Nigeria spends $1 billion on outsourcing yearly

About $1billion (N305billion) is estimated to be spent annually on the Nigerian domestic Business Processing Outsourcing (BPO) market, by both the public and the private sector, but less than two percent of this goes to local entities.

Outsourcing is a practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally.

The Director-General of the National Information Technology Development Agency (NITDA), Dr Isa Ibrahim, noted that with such huge spend, BPO activities have the potential to contribute to pulling Nigeria out of the current challenges.

He added that with articulate planning and coordination by government, and effective participation by ITECs, significant progress can be made for Nigeria to share from the billions of dollars in the global outsourcing business.

This comes as the Chairman, Nigerian Association of Information Technology Enabled Outsourcing Companies, (NAITEOC), David Onu, proffered ways to crash data cost in the country.

Speaking at the annual conference of the association in Abuja, Monday, Onu said the cost of bandwidth in the country will crash if users connected to the different networks already in Nigeria in different data centres can localise the contents.

He noted that the cost of data is very high in Nigeria, adding that the reason the use of internet is expensive in the country is because most are using the data for either social media or email.

He said: “The social media accounts for about 60 percent and then email and the rest. Most of the emails are accessed servers outside Nigeria. It is just the same way you are in Abuja, and you want to send a mail to your friend in Abuja, but it has to go through the United States, US, or France first. That means you entered a plane to France and came back.

“But if the content is local, that is if we have tier-four data centres where the Google, Yahoo and the rest can reside their content locally, there is enough fibre already laid in the country.”

He continued: “For you to drive on the road, the road has to be accessible to you and affordable. Other countries of the world have made bandwidth available, affordable and sustainable, and we can do the same in Nigeria. It is just about being more intentional about it. The internet itself is as useful as the applications that run on it. Because we don’t have enough of internet applications running on it, so in a way, I can see what the operators are saying because the traffic that should run on it that will help them aggregate their cost are not there. So we advocate that more content should be put on the internet; we must start the localisation of contents.”

Onu stressed the need to build teir-3, and tier-4 data centres and address issues of security, redundancy and anything that would pose a danger for data to enable foreign content providers localise their contents. “Once they discover that you have these things in place, they will bring their content.”

According to him, “The internet millionaires and billionaires are not those who created the connectivity, it is those who have the applications like the Facebook and the Twitter so the more we can have contents, applications, that is where the value chain resides.”

He also stressed the need for partnership between government and the private sector and creating synergy to encourage the development of ICT infrastructure. - The Guardian

Stock market posted N660bn loss in November

The bearish trend in the Nigerian equities market persisted in the month of November, leaving investors with a combined loss of N660bn.

The market has largely suffered from declines in trade value and volumes for a good part of the year, thus weakening investors’ participation and the market turnover.

As of the last day of trading on the floor of the Nigerian Stock Exchange in October this year, the NSE market capitalisation closed at N9.349tn, while the All-Share Index was 27,220.09 basis points.

But data from the NSE showed that by November 30, which was the last day of trading for the month, the NSE capitalisation stood at N8.689tn, while the NSE ASI was 25,241.63 basis points.

This, therefore, means over seven per cent decline in the NSE market capitalisation and investors’ worth in the one-month period.

Between September 8 and November 8 this year, the equities market recorded a decline of N396bn, which represented a fall of 4.18 per cent of the shareholders’ fortunes in two months. On November 8, the NSE market capitalisation plunged by N180bn for the day at the close of trading on the floor of the Exchange.

For the third quarter, investors in the equities market lost N432bn of their fortunes compared to the second quarter of the year.

In the space of three months, the NSE market capitalisation had slid to N9.733tn from N10.165tn. The NSE All-Share Index as of June 30 was 29,597.79 basis points, while at the end of the third quarter on September 30, it stood at 28,335.40.

The President, Fund Managers Association of Nigeria, Dr. Ore Sofekun, described the current state of the equities market as challenging for investors, adding that the prevailing economic recession was not helping the situation.

She called on investors to study trends in the market and make informed decisions if they were nursing a buy or sell consideration.

Sofekun also advised investors in the capital market to consider diversification of their investment portfolios to achieve a good spread of their investment risks.

The African Securities Exchanges Association recently urged all bourses on the continent to seek the elimination of capital gains tax on their securities and roll out new products like derivatives in the face of decreased interest from foreign and local investors.

Global funds, which sought African assets in the years up to 2015, have been cutting their holdings, due to the commodity price crash last year and the anticipated interest rates increase in the United States.

Adding to the challenge, economic growth in Africa this year is projected to be the slowest in two decades, reflected in bourses like the NSE, where daily volumes have shrunk by two-thirds to $10m, as foreign investors quit, put off by the slowdown and capital controls.

For instance, between September 28, 2015 and September 28, 2016, the NSE market capitalisation had dropped by N873bn from N10.572tn to N9.699tn; while the All-Share Index also fell to 28,236.23 basis points from 30,762.29 basis points.

There was also a significant drop in the volume of transactions in the market, as it dropped to 159.046 million from 266.652 million in the period. - Punch

THE 7 HABITS OF HIGHLY EFFECTIVE PEOPLE HABIT 3: PUT FIRST THINGS FIRST

To live a more balanced existence, you have to recognize that not doing everything that comes along is okay. There's no need to overextend yourself. All it takes is realizing that it's all right to say no when necessary and then focus on your highest priorities.

Habit 1 says, "You're in charge. You're the creator." Being proactive is about choice. Habit 2 is the first, or mental, creation. Beginning with the End in Mind is about vision. Habit 3 is the second creation, the physical creation. This habit is where Habits 1 and 2 come together. It happens day in and day out, moment-by-moment. It deals with many of the questions addressed in the field of time management. But that's not all it's about. Habit 3 is about life management as well--your purpose, values, roles, and priorities. What are "first things?" First things are those things you, personally, find of most worth. If you put first things first, you are organizing and managing time and events according to the personal priorities you established in Habit 2. 

TSA inflows cover government’s borrowings, CBN tells Sanusi

Central Bank of Nigeria (CBN) yesterday debunked its former Governor and now Emir of Kano, Muhammadu Sanusi’s II claim last week that the Federal Government, under the President Muhammadu Buhari’s administration had overdrawn on its account with the apex Bank to the tune of N4.7 trillion. Supporting its defence with data, the CBN, also the banker to the government, insisted that government still had a net balance of over N1.19 trillion in its Treasury Single Account (TSA) and declared Sanusi’s claims as “totally false and wholly fabricated.” TSA is a financial policy introduced by the federal government in 2012, to consolidate all inflows from the country’s ministries, departments and agencies (MDAs) by way of deposit into commercial banks, traceable into a single account at the CBNQuoting Section 38.2 of the CBN Act 2007, Sanusi had maintained that the Central Bank, a lender of last resort, had exceeded its lending limit to the government, a development he noted had weakened the credit worthiness of the country by the international community. Speaking at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development, at in Abuja last week, Sanusi said the CBN’s lending to the government since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion. Sanusi also said: “The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy. CBN claims on the FGN now top N4.7 trillion equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2), which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s. Source: Guardian

Nigeria’s economic challenge is reversible, says Emefiele

The fact that Nigeria is in a crucial point in its financial history notwithstanding, the situation has equally thrown up opportunities to future prosperity. Consequently, Nigerians have been advised to remain bold and persistent in trying new ideas and taking up opportunities in entrepreneurship to be part of the collective efforts to revive the economy. Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, made the observations in his keynote address at the quarterly meeting of the Association of Chief Audit Executives of the Banks, in Lagos, last weekend. Meanwhile, the bank’s chief has said that given the need to maintain good internal control, ethical practice, sound risk management, healthy and stress-free banks amid a challenging times, there would be constant policy initives for the industry. While admitting that money is scarce, price of oil, which is the major source of foreign exchange and government revenue, has significantly reduced, and may remain so for a long time, he called for fundamental changes in attitudes, orientations and practices. “Regrettably, because our economy is still largely import-dependent, this fuels the general rise in the prices of goods and services. Hence, there is a noticeable decline in the purchasing power of the people. “If well tackled, the current situation can pave the way to future prosperity. Where and when necessary, we must remain bold and persistent, and never afraid to try new ideas, as these are major requirements in a time of change. That is why I am confident that Nigeria will overcome our current challenges. “Change is the categorical imperative of the moment. It applies to CBN as the nation’s lender of last resort and the banking sector regulator; it applies to banks and other financial institutions; and even, change is required from the public that we all serve,” he said. Represented. Source: Guardian

How I Recovered Completely from High Blood Pressure without Chemical Drug

In the 29th of March, 2014, I was just lying down in my lobby reading a novel meant for my niece ‘purple Hibiscus’ for relaxation since I rarely had time during week days for such leisure. All of a sudden, letters were becoming blurred. I could not see the letters very well and I also felt a very sharp pain in my chest, accompanied with a severe headache and shortness of breath. The headache was more like a migraine. My niece saw the level of my discomfort and enquired to know what was wrong with me and I told her to quickly consult our family doctor. She narrated to the doctor how I was feeling. When the doctor arrived, the chest pain had subsided a bit, but I was still feeling feverish and headache.

THE DIAGNOSISWhen the doctor arrived, he examined my BP using sphygmomanometer and it read 160/100. He told me that was abnormal and that I was at the stage two of high blood pressure. I began to wonder what the possible cause could be because I was four months pregnant and that got me really worried. I was scared of losing my life and not being able to protect the unborn baby. The doctor prescribed some medications almost immediately and warned me to desist from certain foods and habit. He asked me not to eat food such as canned foods, fatty foods, whole milk, doughnut, red meat, table salt, less caffeine, alcohol and a whole lot. It was then I sensed how miserable my life was turning into, because those werethe foods I could easily lay my hands on at the lunch hours at work. I continued with my medication and tried as much as possible to do away with junks and fats. On the 16th of June 2014, I lost my dad and I couldn’t bear the loss because I love him so much, my condition worsened and by then my BP read 170/100. The doctor warned that there is high tendency that I will suffer from postpartrum psychosis if I should put to bed in this condition. Source: The Nation

Your role in preventing miscarriage, abortion, stillbirth and preterm explained (3)

This is the concluding part of last week’s article. Another method of family planning is the use of condoms by both men and women. It’s safe and helps to prevent sexually transmitted infections. Condom is available in most pharmacies and shops without the need for prescriptions. Hormones, such as the daily pill can also be used too. Two or three monthly injections are other choices. Devices, such as intra-uterine devices, are another effective method of contraception. In a stable couple that had completed their children, vasectomy by the man or Fallopian tube ligation by the woman are effective permanent contraceptive methods. The choice of contraception method will depend on the age of the user, the urgency, reason for the contraception as well as any need to address any other illness in the man or woman. The reader will recall that in Part 1 of this series; we discussed the differences between miscarriage and deliberate termination of unwanted pregnancy or abortion either as therapeutic abortion or termination for non-medical reason. In this article, we will look at Miscarriage, what causes it and how to deal with it as well as how to prevent miscarriage. Unlike abortion that is intentional, miscarriage is a desirable pregnancy that could not continue to viability. The experience causes extreme distress to the woman and the male partner.  It’s even more painful if the pregnancy is one that has been sought for some time otherwise called “precious pregnancy”. What causes miscarriage? Age: Maternal age and number of previous miscarriages are two risk factors for a further miscarriage. As the mother ages, her eggs (oocytes are also aging). Therefore, aging oocytes (eggs) are candidates for a pregnancy at the risk of being miscarried. As we shall see below, the advancing age is not to say that miscarriage does not occur in younger women. It does. The risk of miscarriage is highest among couples where the woman’s age is greater than 35 and the man is over 40. Also, one miscarriage begets another miscarriage. The risk of a further miscarriage increases after each successive pregnancy loss. Combined with advancing age, the outlook for the woman worsens if there had been previous miscarriages.  Maternal cigarette smoking and caffeine consumption have been associated with an. Source: The Nation