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Imo govt advocates investment in digital economy

Imo govt advocates investment in digital economy

The Imo State government has described the digital economy as the best passport to the global economy.

The Chief Economic Adviser to the state government, Prof Kenneth Amaeshi, said that the digital economy allowed people to access products and services and create wealth through social media and e-commerce using the appropriate applications.

A statement issued by the spokesperson office of the Chief Economic Adviser, Fabian Anyanwu, noted that Amaeshi said that the state government had embraced the digital economy.

The statement partly read,” A Professor of Sustainable Finance and Governance at the European University Institute, Italy and Visiting Professor of Leadership and Financial Markets in Africa at the London School of Economics, United Kingdom, Professor Kenneth Amaeshi, has identified the DIGITAL ECONOMY as the best passport to the global economy.

“Professor Amaeshi who is also the Chief Economic Adviser to the Government of Imo State, made this assertion while speaking on a Webinar, a biweekly program sponsored by the office of the Chief Economic Adviser to the Government of Imo State on the topic, ‘Digital Economy opportunities in Imo State’, which runs simultaneously on Orient FM, 94.5FM and Ozisa FM, 96.1 FM from 11:30am -12:30 pm every Saturday.

“According to Prof Amaeshi, the Digital Economy allows people to access products and services as well as create wealth through social media and e-commerce using the appropriate applications.

“Earlier in his remarks, host of the program and Commissioner for Science and Technology in the Imo State Executive Council, Professor Boniface Nworgu commended Professor Amaeshi on the rare initiative he brought to Imo State in a bid to unveil the hidden potentials in the State adding that one of the core mandates of his Ministry included the digital economy and expressed delight to be part of the program.

“He went further to say that Information Communication Technology is one of the cardinal objectives of the present administration of the State government under the leadership of His Excellency, Senator Hope Uzodimma adding that Digital Economy in the state has been accorded national recognition.

“According to Prof Nworgu, President and Commander of the Nigerian Armed Forces, Rtd. Gen. Mohammadu Buhari , recently appointed Governor Uzodimma a member of the National Digital Economy based on the prowess and successes recorded in the state in digital economy.

“The Honourable Commissioner, however, stressed the need to extend the digital economy opportunities to the rural areas for the exploration of the rural dwellers whom he identified as the potential beneficiaries of the digital economy.”

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Nigeria’s Inflation Rate Surges To 19.64%

Nigeria’s Inflation Rate Surges To 19.64%

The country’s Consumer Price Index (CPI), which measures the level of price change in goods and services, hit 19.64 percent in July 2022 from the 18.60 percent recorded in the last month.

This means a 1.82% month-on-month hike, according to the (CPI) report for July 2022 released by the National Bureau of Statistics (NBS) on Monday.

“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %),” the NBS added.

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.”

According to the NBS report, the country’s urban inflation increased by 2.08% to 20.09% in July 2022 from 18.01% in July 2021. On the other hand, the rural inflation rate reached 19.22% from 16.75% in the corresponding period of 2021.

“On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%),” the agency equally noted in its latest report.

“This decline is attributed to a reduction in the prices of some food items like Tubers, Maize, Garri, and Vegetables.

“The average annual rate of food inflation for the twelve-month period ending July 2022 over the previous twelve-month average was 18.75%, which was a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%).”

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Nigeria’s SEC says its Capital Market Master Plan is protecting investors, enhancing market confidence

Nigeria’s SEC says its Capital Market Master Plan is protecting investors, enhancing market confidence

Nigeria’s Securities and Exchange Commission (SEC) has stated that its Capital Market Master Plan (CMMP) initiative is promoting transparency, protecting investors and enhancing market confidence.

The SEC stated this in a statement on Sunday in Abuja, disclosing the success of the scheme in the last 8 years, according to NAN.

It said the 10-year CMMP was launched in November 2014 to reposition Nigeria as an attractive investment destination.

What they are saying

The SEC disclosed that the plan was launched to make Nigeria a viable investment destination and critical facilitator of capital formation for accelerated growth and development.

It added that initiatives launched under the scheme include direct cash settlement, regularisation of multiple subscriptions, and introduction of the electronic dividend management system and dematerialisation of share certificates.

The commission also stated that it was ready to hold its second Capital Market Committee (CMC) meeting for exchange of ideas among market stakeholders.

  • The meeting would be an avenue to provide feedback to the SEC on how to continuously address challenges, improve market operations and enhance its regulatory framework.
  • ”It is an industry-wide committee comprising members of SEC, representatives of capital market operators, trade groups and other stakeholders.
  • During the meeting, issues on implementation of the ten-yeah CMMP, Fintech roadmap, the commodities trading ecosystem roadmap and matters relating to the economy will be discussed,” the SEC said.

In case you missed it

  • Recall Nairametrics reported in May, that the Securities and Exchange Commission (SEC) had released new rules for Digital Assets as part of its effort to regulate digital/virtual assets such as Bitcoins and NFTs.
  • This is contained in a recently released document titled, “New Rules on Issuance, Offering Platforms, and Custody of Digital Assets” essentially legalizing digital assets such as cryptocurrencies in Nigeria.
  • SEC said Digital Asset players will now include Digital Asset Offering Platforms (DAOPs), Digital Asset Custodians (DACs), Virtual Assets Service Providers (VASPs), and Digital Assets Exchange (DAX).
  • The rules apply to all platforms that support the trading, exchange and transfer of virtual assets, all issuers and sponsors of virtual/digital assets, including international and non-residential issuers and sponsors; and any operator that aggressively targets Nigerian investors.

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E-payments in Nigeria hit N204.5 trillion between January and July 2022 – NIBSS

E-payments in Nigeria hit N204.5 trillion between January and July 2022 – NIBSS

The Nigeria Inter-Bank Settlement Systems (NIBSS) has said that transactions worth N204.5 trillion were performed electronically in Nigeria between January and July this year through the NIBSS Instant Payment platform (NIP). This shows a 40% increase in e-payments in the country when compared with N145.8 trillion recorded in the same period last year.

The surge in electronic transactions shows that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

According to NIBSS, the value of e-payment recorded was a reflection of the increase in the volume of deals within the period. The NIP volume rose to 2.7 billion in the seven months, showing a 42% increase over 1.9 billion recorded in the same period last year.

Data provided by NIBSS

Monthly analysis

  • An analysis of the 7 months data just released by NIBSS showed that the NIP platform recorded N26.6 trillion transactions in January. Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.
  • Similarly, in February, deals worth 27.2 trillion were sealed over the electronic platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6% growth.
  • In March, the platform recorded N31.8 trillion in transactions, a 44.5% increase over the N22 trillion recorded in the same month last year.
  • The value of transactions on the NIP platform stood at N29.2 trillion in April this year. This also shows a 41.6% increase over the N20.6 trillion recorded in April 2021
  • In May, the value of e-payment transactions stood at N29.6 trillion, a 43% increase compared with N20.7 trillion recorded in the same period last year.
  • The NIP transactions rose to N31.7 trillion in June 2022, a 37% growth over N23.1 trillion posted same time in 2021.
  • The data for July also reflected a 31% increase from N22.4 trillion last year to N29.3 trillion this year.

The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATM, etc. to their customers.

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