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Nigeria Ready to Grow African Trade via Standardisation—SON DG

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Nigeria Ready to Grow African Trade via Standardisation—SON DG

Nigeria Ready to Grow African Trade via Standardisation—SON DG

By Modupe Gbadeyanka

Director General of Standards Organisation of Nigeria (SON), Mr Osita Aboloma, has expressed Nigeria’s willingness to continue to play its required role in ensuring the vibrancy of the African Organisation for Standardisation (ARSO).

ARSO is an organisation set up to promote development within the continent, through improved intra-African trade as well trading with the rest of the world.

Mr Aboloma, while speaking at the ongoing ARSO 56th Council Meeting taking place at Ouagadougou, Burkina Faso, stated that Nigeria was also committed to the economic and social emancipation of Africa using the instrument of standardization as is being done in other continents of the world.

He noted the exemplary contributions of the founding fathers of ARSO of which Nigeria was one, for their vision in sharing and accepting common thoughts on the best ways to stimulate Africa’s development and competitiveness using the strong tool of standardization.

According to him, ARSO is playing a key role in the emancipation of the African Continent through facilitating the harmonization of National and regional standards and conformity assessment processes.

“I wish to add my voice to the need to sustain the existence and effectiveness of ARSO through our collective and selfless contributions” he said.

The SON DG reiterated that Nigeria will continue to support the effectiveness of organisation’s activities in promoting trade, particularly within Africa while also ensuring the competitiveness of its products in the international market place.

Speaking earlier, the President of ARSO who is also the Chief Executive of the Zimbabwe Bureau of Standards, Madame Eve Gadzikwa commended the Government and people of Burkina Faso for hosting the 56th Council meeting and 23rd General Assembly of the Continental standardization body.

The ARSO President stated the theme of the 2017 General Assembly as ‘Celebrating 2017 as the Year of Quality Infrastructure in Africa’ ‘Role of standardization for Better quality and Better life within a continental free trade Area.’

She disclosed that the ARSO five year strategic plan 2017-2022 seeks to build on new strategies to address the challenges of Quality Infrastructure in Africa, under the four goals, namely: to develop high-quality standards and related deliverables through ARSO members; to ensure that African standards are adopted and applied as national and sub-regional standards within the continent; to ensure that ARSO structures and operations are sustainable; and to ensure that Stakeholders are effectively engaged across the entire ARSO standardization community.

Madame Gadzikwa emphasized that the African Union (AU) and United Nations Economic Commission for Africa (UNECA) have variously expressed the need to reduce the Technical Barriers to trade among African Nations.

According to her, the two bodies have undertaken to emphasize on the responsibilities of the African countries, on the impact of standardization, in the expansion of global trade, regional integration as well as multilateral and bilateral free trade agreements.

They then called on the Continental Free Trade Area members to appreciate and recognize the important role of standards, metrology, conformity assessment and accreditation, urging them to harmonize their practices in these area to achieve mutual product recognition.

Also speaking at the occasion, the ARSO Secretary General, Dr. Hermogene Nsegimana enumerated the key programmes and activities of ARSO under the 2017-2022 as including;  Technical Harmonisation Committee Meetings;  the ARSO Conformity Assessment Programme (ARSO CACO); ARSO Documentation and Information Networks (ARSO DISNET); ARSO Consumer Committee (ARSO COCO); celebration of the African Day of Standardisation and National/continental Essay Competitions and ARSO Capacity Building and Training.

He commended the collaboration and support ARSO has been receiving from its member Nations and development partners towards the achievement of its set targets, promising to continue to promote openness and transparency in the activities of the secretariat.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Experts Foresees NGX Technology Board Deepening Capital Market

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Cross Deals

By Aduragbemi Omiyale

Experts in the Nigerian financial markets have expressed optimism about the proposed NGX Technology Board’s positive impact on the capital market and the economy.

The Nigerian Exchange (NGX) Limited plans to establish this platform to attract the listing of technology companies, giving them an avenue to raise funds to expand their operations.

On Thursday, October 6, 2022, the exchange held a seminar themed Enabling the Next Wave of Growth for Technology Companies in Africa. It was held to allow stakeholders to discuss ways to make things better for players in the sector.

Speakers at the event included the Senior Special Assistant to the President on Digital Transformation, Mr Oswald Osaretin Guobadia; Kendall Ananyi, Chief Executive Officer, Tizeti; Vice President, Cardinalstone, Mrs Onyebuchim Obiyemi; CEO, Opay, Mr Olu Akanmu; Managing Director, Nigerian Capital Market Institute, Timi Agama; Head, Financial Markets Support and Development Division, Financial Markets Department, CBN, Mr  Demenongu J. Yanfa; and President, Pension Funds Operators Association of Nigeria (PenOp), Oguche Agudah.

Others were the CEO, Central Securities and Clearing System (CSCS) Plc, Jalo Waziri; Partner, Fund the Gap Alliance, Segun Cole; Associate Dean, Lagos Business School, LBS, Prof. Olayinka David-West; Representative of London Stock Exchange and Director, Tech Sector Specialist, Shah Neil; Co-Founder/COO, One Watt Solar Director, Jubril Adeojo; CEO Future Africa, Iyinoluwa Aboyeji and Chief Growth officer, Halo Invest, Nnenna Onyewuchi.

In his remarks, the Chairman of NGX, Mr Abubakar Mahmoud, represented by NGX board member, Mrs Angela Adebayo, said that Nigeria is home to several unicorns like Flutterwave, Andela, Jumia, Opay which have valuations surpassing $1 billion.

“As a sustainable exchange championing Africa’s growth, NGX is positioned to support the growth of the next wave of technology companies.

“It is stimulating the capital market, providing a tailored platform for tech companies in Nigeria and wider Africa to access growth capital whilst providing exit opportunities for all investors.

“The next wave of growth for home-bred technology companies needs to be anchored on sustainability, agility, collaboration and digital innovation, and these are elements that NGX represents,” he said.

Director-General of the Securities Exchange Commission (SEC), Mr Lamido Yuguda, represented by Dayo Obisan, Executive Commissioner, Operations, SEC, while delivering his goodwill message, noted that with the several developments recorded in the technology space, Africa remains a continent with the highest potential when it comes to tech and innovations and as such, its ability to determine its future digitally must be accelerated by strengthening its technological capabilities.

According to him, “Africa has the potential to grow into a technological giant with the right enablement, and SEC will support laudable initiatives aimed at improving on the capacity of our market to develop a robust ecosystem for the Nigerian capital market.”

Also, the CEO of NGX, Mr Temi Popoola, while speaking on the proposed NGX Technology Board, said, “The exchange, in conjunction with other major stakeholders, including SEC, CBN, CSCS and PenOp, are working tirelessly to launch and on-board a new asset class.

“The specialised technology board aims to encourage the listing of companies in the technology space, provide increased transparency, and visibility on foreign investment activities in tech companies and local tech startups.”

Giving the keynote address, the Deputy Governor, Financial Systems Stability Directorate, CBN, Mrs Aisha Ahmad, noted that tech had grown from an enabler of business to a fully-fledged sector as some of the largest companies in the world like Meta and Google.

“Africa is a $2.7 trillion economy, and for this growth to translate into broader economic impacts, we need more local investor participation. I’m particularly excited about NGX’s Technology Board plan, which will help grow the listings of Nigerian and African tech companies. It will aid price discovery of tech industry valuations and channel capital to tech and other sectors,” she said.

Panellists at the first panel titled The Path to Tech Listings – Leveraging Capital Market for Exponential Growth agreed that the proposed launch of NGX Technology Board is timely as it addresses challenges startups face with funding and capital formation during their developmental stage.

Additionally, they noted that having major stakeholders like NGX, SEC and CBN champion the Board would attract foreign investor participation, especially in terms of liquidity.

The second panel, themed Beyond Tech – Regulation as an Enabler for Technology Board Listings and Investor Protection, highlighted policies and the right standards as key factors in creating an enabling environment for tech listings and investor protection.

The panellists noted that regulators should be concerned about the companies listed, the governance structure, evaluations, returns and their positive impact on Nigeria’s economy, such as introducing new founders to the market and creating employment for Nigerians.

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Economy

Helicarrier Acquires Stake in Accrue to Drive Crypto, Stock Investment

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Accrue Savings

By Adedapo Adesanya

Helicarrier, the owning company of Buycoins and Sendcash, has announced that it has completed the signing of definitive agreements to acquire a significant equity interest in Accrue.

As part of this agreement, Buycoins Basic will be transitioning into Accrue effective immediately.

This means Buycoins Basic will now be onboarded on Accrue and position the company for more growth as it pursues cryptocurrency acceptance and adoption in Africa while helping users to grow their wealth with low-risk investment options.

Mr Timi Ajiboye, CEO of Helicarrier, said, “Embarking on this partnership underscores our dedication to democratising wealth building on the continent. Accrue has built the perfect wealth-building tool for the internet-powered African, and we’re excited to bring that experience to 100k+ Buycoins users.”

In a statement sent to customers and seen by Business Post, Helicarrier and Accrue have a long history together as the company was the first investor in Accrue, which ex-Helicarrier teammates founded.

“The mission to help Africans build wealth by leveraging transformational digital currency technology is a shared driving force for both companies,” the statement read.

On his part, Mr Clinton Mbah, co-founder of Accrue, noted that, “Everything you love about Helicarrier culture and its products — ease of use, timely customer support, fantastic product sense, execution speed, technical chops, and tenacity in the face of adversity, are tenets we brought over to Accrue. We’re committed to these tenets forever.”

Accrue is a long-term wealth-building app built for beginners to invest. Users can save in Dollars (stablecoins), earn up to 6 per cent annual interest, and auto-invest in top-performing stocks and cryptocurrencies with minimal risk and likelier profit.

Accrue is available for users across Ghana and Nigeria, with support for more African countries coming soon.

Helicarrier, founded in 2017, has several interests in the African fintech space, and its products include Buycoins Pro, the order book for advanced crypto traders, Sendcash which lets users send money to and from Africa easily powered by crypto for the best exchange rates and fastest delivery times.

Helicarrier also owns significant equity in other pioneering products like Abacus.

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Economy

Inflation in Nigeria Will Remain High Through 2023—S&P

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inflation-nigeria

By Aduragbemi Omiyale

A rating company, S&P Global Ratings, has projected that inflation in Nigeria will remain high through 2023 as a result of rising energy prices and tensions in the food-producing regions of the country, majorly the northern part.

The National Bureau of Statistics (NBS) last month said inflation increased by 20.52 per cent in August 2022, forcing the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) by 1.50 per cent to 15.5 per cent from 14.0 per cent.

For S&P, the central bank may have to continue to hike the rates because inflation will continue to face north till next year unless the government takes action to ease the energy crisis and insecurity in the country.

“Rising production costs for the corporate sector, due to high energy prices, and tensions in the food-producing middle belt, will likely keep inflation in double digits through 2023,” the agency said in a statement made available to Business Post.

In the disclosure, the firm warned that Nigerian banks could see a decline in their earnings. It further said the lenders could suffer weaker lending growth and asset quality due to the rate hike by the apex bank.

S&P further disclosed that the increase in the cash reserve ratio to 33.5 per cent from 27.5 per cent last month by the CBN could likely lead to a freeze in lending in the short term and squeeze net interest margins, especially if raised higher.

It was also stated that the harsh macroeconomic situation in Nigeria would deplete banks’ earnings as non-performing loans (NPLs) increase and net interest margins decline.

“We expect the banking sector’s NPL ratio will deteriorate to 5.5 per cent on average in 2022 after improving to 5 per cent at year-end 2021, while the return on equity moderates to 13 per cent from 14 per cent,” the agency said.

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