Business
Nigeria and US Partnering on Smart City Development
Nigeria is pursuing smart city development through strategic partnerships with the United States, aiming to enhance urban living using advanced technology and data analytics. A smart city employs information and communication technologies to improve the quality of life for its citizens, boost sustainability, and streamline public services.
Dr. Felix Ale, Director of Media and Corporate Communications at the National Space Research and Development Agency (NASRDA), shared this initiative in a statement on Thursday. The commitment to developing smart cities was emphasized by Dr. Matthew Adepoju, the Director-General of NASRDA, during the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Africa Business Alliance Trade Mission in Michigan, USA.
“The Nigeria Space Programme encompasses a broad vision with a focus on the socio-economic development of the country,” Adepoju stated, underlining the agency’s dedication to leveraging space technology for national advancement.
His involvement in this trade mission aims to foster vital business connections and collaborations between Africa and Michigan. The event is described as historic, serving as a unique platform for exploring future partnerships.
Significance of the Initiative
Adepoju highlighted NASRDA’s activities within the context of the blue economy, noting, “The potential benefits for the great people of Nigeria and humanity at large are immense.” The Nigerian delegation, led by the NACCIMA president, received a warm welcome from the Mayor of Monroe, Mr. Robert Clark. The Port of Monroe has emerged as an economic growth hub, attracting industrial developments like wind energy and lithium battery production, creating opportunities for partnerships that could enhance Nigeria’s technological and infrastructural development.
At the Detroit Port Authority, discussions centered on integrating blue economy initiatives with space technology, particularly in maritime domain awareness. “We are committed to taking NASRDA to greater heights,” Adepoju affirmed, emphasizing his dedication to realizing the Nigeria space agenda during his tenure.
The conference also showcased investment opportunities in smart city development and tech hubs, areas where Nigeria aims to establish strong partnerships. Adepoju’s active participation in these discussions indicates Nigeria’s strategic interest in utilizing American expertise to create sustainable and technologically advanced urban environments.
As Nigeria positions itself at the forefront of smart city development through these international collaborations, the outcomes of this trade mission could significantly influence the nation’s trajectory in technological innovation and economic growth.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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