Creative Media Works operating as BBM Messenger invites stakeholders to the first of its Innovation Information sessions.
Highlighting a focus on fintech, the powerful afternoon would be packed with innovation-rich content, sharing and networking, aimed to help participants innovate and extend their mobile business platform.
Interviews with Adam Pattison, BBM Messenger, VP Americas and EMEA, to discuss the exciting future plans of the messaging platform available on request ([email protected]).
Date:Friday 10th November
Time:14:30pm – 18:00pm
Venue:Protea Hotel Ikeja, Isaac John Street
Agenda:
14:30 – 15:00:Arrival, welcome & introduction.
15:00 – 15:15:Opening speech: Feyi Olubodun, Managing Director/CEO, Insights Publicis opening the day sharing perspectives on the next stage in the digital and mobile space in Nigeria.
15:15 – 15:40: Keynote speaker: Charles Ifedi, Divisional CEO of Interswitch, discusses innovation based on the Interswitch integration into BBM and the functionality of Quickteller: Paycode (ATM & POS); Money Transfer & Airtime Top-up within the BBM App. Charles will also share insights about innovation in Nigeria, the trends and flow of technology in the market.
15:40 – 16:05:Adam Pattison, BBM Messenger, VP Americas and EMEA, discusses the BBM Messenger upgrade, latest app and BBM Messenger news.
16:05 – 16:50:Break for refreshments and late lunch.
16:50 – 17:00:Elsie Oluku, Ariiya Tickets discusses the partnership with BBM and their content and service offering.
17:00 – 17:20:Mobi Hunter outlines BBM’s position in the market, the state of the Nigerian digital market, the victories, the failures and the soon-to-come highlights.
Mercer South Africa (Consulting) (Pty) Limited announced on 25 October 2017 that it has entered into a strategic partnership agreement with EZ37 Solutions Limited, a Nigeria- based Human Resources firm.
Under the terms of the agreement, global human resources consultancy Mercer, will utilize the deep knowledge of the local Nigerian market and the wide relationships already in place to grow their local relationships even further, based on the deep footprint and contacts of EZ37 Solutions.
It will also provide EZ37 Solutions with the opportunity to further broaden its current offering to other local and Multi National players in the Nigerian market and to expand into new products and solution sets.
Anne-Magriet Schoeman, CEO of Mercer South Africa (Consulting) (Pty) Ltd, said: “We are honoured to be partnering with such a strong and reputable player in the local market, we are excited about the growth opportunities this new partnership will offer both entities.”
EZ37 Solutions Limited is a leading Human Resources and Management Consulting firm which was incorporated in 2009 with the objective of providing the entire value chain of Human Resources and Management Consultancy Services.
They specialise in Search & Selection, Recruitment, Soft Skills Training, Human Capital Consultancy and Background Verification. EZ37 Solutions has contributed value to organisations across all major sectors in Nigeria.
Says Mrs Adaora Ayoade, CEO of EZ37 Solutions: “As a recognised representative for Mercer in Nigeria and West Africa, EZ37 Solutions is committed to further strengthening and expanding the provision of forward-thinking Human Resource Solutions across the Nigerian public and private sectors. The partnership between both organisations will expand the current portfolio of Human Capital Solutions which will result in significantly enhanced and tailored solutions to meet the increasing demand for such services in the Nigerian and West African operating environment.”
· This paradigm shift in industrial thinking will allow African companies to leapfrog competition and establish the continent as an industrial powerhouse
Powered by GE, the program combines the best of GE’s technical expertise with ALU’s unique learning model in a 12-month professional training program that merges the essential business and technical skills necessary for African professionals to succeed in a digital industrial environment. The program which begins in January 2018 re-emphasises GE’s position as the world’s premier digital industrial company.
In an increasingly connected industrial ecosystem, a staggering amount of data is being generated every moment. Commonly termed ‘Industrial Internet’, it involves connecting software, industrial applications and intelligent analytics to businesses, enabling unprecedented gains in productivity and innovation from these massive datasets.
Leveraged effectively, this paradigm shift in industrial thinking will allow African companies to leapfrog competition and establish the continent as an industrial powerhouse. However, this requires a new generation of talent with a strong technical foundation in big-data analytics, machine learning and web application development, as well as the business acumen to translate technological improvements into business results.
The AIIP employs a blended learning model to participants with a mix of online learning and periodic 3-5 day in-person intensives to be held at the GE Africa Innovation Centre in Johannesburg. This approach provides flexibility to participants enabling them to learn from industry experts, and at the same time, immediately apply what they learn in the program in their daily jobs. The program includes hands-on training on artificial intelligence and machine learning with ALU’s unique entrepreneurial leadership program to prepare professionals for leadership roles entrepreneurial, technology driven work environments.
Participants will work with best-in-class technology including GE’s pioneer platform for the Industrial Internet – Predix to build applications that can solve complex problems for industrial companies. Participants will be taught by industry practitioners who bring in years of experience in their fields.
Reinstating GE’s commitment to Africa, Roti Balogun, Director, Learning & Development, GE Africa said:
“It’s an exciting period for us to take the lead in building digital industrial capabilities on the continent with this game-changing program. Our focus on the key recommendations from the World Economic Forum on the Future of Work, and this great partnership with the ALU, will no doubt continue to strengthen education systems with closer ties to industry across Africa. We remain committed to developing the next generation of leaders in this transformative digital age.”
Commenting on the launch of the program, ALU Founder and CEO, Fred Swaniker stated “We are delighted to partner with GE to offer a program that holistically prepares current and future professionals to harness the full potential of artificial intelligence in building their businesses, creating jobs and transforming lives. GE’s commitment to innovation and technology transfer in Africa resonates with ALU’s vision to harness technology and innovation to leapfrog Africa’s economic transformation.”
The International Air Transport Association (IATA) in collaboration with Airports Council International (ACI) have launched the New Experience in Travel and Technologies (NEXTT) initiative.
In light of the projected doubling of air travel demand by 2036, new on-ground concepts are, and increasingly will be required to optimize the use of emerging technologies, processes and design developments. NEXTT aims to help deliver this future by developing a common vision to enhance the on-ground transport experience, guide industry investments and help governments improve the regulatory framework.
“We will not be able to handle the growth or evolving customer expectations with our current processes, installations and ways of doing business. And accommodating growth with ever bigger airports will be increasingly difficult if not impossible. NEXTT will address these challenges. Working with our airport partners we will explore the important changes in technology and processes to enhance the customer experience. And we will ask some fundamental questions about what really needs to happen at the airport and what can be done off-site,” said Alexandre de Juniac, IATA’s Director General and CEO.
“NEXTT will seek to provide a seamless journey by exploring increased off-site processing options; reducing or even eliminating queues; more efficiently using space and resources through enhanced deployments of artificial intelligence and robotics; and vastly improving data sharing between stakeholders. The goal of NEXTT is finding potential ways to integrate systems and improve operations in the most secure, effective and sustainable manner for the benefit of passengers and the industry,” said Angela Gittens, Director General, ACI World.
Specifically, NEXTT will investigate how passengers, cargo, baggage and aircraft move through the complete travel journey with a focus on change in three areas:
Off-airport Activities: NEXTT will explore the possibilities of transferring on-site processes off-site, such as security processing and baggage check and drop-off, to streamline the airport experience.
Advanced Processing Technology: NEXTT will investigate how advance processing technology, such as tracking and identification technology, automation and robotics can improve safety, security, the customer experience and operational efficiency.
Interactive Decision-making: NEXTT will promote the better use of data, predictive modelling and artificial intelligence to facilitate real-time decision-making, a key element in improving the passenger experience and optimizing operational efficiency.
IATA and ACI will work with their respective members, and other associations, service providers, engineering firms and manufacturers. Through the collaborative approach NEXTT aims to align the visions for the future passenger and cargo journey.
A number of key airports including Amsterdam Airport Schiphol (AMS), Bangalore International Airport (BLR), Dubai International (DXB), Heathrow Airport (LHR) and Shenzhen Airport (Group) Co., Ltd. (SZX) are already actively involved in a number of projects which explore NEXTT concepts.
The United Nations, Singapore’s Central Provident Fund (CPF), The UK National Employment Savings Trust (NEST) and Amundi have all been awarded Pensions & Investments WorldPensionSummit 2017 Innovation Awards.
The winners received their awards at the eighth WorldPensionSummit in The Hague, Netherlands. The Technology award was won by the United Nations Joint Staff Pension Fund, for its creation of a bespoke data handling system, IPAS. Runner up in this category was the Philippines’ Government Service Insurance System.
The CPF won the award for Communications, after the judges recognised the plan’s success in reaching younger members through its #ICanAdult campaign, which reached more than 2 million savers through social media. The runner up was New Zealand’s Kiwi Wealth Limited. NEST took home the Investment, prize, after introducing a fund targeting climate change reduction into its default strategy. The runner up was the Transport for London Pension Fund.
The award for Plan Design went to Amundi Global Servicing for its multi-employer cross border pension plan, which can comply with legislation and regulation in seven different European jurisdictions, reducing cost and complexity for multi-national employers. The runner up was the Natal Joint Municipal Pension/Provident Fund of South Africa. Chris Battaglia, CEO WorldPensionSummit and Group Publisher P&I, said: “Today’s winners and finalists represent a gold standard in the areas of pensions technology, communications, investment and plan design. “Their commitment to raising standards in their markets, and the examples they set to pension plans around the world, is exceptional, and I am proud to be recognising all of them today.”
The P&I WorldPensionSummit Innovation Awards recognise best practice among pension plans and funds worldwide. Winners and runners up are chosen by a panel of experienced global pensions industry figures. It is one of several P&I initiatives to reward high standards in the pensions industry, which also include the Defined Contribution Excellence and Innovation Awards and the “Eddy” Awards, which recognise outstanding efforts in education and communications for retirement plan participants.
Members of NAIPCO with the leadership of NAICOM during a courtesy call on the Government of Kaduna State in Kaduna recently.
No fewer than 21 outstanding companies and individuals in insurance and pension sectors will get awards at the upcoming 2017 Conference of the National Association of Insurance and Pension Correspondents (NAIPCO).
The conference billed to hold on 25th of October, 2017, at Oriental Hotel, Lagos, will be a gathering of stakeholders from the two sectors as well as their customers.
The shortlisted awardees were chosen after rigorous research and investigation into their financial performance and regulatory compliance.
According to the Association, performance in terms of balance sheet size, premium income, return on investment, pension assets under management (for pension fund operators, client base and profitability were equally crucial factors considered to determine award recipients.
Also, they were examined on how impactful and innovative their products are, sizing the opinion of their respective customers who patronise their products.
Members of NAIPCO with the leadership of NAICOM during a courtesy call on the Government of Kaduna State in Kaduna recently.
On individual awards, the awardees must have contributed to the growth and development of the sectors they play in through investment or advocacy.
The qualified companies and individuals are expected to be unveiled at the conference.
Meanwhile, the Commissioner for Insurance, Alhaji Mohammed Kari, will deliver the Keynote Address at the conference. Kari is expected to address the forum on the level of regulatory compliance of the insurance operators as well as policies of the National Insurance Commission (NAICOM) aimed at increasing insurance penetration and acceptance in the country.
The Acting Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar and the Executive Secretary, Pension Transitional and Arrangement Directorate (PTAD), Mrs. Sharon Ikeazor, will also deliver keynote address, while the Lagos State Governor, Mr. Akinwunmi Ambode, will be the Guest Speaker.
Investor and Industrialist, Chief Dele Fajemirokun, will chair the occasion, while the Iyaloja of Lagos, Mrs. Folashade Tinubu-Ojo, will lead the delegation of market women and traders in Lagos State to grace the occasion.
The 3-in-1 event, designed to discuss burning issues bothering on the two sectors, will also accommodate the launch of the Association’s Quarterly Journal, NAIPCO Trumpet and Awards for deserving legendaries and operators in the insurance and pension sectors.
NAIPCO President, Mrs. Omobola Tolu-Kusimo, said the association was extra careful in choosing companies and individuals to be awarded, using the aforementioned parameters, to ensure that those awarded qualify for it.
“As an association, we have been distancing ourselves from issuing awards because of the ways awards are politicised these days. But we believe the public will believe us the more if we award company A for its outstanding performance, using credible criteria.
“This is because this is a sector most of our members have been reporting for decades and have critical knowledge of how each firm operates.”
She stated that the motive behind organising the conference was to find a way of increasing insurance and pension awareness in the country as well as developing the sectors to increase consumer value and contribution to economy.
NAIPCO Journal, which would also be launched at the event, she added, is a project of the association also aimed at increasing insurance and pension awareness, adoption and penetration in the country.
Leading pan African cement manufacturer, Dangote Cement has maintained its strong hold in the Nigeria domestic cement market accounting for 65 percent of the Nigerian market volume, while other African plants’ volumes went up by 7.5 percent to 7.0 mta.
The Cement company has in the past months expanded its operations across Africa with the coming on stream of the 1.5 mta integrated cement plant in Mfila, Republic of Congo even as an acting chief executive officer has been appointed for the company.
According to the unaudited results for the nine months ended September 30, 2017, the plant which began operations last month has almost doubled the size of the cement sector in the country. The Congo plant brings to 10 the number of Dangote Cement plants across Africa.
Analysis of the results indicated that the company recorded strong volumes in Senegal, Ethiopia and Cameroon.
In the nine months under review, the 1.5 mta clinker grinding facility in Douala, Cameroon sold approximately 938 kt of cement, indicating an increase of 16.4 percent on the 806 kt sold during the same period in 2016.
The company attributes the increase in sales to a number of factors ranging from strong brand recognition, increased point of sales branding, improvements in sales and marketing strategies to higher visibility through trade shows.
Dangote Cement Ethiopia increased sales by 16.8 percent to nearly 1.7 mta in the first nine months of 2017 representing capacity utilization of approximately 88 percent. The cement plant in Pout, Senegal sold 1.0 mta of cement in the period under review, up by 21.7 percent on the comparable period of 2016. This represents almost 89 percent capacity utilization at the factory.
Chief Executive Officer, Dangote Cement, Onne van der Weijde, speaking on the results said, “Our Pan-African operations are performing strongly with excellent sales growth in Cameroon, Ethiopia and Senegal. We are consolidating our success across Africa and have just commissioned our 1.5Mta factory in Congo, the tenth country in which we have established operations.”
“In our key operations in Nigeria, we have significantly improved our fuel mix and this has helped increase margins across the Group. It is especially good for Nigeria because most of the coal we are using is mined in our own country”.
The Board of the cement company also announced changes in the leadership of the company with Mr. Onne Van der Weijde, stepping down as the company’s CEO at the end of 2017 having completed three years in this position, in order to return to his home country, The Netherlands. He will be appointed as a Non-Executive Director of Dangote Cement PLC, with effect from 1st January 2018.
The Board expressed appreciation to Mr. Onne for his contribution during his period as CEO in the last three years, in which he managed an important growth phase in the company’s development.
Engr. Joseph Makoju, Honorary Adviser to the Chairman and former MD of WAPCO/Lafarge, will be acting MD/CEO of Dangote Cement PLC.
The shares of Oando Plc have been suspended on the floor of the Nigerian stock Exchange (NSE) on the directive from the Securities and Exchange Commission (SEC) to suspend trading in the shares of Oando Plc.
Analysts believe the suspension of trading in the shares of the Oando Plc could be a fallout of the recent shareholder dispute and allegation of financial impropriety made against the management of the company by some shareholders.
According to Afrinvest Research, information sent to dealing members, trading of the shares of OANDO will be fully suspended for 48 hours, effective today – 18 October 2017 to 20 October 2017.
Thereafter, from 20 October 2017 and until further directive, the Exchange will implement a technical suspension in the shares of Oando. Hence, in the 48 hour period commencing today, there will be no trading in the shares of Oando.
However, effective 20 October 2017, investors will be able to trade in Oando’s shares but such trading will not result in any movement in the price of the shares.
Oando is one of the largest integrated energy solutions providers in Africa. The company operates in the upstream, midstream and downstream segments of the Oil & Gas Sector.
In its recapitalisation and restructuring drive, OANDO divested 49.0% stake in its downstream as well as 49.0% stake in its midstream operations to a consortium led by Helios Investment Partners in 2016.
Nigeria’s leading total beverage company, Guinness Nigeria Plc has been commended for strong compliance and due diligence in remitting its tax and statutory obligations to the Nigeria Customs Service (NCS).
Customs Area Controller (CAC), Lagos Industrial, Nigeria Customs Service, Comptroller Morenike Oladunni, made the commendation during a visit to the company on Monday, October 16, 2017. She said Guinness Nigeria’s impressive compliance with respect to the disbursement of excise duties is not only noteworthy but a reflection of its enviable corporate governance standards.
Mrs Oladunni commended Guinness Nigeria on a number of stellar performances, especially regarding the timely remittance of obligatory dues and excise duties into the nation’s coffers. She also thanked the company for being one of the few companies that goes further to notify the NCS of its payments and remittances after the payments have been made.
During the facility tour, Mrs. Oladunni commended Guinness Nigeria’s cutting-edge technology, which produces its various high-quality products which have delighted consumers for decades. She also observed that the company’s painstaking attention to safety and quality assurance has earned Guinness Nigeria Plc its reputation as a true house of quality in Nigeria. She stated that she was glad for the opportunity to learn more about the rich and robust brand portfolio from the house of Guinness.
In his welcome address, the Managing Director/CEO of Guinness Nigeria Plc, Peter Ndegwa, who was represented by the company’s Corporate Relations Director, Viola Graham-Douglas, expressed the company’s delight at the visit which she said had afforded the company the opportunity to reaffirm its commitment to the industrial and socio-economic development of Nigeria.
“We are sincerely delighted to receive the representatives of the Nigeria Customs Service to Guinness Nigeria Plc, the home of quality in Nigeria. As parts of our policy agenda, Guinness Nigeria is committed to prompt delivery of its statutory responsibilities, key among which is the remittance of its excise duties to the government in a bid to contribute to the enhancement of the economic fortunes of the nation. She further explained that “With this visit, we are assured of an enhanced mutual relationship, one that will foster stronger ties between Guinness Nigeria and the Nigeria Customs Service,” Mrs Graham-Douglas stated.
Guinness Nigeria is the power house behind quality brands like Guinness Foreign Extra Stout, Harp beer, Malta Guinness and Orijin and is the sole distributor of International Premium Spirits brands such as Johnnie Walker, Baileys, Cîroc and McDowell’s in Nigeria. The company was founded in 1950 and is listed on the Nigerian Stock Exchange.
The African Development Bank has called for global support for Africa’s young farmers and “agripreneurs”, highlighting how agribusiness is the answer to the continent’s youth employment.
In collaboration with the Initiative for Global Development, the Association of African Agricultural Professionals in the Diaspora (AAAPD), Michigan State University, Iowa State University, and the International Institute of Tropical Agriculture, the AfDB brought together stakeholders to discuss how to expand economic opportunities for Africa’s youth throughout the agricultural value chain, from lab to farm to fork.
The session titled “Making Farming Cool: Investing in future African farmers and Agripreneurs” was held on the sideline of the ongoing 2017 World Food Prize Symposium-Borlaug Dialogue in Des Moines, Iowa, and had in attendance young entrepreneurs from Africa, private sector representatives, policymakers and thought leaders.
Africa has the world’s youngest population with 60% being under 35 years old. There are 420 million youth aged 15-35 and this segment of the population is expected to double to 840 million by 2040.
Working with the International Institute for Tropical Agriculture (IITA), the African Development Bank is empowering young farmers under the Empowering Novel Agri-Business-Led Employment (ENABLE) Youth program.
“Africa’s next billionaires are not going to come from oil, gas, or the extractives. ENABLE Youth is about investing in small agribusinesses today so that they can grow into large enterprises tomorrow,” President Adesina said.
“By empowering youth at each stage of the agribusiness value chain, we enable them to establish viable and profitable agribusinesses, jobs and better incomes for themselves and their communities.”
He explained how attracting a new cadre of young, energetic and talented agripreneurs – who will drive the adoption of new technologies throughout the value chain, raise productivity and meet rising food demands – is an urgent priority.
Recent studies indicate that as African economies transform, there are expanding opportunities for youth employment and entrepreneurship throughout high-potential value chains – literally from lab to fork – where consumer demand is increasing, including horticulture, dairy, oilseeds, poultry and aquaculture.
In addition, there are huge opportunities for engaging African youth in services and logistical sectors in key off-farm activities such as transportation, packaging, ICT and other technology development and light infrastructure – that add value to on-farm productivity and efficiency, in ways that could not envisioned before.
The whole idea of connecting farms to markets, particularly rising urban and regional markets, is where Africa needs to plug in this bulging youth population, Adesina said.
The Bank President highlighted major efforts needed to provide young Africans with new business opportunities, modern and practical skills, access to new technologies, land, equipment and finance that will allow them to transition from subsistence livelihood into higher-paying work, whether these are on or off the farm.
Orange one of the world’s leading telecommunications operators announced yesterday the official launch of its brand in Sierra Leone. As of today, Airtel Sierra Leone becomes Orange Sierra Leone.
The acquisition of Airtel Sierra Leone was finalised in July 2016 by Orange, together with its Senegal-based partner Sonatel, allowing the Orange Group to reinforce its presence in West Africa.
Following the rebranding, Orange Sierra Leone will rank with one of the world’s most powerful brands1 and stands to benefit from being part of a large international group. As part of Orange, it will gain access to the Group’s expertise, technical know-how and an extensive product and service portfolio. With its considerable presence on the African continent, a strategic focus for the Group, Orange offers strong growth potential for its Sierra Leonean operation.
For Orange, every customer is unique. At the heart of Orange’s Essentials2020 strategic plan is the ambition of listening to every customer to better address their needs by giving an unmatched experience every day.
Extensive investments in network to drive unrivalled customer experience
With a population of seven million people, Sierra Leone has significant potential for growth in mobile services. Following the acquisition of the company, Orange has committed itself to improving the quality and availability of its services by venturing into untapped and underserved geographical areas, offering to the people of Sierra Leone the innovation that Orange is delivering elsewhere.
Orange Sierra Leone disclosed earlier this year a modernisation and expansion plan to enhance the reliability, coverage and quality of its network, and voice and data services. Since the acquisition, US $33 million has been invested for that purpose and as of mid-October, the majority of investments have already been realised with 30 new radio sites on air and over half of the entire mobile network upgraded.
Bruno Mettling, Deputy Chief Executive Officer of the Orange Group and Chairman & CEO of Orange MEA (Middle East and Africa), commented: “We are pleased to bring the Orange brand to Sierra Leone, bolstering our already strong presence in West Africa. The launch of the Orange brand confirms our confidence in the country’s on-going economic recovery and our commitment to bring all the benefits of new digital services to Sierra Leoneans in the framework of a fair, transparent and clear partnership that will enable it to be established over time.”
Sekou Drame, Chief Executive Officer, Orange Sierra Leone, added: “The launch of the Orange brand comes with a promise to meet the emerging needs of customers with innovative, affordable and relevant solutions that will empower consumers, giving them the freedom to do what they choose and provide them with the tools to meet life’s daily challenges. We remain committed to taking our network and services deeper into the country, right up to the doorsteps of each and every Sierra Leonean, with the aim of bridging the digital divide within the country. With the support of Orange and Sonatel we can truly deliver on this. I am confident that over the coming months Orange will win the hearts of customers in Sierra Leone and emerge as one of most admired brands in the country.”
Orange is present in 21 countries in Africa and the Middle East, where it has more than 127 million customers as of the end June 2017. With 5.2 billion euros in revenues in 2016 (12% of Orange’s total revenues), this region is a strategic priority for the Group.
Orange Money, its flagship offer for money transfers and mobile financial services, is currently available in 17 countries and has more than 34 million customers. The Group’s strategy in Africa and the Middle East is to position itself as a leader of the digital transformation and to bring its international expertise to support the development of new digital services.
Orange is valued at US$21,526m, the 51st most valuable brand in the world and the 7th most valuable telecoms brand in the world. Source: Brand Finance’s 2017 ‘Telecom 500’ report.
The social status of one’s parents is as influential today as it was 50 years ago in determining a person’s future, according to early findings from an upcoming World Bank report, Fair Progress? Educational Mobility Around the World. Marking the 25thanniversary of the International Day to Eradicate Poverty, the institution sounded the alarm on a lack of progress since the 1960s in an area that is crucial for reducing poverty and inequality and promoting growth.
The preview paper, released yesterday, helps put together the first pieces of the economic mobility puzzle, focusing squarely on how one generation’s education can make or break the next generation’s success. This highlights the important role of public policy in providing a level playing field, so that every child, regardless of parental background, can reach his or her full potential. The full report, to be released in early 2018, will broaden the scope and examine the drivers of income mobility, including the role of markets and the broader forces of economic transformation.
“We are living in the middle of a human capital crisis and need to do everything we can to create a world where children everywhere have the opportunity to become whatever they want,” said World Bank Group President Jim Yong Kim. “The potential of hundreds of millions of people is being wasted, as their chances remain too closely tied to the previous generation. We have to invest in young children so they are hardwired to succeed, encourage and meet the aspirations of young people, and act at all levels – especially locally – to ensure that tomorrow’s generation can thrive regardless of where they are born.”
Increases in education from generation to generation have stalled over the last half-century. About half of people born in an average developing economy in the 1980s have more education than their parents – showing no improvement when compared to those born in the 1960s. If the world does not alter the way it invests in its children, particularly those coming from less advantaged backgrounds, there is little reason to believe that this assessment will be different 10 years from now, making an end to extreme poverty by 2030 an even bigger challenge.
\Low levels of upward mobility are particularly pronounced in the developing world, especially in Sub-Saharan Africa. For example, only around 12 percent of today’s young adults (born in the 1980s) in some Sub-Saharan African economies have more education than their parents, compared to more than 80 percent of the same generation in parts of East Asia. All of the 15 economies where people’s education level is most closely tied to their parents’ education level are developing economies.
The study points to three broad pathways forward to increasing economic mobility from generation to generation.
Equal opportunities for children: Investments in early childhood development, education access and quality, maternal and child health, nutrition, infrastructure, water and sanitation, and other key services in the earliest years are critical to improving mobility and building human capital. For example, economies that have lower stunting (low height for age, a sign of chronic malnutrition) rates for children at age five and those that invest more of their public resources in education are likely to have higher mobility.
The recent World Development Report on Education makes a strong case for investments in learning and better-quality education as a pathway out of poverty, and the World Bank Group has recently announced the Human Capital Project— an accelerated effort to help countries invest more, and more effectively, in their people—as a critical step to boosting inclusive economic growth and ending extreme poverty.
Aspirations: When people perceive that they cannot move out of poverty, they are less likely to take the necessary steps to do so – their perceptions impede their aspirations, keeping them trapped. It is critical to incorporate behavioral insights into policies and programs, to better reach those who have been left behind in the development process.
Local action: The environment a person is born into matters, alongside the social status of one’s parents. Actions at the local level, from regions down to neighborhoods, are crucial to breaking the cycle of poverty. Poorer people are likely to live in poorer areas with worse schools, crumbling infrastructure, low access to and quality of services, and higher crime, which can impact a child’s ability to learn, grow, and thrive.
End Poverty Day
The world is making progress toward the goals of ending extreme poverty by 2030 and boosting shared prosperity everywhere. By focusing our resources on three areas – promoting sustainable and inclusive economic growth, investing in human capital, and fostering resilience to shocks – and by measuring progress – we can get the rest of the way.
End Poverty Day presents the global community with an opportunity each year to focus on our goals and to work with government and citizens, civil society, private sector and development organizations to build support for the action needed to achieve those goals.
Banking Stocks Drag Market Performance… NSE ASI down 8bps
The Nigerian Bourse extended losses to the second consecutive session as the All Share Index moderated 8bps to close at 36,641.52 points while YTD return weakened to 36.3%.
Likewise, market capitalization declined by N9.7bn to settle at N12.6tn on the back of pull-backs in Tier-1 – ACCESS (-2.2%), UBA (-1.5%) and ZENITH (-0.5%). Activity level softened as volume and value traded fell 6.0% and 0.4% to settle at 198.6m units and N2.9bn respectively.
Negative Sector Performance Continues
Similar to previous trading session, sector indices’ performance was largely bearish with 3 sectors declining while 2 closed flat. The Oil & Gas index depreciated the most, down 0.4% owing to a 3.0% loss in TOTAL.
The Insurance index followed, closing 0.3% lower due to losses in NEM (-2.9%) and LAWUNION (-4.9%) while the Banking index lost 0.2% as a result of sell-offs in ACCESS (-2.2%), UBA (-1.5%) and ZENITH (-0.5%).
Relatedly, Guaranty Trust Bank, a leading Tier-1 Bank, submitted its 9M:2017 result; gross earnings fell 5.9% Y-o-Y from N329.3bn in 9M:2016 to N309.9bn in 9M:2017 whereas PAT rose 7.3% from N117.1bn to N125.6bn.
The Consumer Goods index was unchanged as appreciations in NIGERIANBREWERIES (+0.3%) and DANGSUGA (+0.6%) were offset by depreciations in FLOURMILL (-2.7%) and NASCON (-4.7%). Similarly, the Industrial Goods index closed flat.
Investor Sentiment Weakens
Market breadth weakened from 1.0x recorded on Tuesday to a negative close of 0.6x after 12 stocks advanced against 21 decliners. Today’s best performing stocks were GLAXOSMITH (+5.0%), CUSTODYINS (+4.9%) and LEARNAFRCA (+3.9%), while NAHCO (-5.6%), LAWUNION (-4.9%) and CAVERTON (-4.8%) were the worst performers. Despite consecutive negative closes, we envisage a rebound in market performance in subsequent sessions due to positive outlook on Q3:2017 earnings results.
One of Nigeria’s leading logistics company Red Star Express Plc, commemorated its Twenty-Fifth (25th) anniversary in Grand Style, recently in Lagos. The company began its celebration with the unveil of a 3D version of the 25th anniversary logo few months back, embarked on a Corporate Social Responsibility tagged ‘SME 1000’ for upcoming entrepreneurs, organised a silver jubilee Annual General Meeting, amongst others. The peak of the celebration was however organised to appreciate staff, customers and all those who had in one way or the other contributed to the success of the company since its existence 25 years ago.
Considered one of the top logistics companies, Red Star Express Plc had been at the fore-front of touching and improving lives for 25 years, and providing quality delivery services people know and trust.
According to the Group Managing Director, Red Star Express Plc, Mr Olusola Obabori, “My number one objective is to make Red Star a bigger and more profitable company, which is why some of our initiatives right now are to open opportunities in sectors we are not currently operating in. With Nigeria coming out of recession, we are optimistic about the future of business.”
In the same vein, the Chairman of the Company, Dr. Mohammed H. Koguna, stated, “I would like to thank the founders – Sonny Allison, Patrick Nwosu, and Eddy Olafeso, for daring to dream; and for showing clearly that Nigerians can set up and run a company that would compete favourably with foreign companies”. He further commended the entire management, staff and customers for their loyalty and selfless service delivery over the years.
Speaking on the 25th anniversary theme ‘Building for the long haul’, the Executive Director, Sales & Marketing, Red Star Express Plc., Mr Victor Ukwat, said, “The difference we have made in 25 years is in our services and continuous innovations to leave our customers satisfied at all times”.
The Guest Speaker and Chairman, First Bank of Nigeria, Mrs. Ibukun Awosika pointed out in her speech that, having values pays. According to her, having great values and abiding by it has great reward for a length of time, your value system will protect you on your worst days. It will preserve in times of trouble. Let your vision live, let it grow, let it continue to be a value creator. A company that wants to build for the long haul must have the courage to embrace change, your life is a stage and you have an audience. Someday, the things you do as a company would speak for or against you, if you teach people to cheat for you, they will cheat for you.
She reiterated that, having the right values and not compromising pays. It’s about raising entrepreneurs within the enterprise. The importance of making employees vision sharers to keep the business growing is very important.
Maher Hasbini, Managing Director, Middle East, Indian Sub, Africa & Turkey Region, FedEx also graced the occasion.
In the euphoria of the celebration, the anniversary cake was cut, website was unveiled and awards were given, amongst other activities to make every invited high-spirited activities of good cheer.
Red Star Express is a licensee of FedEx (Federal Express), and one of the most reputable companies in the Nigeria logistics industry. Incorporated in October 1992, the company provides a portfolio of logistics solution which includes domestic and international deliveries, freight forwarding, integrated warehousing and haulage services, information and document management, e-Commerce order fulfillment services. Red Star became an Associate of TNT following the acquisition of TNT by FedEx in 2016.
Online marketplace lists Top 10 nationalities buying UAE property in 2017
Investors from India were the most active international users on UAE classified website, dubizzle in August 2017, according to a new report.
On average, 19% of monthly foreign visitors to dubizzle property website originated from India, with 16% were from Saudi Arabia and 15% from the United Kingdom, a report released by the platform at GITEX found.
The most searched locations were Jumeirah Village Circle, Dubai Marina and the Palm Jumeirah, with the largest number of searches from overseas dubizzle users in August 2017.
Dubizzle property provides over 200,000 live property listings a day, and receiving an average of 3.7 million visits per month.
The report found an additional 13% of users browsing from the United States and 10% from Pakistan.
Users based in Ireland (8 percent), Egypt (6 percent) and Jordan (3 percent) also visited the site. Kuwait users registered around 2.4% of the total foreign visits for property for sale on dubizzle, followed by 2% of the visits from Germany.
Topping the list of domestic investors were UAE nationals, Lebanese and Chinese investors in addition to the 10 nationalities mentioned above, the report said.
The findings are consistent with recent findings by the Dubai Land Department that investors from India, Pakistan, Saudi Arabia, UK, Egypt, Jordan, China, Lebanon and USA invested a total of $41 billion (AED151bn) in Dubai properties over the past 18 months.
Commenting on the most popular area searches in the emirate, Barry Judge, general manager of dubizzle, said that foreign investors had an appetite for a wide-range of areas that saw a shift away from Dubai’s traditional hotspots.
“Whilst recent local trends suggest that the interest of mid-market homes and newer areas are taking the spotlight away from the more mature areas, interest from foreign investors is more varied,” said Judge.
“There seems to be a healthy interest in the Dubai property market with the popularity of areas being distributed amongst more mature areas and newer, up-and-coming communities, instilling confidence in the market.”
In 2016, residents of the UAE exchanged around 1.5 million items through dubizzle contributed to the overall reduction of waste and shrinking of the UAE’s carbon footprint by over 3.26 million tons of CO2 emissions, equal to around 85 million trees grown in 10 years, which is double the number of Palm trees in the UAE.
The home-grown brand dubizzle featured as a special guest at the Dubai Internet City (DIC) Stand at this year’s GITEX technology conference.
