The 11th African Economic Conference (AEC) will take place in Abuja, Nigeria from December 5-7, 2016 under the theme “Feed Africa: Towards Agro-Allied Industrialization for Inclusive Growth.”
The Conference is jointly organised by the African Development Bank (AfDB), the United Nations Economic Commission for Africa (ECA) and the United Nations Development Programme (UNDP).
His Excellency Muhammadu Buhari, President of the Federal Republic of Nigeria,
2. Mr. Akinwumi Adesina, President of the African Development Bank Group (AfDB),
3. Mr. Abdalla Hamdok, Acting Executive Secretary of the United Nations Economic Commission for Africa (ECA),
4. Mr. Abdoulaye Mar Dieye, UN Assistant Secretary-General and Director of the Regional Bureau for Africa, United Nations Development Programme (UNDP), and
5. Professor Eric Maskin (Harvard University) and 2007 Nobel Laureate in Economics
The conference will provide an opportunity for participants to discuss Africa’s agricultural transformation by presenting the latest empirical evidence on how to leverage agro-industrialisation for feeding Africa and promoting inclusive growth.
It will also provide critical thinking on how policy-makers, development partners, the private sector, civil society organisations and the academia should support the planning and implementation of these industrialization strategies.
A special event of the Conference will be the launch of UNDP’s Africa Human Development Report 2016(“Accelerating Gender Equality and Women’s Empowerment in Africa”) on Monday, December 5, 2016 to be officiated by Nigeria’s Ministers of Budget and Planning, and Women Affairs together with UNDP’s Regional Director for Africa.
Two other special events will hold on Tuesday 6 December: Launch of Economic Report on Africa 2016 and a discussion on Youth Agri-preneurship’s Aspirations and Challenges.
African Economic Conference 2016 for Dec. 5 in Abuja
World Bank, ADB Partner on Transparency Data
The African Development Bank (AfDB) took a step toward increased transparency recently with the release of AfDB data on AidFlows, a website that visualizes global development aid. The new data provides information on AfDB funds committed and disbursed to beneficiaries, including South Africa, South Sudan, Guinea, and Sierra Leone.
“Transparency keeps us accountable and engaged with our partners and stakeholders,” said Frannie Léautier, AfDB’s Senior Vice-President. “Through greater transparency, stakeholders are able to monitor the outcomes of AfDB’s operations and therefore it will help assure that benefits reach the intended beneficiaries.’’
AidFlows is a unique platform that houses comprehensive and easy-to-read aid data from a range of multilateral development banks and the OECD. Launched in 2010, it was the first platform of its kind to show global data on aid funding. AidFlows provides public access to data on the flow of aggregate development funds from development partners to beneficiaries. The expansion of AidFlows has been made possible by open data initiatives within various governments, public and private institutions around the world.
“We applaud AfDB’s efforts to increase aid transparency and openness and welcome them to the AidFlows family,” said Axel van Trotsenburg, the World Bank’s Vice President of Development Finance. “This addition helps AidFlows provide a more comprehensive picture of where development assistance is being spent and helps inform and support policy decisions.”
The addition of AfDB data expands the AidFlows partnership and brings greater detail to development flows to Africa. AidFlows is a partnership between the OECD, the World Bank, AfDB, the Asian Development Bank, the Inter-American Development Bank and the Islamic Development Bank.
Ifeoluwa Abiodun Emerges Winner of 2016 NSE Essay Competition
L – R: Ope Wemi-Jones, Head, Inclusive Banking, Access Bank Plc; Oscar N. Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Miss Ifeoluwa Toluwanimi Abiodun, 1st Prize Winner, 2016 NSE Essay Competition and Ms. Chinelo Anohu-Amazu, Director General, National Pension Commission (PENCOM)at the 2016 NSE Essay Competition Awards Ceremony in Lagos yesterday.
Miss Ifeoluwa Toluwanimi Abiodun, a 14 year old student of Babington Macauley Junior Seminary, Ikorodu, Lagos State, has emerged the winner of the 2016 edition of the NSE Essay Competition for Senior Secondary Schools students in Nigeria.
Ifeoluwa clinched the first position at the award ceremony held in Lagos yesterday ahead of over 7,400 participants across the country, winning N500,000 in scholarship fund for university education, N250,000 worth of equity investment and a laptop. Her school was also rewarded with three desktop computers and a printer.
Udeaja Nneoma of Sacred Hearts College, Apapa, Lagos and Gbenjo Olasubomi Victoria of Good Shepherd Schools, Meiran, Lagos emerged first and second runner-ups respectively. The three students were also honoured with a Closing Gong ceremony at the Exchange.
The NSE Essay Competition is one of The Nigerian Stock Exchange’s (NSE) financial literacy and inclusion initiatives aimed at bridging the gap between classroom learning and practical knowledge required for long-term personal financial planning.
It serves as an essential platform to get the perspectives of our young ones on key challenges relating to financial literacy and inclusion in Nigeria. The competition’s overall goal is to develop a culture of wealth creation amongst our youth towards “Building a Financially Savvy Generation.”
Speaking at the event, Oscar N. Onyema, Chief Executive Officer, NSE, noted that the Exchange has implemented and supported a number of programmes in line with the National Financial Literacy Framework (NFLF), which contribute to raising the level of financial literacy in Nigeria.
“To date, we have executed over 200 free capacity building workshops, aimed at enhancing investor understanding of the basics of investing. The multiplier effect of these workshops is phenomenal, as approximately 16,000 retail investors from the grassroots can now make better investment decisions”, he said.
“Improving financial literacy is at the core of what we do at the NSE because we recognize that the ability to make well-informed financial decisions plays an important part in the capacity of individuals to manage financial matters well, a factor that can have either a negative or positive ripple effect on the economy. I am proud to say that with the NSE Essay Competition, we have established a strong foundation for improving the financial literacy and capability of Nigerians. Through this competition, we have been able to promote financial literacy among young Nigerians, by encouraging them to learn how good financial decisions can better their lives now and in the future, and ultimately grow the economy.” According to Onyema, the Exchange, in the past 16 years, has through this laudable initiative impacted the lives of many Nigerian youths in various secondary schools positively.
“We have been able to inspire over 37,000 young people in more than 7,000 schools across Nigeria to learn how good financial decisions can better their lives now and in the future, and ultimately grow the economy.”
The keynote speaker, Mrs. Modupe Mujota, Honourable Commissioner of Education, Science and Technology, noted in her speech that the youth are the trustees of prosperity and the greatest asset bequeathed to any nation. She advocated for a conscientious effort to ensure proper mentoring is done to achieve the requisite paradigm shifts per time.
Mrs. Mujota commended the Exchange for the essay competition initiative and call on other financial associations to emulate the Exchange by organising related programmes that could assist our youth to embrace sound financial practices.
A life coach, Mr. Lanre Olusola, advised the students to be focused and not be distracted from achieving their core goals in life. “No matter what your dream is without sight you will not reach the goal”, he said. The Honourable Minister of Education was ably represented by Reverend Chris Ugorji.
Director General, National Pension Commission (PENCOM), Chinelo Anohu-Amazu, congratulated the students and also commended the Exchange for promoting financial literacy in Nigeria.
This year’s competition was sponsored by Access Bank Plc, Presco Plc, Nigerian Breweries Plc, Rand Merchant Bank, FBN Holdings, UTC Nigeria, Mobil Oil and Ruff n Tumble.
World Bank, Others Commit $1.3bn to Tackle Illegal Wildlife Trade in Africa
The Global Wildlife Program has released the first-ever review of international donor funding for combatting illegal wildlife trade in Africa and Asia, which shows that over $1.3 billion was committed by 24 international donors since 2010, or approximately $190 million per year.
While there is growing momentum from the international community to combat wildlife crime, reliable information on donor funding has been lacking. The Analysis of International Funding to Tackle Illegal Wildlife Trade fills this gap by showing the scale of funding by donors and the depth and breadth of activities to tackle the crisis.
“Wildlife crime robs countries of their natural assets and undermines sustainable and inclusive development,” said Laura Tuck, Vice President for Sustainable Development at the World Bank. “If we’re to tackle this effectively we need strong coordination of donor efforts and financing.”
Key findings of the report include:
- A total of $1.3 billion was committed by 24 international donors between 2010 and June 2016, funding 1,105 projects in 60 different countries and various regional and global projects.
- The top five donors were the Global Environment Facility (GEF), Germany, the United States, the European Commission, and the World Bank Group, who together contributed $1.1 billion of the total funding (86%).
- Sixty-three percent of the funds went toward efforts in Africa ($833 million), 29% to Asia ($381 million), 6% to global programs and initiatives ($81 million), and 2% to projects covering both Africa and Asia ($35 million).
- The top five recipient countries were Tanzania (8%), the Democratic Republic of Congo (5%), Mozambique (5%), Gabon (3%), and Bangladesh (3%).
- Forty-six percent of the funding supported protected area management, while 19% went to law enforcement including intelligence-led operations and transnational coordination, 15% for sustainable use and alternative livelihoods, 8% for policy and legislation, 6% for research and assessment, and 6% for communication and awareness raising.
“Poaching and illegal wildlife trafficking are reaching unprecedented levels and while many efforts are underway to combat the problem, reliable information on donor funding has been lacking. The analysis fills an important gap in our understanding of the collective response. It will not only provide a better understanding and coordination of the contributions of the international community, it should ultimately assist those on the ground protecting the wildlife and the livelihoods of local communities,” said Naoko Ishii, CEO and Chairperson for the GEF.
Due to the cross-border and multi-dimensional nature of illegal wildlife trade, the development community must partner with stakeholders from multiple sectors and countries to reduce poaching, trafficking, and the demand for wildlife and wildlife products.
“We strongly believe that the findings and recommendations of this report will make a vital contribution to CITES Parties—be they donors, beneficiaries, or from range, transit, or destination states—in better connecting their efforts along the entire illicit trade chain to combat these serious and highly destructive crimes,” said John E. Scanlon, CITES Secretary-General.
First Airbus 350-1000 Makes Maiden Flight in France
The first A350-1000 took off on the 24th of November 2016 morning for its maiden flight at Blagnac in Toulouse, France at 10.42 AM local time.
The A350-1000 is Airbus’ largest and most powerful twin-engined airliner, equipped with Rolls-Royce Trent XWB-97 turbofans.
The crew in the cockpit on board this flight comprise Hugues Van Der Stichel, Experimental Test Pilot; Frank Chapman, Experimental Test Pilot and Gerard Maisonneuve, Test-Flight Engineer.
Monitoring all the test parameters at the Flight-Test-Instrumentation (FTI) station behind the cockpit are Patrick du Ché, Head of Flight & Integration Tests; Emanuele Costanzo, Head of A350 Development Flight Tests; and Stéphane Vaux, Flight-Test Engineer.
Airbus said that benefitting from the experience of the original A350-900 test campaign (accomplished in 2014), the A350-1000’s development programme will be shorter – under one year for the three aircraft. The overall campaign will culminate in the type’s certification followed by its entry into airline service scheduled for the second half of 2017.
The aircraft has a longer fuselage to accommodate 40 more passengers than the A350-900 and features a modified wing trailing-edge and new six-wheel main landing gears.
The company claimed that to date 11 customers from five continents have placed orders for a total of 195 A350-1000s.
‘Kari Not Arrested by DSS’: NAICOM
The National Insurance Commission wishes to state that the Commissioner for Insurance, Mohammed Kari was at the Senate today being 23rd November 2016 to honour his earlier invitation from the Senate Committee on Banking, Insurance and Other Financial Institutions on the Commission’s 2016 budget performance.
He was never arrested by the Department of State Security as is being circulated.
It is worthy to note that this morning,the workers’ union shut the business premises of the Commission and prevented access into the building.
DSS attached to the Commission as a government organisation wade in to maintain law and order and also ensured that management left the premises without being attacked as the protest was getting violent. The union switched off the IT facility and lights in the premises.
As a result, the DSS helped the Commissioner to gain exit from the premises, especially because he needed to attend a meeting with the Senate Committee on Finance and Insurance. He was at the National Assembly today for the meeting and was never arrested. The management will tomorrow (today) hold a meeting with the Union to resolve the issues.
Signed:
Rasaaq Salami, Head Corporate Affairs.
ADB, EIB Launch €150m Fund to Finance 1500 African SMEs
The European Investment Bank (EIB) and the African Development Bank (AfDB) launched on November 21 in Abidjan, in partnership with the European Commission, a fund specially dedicated to financing African start-ups, small and medium enterprises (SMEs).
The €150 million fund, named BoostAfrica, should leverage up to a billion euros of new investments, support more than 1500 innovating start-ups and SMEs across Africa. The fund was launched at AfD’s headquarters in Abidjan in the presence of EIB’s president Werner Hoyer, AfDB’s, Akinwumi Adesina, and Ivorian Prime Minister, Daniel Kablan Duncan.
BoostAfrica aims to promote the development of an efficient entrepreneurial ecosystem in Africa by supporting the most risky stages of the enterprise value chain.
“Boost Africa is a truly great initiative which will support African entrepreneurship and innovation, and nurture the continent’s new talent. It is thus a concrete way of tackling the long-term factors fuelling poverty, instability and brain drain – many of which are at the origin of the migration crisis we all currently face,” said EIB’s President, Werner Hoyer.
West Africa: Maritime Industry Could Generate $3.3bn
Maritime industry in West Africa could in the years to come create 300,000 jobs and generate $3.3 billion of revenues against $400 million presently.
This was revealed in a report from Overseas Development Institute (ODI) and the Spanish Investigation Journalism Organisation, porCausa.
Entitled West Africa’s missing fish, the report states that to achieve this goal, West African governments must reduce illegal non-declared and non-regulated (INN) fishing and invest in the sector. INN fishing cost a nation like Senegal $300 million in 2012, which is 2% of its gross domestic product (GDP).
Between a third and half of Africa’s total catches falls to the practice, reveals the report which adds that Senegal and Nigeria had more than half of their stocks overexploited.
According to Alfonso Daniels who produced the report, “the scale of the losses is enormous. Instead of jobs and development, the livelihoods of artisanal fishers are being decimated by foreign fishing fleets, which operate virtually unchecked.”
The document also highlights that if investment in fish processing grew and West African governments would improve their awareness about the issue, their populations would eat better food.
–Aaron Akinocho
Adeosun: ‘FG Committed to Infrastructure Financing’
The Minister of Finance, Mrs. Kemi Adeosun yesterday emphasised the importance critical infrastructure projects, especially in the areas of Rail and Power to the country’s economic development.
She spoke during the visit of the Chinese Ambassador to Nigeria, Mr. Zhou Pingjian, to her office in Abuja.
Adeosun described the commitment of the current administration to infrastructure development as serious, stressing that Nigeria is ready to take off in terms of growth and diversification.
“We are committed to the Mambilla Power Project. We are committed to Rail. We believe that we cannot properly develop our Solid Minerals and Agriculture sectors without rail transportation. So, we are committed to making sure we have an effective rail system.”
She expressed the determination of the administration to deepen the good relationship between Nigeria and China because, according to her, there are great opportunities and an alignment of culture, ideas and aspirations.
In his remarks, the Chinese Ambassador described Nigeria as a close ally of China, recalling the role played by Nigeria in getting China a seat at the Security Council of the United Nations in 1971.
“We want to see the cooperation between Nigeria and China grow further. The relationship is blessed with new opportunities,” the Ambassador said.
He explained that the decision of the Chinese construction giant-China Gezhouba Group Corporation (CGGC)- to open its North-West Africa headquarters in Abuja, demonstrates the important position in which China views Nigeria.
China’s Overseas Direct Investment for the next five years is expected to be at around $750Billion.
In conclusion, the Ambassador expressed a renewed commitment to strengthen the partnership between Nigeria and China.
Shell, 8 Banks Sign $2.2bn Contractor Financing Deal
Sitting L-R: Petroleum Technology Association of Nigeria (PETAN) Chairman, Mazi Bank-Anthony Okoroafor; Rep. of the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Supervisor, Community Development, Bunmi Lawson; MD, SPDC and Country Chair, Shell Companies in Nigeria (SCiN), Osagie Okunbor; Finance Manager, Nigeria and Gabon, Guy Janssens and MD, SNEPCo Bayo Ojulari with representatives of partner banks and contractors.
Shell Companies in Nigeria, supported by the Nigerian National Petroleum Corporation (NNPC) has signed Memoranda of Understanding (MoUs) with eight Nigerian banks under the refreshed Shell Contractors’ Support Fund, the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry.
Under the MoUs signed in Lagos in November, Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank have set aside $2.2billion for contract execution by Nigerian firms.
The scheme provides support for contractors to enable them finance projects executed for Shell Companies in Nigeria in line with the aspirations of the Nigerian Content Act. To access these funds, the contractors must have a valid purchase order and meet the banks’ risk assessment criteria. This refreshed version is in response to market realities and will offer loans faster and at cheaper rates.
“Supporting SMEs under this scheme is for the mutual benefit all the parties,” said Osagie Okunbor, Managing Director of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Country Chair, Shell Companies in Nigeria at the signing ceremony in Lagos. “While the scheme reduces the pressure from requests for advance payments from contractors on us, it also ensures optimum delivery by our contractors, leaving the banks with a de-risked client base in addition to the comfort of domiciliation of payments.” Finance Manager, Nigeria and Gabon, Guy Janssens, added that funding is key to enable contractors deliver and grow. He also urged the banks to make the scheme work.
Managing Director, Shell Nigeria Exploration and Production Company (SNEPCo) Bayo Ojulari, advised the contractors to perform in order build trust and grow. The Group General Manager, NAPIMS, Dafe Sejebo, who was represented by Bunmi Lawson, implored the banks to make the loan facilities available to the vendors when they come for them. In the same vein, the Chairman of the Petroleum Technology Association of Nigeria (PETAN) , Mazi Bank-Anthony Okoroafor, enjoined the banks to be realistic in their demands in order to engender easier access to the funds.
Responding, one of the Contractors, Moritz Abazie of Strides Energy and Maritime Limited requested that the rates charged should be comparable to that for credit sourced overseas so that they could fairly compete with foreign firms in bidding for jobs.
The idea of a Contractor Funding Scheme started in 2011 with the Shell Kobo Fund, which gave rise to the Shell Contractor Support Fund in 2012. The scheme has been redesigned to address the current economic exigencies and to align it with stakeholder needs by merging the two initial initiatives. To date, the six participating banks have disbursed a total of $1billion to over 220 vendors.
In 2015, 93% of all contracts awarded by Shell Companies in Nigeria were undertaken by Nigerian companies amounting to US$0.9billion.
Shell Donates N1bn Library to PH Literary Society
A modern e-library donated by Shell to the Port Harcourt Literary Society has opened its doors to book lovers and other literary enthusiasts. The N1.03 billion library is one of the N2 billion social investment projects Shell exclusively sponsored in the Niger Delta to mark Nigeria’s centenary anniversary.
The others are a hospital and sports centre in Bayelsa and Delta states respectively. Shell spent N790 million on the project that was implemented via a Memorandum of Understanding with the Port Harcourt Library Society, which contributed an additional N240 million.
‘SPDC invested exclusively on this library project because of its strong conviction that it will deliver significant benefits and positively impact the lives of the people,’ said Osagie Okunbor, Managing Director of The Shell Petroleum and Development Company of Nigeria Ltd (SPDC) and Country Chair Shell Companies in Nigeria, at the commissioning ceremony.
“We are pleased to deliver an ultra-modern public library that would rank as one of the biggest and most IT-driven in the country. The feedback we’re receiving shows that the literary scene in the Garden City has already changed.”
Nigeria’s National Librarian, Prof Lenrie Aina told journalists that the facility, named Port Harcourt Literary Society Library is the ‘first complete public library in Nigeria,’ because, aside from Shell ensuring supply of power, books and cooling, every comfort of book lovers was considered in the design and construction of the library.
Deputy Governor of Rivers State, Dr. Ipalibo Banigo, in a speech delivered by her Senior Special Assistant, Mrs. Inegogo Fubara, thanked SPDC for supporting the state government’s desire to provide sustainable and affordable education to the people.
Chairman, Board of Trustees of the Port Harcourt Literary Society, Dr. Chidi Amuta said the library was designed to be the heart of the Port Harcourt Book Centre that was originally conceived to commemorate the recognition of Port Harcourt by UNESCO as the 2014 World Book Capital.
He added: “Other structures awaiting donor evaluation and sponsorship include a writers’ hostel, an event centre/exhibition hall and a theatre. The Book Centre, like the Muson Centre in Lagos along which it is modelled, is conceived as a centre of culture and enlightenment.”
An obviously elated Senator Magnus Abe said: “In everything Shell has done in the Niger Delta, today they have made a statement that will never go away. They have set us as a people as partners, in truth, because it is books that will develop the Niger Delta. So having associated themselves with books today in the lives of our children and in the lives of our youths, Shell has made an indelible contribution to the true development of this region. We will never forget you.’
The cynosure of all eyes at the event was 10-year old Shawn Ene who single-handedly raised over N250,000 for the donation of children’s books under the special support programme of Shell Nigeria staff’s volunteer group, Shell Employees Care. There were also poetry and drama performances at the commissioning of the library.
Africa, ME, Turkey ICT Spend Forecast at $243bn in 2017
ICT spending in the Middle East, Turkey, and Africa (META) is forecast to total $243 billion in 2017, according to the latest insights presented today by International Data Corporation (IDC).
Hosting its annual ‘IDC Predictions’ event at Dubai’s Burj Al Arab hotel, the global technology research and consulting services firm said it expects the region’s ICT market to grow 3.6% year on year in 2017. While this is down on previous forecasts, it still represents a considerable improvement on the 1.6% year-on-year growth that is anticipated for the current year.
“There’s no doubt that 2016 has been a particularly challenging year, characterized by currency volatility, weak oil and commodity prices, and a subsequent softening of government spend,” says Jyoti Lalchandani, IDC’s group vice president and regional managing director for META.
“And while these issues will continue to linger, we expect organizations to start pushing ahead with their planned technology investments as the ‘wait-and-watch’ period draws to a close. Digital transformation initiatives will top the CIO agenda in 2017, as emerging technologies are increasingly leveraged in an effort to drive desired business outcomes. Innovation will be key in this regard, and we expect to see considerable disruption of the traditional ICT mix as a result.”
Complementing that disruption will be an acceleration in the shift towards software and services in the region’s IT market. Indeed, IDC expects spending on software and IT services to grow at respective CAGRs of 7.0% and 8.6% over the 2015-2020 period, far outstripping the 1.7% rate of growth anticipated for hardware. Communications, finance, and government will be META’s biggest-spending verticals in 2017, but healthcare, transportation, and utilities are expected to be the fastest growing over the five-year forecast period.
IDC expects the markets of South Africa ($10.5 billion), Saudi Arabia ($7.5 billion), the UAE ($6.2 billion), and Turkey ($5.6 billion) to once again lead the way in terms of IT spending in 2017 as 3rd Platform technologies like cloud, big data, social, and mobility become investment imperatives and dominate the ICT decision-making agenda.
The emergence and increasing traction of so-called ‘innovation accelerators’ such as the Internet of Things (IoT), robotics, cognitive systems, virtual reality, next-gen security, and 3D printing will both disrupt and boost this spending on the 3rd Platform.
Today’s event saw IDC outline five overarching trends that it expects to shape the region’s investment landscape over the coming 12 months and beyond. The first of those was that cloud will accelerate to a new level of adoption in 2017, with increased competition among cloud providers set to drive aggressive pricing, bundling, and customer service, as well as a growing focus on securing SME accounts.
The second major trend identified by IDC was that big data analytics will become increasingly more predictive than descriptive in nature, driving new use cases around exploration and discovery, performance management, and operational intelligence.
IDC’s third major trend for 2017 builds on the idea that the emergence of innovation accelerators will usher in a new wave of IT disruption as early adoption gathers pace. In particular, IDC expects the transformational impact of IoT to become more evident over the course of the next 12 months, with the most prominent use cases to include freight monitoring, smart grid electricity, manufacturing operations, production asset management, and remote health monitoring.
Given these applications, it makes sense that the biggest spenders on IoT in 2017 are tipped to be the region’s manufacturing, transportation, utilities, and healthcare verticals.
The fourth major trend identified by IDC is the fact that maintaining security continues to be the number-one challenge facing the region’s CIOs, with spending on security solutions by META organizations set to cross the $2 billion mark in 2017. IDC expects threat management, compliance remediation, security management, automatic malware removal, and mobile security solutions to be the top five investment priorities in this area.
Finally, IDC anticipates a more pragmatic focus from the region’s Smart City initiatives in 2017, with governments and their partners looking to enable innovative transportation, citizen engagement, and emergency response services that drive tangible improvements in the lives of their residents.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG, the world’s leading technology media, research, and events company.
IDC in the Middle East, Africa, and Turkey
For the Middle East, Africa, and Turkey region, IDC retains a coordinated network of offices in Riyadh, Casablanca, Nairobi, Lagos, Johannesburg, Cairo, and Istanbul, with a regional center in Dubai. Our coverage couples local insight with an international perspective to provide a comprehensive understanding of markets in these dynamic regions. Our market intelligence services are unparalleled in depth, consistency, scope, and accuracy. IDC Middle East, Africa, and Turkey currently fields over 130 analysts, consultants, and conference associates across the region.
5400 Lufthansa Pilots Set for Strike
On the 23rd of November, around 5400 pilots of German airline Lufthansa and its subsidiary Eurowings are planning to go on a 24 hour strike.
This is going to be the 14th protest after the wage-related dispute with the management began. The strike will affect both short- and long-haul flights, according to pilots’ union Vereinigung Cockpit.
According to union representatives, as the pay saw no increase during the last five years, the management should provide a retroactive increase of 3.66% per year.
Vereinigung Cockpit board member Jorg Handverg states that the management offered to increase the pilots’ pay by 2.5% for a 20-month period up to the end of 2018, which is viewed as a pay freeze by many union members.
A separate strike has been announced on the 22nd of November by Verdi union, which represents cabin crew workers of Eurowings, a subsidiary of Lufthansa. The carrier is reported to have cancelled more than 60 flights.
‘PR Could Grow Insurance Sector Sustainably’
L-R: Dr. Phil Osagie, Global Lead Strategist, JSP Communications Limited (Guest Speaker); Mr. Olamerun Gbadebo, President, ARIAN; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; Mr. Sunday Thomas, Director-General, Nigerian Insurers Association (Chairman) and rep. of Chief Yemi Soladoye, President, INSCAN at the 2nd Business Journal Insurance Summit 2016 held at Protea Hotel, Ikeja last Thursday.
Dr. Phil Osagie, Global Lead Strategist of JSP Communications Limited, says strategic application of public relations could help grow the insurance sector in Nigeria in a sustainable manner, especially at a time of economic recession as we have it today.
Osagie, who delivered the lead paper ‘Role of PR in Growing Insurance Business in Nigeria’ at the 2nd Business Journal Insurance Summit in Lagos, said the PR elements of Informing People, Persuading People and Integrating People with People will help to scale the current challenges facing the insurance industry in the country.
On the state of the insurance industry, he said only one out of 10 Nigerians have any form of insurance cover, meaning that that over 150 million Nigerians are without any form of insurance while less than two per cent of insurable risks are covered by insurance firms. Other industry data includes:
- Vehicle/car insurance, represents the largest form of insurance at 63%
- Less than 3% of the entire adult population with any formal insurance cover
- 17 million vehicles on Nigerian roads, with 14 million fake insurance and 4 million with valid insurance
The lead speaker listed six key benefits of PR application:
- Awareness & understanding
- Manages attitudes and concerns
- Enhances desire for insurance – likability factor
- An essential component in the 4 Ps of marketing
- Strategic brand building role
- Crisis management & confidence restoration
‘In today’s world, publicity is everything, of course along quality service or product. In order to earn the consumers’ trust, companies rely heavily on marketing strategists but they also rely heavily on PR specialists. Public relation as a discipline and as a profession is changing rapidly. It has undergone tremendous changes in recent years.’
These changes could be summarised in a six-model plank:
- Public Relations as an Important Marketing Communication Tool: This can be employed both within and outside the organisation. Public Relation has a great role to play in the marketing of insurance products. It has its own tools or instruments which it sees to achieve its objectives of building the public image of the industry.
- Public Relations is a Relationship builder: Helps government or other organization in building and maintaining sound and productive relations with special public like customers, employees, and the public at large by adopting itself and simplifying the Insurance language to the society
- Crisis/Damage Control: PR helps insurance business in times of crisis through specialised writing and communication to the
- Increase Goodwill of its Various Publics: PR will increase the goodwill of Insurance various public through promotional communication and other categories.
- PR as Educational Tool: Public Relation is one of the means insurance industries can use to inform and educate members of its target audience about the existence of its products and services and to persuade them to patronise its or to develop favourable attitude and opinion towards it. The company efficiency in prompt claims settlement and overall effective organization is communicated to the public through well written write ups and activations
- PR as a Management Function: Since insurance products are more of services offered to various members of the public, these services are provided to the interest and benefits of the members of the public. Public Relation is an important management function in any organisation. It is developed to communicate a message that coincides with the industry’s goods and seeks to benefit mutual interest wherever possible.
The 2nd Business Journal Insurance Summit 2016 which held on Thursday, November 17 at Protea Hotel, Ikeja under the theme: ‘Managing Risks in a Depressed Economy: The Case of Nigeria’ was chaired by Mr. O. S. Thomas, Director-General, Nigerian Insurers Association (NIA).
The 2nd Nigeria ICT Festival 2016 Postponed
The 2nd Nigeria ICT Festival earlier scheduled for Thursday, November 24 at Sheraton Hotel, Ikeja has been postponed. A new date would be announced in due course.
The organisers said the postponement was necessitated by a clash of date with eNigeria 2016 running at the same date.
“After due consultations with major stakeholders involved in the Nigeria ICT Festival, it was mutually agreed to move the event forward to a new date as the stakeholders will also be active at the eNigeria event”, the organisers said.