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Byte-sized Dreams: How AI Can Rewrite Nigeria’s Poverty Story* — Seun Olufemi-White

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Byte-sized Dreams: How AI Can Rewrite Nigeria's Poverty Story* — Seun Olufemi-White

*Byte-sized Dreams: How AI Can Rewrite Nigeria’s Poverty Story*
— Seun Olufemi-White

 

 

 

In a nation that’s already struggling to tackle inflation and poverty, many consider the conversations around AI to be misplaced and premature.
Recent discussions about Nigeria’s AI ambitions rubbed some Nigerians the wrong way. The criticism centred around the notion that Nigeria is a developing nation with challenges, so pushing an AI agenda without fixing the basics puts the cart before the horse.
 

Byte-sized Dreams: How AI Can Rewrite Nigeria's Poverty Story*
— Seun Olufemi-White

 

Envision a Nigeria where healthcare reaches every doorstep, where farm gate prices are enhanced, where farmers thrive with AI-driven agriculture, and where the opportunity to access first-class education knows no boundaries. Powered by the dynamic duo of artificial intelligence (AI) and technological leapfrogging, this vision of inclusive prosperity is not as much of a dream as it might sound; it is reality, a tangible future within reach.

Nigeria’s potential as a powerhouse of innovation is undeniable, yet the shadows of poverty and inequality persist. Nigeria, like much of Africa, missed out on the dot.com bubble, the cloud rush, to break free from the chains of lagging behind. We can embrace AI’s revolutionary capabilities and leapfrog outdated systems, paving the way for sustainable development and shared prosperity.

Imagine a scenario where AI-powered healthcare solutions enable timely diagnoses, personalised treatments, and remote consultations, transforming the lives of millions in underserved communities. The Ministry of Health and the National Primary Healthcare Development Agency are pivotal in spearheading these initiatives, ensuring equitable access to quality healthcare for all Nigerians.

In agriculture, AI emerges as a silent hero, empowering farmers with real-time data analytics, weather forecasts, and crop management insights. This digital revolution not only boosts productivity and resilience but also strengthens Nigeria’s food security, empowering farming communities and driving economic growth from the ground up. Collaborative efforts involving the Federal Ministry of Agriculture and Rural Development, alongside state agricultural agencies, are crucial in implementing AI-driven solutions across the agricultural value chain and democratising the dividends of the expected prosperity.

Education stands at the forefront of AI’s transformative impact, offering personalised learning experiences, digital libraries, and virtual classrooms that transcend geographical barriers. With AI tutors and adaptive learning platforms, every child can unlock their full potential, driving a knowledge-driven economy and creating pathways out of poverty. Partnering with the Rural Electrification Agency, the Universal Basic Education Commission can transform the lives of millions of Nigerian children across all strata by promoting digital literacy and working with private sector sponsors and financiers to integrate AI technologies into the education system.

For public servants, AI-driven governance heralds a new era of transparency, efficiency, and citizen-centric services. The National Information Technology Development Agency (NITDA) and the Office for National Statistics (NBS) can be instrumental in driving AI adoption, data governance frameworks, and ensuring ethical considerations in AI implementations. Collaborative partnerships between government agencies, private sector players, academia, and civil society are vital to creating an ecosystem that nurtures AI innovation and ensures its benefits are shared equitably.

Technological leapfrogging offers Nigeria a unique opportunity to bypass traditional development hurdles and embrace cutting-edge solutions that drive progress at an unprecedented pace. By investing in AI research, fostering digital skills development, and promoting entrepreneurship, We can position ourselves as the African leader in the Fourth Industrial Revolution.

The success stories of AI adoption in other emerging economies serve as inspiration and proof of concept. From China’s tech boom to our neighbour Rwanda’s digital leap, the transformative power of AI knows no bounds. Nigeria, with its vibrant tech ecosystem, entrepreneurial spirit, youthful population and willing government, is poised to write its success story and uplift millions from poverty through AI-driven innovation.

Business

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

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PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.

In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.

President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.

These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.

The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.

President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.

President Tinubu wishes Dr. Adeduntan continued success in all his future endeavors.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 1, 2024

 

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ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

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Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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IPMAN: Setting the Record Straight

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Fueling Uncertainty: Investigating Nigeria's Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu

IPMAN: Setting the Record Straight

 

The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

IPMAN: Setting the Record Straight

Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.

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