy powerhouse.

However, challenges such as infrastructure development, regulatory frameworks, and merchant adoption still need to be addressed to fully harness the potential of digital payments in driving economic growth and development.

As Nigeria moves towards a cashless future, collaboration between the public and private sectors will be crucial in overcoming these challenges and ensuring that the benefits of digitalization are accessible to all segments of society.

With the continued expansion of POS terminal deployment, Nigeria is poised to emerge as a leader in digital payments innovation, transforming the way transactions are conducted and driving economic progress in the process.

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President Tinubu Appoints Nigeria’s Renowned Banker, Jim Ovia as Chairman of Nigerian Education Loan Fund

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President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).

This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.  Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.

In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai.

Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses.

James Hope University commenced activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.  In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative.

Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.

He is the author of “Africa Rise and Shine”, published by ForbesBooks. The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa. He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria.

Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

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NNPC and ARPHL Collaborate to Expand Port Harcourt Refinery to 310,000bpd

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The Nigerian National Petroleum Company Limited (NNPC) has joined forces with the African Refinery Port Harcourt Limited (ARPHL) to expand the Port Harcourt Refinery.

The collaboration entails ARPHL’s subscription of a 15% equity stake in the Port Harcourt Refining Company, a move aimed at augmenting the refinery’s daily production capacity from 210,000 barrels per day (bpd) to 310,000bpd.

The agreement, finalized at a signing ceremony held at the NNPC Towers in Abuja, underscores the commitment of both parties to bolstering Nigeria’s downstream oil and gas sector.

Managing Director of African Refinery Port Harcourt Limited, Omotayo Adebajo, and NNPC’s Executive Vice-President, Downstream, Adedapo Segun, sealed the deal, marking a pivotal moment in the nation’s quest for energy self-sufficiency.

According to statements released by NNPC and ARPHL, the subscription agreement represents a crucial step towards expanding Nigeria’s refining capacity and addressing the nation’s persistent reliance on imported petroleum products.

The proposed increment of 100,000bpd in the Port Harcourt Refinery’s capacity is poised to significantly reduce Nigeria’s dependence on imported fuel, fostering economic resilience and energy security.

Speaking on the collaboration, NNPC’s Executive Vice-President highlighted the strategic significance of co-locating the proposed additional refining capacity with the existing facilities at the Port Harcourt Refinery complex.

The move not only optimizes existing infrastructure but also underscores NNPC’s commitment to modernizing and revitalizing Nigeria’s refining sector.

In a similar vein, Tola Ayo-Adeyemi, Group Executive Director, Legal and Regulatory Compliance at African Refinery Group, emphasized the transformative impact of the collaboration on Nigeria’s energy landscape.

He highlighted the ARPHL refinery project’s position as the largest private refinery in Nigeria’s South-South and South-East geopolitical regions, underscoring its pivotal role in driving regional development and economic growth.

The groundbreaking ceremony for the ARPHL refinery project, scheduled for later this year, symbolizes a significant milestone in Nigeria’s journey towards energy independence.

With construction slated to commence in 2025 and commercial operations targeted for 2027, the project represents a beacon of hope for Nigeria’s refining sector, promising to deliver over 30 million liters of various petroleum products daily upon completion.

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