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Thomson Reuters Inaugurates 4th Trading Africa Summit in Cape Town

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Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has inaugurated the 4th Trading Africa Summit in Cape Town, South Africa.

The summit, sponsored by Barclays Africa, attracts more than 600 senior delegates from the regional trading and investment community including capital markets authorities, government bodies, investment firms, and companies.

In his keynote speech, David Craig, president of Financial and Risk, Thomson Reuters, said: “The Continent is becoming a key market for global business, but also a magnet for investment.  Global demand for goods and services remains subdued, but Africa continues to challenge this trend. Many nations in the developed world talk about the challenges of the old, for the continent of Africa I like to think about the opportunities of the young and the new.”

He added: “We believe that African economies can leapfrog traditional markets through technology – the pace of mobile innovation on the continent is testament to this, empowering everything from education, financial inclusion and healthcare. Africa is more connected than ever before – connected across borders, across industries and crucially across the world’s financial markets.”

“Thomson Reuters is now the official calculator for 22 of Africa’s essential benchmarks beginning the process which will move currency benchmark from a manual telephone-based system to a state-of-the-art automated process,” he concluded.

The first panel discussed doing business in Africa and highlighted the best investment approach across the continent’s markets. Pascal Agboyibor, Partner and Board Member, Orrick, Herrington and Sutcliffe, stressed that mega projects have had a transforming impact on African economies. 

“Investors should be focusing on these blue chip projects given the growing need for electricity and power. Tourism is another happening sector and we are seeing investors focusing on this interesting sector,” he added.

Hans Kuipers, partner and managing director, The Boston Consulting Group, said: “It is critical that governments roll out appropriate infrastructure programs that will benefit other sectors and support the economy. The trust aspect is significant and governments, communities as well as the public sector need to collectively work towards executing major infrastructure projects.”

Thomas Wilson, director, Africa Practice, highlighted the importance of government communications.

“Governments should improve their communications as opposed to following procedures and processes. Investors need clarity over regulations and governments have to cater to that need and enhance transparency. The rise of intra African trade is very promising and a sign of maturity across the continent’s economies. It is no longer Western money invested in Africa, but Africa business driving growth,” he added.

Steven De Backer, Founding Director, Afriwise, said: “The growing middle class is driving wealth across the continent. International firms are now actively looking at opportunities. Risks of commodity prices continue to pose challenges; however, the investment appetite is gradually growing.”

The second panel titled “Africa rising” vs. Afro-realism in a complex global economic environment debated the upside and downside risks of the commodity cycle, China’s cooling economy, Europe’s woes, the global economy and domestic demand.

Mohammed Nalla, head, Strategic Research, Global Markets, Nedbank Capital, said: “Africa has a unique opportunity as the global economy facers serious challenges. Currently, Africa is competing with global markets and attracting international investment. The African infrastructure was built to serve the world, not only Africa. Intra African integration has a long way to go.”

Christopher Becker, Lead Economist & Strategist, African Alliance, said: “We have seen strong growth rates. That said, the performance of banks does not reflect these rates.”

He pointed out that decreasing oil prices have only impacted the high income segments, while the low income segment was not really affect as in Nigeria’s case.

“Africa can benefit from the liberalization and reform experience of South East Asia. People need to have the right tools and business environment to achieve the right productivity potential.”


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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Study Reveals Software Programmers to make Full Use of AI Code Assistants

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Gartner predicts that by 2028, 75 percent of enterprise software engineers will use Artificial Intelligence (AI) code assistants, up from less than 10 percent, currently.

According to a Gartner poll of 598 global respondents conducted in the third quarter of 2023, 63 percent of organisations are now testing, deploying, or have previously implemented AI code assistants.

AI code assistants provide for more capabilities than only code development and completion, notes the research firm.

According to Gartner, the use of AI code assistants can lead to higher work satisfaction and retention, resulting in lower turnover costs.

Philip Walsh, senior principal analyst at Gartner, comments: “Software engineering leaders must determine ROI and build a business case as they scale their rollouts of AI code assistants.

“However, traditional ROI frameworks steer engineering leaders toward metrics centred on cost reduction. This narrow perspective fails to capture the full value of AI code assistants.”

Gartner notes that software engineering leaders must “reframe the ROI conversation from cost reduction to value generations”.

Walsh adds: “Calculating time savings on code generation is a good place to begin building a more robust value story. To convey the full enterprise value story for AI code assistants, software engineering leaders should connect value enablers to impacts, and then analyse the overall return to the organisation.”

 


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