CBN Governor, Godwin Emefiele

By Lydia Ngwakwe

The Governor of Central Bank, Mr Godwin Emefiele, has expressed optimism that Nigeria could emerge from recession by the first quarter of 2021.

He also projected a GDP growth of 2.0 per dcent in 2021.

Emefiele spoke at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

The News Agency of Nigeria (NAN) reports that the first ever blended bankers dinner where participants joined both physically and virtually, was powered by CBN, all Nigerian Banks and Nigeria Deposit Insurance Commission.

The event saw CBN governor giving an insight into the actions of the apex regulatory body in the present year and an idea of what to expect in the coming year.

He said given the impact of COVID-19 on key economic variables such as crude oil, the fiscal and monetary authorities had taken unprecedented measures to prevent long-term damage to the growth prospects of the economy.

He said that the impact of these measures along with the removal of restrictions on movement and resumption of international travel, had led to improvement in key indicators of the economy, as several economic activities returned to positive growth.

A sectoral assessment of economic activities in the third quarter indicates that the economy witnessed positive growth in key sectors such as Information and Communications Technology, Agriculture, Health, Construction, Finance and Insurance and Public Administration.

With sustained implementation of our intervention measures, we do expect that the Nigerian economy could emerge from the recession by the first quarter of 2021, due to high frequency data that indicates continued improvements in the non-oil sector of our economy.

We also expect that growth in 2021 would attain 2.0 percent, he said.

The governor explained that the agricultural sector had continued to record positive growth supported by productivity gains in the sector, interventions by the government, and improved demand for local produce.

The Manufacturing Purchasing Managers Index, he said, had in the month of November stood at 50.2 points, indicating an expansion in manufacturing activities after six months of contraction.

Emefiele said that a total of 18 sectors recorded positive growth in the third quarter relative to 13 sectors in the second quarter, which reflected significant improvement in economic activity.

Furthermore, 36 out of the 46 economic activities tracked by NBS, reflected positive improvements in growth, which included activities that recorded negative growth.

He disclosed that 150million dollars was being traded daily as a result of Monetary and Fiscal Authority measures put in place to sanitize activities in the foreign exchange market.

Emefiele said also that the Nigerian Stock Exchange All Share index rose by 65 percent between April and November 2020, reflecting improved sentiments by investors on the fundamentals of publicly listed companies.

As a result of these measures, Emefiele said that GDP growth in the third quarter, improved to -3.6 percent from -6.1 percent in quarter two, even though the economy fell back into a recession.

However, he said that downside risks remained, as restoration of full economic activities, particularly in service related sectors, remained uncertain until a COVID vaccine was produced and made available to millions of people across the world.

He said also that with the significant rise in cases in advanced markets and the imposition of lockdowns in parts of Europe, concerns remained on the impact this could have on growth in advanced economies, commodity prices and the financial markets.

Emefiele said that it was important that the economy be protected from the impact of these shocks through diversification efforts, with work also being done to ensure adherence to safety protocols in order to prevent a surge in COVID-19 related cases, as this could further cripple economic activities.

The governor said that the banks actions in 2021 would be guided by the considerations that emerged from the Monetary Policy Committee meeting of Nov. 23 and Nov. 24, which sought to address the major headwinds exerting downward pressure on output growth and upward pressure on domestic prices.

He said given the fact that the rise in inflation was not due to monetary factors but rather the prevalence of structural rigidities and supply shocks, traditional tools of monetary policy might not be helpful in addressing current inflationary pressures.

According to him, a more useful policy will be the supply-side measures implemented by the bank.

As a result, Emefiele said that emphasis would be placed on strengthening the development finance initiatives of the CBN in order to stimulate greater production and reduce unemployment.

He said: We intend to increase our support for measures that will aid improved cultivation of local produce in Nigeria, with particularly emphasis on improving our yield levels, as food inflation continues to remain the key driver of inflationary trends.

The CBN governor urged the banking sector to play significant role as a facilitator of growth in the agriculture sector, through its intermediation function.

He listed some of the opportunities in the agriculture sector that banks should explore to address some of the existing gaps in the agriculture value chains, such as storage centers, transport logistics, and technology platforms.

Emefiele said that when explored, it could enable rural farmers to sell their produce directly to the markets.

The governor also noted that Information Communication Technology was another sector which has emerged as a significant source of resilience in mitigating the impact of COVID-19 on the economy,

He explained that in the third quarter of 2020, the ICT sector made contributions of over 17.8 percent to GDP growth, 47 percent higher than its contributions a year earlier.

Emefiele urged the banking sector to also consider Infrastructure Finance as another critical area for stable growth of the economy.

According to him, with the decline in revenues due to federal and state government as a result of the drop in crude oil prices, alternative ways of funding infrastructure are critical if we are to generate sustained growth of the economy.

He said that these products would help to improve productivity of farmers, reduce post-harvest losses, increase access to finance for farmers and improve sourcing of local raw materials for processing by manufacturing and industrial firms.

Emefiele said that it would aid improved production of local goods, enable the creation of jobs, while supporting the growth of other sectors of the economy such as manufacturing, and transportation.

Highlights of the event was the presentation of awards to some unparalleled and distinguished individuals and affiliate institutions who contributed immensely to the growth and sustainability of the financial services in the year under review.

The awards given were in three categories- The Xfactor, Affiliate of the Year and the Next Generation. (NAN)

Source: NAN News

Ethiopian refugees fleeing fighting in Tigray province queue to receive supplies at the Um Rakuba camp in Sudans eastern Gedaref province, on November 16, 2020. - Sudan -- one of the worlds poorest countries, now faced with the massive influx -- has reopened the camp, 80 kilometres (50 miles) from the border. It once housed refugees who fled Ethiopias 1983-85 famine that killed over a million people. (Photo by Ebrahim HAMID / AFP)

The head of the United Nations High Commission for Refugees (UNHCR) visited some refugee camps near the Sudanese borders with Ethiopia where over 43,000 Ethiopians fleeing from fighting in their homeland have arrived in Sudan, saying urgent assistance is needed for the refugees, most of whom are children

I am in Sudan and visiting areas near the Ethiopian border, where 43,000 refugees from Ethiopias Tigray region have arrived so far,. said UNHCR Commissioner, Filippo Grandi, shortly after landing in Kasala, one of the areas hosing the Ethiopian refugees.

Sudan once again is showing its traditional hospitality to people in need and urgently requires international assistance to support its efforts, the UN High Commissioner, Mr Grandi, tweeted on Friday.

Meanwhile, the UNHCR spokesperson, Babar Baloch, told the international media at the Palais des Nations in Geneva, that the UN High Commissioner for Refugees, Filippo Grandi, is visiting Khartoum as the country is receiving a growing number of refugees from Ethiopia.

The Spokesperson said since the start of fighting in Ethiopias northern Tigray region in early November, more than 43,000 refugees have crossed into Sudan seeking protection and shelter.

The spokesperson stressed that even before this influx, the country was hosting nearly one million refugees, mainly from South Sudan.

The Spokesperson said in eastern Sudan, UNHCR continues to ramp up its relief effort together with Sudans Commission on Refugees and local authorities amidst complex logistical challenges.

Aid is being mobilized to help refugees almost half of whom are children. Humanitarian agencies continue to provide shelter and other facilities to help refugees but more resources are required and Sudan needs international support urgently, the UN official underlined.

Already, UNHCR has helped relocate nearly 10,000 refugees to the Um Rakuba site, 70 km further from the border inside Sudan, as work continues to put up shelters and improve services.

The spokesman announced that on Friday a plane carrying 32 tons of UNHCR emergency aid from our global stockpile in Dubai landed in Khartoum, adding that another airlift is scheduled to leave Dubai on Monday with 100 tons of additional relief items. UNHCRs global stockpile is hosted by the International Humanitarian City in Dubai (IHC). In total, we plan to send four airlifts.

Todays cargo included 5,000 blankets, 4,500 solar lamps, 2,900 mosquito nets, 200 plastic sheets and 200 plastic rolls. A second airlift will carry 1,275 family tents and 10 prefabricated warehouses. This aid will meet the immediate shelter needs of more than 16,000 people. The transportation costs of both flights were generously covered by the Government of United Arab Emirates. The UNHCR said as workers in the ground started complaining that with almost two weeks elapsing since the arrival of the refugees, very little was done on the ground.

The UN body has meanwhile complained that inside Tigray region, concerns are growing for the safety of civilians in the conflict, particularly in its capital, Mekele, home to more than 500,000 people.

UNHCR remains concerned as the humanitarian situation continues to worsen in Tigray, including for those displaced and for some 96,000 Eritrean refugees who will run out of food as soon as Monday if supplies cannot reach them. We join other humanitarian agencies to reiterate our call for the protection of civilians and immediate humanitarian access in order to resume the delivery of life sustaining assistanc, the UNHCR complained.

However, the office of the Ethiopian Prime Minister, Abyei Ahmed, tweeted that the leaders of the Tigray Peoples Liberation Front are seeking to manipulate the international community into backing a power-sharing deal that grants it impunity for past crimes.

The Prime Minister himself underlined that the overall safety and well-being of the people of Tigray is of paramount importance to the Federal government and we will do all that is necessary to ensure stability prevails in the Tigray region and that our citizens are free from harm and want. (PANA/NAN)

Source: NAN News

Hunger is on the rise in southern Madagascar due to consecutive years of drought, affecting half the regions population or 1.5 million people, and forcing most families to eat insects, the World Food Programme (WFP) reported in Geneva, Switzerland, on Friday.

The figure is three times the number projected mid-year, with women and children comprising most of those experiencing crisis or emergency hunger conditions.

The UN agency pointed out that Madagascar already has the worlds 10th highest rate of stunting, as almost half of all children under the age of five suffer from chronic malnutrition.

As hunger numbers rise, so does the proportion of families who are resorting to crisis-coping mechanisms. The majority of them are having to eat bugs. They are selling off lifesaving livelihood assets, farm implements, kitchen utensils, said Tomson Phiri, a WFP spokesperson in Geneva.

Hunger and malnutrition stem from three years of ruined harvests, hampering access to food and affecting people across 10 districts.

WFP has described the situation as extremely worrying.

A UN statement said last month that the WFP conducted an assessment in Amboasary, the hardest-hit district, which revealed that three-quarters of children were forced to drop out of school so they could help their families forage for food.

Most of the women that we spoke to said they had nothing to feed their young children except the red cactus pears that grow on the roadside, said Phiri.

As part of its drought response, WFP began life-saving emergency food assistance in September, reaching more than 100,000 people in Amboasary.

This support has included in-kind food distributions and also hot meals for particularly malnourished children and elderly persons.

Some 576,000 people in nine other districts are also receiving assistance during the lean season, which runs through December.

Phiri said, given the gravity of the situation, the agency planned to continue scaling up operations through next June.

We additionally seek to help the challenges that are being faced by rural women, who often are prevented from owning land and agricultural assets, as well as face discriminatory customary practices, he added.

The statement said WFP was appealing to the international community for US.5 million so it could continue response efforts. (PANA/NAN)

Source: NAN News

COVID-19: Antibiotics misuse can accelerate antimicrobial resistance experts

A Consultant Clinical Microbiologist, Dr Mutiu Bamidele, has warned that misuse of antibiotics could lead to accelerated emergence and spread of Antimicrobial Resistance (AMR).

Bamidele gave the warning at an event to mark the 2020 World Antimicrobial Awareness Week (WAAW). The event was organised by the ST.RACHEALS Pharmaceuticals, Lagos on Friday.

The slogan for WAAW 2020 is Antimicrobials: Handle With Care while the theme for the human health sector for WAAW 2020 is United to Preserve Antimicrobials.

Bamidele, who works at the Lagos State University Teaching Hospital (LASUTH), spoke on Antibiotic Resistance in Nigeria: A Call to Action.

According to him, AMR occurs when bacteria, viruses, fungi and parasites change overtime and no longer respond to medicines, making common infections harder to treat and increasing the risk of disease spread, severe illness and death. COVID-19 is now one of the causes of antimicrobial resistance.

The impact of COVID-19 will increase the use of antibiotics because when people get fever and they dont want to stress themselves by going for a COVID-19 test, they use antimicrobials, and overuse or use of drugs which may or may not cure the sickness causes antimicrobial resistance.

Even in parties, people give out antibiotics so that their guests wont get stomach upsets; this is wrong, he said.

Bamidele said that multiple factors including overuse of medicines in humans and livestock as well as poor access to clean water, sanitation and hygiene, had accelerated the threat of antimicrobial resistance worldwide.

According to him, there are recommended four necessary actions to prevent antimicrobial resistance.

They include preventing infections and the spread of resistance, tracking resistance patterns and reporting back to medical and hospital staff, developing new drugs and diagnostic tests and improving antibiotic prescription and stewardship, he said.

The Commissioner for Health, Ogun, Dr Tomi Coker, said that the state government had begun basic healthcare provision fund of the National Health Act, 2014. She gave the assurance that it would provide free healthcare for the vulnerable, elderly, children and pregnant women.

Coker said that health financing would improve the quality of care and provide drugs in the health facilities. She advised on the use of data and research in hospitals to improve health outcomes.

The commissioner said that emergence of COVID-19 had helped in the use of software for capturing results and data of COVID-19 patients.

I believe the health system is changing and will be relying more on technology and software so that states will be having digitised records which make it easy to draw out data analysis.

For us in Ogun State, we will be digitalising our health records in all hospitals. From my office, I can press a button and know where my outbreaks are and what is causing them; that is the vision, Coker said.

Mr Akinjide Adeosun , the Chairman/Chief Executive Officer (CEO) of ST.RACHEALS Pharmaceuticals, said that one of the major objectives of the week was to create awareness on antimicrobial resistance through effective communication, education and training.

Adeosun listed major causes of AMR to include non-availability of new antibiotics, overuse of existing antibiotics, poverty and lack of funds for the medical industry. To tackle the problem of antibiotics resistance, we need to tackle poverty and funding the healthcare industry.

I urge our national and sub-national governments to institute free medicare for the poor. One per cent of the profits of companies should be legislated to fund this scheme at the national level and one per cent of tax at the sub national level, he said.

He also advocated increase in salaries of medical practitioners so that they could deliver care more effectively. He advised Nigerians to stop self-medication and buy antibiotics only on doctors prescription, adding that they should handle antimicrobials with care.

The News Agency of Nigeria reports Mrs Adeola Alli, Co-founder/CEO of OneHealth Pharmacy, Lagos, also spoke at the event.

She recommended continuous education and training for pharmacists, subsidised cost of healthcare and use of emerging technologies to help in community practices, to end antimicrobial resistance.

Source: NAN News

Lagos Judicial Panel on SARS brutality

By Moji Eniola

A 33-year-old man, Mr Emmanuel Ajomafuwe, is seeking justice for himself and his late 20-year-old girlfriend, Miss Adaobi Ifeanyi, with whom he wasallegedly shot by a policeman.

The alleged shooting which occurred during a traffic stop in Apapa, Lagos, on April 13, 2019, led to Ifeanyis death and left Ajomafuwe with injuries.

The News Agency of Nigeria (NAN) reports that Ajomafuwe testified on Saturday before the Lagos State Judicial Panel of Inquiry for Restitution for Victims of SARS Related Abuses and Other Matters.

I was driving my car and I was stopped by the Nigerian Police Force (NPF) at Apapa. The policemen claimed that I was signaled to stop and I said I was not aware of it.

Due to the argument between me and the police, I was shot on the head by Insp. Dania Ojo while I was still inside the car.

Ojo also shot my girlfriend on her leg and stomach.

After the life-threatening gunshot injury on my head, I was lucky to survive while my girlfriend, the late Ada Ifeanyi, died in a hospital.

There has been no condolence message or visit from the NPF to my family up till date to know if Im still alive.

No medical bills were paid by the NPF as promised by the Commissioner of Police when the incident happened, he said.

Ajomafuwe said that stories of the alleged incident were published the following day by Punch and Guardian newspapers.

He said that six policemen were involved in the incident including Insp. Adamu Usman, Sgt. Kashim Tijani, Sgt. Lucky Akhigbe, Sgt. Paul Adeoye and Insp Dania Ojo.

The police personnel ran away and left me to die when my girlfriend and I were shot.

After three weeks, the policemen, who were arrested, resumed duty on that same street.

The NPF swept the matter under the rug; no update has been received. I still face issues of sleeping at night without taking sleeping tablets, he said.

The petitioner said he conducted a brain scan at the Reddington Hospital, Lagos, where he was admitted, and had done a medical checkup in Dubai to address his sleep issues.

He said that he had not been the same mentally since the alleged incident.

Ajomafuwe sought justice from the panel.

I want the judicial panel to remind the NPF to ensure that Insp. Dania Ojo is punished and to remind them to fulfill their promise and offset my medical expenses, he said.

Mr Joseph Eboseremem, ccounsel for the NPF, requested for an adjournment to cross-examine Ajomafuwe.

He mentioned so many names here and I have not got the facts of those officers mentioned whether they are fictitious names, Eboseremem said.

The Chairman of the nine-man panel, retired Justice Doris Okuwobi, adjourned the case until Dec. 11 for cross-examination of the petitioner. (NAN)

Source: NAN News

NSE

By Chinyere Joel-Nwokeoma

The Nigerian Stock Exchange (NSE) on Friday moved 190 million shares worth N3.33 billion in 3,976 deals, as the indices rose by 0.24 per cent.

This was in contrast with 257.56 million shares valued N3.53 billion transacted in 5,407 deals on Thursday.

Transcorp was the most active stock, accounting for 37.49 million shares worth N37.65 million.

It was trailed by Access Bank with an account of 22.87 million shares valued at N195.91 million, while FBN Holdings sold 19.79 million shares worth N145.66 million.

Zenith Bank traded 15.38 million shares valued N376.33 million, MTN Nigeria traded 11.58 million shares worth N1.79 billion.

The market capitalisation of listed equities increased by N43 billion or 0.24 per cent to N18.227 trillion from N18.184 trillion recorded on Thursday.

Also, the NSE All-Share Index appreciated by 82.51 points to close at 34,885.51 against 34,803.00 achieved on Thursday.

MTN Nigeria Communications led the gainers table, increasing by N2 to close at N155 per share.

Unilever followed with 75k to close at N13.75, while Fidson added 37k to close at N5.47 per share.

NAHCO gained 20k to close at N2.40, while FBN Holdings appreciated by 15k to close at N7.40 per share.

On the other hand,Guaranty Trust Bank topped the losers chart, dropping by 40k to close at N35 per share.

Guinness trailed with a loss of 30k to close at N19, while Portland Paint dropped 24k to close at N2.16 per share.

Mansard Insurance was down by 16k to close at N2.34, while NEM Insurance dipped 8k to close at N2.47 per share. (NAN)

Source: NAN News

Minister of Defence, Maj.-Gen. Salihi Magashi (rtd)

By George Odok
The Minister of Defence, Maj.-Gen. Bashir Magashi (Rtd), has charged graduands of the Naval Warfare Course 4 to imbibe practical and pragmatic approach to overcoming security threats in the country.

Magashi gave the charge on Friday in Calabar during the graduation ceremony of 21 participants of the Naval War College Nigeria (NWCN) Course 4.

The Minister, who was represented by the Chief of Defence Staff, Gen. Abayomi Olanisakin, said that Nigeria has been beset with threats that have affected the overall security of the nation.

According to him, the threats were not peculiar to Nigeria alone, adding that it was a manifestation of the fifth generation warfare also known as hybrid warfare.

He explained that the Armed Forces of Nigeria was engaged in operations across the country to curtail the myriads of security challenges.

He charged the graduands to understand and situate themselves in the ever changing character of conflicts and the complexities of the global contemporary security environment.

The expected training outcomes would be seen in the capacity of the graduands, as they imbibe practical and pragmatic approach to overcoming security threats to our existence as a nation.

I avail this opportunity to salute the efforts of the Armed Forces and indeed the Nigerian Navy for its significant contributions towards improving national security both in the hinterland and across the nations maritime domain, he said.

Speaking, the Commandant of NWCN, Rear Adm. Adeseye Ayobanjo, said that the mission of the College is to develop senior naval leaders and equivalent from other services as operational level commanders with thorough appreciation of complex national security problems, who are prepared to make sound decisions in the application of maritime force as a policy option.

He said that to achieve the mission, the College is mandated to run various courses, one of which is the Naval Warfare Course and with its participants drawn from the Navy, Air Force and Navy.

Today graduation ceremony formally mark the successful completion of yet another Naval Warfare Course which is the fourth since the establishment of the College in May 2017.

So far, the college has trained and graduated a total of 47 officers of the Armed Forces of Nigeria. Course 1 had 15 officers, Course 2 had 14 officers and Course 3 had 18 officers.

Today, the 21 graduands of Naval Warfare Course 4 will be joining the list of the Naval Warfare graduates of the Naval War College Nigeria.

The Naval Warfare Course 4 commenced online on April 24th 2020 after an earlier postponement due to the onset of COVID-19 pandemic in the country

Subsequently, the participants assembled in Calabar on same June 2020 following the relaxation of the COVID-19 lockdown by the Federal Government, he said.

Naval warfare Course 4 is made up of 21 participants, comprising of 18 officers of the Nigerian Navy, two from the Nigerian Army and one from the Air Force.

He charged them to show exceptional character of the NWCN as they return to sea, land and air services.

In his goodwill message, Deputy Governor of Cross River, Prof. Ivara Esu, thanked the Eastern Naval Command of the Nigerian Navy in Calabar for its contribution towards peace building in the state.

He added that the graduation ceremony showed the importance the naval authority placed on training.

NAN reports that the Chief of the Naval Staff, Vice Adm. Ibok-Ete Ibas and other Service Chiefs in the state were in attendance.

Source: NAN News

Army war college

By Sumaila Ogbaje

The Army War College Nigeria (AWCN) on Friday graduated 65 operational level senior officers drawn from the Nigerian Army, Nigerian Navy, Nigerian Air Force and other security agencies from its Course 4.

Other agencies that participated include the Nigeria Police Force, Federal Road Safety Corps (FRSC), Nigeria Security and Civil Defence Corps (NSCDC) and Economic and Financial Crimes Commission (EFCC).

The News Agency of Nigeria reports that 55 officers of Nigerian Army comprising 47 Colonels and eight Lieutenant Colonels as well as two commanders, two Wing Commanders each from Navy and Air Force participated.

The Nigeria Police and NSCDC had one participant each while FRSC and EFCC had two participants each in the eight months intensive course.

The Minister of Defence, Retired Maj.-Gen. Bashir Magashi, said the training, being extended to mid-level officers of other participating security agencies, was expected to foster seamless operation in a volatile and complex operating environment.

He said the training had equipped the participants with requisite knowledge for them to operate optimally in their various places of assignment.

According to him, as operational level commanders, I am sure that the training you have received has equipped you with the requisite knowledge, sense of dedication and service.

He challenged the participants to be more professional with high level of competence in the discharge of their duties especially in addressing the current security challenges bedevilling the country.

As you are all aware, our dear country is going through a very challenging time, in terms of internal security necessitating the demand for deployment of our armed forces to perform various roles with Nigerian army being in the forefront in dealing with the threats.

I must at this point enjoin the military officers and public servants to continue to support the government by being loyal, law abiding and respectful to international humanitarian laws at all times.

Your conduct must reflect the huge investment the government has made in you with the experience you have acquired in your career, he said.

The minister, however, assured Nigerians of governments commitment to providing the necessary resources and equipment for the armed forces to perform their duties.

The Commandant, Army College, Maj.-Gen. Solomon Udounwa, said the course 4 was inaugurated on April 6 amid the challenges of COVID-19 pandemic and ran online until July 4 when the participants were called to assemble.

Udounwa said the outbreak of the pandemic prevented the allied participants from friendly countries from participating as well as foreign resource persons who were meant to join the course.

He said that in spite of the challenges, 65 participants were able to enrol and completed the course.

According to him, the AWCN is conceptualised to bridge the training gap between the tactical and strategic level training for operational level officers of Nigerian army.

To this end, the war course curriculum recognises the dynamics of our ever changing operating environment with particular emphasis to the Nigerian geopolitical landscape.

It is believed that this curriculum has adequately prepared the participants for the challenges of conducting operations in a fast changing world.

He said the college was committed to utilise its full potential by ensuring improvement of welfare of personnel and training facilities.

The winner of Best Participant Award, Col. Baba Buhari, said it was a pleasant experience for him to participate in the course and come out the best.

Buhari said the training would help him in the area of tactical command, adding that he was glad to have participated in the course.

He said the training would help them to cover the existing gap that had existed between the tactical and strategic training they had received. (NAN)
OYS/KM/I

Source: NAN News

National Insurance Commission (NAICOM) building

By Ginika Okoye

The National Insurance Commission (NAICOM) has issued its first licence in 35 years to a reinsurance company.

The commission also issued licences to four insurance companies and two takaful insurance companies for the first time in 10 years.

The Commissioner for Insurance, Mr Sunday Thomas, who issued the licences on Friday in Abuja, said it was to deepen the insurance market and expand operations in the country.

He urged the companies to focus on products that would meet the insurance needs of the people, saying thatthe commission would not hesitate to recall the licence of any company which failed in its responsibilities.

The last licence issued by NAICOM was about 10 years ago and so, what we are doing today is historic.

Some of the actions were deliberate, especially with respect to life underwriters and non-life underwriters because we had wanted people to acquire the existing companies.

Now, we have gotten to a point where there is need for us to deepen the market. Every day we live and go to bed with risks all over us and therefore there is the need for us to expand the scope of our operations.

The only thing we can do is to increase the supply side.

The demand side is yearning for products that they can buy in and secure their future. We believe that the team will do what will ensure the sustainability of the companies, he said.

The commissioner, who expressed regret over the current poor rating of the country in insurance, urged the companies to help get more people involved in the sector, especially at the micro level.

The Chief Executive Officer of FBS Reinsurance Limited, Mr Fola Daniel, assured the commission that the company would comply with its regulations.

We dont have a reason not to be compliant, we will be self-regulating in a way that the commission will not suffer headache on account of the company.

We will be your worthy ambassador, thank you for giving us this opportunity to add value to the insurance industry particularly, capacity to the reinsurance world, he said.

Mr Tony Elumelu, the Chairman of Heirs Insurance Limited (General), assured the commission that the company would surpass the insurance expectations of the people, saying that it looked forward to working withNAICOM to engage the National Assembly on necessary legislation to move the sector forward.

We understand market research, we understand what consumers want, we know how to reach them and surpass their expectations and there is always room for improvement, especially with technology.

We will work with this leadership of NAICOM and other industry leaders to bring about the change that will help the industry grow so that the contribution to GDP will move to three per cent under your leadership.

We want to make sure we take insurance to our people, have better understanding of insurance, assurance products, make sure that they embrace it and the stereotypes that exist; we will work together to educate and create awareness, he said.

The Chairman of Stanbic IBTC Insurance Limited, Mr Yinka Sanni, commended NAICOM for the speed with which the companys application was processed.

Hajia Saadat Mohammed, a representative of the Chairman of Salam Takaful Insurance Company Limited, said that the issuance of the licence to the company was an opportunity to encourage financial inclusion.

The News Agency of Nigeria (NAN) reports that other insurance companies that were issued licences include Heirs Life Assurance Limited, Enterprise Life Assurance Company Nigeria Limited and Cornerstone Takaful Nigeria. (NAN)

Source: NAN News

FG advises W/Africa to develop human capital for economic prosperity

By Temitope Ponle

The Federal Government has advised West African governments to develop and deploy human capital and improve infrastructure for higher productivity and competitiveness.

Mr Clem Agba, the Minister of State, Budget and National Planning said this at the 23session of the Intergovernmental Committee of Senior Officials and Experts (23rd ICE) for West Africa.

The meeting was organised by the Sub-regional Office West Africa (SRO-WA) of United Nations Economic Commission for Africa (UNECA) based in Niger in collaboration with the Nigerian government.

The 23ICE, which was held virtually, had as its theme Maximising Investments to Achieve Optimum Demographic Dynamics in West Africa in COVID 19 era: The Imperative of Building Back Better.

Agba said that economic prosperity was dependent on how the productivity the human and natural resources were employed in the sub-region.

The minister stressed the need for governments to put in place a modern and well regulated financial sector that turned savings into productive investment.

Invest in research, development innovation and technology; invest in hard and soft infrastructure as well as sustained encouragement of entrepreneurship and innovation.

Furthermore, develop value chains in agriculture and processing of natural resources and identify and focus on specific industries for job creation.

Achieving these will build a competitive private sector-led economy that will engender economic prosperity for ECOWAS countries and manage our demography efficiently.

He said it was important for governments to employ strategic planning which was recognised as useful management framework at all levels of government.

It is a deliberate effort to influence, direct or control principal economic and sociopolitical activities to achieve the desired goals of protecting the citizens and improving their livelihoods.

Agba noted that the Federal Government had since 2009 started plans toward national development designed to cover all sectors of the economy.

He said that the plans would promote the Sustainable Development Goals (SDGs) 2030, African Union (AU) Agenda 2063 and ECOWAS Vision 2050.

In her remarks, the Executive Secretary of ECA, Dr Vera Songwe said the theme of the meeting was in line with context of the ongoing pandemic globally.

Songwe, who was represented by Mrs Ngone Diop, Director of ECA, West Africa said Africa was, however, relatively affected in terms of cases and fatalities.

Responding to the minister, the executive secretary said the sub-region recognised development gaps and also gaps across the Africa continent.

Factors such as low human development, volatile security situation, the rising migration and the attendant demographic dynamics challenges.

Despite these trends, we must believe that the future is ours, and a better future, a prosperous Africa and West Africa is possible.

I am fully convinced that with a united front, we can seize the COVID 19 pandemic as an opportunity to build forward in a more resilient and sustainable manner.

She commended the efforts of West African governments in immediate crisis response measures taken to strengthen diagnostic treatment and information capacities.

These actions were later extended to containment measures in limiting the spread of the disease and embarking on other supportive policies for economic and social resilience.

She said the ECA was committed to achieving progress in the implementation of the SDGs, adding that Agenda 2063 remained central to ECAs work.

She further reiterated the ECAs commitment to support countries in their efforts to achieve national development goals and both agenda 2030 and 2063.

Songwe also emphasised that the goals and agenda remained our collective blueprint to build forward in a sustainable manner.

The 23session of ICE was hosted by Nigeria.

Source: NAN News