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Financial inclusion essential to Nigeria’s economic growth – Communications Minister, Tijani
The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has stressed the importance of giving high priority to financial inclusion as it is a fundamental factor for the country’s economic growth. Tijani made these remarks during his speech at the launch of the Kayi Bank Application, a financial technology company based in Abuja.
He emphasized that financial inclusion significantly contributes to economic growth by increasing the number of individuals engaged in businesses that are part of the formal economy. Tijani pointed out that without a clear understanding of the concept, there can be no real economic growth, highlighting the fact that, although Nigerians are highly entrepreneurial, a substantial portion of these entrepreneurs remains excluded from the formal economy. He stressed that the inclusion of these entrepreneurs into the formal economy is imperative for driving robust and inclusive economic growth.
Tijani also highlighted how financial inclusion, by providing individuals with access to financial resources such as savings and credit, can play a role in reducing poverty. In order to achieve various objectives, including financial stability, reducing risky and informal financial practices, and expanding access to credit, he emphasized the necessity of prioritizing financial inclusion within the economy.
The Minister further noted that when individuals have access to banking services, they are less likely to engage in precarious and informal financial activities. He pointed out that a strong culture of financial inclusion can also promote entrepreneurship, which is indispensable for economic growth. Small businesses, in particular, can benefit from financial inclusion by gaining access to credit, improving their financial management, and subsequently expanding their enterprises, thereby creating employment opportunities.
Concluding his remarks, Tijani urged app innovators to focus on developing technologies that address real societal issues rather than solely concentrating on aesthetics.
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NCC warns Nigerians against use of pre-registered SIM cards
The Nigerian Communications Commission (NCC) has issued a strong warning to Nigerians about the dangers of purchasing pre-registered SIM cards, emphasizing that this practice is illegal and could result in severe penalties, including imprisonment.
The NCC warned that individuals using pre-registered SIM cards might unintentionally become involved in crimes such as identity theft, financial fraud, kidnapping, and armed robbery.
Furthermore, the NCC noted that pre-registered SIM cards compromise the accuracy of consumer information and hinder efforts to track criminals effectively. Using these SIM cards undermines the reliability of data collected on consumers, making it difficult for authorities to identify and apprehend the true criminals.
The NCC’s message aims to educate the public on the risks associated with pre-registered SIM cards and to encourage adherence to legal guidelines to enhance national security.
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Getting election process right duty of every Nigerian – Osun REC, Agboke
The Independent National Electoral Commission (INEC) Resident Electoral Commissioner for Osun, Dr. Mutiu Agboke, emphasized that ensuring a successful election process in Nigeria is the responsibility of every citizen.
During a courtesy visit to the Vice Chancellor of Obafemi Awolowo University (OAU), Prof. Simeon Bamire, on Thursday, Agboke highlighted the need for increased collaboration with the university. He also praised the university’s lecturers for their roles as INEC ad-hoc staff during the 2022 gubernatorial and 2023 general elections.
Agboke called for enhanced cooperation between INEC and the university’s academic staff, stressing the importance of innovative thinking to improve the election process. “We appreciate the institution’s members of academia who assisted us during the elections,” he said. “We seek more collaboration, engagement, and stakeholder enlightenment to get it right. No one else can do it for us; we need to think creatively to succeed.”
Prof. Bamire acknowledged INEC’s critical role in Nigerian society and expressed satisfaction with the commission’s efforts, despite some public dissatisfaction with current events in the country. He assured that the university supports INEC and is ready to assist when needed.
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Wildlife bill passes second reading in Reps
The bill addressing wildlife trafficking and habitat destruction passed its second reading in the House of Representatives during Thursday’s plenary session.
Hon. Terseer Ugbor, the bill’s sponsor and representative for Kwande/Ushongo Federal Constituency of Benue State, explained the bill’s general principles, noting that the illegal wildlife trade and trafficking are becoming increasingly dangerous, necessitating legislative action to stop this menace.
Ugbor, who also serves as the Deputy Chairman of the House Committee on Environment, emphasized that the 10th National Assembly must address pressing issues like illegal wildlife trade, habitat loss, and the decline of Nigeria’s unique wildlife populations, aligning the country with global best practices.
He stated that Nigeria’s legal framework on wildlife needs a review to effectively combat poachers and traffickers, who are a significant challenge.
“The bill aims to enhance the capabilities of law enforcement agencies, grant investigators more power to examine financial matters and conduct intelligence-led operations, and enable judges to expedite wildlife cases and recover assets,” he explained. “It also aligns with international treaties, fosters global cooperation, and introduces stringent penalties for poachers and traffickers.
“By taking a stand against illegal activities targeting our wildlife and forests, we protect our future. This bill represents our commitment to counter the use of our borders for trafficking illegal wildlife products such as pangolin scales and elephant ivory.
“A combination of lack of public awareness, weak legislation, and minimal enforcement has hindered efforts to combat wildlife trafficking and biodiversity loss in Nigeria. Consequently, Nigeria’s wildlife has significantly declined, with species like lions, elephants, gorillas, and chimpanzees nearing extinction,” Ugbor added.
After contributions from other members affirming the importance of protecting endangered species in line with international treaties, Deputy Speaker Rt. Hon. Benjamin Kalu passed the bill for a second reading upon a vote. He then referred it to the House Committee on Environment, instructing them to submit their report within two weeks.
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