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Adults With Bank Account Hit 45% In Nigeria – World Bank 

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The World Bank has said that the number of Nigerians with accounts at regulated institutions such as a bank, credit union, microfinance institution, post office, or mobile money service provider, increased by 16 to 45 per cent in 2021.
The global bank stated that global account ownership increased by 50 per cent from 51 per cent in 2011 to 76 per cent in 2021. Nigeria’s account ownership growth grew from 30 per cent to 45 per cent in the period under review.
Disclosing this in its “The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19” report, the bank said the overall account ownership in developing economies grew by 30 percentage points, from 42 per cent in 2011 to 71 per cent in 2021, which is more than 70 per cent increase.
“Individual economies saw different rates of growth over the past decade. Between 2011 and 2021, economies such as Peru, South Africa, and Uganda drove up the average with account ownership increases of 25 percentage points or more.
“Uganda, in fact, saw its rate more than triple, from 20 per cent to 66 per cent. In India, account ownership more than doubled in the past decade, from 35 per cent in 2011 to 78 per cent in 2021.
“This outcome stemmed in part from an Indian government policy launched in 2014 that leveraged biometric identification cards to boost account ownership among unbanked adults.
“Other economies saw much smaller increases over longer periods. Pakistan, for example, grew by just 10 percentage points over the past decade, from 10 per cent in 2011 to 21 per cent in 2021.
“The Arab Republic of Egypt and Nigeria increased ownership by 18 percentage points and 16 percentage points, respectively – from 10 per cent to 27 per cent in Egypt, and from 30 per cent to 45 per cent in Nigeria”, the report stated.
The Washington-based lender explained that account ownership is a fundamental measure of financial inclusion and is the gateway that allows men and women to use financial services in a way that facilitates development.
It said owners of accounts – whether those accounts are with a bank or regulated institution such as a credit union, microfinance institution, or mobile money service provider – were able to store, send, and receive money, enabling them to invest in health, education, and businesses.
According to the lender, it is harder for account holders to slide into poverty because they can easily rely on savings or receive financial resources from friends or family in the event of a financial emergency.

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Don Advocates Diversity for Economic Growth

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A university Don, Professor Anthony U. Nnodim, has called on companies to diversify in other to be economically relevant to society.
Prof Nnodim, who made the call, Thursday, at the first National Conference of the Association for Encouraging Qualitative Functional Education in Nigeria, in collaboration with Captain Elechi Amadi Polytechnic Women Association, Port Harcourt, said any company that does not diversify will easily ‘die’.
According to him, the phrase, “diversify of die”, amounts to a warning to corporate organisations of the danger of staying the same place for too long.
He said it is “a reminder that to avoid stagnation, companies must innovate. In today’s global environment, diversity is the bedrock of innovation.
“Diverse and inclusive team is the engine room within which innovations develop through the combination of desperate ideas and desciplines in ways that look weird in the first instance, but culminate into emergence of real innovation”, he said.
Nnodim, who made the call in his Keynote address tittled, “Innovation and Diversification: Issues and Prospects in a Global Environment “, said diversification has numerous prospects.
One of the key prospects, he said, is that diversification improves critical thinking and problem-solving skills.
This, he explained, “would provoke critical thinking that provides alternative approaches to finding solutions to identified problems”.
Other prospects, he continued, include enhanced employees growth and development, unification of diversified strength, and encouragement of innovations.
In her Keynote address, Prof. Margaret E. Akpomi harped on the need for Nigeria to emulate what she called “the Australian Model of Education” christened “Technical And Functional Education (TAFE).
“What it (TAFE) does is that they first of all identify the needs of the society, and then they build-in the needs of the society into the curriculum, and it is with that they bring up their citizens to fill in various manpower positions in the society. We can borrow a leaf from here”, she said.
In her welcome address, the President, Captain Elechi Amadi Polytechnic Women Association (CEAPOWA), Dr. Victoria O. Sam-Kalagbo, explained that the conference, with the theme, “Innovation and Diversities: Issues and Prospects in a Global Environment “, is in line with the CEAPOWA’s objective of contributing to societal growth.
“The aims and objectives of CEAPOWA are, among others, to organize conferences, workshops, seminars and symposia aimed at impacting positively on Members of the association, the entire polytechnic community, and society at large.
“This conference provides a rare platform for scholars in various disciplines to examine and prescribe practical innovative and diversified strategies, approaches, and mechanisms to contain the multifarious global threats and challenges in education, economy, politics, business, technology, Entrepreneurship, etc.”, She said.
By: Sogbeba Dokubo
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NECA Wants Forex Allocation Prioritisation To Manufacturers 

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The Nigeria Employers Consultative Association (NECA) has urged the Federal Government to give priority of allocation of available forex to manufacturing and other productive sectors of the economy as forex scarcity persists.
Director-General, NECA, Mr Wale Oyerinde, while speaking on the state of the economy in Lagos, called for a holistic and multi-pronged approach towards resolving the challenges faced by the nation.
He urged the Federal Government, as a matter of urgency, to  encourage the development of modular refineries as a precursor to total subsidy removal.
Oyerinde said, “In the medium term, the Federal Government should, as a matter of urgency, fix the four national refineries and encourage the development of modular ones as a precursor to total removal of fuel subsidy.
“With over N5tn budgeted for subsidy payment in 2022, an amount larger than the budget for education and agriculture, this is unrealistic and unsustainable.
“Economic interventions aimed at improving living standards (to stimulate consumption) and enterprise sustainability (to promote job creation) should be implemented.
“While forex scarcity persists, allocation of the available forex to manufacturing and other productive sectors of the economy should be given priority.”
According to him, this was better time for the government to deepen its engagement with the Organised Private Sector, adding that the government’s efforts to salvage the economy was commendable.
He said “the nation is currently faced with multiple challenges, with dire combination of spiraling inflation, rising energy cost (aviation fuel, diesel, etc.), scarcity of forex, dwindling value of the naira, an almost comatose aviation sector, stuttering education system, rising debt, depleting foreign reserve and rising fuel subsidy expenses among others, which threatens to lay bare the country’s economy.
“There is no better time for government to reappraise current economic policies and deepen its engagement with the Organized Private Sector. While Government’s effort to salvage the economy is commendable, there is, however, need for a More holistic approach to resuscitate the stuttering economy”, he said.

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Agency Puts Nigeria’s Gas Flaring Losses At N891bn

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The Nigerian Oil Spill Monitor, a sub of the Oil Spill Detection and Response Agency (NOSDRA), has put the losses in gas flaring in Nigerian at N891 billion.
The oil spill agency in a release on Sunday said Nigeria lost N891 billion to gas flaring in 18 months.
It revealed that the country lost a total of N707 billion in 2021 and N184 billion in the first half of 2022, totaling N891 billion.
According to the NOSDRA report, oil and gas companies operating in the country flared a total of 126 billion standard cubic feet (SCF) of gas in the first half of 2022, leading to a loss of $441.2million (about N183.54 bn) in the six-month period.
On the other hand, in 2021, about 23,862.271 barrels of oil (3,770,238.864 litres/119 tanker trucks) were spilled.
Brent International was sold for an average of $71 per barrel in 2021, bringing total revenue loss in that year to $1.7million
The estimation put the equivalent of the volume of gas flared in the first half of 2022 to carbon dioxide, CO2 emission of 6.7 million tonnes in the oil producing areas, which was 4.56 per cent higher than the 120.5 billion SCF of gas flared in the second half of 2021, and capable of generating 12,600 gigawatts hours of electricity.
Also, the quantity of gas flared in the first six months of 2021 was capable of generating 14,000 gigawatt-hour of electricity, and an equivalent of 7.4 million tonnes of CO2 emission.
Giving a breakdown of the gas flared in the country in the first six months of 2022, the agency disclosed that while companies operating in the offshore oilfields flared 62.2 billion SCF of gas, companies operating onshore flared 63.9 billion SCF of gas, valued at $223.6 million.
In 2021, there were around 382 publicly available oil spill records. Out of the 382 occurrences, a total of 33 of these oil spill sites were not visited by a joint investigation team, and 122 of these had no estimated quantity of oil spilled provided by the companies involved.
Two major oil spills were recorded in 2021, with over 250 barrels spilled into inland waters, or over 2,500 barrels spilled on land, swamp, shoreline and open sea, the report said.

By: Corlins Walter

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