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Stanbic IBTC: Nigeria PMI Reveals Improving Business conditions, Stronger Client Demand

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February data signalled another modest expansion in the Nigerian private sector, underpinned by solid growth in new orders and output. Companies continued to expand their purchasing activity and resumed hiring efforts during the month. Signs of spare capacity were again evident, with a fresh record reduction in backlogs registered.

Meanwhile, unfavourable exchange rate movements, higher material costs and a rise in wages added to strong inflationary pressures with overall input prices increasing at a record pace.

The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI registered at 52.0 in February, up from 50.7 in January, indicative of a stronger improvement in overall business conditions. New order inflows rose sharply, with the pace of growth accelerating during the month.

The improving demand environment supported growth in output which was solid and extended the period of expansion to three months. Despite the continuation of coronavirus disease 2019 (COVID-19) restrictions in foreign markets, exports rose during the month, with foreign demand for Nigerian goods and services showing signs of improvement.

To support higher output volumes, companies added to their purchasing activity for the eighth month in succession. Consequently, firms raised their inventory holdings in anticipation of greater output in the months ahead. Vendor performance also improved, although the degree at which lead times shortened eased to the softest in nine months.

Elsewhere, further signs of spare capacity were signalled, with backlogs falling at the most marked rate in the series. Nonetheless, firms added to their workforces, with employment rising marginally. The rate of overall input price inflation quickened to the strongest in the series, largely reflecting higher purchase costs. According to panellists, higher material costs and unfavourable exchange rate movements contributed to a sharp uptick.

However, the stronger demand environment allowed firms to pass on higher prices, with charges rising substantially. Looking ahead, sentiment regarding output over the next 12 months reached a ten-month high as business expansion plans fuelled positive expectations. That said, the degree of optimism remained below the long-run series average suggesting pandemic uncertainty weighed slightly on hopes for the future.

 

Stanbic IBTC: Celebrating Impressive Gender Equity Scorecard

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Recently, Stanbic IBTC Holdings PLC announced the promotions of several of its women to top executive roles across the Stanbic IBTC Group.

These included the promotions of Wunmi Ehis-Uzenabor as Executive Director, Operations, Stanbic IBTC Asset Management; Busola Jejelowo as Executive Director, Investments, Stanbic IBTC Asset Management; Emi Agaba-Oloja, Executive Director, Stanbic IBTC Trustees; and Sakeenat Bakare, Executive Director, Business Development, Stanbic IBTC Insurance.

These promotions which were in line with Stanbic IBTC’s corporate governance structure and succession policy further showcased the financial institution’s posture as an equal opportunity organisation. Both male and female employees are privileged to rise as far as their skills, talents, and dedication  can permit them”.

Stanbic IBTC has always been forward-looking in terms of its recruitment and succession policies having held the belief that females are as talented as their male counterparts and can contribute immensely to businesses and the society’s growth if given equal opportunity. The belief was underscored at the commencement of operations by Stanbic IBTC many decades ago.

Over 30 years ago, when Atedo Peterside conceived the idea to establish an investment bank, one that would be matched as the best in the industry, and transform the investment and corporate banking landscape in years to come, he realised the importance of engaging the best hands and minds.

He set to work to achieve that and opted for a gender-balanced workforce as he employed as many females as males in senior management roles.

Sola David-Borha was appointed Head, Credit and Marketing Department; Oluwande Muoyo was appointed head of the Treasury and Financial Services Department; and Angela Omo-Dare became the Company Secretary and Head, Legal Services of legacy IBTC.

These appointments were against the grain. At that time, the financial services industry, particularly the investment and corporate banking sector was male-dominated, with C-suite and D-level executives being mostly men.

Atedo was however determined to redefine the industry, and he knew that only the best would help him achieve his objectives, irrespective of gender. Thus, he built a reliable team consisting of both male and female players. The tradition was established at the commencement of the business to give both genders equal opportunity in recruitment, on-the-job training, human capital development, promotions, and remuneration.

His foresight was handsomely rewarded. In five short years, legacy IBTC had become the leading investment and corporate banking company in the country and successfully displaced industry giants in merchant banking of that era.

More than 30 years later, and having gone through a series of transformations, including mergers and becoming a holding company, Stanbic IBTC still maintained that equal opportunity legacy.

Employees of the organisation are exposed to quality and regular training to update their knowledge and skills, starting from its graduate training academy. New intakes are exposed to the institution’s work ethics, core values and executive training programmes here in Nigeria and overseas.

Sola David-Borha rose through the ranks to become the Chief Executive of the Bank and later of the Holding Company before moving on to a higher role with the mother brand, Standard Bank Group. Yewande Sadiku rose to become Chief Executive of Stanbic IBTC Capital, the Group’s investment banking arm and later Executive Director, overseeing Corporate and Investment Banking at Stanbic IBTC Bank PLC before she took up a government appointment.

Bunmi Dayo-Olagunju was also Chief Executive of Stanbic IBTC Asset Management before becoming the Executive Director, Operations of the Bank.

Other top females in the Group included the Chief Executive of Stanbic IBTC Stockbrokers, Titi Ogungbesan; an Executive Director with the pension subsidiary, Nike Bajomo;  Oyinda Akinyemi and Olusola Carrena as Executive Directors in Stanbic IBTC Capital, among others. Today, the Stanbic IBTC workforce is highly symbolic, with 57% men and 43% women.

This legacy has continued to help the business attract and retain the very best. The benefits have been immense in terms of growth as staff show a rare dedication to duty and a hunger to help transform the Stanbic IBTC brand into the leading end-to-end financial services institution in the country.

The commitment has consistently been reflected in the Group’s market share across the gamut of the financial services industry and the institutions’ bottom line.

Over 30 years later, Stanbic IBTC had remained at the forefront of gender equality and inclusion, as shown by its employment and succession legacy.

But more importantly, it continued to demonstrate its belief in a gender-balanced representation in all areas of society through women-focused initiatives. In 2020, for instance, it temporarily changed its logo colour from blue to magenta to celebrate the UN Women HeForShe brand.

Stanbic IBTC has created an environment where women feel appreciated and are rewarded accordingly. “For us, achieving gender inclusiveness is not only a fundamental human right but also a business imperative,” said Sogunle.

Stakeholders Endorse Ecobank Stewardship Pack, School Bundle

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Stakeholders in faith-based organisations and education sector have endorsed the two new products recently introduced into the financial market by Ecobank Nigeria, saying they can provide solutions to their needs.

The products Ecobank Stewardship Pack and the Ecobank School Bundle are targeted at religious and educational institutions at all levels respectively.  The Ecobank School bundle is designed to help educational institutions manage their banking needs more effectively so they can concentrate on providing world-class education.

It comprised a bouquet of digital offerings that includes Omniplus/Omnilite, Collegepay, Ecobankpay, Web collections Paydirect, Point of Sale Terminals (POS), NIBBS platforms, EBILLS PAY, Asset Finance and Ecobank School Loan.

The Ecobank Stewardship Account on the other hand is designed to help religious organisations run their daily operations smoothly and earn interest at the same time. Also referred to as The Good Steward Pack, its features include: zero monthly maintenance charge and interest rate payable on average monthly balance amongst others.

Speaking at the virtual launch, Prof. Humphrey Adebayo, Vice Chancellor, Covenant University, Ota, commended Ecobank Nigeria for taking the initiative to create the innovative products, stressing that they would add value to the operations of the various target groups.

He lauded Ecobank for rising to the challenges of covid 19 pandemic by providing services to the banking public through its various digital offerings, stating that the new products would further free time for them to focus on core roles.

According to him, “The pandemic has disrupted human activities, and changed the perspective of the world thereby increasing the need for more digital and innovative solutions to the problems it created, which will further facilitate the ease of doing of business. Education and religious institutions were highly affected by the lock down, creating a gap in the system. Digital solutions become extremely important for online learning and services with digital financial solutions being helpful with collection. This has helped in freeing these institutions to focus on their core activities. The digital platform provided by Ecobank is efficient and guarantees a high level of security and allow for real time banking services and with minimal downtime. The new Ecobank products will undoubtedly add value to these institutions.”

Alhaji Mohammed Balarabe, a seasoned Banker and chief launcher at the event said the target group would find them useful as they embark on their conventional activities. According to him, “The new normal presents a lot of challenges in almost all aspects of our life in particular, the faith-based organizations and educational institutions because of their conventional way of carrying out activities. In a bid to address these challenges, Ecobank introduced these targeted products that will help tackle them. I believe more will come our way from the Ecobank platform.”

At the launch which doubled as Ecobank Public Sector Stakeholder Engagement Webinar titled “Digital enablement of education and faith: Winning tools for new normal lifestyle”, the  products also received endorsement from Mrs. Olabimpe Aderiye, Hon. Commissioner of Education, Ekiti State, Chief ‘Yomi Otubela, National President, National Association of Proprietors of Private Schools (NAPPS) and host of others.

Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria while welcoming guests at the virtual launch was optimistic that the products can effectively assist educational institutions and faith-based organizations through tailor made digital offerings against the backdrop of the new normal lifestyle occasioned by the covid 19 pandemic.

She added that “At Ecobank, we are using digital technology to assist businesses for payments and collections, financially include many millions into formal financial systems, and therefore improve lives across Africa. We are indeed making banking easier, more accessible and more affordable across the continent than ever before.”

Moji Oguntoyinbo, Segment Head, Public Sector and Agribusiness, Ecobank Nigeria, said “Ecobank products are designed to bridge the gap and meet funding and other financial needs quickly and efficiently. Education and religion are interwoven right from the onset. Religion institutions have been huge investors in Education. These products are designed to provide secured savings and collection channels especially in the post covid 19 era where digitization is highly helpful to limit the spread of the virus.”

 

 

Protein Nutrition: Roadmap to a Healthy Future

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By Reginald Onabu

The journey of life runs from childbirth to senescence. One activity that remains constant throughout this journey is daily nutrition. The foods we consume daily constitute our daily diets, which is connected to our health and wellbeing.

We must certainly eat and nourish ourselves regularly for our nutrition, growth and development. Nutrition involves more than simply eating a “good” diet; it is about nourishment on every level. This includes eating balanced, quality food, drinking clean water and eating natural fruits with nutritious value.

An aspect of nutrition that has been neglected, especially in Nigeria, is protein nutrition. Protein nutrition is the formation of a diet that has a larger protein percentage per calorie than carbohydrates, lipids, and fat.

Calories are micro-units of energy that constitute the basic nutrients in all food sources. However, modern Nigerian diets usually emphasize carbohydrates and fats as the main course, while relegating proteins to the background.

The Nigeria Protein Deficiency report shows that proteins are rarely included in regular diets across all states. Highlights of the report indicate that carbohydrates are the most consumed food amongst Nigerians. Rice topped the list with 91 per cent, closely followed by ‘swallows’ (such as eba, pounded yam, etc.) at 83 per cent.

This shows the predominance of carbohydrates over protein rich-foods, which cuts across all regions in the nation.

Further analysis revealed that other carbohydrates like bread and pasta are consumed in large quantities, making up over 80 per cent of the daily diets, especially amongst the lower socio-economic classes.

This is a far cry from the Recommended Dietary Allowance (RDA) set by the World Health Organisation (WHO) and the Food and Agriculture Organisation (FAO).

The Recommended Dietary Allowance (RDA) for protein is 0.8 grams of protein per kilogram of body weight. The RDA is the amount of a food nutrient needed to meet the basic nutritional requirements. In a sense, it is the minimum amount the body needs to keep from getting ill — not the specific amount that is supposed to be eaten every day.

The implication of this dietary habit of consuming high carbohydrate, high-calorie foods is protein deficiency. This deficiency is a lack of essential protein nutrients in the daily diet and it is the consequence of primary malnutrition that occurs when there is no protein in our staple food.

Protein deficiency is strongly associated with ill health, as both a cause and consequence. People who are protein deficient are more susceptible to diseases and infections due to a weakened immune system and tend to take longer to recover from incidents of illness.

Protein deficiency invariably leads to a plethora of illnesses, including marasmus, psoriasis, edema, stunting and kwashiorkor. Kwashiorkor is a condition whereby an individual’s bio ketogenic cells are being burnt out in the body to sustain the internal metabolism of the human system.

The resulting symptoms include severe weight loss, swollen abdomen, and hair loss.

No state in Nigeria is free of protein deficiency and many fami­lies in rural and urban communities struggle with all of these forms of protein-energy deficiencies at the same time.

Nigeria can resolve these issues and build a stable, healthy future. The question is, how? The solution is protein nutrition.

Protein nutrition must be given priority. The regular nutrition pattern must gradually change and all dietary intakes should have some form of protein food source. This will go a long way to reduce the levels of protein deficiency in the nation.

The government could enact a protein-centred food policy that would involve adding proteins to staple foods during processing to enhance their nutritional quality.

The government could also develop protein-centred plans, decisions and strategies in food cultivation, production, processing, packaging and consumption; ensuring that proteins are utilized to augment food sources.

An effective approach will be to create public awareness of the benefits of a protein-centred nutrition. People should be encouraged to eat soybeans, legumes, groundnuts, eggs, quinoa daily. The Nigeria Protein Awareness Campaign or Protein Challenge is one of the players operating in this space. Protein Challenge is a protein pull media campaign that seeks to create awareness about the prevalence, status and impact of protein deficiency in Nigeria.

Proteins should be the main course. The narrative should be “more protein, more life”, as every cell in the human body contains protein. We all need protein in our diets to help our bodies repair cells and make new ones. Proteins are also important for growth and development in children, teens, and pregnant women.

Once people begin to grasp the tremendous benefits proteins offer, nutritious habits nationwide will change.

Life, they say, is a process, and a child that is born today cannot become an adult overnight; so is healthy nutrition. It is a gradual process.

Protein nutrition will pave the way for a healthy future.

Don Charges SMEs to Explore Soybeans Packaging Options

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Small and medium enterprises (SMEs) in the country have been urged to produce soybeans in portable packs to ensure that the protein-rich food source is readily available and within the reach of all Nigerians.

Professor Ibiyemi Olayiwola, Professor of Human Nutrition, Department of Nutrition and Dietetics, Bowen University, Iwo, Osun State, who made this call at the Protein Challenge Webinar, noted that in the quest to combat protein deficiency, it is important to improve access to affordable protein-rich food sources such as soyabeans.

She explained that the widespread availability of packaged soya products will lead to an increase in adoption and usage across the country. This also means more derivatives of soy will be produced, packaged and available for distribution.

The professor of Nutrition called on Nigerians to be soy-centred and noted that soy flour should be in every kitchen for use as sauce, thickener and additive. It can be consumed as soy sauce, soy milk, tofu, soy meal, soy flour and soybean oil daily.

According to Professor Olayiwola, “The biological value of soyabean cannot be overlooked; rather it should be integrated into most of our meals. Protein is the reason that soyabeans have historically been called ‘meat of the field’ or ‘meat without bones’. It has 86 per cent net protein utilisation.”

She revealed that nutrition experts agreed on RDA (recommended dietary allowance) of at least 0.8g/kg body weight/day that safely and adequately meets the protein needs of most healthy persons. Proteins, she added, are needed at different stages of life for growth, to boost the immune system and for energy.

She equally joined calls by fellow nutrition experts for the addition of soyabeans to wheat flour in the production of staples such as bread, pasta and noodles, as a way to tackle malnutrition in the country.

The Nigeria Protein Deficiency Report 2019 revealed that carbohydrates are the most consumed food among Nigerians, leaving many deficient in protein. Rice tops the list of foods consumed among Nigerians, with 91 per cent, and closely followed by “swallows” such as eba, pounded yam, fufu, and amala at 83 per cent.

The survey, geared towards determining Nigeria’s protein deficiency status, also shows that the most important determining factors for the choice of meal consumed in the country are “availability, at 79 per cent, and affordability, at 68 per cent.”

High cost was also identified as a major disincentive for the consumption of most protein food sources. The report indicated that 51 per cent of respondents do not have adequate protein-rich foods due largely to the relatively high cost. Soybeans are a relatively cheaper source of complete protein.

 

BCG Prescribes Post-COVID Recovery Roadmap for Nigeria 

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The Boston Consulting Group (BCG), a global management consultancy firm, has proposed the promotion of financial inclusion, equitable distribution of resources, infrastructural development and formulation of requisite fiscal policies as initiatives that will drive Nigeria’s post-Covid economic recovery.

The measures were highlighted in a recent BCG report titled “How to Forge an Inclusive Post-Covid Recovery in Nigeria” authored by Tolu Oyekan, a Partner at the firm’s Lagos office.

The report stated that the initiatives, which form part of Nigeria’s sustainability plan, are critical in staving off the Covid-19 induced economic contraction which could further compound the poverty situation in the country.

According to 2021 World Bank projections, Sub-Saharan Africa will experience a severe economic slump. It is predicted that the negative impact on Nigeria, being the continent’s largest economy and most populous country, will be grave, especially amongst the poor.

A steep drop in per capita income could lead to an increase in the number of vulnerable Nigerians. An estimated 83 million Nigerians – about 40 percent of the population – already live below the poverty lines in the country.

Oyekan however posits that a financial inclusion drive through infrastructural intervention projects will reduce Nigeria’s poverty population and also have a positive multiplier effect on the Nigerian economy. He listed the electrification of rural households through a pay-as-you-go solar service and cashless transactions via telco induced mobile money platforms, as examples of such infrastructural intervention projects.

The Nigerian government has a target of installing new home solar power systems and mini-grids for over 5 million low-income households by the end of 2023. Many of these households either have no source of power, or rely on small, inefficient generators for electricity.

These families will need to use PAYGo, an installment financing option offered with mobile money bank accounts, to purchase the installation kits for these systems. Customers who have an existing mobile money account have a higher chance of accessing the facility than others who don’t.

Speaking on the impact of the project, Oyekan said: “Our analysis shows that a PAYGo loan would make solar kits affordable for about half of the 31 million households that do not have reliable electricity and may also considered to be in a low-income bracket. What’s more, we found that 3.2 million out of 17 million households currently using kerosene and candles as their lighting source could afford the monthly PAYGo payments based on their current spending on lighting, plus about 10 per cent of their nonfood budget.”

He highlighted a recent USAID research which estimates that between 15 to 30 percent of PAYGo solar customers will create a credit history for the first time when they purchase a solar home system with a PAYGo plan.

Stressing the importance of having a credit history and financial footprint, he said: “That credit history could, in turn, lead to other loans for large expenses, such as school fees, which can consume up to 40 percent of a family’s annual income. Credit histories are also a critical driver of growth for small-business enterprises and first-time business entrepreneurs.”

 

About BCG

The Boston Consulting Group is a global management consultancy firm. BCG partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963.

Today, the organisation helps clients with total transformation—inspiring complex change, enabling organisations to grow, building competitive advantage, and driving bottom-line impact.

 

 

 

Linkage Assurance:  Strong Partnership with Brokers Reason for Market Growth

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L-R:  Mr. Rotimi Olukorede, Chairman, Nigerian Council of Registered Insurance Brokers (NCRIB), Lagos Area Committee (LAC); Fatai Adegbenro. Executive Secretary/CEO, NCRIB; Adelagun Okanlawon, Executive Director-Technical, Linkage Assurance Plc, and Ayo Akande, Past Chairman, LAC during the NCRIB, LAC General Meeting sponsored by Linkage Assurance in Lagos.

Linkage Assurance Plc has attributed its continuous growth and market expansion to her good relationship with the insurance brokers.

Linkage said its focus going into 2021 and beyond will be to strengthen the relationship by continuously providing efficient services and meting claims obligations promptly.

Daniel Braie, Managing Director/CEO, Linkage Assurance Plc made the disclosure during the general meeting of  the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Council(LAC) hosted by Linkage in Lagos.

Braie said “Linkage Assurance Plc recognises the pivotal role of the broker’s community in the growth of insurance business and that is why we decided that apart from hosting the national body, we would go a step further to host the various Area Councils across the country.”

“So far, we have done this in Abuja, Kaduna, Port Harcourt and now Lagos. If not for the COVID-19 Pandemic that broke last year which affected businesses all over the word including Nigeria, we would have covered more states.”

According to Mr. Braie, Linkage Assurance is still very committed to achieving this objective because of the importance it places on brokers as her strategic partners, as it is committed to delivering on the promises of her vision and mission statements.

He also disclosed that Linkage from its unaudited result for the year 2020 grew its Gross Premium Written by 28 percent from N6.5 billion in 2019 to N8.3 billion. This is as Linkage also achieved profit before tax of N2.5 billion, and paid out claims amounting to N2.4 billion during the same period.

“This would not have been possible without your support for which we are grateful. We had the largest aviation treaty in the market last year, and this year we about the highest in fire treaty. So, we are ready to serve you well, Braie assured.

According to him, Linkage insured 100 percent of the helicopter that crashed last year in Opebi, Ikeja, Lagos and has settled the hull claim of N375 million and about concluding the settlement of the passenger liability claim of $300,000 for the three passengers that died in that unfortunate incident. “These are Indications that we are poised to provide robust and efficient insurance service to the insuring public.”

“We have robust reinsurance in place. For year 2021, our fire treaty is abut the largest in the market and we settle our claims promptly. For businesses placed with Linkage, I say, go to bed and sleep with your two eyes closed because when there is claim, we will settle.”

We could not have done all these without the partnership of the brokers and in line with our strategic focus for the year, we intend to deepen the level of our relationship with the brokers, Daniel Braise noted while appreciating the brokers for their generous partnership with Linkage and also promising to continue to improve on her value propositions.

On the recapitalisation exercise in the industry, Braie said “we achieved the first phase of our recapitalisation of N5 billion even before the deadline of December 2020 set by NAICOM from internal funds. We are all aware that there is a court injunction in force regarding the capitalisation, but we are committed to concluding the second phase on or before this first quarter 2021.”

 

 

Before You Switch From One PFA to Another

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The pension industry in Nigeria has evolved over the years and introduction of the Transfer Window, which allows pension contributors to switch from one pension fund administrator (PFA) to another has been the talk of the town since November 2020 when it was officially declared open by the National Pension Commission (PenCom).

Recently, Stanbic IBTC Pension Managers hosted an Instagram Live Session to educate contributors on what they need to know before switching PFAs and why they are the preferred choice in the pension industry.

Below are highlights from the Instagram Live Session which held on December 23, 2020.

What Should You Know Before You Switch?

  • Switching from one PFA to another is completely FREE and OPTIONAL.
  • Verify the sources of information before you switch. You can visit the National Pension Commission (PenCom) website for details on returns.
  • Confirm that the funds of the PFA you are switching to are audited and that they have adopted the International Financial Reporting Standard (IFRS).
  • Your remittance and account balance are not affected when you switch.
  • Anyone can switch their PFA to Stanbic IBTC Pension Managers.
  • You can only initiate a transfer once a year; transfers are effected at the end of each quarter

Why Should You Choose Stanbic IBTC Pension Managers As Your PFA

  • Highest Number of Subscribers: Over1.8 million people cannot be wrong.
  • Their Heritage:A member of the over 150-year-old Standard Bank Group.
  • Trust and Reliability: They have paid over N800 billion to more than 62,000 retirees since the inception of the Contributory Pension Scheme (CPS)
  • Funds Performance: Their funds have returned over 370% since inception.
  • Transparency:There are periodic statements sent to contributors and they have the chance to check their balance at any time through their website, USSD or the Stanbic IBTC Mobile App.

What Do You Enjoy When You Switch To Stanbic IBTC Pension Managers?

  • Immediate access to end-to-end financial solutions.
  • Peace of mind knowing that your pension is safe, regardless of where you are.
  • Access to relevant information plus ease of performing transactions.
  • Long-term sustainable returns on your assets to ensure that you retire well.
  • Access to their Loyalty programme where you enjoy discounts when you shop with any of their partner vendors.

At Stanbic IBTC Pension Managers, operational excellence drives service delivery as their standards of operation give no room for poor investment decisions. Therefore, you can be assured that your pension is not just in safe hands but in the hands that are keen to help you to “RetireWell”.

Linkage Assurance Hosts NCRIB Lagos Area Committee on Feb. 11

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Daniel Braie

MD/CEO

Linkage Assurance Plc

Underwriting firm, Linkage Assurance Plc will on Thursday, 11th February 2021 host the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee (LAC) general meeting.

The meeting slated to take place at the Insurance Brokers’ House in Lagos & Zoom (Hybrid) at 11am promises to be another exciting, refreshing and interactive session as Linkage Assurance Plc, the major sponsors would be updating members with their robust product offerings tailored specifically to meet dynamic clients’ need.

The February 2021 edition will equally feature Obafemi Oshinowo, an ardent learning and development expert as guest speaker and he will be speaking on ‘ Digital Solutions for Sustainability’.

Linkage Assurance Plc’s Service Proposition is to give her customers peace of mind through need-based insurance solutions and exceeding their expectations.

“We are committed to this by seeking to understand their risks and business objectives and providing insurance services to them, according to the company’s promise.

Ecobank Nigeria Unveils Money Transfer via SMS, WhatsApp

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Ecobank Nigeria says its customers are now able to transfer funds by emailSMS and Whatsapp – new features available on the Bank’s Mobile App.

Speaking, Olukorede Demola-Adenyi, Head, Consumer Banking Ecobank Nigeria said that this is part of the bank’s innovation in digital banking, enabling customers perform their transactions conveniently. She also spoke on the simplified and more appealing interface of the Mobile App, making it easier and convenient for people to transfer funds from their accounts with the App.

“This opportunity couldn’t have come at a better time when many people are self-isolating and keeping social distance due to the COVID-19. We have the responsibility as a bank to continue to innovate for the benefits of our teeming customers. We encourage our customers and others to utilize this new addition to our digital self-service solutions. With this feature, a customer can transfer up to N50,000 without the beneficiary’s account number. The transfer can be initiated without the beneficiary providing an account number or deciding on which account to receive the funds into. For us as a bank, this is super convenient for money transfer.”

Mrs. Demola- Adeniyi further said, the process is simple and beneficiary can redeem the money sent in 3 simple steps; Receive the web link sent to his mobile number as SMS or WhatsApp message, click on the link to select bank and enter the account number, then, submit the request and senders account is immediately debited.

The beneficiary account irrespective of the bank receives the credit instantly. The process is secure, convenient and funds are in local currency and do not leave the senders account until the beneficiary initiates the redemption into the destination account.

She called on those who are yet to download the Ecobank Mobile app to do so without delay because of the attendant benefits.

“The Ecobank Mobile app allows you to enjoy our banking services instantly and conveniently on your mobile device. The app provides you with an easy channel to manage your account and perform financial transactions in a simple and secured manner. The app gives you access to affordable banking services and more, wherever you are, on your mobile 24/7, 365 days a year.”

Resolving Malnutrition Challenges in the Midst of COVID-19 Pandemic

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The year 2020 was an unusual one in every sense of the word.

The coronavirus (COVID-19) pandemic made sure of this. To remove any doubt about the threat that the virus posed to every country in the world, the World Health Organisation (WHO) recognised the COVID-19 as a global pandemic.

Today, the impact of COVID-19 pandemic is global. There is hardly anyone who has not been affected by the pandemic to some degree. In a country like Nigeria, it has precipitated mental, emotional, social, business-related and financial impact.

Nigeria is home to over 230 million people, the bulk of whom are young. While the country has experienced relatively small numbers of COVID-19 deaths, the resurgence of a second wave is a cause for concern. Another cause for concern is the growing incidence of severe poverty and malnutrition. About 40 per cent of the nation’s population continues to live on less than $1.90 US dollars a day.

The National Bureau of Statistics (NBS) recently released a poverty and inequality report which highlighted that over 83 million Nigerians are extremely poor. This report, which is a basis for measuring poverty and living standards in the country, is used to estimate a wide range of socio-economic indicators, including bench-marking of the Sustainable Development Goals.

Indeed, many children and families still lack access to affordable nutritious foods. This often results in a lack of essential nutrients in their daily diet, which can lead to severe malnutrition and protein deficiency. Protein deficiency is a negative nutritional condition produced by a deficiency of proteins in the body.

Experts indicate that the COVID-19 pandemic and the resulting economic downturn will probably further aggravate these issues.

In many ways, the pandemic seems to have helped to shed light on what is really important in the world today, and that is good health.

Evidently, an essential ingredient of good health is good and affordable nutrition. As the year 2021 progresses, Nigeria needs to tackle the challenge of malnutrition and protein deficiency, coupled with the pandemic.

To achieve this, some key solutions must be implemented and adapted to suit the needs of the average Nigerian. This requires a significant level of expertise and insight on the poverty and malnutrition problem in the country.

First, the government needs to deal with the malnutrition problem directly. This can be done by reducing the price of healthy food crops nationwide, reducing the cost of seedlings and arable crops being sold to farmers, thereby increasing the affordability and accessibility of agricultural inputs. This will increase food availability to a large extent, which will curb malnutrition.

The government should also implement agricultural development projects (ADPs) across Nigeria. These agricultural development projects will play a facilitating role in the production of crops, livestock, and aquaculture.

For the vast majority of Nigerians, food production and agriculture must be embedded and promoted in every community to increase food availability and accessibility. The government has a responsibility to provide safe, affordable and nutritious food crops to the populace to mitigate the levels of hunger and starvation in the nation.

Secondly, the government needs to make health care affordable by creating more hospitals and health centres in the north eastern states with high malnutrition rates, while sustaining ongoing health programmes such as the National Health Insurance Scheme (NHIS) and the Food and Drug Programme (FDP).

The government can liaise with foreign health organisations like the World Health Organisation and the United Nations International Children’s Emergency Fund (UNICEF) to provide quality healthcare to malnourished children and individuals.

Of course, there must be sensitisation and awareness campaigns in rural communities on dietary changes, eating of fortified foods that contain valuable nutrients, and locally available food sources that are healthy and nutritious. Foods like soybeans, awara, bambara, okpa, groundnuts, and egusi are rich in nutrients that nourish the body.

Finally, non-governmental organisations can visit villages and communities to provide local food options and to educate malnourished locals on eating a healthy, balanced diet.

Nigeria has the potential to surmount all the aforementioned difficulties if these solutions can be properly and effectively implemented.

The key is proper planning.

 

 

Emirates Skywards Offers Flexibility, Elite Tier Extension to 2022

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Emirates Skywards, the award-winning loyalty programme of Emirates and flydubai, has rolled out new measures to offer its members more support, flexibility, and choice – allowing members to retain elite tier status until 2022.

The loyalty programme is one of the first in the world, and first in the region, to offer its members a generous extension on all tier status reviews scheduled for 2021, by an additional 12 months. With travel restrictions still in place due to COVID-19, Emirates Skywards continues to pioneer new ways to offer its members greater reassurance during this time.

Emirates Skywards Silver and Gold members with a tier review date prior to 31 December 2021, will have their current tier status extended by an additional 12 months. Emirates Skywards Platinum members with a tier review date prior to 31 December 2021, will also have their current tier status extended by 12 months, in addition to the Gold status of any nominee.

As an example, if a member has a current tier review date on 31 March 2021, their new tier review date will be extended to 31 March 2022.

The loyalty programme has also further extended the validity of any Skywards Miles due to expire since April 2020 until 30 June 2021. Skywards Miles can be redeemed up to 11 months in advance for an extensive range of rewards, including flight tickets on Emirates, flight upgrades, and many more privileges.

Members can fly Emirates with full confidence as the airline has revised its booking policies to offer customers generous re-booking terms and options. Customers who purchase a ticket for travel on or before 30 June 2021, can change their travel dates or extend the ticket validity for 2 years.

Emirates Skywards will also be rolling out more initiatives throughout the year to help members retain tier status, or fast-track to a higher tier status. Members can look forward to a year of delightful surprises including bonus tier miles, complimentary tier upgrades, paid tier opportunities, and many more exclusive offers.

Emirates Skywards has more than 27 million members worldwide. The loyalty programme offers four tiers of membership: Blue, Silver, Gold and Platinum, with each tier earning exclusive privileges. Members can earn Miles with partners ranging from airlines, hotels and car rentals to financial, leisure and lifestyle brands.

Skywards Miles can be spent on flight tickets on partner airlines, hotel stays, hospitality at sporting and cultural events, and money-can’t-buy experiences.

 

 

 

Varsity Don Harps on Benefits of Soybeans, Fish Consumption

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Professor Adewolu Morenike, professor of Fish Nutrition at the Department of Marine Sciences, University of Lagos, has called on Nigerians from all walks of life to regularly consume soybeans and fish to help improve their diet and reduce the incidence of malnutrition in the country. Soybeans and fish are well-known and affordable sources of protein.
Professor Adewolu noted that the benefits of the combination of soybeans and fish consumption are often understated whereas they contain numerous vitamins and minerals which are of tremendous benefits to the human body and mind.
Speaking on the benefits of consuming soy, she said: “The size of the soybean pales in comparison to the numerous gains of its consumption. Soybean is an excellent source of protein, and it contains fundamental nutrients needed by the human body to function optimally. It is one of the few plant-based proteins that is considered to have all the essential amino acids.”
The don added: “Soybeans are low in carbohydrates and have a very low glycemic index (GI), which is a measure of how foods affect the rise in blood sugar after a meal. Soybeans are good sources of several vitamins and minerals, including vitamin K1, vitamins B1-B6, folates, copper, manganese, potassium, phosphorus, and thiamine. They are a rich source of various bioactive plant compounds, including isoflavones, saponins, and lunasin.”
She stated that soybeans have high levels of isoflavones and antioxidants as well as immune-boosting properties. According to her, “The proteins and isoflavones in soy repair worn-out cells and tissues, and replace blood plasma, which is vital for immune resistance. Isoflavones may be protective against breast cancer later in life. The high levels of antioxidants in soybeans may prevent the onset of several cancer cells and remove free radicals from the body.”
The professor described the combination of soybeans with fish as a superfood that can lower the risk of diabetes, heart diseases, stroke and obesity. She explained that regular consumption of fish (whether oily, shellfish or lean fish) will lower the risk of heart attacks and strokes because of the presence of Omega-3fatty acids.
According to the lecturer, fish, which contain Omega-3 fatty acids, will help in the breakdown of triglycerides and fatty acids in the liver, thereby lowering the risk of fatty liver disease. This helps blood flow to the brain and improves its performance during mental tasks. Fish are rich in Vitamin A, which can fight free radicals and reduce oxidative stress.
The professor said: “As long as fishes are included in our diet, be it tilapia, codfish (panla), scumbia, crabs, crayfish, or any type of fish at all, our immune system will be immediately boosted because fishes contain vitamin B12 (cobalamin) and selenium, which are critical in the formation of macrophage cells, which patrol the bloodstreams for harmful bacteria.”
The professor stated that the immune system is spread throughout the body and it involves many types of cells, organs, proteins and tissues. She noted that without an enhanced immune system, the body would be opened to attack from bacteria, viruses and parasites, which is why increasing the dietary intake of soy and fish is important.
She added that the vitamins and minerals contained in soybeans and fish help to maintain the body’s defence against infections, thereby enhancing the human body’s immunologic system.
Professor Adewolu stated: “In Nigeria, the average protein intake is low; it is estimated to be 45.4 grams per day. This is below the WHO’s recommendation of 70 grams per day. A combination of soybeans and fish will definitely meet the recommendation since these two foods are very good sources of dietary protein.”

The Year 2020 and Economic Outlook of 2021

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By Dr. Harrison Eromosele

Everyone agrees that 2020 was a peculiar year. Economies across the globe experienced turbulent economic challenges.
In Nigeria, following two consecutive quarters (Q2, 2020 and Q3, 2020) of negative growth, the National Bureau of Statistics (NBS) officially announced that the country’s economy technically entered a recession.
The recession has been characterized as the worst in four decades and second in five years. But beyond the low employment, low consumption and investment spending, economic agents have had to also grapple with another macroeconomic accomplice – the unduly rise in commodity prices in the face of a recession. Figures from the NBS confirms that between June and October alone inflation rose from 12.56% to 14.2% and there are expectations that it will climb higher.
However, a subset of the headline inflation known as food inflation poses a more severe impact on the masses. Food inflation has maintained double-digit numbers since 2017 and unfortunately, food constitutes the most significant share in disposable income of an average Nigerian. Food inflation was around 15.48% as at June 2020. (NBS 2020). Hence, the real economic scenario brings us to an economic condition call stagflation (inflationary recession).
One hopes that these worrisome statistics reveal to the managers of the economy, decision and policymakers in the government circles the untold hardship imposed upon the Nigerian masses.
Now, the big questions are: How did we get here? Are there hopes of changing the narratives? What are the possible projections for 2021?

How did we get here?
A multiplicity of factors is responsible for our current economic disorder. However, we think the major ones are (i) A structurally designed Dutch diseased economy – a consequence of over-reliance on the naturally rich oil endowed reserves. And (ii) Rent-seeking behaviour of few elites.

A structurally designed deindustrialized (Dutch diseased) economy – a product of over-reliance on the rich oil endowed resource.
Empirical studies have shown that most naturally rich resource economies who bask in the euphoria of their natural wealth often create an economic syndrome, an economic condition where due to over-reliance on the naturally rich resource sector, the manufacturing and the agricultural sectors dwindle while there is the emergence of the service sector which flourishes strongly in the face of the infrastructural deficit.
Another variant of the Dutch diseased syndrome is found in the work of Mohammad Amin (2009) called the Nigerian Disease. This variant portrays how the abundance of natural resources causes poorer governance and conflicts. It is characterised by less accountability by government officials to the people, little incentive for institution-building, failure to growth-enhancing reforms etc. This befits the Nigerian economy.
Since the fourth republic, a conscious effort has been on-going to diversify the economic base away from oil and service to manufacturing and agricultural industries which are much more impactful to economic growth. So far, the progress has been very weak as it is very slow.

Rent-seeking behaviour of few elites
Rent-seeking involves seeking to increase one’s share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources reduced actual wealth creation, lost government revenue, increased income inequality and (potentially) national decline. (The Audiopedia, (2017)).

The rent-seeking spirit of the nation’s powerful elites permeates in the economic life of the country, constituting bottlenecks in the wheel of economic growth and prosperity. It is seen in virtually all spheres of the business space.
For instance, it can be seen in the multiple existences of the national currency exchange rate as orchestrated by major Bureau De Change front-liners; the business of mopping excess liquidity from the system in the face of budgetary deficit financing; keeping the domestic refineries in comatose; the existence of an oligopolistic stock market structure; an infrastructural deficit in the energy sector; congestion of the Nigerian Port Authority (NPA) in Lagos State; Monopolizing key investments and businesses capable of growing the economy much faster if left to compete favourably; restrictions of export licenses to a relatively few; the dark operations in the NNPC; the ill-designed policy that deliberately or otherwise led to the demises of firms in their hundreds; the vague subsidy policy that is continually used as a tool to siphon financial resources from the public purse into private pockets etc. All of these connotes an element of rent-seeking.

Current Structure and Realities of the Nigerian Economy
The oil sector whose contribution to GDP is only about 8.73% is known to greatly impact on the overall economic activities because it accounts for over 90% of the economy’s foreign earnings and 80% of government revenue which is key in determining budgetary estimation, projection and allocations.
As a major determinant of the country’s foreign earnings, the oil sector remains the most powerful sector that also determines the country’s currency exchange rate.
Now, it also influences the form, the monetary policy design will take in regulating the banking industry given the traditional nature of survival in the industry which is strongly tied to the oil or government revenue deposits and subsequent mopping of same in the form of excess liquidity by the CBN. To this extent, the interest rate in the industry is determined by the oil revenue earnings.
The existing infrastructural deficit remains a huge drag to production activities. The excessive appetite by Nigerians for foreign products which makes Nigeria heavily import-dependent constitutes inlets of doses of imported inflation. Now, due to the government over-reliance on the oil sector, we have so far been able to identify that the oil sector can determine three important leading indicators: exchange rate, inflation rate and interest rate.
Today in Nigeria, the exchange rate is a much more sensitive leading indicator relative to inflation and interest rates.

Economic Forecast for 2021
The monetary authority is much likely to do more of the macroeconomic task in ereas of inflationary recession.
Hence, we forecast that monetary policy will continue to remain accommodative and there are tendencies that MPR will be lower further for up to the Q4 of 2021 if the second wave of the global COVID 19 pandemic terminates at the end of Q1, 2021.
Such policy simply aligns with the theoretical underpinning that provided interest rate remains low, positive growth will ultimately emerge. Other complementary components to the policy such as cash reserve requirement (CRR), liquidity ratio and the asymmetric corridor around the MPR will continue to be maintained at 27.5%, 30% and +200/-500 basis points respectively.
• One of the modular refineries in the country will commence operation in 2021. This will ease the pressure of importation-n of the petroleum products and thus free resources for other government spending that hopefully re-circulates wealth in the economy
• Exchange rate will climb higher to about N420 if oil prices continue to hover in the neighbourhood of $35 to $45 per barrel globally as oil production (mbpd) is below 1.5m, and as domestic economic activities recover more strongly.
• The inflation rate will rise to about 19% in the Q2, 2021 if the second wave does not continue to devastate the global economy. But rise to 22% if it does in the Q1, 2021.
• Food inflation will likely remain high as essential industrial inputs are set as a priority over rice and poultry to access foreign exchange via the CBN widow. In principle, rice and poultry related products remain banned at the moment. However, the headline inflation can partly be curbed from the supply-side of the economy. In the short run, we recommend that the ban on rich and poultry related products be lifted in the interim to disinflation food inflation and by extension headline inflation.
Contextually, in as much as a significant share in government borrowing will continue to be from external sources, the yields from domestic debt instruments (e.g., bills and bonds) will continue to remain low in Nigeria.
This will mean tougher days yet ahead for the banking industry given that it partly survives on the significant investments in these debt instruments. A few banks may not be able to manage the possible frenzy that will befall them resulting from the rush to create credit assets with the real sector thus creating the tension of sticky loans and subsequent downsizing with contagious impact on others.
• Fraudsters are very much likely to seize this moment with rebrand versions of Ponzi schemes.
• Unemployment level in the informal sector will fall moderately with the temporary reopening of the borders in the Q1, 2021 as trade constitute the second largest employer of labour in Nigeria. (SBM Intel’ 2020).
• Oil production (mbpd) will scale up to around 1.65 to 1.8, ceteris paribus.
• GDP will average of 460 billion dollars in 2021.
• Given that yields on money market debt instrument (treasury bills) and capital market instrument (bonds) are below existing inflation, it becomes difficult for the monetary authorities to lure FPI a source of capital inflow into the country. On this premise, more capital outflow will occur in 2021.
• Given the impressive purchasing manager’s index data in the Q3, 2020 and other fiscal stimulus packages, the Nigerian economy will pull out of recession in the Q2, 2021 with oil prices stabilizing around $47 per barrel.
• Positive economic growth in the Q2, 2021 will be non-impactful until 2022.

Dr. Harrison Eromosele, Department of Economics and Development Studies, Federal University, Otuoke, Bayelsa State.

Making Sense of a Manual ‘Digital’ Directive

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By Elvis Eromosele

The COVID19 pandemic is not letting up. It continues to race and rage across the globe. With 92 million cases and almost two million deaths, one expects every hand to be on deck to curb the spread.
The World Health Organisation (WHO) advises that if COVID-19 is spreading in your community, stay safe by taking some simple precautions, such as physical distancing, wearing a mask, keeping rooms well ventilated, avoiding crowd, cleaning your hands, and coughing into a bent elbow or tissue.
Yet in Nigeria where the second wave is blossoming crowds have besieged National Identity Management Commission (NIMC) Offices across the country. The very thing that we are supposed to avoid – crowded place.
The Minister of Communications and Digital Economy, Dr. Isa Pantami is directly responsible for this crowd. In December 2020, he issued a directive that made it compulsory for all SIM cards to be linked to the National Identity Number (NIN). So, Nigerians from all walks of life who are yet to get the NIN are forced to visit NIMC offices in an attempt to get it.
The minister initially gave telecoms operators two weeks to link subscribers’ registered SIM cards on their networks to their NIN, which is currently being issued by the NIMC. The directive stated that the submission of NIN by subscribers must take place within two weeks, December 16, 2020, and end by December 30, 2020 – it has since been extended by six weeks following the public outcry. It also stated that after the deadline, all SIMs without NINs are to be blocked from the networks.
Well-meaning Nigerians have questioned the wisdom of the directive. Some have asked, “Must it be done right now in the midst of a global pandemic whose second wave is proving deadlier than the first?”
Clearly, the answer is No! It can wait. Infact, it should wait.
Some people have taken to blaming those who are rushing to obey the directive. There are missing the point. Nigerians are afraid to been cut off, of losing their lines and of being deprived of the link to the world. They have a right to be afraid. Today, connection is the currency of the information society, the lifeblood of the digital economy and the heart of the social age.
Naturally, any threat to cut off that connection would produce the crowd we are experiencing at the NIMC centres. Nobody wants to be cut off.
There is no surprise here. Today, nearly everything rides on the phone. Contacts, financial services, internet connection and even health care apps are all available on the smartphone.
Nobody wants to be cut off.
In over two decades of democracy in Nigeria, the most direct benefit to the masses of the country is access to mobile telephony. The liberalization of the telecommunications industry and the subsequent success of the auction of digital mobile licenses made telephone a thing for everyone.
Think about this, from less than 400, 000 connected lines in the year 2000, we now have over 200 million lines. The progress has been massive. Nearly everyone that wants can get a telephone line. Today, Nigeria has one of the largest telecom markets in Africa. Nobody wants to be cut off.
In addition, the sector continues to generate humongous investments both foreign and domestic. Indeed, telecommunications investment has been identified as one with a strong potential to spur economic growth and create employment.
Within two decades, the telecom sector contribution to GDP grew from less than one per cent to over 10 per cent. The sector is resilient, capital intensive and tightly interwoven with every other sector. This interconnectedness is precisely why nobody wants to be cut off.
The good book says that “the law is made for man and not man for the law.” The Minister of Communications and Digital Economy is insisting otherwise. He appears bent on carrying on with the exercise even though it is now obvious that the timing is wrong. The risk rises every single day the directive is in place. It is time to put it on hold.
Some have made excuses on the minister’s behalf. They say that before issuing the directive, he met with the CEOs of telcos and none raised any objection. This excuse is lame.
Who doesn’t know how Nigeria works? Nigerians are aware that you can’t contradict a ‘Nigerian big man’ unless you are ready for the backlash.
The telcos had little choice in the matter. This is all on the Minister of Communications and Digital Economy. He gave the directive and has refused to reconsider it
The whole idea of the digital economy is not only about nomenclature it is about agility. According to Wikipedia, “Business agility refers to the rapid, continuous, and systematic evolutionary adaptation and entrepreneurial innovation directed at gaining and maintaining competitive advantage.”
Since the change of name of the ministry, it has shown little or no understanding of agility. This must change. The ministry should focus rather on a national database or establish the framework for the harmonization of the existing databases – SIM Registration, Voter Cards, NIN, BVN, Drivers’ License, International Passport.
The NIN and SIM link directive has today become a monster, a coronavirus super spreader. The Chinese say that the best time to plant a tree is 20 years ago and the next best time is today. The whole exercise ought to have been suspended two weeks ago, today is the next best time.
Dr. Pantami, Stop the NIN and SIM link directive now!
It has become a travesty. Is the linking of NIN and SIM important? Yes, by all means!
Must it be done now? No!
It is not a matter of life and death. Verification and harmonisation can wait.
Coronavirus infection doesn’t give notice. It won’t wait. The crowd at NIMC Centres is not helping.
Suspend the directive. Put the process on hold. Let this COVID19 wave blow over. For genuine progress, directives must make sense in this digital economy.

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.