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Leverage Technology To Enhance Productivity, NBCC, Bank CEOs Advise Businesses

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The Nigerian-British Chamber of Commerce (NBCC) and top bank chief executives have charged businesses to leverage technology to improve productivity and positively impact the nation’s economy.
They spoke at the Nigerian-British Chamber of Commerce (NBCC) maiden conference and exhibition with the theme: “Fast Tracking Productivity- Leveraging Technology” on Tuesday in Lagos.
Mrs Bisi Adeyemi, President, NBCC, stressed the imperative of technology in driving productivity, especially in view of the current realities propelled by COVID-19 pandemic.
She said that the conference, whiah would be biannual, afforded businesses the opportunity to showcase their brands and foster new partnerships.
“These businesses would also develop foreign market opportunities, which aligns with our cardinal objectives,” she said.
Dr Adesola Adeduntan, Chief Executive Officer, First Bank Group, said that technology had entered an era of digitalisation.
Adeduntan, represented by Mr Ini Ebong, Executive Director, Treasury and International Banking, First Bank, said new technologies were powering and providing attractive basis for business growth, innovation and differentiation.
He noted that increasingly, both large and small businesses were leveraging modern technology to become agile and grow more efficiently.
The CEO said that technology was powering business development in various ways, leading to enhanced business growth and profitability.
Adeduntan projected that the rise of frontier technologies promised to further impact and transform the dynamics of business.
“Organisations are leveraging technology to future proof their business through investments in talents, embracing e-commerce option and using analytics to draw insights.
“Businesses that will remain sustainable must have digital and online presence by creating e-commerce stores which may complement brick-and-mortar points of sale.
“Businesses will also need to leverage digital ecosystem partnerships to remain competitive,” he said.
Mr Lamin Manjang, Chief Executive Officer, Standard Chartered Bank Nigeria, said that the opportunities that had come with the adoption of digitalisation in the financial sector were enormous.
Manjang was represented by Head, Digital Banking and Financial Inclusion, Mr Adeyinka Shorungbe.
He said that following the adoption of digitalisation, total retail account base grew by 200 per cent in two years and its revenue base for retail business increased by 300 per cent.
“Technology now allows us to acquire customers in all states, with an average of 9,000 new accounts opened monthly.
“Also, the bank’s digital penetration is at 87 per cent, with increased efficiency, speed and quality, yet reduced cost,” he said.
Mr Olukayode Pitan, Managing Director, Bank of Industry (BoI) said that the bank would continue to play its role in fast tracking productivity through its various funding and advisory facilities.
Pitan, represented by Mr Simon Aranonu, Executive Director, Large Enterprises, Bank of Industry, said that Nigeria, like many countries around the world, was not immune to the economic headwinds presented by the COVID-19 pandemic.
This, he said, made it essential for all non-oil sectors, particularly manufacturing, to boost productivity, create employment opportunities, and enable Nigeria to be more self sufficient (less import dependent).
He described the manufacturing sector as the gateway to industrialisation through substantial forward and backward linkages with other sectors, providing a wealth of opportunities for suppliers, distributors and retailers.
He stressed that with the introduction of the African Continental Free Trade Agreement (AfCFTA), Nigeria must build its manufacturing sector towards it becoming the manufacturing hub for West Africa and the rest of Africa.
Pitan revealed that the BoI had successfully raised about $3.8bn from the international market in the last four years with some of the meetings and roadshows held virtually, leveraging technology.
“BOI supports projects with potential developmental impact and the capability to generate considerable multiplier effects such as job creation, import substitution and poverty alleviation.
“All of which would have significant positive effects on the socio-economic condition of Nigerians, particularly in light of recent challenges presented by the COVID-19 pandemic.
“BoI also sponsors Corporate Social Responsibility activities that provide technology solutions to businesses such as innovation hub across all states in Nigeria,” he said.

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NCC Assures Safe, Accessible Digital Space

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The Nigerian Communications Commission (NCC) has assured Nigerians of accessible, resilient and safe digital space in the nation’s digital economy.
The Executive Commissioner, Stakeholders Management, NCC, Rimini Makama, gave the assurance at the NCC’s Digital Economy Sensitisation Forum, with the theme, “Leaving No One Behind: Digital Access, Equity and Empowerment” in Abuja.
Makama said that the commission remained committed to ensuring that Nigeria’s national telecommunications infrastructure remained resilient, accessible and secure.
“Digital empoScientists Advocate Shared Responsibility To Boost Food Securitywerment must be inclusive. Without inclusion and equity, the benefits of the digital economy will remain unevenly distributed.
“The commission, through its Universal Service Provision Fund (USPF) and other initiatives, is actively extending digital opportunities to the unserved, underserved, physically challenged and vulnerable groups through several impactful programmes,” he said.
The Publicity Expert for the Association of Telecommunications Companies of Nigeria (ATCON), Dr Nihinlola Fefa, said that the association had been an advocate of cyber security awareness and sensitisation over the years.
“ATCON has been a very key stakeholder in the ICT and telecom industry. We have always advocated for cybersecurity awareness and sensitisation.
“We have been giving our own input over the years. We interface with all the telecom companies. We do a lot of studies, and we also give our contributions in so many ways,” she said.
She commended the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, for deploying technology into rural communities.
According to her, though Nigeria is doing well in the area of cybersecurity, there is room for improvement.
“We are in a good position right now and we can do better from the government side,” she said.
Also speaking, the Head, IT and Cybersecurity, National Data Protection Commission (NDPC), Olorunisomo Isola, said that the commission had rolled out the necessary framework.

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Expert Tasks Nigerians On AI

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An economist, Dr Chinedu Amadi, has urged Nigerians to leverage the opportunities inherent in Artificial Intelligence (AI) to become competitive in the global business and social spaces.
Amadi, who is also the President, Organisation of Youth in International Trade and Commerce (OY-ITC), gave the urge during an interview with newsmen , in Abuja, Monday.
Amadi noted that humanity has always advanced by expanding its intelligence and capabilities through technology across different eras pointing out that AI now drives economic systems, social interactions and competitive advantage among nations globally.
“The world is entering a phase where humans and intelligent machines will share cognitive functions, so Nigeria should innovate or risk being sidelined in the emerging global digital order.
“The next frontier extends beyond AI tools to a deeper relationship between human consciousness and machine intelligence. This phase has the dawn of shared human machine cognition shaping future innovation and development worldwide,” he said.
Amadi noted that countries like the U.S., Japan and China already integrated AI into national planning, logistics and defence operations.
He warned that a deeper wave of collaboration between humans and intelligent systems is rapidly emerging
urging Nigeria and other African nations not to remain passive observers in this technological transition.
“Nigeria must innovate urgently or risk missing another major industrial revolution. Future global leadership will favour nations that create, regulate and ethically manage advanced technologies,” he added.
He said that the youthful population is viewed as a potential cognitive economy capable of driving digital creativity.
He advised policymakers and institutions to develop indigenous technologies, reflecting national priorities and moral values.
The president, however, noted that energy and agricultural sector can gain efficiency through predictive AI and advanced computation, adding that governance can also benefit from digital systems that strengthen transparency and curb corruption.
While noting that neural interfaces and quantum processing would soon merge human thought with computationAmadi said that the evolution demands ethical guidance, empathy and deeper human conscience in education system.
According to him, nations worldwide are racing to regulate AI and Nigeria also needs to define its strategic position.
“The future beyond AI will favour societies that balance innovation with wisdom and uphold human dignity,” he said.

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NIGCOMSAT Expands Nigeria’s Digital Broadcast Subsector By 35%

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The Nigerian Communications Satellite (NIGCOMSAT) Limited says the country’s digital broadcast subsector  has expanded by 35 per cent to 75 per cent utilisation in two years.
This, it said, represented a milestone in the country’s digital transformation drive.
The Managing Director, NIGCOMSAT, Mrs Jane Egerton-Idehen, made the remark  at a retreat with the theme: ‘Aligning for the Future: Innovation, Collaboration, and Sustainable Growth”, in Abuja, Monday.
According to her the theme reflects NIGCOMSAT’s commitment to driving Nigeria’s digital transformation and positioning itself as a global satellite industry leader.
She said one of the notable achievements in its broadcast segment was the Digital Switch Over (DSO) project, describing it as not just a technical milestone but also a national service.
“This growth is a testament to the organization’s improved service delivery and stronger engagement with partners and clients.
“The DSO project, a collaborative effort with the National Broadcasting Commission (NBC), is a key milestone in Nigeria’s digital transformation.
“NIGCOMSAT’s contribution to the project is enabling digital broadcasting penetration across the federation, cementing the organisation’s position at the centre of Nigeria’s digital transformation,” she said.
Egerton-Idehen said the achievements were expected to drive revenue growth, with target of three billion naira in annual revenue and eight billion naira in revenue within three years adding that the organisation’s expansion of broadband services and private sector partnership was key to achieving the goals.
“We cannot move boldly into the future without addressing the weight of the past. Our debt profile — both financial and operational — is a reality we must confront with strategy, discipline, and creativity.
“These are our headwinds. We acknowledge them openly because honesty is the first step toward transformation.,” Egerton-Idehen said.
She said in spite of challenges such as economic barriers and competition, the organisation remained optimistic about the future.
“We must out-innovate the market, deepen partnerships, and build a culture of solution-focused, profit-driven, and people-centered excellence.”
“The key initiatives include transitioning to software-defined satellites, expanding broadband services, and the NIGCOMSAT Accelerator for the Space Ecosystem.
“The organisation is prioritising public-private partnerships, branding, and communication, as well as investing in its people,” she said.
The Chief Executive Officer, Data Science Nigeria, Olubayo Adekanbi, said satellite-based economy could revolutionise key sectors such as agriculture, health, and education, creating new job opportunities and increasing productivity.
“By providing internet access to remote areas, satellite technology can bridge the digital divide and ensure no one is left behind.

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