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NEWS

Atiku outlines the policies he would have implemented differently if he had been president: $10 billion for MSMEs and the progressive elimination of subsidies.

The Peoples Democratic Party (PDP) presidential candidate for 2023, Atiku Abubakar, claims that if he had won the presidency of Nigeria, his reforms would have “benefited from more adequate preparations” and “more sufficient diagnostic assessment of the country’s conditions.” Abubakar claimed that his policy changes would have “protected our fragile economy against a much deeper crisis by preventing business collapse” in a post on his X account on Sunday. He called President Bola Tinubu’s administration “overkill” for raising the energy cost, floating the currency rate, and eliminating the gasoline subsidy. In order to “first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process,” the former vice president stated that he would have set an example. He also said that “alternative approaches to conflict resolution such as diplomacy, intelligence, improved border control, deploying traditional institutions, and good neighborliness” would have been used by his administration. According to Abubakar, he would have established an economic stimulus fund (ESF) “to support MSMEs across all economic sectors with an initial investment capacity of approximately US$10 billion.” The former vice president claimed that even though he supported eliminating the gasoline subsidy, his government would have implemented the measures using “a gradualist approach.” “The abrupt and total elimination of subsidies would not have occurred. We used a gradualist approach while I was vice president, and we finished phases 1 and 2 of the reform before the end of our term, which is instructive,” he added. According to Abubakar, his government would have a “managed-floating system” of foreign exchange. “We would not be able to run an open, private sector-friendly economy under a fixed exchange rate system, so it was out of the question,” he stated. READ ALSO: Police Arrest 17 Nigerians, 113 Foreigners For Cybercrimes, Hacking But, considering Nigeria’s fundamental economic circumstances, implementing a floating exchange rate regime would be overkill. “We would have urged our central bank to handle foreign exchange in a gradualist manner. It would have been better to have a managed-floating system. We love to have you back, Kindly Subscribe to our Newsletter.

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Breaking: The Federal Government and Google have selected 10 Nigerian startups for N100 million in AI funding.

The ten firms chosen as the recipients of the newly announced N100 million AI Fund have been revealed by Google and the Federal Ministry of Communications, Innovation, and Digital Economy. Each chosen business will receive N10 million in funding through the Fund, which was created by the National Centre for Artificial Intelligence and Robotics (NCAIR) in partnership with Google. Additionally, each startup will receive up to $3.5 million in Google Cloud Credits to aid in the scaling of their ideas. These entrepreneurs will also have access to Google’s top-notch AI tools, receive guidance from Google’s AI specialists, and have the chance to network with partners and innovators around the world. Associated StoriesDr. Bosun Tijani, FG, reports that Google will provide an additional N2.8 billion to boost the growth of AI talent in Nigeria. The Google BOLD internship program will open for applications on October 31, 2024. requirements for blood supplies.Bunce: An AI-powered platform that helps businesses centralize and customize their interactions with customersA startup called CDIAL AI provides smooth text-to-speech and speech-to-text AI capabilities in 13 languages in underprivileged areas.Farmspeak: Uses AI to help livestock farmers with climate control and illness detection.Lendsqr: Uses AI to streamline lending processes, enabling lenders and borrowers worldwide.ProDevs: Uses AI-driven pre-classification and job matching to link international businesses with screened African tech talent.AI-powered energy management from Rana Energy maximizes sustainable power for underprivileged consumers.SaaSPro Health: AI-powered medical records with specially designed features for Nigerian physicians.Towntalk: Uses AI to give African communities contextual security insights so they may make well-informed decisions.Trade Lenda: Uses AI to streamline credit analysis for MSMEs, making borrowing more accessible.Taking on local issuesAs stated According to Google, by concentrating on industries like healthcare, agriculture, education, and governance, the businesses would be essential in tackling regional issues and utilizing AI to promote sustainable economic growth. READ ALSO: EFCC recovered over N248bn Crime Proceeds in One Year “Entrepreneurs throughout Africa are utilizing technology, including artificial intelligence, to tackle significant societal issues,” stated Matt Brittin, President of Google for Europe, the Middle East, and Africa. “Google is still dedicated to assisting these trailblazers increase their influence both within and outside of the continent. “This partnership carries on our work in Africa, which has always been about enabling more people to benefit from the digital economy,” he continued. Things you should be aware ofThis project is in line with a larger analysis that emphasizes AI’s economic possibilities in Nigeria. Based on recent research findings from First, by 2030, Nigeria’s economy might gain up to $15 billion from artificial intelligence. Further demonstrating the importance of this partnership for Nigeria’s digital future, this program aims to harness that potential by providing local businesses and innovators with the tools, resources, and training necessary to utilize AI. It expands upon Google’s N1.2 billion pledge to Nigeria, made in 2023, with the goal of empowering 20,000 Nigerians via initiatives for economic growth and digital skills. We Love To Have You Back. Pease kindly Provide Us With Your Email.

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NEWS

To assist women traders, ECOWAS and Ecobank have launched an empowerment program.

In order to close the gender gap in trade throughout the region, the ECOWAS-Ecobank Empowerment Programme for Women Traders was formally introduced in Abuja. With a pilot program beginning in Nigeria, the initiative, a partnership between ECOWAS and Ecobank, seeks to empower women entrepreneurs by providing them with business training, financial access, and mentorship. This will enable them to take advantage of the African Continental Free Trade Area (AfCFTA) and make a significant contribution to regional economic growth. “When women thrive, communities prosper, and our economy becomes stronger,” said H.E. Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, underscoring the transformative potential of empowering women in commerce. Reiterating ECOWAS’s commitment to addressing market and financial access, H.E. TOURE-LITSE spoke on behalf of H.E. Dr. Omar Alieu Touray, President of the ECOWAS Commission. obstacles that female traders must overcome. According to her, the event marked the start of a six-month journey that will provide participants with useful tools to expand their companies and promote international trade. READ ALSO Mr. Tunde Dawodu, Divisional Head for FCT & North at Ecobank, reaffirmed the organization’s commitment to helping female businesses. “We want to provide funding, mentorship, and digital tools to help women succeed in competitive markets through our ELLEVATE Program and Single Market Trade Hub,” he said. Mr. Dawodu emphasized how networking platforms and preferential financing help participants grow their enterprises and improve their access to local markets. Mrs. Nonye Ayeni, Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), highlighted the Council’s efforts to increase capacity in export, packaging, and good agricultural practices. documentation. Ayeni said, “We are dedicated to assisting women traders in creating long-lasting enterprises and breaking into new markets.” This two-day session lays the groundwork for a six-month program in which participants will get ongoing financial assistance, training, and mentoring. The program is in line with ECOWAS’s Vision 2050 plan to advance sustainable development and equitable growth throughout the region. H.E. TOURE-LITSE said, “This launch is just the beginning, and we are committed to ensuring that these women entrepreneurs multiply their impact and unlock greater prosperity through mentorship, coaching, and access to credit.” In order to provide participants with useful tools for effectively navigating cross-border trade, the Nigerian Export Promotion Council, the Nigerian Export-Import Bank (NEXIM), and the Nigeria Customs Service also shared their perspectives on financial facilitation and export procedures.

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