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Stanbic IBTC: The N2bn Financing Boost to Nigeria’s Health Sector 

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings has demonstrated its commitment to support the Nigerian health sector by making available special financing solutions for healthcare providers to effectively render services to Nigerians.

As one of its key initiatives, the financial institution announced that it has made available flexible loan facilities to stakeholders in the Nigerian healthcare industry to enable them to purchase equipment and improve healthcare services.

Speaking on the solutions, Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank said the loans were created to make available world-class healthcare and reduce the pressure on the limited health services in the country.

“Healthcare is a basic need that everyone should be able to access easily. The pandemic has increased the pressure on the health sector and there is a need to adequately equip healthcare facilities to enable hospitals and laboratories deliver quality service and boost the confidence of Nigerians in that sector” he said.

Nigeria’s health care system is underfunded and the least robust in Africa. Stanbic IBTC has decided to provide capital that will enhance the health frameworks and bridge the gaps in healthcare.

“From health insurance cover to funding for quality medical equipment, we have product offerings tailor-made to serve our clients in this space” Remy added.

According to the Business and Commercial Clients Executive Director, the scheme will contribute to the overall development of the Nigerian healthcare system while highlighting that the term loan offers a maximum loan amount of N2 billion naira.

Furthermore, the financial organisation also offers loans for asset finance to purchase equipment required to provide optimum healthcare service.

Remy noted that the institution’s team of experts are available to offer expert advice to its customers and the loans are available to key players in the health sector such as pharmaceutical and medical product manufacturers, logistics and healthcare service providers.

Stanbic IBTC remains committed to the expansion and delivery of excellent healthcare services to all Nigerians through various initiatives.

 

Stanbic IBTC to Empower MSMEs via Capacity Building Programs

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Stanbic IBTC Bank Plc, a member of the Stanbic IBTC Holdings Plc, has restated its desire to support the micro, small and medium scale enterprises sector in Nigeria through capacity building and enabling platforms to connect sector players with new markets.

This the Bank hopes to achieve through its various programmes targeted at MSME in the country. To actualize this, the Bank conceptualised and commenced a capacity building programme for small and medium scale businesses a few years back. It also recently established Enterprise Direct, a platform that provides quick turnaround time for businesses as well as point them to new markets.

“The SME sector is pivotal to the economic growth and development of any nation and Nigeria is no exception. The capacity building training was conceived to avail SME operators’ the exposure to modern and innovative marketing, financial and management skills that are useful to their businesses and which will help them to attract the necessary funding for growth,” Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, Remy Osuagwu, said.

The capacity building seminar which is open to all interested entrepreneurs across the country, is a yearly event that helps to equip participants drawn from the small and medium scale enterprises sector with financial, marketing and management skills that they can readily deploy to nurture and grow their businesses.

Remy stated that Stanbic IBTC Bank, backed by the rich heritage and know-how of the Standard Bank Group, is committed to building a strong SME base in Nigeria and one of the ways it hopes to achieve this is by empowering operators with the right business skills and adequate funding.

“Stanbic IBTC Bank has a rich pedigree of building capacity for SMEs and providing much-needed support in terms of funding, skills acquisition, and connection to new markets because we understand the important linkages provided by SMEs to industries and employment generation,” the Executive Director added.

One of such support was Stanbic IBTC’s partnership with the Kaduna State government to establish the Kaduna-Stanbic IBTC Entrepreneurship Centre (KADSEC). The centre, the Bank said, was in response to the needs and requirements of local entrepreneurs in the state, and serves as an incubator to nurture budding entrepreneurs and businesses to sustainable successes.

At the launch of the centre in Kaduna, Stanbic IBTC stated that the centre will provide services such as capacity building programmes for interested business owners, entrepreneurs, mentorship, on-site business management counselling, financial advisory, market development assistance, networking opportunities, provision of patronage linkages, export assistance, and easy access to loans from Stanbic IBTC Bank, among other benefits. Stanbic IBTC Enterprise Direct was another platform established by the Bank to provide quality and timely information for SMEs on new business practices, new business opportunities or new markets.

NAICOM Targets Technology to Drive Access to Insurance

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KEYNOTE ADDRESS BY THE COMMISSIONER FOR INSURANCE, MR. OLORUNDARE SUNDAY THOMAS AT THE RETREAT FOR FINANCIAL JOURNALISTS HELD IN UYO, AKWA IBOM STATE, ON FRIDAY 11TH MARCH 2022.

Protocol

Gentlemen of the press, it is my pleasure and honour to welcome you to this year’s retreat in this beautiful city of Uyo the capital of Akwa Ibom State. The retreat has always been a fora we wine, dine and share information and ideas on the Commission’s approach to insurance regulation, progress and challenges to keep ourselves better educated in how we should report matters.

The theme for this year’s retreat “Improving Insurance Access through Market Development and Innovation in 2022 and beyond” is specially couched to consolidate on my administration cardinal agenda of developing the market and deepening penetration.

I am grateful to you all for taking time off your busy schedule to be here with us. Our collective efforts at ensuring the development and growth of the insurance sector will definitely translate to the growth and development of the Nation’s economy. As you are aware, the Commission has been implementing various market developmental initiatives to lift the insurance sector to a global standard through:

  • Risk Based Supervision Framework.
  • Encourage investment in digital capabilities and automation – e.g. launching of NAICOM Portal, launch of the Bimalab Project on the 9th of February, 2021.
  • Enforcement of the compulsory insurance products in Nigeria – via partnership with agencies and states.
  • Capacity development programmes – Actuarial, competency framework etc.
  • Sensitisation of various stakeholders – MSMEs on benefits of insurance, MDAs Insurance Desk Officers etc.
  • Introduction of regulatory reforms and policies e.g issuance of web aggregators’ guidelines.

We can gladly say that the Nigerian insurance market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented and the evolution of Nigeria’s financial sector in the last decade which has been characterized by digital transformation.

The Commission is trying to open up the market across the geo-political zones by reaching out to the states where insurance penetration is perceived to be very low. We expect the industry to respond to these efforts by bridging the supply gap and ensure they follow up on the Commission’s move to create awareness among high-ranking policy makers in order to prove that the industry is ready for the booming opportunities awaiting them across the country. As I said earlier, the project with the Kano State Government is a litmus test for us as an industry.

The importance of insurance post COVID-19 and the aftermath of endSARS protest cannot be over-emphasize hence, the marginal increase in the uptake of policies boosting the retail market and the annuity component. The recently released industry statistics has shown some growth in the sector.

The Nigerian Bureau of Statistics figures has shown that the sector has recorded positive increase in almost all parameters and have rated the sector as one of the fastest growing sectors in activities. Even though we are climbing the ladder, we all know that there is need for us to do much better as our potentials are huge.

Our efforts in the development of the market is an all-inclusive one from the creation of avenues to deepen insurance penetration to increasing access to insurance products via digital platforms and increasing visibility of insurance across the nooks and crannies of the country.

The Commission recently partnered with Financial Sector Deepening Africa, FSD Africa to launch the Bimalab Nigeria, a program aimed at accelerating the insurtech innovation.

Let me inform you that the Commission will soon be unveiling the Commission’s sandbox to give room for innovative expansion of insurance reach out. The web aggregators’ guideline is also aimed at opening access to insurance and also a means of creating a convenient market for insurance. Presentations are going to be made by subject matter experts on these issues and I believe more light will be thrown and you have the opportunity to ask questions so that you leave here more informed about the Commission’s objectives and priorities.

As you can see so far, the Commission is focusing on using technology to boost access to insurance as that seems the way to go under the prevailing circumstance. We are exploring ways to take insurance to where the other financial sectors are or even surpass that mark. Financial transactions are more of a one-stop shop for everything and is either we key in or we lose the business to more innovative outlets that will seize it from us.

Claims payment has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.

We had before now agreed to start ranking companies on the number of claims received and settled on annual basis and we intend to publish such ranking for the insurance consumers. It is always an issue that put the entire industry on the edge. The Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector.

I must commend you people for the wonderful job of promoting insurance in every opportunity you have. Indeed, information is key to the success of governance and business and thus you formed an integral part of the industry.

I thank you for this selfless service and believe that you will leave this retreat with better understanding of the Commission’s perspective on insurance development and increasing access to insurance services.

Wishing you a successful retreat and wonderful stay in Uyo.

 

  1. S. Thomas

Commissioner for Insurance

Stanbic IBTC Stockbroking Zero Account Opening Campaign Drives Market Participation

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Stanbic IBTC Stockbrokers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has introduced the Stanbic IBTC Stockbroking Zero Account Opening campaign to help drive local participation in the capital market.

The campaign, the company said, is targeted at removing the limitations to equity investment and providing investment opportunities that would attract the influx of new investors, especially the younger generation, into the Nigerian capital market thereby facilitating market growth.

Stanbic IBTC Stockbrokers removed the minimum account opening balance for investors to open a stock brokerage account, thereby allowing them to enjoy the capital appreciation and income potential of the market and help secure their financial future. It also reduced the brokerage fees previously charged when clients use the online platform, making it easy and affordable for everyone to invest.

Stanbic IBTC’s stockbroking zero programme is designed specifically to meet the needs of investors who have in the past been discouraged from participating in the market. Stanbic IBTC Stockbrokers reiterated that it is committed to driving market participation by bridging the gap in the capital market and giving room for potential investors who are willing to grow their wealth.

As a key player in the capital market, with a market share of over 11% of the value of shares traded on the Nigerian Exchange Limited, the stockbroking firm stated that it is committed to extending the reach of the capital market to accommodate more investors through efficient and effective execution that would attract both the young and the old generations thereby increasing the level of financial inclusion in the country.

As part of the campaign, the stock brokerage firm is also leveraging its digital tools to help simplify and make the trading processes seamless. It also offers investors market opportunities and market trend information to help in their investment decision-making.

Individuals can now open an account via its Stanbic IBTC mobile app or electronic trading (e-Trade) platform on its website without any initial deposit and start enjoying the benefits of the capital market.

The stockbroker is committed to driving the growth of the capital market and helping many Nigerians secure and preserve their wealth. Investors can make stock trading transactions via the Stanbic IBTC self-service options available on the stocks’ module on the Stanbic IBTC Mobile App and the e-Trade portal on the Stanbic IBTC Stockbrokers’ website.

PTAD: We Value Media Partnership to Serve Pensioners Better

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WELCOME ADDRESS BY THE EXECUTIVE SECRETARY OF PTAD, DR. CHIOMA EJIKEME, AT THE TRAINING WORKSHOP FOR PENSION CORRESPONDENTS, ON FEBRUARY 28, 2022 AT LAGOS, LAGOS STATE.

I wish to commence by expressing my appreciation, on behalf of the Management and staff of the Pension Transitional Arrangement Directorate (PTAD) for the robust support and collaboration we have had with the media over the years.

It could not have been possible without the positive reportage of you, our pension correspondents. It gives me great pleasure to welcome you all to this one-day training organised for the pension correspondents in Lagos to get you informed about the mandate, operations and vision of the Pension Transitional Arrangement Directorate (PTAD).

The importance of the media to the operations of PTAD cannot be over-emphasised, which is why we deem it necessary to organise this training. Over the years, PTAD has worked assiduously to change the narrative of pension administration in Nigeria, especially under the Defined Benefits Scheme (DBS), and we are proud to see that the hard work has yielded and has continued to yield positive results.

In the course of the presentations here, we believe you will be adequately informed about the Act establishing PTAD, what our mandate is, the different operational departments we have in the Directorate, as well as how we carry out our responsibilities.

It is very important, as reporters, to understand where we are coming from, where we are, where we are headed, and what exactly we do, so you can report accurately. Pension management in Nigeria is a very sensitive issue, and PTAD has been at the forefront since inception, ensuring that the welfare of pensioners under the Defined Benefit Scheme remains a priority.

As our partner in progress, we rely on the media, especially our reporters to work with us to ensure that this mandate is fulfilled. It is our intention to foster the already-robust relationship between PTAD and the media, correct all misrepresentations and inform them of next steps we intend to take as we work hard to ensure that the welfare of our pensioners is sustained.

Today is not a day for long speeches, but a day for us to learn, unlearn, re-learn and interact with one another for renewed collaboration.

Once again, I welcome you all and wish us a fruitful engagement.

TVS King Deluxe Plus iTouch 3Wheeler Unveiled in Enugu, Asaba

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L-R – Taiwo Akinpelu, Divisional Head of Marketing at Simba TVS; Chief Nwaruocha, a TVS distributor; Rana Sandeep, Regional Business Manager South-East at Simba TVS; King Udor, TVS distributor; Amit Seth, Sales Head South-East at Simba TVS and Bonny Philips, Regional Technical Services Manager at Simba TVS at the recent launch of the TVS King Deluxe +iTouch in Enugu.

Simba TVS, the leading tricycle (Keke) distributor in Nigeria, has unveiled the TVS King Deluxe Plus iTouch, the latest version of its innovative three-wheeler vehicles at two impressive launch ceremonies in Enugu and Asaba. These latest launches come on the heels of a very successful national launch held in Lagos in December last year and is in furtherance of the organisation’s efforts to enhance last-mile commute for Nigerians and boost earnings of keke operators.

Speaking at the ceremony in Enugu, Rana Sandeep, Regional Business Manager, South-East at Simba Group, revealed that “PLUS” means more convenience, more comfort, more earnings and more security, stressing that the TVS King Deluxe Plus iTouch will ensure operators maximize their earning with more than 10 additional features added to the keke such as the iTouch start for smooth silent staring of the keke, strengthened chassis, longer and more convenient driver seats, triple filter and so much more.

According to him, “The TVS Deluxe Plus iTouch comes with the patented Integrated Starter Generator (ISG) Technology, the very first time in the 3-wheeler segment. The ISG or iTouch has several benefits such as: the feather-touch start and stop which is noiseless and smooth, fewer parts to worry about with the removal of the starter motor which reduces cost of maintenance, next gen technology for fuel savings especially when starting and stopping multiple times in traffic.”

On how ISG improves battery life, he explained that unlike the conventional starter motor system, the ISG gives power directly to the magneto which then rotates the crankshaft making the start instantaneous and requiring much less battery power, which, according to him, results in about 30 percent increase in the battery life.

Also speaking at the event, the Divisional Head of Marketing for Simba TVS, Mr. Taiwo Akinpelu, in his welcome address, said Simba TVS has remained committed to bridging the gap of last mile transportation for passengers and goods in Nigeria adding that three-wheelers play a tremendous role in the mass transit scheme as they fill the last-mile gap, taking passengers and goods from major bus stops to their final residence.

Speaking during the unveil in Asaba, Taiwo noted that the comfort of the driver is of great concern whether he is driving or resting. The TVS King Deluxe Plus iTouch, he said, offers comfort to the rider’s back, relaxing both arms during each trip along with the thoughtfully designed split seat which is foldable to allow the rider to operates the emergency backup hand starter when required.

He revealed that the TVS King Deluxe Plus iTouch comes with thicker and stronger B & C Pillar tubes making the vehicle look and feel solid and sturdy. The B & C Pillars are now 60 per cent thicker, bend resistant, rugged, and supportive for passengers to get in and alight from the keke.

“As an organisation, we are committed to supporting Nigeria’s socio-economic growth aspirations. This latest effort underscores our resolve to continually contribute to the promotion and attainment of improved transportation system, trade, commerce and commercial activities in the country,” said Taiwo.

Another upgrade the TVS King Deluxe +iTouch offer is bigger side mirrors which improves the rear-view visibility for enhanced safety with aesthetically designed mirrors that can be adjusted in all directions.

Also present at the event, the Sales Head, Simba TVS, Mr Amit Seth, revealed that the TVS King Deluxe Plus iTouch is available at all partner Dealer shops nationwide including Enugu and Asaba. He reminded guests that Simba TVS offers full-service support for all their range of products including the TVS Deluxe plus iTouch along with a 12 months warranty on engine and shock absorbers.

He also confirmed that all of TVS vehicle have genuine spare parts which, he said, is available at all accredited service centres and dealer workshops.

 

NAICOM Boss, PenCom DG, Others for 6th BusinessToday Confab

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The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas and Director-General of National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, will be among dignitaries to attend the 6th BusinessToday annual Conference.

The annual event which is scheduled to hold at Radisson Blu Hotel, Isaac John, Ikeja, on Tuesday, 5th April, 2022, will also feature two former Presidents of the Nigerian Council of Registered Insurance Brokers (NCRIB), Chairman Prestige Insurance Brokers Limited, Dr. Prince Soyewo and Chairman Boff Insurance Brokers Limited, Mr. Babajide Agbeja.

While Chairman, NAICOM, Chief Emmanuel Jideofor Nwosu and Group Managing Director, African Alliance Insurance Plc, Mrs. Joyce Ojemudia, are Special Guests of Honour for the event.

A statement by the Editor-In-Chief/Chief Executive Officer, BusinessToday, Nkechi Naeche-Esezobor, said experts drawn from insurance and pension sectors would be on hand to speak on the theme: “Prioritizing Excellent Customer Services in Insurance and Pension Businesses.”

To make the event live up to expectations, the Chairman, Nigerian Insurers Association (NIA) and Group Managing Director of Cornerstone Insurance Plc, Ganiyu Musa, will chair the event while the Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe is expected to be the Keynote Speaker.

Similarly, President of Pension Fund Operators Association of Nigeria (PenOp), Wale Odutola; Managing Director/ CEO, Access Pension Fund Custodian Limited, Mrs. Idu Okwuosa- Okeahialami; former Director General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga; among others, have confirmed their attendance at the conference.

Other groups expected at the programme are National Union of Pensioners (NUP); NURTW Ikeja branch; Keke Drivers Association, Ikeja branch; Trade Union Congress; Nigerian Labour Congress; Drivers under the Indriver App; Students of insurance; Nigerian Port Authority; Association of Senior Staff of Banks Insurance and other Financial Institutions (ASSBIFI) etc.

The Annual Conference comes up annually to deliberate on and proffer solutions to issues that affect the insurance and pension markets in Nigeria.

 

PenCom: Contributory Pension Scheme Can Solve Challenges of Police Pension

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Aisha Dahir-Umar

Director-General

National Pension Commission (PenCom)

The National Pension Commission (PenCom) has said that the Contributory Pension Scheme (CPS) has provisions that can address the challenges being faced by personnel of the Nigeria Police Force (NPF) and other Federal Government agencies on the administration of their retirement benefits.

The Director-General of PenCom, Aisha Dahir-Umar, said this in Abuja during a public hearing on two pension-related Bills by the House Committee on Pension.

They are a Bill for an Act to exempt the Nigeria Police Force from the CPS and a Bill for an Act to further Amend the Pension Reform Act 2014 to, among other things, provide for a retiree to withdraw a lump sum of at least 75 percent from the Retirement Savings Account (RSA) and to criminalise undue delay in the payment of pension and for related matters.

“The solution to the pension challenges of the personnel of the Nigeria Police does not reside in their exemption from Contributory Pension Scheme and reversion to the Defined Benefits Scheme, which is clearly unsustainable,” Dahir-Umar told the Committee.

She said the absence of other social security benefits in Nigeria is partly responsible for the clamour by the retirees for exemption or to access substantial amounts as lump sum from their RSA balance.

The Director-General said the exemption of the NPF from the CPS would result in the dismantling of the institutions, systems and processes that Government had put in place in the last few years towards the implementation of the pension reform programme.

“Exemption of the personnel of the NPF would imply additional financial burden on the Federal Government by way of unsustainable pension obligations. For instance, as at September 2021, there were 304,963 Police personnel based on IPPIS data. An actuarial valuation revealed that the retirement benefits (pension and gratuity) liability of these personnel under the defunct Defined Benefits Scheme would amount to about N1.84 trillion,” she said.

On the other hand, she said that the liability under the CPS for the same NPF personnel is made up of N213.4 billion as accrued pension rights and monthly employer pension contributions of about N2.2 billion.

The Director General said to address the concerns of Police Personnel on pension, the employer can review upwards its current contribution rate of 10 percent.

In addition, she said the PRA 2014 further provides that notwithstanding the pension contributions made by employer and employee into the employee’s RSA, the employer may agree on the payment of additional benefits to the employee upon retirement.

“Accordingly, the Federal Government may wish to provide additional benefits in the form of gratuity to personnel of the NPF upon their retirement,” she said.

Meanwhile, regarding the 75 percent lumpsum payment, she said the amendment, if approved, would be contrary to the provision of Section173 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which guarantees the right to pensions for all public officers as the payment of “at least 75 percent of the balance of the RSA” as lumpsum at retirement.  She added that this will significantly deplete the pension savings such that the contributions will not be sufficient to provide meaningful pensions during retirement.

“That converts the pensions into a provident fund and leaves such a retiree with no periodic pensions, which is contrary to the requirement of Section 173 of the 1999 Constitution,” she said.

The Director General said the proposal is based on a misunderstanding of the concept of pension payment under the CPS.

Similarly, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PENOP), Oguche Agudah, said the exemption of the Nigeria Police Force from the CPS would take Nigeria back to the dark ages before the pension reforms.

“This was a time when retirees had to depend on a defined benefit system; where the federal government paid monthly pensions to retirees directly from its coffers,” he said.

Agudah aid at the time of the reform, it was estimated that the Federal Government had a pension liability of over N2 trillion.

“Past experiences have proven that this system puts a lot of burden on the federal government, making it unsustainable. The sustainability of moving the police back to the pay – as – you – go Defined benefit scheme under their proposal is near impossible, given the Federal government’s struggling finances at the moment.,” he said.

He recommended that from the rank of Assistant Inspector-General of Police (AIG) upwards, their pensions should be treated under the category of political appointees who retire with full benefits as stated in the PRA 2014 as their appointments are political in nature.

On the Bill to allow contributors take at least 75 percent of their RSA balance at retirement, the PENOP’s CEO said the people that have issues with the lump sum that they collect at the moment are those who have not been able to accumulate enough funds in their RSAs prior to retirement.

He said what the 75% essentially is looking to achieve is a gratuity type payment to retirees, adding that the PRA in its current form does not preclude the payment of gratuities by employers as many Departments and Agencies of the Government already pay gratuity to their staff on retirement.

“What we suggest is that employers should be encouraged to pay gratuities at retirement and/or increase their level of monthly contributions in order to boost the balances and subsequent pension payout of their staff,” he said.

Without Justice, No Future for Nigeria, says Rescue Nigeria Forum

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A “People’s Discussion” organised by the Initiative for Good and Informed Citizenship, better known as Rescue Nigeria, has given a verdict that the Nigerian state as currently constituted offers no hope for a better future for the people.

Panelists and participants at an online discussion forum, held on Sunday, under the topic “Nigeria: Break Up or Not,” agreed that Nigeria has the potential to be great as one nation, but not as it is currently constituted.

They were mostly of the opinion that changes were required to keep the constituent parts together. They added that justice, fairness, a new mindset among Nigerians, good leadership and a new constitution were necessary to the rebuilding process.

The panelists at the discussion included Dele Farotimi, lawyer and seasoned political activist; Dike Chukwumerije, performance poetry artist and award-winning author; and Morin Carew, leadership coach and charity consultants.

Others panelists at the discussion, moderated by Anike-Ade Funke Treasure, a renowned broadcaster and journalist, were Dr. Bukky Bello Jaiyesimi, an entrepreneur and multiple awards recipient; Bamijoko Okupe, a communications expert; and Kellas Agbasi, a pastor and advertising practitioner.

Farotimi reiterated his view that the current Nigerian constitution is a fraudulent document, which emanated from ‘military bandits’, and has constrained the will of the people rather than encapsulate it.

Said Farotimi: “If you are now changing the persons who sit in the different offices created pursuant to that fraudulent document, all that you would be doing is reinforcing the lie.”

According to him, “The foundation upon which the Nigerian state is currently found is a lie. That foundation in itself cannot sustain anything, that is why we are having the multiple problems we have across the length and breadth of Nigeria.

“So, if Nigeria must proceed into a better future, we must be truthful enough to tell ourselves that the system is simply not working. It is not about voting (in) angels. You can bring any angel, bring anyone. As long as the system is not dealt with, it collapses.”

The lawyer activist also said: “If you have created a system that demands that a man should swim through a sewer line before emerging at the other end, you have already assured that he is going to come out dirty.

“So, the process is already tainted in a manner that it is only the worst of us that would ever emerge. And when they emerge, the only thing they ever seek to do is to maintain the system. The system is designed to preserve itself. It is not designed to serve the Nigerian.

“That is why Nigerians are disconnected from the process. That is why they are demanding ‘I want to go’. You can’t fuse people together, if justice is not in the mix. If one part feels they are less than the next. And that they would not be treated the same as their next man.”

Making his own contribution, Dike Chukwumerije was emphatic that Nigeria should stay together.

He said: “The principles around which Nigeria would flourish have been laid out by our founding fathers. The Principle of Federalism embodied by Chief Obafemi Awolowo; the Principle of Inclusion, of carrying everybody along, embodied by Sardauna Ahmadu Bello; and the Principle of Minimum Common Standards, embodied by Dr. Nnamdi Azikiwe.

“So, the blueprint is there. We just need to execute. Nigeria is better together.”

Arguing that Nigeria is not the first nation in the world to be artificially created, Chukwumerije said “the historical circumstances of our birth and the systems and structures that we have, are not the reasons why we cannot become great.

“Our greatness lies in our potential. We are a country that has all the potentials for greatness. And as it is always the case in any country in the world, the missing link is always ‘leadership’.

“Leadership is not just political, but also social. It is also cultural. It is also on the economic sphere. In every sphere. What always makes the difference is leadership.

“And leadership is the ability to see the potential in what you have. It is not constantly looking at others and saying ‘Look at what they have’. Leadership is the ability to see the potential in what you have. And to conceive a vision that allows you to use your own strengths to get to that future.

“And this is not an activity that is restricted to only the politicians. In fact, the task of nation building is not primarily that of the politician. It is that of citizens. That of ordinary people like us.

“And I believe that one of the key things in Nigeria is that we are all constantly driving and looking in the rearview mirror. We are constantly trying to use today to correct the mistakes of yesterday.

For us to get to where we need to be, we need to leave the past alone and look forward. We need to look at our nation dispassionately, at its strengths and build strategies that harness those strengths. rather than all the time obsessing over our weaknesses, obsessing over our shortcomings. Because everybody has weaknesses and shortcomings.”

In her contribution, Morin Carew too said she doesn’t want Nigeria to break up, but that every Nigerian needs to resolve to change for the better.

Carew also noted that the thinking by individual Nigerians that when someone known to them gets into government, they can benefit has become an endemic problem, adding that “if everyone of us think that for me to make it in Nigeria is based not on my merit but on nepotism, we would never get there”.

She remarked that “Nigeria belongs to everyone of us, and it is high time we stop playing the ethnicity card, and begin to take personal responsibility for the things that are happening in Nigeria.”

On his part, Bamijoko Okupe reminded Nigerians that breakup of a nation is complicated.

“Break up is not as simple as taking a bottle and smashing it on the ground.

“Fortunately or unfortunately, we have been together for over 60 years. When people have lived together for that long, they would have become intricately woven together in many many directions. Fusion of tribes, fusion of interests, fusion of relationships, etc.

“Some of us have very very close friends that are not from our ethnic tribes, that we have done good business with. There are companies in Nigeria that are being run by people of different ethnicities, and they are doing so well. So, that tells me that there is a potential in us working together meaningfully.

“With the strength of the diversity that we have, if only we can have a positive mindset to be progress driven, to see that we can actually work together…”

Striking a similar note to Okupe, Dr. Bukky Jaiyesimi said either of the two options, to break up or not, has attendant costs. But added that if we decide not to break up, there should be a plan to restructure.

Pastor Kellas Agbasi noted that the agitations for break up are sympomatic of the directionlessness of the nation and the misbehaviour of the political class.

Nigerians who attended the online event, also referred to as the people’s parliament, were energized about the topic.

Some felt that secessionist leaders such as Nnamdi Kanu and Sunday Igboho have been unfairly treated by the government.

While a few felt it was too late to rebuild Nigeria, the majority believed Nigeria can work if structural changes were made.

Many left with comments that they needed to be more active citizens, politically and socially.

The Rescue Nigeria People’s Discussion will be a monthly event to bring ordinary Nigerians together to discuss matters that are of interest to the people.

Signed:

For: Initiative for Good and Informed Citizenship (Rescue Nigeria)

Biodun Durojaiye and Tunde Odediran

 

 

 

Africa, ME Personal Computing Market Reports 12% Growth in 4thQtr 2021

 

The Middle East and Africa (MEA) personal computing devices (PCD) market, which is made up of desktops, notebooks, workstations, and tablets, posted strong year-on-year growth of 11.5% in the final quarter of 2021, according to the latest industry analysis conducted by International Data Corporation (IDC).

The global technology research and consulting firm’s newly updated Worldwide Quarterly PCD Tracker shows that shipments across the region reached 6.8 million units in Q4 2021.
“This represents the highest quarterly volume of PCD shipments seen in the region for over five years,” says Fouad Charakla, IDC’s Senior Research Manager for client devices in the Middle East, Turkey, and Africa .

“PC shipments alone, excluding tablets, were at the highest volumes seen in more than seven years. Most of the market’s leading vendors were able to secure much higher levels of notebook shipments from manufacturers than previous quarters, primarily towards the second half of December. This was highly unexpected and led to a significantly better than expected performance of the market.
“PC demand remained strong, as shipments experienced outstanding year-on-year growth from both the commercial and consumer segments, while tablet shipments experienced a slowdown in both segments. Large education deals were delivered in Egypt, South Africa, Kuwait, Ghana, and the UAE, which helped contribute to the growth of overall commercial PCD demand in Q4 2021.”
In the PC segment, Lenovo climbed to first place once again. HP ranked second, while Dell remained in third position.

Middle East & Africa PC Market Vendor Shares – Q4 2020 vs. Q4 2021
Company
Q4 2020
Q4 2021
Lenovo
24.1%
25.0%
HP Inc.
21.9%
23.7%
Dell Technologies
15.4%
18.5%
Others
38.6%
32.8%


In the tablet space, Samsung maintained top position. Lenovo ranked second, while Apple came in third.

Middle East & Africa Tablet Market Vendor Shares – Q4 2020 vs. Q4 2021
Company
Q4 2020
Q4 2021
Samsung
30.7%
31.0%
Lenovo
17.4%
15.5%
Apple
10.0%
13.0%
Others
41.8%
40.5%

 

 

Good day Doc!

 

I wish to thank you immensely for past support in our effort to build Business Journal into a major

media brand in Nigeria.

 

Pls sir, our TARGET in 2022 is to transform the monthly Business Journal magazine (print) into a

weekly business/financial newspaper.

 

According sir, we have the pleasure to respectfully nominate you into the Board of Editorial Advisers

and also as a Columnist at your convenient time/when your time permits.

 

There is NO financial obligation on your part as a member of the Board of Editorial Advisers. The Board is essentially an advisory

body of eminent persons drawn from various sectors of the economy.

 

Sir, we look forward to your positive response.

 

Thanks and God bless.

 

Prince Cookey

Business Journal

08023088874

[email protected]

 

 

 

 

Guinea Insurance Unveils Motor Insurance Self-Service Portal

 

Ademola Abidogun

Managing Director

Guinea Insurance Plc

 

Guinea Insurance, a foremost risk management solution provider in Nigeria, recently launched a revolutionary self-service motor insurance e-portal that allows customers to purchase motor insurance products in less than two minutes.

The Managing Director, Guinea Insurance, Ademola Abidogun, said that the motor insurance portal was launched to provide the insuring public with unlimited access to make real-time purchases from anywhere and whenever they needed to.

Speaking recently during the launch in Lagos, Ademola said the portal would give customers the freedom to buy authentic and reliable motor insurance policies without any geographical barrier; insofar as the vehicle is within the Nigerian land borders.

Ademola said: “as it stands today, consumer behaviour is undeniably shifting and favouring effortlessness more than before, whether by simply engaging with a business quickly and conveniently or by easily accessing the most relevant information to meet their individual needs. Our customers nationwide would be able to choose and make informed decisions to purchase motor insurance products that best suit their insurance needs”.

Our digital transformation is driven with these key concepts in mind. By updating and improving upon the portal, we aim to provide policyholders with all the information and tools they need to self-serve at any time, creating a seamless experience and better meeting their needs, he said.

The Group Lead, ICT, Damilare Bakare opined that innovation was fundamental to any insurance company during this era of fast-growing technology. In his words: “the portal presents a platform for online real-time purchases by the insuring public, and it is integrated with Paystack Company – one of the best and leading payment gateways in Nigeria and Africa.

The insurance agent module on the portal helps to streamline new business submissions and provide them with access to policy information in a self-service manner”.

Therefore, upon the verification of payment for the policy with the use of credit or debit cards, a motor certificate would be generated, downloaded, and emailed to the customer instantly. The portal could be used by brokers and agents who are registered with Guinea Insurance PLC and visitors to the Guinea Insurance website, could get to the motor insurance portal via the “Buy Motor Insurance” button on the site, he further added.

On top of that, the company said it was determined to increase the portal usability and performance to further empower drivers and future-proof the brand in its strategic plan of providing exclusive access to a personalised online portal.

Customers would be able to revel in the good fortunes of low premium rates, convenient and time-saving process, great customer experiences, instant receipt of motor certificates, payment integration that assures security and ease of payment, integration to NIID portal for verification of genuine motor insurance, and free tracking on comprehensive motor insurance depending on the value of the car.

Africa, ME Personal Computing Market Reports 12% Growth in 4thQtr 2021

0

 

 

The Middle East and Africa (MEA) personal computing devices (PCD) market, which is made up of desktops, notebooks, workstations, and tablets, posted strong year-on-year growth of 11.5% in the final quarter of 2021, according to the latest industry analysis conducted by International Data Corporation (IDC).

The global technology research and consulting firm’s newly updated Worldwide Quarterly PCD Tracker shows that shipments across the region reached 6.8 million units in Q4 2021.
“This represents the highest quarterly volume of PCD shipments seen in the region for over five years,” says Fouad Charakla, IDC’s Senior Research Manager for client devices in the Middle East, Turkey, and Africa .

“PC shipments alone, excluding tablets, were at the highest volumes seen in more than seven years. Most of the market’s leading vendors were able to secure much higher levels of notebook shipments from manufacturers than previous quarters, primarily towards the second half of December. This was highly unexpected and led to a significantly better than expected performance of the market.
“PC demand remained strong, as shipments experienced outstanding year-on-year growth from both the commercial and consumer segments, while tablet shipments experienced a slowdown in both segments. Large education deals were delivered in Egypt, South Africa, Kuwait, Ghana, and the UAE, which helped contribute to the growth of overall commercial PCD demand in Q4 2021.”
In the PC segment, Lenovo climbed to first place once again. HP ranked second, while Dell remained in third position.

Middle East & Africa PC Market Vendor Shares – Q4 2020 vs. Q4 2021
Company Q4 2020 Q4 2021
Lenovo 24.1% 25.0%
HP Inc. 21.9% 23.7%
Dell Technologies 15.4% 18.5%
Others 38.6% 32.8%

In the tablet space, Samsung maintained top position. Lenovo ranked second, while Apple came in third.

Middle East & Africa Tablet Market Vendor Shares – Q4 2020 vs. Q4 2021
Company Q4 2020 Q4 2021
Samsung 30.7% 31.0%
Lenovo 17.4% 15.5%
Apple 10.0% 13.0%
Others 41.8% 40.5%

 

Stanbic IBTC to Connect with Youths at Africa NXT

0

As part of its commitment to youth development, Stanbic IBTC Holdings Plc, a member of Standard Bank, has concluded plans to sponsor Africa NXT, formerly known as Social Media Week.

In recent years, experts and youths in the business, creative and tech spaces across Africa and the diaspora had convened to hold discussions on various topics related to youth development at the week-long annual event.

This year, the event is slated to take place from 27 February to 04 March 2022. The 2022 edition of the event is themed “The Next 10 Years: Reimagining Our Collective Commitment to Africa’s Prosperity”, with a particular focus on collaboration to achieve progress in tech and business for Africa’s prosperity.

As an institution leaning towards the use of technological innovation in the financial space and an official sponsor of the Africa NXT event, Stanbic IBTC will hold a panel discussion and masterclass session to speak to topics on digital insurance, investments, and business finance.

The financial institution will introduce its newly launched Artificial Intelligence robotics, Stanbic IBTC Pepper, a fully programmed robotic companion that engenders quality human interaction in banking experiences for clients and customers during the event.

Speaking about the event, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said the event would serve as an opportunity to connect with the youth.

He said: “Stanbic IBTC is passionate about youth development and innovation. Africa NXT is a platform that connects us all, gives us the opportunity to converse and let them know that Stanbic IBTC is always ready to help push their dreams.”

Wole said the robot, Pepper, will be on ground for people to have a first-hand experience of it and have a glimpse of how technology powers Stanbic IBTC’s operations.

“Technology is beautiful. It simplifies complex processes. Pepper is a robot, but it is well equipped to carry out basic transactions. She is a demonstration of Stanbic IBTC’s relentless search for ways to serve our clients and customers through technology.”

Stanbic IBTC remains committed to finding ways to connect with the youth for empowerment as well as providing Nigerians with financial solutions powered by innovative technology.

Flutterwave Re-brands, Looks Beyond Payments

0

Flutterwave, the leading technology company, has unveiled a significant re-brand and identity at Flutterwave 3.0, a virtual event held last Friday.

Following the announcement of a $250 million Series D funding recently, Flutterwave is now rolling out its new and reimagined identity, to affirm its commitment to creating endless possibilities for all, through technology, as well as introducing new products and services that take the technology leader beyond payments.

During the Flutterwave 3.0 event, streamed across Youtube, the brand launched a series of products, including;

A Fintech as a Service (FaaS) solution which helps startups of all sizes quickly become Fintech companies using Flutterwave’s pre-built API and solutions.

Capital, a technology platform for businesses & consumers to access Buy Now Pay Later (BNPL) & Merchant lending from regulated and certified credit providers.

Grow, a B2B product that helps entrepreneurs easily incorporate their businesses globally.

Checkout, a new checkout experience that is 5x faster, reducing drop-off by 60%.

Card issuing, technology platform to enable businesses to issue both Mastercard virtual and physical debit/prepaid cards to their customers in partnership with Mastercard. These solutions remain subject to regulatory approval.

Additional improvements to existing products include; a new powerful dashboard, Barter v4, and an AI-powered compliance process. The Flutterwave visual rebrand comes with 6 new primary colours which depict creativity, motivation, passion, ease, robustness and eagerness.

Flutterwave launched in 2016, initially building innovative financial infrastructure to enable payments for banks and institutions, before expanding into checkouts and gateways for businesses of all sizes. Having invested in and built out a suite of products and services targeted at both consumers and businesses, Flutterwave has gone on to serve over 900,000 merchants, process over 200 million transactions worth over $16 billion to date, across 34 countries in Africa, which has led to the company becoming one of Africa’s earliest unicorns in March 2021.

Friday’s event saw Flutterwave affirm its commitment to explore more areas of growth for businesses, startups and individuals. The move comes after a significant diversification of products in 2021, whereby the company announced the acquisition of Disha, a creator platform where creatives can receive money from across the world for their craft. In the same year, Flutterwave went on to introduce Market, an extension of its e-commerce solution, Store to improve visibility and by extension, revenue for small businesses. Alongside global Afrobeats superstar Wizkid, in December Flutterwave launched a remittance solution, Send, to help anyone in the world send and receive money.

“We’re growing and for us, payments have become a means to an end.” Founder and CEO, Olugbenga GB Agboola, said, “Every part of our lives includes some form of transaction. Beyond powering those transactions, we want to also create those transactions. We want to help event organizers seamlessly register and sell out their events, we want to help artists receive money for their craft, we want to help entrepreneurs incorporate their businesses, we want to help startups build financial technology products easily and we want to create endless possibilities for all through technology. Our new identity is a system that recognises how far we’ve come in our mission. It gives us space to include all of our dreams and aspirations for businesses and customers. It gives us the freedom to do and be more. We’re excited for this new chapter in our growth.”

Head of Branding and Storytelling, Yewande Akomolafe-Kalu said, “We always wanted to simplify payments for endless possibilities for our customers. Over time, we’ve come to see that the story of our impact goes well beyond payments. We understand how important it is to embrace the full story of our journey and make it a part of our identity. We’re excited to create endless possibilities through technology.”

VP of Design, Flutterwave, Ted Oladele said, “During our first ever rebrand meeting, we asked ourselves; how much does our brand communicate who we are? We discovered we were confining ourselves to a single story of our brand when we were much bigger than that. This new brand is freedom. It enables us to create solutions that help people, whether payments or not. It recognises our growth and actively asks us to do more.”

This rebrand showcases Flutterwave as a technology company enabling growth and creating endless possibilities for all.

 

Bolt, Fixit45 Collaborate to Improve Access to Autocare Services

0

L-R: Femi Akin-Laguda, Country Manager, Bolt and Justus Obaoye, Co-Founder & Chief Executive Officer, Fixit45 at the partnership agreement signing ceremony in Lagos.

Leading ride-hailing platform, Bolt, and pan-african autotech platform, Fixit45 announces partnership to enable ride-hailing drivers’ access autocare, vehicle repair and maintenance services in a bid to reduce mobility disruption and drive income optimization.

Fixit45, has partnered with leading ride-hailing platform, Bolt to provide its community of drivers with access to subscription-based plans that minimise potential mobility disruption and improves their chances of income optimisation.

This is in light of the pivotal role played by the mobility industry in the general, and ride-hailing segment in accelerating economic growth as well as driving shared prosperity, coupled with the need to sustain these mobility efforts, auto tech platform.

This partnership is premised on Bolt’s dedication to redefining urban mobility by helping people move seamlessly and empowering partners to improve their earnings and Fixit45’s avowed commitment to building a seamless autocare & auto-repair, maintenance services, fleet management and so much more.

This subscription-based service plan for drivers on the Bolt platform guarantees unfettered access to quality auto services that include autocare, vehicle repair and maintenance from Fixit45’s service network across the Country. Other benefits include access to repair financing, discounts on spare parts, unlimited diagnosis, periodic car wash and tire services.

CEO and Co-Founder, Fixit45, Justus Obaoye noted that given the enabling power of mobility as a critical success factor in stimulating advancement and development for both urban and rural economies, it is imperative that concerted efforts are made towards mitigating disruptions in that space.

“As a platform that enhances mobility experiences, Fixit45 has collaboration in its DNA. As such, we are excited to partner with a market leader in the ride-hailing space in oiling the wheels of progress. This service plan ensures that drivers’ inactivity often occasioned by vehicle operational downtime is minimized while increased earnings, improved vehicle reliability, and quick service turnaround time are some of the perks that come with this partnership. This partnership with Bolt is poised to keep the lights of the Nigerian economy on,” Obaoye said.

Speaking on the partnership, Femi Akin-Laguda, Country Manager at Bolt, said, “At Bolt, our promise of improving the experience of our drivers has been central to our continued success in Nigeria. Our commitment is reflected in our constant effort to build new avenues that help make our drivers and fleet partners more profitable. This partnership will improve the access of our partners to cost-effective autocare, repair financing and so much more.”

He concluded by saying “We do not select our partners or partnerships frivolously; Working with Fixit45 on this project will help our drivers keep their cars in great conditions and save them a lot of time and money in maintaining their vehicles leading to better experiences for all our customers, be they drivers or passengers.”

“With technology increasingly contributing to the development of mobility, strategic engagements like this will help make life easier and put both firms at the forefront of driving change. We are driven by our overarching purpose which is to facilitate the exchange of goods and services, thereby enabling value creation for all participants and this partnership bolsters our mandate. It is heart-warming to note that we are helping stakeholders see that we are not here to compete but here to facilitate and enable the fix that makes every car owner happy,” Abdulazeez Ogunjobi, co-founder/CTO, Fixit45.

Since it entered the Nigerian market, Bolt has been focused on developing products that offer better and more affordable alternatives in the mobility segment whilst making giant contributions to Nigeria’s socio-economic growth. Fixit45 has been building the infrastructure for a robust automotive aftermarket industry.

 

 

Guinea Insurance Unveils Motor Insurance Self-Service Portal

0

 

 

Ademola Abidogun

Managing Director/CEO

Guinea Insurance Plc

Guinea Insurance, a foremost risk management solution provider in Nigeria, recently launched a revolutionary self-service motor insurance e-portal that allows customers to purchase motor insurance products in less than two minutes.

The Managing Director, Guinea Insurance, Ademola Abidogun, said that the motor insurance portal was launched to provide the insuring public with unlimited access to make real-time purchases from anywhere and whenever they needed to.

Speaking recently during the launch in Lagos, Ademola said the portal would give customers the freedom to buy authentic and reliable motor insurance policies without any geographical barrier; insofar as the vehicle is within the Nigerian land borders.

Ademola said: “as it stands today, consumer behaviour is undeniably shifting and favouring effortlessness more than before, whether by simply engaging with a business quickly and conveniently or by easily accessing the most relevant information to meet their individual needs. Our customers nationwide would be able to choose and make informed decisions to purchase motor insurance products that best suit their insurance needs”.

Our digital transformation is driven with these key concepts in mind. By updating and improving upon the portal, we aim to provide policyholders with all the information and tools they need to self-serve at any time, creating a seamless experience and better meeting their needs, he said.

The Group Lead, ICT, Damilare Bakare opined that innovation was fundamental to any insurance company during this era of fast-growing technology. In his words: “the portal presents a platform for online real-time purchases by the insuring public, and it is integrated with Paystack Company – one of the best and leading payment gateways in Nigeria and Africa.

The insurance agent module on the portal helps to streamline new business submissions and provide them with access to policy information in a self-service manner”.

Therefore, upon the verification of payment for the policy with the use of credit or debit cards, a motor certificate would be generated, downloaded, and emailed to the customer instantly. The portal could be used by brokers and agents who are registered with Guinea Insurance PLC and visitors to the Guinea Insurance website, could get to the motor insurance portal via the “Buy Motor Insurance” button on the site, he further added.

On top of that, the company said it was determined to increase the portal usability and performance to further empower drivers and future-proof the brand in its strategic plan of providing exclusive access to a personalised online portal.

Customers would be able to revel in the good fortunes of low premium rates, convenient and time-saving process, great customer experiences, instant receipt of motor certificates, payment integration that assures security and ease of payment, integration to NIID portal for verification of genuine motor insurance, and free tracking on comprehensive motor insurance depending on the value of the car.

Allianz Report: Nigeria to Register 2.3% Economic Growth in 2022

0

After being the slowest growing region in 2021, Africa will register mild growth in 2022 (+3.5%) as vaccination rates will remain very low (32% in the overall continent but only 4% in Sub-Saharan Africa) according to the Allianz Economic Outlook report: Don’t Look Up.

GDP growth expectations in countries are as follows: Senegal (6.1%), Kenya (5.6%), Ivory Coast (5.5%), Ghana (5.4%), Egypt (4.6%), Mozambique (4.6%), Namibia (3.7%), Morocco (3.3%), Tunisia (3.2%), Gabon (3.2%), Algeria (2.4%), Nigeria (2.3%), Angola (2.2%) and South Africa (2.0%).

In 2022, oil exporters such as Angola and Algeria will continue to benefit from the commodity upcycle tailwind. On the other hand, amid rapidly rising inflation to double digits in most countries, monetary policy rates are expected to increase in Kenya, Nigeria, Ghana, South Africa and Egypt. In an environment of continued sanitary uncertainty, this monetary tightening is expected to put a brake on growth.

In addition to rising energy prices, food inflation has soared to hardly bearable levels in Angola, Ethiopia, Nigeria and Ghana. The food security situation is likely to deteriorate in 2022 in southern and eastern Ethiopia, Kenya and Somalia as a result of adverse climate events. The deteriorating security situation in Ethiopia entails significant risk of spillovers to the region, including migration flows to the Kenyan border. Tunisia, Ghana, Mozambique, Kenya and South Africa are hot spots regarding debt sustainability. Tunisia, Morocco, Egypt and Burkina Faso will see current account deficits only improve slightly in 2022 after deteriorating in 2021.

Global growth should remain robust but uneven, with rising divergence between advanced and emerging market economies. Our 2022 GDP forecast remains broadly unchanged, with the Eurozone and the US expected to grow by +4.1% and +3.9%, respectively, while growth in China slows to +5.2% due to ongoing disruptions in the real estate sector and the government’s focus on financial stability.

China’s lowest contribution to global GDP growth since 2015 is likely to have negative spillover effects on emerging markets whose recovery will be shallower compared to past crises.

Global trade is expanding once again above the long-term average but will be disrupted by labor and supply chain bottlenecks, amplified by omicron. We expect global trade in volume to grow by +5.4% in 2022 and +4.0% in 2023.

Allianz has been operating in Africa since 1912 in the following countries EgyptSouth Africa through Allianz Global Corporate & SpecialtyNigeriaGhana, KenyaIvory CoastMadagascarMoroccoSenegal, Cameroon and Congo.