Connect with us

Broadcasting

Nigeria Week Ahead: CBN Rate Decision, Inflation & Oil in Focus

Published

on

Kindly share this post

By Lukman Otunuga, Senior Research Analyst at FXTM,

The combination of mounting geopolitical risk and Fed rate expectations rocked global financial markets last week. Volatility is likely to intensify over the next few days as investors not only focus on these key themes but top-tier economic reports from across the globe among other high-risk events.

In Nigeria, the CBN’s recent removal of FX restrictions on 43 items sparked some optimism as dollar supply surged. This development offered an opportunity for the Naira to fight and was also welcomed by the IMF which acknowledged the series of reforms aimed at fixing Nigeria’s economy.

Nevertheless, inflation remains piping hot in Africa’s largest economy while interest rates are currently at their highest levels since the monetary policy rate was adopted in 2006. It is worth keeping in mind that, the inflation menace continues to draw strength from the removal of fuel subsidies, devaluation of the official Naira and security issues in food production regions. Given how inflation is projected to jump in September to 27.1%, the CBN is likely to raise interest rates at its policy meeting this week for the fifth consecutive time. This vicious cycle of rising inflation and interest rates certainly presents a risk to Nigeria’s fragile economy. The question is whether the central bank will move ahead with a 25bp hike or opt for a larger move to tame inflation.

Volatile week ahead for USD?

Dollar volatility could be the name of the game this week due to key US economic data and speeches by a host of Fed officials.

After receiving a boost from stronger-than-expected US inflation data, dollar bulls could switch into higher gear if the incoming economic releases support the case for another Fed hike in 2023. The US Empire manufacturing will be in focus on Monday, with key US retail sales and industrial production figures published on Tuesday and US initial jobless claims on Thursday. These reports will be complemented by speeches from various Fed officials including Fed chair Jerome Powell.

If US economic data miss expectations and Fed officials reiterate their dovish remarks, this could hit the dollar as bets rise over the Fed pausing hikes for the rest of 2023. A strong set of economic releases may fuel speculation around the Fed raising rates one more time this year – boosting the dollar as a result.

Commodity Spotlight – Oil

Oil prices ended last week gaining over 7% thanks to mounting geopolitical risks.

The global commodity has the potential to extend gains due to escalating tensions in the Middle East, home to almost a third of global oil supply. Bulls are likely to draw additional strength from the U.S. tightening its sanctions against Russian crude exports. Supply concerns remain rife with growing concerns over the conflict between Israel and Hamas spreading through the region, resulting in major disruptions in an already tight market.

While oil is likely to remain supported by supply-side factors, the demand side of the equation may create headwinds down the road – especially when factoring global recession fears. Looking at the technical picture, Brent bulls have a steep hill to climb before heading anywhere near $100. But the daily close above $90 last Friday could be the first signs of bulls reclaiming lost territory.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Broadcasting

African Voices Changemakers Celebrates Afrobeat Sensation Rema

Published

on

Kindly share this post

Afrobeat sensation and Nigerian music star, Rema, will this week share his inspiring story on CNN International’s African Voices Changemakers, sponsored by Globacom.

Born Divine Ikubor, the 24-year-old Edo-born singer-songwriter, discovered his passion for music in church and school. His big break came after posting a viral freestyle on Instagram, catching D’Prince’s attention. This led to a record deal with Jonzing World, a subsidiary of Mavin Records, owned by Don Jazzy.

Rema’s global ascension gained momentum in 2022 with the release of his hit single “Calm Down”. The song’s massive success led to a collaboration with American pop sensation Selena Gomez, propelling it to greater heights.  Notably ‘Calm Down” reached number three on the prestigious Billboard Hot 100 chart, number one on Billboard Afrobeats Songs chart, where it held the top spot for a record- breaking 58 weeks.

His star status was crowned on November 7, 2022, when he received an award for achieving 1 billion streams worldwide during his London concert, in addition to performing at the Ballon d’Or ceremony held at the Theatre du Châtelet in Paris, France on October 30, 2023.

The interesting episode of African Voices awaits viewers on CNN on Saturday at 8.30 a.m., with repeats at noon the same day.  More repeats come up on Sunday at 4.30 a.m., 7.00 p.m. and on Monday at 4.00 a.m.

 


Kindly share this post
Continue Reading

Broadcasting

Together, Agents and Humans Will Drive Customer Success

Published

on

Kindly share this post

By Linda Saunders, Director Solutions Engineering, Africa Salesforce

AI is advancing rapidly, capturing the attention of CEOs, CTOs, and CIOs with its proven ability to boost productivity, enhance employee performance, and improve customer relationships.

We are entering the third wave of AI where autonomous AI agents will go beyond simply generating and analysing content, as chatbots and copilots did in the first and second waves and will be able to reason and autonomously take action for human colleagues. Indeed, they’ll work 24/7 to tackle individual, low-value, time-consuming tasks or collaborate with other agents to get larger, more complex jobs and projects done.

In sales, for example, they’ll engage with prospects, answer questions, manage objections, and schedule meetings based on CRM and external data, allowing sellers to focus on building deeper customer relationships. With dynamic, conversational self-service, they can be configured to answer customer questions using companies’ existing knowledge base so they can automatically resolve account access. They can also triage registration and payment issues, directing customers to the appropriate resources.

Put simply, the future of AI is agents, and it’s here. Companies need to get ready to implement fast as these autonomous agents will become central to organizations’ customer engagement and experience strategies.

Working together, these customisable agents can autonomously take action on tasks and free up workers to focus on the jobs only they can do.

At Dreamforce, Salesforce unveiled Agentforce – a groundbreaking suite of customizable, autonomous agents and tools, makes it easy for customers to build their own ‘agent force’ — a revolutionary step forward in enterprise AI that will boost productivity, efficiency, and customer satisfaction across service, sales, marketing, commerce, and more. Agentforce is how humans with AI drive customer success together and it’s been designed so that any organisation can build, customise, and deploy their own agents quickly and easily, with low-code tools.]

Complementing skills, and ensuring accountability

The leap from generative to agentic AI will transform how humans work.

Despite business eagerness to experiment with and deploy AI, many still worry about how to do so safely, how to keep data under their control, and make sure they can trust the AI’s output.

There is considerable concern about AI ‌displacing workers or becoming too powerful and working at odds with humans.

Agents require guardrails, and they have to be monitored to make sure that they’re doing what they’re supposed to.

Success requires not just finding the AI models or building AI actions that best suit a company’s needs but having the infrastructure and data security to do so responsibly.

Audit trails are necessary to hold autonomous AI agents accountable, just as employers might establish key performance indicators (KPIs) to keep human workers marching toward their expected goals.

It’s important to think about the role of agents at work as a partnership between people and AI. Complementing skills and intelligence will bring better business outcomes.

While agents can orchestrate complex actions on behalf of the user, they require those skills to be configured and need a degree of hand-holding to perform at their best.

Businesses need to take their employees on the AI journey. They will require training to work with autonomous AI agents because they need context and onboarding much like new employees.

Setting direction, clear goals, and giving feedback ultimately helps AI train itself better.

The future of work is a hybrid workforce

Together, agents with humans will drive customer success. This is what AI is meant to be.

Every company has more jobs to be done than the resources available to do them. As a result, many jobs go unaddressed or uncompleted.

An estimated 41% of employee time is spent on repetitive, low-impact work, and 65% of desk workers believe generative AI will allow them to be more strategic, according to the Salesforce Trends in AI Report.

However, it’s essential for AI agents to understand and execute their expansive capabilities. It’s equally, if not more, important for them to recognize their limitations and understand when human intervention is necessary.

The future of work is a hybrid workforce composed of humans with agents, enabling companies to compete in an ever-changing world. With AI, humans can focus on what’s really important: human relationships.


Kindly share this post
Continue Reading

Broadcasting

Mojisola Ologe Bags The Peak Performer 2024 Admirable Woman in Leadership Award

Published

on

Kindly share this post

Celebrating excellence in leadership: Mojisola Ologe, a recognized risk management professional, has won The Peak Performer FEST 2024 Admirable Woman in Leadership Award.

Mojisola Ologe (middle) receiving the The Peak Performer FEST 2024 Admirable Woman in Leadership Award.

The event, held at the MUSON Centre, Onikan, Lagos, brought together women leaders from various industries as part of TPP FEST 2024. With the theme, “Enhancing Women Leadership with the Magic of Emotional Intelligence,” it highlighted essential behavioral insights and strategies for women to excel in their careers and business ventures, while also recognizing outstanding women in society and promoting leadership skills, global connections, and well-being.

With over 20 years of experience in technology, risk management, and cybersecurity, Mojisola Ologe has been at the forefront of safeguarding critical infrastructure within the financial and technology sectors.

Her comprehensive expertise in audit, regulatory compliance, and innovative risk management strategies has strengthened organizational resilience and driven operational excellence, establishing her as a trusted authority in the field.

Mojisola has successfully led transformative cybersecurity initiatives that align with global standards such as ISO 27001, NIST Cybersecurity Framework, and PCI DSS. Her strategic oversight has driven the implementation of advanced security controls, threat assessment protocols, and incident response frameworks, significantly enhancing organizational resilience against emerging cyber threats.

Beyond her professional expertise, Mrs. Ologe is a passionate advocate for empowering and mentoring women in cybersecurity, a field traditionally dominated by men. Her efforts have contributed to shaping a more inclusive technology landscape in Nigeria.

As a dynamic leader, Mojisola is recognized for her ability to foster collaboration and drive cross-functional teams towards shared objectives. A trailblazer in the field, she continuously pushes the boundaries of innovation and security in an ever-evolving digital landscape.

Presenting the Admirable Women in Leadership Award to Mojisola, Dr. Abiola Salami, publisher, The Peak Performer, said, “This is in acknowledgement of your excellent leadership by those you have led in the year under review 2023/2024.

“We hope this will inspire you to deliver a higher level of excellence in future”.

In her response, Mojisola said it was a very auspicious moment for her “as we all have gathered to celebrate myself and others who have excelled in different fields.

“It’s a great honour for me to be given accolades and award; I am truly obliged for this great honour and recognition given by The Peak Performer team”.

She said she is more energised and charged up to take up new and challenging projects which would work in the benefit of her organisation and the environment.

Other prominent award recipients included Lady Maiden Alex-Ibru, Chairman, Publisher, and CEO of Guardian Newspapers; Dr. Mosun Belo-Olusoga, a leading figure in Nigeria’s financial services sector; Bodam Taiwo, Head of Portfolio, Bond and Connect at Pernod Ricard; Chichi Emenike, Head of Gas Ventures at Neconde Energy Limited; Rachel Adeshina, Country Head of Technology and Services at FBN Bank Ghana; and Mabel Adeteye, Head of Brands and Communication at Wema Bank. Each of these women was recognized for their exceptional achievements and impact within their respective fields.

 

 

 


Kindly share this post
Continue Reading

Trending