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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.

Niger Insurance to Realign Business Model to Spur Growth

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Dr. Stephen Dike, Chairman, Niger Insurance Plc told shareholders at the firm’s Annual General Meeting (AGM) in Lagos that the future of the company remains bright, as it will continue to leverage its market positioning, age advantage and brand equity.
Dike said the company still retains its transformational drive to generate sustainable growth and profitability through identified four major areas:
• Strengthening and realigning our business model and practices with the realities of the market, industry and the economy in general and ensuring their consistency with best practices and standards.
• Strengthening our balance sheet through aggressive and strategic recapitalisation; ensuring that assets carrying values represent conservative estimates; and ensuring adequacy of provisioning/ reserve for liabilities as necessary to achieve a formidable balance sheet
• Reorganising and strengthening our workforce to establish a management team that is inspiring and able to effectively lead or support the imperative strategic transformation aspirations and profitable growth performance objectives of the Board and shareholders
• S t r e n g t h e n i n g a n d institutionalising a strict c o r p o r a t e go v e r n a n c e framework that will enhance the overall capacity of the company to create long-term sustainable shareholder value.
He said the aim is to stimulate performance, improve operating efficiency, rebuild and enhance Niger’s good reputation, improving access to capital markets, and assuring strict compliance with regulatory requirements.
Mr. Edwin Igbiti, the Managing Director of Niger Insurance Plc added that the company is investing in data analytics and technology to differentiate its offerings, drive sales, improve service standards and operating efficiency.
“We have upgraded our information systems (including our core insurance application) and deployed digital platforms and technology solutions to all our office locations across the country. Furthermore, we have reviewed our locations strategy to align with target markets/segments as well as optimize costs. Also, we are redesigning and simplifying our offerings to allow flexible pricing and varying customer preferences. I have no illusions that there is still a lot of work ahead and trust that we can count on the continued support of our esteemed shareholders and other stakeholder groups over the long-term.”

Lion’s Den: Ecobank Partners Ultima Studios to Support Entrepreneurs

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Ecobank Nigeria says it is partnering Ultima Studios on the Lions’ Den TV reality show to further its aspiration to support entrepreneurs who have good business ideas but need to raise funds for advancement.
Managing Director, Ecobank Nigeria, Patrick Akinwuntan who stated this in Lagos reiterated Ecobank’s commitment to be the foremost financial institution in the country providing thought leadership within the Small and Medium Enterprises (SMEs) space and also supporting them with access to financial products and services to succeed. Ecobank is the Lead Sponsor of the TV reality show hitting TV screens in 2021.
Lions’ Den which is being packaged and produced in Nigeria by Ultima Limited, a leading reality television programmes producer in West Africa, is a spin-off of the popular ‘Dragons Den’ and ‘Shark Tank’ in the UK and US respectively. The TV show brings together budding entrepreneurs and innovators with seasoned investors and business leaders to create an avenue where compelling best ideas are supported and funded.
Mr. Akinwuntan said he is optimistic that the show would attract the target group including established SMEs seeking seed or expansion capital, aspiring entrepreneurs and young graduates with bright business ideas. He reiterated that the TV show has a proven track record of appealing to both male and female audiences across the globe.
“SMEs and entrepreneurs in the country are looking for a viable partner that will help them build sustainable businesses. Customers have become more discerning, they are not looking for any partner, but the right partner – one that is not just providing financial support but is investing in their growth; this is what Ecobank represents. We have been actively supporting SMEs because we recognise them as the engine of growth of any economy. This TV show will further create more entrepreneurs. We are pleased to partner with Ultima Limited who have a pedigree of producing world-class programmes such as ‘Who Wants To Be A Millionaire?’ and ‘Project Fame West Africa’. We believe the target group will embrace the programme and at the end of the day, we will achieve our objectives of supporting small businesses and helping aspiring entrepreneurs in the country realize their dreams.”
Recently, the Chief Executive Officer, Ultima Studios, Femi Ayeni said he has reached an agreement with UK-based Sony Pictures Television to produce the Nigerian version of the globally acclaimed business reality television show, ‘Lions’ Den’.
He said the show, the first of its kind in Nigeria, is a variation of the original show that was first aired in Japan and has now been produced in over 30 countries. The show targets entrepreneurs who have good business ideas but need to raise funds to advance their business.
According to him, Ultima’s choice of Lions’ Den is a celebration of the entrepreneurial spirit of Nigerians, adding that the programme will not only provide exciting viewing for viewers at home, but also provide an opportunity for serious entrepreneurs to attract much-needed investments.
Lions’ Den is the world’s number one business reality show – adapted in over 30 countries worldwide. In summary, five investors listen to pitches from budding and innovative entrepreneurs who present their innovative ideas/ business plans in return for capital. Entrepreneurs with successful pitches on the show do not only obtain investments but also acquire mentors and partners for the lifespan of their business. The show, which appeals to adults 18 -54 years, generates consumer engagement opportunities as well as long term business relationships with participants, both on and off the show.
It provides a platform for business education, directly and indirectly expanding on several business concepts such as investments, demand and supply, branding, business accounting and entrepreneurship. Entrepreneurs on the show and those viewing the show will acquire insightful business knowledge, through the questions, comments and suggestions offered by the Lions over the course of the show.

Fish and Soyabean: Great Combination for Improved Human Health

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By Adewolu Morenike A.
• Introduction
One of the serious problems facing developing countries today is how to match food production levels, particularly proteinous foods, with increasing demand by a growing population. The magnitude of this problem is shown in the prevalence of kwashiorkor and other diseases associated with protein deficiencies.
In Nigeria, the average protein intake is low; it is estimated as 45.4g per day. This is below the Food and Agriculture Organisation (FAO)\World Health Organisation (WHO) recommendation of 70g per day with half coming from plant sources and the remaining half from animal protein sources. This article highlights the importance of fish and soyabean protein as crucial diets for Nigerians.

• Fish as the healthiest animal protein source
Fish, when compared to beef, chicken, and milk protein has a higher tendency to support health in terms of digestibility, biological value, protein efficiency ratio and amino acid profile. Fish is the most easily digestible of all the dietary animal proteins because of the presence of lower connective tissue. Human beings can utilize up to 85% (WHO). In addition, the cost of fish production when compared to other livestock is cheaper. Fish is more available and readily affordable than other animal protein sources.

• Nutritional benefits of eating fish
Nutritionally, fish can be classified into three major categories:
Oily Fish – These fish contain significant amount of oil (about 30%) in their body tissues, belly cavities and guts. Examples are mackerel, salmon, sardines and catfish
Lean Fish – These are the white fish with lower amount of fat content. Examples are soles, cod fish (panla) and tilapias
Shell Fish – These are fish that are covered with shell. Examples are crabs, oysters, lobsters and prawns\shrimps
Fish is an important source of high-quality and digestible protein that contains all the essential amino acids.
It contains water soluble vitamins like vitamin B complex, vitamin B12, B6, B2, folic acid, biotin and very little quantity of vitamin C. It is also rich in fat soluble vitamins, A, D, E and K. Fish also contains important micronutrients (minerals) such as calcium, iron, selenium, zinc, lead and copper. These minerals may be beneficial or toxic to man, depending on the level of exposure. Fish, especially marine fish, are a dietary source of iodine.
It is an important source of polyunsaturated fatty acids. Basically, the most important nutrients needed for human body are found in fish. Several factors may affect the nutrient composition of fish, these include the age or size, sex, environment, season of the year, amount of food available and physical activities.
Some fish species stop feeding before spawning and draw on their protein and fats reserves, thus affecting their nutrient content. Also, fish, when overcrowded, may not have enough food intake thereby affecting the nutrient composition. It is important to mention that nutrient content varies within an individual fish. For example, fat may not always be distributed uniformly throughout the flesh of a particular fish. In Pacific salmon, there may be twice as much fat in the muscle around the head as in the muscles of the tail.
In the lean fish of cod family, the fat content of the muscle is generally low, below 1%. Majority of the fat content is in the liver, which is not normally eaten, and may contain greater quantities of oil soluble vitamins A and D. In contrast, these two vitamins may be present in the flesh of other fish, e.g eels. The nutrient content of fish, if carefully processed, are not affected by preservation, provided storage is not very prolonged.
Eating fish may lower the risk of heart attacks and strokes because of the presence of omega-3 fatty acids. The high amount of polyunsaturated fatty acids in oily fish is valuable in decreasing the serum cholesterol. Fish, as a good source of vitamin D and calcium, can improve bone health and growth.

• Omega-3 fatty acids in fish are beneficial to improving visions and eyes health.
Eating of oily fish may improve quality of sleep due to the high concentration of vitamin D. Fish as a high packed nutrient, when eaten, may boost our immune system, especially during this period of COVID-19 pandemic. Fish oil is supportive in lowering blood pressure due to its high concentration of omega-3 fatty acids. Omega-3 fatty acids help in the breakdown of triglycerides and fatty acids in the liver, thereby lowering the risk of fatty liver disease. It helps blood flow to the brain and improves its performance during mental tasks. The fat and the pituitary gland in the fish head are rich in Vitamin A, which can fight free radicals and reduce oxidative stress. Higher consumption of fish can reduce the inflammation of joint in rheumatoid arthritis, prevent depression and may reduce the risks of autoimmune diseases. Research has shown that children who consume fish regularly have lower risk of asthma, improved memory and reduced risks of contracting diseases. It is recommended to eat two to three servings of fish per week to enjoy all the benefits.
• Soyabean as the healthiest plant protein source
In line with the FAO/WHO recommendations that half of the estimated protein needed by man may come from plant sources, the plant protein source may come from soyabean, which is affordable and contains essential nutrients. Soyabeans are unique from other legumes because they have a concentrated source of isoflavones and have weak estrogenic. They have higher amount of protein and fats than other legumes. They are relatively low in carbohydrate. Nutritionally, soyabean is one of the best sources of high-quality plant protein, containing about 40-56 per cent of the dry weight. The fat content is approximately 18 per cent of the dry weight, mainly polyunsaturated and monounsaturated fatty acids and zero cholesterol.
The predominant type of fat in soyabeans is linoleic acid, which accounts for about 50 per cent of the total fat. Soyabeans are low in carbohydrates, hence very low on the glycemic index (GI), which is a measure of how foods affect the rise in blood sugar after a meal. Soyabeans contain a moderate amount of soluble and insoluble fibre.
It is a good source of several vitamins and minerals, including vitamin K1, the B-vitamins, folate, copper, manganese, potassium, phosphorus, and thiamine. They are a rich source of various bioactive plant compounds, including isoflavones, saponins, and phytic acid. Generally, composition, protein quality and nutritive value of soybeans depend on numerous factors, including seed variety, environmental conditions during growing, harvesting and storage of the beans.

• Health Benefits of Soyabeans
Soyabeans have a number of health benefits. It may reduce the risk of cancer. The isoflavones and lunasin in soyabean may be responsible for the potential prevention of cancer. Exposure to isoflavones early in life may be protective against breast cancer later in life.
The high levels of antioxidants in soyabean may prevent the onset of several cancers; it may help to kill several cancer cells and remove free radicals from the body. Research studies indicate that isoflavones, found in soyabeans, may alleviate menopausal symptoms. A number of studies suggest that consumption of soyabeans can help lower the cholesterol in the body by 4-6 per cent.
The high amount of fiber in soyabeans may help to lower the cholesterol from other foods. It plays a vital role in the digestive system. People suffering from constipation are advised to consume fibre-rich foods to help them excrete regularly. Soyabean also contains oligosaccharides, a carbohydrate that is known to stimulate the growth of healthy gut bacteria, acting as a prebiotic.
Soyabeans help in healthy weight management. Its high protein content allows for the development of leaner muscle it helps in regulating insulin levels thereby curbing obesity. Soyabeans may lower high blood pressure because of its high protein, high potassium and low carbohydrate content, a mixture that helps to bring down blood pressure.

• Fish and Soyabeans combination
The combination of fish and soyabeans makes it a complete protein, containing all the essential amino acids and other important nutrients needed in the human body. Dietary habits of consuming soyabeans and fish have a lot of health benefits, as this combo can lower the risk of diabetes, heart diseases, stroke, cancer and other diseases affecting millions of Nigerians. This combo is cheap and readily available. Nigerians, especially the pregnant women, children and the elderly, can survive and live healthily on it. This superfood is recommended to all.

Adewolu Morenike is a professor at the Lagos State University and specialises in Fish Nutrition.

First Bank Deepens Financial Inclusion via Agent Banking Network, Empowers SMEs

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Adesola Adeduntan
CEO
First Bank

At present, there are over 86,000 banking agents across 772 out of the 774 local government areas in Nigeria, a demonstration of First Bank of Nigeria’s commitment to deepening financial inclusion and ensuring the unbanked are adequately catered for.
Mr. Adesola Adeduntan, First Bank’s CEO, noted that over N9.6 trillion had been processed through the bank’s agent network.
As he explained, FirstMonie agents have supported several government and NGOs’ cash transfers to the poorest of the poor in the rural areas. Additionally, selected FirstMonie agents in the rural communities are equipped with BVN enrolment devices; as such they are able to enrol and open accounts for rural dwellers that hitherto may not have had the opportunity to be included in the formal financial services system.
The bank’s commitment to providing access to finance for Small and Medium Enterprises (SMEs) was also highlighted by the CEO, who hinged this on “their potential to impact the economy.”
He discussed the bank’s value adding solutions that have created a functional ecosystem for SMEs to thrive. The ecosystem includes propositions such as connection of the SMEs to talents and resources/cutting edge tools, access to business finance and market, capacity building opportunities and policy advocacy.
These are all aggregated on its SMEConnect platform as value adding products and services for easy access and at rates (prices) that are competitive and mostly discounted. The SMEConnect is a digital platform that allows the SMEs connect to FBN’s offerings from the comfort of their locations anywhere in the world.
This, according to Adeduntan, has been well received by the SME community as we engage across the country.

Stanbic IBTC Asset Management Assigned ‘AA(IM)’ Rating

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Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, has been assigned an AA(IM) investment manager ratingwith a Stable Outlook by Agusto & Co.
Agusto and Co, a leading Pan-African rating agency, stated that this rating is a reflection of the financial institution’s pedigree and provision of exceptional services to its customers.
The criteria for awarding the financial institution the AA(IM) rating with a stable Outlook was stated thus: “Having taken into consideration its board composition which has the potential to elevate investment and business risks, the new AA(IM) rating is areflection of Stanbic IBTC Asset Management’s sound operational track record in the asset management industry, well-composed and experienced decision-making committees,good operational risk management and membership of the Stanbic IBTC Group.”
Speaking on this achievement, Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management Limited, said the organisation remains focused and well positioned to provide fund management solutions that cut across different markets,asset classes and in line with international standards.
Reiterating the organisation’s commitment to doing more in the asset management sub-sector, Sotuboappreciated all stakeholders for their continued support over the years.
Incorporated in 1992, Stanbic IBTC AssetManagement provides portfolio management and investment advisory services to corporate and individual investors globally.
In a similar vein, another subsidiary of Stanbic IBTC Holdings PLC, Stanbic IBTC Stockbrokers Limited has emerged top on the list of stockbroking firms with the most traded stocks in 2020. This was made known in the recently released Nigerian Stock Exchange (NSE) report titled “2020 Broker Performance Report”.
According to the report, from the total traded stocks valued at N1.17trillion, Stanbic IBTC Stockbrokers emerged top on the list of 10 leading stockbrokers with traded securities worth N218.14 billion. This represents 10.04 per cent of traded stocks’ total value in the NSE between January to December 2020.Stanbic IBTC Stockbrokers also traded an estimated 8.15 billion units of shares within the same period, representing over 4.2 per cent of the total traded stocks.
Titi Ogungbesan, Chief Executive, Stanbic IBTC Stockbrokers Limited, expressed her delight at the performance of the stockbroking subsidiary of Stanbic IBTC Holdings PLC.
She said: “Our industry performance is driven by deep market knowledge and global standard investment management expertise. We hinge our deliveryon integrity, professionalism and efficient execution capabilities. This is another milestone that proves our commitment to lead the investment management services industry in sub-Saharan Africa.”
Assuring clients of continued commitment to best execution in achieving their investment objectives, Ogungbesan stated that Stanbic IBTC Stockbrokers Limited would not relent in contributing towards building a stronger and more vibrant stock market in Nigeria.

Stanbic IBTC Donates Vocational Centre for Young Inmates

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Stanbic IBTC Holdings PLC, a member of Standard Bank Group has donated a vocational centre to one of its host communities.
The Finance Department of the organisation recently built a fully equipped vocational centre atthe Borstal Training Institute (BTI), Abeokuta, Ogun State, as part of its Corporate Social Investment (CSI) initiative.
The BTI is the Nigerian Correctional Service’s juvenile arm, set up to correct, train, reform, rehabilitate, and reintegrate young offenders. The vocational centre built and donated by the Finance Department of Stanbic IBTC at BTI in Abeokuta, is a facility where young male inmates are exposed to various skills acquisition trainings like carpentry, tailoring and ICT.
The BTI facility at Abeokuta is one of the three borstals in Nigeria, and it serves the entire Southern part of the country.The other two are located in Kaduna and Kwara States.
Speaking on the rationale behind this donation, OmololaFashesin, Head, Sustainability, Stanbic IBTC Holdings PLC, said: “At Stanbic IBTC, we pay strong attention to empowerment, being one of the pillars around which our CSI initiative revolves. We delight in seeing people succeed and advance financially, and we empower them to be able to make and act on economic decisions.”
She added: “To achieve societal and economic empowerment, young people need the skills and resources to compete in markets, as well as fair and equal access to economic institutions. This is what we provide at Stanbic IBTC. It is the beginning of a cumulative process that will allow these young men to develop the knowledge, skills and confidence they need to succeed.”
Appreciating the staff of Stanbic IBTC’s Finance Department for the positive contributions to the lives of the inmates, Mojeed Adeniran, Comptroller of Corrections, Ogun State Command, noted that the donation would help the skill development of the trainees, as correctional centres serve to correct and build the capacities of the inmates.
Ahmed Adetola Kazeem, Executive Director, Prisoners’ Rights Advocacy Initiative, urged other corporate organisations to match the commitment to social and economic growth, as displayed by Stanbic IBTC Holdings PLC.
He noted that the donation of a fully functional training centre to the BTI will help transform the lives of young inmates at the facility, empowering them to be better citizens of the country while contributing their quota to the nation’s development.

Don Seeks Establishment of Home Economics, Nutrition Extension Agents

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A leading nutrition expert has called for the establishment of Home Economics and Nutrition Extension agents across the country in furtherance of efforts to curtail the menace of malnutrition, particularly protein malnutrition in Nigeria.
Prof. Henrietta Nkechi Ene-Obong of the Department of Biochemistry, Faculty of Basic Medical Sciences, University of Calabar, Cross River State, who made this call recently at the Protein Challenge Webinar themed ‘Bridging the Knowledge Gap’, noted that the agents would function much like agricultural extension officers, in the nutrition space.
She argued that the message about nutrition must be brought to the level of the people across every stratum of the society and where possible, provided in the local languages to help boost nutrition education.
According to her, “Home economics and nutrition extension agents would be in the best position to simplify the nutrition message and bring it to the people to bring about the desired outcome in behaviour from the citizenry.”
She called for the introduction of nutrition education in schools, nursery, primary and secondary, as students can learn and equally be able to teach their parents at home. The don stated that capacity must be developed to bridge the knowledge gap and put such knowledge into action.
Reports indicate that food consumption habits in Nigeria depend on the availability of food source, affordability of the food and knowledge of the nutrition value along with the personal choice or preference of the buyer.
On the importance of protein, she explained that proteins are made up of amino acids, which are the building blocks of the body tissues; hence they are found throughout the body. Pregnant and lactating women need extra proteins to help in the development of the foetus and milk production, she noted. She said that healthy adults need to consume an average of 0.8g of protein per kilogram of body weight, for individuals with minimal to intense physical activity.
In family meals, it is important that carbohydrates with proteins are mixed, she said for, example, rice and beans, yam and eggs. We must ensure that infants and young children consume foods from at least four food groups: grains, roots and tubers; legumes and nuts; dairy products; flesh foods and eggs; vitamin A-rich fruits and vegetables (like carrots and sweet potatoes) and other fruits and vegetables.”
Prof Ene-Obong revealed that of all measures designed to stop all forms of malnutrition, the food-based approach is the most cost-effective.
She stated that with adequate nutrition in the first 1,000 days of life and adequate maternal and adolescent nutrition, the nation stands a better chance of curbing the menace of malnutrition. The home economics and nutrition agents will be at the forefront of pursuing this agenda.
The nutrition enthusiast stated that mothers need to be encouraged to engage in exclusive breastfeeding for the first six months and to continue breastfeeding for two years. Adequate complementary feeding should also be promoted, the professor of human nutrition said.
Protein Challenge is the tag of The Nigeria Protein Awareness Campaign, a protein pull media campaign that seeks to create awareness about the prevalence, status and impact of protein deficiency in Nigeria.
The campaign aligns with the Sustainable Development Goal (SDG) 2 – Zero Hunger – which seeks to end hunger, achieve food security and improved nutrition and promote sustainable agriculture.

3 Essential Elements of a Protein-Centred National Nutrition Policy

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By Veronica Eneh Ejembi

Nutrition, whether at the individual, domestic or national level, is an essential part of health and development that cannot be overemphasized. Achieving optimal nutrition is critical to any nation. This is particularly true for the nutritionally vulnerable (pregnant women and their unborn children, elderly, children under five, immune-compromised individuals and people living with chronic illnesses).
A country’s health index can be used to predict its economic potential and development projection. Since it has been established that the health status of a country is important, there is the need to have a nutrition policy in place to enable it tackle emergent health issues.
A policy is a statement of intent proposed by an organisation or an individual to guide decisions and achieve rational outcomes. Policies are necessary tools for addressing issues and one of such policies that are essential is a nutritional policy.
A nutritional policy is an agreed statement by an authoritative body (usually the government) of its intent to act to maintain or alter the food supply, nutritional status or some indicator in the society. Often, nutritional policies are created and implemented as planning tools to ensure population health optimisation, or created as a response to a population health need.
No doubt, implementing a protein-centred nutrition policy will help influence people’s attitude towards consuming protein-rich foods and limit illnesses associated with protein deficiency. Besides, a nutritional policy will help change certain cultural behaviours like giving the head of a household a large portion of available protein foods, considering protein a ‘luxury food’ and not prioritising protein in one’s diet.
Globally, national nutrition policies have had a positive impact on health. For example, the wheat flour fortification programme in Jordan where the staple flour is fortified with iron and folic acid then later with zinc, niacin and vitamins A and B.
The United States of America also had a programme to influence the increase in consumption of dairy. In Nigeria, iodine deficiency was also combated by increasing the public’s education of the benefits of iodine in diet. These examples show that having a protein-centred national nutrition policy may indeed be the way to go in tackling protein deficiency in Nigeria.
To develop and implement a protein-centred nutrition policy in Nigeria, certain frameworks should be in place. These guidelines were discussed by medical experts and nutritionists at the recently held Protein Challenge Webinar Series 6 themed ‘The Case for a Protein-Centred National Nutrition Policy.’

Here are three pillars that should be a part of such a policy:

Education About Protein Benefits
A lot of people lack the necessary information about the benefits of protein and this has hampered its consumption. Education about protein should not be restricted to classrooms and in theory only. Head of households, key nutrition decision makers and homemakers should be educated at community centres, primary health centres and religious places on the benefits of including protein in the family diets. The woman functions as a gatekeeper in the home and educating her on the need for protein-rich foods and the risks associated with not eating enough protein will help influence the consumption of proteins in the home.

Availability of Protein-rich Foods
Protein-rich foods need to be prioritised and made available for consumption. This can be achieved if agricultural and food production policies support farmers by providing them with fertilizers, transportation, storage and processing facilities. Initiatives like these will encourage more farmers to plant and produce more protein-rich plants and rear animal proteins that are affordable for people to purchase and consume.

Affordability of Protein Food Sources
Most people tend to ignore protein foods because of the assumption that they are expensive. In a way, most animal proteins are pricey. It is therefore imperative to ensure constant availability of protein-rich foods as this will drive down cost and take care of price. Besides, the government can introduce subsidies to make certain protein foods affordable to a point where every household can afford to consume protein at every meal.
Nutritional policies, when implemented effectively have shown that there is a positive shift in the direction aimed for. This proves that creating and implementing a protein-centred nutrition policy would be a great step towards eradicating protein deficiency in Nigeria.
This protein-centred nutrition policy needs to target education, availability and affordability of protein-rich foods. Protein deficiency will become a thing of the past in Nigeria with the effective implementation of a protein-centred national nutrition policy.

Stanbic IBTC Continues to Impact Lives via CSI Initiatives

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Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued to make remarkable contributions to children’s lives in communities where it operates.
As part of its Corporate Social Investment (CSI) initiative, the financial institution’s Marketing and Corporate Communications department renovated the SOS Children’s Villages, Social Centre, located at Isolo in Lagos State.
Members of the department gave the Social centre a face-lift with new wall paintings, sophisticated furniture, and donated an All-In-One computer to comfort the children in accessing the digital hub at their Ejigbo campus.
The facility is home to over 300 youths and over 2000 youths around Ejigbo will benefit from the upgraded space which includes a lounge, hub furniture and the all-in-one computer donated. SOS Children’s Villages is a non-governmental and non-denominational organisation that supports and provides for vulnerable children and young people who lack the required family care, protection and guidance.
Reiterating Stanbic IBTC’s commitment to continue making a positive impact in the society, Bridget Oyefeso-Odusami, Head, Marketing and Corporate Communications, Stanbic IBTC Holdings PLC, said that the organisation is keen on collaborating with reputable bodies such as the SOS Children’s Villages to foster the development of the nation’s younger generation. We believe the future is digital, and we are happy to have donated useful items to enable the youths to stay up to date with digital learning, so they remain relevant in these times.
According to her, “At Stanbic IBTC, we are passionate about the wellbeing of our future leaders. As a socially responsible organisation, one of our major duties is to improve the quality of life of the needy in our society. This is what we aim to achieve through our Corporate Social Investment (CSI) initiatives.”
Oyefeso-Odusami praised the management of the SOS Children’s Villages for their selfless service to humanity and encouraged the children to take advantage of the provisions made available within the facility.
Expressing his gratitude to Stanbic IBTC for their thoughtfulness, Ayodeji Adelopo, Programme Director, SOS Children’s Villages Nigeria, said that the donations would enhance the impact that the organisation’s impact in the lives of the children.
In his words: “These children need a conducive environment to learn as well as access to emerging technology and the digital space. Stanbic IBTC has given these young ones the kind of luxury that is not available to them, and for this, we are very grateful.”
During her closing remarks, Maryam Daramola, Face-to-Face Fundraising Coordinator, SOS Children’s Villages, urged other corporate organisations, institutions, communities and governments to emulate the kind gesture of Stanbic IBTC in donating and partnering with them to make life better for the needy.
Daramola stated that since the inception of the SOS Children’s Village, the organisation has consistently worked to keep families together, provide alternative care when needed, support young people on their path to independence, and advocate for children’s rights.
The SOS Children’s Villages was founded in 1949 and is currently located in 135 countries and territories worldwide. The Nigerian arm of the organisation, established 46 years ago, has presence in Lagos, Ogun and Plateau as well as the Federal Capital Territory, Abuja.
Earlier on, the Lagos Island Zone of Stanbic IBTC Bank PLC also renovated Ayodele Primary School in Ajegunle, Lagos State while Stanbic IBTC Stockbrokers Limited refurbished Ijamido Children’s Home at Ota in Ogun State.
Stanbic IBTC continues to reiterate its commitment to supporting the growth of education in the country, especially through enhanced digital capabilities. This was demonstrated as the management of Estate Grammar School, Ilupeju, Oshodi, received a fully furnished digital library from the Operations Shared Services (OSS) department of Stanbic IBTC Bank PLC.
Similarly, at the Love Home Orphanage, Magodo, Lagos, the Business Transformation Programmes (BTP) department of Stanbic IBTC Holdings PLC donated food and other household items to orphans whose means of survival is dependent on generous donations from socially responsible corporate institutions. According to Gbenga Onabanjo, Head Business Transformation Programmes, “there is nothing more heartwarming than seeing smiles you put in the faces of those who need it the most, people who have never met you but somehow have had their lives impacted from your kind gesture. It is not something we take for granted at Stanbic IBTC.”
The foremost end-to-end financial services provider, through these interventions, has proven that it will not relent in its contribution to Nigeria’s socio-economic development.

Banks are Pivotal to Success of AfCFTA – Ecobank MD

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Patrick Akinwuntan
Managing Director
Ecobank Nigeria

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the success of African Continental Free Trade Area (AfCFTA) will rely heavily on the financial services industry’s ability to facilitate the liberalisation process.
Akinwuntan, who made this submission at a webinar titled: Exploring Nigeria’s Readiness for the African Continental Free Trade Area organised by Deloitte, maintained that the banking industry in Nigeria is ready for the implementation of the AfCFTA, and that it will be responsible for facilitating transactions, mobilising savings, allocating capital funds and monitoring managers so that the funds allocated will be utilised as envisaged, as well as managing risks.
According to Akinwuntan, “Nigeria banks have strong capital and their operating synergies have been tremendous for the past five years particularly in the digital banking space. Nigeria is a leading player on the continent in payments required to facilitate trade; mobilisation of savings required to galvanise the economy; focus on the SME segment, which is the largest employer of labour especially in the critical industries such as Agriculture as Africa is a continent that is rich in commodities; education of our teeming population and health.”
Further, the Ecobank Managing Director said for the financial institutions to adequately play their expected roles, they would need to drive value creation by developing new technologies, scaling its payment infrastructure and methods to a pan African play to serve the diversified economies expected from the agreement.
He noted that “Africa’s financial services sector will also be relied on to provide the credit and support necessary for certain industries to move forward particularly the infrastructure and manufacturing sectors, which will be at the centre of Africa’s development goals following the AfCFTA enactment”.
“Nigerian financial service industry has the basic platform to enable African financial services to contribute significantly to the trade area. The BVN innovation in Nigeria is unique, more like the social security number in USA. NIBSS, the hub for payment systems in Nigeria is a strong base that is scalable to a pan African payment network. In terms of continental expansion, we are beginning to increased interest in Pan African banks. Ecobank with strong Nigeria content is a lead player in this space, with presence in over 33 countries in Africa, he stated.
Earlier, the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo said the Nigerian government was irrevocably committed to the success of the AfCTA. According to him, the AfCFTA complements Nigeria’s export diversification aspiration as it provides preferential market access for Nigerian products and services in the vast African market.
“For Nigeria, the gains are significant. The AfCFTA would expand market access for Nigeria’s exporters of goods and services, spur growth and boost job creation, eliminate barriers against Nigeria’s products, provide a Dispute Settlement Mechanism for stopping the hostile and discriminatory treatment directed against Nigerian, safeguard the Nigerian economy from dumping and unfair trade practices and support the industrial policy, among others among others.”
In his welcome address, Delloite CEO, West Africa, Fatai Folarin, said his organisation decided to organise the webinar to create awareness on the attendant benefits inherent in AfCTA. He explained the trade agreement aims to create a single continental market for goods and services, with free movement of business, persons and investments within the African region.
The AfCFTA due to commence in January 2021, will pave the way for a rapid dismantling of such impediments to cross-border trade. Alongside the removal of tariff barriers, the AfCFTA will also focus attention on outstanding nontariff barriers (NTBs), an important step toward increased trade in the region.
The AfCFTA aims to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Customs Union.
It will bring together all 55 AU member states covering a market of more than 1.2 billion people. In terms of numbers of participating countries, it is set to be the world’s largest free trade area since the formation of the World Trade Organisation.

Soybean: The ‘Miracle Bean’ Against Protein Deficiency

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By Veronica Ejembi
Protein deficiency is at an all-time high in Nigeria. If you think this health issue is exaggerated, then you need to take a look at the 2018 Nigeria Demographic and Health Survey (2018 NDHS) to understand how worrisome this matter has become. The Nigeria Protein Deficiency Report 2019 was equally sobering.
Protein is very important for productivity, growth and development. Simply put, without protein, nothing works and for individuals to be healthy, the inclusion of protein in the diets is paramount.
Protein is needed not only at the beginning of life but also at different stages of life. The amount of protein required by various individuals depends on age, gender, and physiological conditions such as growth, pregnancy, and lactation. Protein consumption must be taken seriously by all age groups.
Protein consumption in Nigeria is determined by various factors such as availability, affordability, taste, nutritional value, culture, and fondness for certain protein-rich foods. For us to overcome the menace of protein deficiency, there is a need to address the above factors to help boost the consumption of protein-rich foods.
In the quest to find a lasting solution, soybean has been tipped as the ‘Miracle Bean’ capable of tackling protein deficiency. Soybeans are also known as ‘meat without bones’ and have been recognised as plant food that is relatively high in protein compared with other plants and even some animals.
The protein in soybeans is of good quality, supports growth in children and contains high functional properties like lecithin and sadonins. Also, soybeans contain essential amino acids that are beneficial to the body and should be combined with all the food groups that make up a balanced diet.
The importance of soybeans in the war against protein deficiency has not gone unnoticed. In the recent Protein Challenge Webinar themed Nigeria’s Protein Deficiency Challenge: Soybeans to the Rescue, nutrition experts convened to discuss how soybeans can be incorporated not only into meals but also the way of life of Nigerians. Find highlights from the session below:

• Nutrition Education on Benefits of Soybeans
The World Health Organisation (WHO) has endorsed soybean as an ingredient in complementary food, due to its ability to provide a single-source availability of adequate levels of essential amino acids of high biological value.
When soybean is combined with other foods like whole grains, milk and eggs it helps children grow taller naturally. They can also be added to cereals to improve the protein content and supply essential nutrients for the body to stay healthy. The benefits of soybeans are not restricted to children alone. In adults, soybean meals can improve immunity and quality of life.
Soybeans are versatile. There should be community nutrition education on the benefits of soybean consumption. In many instances, it would require collaboration between the private and the public sectors. Non-governmental organisations (NGOs) have to be actively involved in educating Nigerians not just on the ills of protein deficiency but also the different ways and benefits of using soybeans to combat protein deficiency.
Women, especially, should be empowered, through education, with the nutritional and health benefits of soybeans. They should be taught how best to introduce this ‘Miracle Bean’ creatively in meal planning in their homes.

• Increase Acceptability of Soybeans
People do not go to the market to buy protein, minerals or vitamins, but food. Food is not just about nutrients; it is about cultural acceptability. In Nigeria, the food sources that are frequently eaten are not necessarily the healthiest. It is usually socially acceptable and available.
Soybeans are a protein-rich food source. It is locally available. It now needs to be repackaged to become acceptable. Also, there is the need to rebrand soybean as a product that is not just for the poor but for everyone, particularly for the health-conscious.
Soybeans should be made readily available. To achieve this, production should be increased to match demand. Besides, to ensure that it catches on fast, there should be a policy for feed millers to incorporate soy flour into wheat flour production. Bakers and confectionary firms can equally add soy flour at the point of production to promote acceptability and improve the nutrient value of the products.

• Explore Soy Products
There are varieties of soybean products that can be utilised in our diets. Products such as soy milk, soy sauce, tofu, soybean oil, soy flour, soy cake, soy nut butter, and soy-based infant formula, among others, should be adequately explored in the fight against protein deficiency.
Every one of these soy products screams protein. Protein is needed to build protection against infections, boost the immune system and serve as a good source of energy.
It is time for Nigerians to be soy-centred. To start, every one of us should keep soy flour in our kitchens and incorporate soy products into meals. Soybean is the key to defeating protein deficiency. It is healthy, protein-rich, readily available and easily accessible.
Don’t snooze on this ‘golden legume’.

‘How Soybeans Will Reduce Malnutrition in Nigeria’

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Professor Ibiyemi Olayiwola, a nutritionist, says soybean has the required protein nutrients to reduce the challenge of protein deficiency and malnutrition in Nigeria.
Speaking during a soybean webinar titled: Nigeria Protein Deficiency-Soybean to the Rescue, Olayiwola maintained that proteins are essential for growth, body building, repairs, and replacement of lost tissues. Additionally, proteins also protect against infections, boost the immune system, support metabolism, as well as provide a source of energy.
She lamented that protein deficiency has led to a number of diseases among vulnerable groups such as wasting, stunting and underweight.
The don described soybeans as globally important and economical crops which are useful as food for human consumption (soy sauce, soy milk, tofu, soy meal, soy flour, texture vegetable protein, tempeh, soy lecithin and soybean oil) and as flour: Used in bread making. Soy Lecithin can be added to make lecithinated soy flour.
“Soy flour contains higher protein (50%), thiamine, riboflavin, phosphorus, calcium, and iron than wheat flour.”
She listed other uses of soybean as meat and dairy alternatives and extenders: (soy milk, margarine, soy ice cream, soy yogurt, soy cheese, and soy cream cheese), livestock consumption (Widely used in the form of soybean meal, It provides about 60% of the protein fed to livestock, Predominantly rich in omega-6-fatty acid, Poultry, pork, cattle, other farm animals and pets, Soybean leaves and stems can be grazed, ensiled or dried to make a hay, Its foliage is nutritive and digestible for cattles (Protein boost for beef) and in aquaculture: High protein soymeal are mainly found in fish foods.
In terms of economic Value, Olayiwola said soybean has high value and profitable (accounts for 60% of the world vegetable and animal meals output) just as Soy products are found in commercial sold carpets while candles made from soybean oil burn longer with less smoke.
‘In Agriculture, soybean is planted for its quality, innovation, sustainability and agronomic value.’
The nutritionist was emphatic that Nigeria could end hunger and malnutrition in the country by utilizing the nutritional values of soybeans.
“Soybean is a good source of vitamins, and minerals, and is also rich in fiber and high-quality oil. Soy oil is 85% unsaturated and cholesterol-free with tremendous nutritional benefit to all age groups (children, adolescents, adults, elderly, sick people, IDPs internally displaced people , those who are hungry and undernourished , stunted, wasted.”
In conclusion, she warned that we must act now to address the problem of protein deficiency and malnutrition before it gets out of hand.
“Time to act is now with the consumption of soymeal and other cheaper protein sources in Nigeria.
This can rescue protein deficiency of children, mothers, pregnant and lactating women.
Soybeans meal can improve and increase life of adults who are at risk of protein deficiency due to various ailments and NCDs. The World Health Organisation (WHO) has endorsed soybean as ingredient in complimentary food, due to its ability to provide a single-source availability of adequate levels of essential amino acids, of high biological value.”
She made three recommendations on the way forward:
• Considering the importance of protein for healthy living, there is a need for adequate consumption at different stages of the life.
• Protein requirements differ depending on age, sex, and physiological condition such as growth, pregnancy, and lactation (FAO/WHO); thus protein intake must be taken seriously by all age groups.
• Nutrition experts agreed on RDA (Recommended Dietary Allowance) of at least 0.8g/kg body weight/day that safely and adequately meets the protein need of most healthy persons.

Verve Goodlife Promo: Santa’s Last-Minute Treat

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We know you have been dreaming of Christmas, just like the ones you are used to. However, this time Christmas has a zing to it, Christmas is coming ‘Blue’.
This year, it is the Verve Goodlife Christmas!
As we draw closer to that exciting time of the year, everyone is set to bask in the holiday mood. We deserve it because the year 2020 has been a myriad of challenging events. The vibes of merriment have taken over the internet and marketers have kicked-off their festive offers with discounts, gifts, and many other exciting giveaways.
You probably missed out on the Black Friday opportunities, but no blames,we understand that this year has been quite challenging and there isn’t so much disposable cash, interestingly, that should not stop you from enjoying the good life. Which is why we would like to ask an important question; IF WE WERE TO UNVEIL SANTA’S LAST-MINUTE GOODY BAG, WHAT DO YOU THINK YOU’D FIND?
Your response may vary from ornaments to phones, perhaps life kits for navigating year 2021 as the year 2020 comes to an end! To answer our question, we are happy to inform you that
Verve, Africa’s leading card payment scheme is rounding off its three-month long promo with a bang! The sum of Two (2) Million Naira for two people!
As you know this season is a time to spread love and joy, as such, Verve has decided to spread a massive dose of love by making sure you get a slice of the good life this Christmas. A little bird told us there are as much as 452 goody bags to go round Verve cardholders.
The Verve Good Life Promo was launched on September 1, 2020, and so far, the brand has rewarded over 2,000 loyal Verve cardholders with cash gifts and airtime.
The objective of the promo is to reiterate the brand’s commitment to reward Verve cardholders for their loyalty and enable Verve’s loyal cardholders to live the good life, whatever the good life means to them.The promo was however extended for two weeks to ensure that more Verve cardholder get a feel of the good life Christmas.
The three-month long promo is drawing to a close and what better way to close it than with a bang! Yes, your big bang!
Two lucky cardholders will stand the chance to win the grand prize of One Million Naira each. In addition, 50 other cardholders will win N50, 000 each and another batch of 400 cardholders will win N10, 000 cash and N5, 000 worth of airtime.

Here is how you can qualify for Santa’s last-minute goody bag
To qualify for the grand draw for the N1, 000,000 cash prize, you are encouraged as a Verve cardholder to transact with the Verve card every day! Transact with your card at least 36 times. The more you transact, the higher your chances of winning.
As a new cardholder, you can also win. All you need do is get your Verve card and transact with it immediately, a minimum of 36 transactions between now and December 13, 2020.
This Christmas is about to be lit, take advantage of the promo to enjoy your Santa goody bag, we’ve got not one but more in store for you.
For the N50, 000 prize, use your card for a minimum of 12 transactions across POS terminals, ATM, Web and agent kiosks. between now and the closing date. Cardholders who have successfully completed up to three transactions, stand the chance to win N10, 000 cash prizes or N5,000 worth of airtime.
And if you don’t have a Verve card, ask your bank for one today and start transacting and you will be enjoying the good life with Verve this Christmas!
Have a very Blue Christmas!