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CTO Canvasses Use Of Global ICT For Dev

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            wealth Telecommunications Organisation (CTO) has called on global Information and Communication Technology (ICT) stake holders to partner in ensuring that ICTs are utilised to enhance development,

The Chief Executive Officer, Commonwealth Telecommunications Organisation, Dr. Ekwou Spio-Garbal made the call recently at the World Telecommunication Development Conference (WTDC) in Hyderasas, India.

Speaking at the conference, Spio-Garbal noted that the telecoms and ICT sector had contributed immensely towards the development of the world on the last two decades adding that it holds a lot more to the world if its full potentials are discovered and harnessed by stakeholders.

“Whether the importance of ICTs are measured by voice and data penetration rates, by percentage contribution to GDP, to national taxes, to employment, empowerment or to per capita income, there is a worldwide consensus on the contribution of ICT to development” he said.

Spio-Garbal averred that the ICT sector had been among the best performing sectors around the world and stressed the need for its continuous efforts in order to meet the 2015 millennium development goals.

He maintained that achieving such goals required for-sighted policies, robust regulation, competitive ICT operating environments, openness to new business models, technological innovations high level capital investment, consumer adoption of new products and expanded financial   intermediation.

While noting that the right to communicate was a basic human right as recognised by the United Nations (UN), the CTO’s chief executive pointed out that about 50 per cent of people in the member countries do not have access to affordable telecommunication, including mobile communications, adding that more than 90 percent of the population in most developing countries, do not enjoy the benefits of the internet.

We need to try harder because there is a lot that still needs to be done for us to achieve the desired height in this sector” he stated.

Spio-Garbal commended the ITU for harmonising the conference, stating that  the conference was only one of the various opportunities afforded to global community to renew its commitment to various pledges made in the past and to carve new paths for the future.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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