Akwa Ibom Food Festival Debuts

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Read Time:2 Minute, 1 Second
Akwa Ibom is fast becoming the state of choice when it comes to high-powered events in the last months of the year. Asides its highly-anticipated Christmas Carol, now a yearly ritual, it is set to host the 1st Akwa Ibom Food Festival,  a high selling tourism event poised to ignite high tourism activities within and outside Akwa Ibom state, this month. 
 
This naiden event is slated for the 26th through the 30th day of November and would be held annually in Uyo, Akwa Ibom State. With a government backing through the endorsement by Akwa Ibom State Tourism Board, the event will involve all Local Government Councils as competitive participants, all eateries and fast food in Akwa Ibom, major food companies in Nigeria, food processing factories and allied products in Nigeria.
 
The Honourable Minister of Tourism, the Director General, Nigeria Tourism Development Corporation, Ministry of Tourism from different States, Outfits affiliated to food and tourism, other organizations from diverse sectors, agencies and the general public.  It cuts across all spheres of the society (rich, middleclass and low income earners). With an overall prospective participation of about 30, 000 participants, it promises to be a five (5) star events.
 
Endorsed by the Akwa Ibom State Tourism Board, it has the potential of affecting positively all facets of tourism development in the state and country at large, promising to showcase cuisines and cultural heritage of the state.
 
The 1st Akwa Ibom Food Festival, themed: Health, Taste, Tourism is to be organized in Uyo by De- Noahua Tourism in collaboration with the Akwa Ibom Hotels and Tourism Boards who is the first and prime partner of the project..
 
De- Noahua Tourism is proudly Nigerian tourism outfit with professionals and expertise in organizing tourism events and showcasing strong sellable tourism brands with high professional capacity, De- Noahua Tourism has successfully carved a niche for itself in the tourism sector of Nigeria. Our past events and activities include packaging of tourism based travel to the Ashante festival in Ghana, Zulu Kingdom festival in South Africa. Coordinating travels and tours for visitors for the Argungu festival and Calabar carnival, successful hosting of coastal boat regatta competitions, Akwa  cross fishing festival in Akwa Ibom  and Cross River State etc. with a track record of successful events and brands, we hope to continue to remain undaunted in achieving more feats.

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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The World’s Largest Book Publishers

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Read Time:7 Minute, 37 Second
THIS REPORT ON THE WORLD’S LARGEST PUBLISHERS FROM PUBLISHERS’ WEEKLY IS VERY INTERESTING. IT IS INTERESTING TO KNOW HOW ONE WRITER COULD CHANGE THE FORTUNES OF A PUBLISHER. SHE IS THE WRITER OF THE FIFTY SHADES TRILOGY
 
Despite concerns about consolidation among publishing houses, sales of the top 10 companies accounted for 55% of revenue of the 50 publishers that are on the list for both 2012 and 2011, down from 57% in 2011. One reason for the decline is the increasing number of publishers from emerging markets gaining sales worldwide. That has been especially true among publishers in the 20th to 50th spots on the ranking; total revenues from those 30 companies accounted for 25% of sales in 2012, up from 21% in 2011.
 
As has been true in recent years, publishers that specialize in scientific/technical/medical books and journals generated the highest revenue in 2012, followed by education and then trade. There seems little interest among the largest companies to broaden the areas in which they publish; each prefers to focus on one segment. That trend was seen most recently in the U.S., when John Wiley sold off its most consumer-oriented properties to concentrate on professional information. That, of course, is also the path Pearson took with its decision to merge its Penguin subsidiary with Random House, leaving Pearson with only its (very large) educational group. McGraw-Hill Companies also decided that it would be better off focusing on one area, this one outside of publishing altogether—financial services. MHC completed the sale of McGraw-Hill Education in early 2013 to a private equity group (the sale occurred before the final numbers for 2012 were released).
 
So while the rankings in 2012 are relatively stable compared to 2011, events that began or accelerated in 2012—the announcement of the Penguin–Random House merger; the increase in digital sales outside of the U.K. and U.S., where growth, especially on the trade side, has slowed—are certain to jumble the listings much more in 2013.
 
The four largest book publishers of 2011 kept their positions last year, a result that led Pearson to retain its crown as the world’s largest publisher in 2012, with total revenues of $9.16 billion. The most significant change among the top 10 companies was due in part to the worldwide success of the Fifty Shades trilogy, which boosted Bertelsmann’s Random House subsidiary from eighth place in 2011 to fifth in 2012 on Livres Hebdo/Publishers Weekly’s annual ranking of the world’s largest publishers. Below are the 10 largest publishers.
 
Pearson: Pearson is the world’s leading learning company, with 48,000 employees in 70 countries and a strong consumer publishing division led by Penguin, which publishes over 4,000 fiction and non-fiction books each year, as well as the Financial Times newspaper (not included in this ranking).
 
Pearson has seen organic growth and made continuous investments over the past decade, overcoming the economic crisis of 2008 with total revenues of 4.4 billion GBP in 2007 to 6.1 billion GBP in 2012, and with profits rising from 600 million GBP to 950 million GBP.
 
In May 2013, Pearson announced a new organization structure in order to accelerate their push into digital learning, education services and emerging markets. The change also supports the decoupling of the Penguin consumer publishing business into a separate entity with Random House forming Penguin Random House. Pearson holds 47% in Penguin Random House, the world’s largest consumer book publisher, and 50% stake in the Economist Group, the publishing group which specialises in international business.
 
Pearson has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange.
 
Reed Elsevier Group: Reed Elsevier Group is a U.K. company equally owned by two parent companies, Reed Elsevier PLC and Reed Elsevier NV. Elsevier is the world-leading provider of scientific, technical, and medical information products and services. In 2012, Elsevier’s STM division published 333,000 new research articles in nearly 2,000 journals, with over one million articles submitted for the first time in 2012. Elsevier’s ScienceDirect platform is the world’s largest database of scientific and medical research.Elsevier’s Health & Science unit publishes over 20,000 reference titles, with 85% available electronically.
 
Thomson Reuters: Thomson Reuters provides information for businesses and professionals in the financial, legal, tax and accounting, healthcare and science and media markets. Thomson Reuters is a dual listed company consisting of the Thomson Reuters Corporation (Canada), and Thomson Reuters PLC (U.K.). The professional publisher is comprised of four divisions: Financial & Risk, Legal, Tax & Accounting, and Intellectual Property & Science
 
Wolters Kluwer: Founded in 1836, Wolters Kluwer is a Dutch global information service company dedicated to professionals in the legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare markets. Four divisions provide information, software, and services: Legal & Regulatory, Tax & Accounting, Health, and Financial & Compliance Services. The company operates in over 150 countries.
 
Bertelsmann: Bertelsmann is an international media company with divisions in broadcasting (RTL Group), print and digital trade publishing (Random House), magazine publishing (Gruner + Jahr), outsourcing services (Arvato), and printing (Be Printers). The company operates in fifty countries. Random House publishing 10,000 titles annually with sales of 400 million copies. The company also publishes 47,000 e-book titles in English, German, and Spanish annually. Printing and publishing division Gruner + Jahr is present in over 30 countries including China, Italy, the Netherlands, Spain, and France, where the group’s largest foreign company Prisma Média is the second-largest magazine publisher.
 
Hachette: Hachette Livre (Lagardère Publishing) is a leading publisher in three key languages: French, Spanish and English. In France, Hachette operates Grasset, Fayard, Stock, Livre de Poche, Lattès, Calmann-Lévy, Larousse, Hatier, Dunod and many others. Outside of France, its main assets include Hachette Book Group USA (Grand Central Publishing, Little, Brown and Company, etc.), Hachette UK (Hodder-Headline, Octopus, Orion, Cassel, etc.), Hachette España (Anaya, Salvat, Bruño), Aique (Argentina), Patria (Mexico), and others.
 
Hachette also partners with Phoenix Publishing & Media Group in China and holds a 25% share of Atticus in Russia.
As a publisher of high-quality works for the general public, Hachette focuses on general literature, textbooks and illustrated books. Hachette also publishes partworks and booklets to be sold at newsstands. Hachette Livre publishes more than 14,878 new titles every year (2011). The group belongs to Lagardère, a French-based, globally active media group with activities in 40 countries managed by Arnaud Lagardère.
 
Grupo Planeta: Planeta leads the world’s Spanish-language publishing markets in Spain and Latin America. The company has further strongholds in Portugal and France, where it owns Editis, the country’s second-largest group. Planeta is continuing to expand, with an emphasis on reading groups, international partnerships, and digital, with the creation of e-book distribution platform Libranda.
Grupo Planeta is present in 25 countries, with more than 100 imprints and a catalogue of 15,000 titles
 
McGraw-Hill: McGraw-Hill Education is comprised of two divisions: The School Education Group (SEG), which provides education material for the elementary and high school; and the Higher Education, Professional and International Group (HPI), which serves the college, university, professional, international and adult education market. McGraw-Hill Education employs more than 6,000 people in 44 countries and publishes in more than 60 languages
 
Georg von Holtzbrinck: Georg von Holtzbrinck GmbH publishing group is a family-owned company headquartered in Germany. It publishes both print and electronic media in more than 80 countries, and serves educational, professional, and general readership markets.
 
The group’s activities are divided between four areas: Trade Publishing, Education and Science, Newspapers and Business Information, and Electronic Media and Services. Its publishing activities focus on the German, British and US market, and include a large number of imprints, notably in Germany: S. Fischer; Rowohlt; Kiepenheuer & Witsch; and Verlagsgruppe Droemer Knaur (together with Weltbild). In the U.K., the group owns Pan Macmillan; U.S. holdings include: Macmillan; St. Martin’s Press; Henry Holt; and Farrar, Straus and Giroux.
 
The Education and Science division includes The Nature Publishing Group, Scientific American, Palgrave Macmillan, Macmillan Education, and J.B. Metzler in Germany
 
Scholastic: Scholastic is the world’s the largest publisher and distributor of children’s books, and was established in 1920. The company publishes and distributes children’s books, educational technology products, and children’s media under five divisions: Children’s Book Publishing and Distribution, Classroom and Supplemental Materials Publishing, Educational Technology and Services, Media, Licensing and Advertising (which collectively represent the Company’s domestic operations), and the International division. Children’s Book Publishing and Distribution account for publication and distribution in the United States through school-based book clubs, school-based book fairs, e-commerce, and trade. Scholastic and its subsidiaries compete in more than 140 counties.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Nigeria: Don’t politicise budget 2014

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Read Time:2 Minute, 23 Second

President Goodluck Jonathan was supposed to present and lay before the combined session of the National Assembly the 2014 Appropriation Bill on Tuesday, November 12, 2013. As preparations towards the event peaked, the event was suddenly postponed to Tuesday, November 19, 2013, and the President wrote the leadership of the Assembly to that effect.

Media reports later disclosed that the event was postponed because some members of the opposition, particularly the All People’s Congress (APC) and the aggrieved members of the ruling People’s Democratic Party (PDP) now known as the G7, had allegedly perfected plans to boo the President as he presented the report. This, it is assumed, was supposed to be a retaliation of the booing that the Abubakar Baraje faction of the PDP received from the President’s loyalists when they came to complain to the Assembly about their grievances in the party.

If true, this situation is not only unhealthy, it is also totally unacceptable. It does the nation no credit for people elected to the federal legislature to represent the interests of the ordinary Nigerian people to go there and turn the hallowed chambers of the Assembly to a theatre of unholy partisan politics.

We are calling on leaders of both chambers of the Assembly to call their members to order and prevail on them to leave politics and power struggle outside when they enter the chambers. Their job is to go there and canvass issues that will advance the well being of the people and solve the many problems facing the nation.

The Federal Appropriation Bill is an instrument for achieving this purpose through financial appropriation. It is a bill that is above partisan politics, as Nigerians from all walks of life depend on its passage and implementation for things to move forward. The attempt to present the budget early enough is aimed at giving the legislators an opportunity to pass it on time for it to be properly implemented.

Ordinarily, budget implementation has proved to be a Herculean task since the dawn of our renascent democracy in 1999. None of the budgets presented since that time was successfully implemented. In most cases, undue delays and wrangling between the Legislature and the Executive were partly responsible for the lapses in implementation. The introduction of politics of intra- and inter-party power play will only foredoom the 2014 Appropriation, and that is why we must do everything to forestall it.

Putting politics aside, members of the Assembly must accord the President the respect he deserves as he reads the budget and lays it on the table for their attention. Booing him or embarrassing him in any way will not be accepted by Nigerians. Political parties must immediately step in and ensure the President does his job without let or hindrance.

We must do away with bitter politics.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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W’Bank Warns against Mismanagement of Resources

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Read Time:2 Minute, 21 Second
The World Bank Nigeria Country Director, Marie Francoise Marie-Nelly, yesterday warned beneficiaries of the bank’s financial interventions that there would be zero-tolerance for poor use of the resources.
 
Speaking in Enugu at the Country Performance Portfolio Review (CPPR) meeting for South-south and South-east states, she also said the country needed to attain faster growth rate in order to curb extreme poverty.
 
It also emerged that the total monthly internally-generated revenue(IGR) of Enugu state now stands at about N14 billion. The state government said through a representation from the state planning commission that it intended to realise 50 per cent of its total revenue from IGR while working towards managing public debt in a way that does not create problem for the state.
 
Also yesterday, the Cross River State government made a passionate appeal to the World Bank to redeem the state from the “sad and embarrassing” situation it had found itself following the loss of 76 oil wells to Akwa-Ibom state.
 
The Supreme Court had ruled in July 2012 that the 76 disputed oil wells claimed by Cross River State belonged to Akwa Ibom.
In a presentation to participants, the Cross River State Planning representative said its commitment to implementing various capital projects that could be of immense benefit to its people had further been hampered by a Central Bank of Nigeria (CBN) directive to banks to refrain from extending credit to the state.
 
It added that the situation had dealt “a big blow and killer punch” on the capacity of the state to undertake crucial empowerment initiatives.
 
Notwithstanding, it said the development had encouraged the state to step up efforts to boost its IGR and strengthen public-private partnerships (PPP).
Meanwhile, the World Bank Country Director also called for enhanced management of resources by the Nigerian government in order to further improve the living condition of its people.
 
She noted that Bretton Woods institution’s contribution to Nigeria was only two per cent of annual federal government budget, implying that if resources were well-managed, much could still be achieved even without the bank’s aid.
 
Marie-Nelly said although more states were currently seeking partnership with the bank, there is the need to emphasis good practices in project implementation and install mechanisms to ensure that projects are embedded in state strategies, implementation and monitoring arrangements.
 
Noting that about 63 per cent of the Nigerian population still lived on less than $1.25 per day, she said there was need to promote shared prosperity, stressing that its goal was to decrease the percentage of people living on less than $1.25 per day to 3 per cent by 2030 from the current 20 per cent.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Fashola: Lagos Requires $50bn for Infrastructure Devt

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Read Time:2 Minute, 15 Second
Governor Babatunde Fashola of Lagos State Tuesday put the estimated amount required for infrastructure development of the state in the next 10 years at $50 billion.
 
This means that Lagos state requires an annual investment in infrastructure of $5 billion in the next 10 years to attain its vision of a megacity.
 
The governor revealed this in a speech presented at the 2013 stakeholders’ forum of the Bank Directors Association of Nigeria (BDAN), titled: “Public Private Partnership Innovation in Public Sector Financing,” where he was the guest speaker.
 
Fashola, however, said the required amount was a far cry from the total amount of the state’s annual budget which he put at about $3.125 billion (N497 billion).
 
In view of this, the governor pointed out that the state had embraced Public-Private Partnership (PPP) as a strategy for it to bridge its huge infrastructure deficit.
 
According to Fashola, “PPP allows us to tap into the private sector’s capital and leverage its managerial efficiency,
technology, innovation, entrepreneurial approach and expertise.”
 
Continuing, Fashola, who was represented by the Commissioner of Finance, Lagos state, Mr. Ayo Gbeleyi said: “The rationale for PPP is improved management of scare resources, better risk allocation and more efficient and cost-effective delivery of public services. In order to institutionalise this policy thrust and further bolster investor confidence, the Lagos State Public Private Partnership Law 2011 as well as the Public Procurement Law 2011 were enacted.
 
“There are number of good reasons for public sector using PPP to assist to develop its infrastructure. PPP offers both strategic and operational choices to government.
 
“Strategically, the use of PPP fosters economic growth by developing new commercial opportunities and increasing competition in the provision of public services, thus encouraging crowding-in of private sector or foreign investment.”
 
Furthermore, he stated that PPP allowed governments to set policy and strategy and where appropriate, to regulate economic activities, while leaving service delivery to the private sector. He also declared that operationally, PPP provided opportunities for efficiency gains (better quality and more cost-effective delivery of services), better asset utilisation and quality, clearer customer focus and accelerated delivery of projects.
 
“In addition, PPP is an instrument that government can use to reform and restructure certain strategic sectors of the economy to bring in competition, which will increase investment and efficiency, reduce prices and expand the range of services available.
 
“This has particularly proven to be true in our Independent Power Projects (IPP) and the concession of the operations and maintenance of some of our health facilities,” he added.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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PenOp: 60% of Pension Assets Already Invested in Infrastructure

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Read Time:4 Minute, 4 Second
The Pension Fund Operators Association of Nigeria (PenOp) has disclosed that the federal government has borrowed over N2.23 trillion, being 60 per cent of the N3.72 trillion pension assets so far mopped up in the country, using various bonds.
 
The umbrella body for pension fund operators in the country also observed that persistent calls by some Nigerians for the deployment of part of the remaining 40 per cent of accumulated pension assets totalling less than N1.49 trillion for infrastructural development were misplaced, since this would amount to extending further credit to the same person for the same purpose.
 
The PenOp President, Mr. Mohammed Yola, made these clarifications during a two-day training for journalists covering the pension beat under the auspices of the National Association of Insurance Correspondents (NAICO) in Lagos recently.
 
Also, the clarifications came on the heels of recent confirmation by the acting Director General of the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, that accumulated pension assets in the country stood at N3.72 trillion as at October 2013.
 
Yola confirmed that the federal government has borrowed 60 per cent of the pension assets under the custody of pension fund operators in the country worth N2.23 trillion, using various bond instruments.
 
According to him, rather than calling for the investment of more pension assets, out of the remaining N1.49 trillion already invested in different sectors of the economy and totalling 40 per cent of accumulated pension assets for infrastructural development to be invested in infrastructure; Nigerians should ask the federal government to exhaust borrowed pension funds on infrastructure before making the call.
 
He therefore, ruled out the possibility of pension operators investing a higher percentage of assets under their custody for the development of infrastructure in the near future, saying such calls were misplaced.
 
Before now, the PenCom introduced four new types of funds to take care of the various investment needs of different categories of workers and retirees, such that pension contributors could determine the instruments in which accumulated retirement savings should be invested.
 
“We created fund 1, which is the Aggressive Fund. If you are not up to 40 years, you can ask your PFA to invest in aggressive fund. Now in that bucket, we said PFAs can invest up to 50 per cent of that fund in equities or rather in floating or variable instruments.
“Then we went to the next one, which is more of a neutral one, which is where the 25 per cent comes in; then we moved to another one that is basically for somebody who is close to retirement.
 
“Retirees cannot afford to have their investments in floating because of the fluctuations in returns and they will not have time to accumulate or correct any possible fall in return, so substantial part of the fund will be invested in fixed income.
 
“The fourth fund we created is the Ethical Fund including Sharia-compliant funds. There are people who will not want their contributions or savings to be invested in certain instruments or businesses, so we created an ethical fund which will be based on demand,” the commission explained.
 
Also, with regard to investment of pension assets in government bonds, Section 5.2.3 of the “Amendment to the Regulation on Investment of Pension Fund Assets,” said pension fund assets could be invested in infrastructural projects through eligible bonds or debt securities, subject to some restrictions including that the infrastructure project shall be not less than N5 billion in value.
 
Also, the projects must have been awarded to a concessionaire with good track record through an open and transparent bidding process in accordance with the due process requirements set out in the Infrastructure Concession and Regulatory Commission Act (ICRC Act) and any regulation made pursuant thereto and certified by the Infrastructure Concession and Regulatory Commission (ICRC) and approved by the Federal Executive Council (FEC).
 
In addition, the business plans and financial projections must prove that the projects are viable in addition to being economically and financially rewarding for investment by pension funds.
The above regulation was updated by the pension regulator to give Pension Fund Administrators (PFAs) more options for the investment of the pension assets under their management.
 
This was in furtherance with the commission’s decision to create more investment options for pension assets in response to stakeholders’ complaints that fund managers were not given a free hand to invest pension assets using their skills and experience to maximise returns on funds under management.
 
Major highlights of the regulation, which took effect last December, include the introduction of Exchange Traded Funds (ETFs) as allowable instruments; and incorporation of Guidelines on Global Depository Receipts/Notes (GDRs/GDNs) and Eurobonds, amongst others.

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Pushing Financial Inclusion to the Front Burner

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Read Time:4 Minute, 50 Second
As the guardian of the financial system and project manager of the National Financial Inclusion Strategy, the Central Bank of Nigeria (CBN) is pushing financial inclusion to the front burner, with the ultimate aim of creating a more vibrant and successful economy and improving living standard.
 
In the lexicon of finance and banking, financial inclusion or inclusive financing is defined as the “the delivery of financial services at affordable costs to sections of disadvantages and low income segments of society”.
 
The G20 defines innovative financial inclusion as “improving access to financial services for poor people through the safe and sound spread of new approaches”.
The operational elements of financial inclusion are, availability of a wide range of innovative financial products and services including payments, savings, credit, insurance and pension products; ease of access to finances products and services within the reach of all groups, affordability for low income groups, and designing of financial products according to target clients’ needs.
 
The stakeholders as defined by FSS2020 are banks (deposit money banks, primary mortgage institutions and microfinance banks), other financial institutions, and insurance companies, regulators (CBN, Nigeria Deposit National Identity Management Commission, National Insurance Corporation and Nigeria Commission).
 
Others are Technology I Telecommunication Firms (ATM service providers, mobile service providers, e-payment/e-channels operating and Public Institutions include Federal Ministries of Agriculture, Finance, Education, Trade and Investment and others.
 
Microfinance banks in particular play a key role in promoting financial inclusion, and there are 866 of them serving an approximately 3.2 million people, white there are 21 commercial banks serving an estimated 20 million people.
 
Experts believe that financial inclusion will engender the development of a stable financial system funded by non-volatile savings.
 
In a report in 2010, Strategy Consultant to CBN, Roland Berger, noted that Nigeria was a mid-level player in the sub-Saharan banking sector, and lagged behind some of its peers in Africa with respect to financial inclusion.
 
It was stated that 36 per cent of adults, an estimated 31 million out of an adult population of 85 million were served by formal financial services, companied with 68 per cent in South Africa and 41 per cent in Kenya.
 
The International Monetary Fund (IMF) in its Financial Access Survey, 2013 noted that African countries are showing the fastest growth in financial inclusion in the world.
The parameters used for the survey are:
* Number of commercial bank branches per 100,000 people (reportedly has grown around 180 per cent since 2004)
* Access to ATMs is low income countries (improved more than three-fold).
* A four-fold increase in commercial bank depositors per 100,000 people.
* 40 per cent growth is real GDP per capital income from 2004 to 2012.
 
CBN believes that financial inclusion has reached 60 per cent in Nigeria in 2013, with deposit money banks accounting for 50 per cent and the apex bank has expressed commitment to reduce the unbanked from 46 per cent to 20 per cent in 2020.
 
Financial inclusion is a masses–oriented concept and a key tool to poverty alleviation. It helps to develop habit to save and increases entrepreneurial spirit and national output. It engenders economic growth faster.
As such, it is paramount in supporting micro, small and medium scale Enterprises (MSME) which are engines of growth and job creative, to start, grow and flourish. Pundits say that increased access to finance for MSMEs through financial inclusion (credit made on the back of mobilised savings), will lead to greater productivity and increased non-oil export, with the subsequent demand for the naira, which will stabilise its value.
 
CBN has demonstrated a strong commitment to support MSMEs through the establishment of a N200 billion MSMEs development fund.
CBN Governor, Sanusi Lamido Sanusi, had remarked that “MSMEs play a major role in Nigeria’s economy with about 95 per cent of firms in the organised manufacturing sector of SMEs, which account for about 75 per cent of industrial employment, yet contribute a mere 10 per cent to is a main stream GDP”.
 
Globally, financial inclusion is a main topic. The G20 is strongly committed to adamancy the and has included it as one of the main pillars of the development agenda, and is working in collaboration with Alliance for Financial Inclusion (AFI), the Consultative Group to Assist the Poor (CGAP) and the International Finance Corporation (IFC).
 
At their summit in St Petersburg in September this year, it endorse the G20 financial inclusion indicator developed by Global Partnership for Financial Inclusion (GPFI), an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to carry forward work on financial inclusion.
 
The indicators include number of commercial bank branches per 1,000 square kilometres, Automated Teller Machines (ATMs) per 1,000 square kilometres, percent of age 15 and above having accounts at formal financial institution, percent of age 15 and above who secured loans from a financial institution in the pest one year, per cent of SMEs (5 – 99 employees) will an outstanding loan or line of credit. Others are proportion of SME loans requiring collateral and Point of Sale (POS) terminals per 100,000 adults.
 
The contrast of financial inclusion is financial exclusion, where financial services are not available or affordable to the lower income group, a situation which leads to pauperism.
 
As financial inclusion remains a mainstream topic, the World Bank has estimated that 2.5 billion working age adults are excluded globally, while the G20 identities an enabling environment in the respective economics, as a critical factor that will determine the speed at which financial access gap will be closed for the financially excluded.
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Lagos Countdown Attracts N1 Billion into State Economy

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Read Time:2 Minute, 10 Second
Lagos State Government at the weekend listed the gains of its countdown programme initiated in December 2012, noting that about N1 billion was pumped into the state economy as a result of the programme.
 
Consequently, the state government unveiled the 2013 edition of the Lagos Countdown, which it said, would kick off on December 7 at the Bar Beach, Victoria Island and come to an end on January 1, 2014.
 
The Managing Director of Lagos State Signage and Advertisement Agency (LASAA), Mr. George Noah, disclosed this in a statement, stressing that the countdown programme “is about instituting an enduring crossover tradition, commerce, employment generation, leisure, entertainment and tourism.”
 
He explained that the Lagos countdown “is a world-class celebration of the end of one year and the beginning of another in the state. It was conceived by Governor Babatunde Fashola, in order to put Lagos on the global map in the league of such cities as New York, Dubai, London, Sydney, and other major destinations that commemorate the cross over into the new year.”
 
The managing director acknowledged that the 2012 edition attracted about N1 billion to the state, noting that the fund “was pumped into the state economy as a result of the countdown. About 1,000 people were employed including caterers, retailers, entertainers and security personnel.”
 
He said the Bar Beach attracted over 200,000 people in ten days and that what the LASAA “is doing on behalf of the state government is leveraging the proposition of Lagos as a premium destination for business and leisure.”
 
He assured that the 2013 edition “promises to be more exciting, with the parade of over top 40 Nigerian artists including TuFace Idibia, Davido, Omawunmi, Bracket, J Martins, Morell, Duncan Mighty, Timaya, Wizkid, Banky W, Tiwa Savage, Wande Coal, D’Prince, MI, Ice Prince, Burna Boy and Iyanya.
 
"During the countdown programme, the Bar Beach usually becomes a beehive of major commercial and leisure activities thronged by thousands of domestic and foreign visitors who are entertained every evening by different artists at the instance of the title sponsor, Nigerian Breweries Plc.
 
“The event is arguably the biggest New Year's Eve celebration in Africa. The programme of the Lagos Countdown officially begins when Governor Fashola officially ‘switches on’ the Lagos Festival of Lights, heralding the holiday season which includes musical performances, games and family funfair. The event comes to a climax with a thrilling display of spectacular fireworks and laser beam.”
 

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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DHL Announces New Investments in Infrastructure in West Africa

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DHL, a global logistics company, has announced investment in a facility and air infrastructure in West Africa, to meet the demand for express and freight services in the region.
 
The recent investment includes the launch of a new airside facility in Dakar, Senegal, and the addition of three aircraft – a Boeing 757 and two ATR72s.
 
Vice-President, Operations for DHL Express sub-Saharan Africa, Mr. Oliver Facey, said, “Over the last few years, we have increasingly seen the importance of up scaling our facilities in the various regions within the continent.”
 
According to him, “As multinationals turn to Africa, and as smaller African enterprises look to trade cross-border, regions like West Africa need increased infrastructure and capacity to cope with the rising demand for the transportation of goods across these markets.”
 
The express operator, which already boasts a large hub and gateway in Lagos, Nigeria, opened the facility in early November, to handle transit volumes. The facility will enable the handling of material destined for Senegal and transit material through Dakar to help with the improvement of the service quality delivered to a market with ever increasing activity, consistently under time pressure.
 
“We have expanded our operation at Dakar as a natural location for feeding in traffic to West Africa. The Dakar facility receives a new return flight from Brussels and it will be serviced once a week by a Boeing 757 200 SF with a capacity of over 25 tons,” said Facey.
 
The two ATR 72s, each with a capacity of 7 tonnes, will connect countries including Senegal, Guinea, Sierra Leone, Liberia, Cote d’Ivoire, Mali and Mauritania. These aircraft are ideal since they have large cargo doors and provide a fully palletized loading capability, making them more efficient for handling, Facey said.
 
He added, “These investments mean that we can offer increased dedicated capacity in West Africa and generally have less dependency on limited commercial airlines uplift for volumes along the west coast of Africa. This increased capacity supports both DHL’s express and freight products, especially perishable goods, which has always been one of the easier ways for African businesses to gain access to European markets and now DHL can better support players in this market.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Etisalat Announces Nominees for Pan-African Prize for Innovation 2013

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Etisalat has announced the shortlist of nominees for the second edition of the ‘Etisalat Pan-African Prize for Innovation’ ahead of the Africa Com awards Gala Dinner to be held in Cape Town South Africa on November 13.
 
The award, which is aimed at encouraging and celebrating valuable innovation in the African market, will form part of activities lined up for the Africa Com 2013 Conference.
The shortlisted entries include Efiwe Mobile Application, Genii Games (Asa), qCefa – Quality and Cheap Education for All and Spantree – SpanBox SB 105.
 
Acting Chief Executive Officer at Etisalat Nigeria, Matthew Willsher, described the 2013 entries as outstanding and competitive.
 
He said, “The creativity shown by all the entries demonstrates the importance of the use of broadband in Africa as well as the increasing benefits that can be derived from it. We witnessed an impressive array of innovative entries for the two award categories and bringing some of the ideas and concepts to life will go a long way in improving the telecommunications sector in Nigeria and beyond”.
 
The Etisalat Prize for Innovation featured a high-level judging panel representing business, telecoms, entrepreneurship and network development reviewed the entries and established a shortlist of 4 nominees in two categories. The shortlists included products and services as well as innovative ideas. The four nominees for the award will accompany members of Etisalat Senior Management team in attending the AfricaCom awards ceremony in Cape Town next week.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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