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Farmer Advocates Compulsory Insurance for Farmers, Farm Produce

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Mallam Bala Shittu Mohammed, executive director of a Non Governmental Association, Total Insurance for Farmers (TIF), and managing director of Bala Farms, has called on the federal government to include insurance of farms and farm produce under the compulsory insurances. This he said is the only way that food security and sufficiency can be actualized in Nigeria. The advocate of farmers insurance stated that since independence, Nigeria has never realized its agricultural projections because it has failed to carry the local farmers along. While speaking with our correspondent, he stressed that Nigerian farmers were wasting a lot of foods due to inability to preserve foods, especially the perishable items like tomatoes, pepper, vegetables and many others.
According to him, “the federal government has not demonstrated any sustainable commitment to farming which explains why the country is still importing staple foods such as rice, even when we have the favourable environment to cultivate it.”  Shittu explained that no nation can develop on the platform of negligence of essential things. He stated that 85% of Nigerian farmers were merely subsistence farmers, with many of them barely able to feed themselves due to non insurance provision. He added that every year, farmers toiled hard to prepare for the raining days but are often disappointed because when the inevitable strikes, they have no where to fall back on. Mallam Shittu who is one of the leading farmers in Gombe state was in Lagos to attend a workshop on Food Security which was partly facilitated by his NGO. He charged the National Assembly to enact laws that will compel the ministry of finance and the National Insurance Commission to include compulsory insurance in the scheme of other compulsory insurances. He explained that one of the reasons why local insurance companies have not fared well in this clime was because they hardly think beyond what was entrusted to them by the British who introduced insurance into the country. He added that this was painful because insurance in Europe and the developed world has developed to emerge as role models to others while in Nigeria, after almost 100 years, we are just beginning to crawl while others are flying. Shittu blamed the poor development of insurance in the country on the government itself which only pay lip service to issues that will propel the industry forward. The advocate of compulsory farmers insurance reiterated that farmers own the future of this country, far and above every other thing, because without food, no human being can survive. He charged government to show commitment by setting a good example, first by total obedience to all provisions of compulsory insurance and going further to incorporate compulsory insurance of farmers under the mandatory insurances.

 


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AfDB Appoints Dr Babatunde Samson Omotosho as Director of Statistics Department

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African Development Bank has appointed Dr Babatunde Samson Omotosho, an economist and statistician, as Director of the Statistics Department, effective June 16, 2024.

Dr Babatunde Samson Omotosho

Dr Omotosho, a Nigerian national, has more than 21 years experience in developing data strategies to align with the strategic objectives of organisations. He also brings expertise in data compilation, data analytics, macroeconomic research, and policy analysis.

Omotosho previously served as Director of Research and Statistics at the West African Monetary Agency (WAMA) in Sierra Leone, where he was seconded from the Central Bank of Nigeria. At WAMA, he provided advice on monetary and economic integration within the Economic Community of West African States (ECOWAS).

Prior to that he held various positions within the Statistics and Research Departments of the Central Bank of Nigeria.

As an Assistant Director in the Statistics Department, he led the data analytics team and managed the Central Bank’s strategic initiatives on big data and data analytics. He oversaw projects aimed at enhancing data analytics capabilities for policymaking, automating surveys and statistical systems, improving data sharing infrastructure and developing social media listening tools. His leadership fostered a culture of data analytics within the Central Bank, driving innovation and efficiency in operational and policy processes.

Dr Omotosho holds a PhD in Economics from the University of Glasgow, United Kingdom (2021); a master’s degree in Applied Statistics and Datamining from the University of St Andrews, United Kingdom (2011); a master’s degree in Economics from the University of Benin, Nigeria (2008); and a Bachelor’s degree in Economics from the University of Ilorin, Nigeria (2000).

He has contributed extensively to academic literature, with publications in reputable journals, including the Journal of Economic Dynamics & Control, Journal of International Money & Finance, Macroeconomic & Finance in Emerging Market Economies, and the Central Bank of Nigeria Journal of Applied Statistics. His research covers big data, econometrics, monetary and fiscal policy interactions, business cycle drivers, and the macroeconomic implications of resource shocks for small open, emerging economies.

Omotosho is a member of the Nigerian Statistical Association, the International Association for Official Statistics, and the Royal Statistical Society.

Commenting on his appointment, he said, “I am grateful to President Adesina for this appointment, and I am excited about the opportunity to contribute to the continued success and growth of the African Development Bank Group, an institution that plays such a pivotal role in the economic and social development of our beloved continent, Africa. I am fully committed to fulfilling the responsibilities of the position while collaborating effectively with the Bank’s senior leadership team, colleagues, and other strategic partners.”

Dr Akinwumi A. Adesina, President of the African Development Bank Group, commented: “I am pleased to appoint Dr Babatunde Samson Omotosho, a respected statistician, as Director of the Statistics Department. Dr Omotosho brings to this role an impressive track record in statistics, economics, and data analytics. He will support the Bank in building a robust data ecosystem to achieve our strategic objectives and sustain our long-term development goals.”


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ATII Awards Scholarship to Students

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A knowledge transfer and technology innovation hub, African Technology and Innovation Institutes (ATII) has awarded scholarships to ten pupils from Bridge International Academy, Lagos.

Through its Junior Scholars Program in partnership with Lumina Educational and Empowerment Foundation (Lumina), the scholarship will meet the educational needs of the benefitting pupils through their primary education, which is extendable to their university education.

The Junior Scholars Program is an offshoot of  ATII’s  Innovation, Leaders, Fellowship and Scholars Program that aims to empower and cater to the welfare of students aged 3-12 years from underprivileged and low-income communities by partnering with other organisations to provide scholarships for these rough diamonds.

In addition to the scholarship, ATII also provides STEM-based back-to-school kits and other Science, Technology, Engineering and Mathematics (STEM) materials to spark their desire for education and to contribute to their communities in STEM-related fields.

In her congratulatory message, the Founder of ATII,  Prof. Rose-Margaret Ekeng-Itua represented by Mr Sunday Awolowo, ATII’s Programs Manager, praised the students for their “outstanding academic excellence” and their “resolve to continue to improve in their academic pursuits, especially in the STEM fields.”

“We hope that the scholarships will continue to encourage you to do great work to pursue STEM. We hope one day in the future you all will be inspired to be an Engineer, a technologist, a mathematician or scientist,” Prof. Ekeng-Itua said.

The ATII Junior Scholars Program is designed to encourage and support students who are interested in pursuing careers in these fields.

Mrs Ezinne Tochie-Asogwa, Manager of Academics at Bridge International Academy, expressed her appreciation to ATII for the generous gesture.

“On behalf of the management and staff of Bridge International Academy, we appreciate the kind gesture of ATII.

ATII is passionate about the next generation of leaders and individuals who will change the world, pursuing its mission to promote African and Indigenous Technologies, while supporting human capital development in alignment with the UN Sustainable Development Goals.

The ATII scholarships will provide financial assistance to the students as they continue their education in STEM fields. The program will also provide mentorship and support from ATII professionals.

 


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CBN, FintechNGR Chart the Way Forward to Enhance Nigeria’s Fintech Ecosystem

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In light of recent developments aimed at strengthening Nigeria’s fintech sector, Ade Bajomo, President of FintechNGR, led a team from the Association’s Governing Council in an engagement with the Central Bank of Nigeria (CBN) to chart the way forward.

Receiving the team at the CBN headquarters in Abuja, Philip Ikeazor, Deputy Governor, Financial System Stability, commended FintechNGR’s active advocacy efforts that have significantly improved the fintech ecosystem.

The Central Bank emphasized the need for the Association to work closely with stakeholders to operate within regulatory provisions, facilitate compliance, and establish robust risk management frameworks and governance structures.

Mr. Ikeazor stated, “The Central Bank understands the critical roles of fintechs in driving financial inclusion to the last mile. Our efforts are geared towards helping fintechs become more attractive to investors and achieve greater success.”

During the meeting, Ade Bajomo noted that while stakeholders strive to comply with regulatory requirements, they sometimes face challenges beyond their control.

“The common understanding within our ecosystem is that compliance makes the environment safer for all to innovate, scale, and collaborate. FintechNGR will ensure the co-creation of a support structure with the CBN to enhance compliance.”

Some of the initiatives the regulators plan to pursue with the ecosystem include making the 2024 Nigeria Fintech Week more impactful, enriching the activities of the Regulators Forum, organizing fintech learning series for various stakeholders, and exploring self-regulation status for FintechNGR to foster closer relationships with regulators.

FintechNGR remains committed to working with all regulators to better position the ecosystem to be more inclusive and impactful.

 


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