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Fidelity Bank: Here’s the perfect opportunity to grab your slice

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By Iheanyi Nwachukwu

Fidelity Bank: Here’s the perfect opportunity to grab your slice

On Thursday June 20, Nigeria’s 6th largest bank, Fidelity Bank Plc will open its public offer and Rights Issue.

According to an article on the Businessday website and authored by Iheanyi Nwachukwu, the bank is raising a total of up to N127.100billion by way of a Rights Issue to existing shareholders and a Public Offer (the Combined Offer).

Under the Rights Issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share.

For the Public Offer, 10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share.

The acceptance and application lists for the Rights Issue and Public Offer which will open on Thursday, June 20 will close on Monday July 29, 2024.

The Combined Offer is a part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN) on March 28, 2024.

Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, while the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited.

As part of the capital raising process, Fidelity Bank will this same Thursday June 20 at the

Nigerian Exchange Limited (NGX) hold a Facts Behind the Offer presentation.

Overall, the bank expects that the capital raised would support its efforts to drive sustained growth and diversification of its earnings base.

The bank’s shareholders had approved the Rights Issue and Public Offer at the Extra-Ordinary General Meeting held on Friday August 11, 2023.

Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer, Fidelity Bank Plc said at the Combined Offer signing ceremony that the proceeds will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.

Oladele Sotubo, Chief Executive Office, Stanbic IBTC Capital who commended Fidelity Bank’s management team for their commitment towards executing the Combined Offer also lauded their efforts for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks.

Sotubo expressed confidence that the deal would encourage other corporates to tap into the equity capital markets to raise funding to meet their strategic business needs.

Fidelity Banks share price, which closed May 31, 2019 at N1.68 per share, rose successively to N10.20 per share by the end of May 2024.

The ASI had, during the period, rose from its opening index of 31,069.37 points to close weekend at 99,300.38 points. The NGX Banking Index rose from 361.57 points to 797.37 points.

The NGX 30 Index, which opened the period at 1,286.68 points, closed the period at 3,676.44 points. The NGX Main Board Index appreciated from 1,267.54 points to close weekend at 4,634.31 points.

David Adonri, Managing Director, HighCap Securities Limited said the price of any stock in the market is a correct reflection of the market value for the stock.

Aruna Kebira, Managing Director, Globalview Capital Limited said that the market price of a stock represents the disposition of the investing public to the stock at a given period, noting that there should be consideration for both the market value and the book value or fundamentals of a stock.

“It could be summarised that the market price of a stock is premised on the psychology of the market, the markets mood as well as market sentiments,” Kebira said.

Sola Oni, Chief Executive Officer, Sofunix Investment and Communications said the stock market shows both the current and future prospects of shares.

“Share price reflects the current value of a company but also reveals the future prospects”, Oni said, noting that investment analysts traditionally combine market price and book values to determine the possible outlook of a stock.

For many independent investment research reports, Fidelity Bank was assigned BUY ticker, a recommendation to investors to consider the potential attractive returns of the bank.

The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.

For instance, the investment advisory reports included those of Afrinvest Group, FSDH Capital and CardinalStone among others.

Analysts were unanimous that Fidelity Banks share price could double in the period ahead given professional assessment of top traditional performance parameters including the company’s operational reports, investors preference and projections.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

Just recently, African Export-Import Bank (Afreximbank) disbursed $40-million Intra-African Investment Facility to Fidelity Bank Nigeria Plc to support the bank’s acquisition and recapitalisation of Union Bank UK as part of its international expansion programme. Provided in two tranches of $20 million each, the first tranche of the facility enabled Fidelity to part-refinance the acquisition of 100 percent equity stake in Union Bank UK, while the second tranche was used to support its recapitalisation via the injection of additional equity into the acquired bank, as approved by the United Kingdom’s regulator.

With this acquisition, Fidelity Bank is able to birth a new pan-African financial institution capable of providing correspondent banking and offshore banking services to banks in Africa and servicing the banking needs of Africans in the diaspora.

The average annual return of 101.43 per cent underlines that Fidelity Bank provides substantial return for investors, even where such investors had borrowed money at the ruling interest rate and the invested fund was adjusted for impact of inflation rate.

Investors in Fidelity Bank Plc have earned more than 507 percent in capital gains over the past five years, ranking above all other major return benchmarks at the Nigerian stock market and the entire banking sector.

Trading reports at the Nigerian stock market for the five-year period between May 31, 2019 and May 31, 2024 showed that Fidelity Bank outperformed all key indices at the stock market. Fidelity Banks share price rose by 507.14 percent over the period, representing average annual capital gain of 101.43 percent.

These returns underscore Fidelity Banks immense value as a stock for all times, helping investors to hedge against inflation while preserving significant long-term value.

With 507 percent capital gain in five years and average annual gain of more than 100 percent, the return analysis implies that investment in Fidelity Bank is more attractive than other class of assets, including fixed-income securities such as government and corporate bonds; real estate investment and mutual funds among others.

The high divisible nature of shares investment and high free float of Fidelity Bank, which makes the bank’s shares easily available, underline it as a most attractive investment option for all cadres of investors- small, medium and high networth; retail and institutional investors.

Comparative analysis showed that Fidelity Bank outperformed all other major market indices with the banks average annual return for the period twice the average return by the overall market and almost four times of average return in the banking sector.

Nigeria’s inflation rate peaked at a high of 33.69 per cent in April 2024 while the Central Bank of Nigeria (CBN)s Monetary Policy Committee (MPC) recently increased the Monetary Policy Rate (MPR), otherwise known as benchmark interest rate, to 26.25 per cent.

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NIMC, Online Publishers Roundtable: Implications and Future Directions

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NIMC, Online Publishers Roundtable: Implications and Future Directions

By Walter Duru, Ph.D

The digital age has reshaped how we consume and disseminate information, with online media playing a crucial role in shaping public perception and opinion.

Recognizing this, the National Identity Management Commission (NIMC), with support from the Nigeria Digital Identification for Development (ID4D) Project, recently organized a two-day roundtable with online newspaper publishers in Nigeria.

The Roundtable, held in two batches, at Lagos and Abuja, respectively, provided participants the opportunity to understand and appreciate the activities, strategy, approach, achievements, and challenges of NIMC. It was the first of its kind, since the establishment of the commission.

This collaborative initiative underscores the importance of dialogue between regulatory bodies and media stakeholders in shaping the future of identity management in the country. It marks a significant step toward enhancing communication, collaboration, and mutual understanding between NIMC and digital media stakeholders.

The roundtable, themed “Building Trust and Collaboration in the Digital Age: Enhancing Communication Between NIMC and Online Publishers,” aimed to bridge the gap between NIMC and the digital media.

It provided an opportunity for NIMC to articulate its mandate, vision, activities, and achievements directly to the publishers while addressing some misconceptions surrounding its operations. The roundtable laid the foundation for future interactions and collaborative efforts.

The event was also designed to foster a partnership that leverages the strengths of online media to support NIMC’s mission and to ensure accurate dissemination of information.

In her opening remarks at the event, NIMC Director General and Chief Executive Officer, Engr. Abisoye Coker-Odusote emphasized the importance of building strong relationships with the media to combat misinformation and to enhance the visibility of NIMC’s efforts.

“As we gather here today, we are united by a common goal: to build formidable bridges between the National Identity Management Commission (NIMC) and the influential voices of the online media landscape.”

“In the digital age, the influence of online media cannot be overstated. The internet has become a primary source of information for many, particularly the youth. However, it is also a breeding ground for misinformation and rumours, which can severely impact the reputation and trust in organizations.”

“Our focus today is to address the dual role of online publishers – as key partners in disseminating accurate information and as potential sources of misconceptions. We recognize that while you have the power to amplify our successes, there is also the potential for misunderstandings that can spread rapidly.”

“This Roundtable aims to forge a partnership that leverages your strengths to support our mission while ensuring that any misconceptions are promptly and accurately addressed.”

“Pursuant to our commitment to transparency and accountability, we have instituted robust mechanisms for participation, grievance redress, and regular monitoring to enhance operational performance and mitigate social risks.”

“Let me also use this medium to remind you all that enrolment for the National Identification Number (NIN) is free of charge in Nigeria.”

“Taking advantage of this meeting, we hope to provide you with comprehensive insights into NIMC’s activities, objectives, strategies, achievements, and challenges. This knowledge is vital for you to disseminate accurate information to the public.”

“It is also expected that we discuss your roles in the forthcoming NIMC Ecosystem Enrolment exercise, ensuring you understand how you can contribute to this national effort.”

“Let me use this medium to, once again, reassure Nigerians, at home, and in the diaspora that robust measures are in place to safeguard the nation’s database from cyber threats. Under my leadership, NIMC has an unwavering commitment to upholding ethical standards in data protection. Cutting-edge cybersecurity technologies are in place to protect the database.”

Earlier in her remarks, Coordinator, Project Implementation Unit, Nigeria Digital ID4D Project, Tito Ejenavi, highlighted the project’s development objective – to increase the number of persons with a National Identity Number (NIN) through a robust and inclusive foundational identity system.

“By strengthening our national identity infrastructure, we aim to bolster Nigeria’s digital economy, enhance data protection, and close the inclusion gaps that hinder access to identification and related key services,” she explained.

Also, in his remarks, Deputy President, Guild of Corporate Online Publishers (GOCOP) and Publisher of NewsdiaryOnline, Danlami Nmodu, pledged the continued support and collaboration of online publishers to the commission.

The roundtable featured a series of presentations, interactive sessions, and case studies, aimed at educating participants about NIMC’s operations, strategy, achievements, and plans.

Notable presentations included “NIMC: Mandate, Approach, Operations and Strategy” by Festus Esangbedo and “Understanding Engr. Abisoye Coker-Odusote’s 5-Point Agenda for NIMC” by Dr. Alvan Ikoku.

Others are: “Front End Partners in NIN Enrolment: Essence, Approach, Benefits and Challenges”, by Carolyne Folami; “Nigeria Digital ID4D Project and the Ecosystem Enrolment”, by Chinenye Chizea’; “Improvements to NIMC Infrastructure: Implications to Data Integrity, Privacy and Security”, by Chinenye Chizea, and “Online Publishers and Realization of the NIMC Mandate”, By Dr. Walter Duru.

These sessions provided comprehensive insights into the commission’s efforts to maintain a secure, robust and inclusive national identity system.

For online publishers, the roundtable underscored the importance of their role in the national identity management ecosystem. As digital gatekeepers, they have the power to shape narratives and influence public perceptions. The collaboration with NIMC presents an opportunity to enhance their reporting with accurate and comprehensive information directly from the source.

The NIMC’s engagement with online publishers is a strategic move to enhance transparency and build public trust in the National Identity Number (NIN) system. By involving the media, NIMC can ensure accurate and timely dissemination of information, addressing public concerns and misinformation about the digital identity process.

The roundtable provided an opportunity for NIMC to clarify its objectives, challenges, and progress. Online publishers, armed with this knowledge, can produce more informed and insightful content, fostering a more supportive and educated public opinion. This improved understanding can lead to more nuanced reporting, highlighting the benefits and addressing the drawbacks of the NIN system.

As the media amplify the discussions from the roundtable, the general populace stands to benefit from increased awareness about the importance of digital identity. This awareness is crucial for driving the widespread adoption of the NIN, which is essential for the success of various government initiatives aimed at improving service delivery and socio-economic development.

Feedback from online publishers provided NIMC with valuable insights into public sentiment and practical challenges faced by citizens. This collaborative feedback loop can inform policy adjustments and operational improvements, ensuring that the NIN system evolves to meet the needs and expectations of Nigerians effectively.

The outcomes of the roundtable were promising, with enhanced understanding of NIMC’s mandate and activities, strengthened relationships, and the establishment of effective communication bridges between NIMC and online publishers.

To sustain this momentum, several next steps were identified, such as establishing regular communication channels between NIMC and online publishers to ensure continuous engagement and prompt resolution of issues, periodic meetings, among others.

The time has therefore come for NIMC to create a structured framework for ongoing collaboration with online media. This can lead to sustained media support and effective dissemination of information about NIMC’s initiatives.

A comprehensive public education campaign, supported by the media, is essential for demystifying the NIN process and highlighting its benefits.

NIMC, in collaboration with online publishers, can develop and disseminate educational content that addresses common misconceptions and encourages participation in the digital identity system.

Organizing training sessions for online publishers and other media stakeholders on NIMC’s systems and processes will enhance their understanding and reporting accuracy.

By working together, NIMC and online publishers can enhance the visibility, trust, and goodwill of the commission, ensuring that accurate and effective information reaches the public.

No doubt, NIMC’s roundtable with online publishers represents a forward-thinking approach to governance and stakeholder engagement. It highlights the importance of collaboration between national institutions and digital media in fostering a well-informed and inclusive society.

This initiative is not only timely but also critical, given the increasing reliance on digital platforms for information dissemination. It sets the stage for improved public awareness and education on the importance of digital identity.

This partnership is not just beneficial to NIMC but also aligns with the social responsibility obligation of online publishers to inform and educate the public accurately.

As we move forward, sustained engagement, technological innovation, and comprehensive public education will be key to unlocking the full potentials of the NIN and ensuring that it serves as a cornerstone for Nigeria’s digital future.

With the foundation laid for a productive relationship, the future looks promising for NIMC and the online media community.

All hands must be on deck!

Dr. Chike Walter Duru, an Associate Professor of Mass Communication, is a communication expert and Public Relations strategist. He could be reached on: walterchike@gmail.com.

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Exploring the prospects for sustainable youth engagement in Kano State, by Eng. Ali Goni

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Exploring the prospects for sustainable youth engagement in Kano State, by Eng. Ali Goni

One of the biggest problems confronting several major cities in the country today is the severity of youth redundancy and the resulting impact on the social setup. The situation is far more serious in cities where hitherto functioning factories which were engaging many capable youths into remunerative employment have largely now become comatose. Even if these factories are now restored to full production, they cannot entirely engage the teeming youths in the cities.

Government employment opportunities may indeed have reached pliable limits. Meanwhile, schools have continued to produce more graduates with no capacity to engage in self-employment.

A close study of Kano town which absorbs a large population not only from rural areas of the state but from many neighbouring states requires more than mundane management of the situation. Some form of Marshall Plan is needed. This situation is reflected in the huge crowd that turned out in almost all events in Kano.

The state is blessed with over 12 largely underutilized and reasonably large water dams. The dams include Tiga developed in 1984 with 1.5 billion cubic meters, Challawa developed in 1978 with a capacity of 1.2 billion cubic meters and Goronyo developed in 1991 with a capacity of 1.5 billion cubic meters. These are massive water reservoirs with huge content for all-season use! They are potential economic bubbles that must be fully exploited. The other earth dams include Watari, Bagauda, Jakara, Warwade, Tudunwada, Danladi and Dangora.

The efforts of the past planners and visionary leaders of the state in the development of these dams should not go in vain. The structures are on the ground and proper investments can lead to a major economic boost for the state. Kadawa irrigation scheme in Kano, for example, is alive and provides excellent livelihood to the citizens of the villages in the vicinity. This should be replicated in all areas since the dams are located in almost all parts of the state. Development of similar irrigation channels made in Kadawa can provide for year-round cultivation of lands thus increasing yields to farmers and providing all year engagement. Kadawa is currently a major hub of tomatoes and several other vegetables.

The dams can support economic growth in 4 sectors: fish farming, crop production, vegetables and fruits farming. Fish species that can be farmed in these dams include tilapia, catfish, and carp. Food crops that thrive include rice, maize, sorghum, and vegetables like tomatoes, onions, and peppers are all viable farm products. Fruits can be farmed in orchards near the dams. The ‘Yan lemo’ market in Naibawa Kano, for example, receiving fruits from other states can indeed become the new outlet for selling the same fruits to the rest of the country! One of the significant advantages of fish farming in the dams is employment generation. Fish farming creates job opportunities for locals, especially young people who are unemployed.  One of the key advantages of fish farming in the dams is the high yield. The unique ecosystem of the dams provides the ideal conditions for fish farming, resulting in high yields. The dams are rich in nutrients, and the water temperature and pH levels are conducive to the growth of fish. The process of fish farming requires a lot of labour, from preparing the ponds to harvesting the fish.

Local communities can benefit from employment opportunities in various stages of the fish farming process. The country relies heavily on fish imports to meet the high demand for fish, and the cost of importation is high. The growth of fish farming will increase local production and reduce the country’s dependence on imports. This will have a positive impact on the economy; the state can within a short period hurl huge quantities of dried smoked fish to the rest of the country bringing tremendous wealth to its citizens.

The dams can provide support for the growth of food crops such as rice, millet and maize. These crops thrive in the dam’s unique ecosystem and can be grown all year round. The availability of water for irrigation is a significant advantage that the dams offer, and the government is encouraging investment in this area to boost local production. The availability of water for irrigation all year round in the dams provides an opportunity for farmers to increase their production and meet local and indeed national demands. The dams provide a reliable source of water for irrigation, which is essential for the growth of food crops.

The government has provided support in the form of training and incentives to encourage investment in food crop production thus creating job opportunities for locals, which can help to reduce poverty and unemployment in the state. The local community can benefit from employment opportunities in various stages of the food crop production process, from preparing the land to harvesting the crops. The growth of food crops is a profitable business, and investors stand to make significant returns.

Dawanau Grains Market in the city can be replicated in the vicinity of the new settlements thus further boosting markets in the state and indeed allowing for ease of delivery of food items to the market. Banks will rush to these locations by establishing their branches thus making cash transactions, if required, with ease and safety.

Fruits can be farmed in orchards in the vicinity of the dams. The state has a huge land mass and great production of fruits such as mangoes, guava, and lemon will thrive providing good income to the citizens. Fruit packaging plants can be established allowing exports of canned food leading to a good return on investment for investors. The West African countries traditionally known to trade with Kano will remain some of the major targets of businesses.

Comprehensive plans can be put in place where financial institutions will be invited by the new government to provide support funds through cooperative societies. The framework for this can be put in place. For example, Real Estate developers can be engaged to provide low-cost houses near the dam locations leading to new mini settlements complete with support services– markets, schools, hospitals, etc. Construction boom will result in the engagement of many tradesmen – carpenters, masons, electricians, labourers, etc. These provide an added boost to income to the citizens providing long-term engagements.

Youths therefore can settle in these areas with their families owning their homes and creating wealth. Loans taken can easily be repaid with huge incomes from the various activities around the dams. Land issues can be settled by the state government through adequate compensation to owners for the development of the expected cluster settlements. A huge population of youths in the city will dwindle with many opting to resettle in areas with guaranteed wealth creation. The government will benefit from increased IGR thus providing better social amenities and infrastructure. Imagine, for instance, the development of some 10,000 cluster houses in each of the vicinity of the 12 dams throughout say, 3 years in collaboration with real estate developers thus providing some 600,000 houses – to be occupied by youths with their families in comfortable conditions. New cities with great economic goals will evolve in the state. This will greatly mop up the large population of the State Capital.

It is viewed that modest factories for processing farm products can emerge thus providing a further boost in income. Investors in Kano have developed many shops, event centres, hotel accommodations, etc, in the township and future investment funds should be channelled to small-scale cottage industries. The Kano Chamber of Commerce can provide leadership in this regard, reaching out to many small-scale factory producers around the world. Kano must restore its status as a major industrial hub of Nigeria. The opportunities are huge and the need for urgent action is required. It is further viewed that support from the Hadejia Jama’are River Basin Authority, with Headquarters in Kano, will lead to successful development of the dams.

Kano Foundation, a hitherto major think-tank of Kano State can be revived and competent and experienced citizens are appointed to serve. A good framework to tackle this matter in a profound, practicable and sustainable approach can be determined urgently too. The state is blessed with many excellent and well-educated citizens and their knowledge and experience will help in this endeavour.

The state now is said to have a total of 17 universities going by the recent approvals of the Federal Government, providing perhaps one of the highest numbers in the country. It is therefore desirable that courses that will provide for self-employment are pursued so that graduates have more guaranteed engagement on completion of studies. The lack of relevant training in our institutions has been the albatross of the nation making many youths now largely redundant. The pursuit of engagement objectives will have far-reaching economic goals.

Engineer Ali Goni, FNSE, is a Civil Engineering Consultant based in Abuja and can be reached at alibahgoni@gmail.com

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Like China & Japan: NASENI is Pathway to Nigeria’s Industrial Economy

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Nigeria cannot have real development without a sustainable industrial growth and manufacturing capacity which is the solution to poverty, unemployment and insecurity.

No doubt having an industrial goods production base and or a competitive industrial economy is the only remedy to Nigeria’s dependence on importation of goods, technologies and services from other nations.
What is an industrial economy? Simply put, it is the prevalent use of machines, equipment or technologies in industry and all business concerns which combine other factors of innovation, production, facilities, supplies, work and knowledge to produce material goods or services intended for the market.
The complex and functional nature of infrastructures and investments in science, technology and innovation system put in place by a nation to drive own’s industrial production and manufacturing techniques determine the relative presence or lack of apparent competitiveness in the production of processed and manufactured goods that are being connected between industrial activity and the activity in the primary sector, local or international trade and service activity.
When a nation significantly lacks the above-mentioned factors for economic efficiency, it faces industrial underdevelopment with all the associated deplorable social and economic conditions.
Countries like Japan and China who initially were not among European nations which experienced the first and second industrial revolutions in the 17th, 18th to 19th centuries respectively had rapidly advanced to join the league of industrialized nations of the West because those nations overtime deliberately invested in research and development (R&D), innovation, science and technology.
“Similarly, the newcomers to the global industrial arena, known as the Asian Tigers—Malaysia, Singapore, Thailand, and others—discovered the secret of substantial investments in science and innovation much earlier than many African nations, including Nigeria”
Science and technology, engineering research and innovation are the essential bedrocks for any meaningful industrialization endeavour to take place. The implication for Nigeria is that if engineering, science, technology and Innovation are not given due priority in our nation’s economic recovery and growth plans, any success expected to be achieved will soon be short-lived or unsustainable. Countries like Japan, U.S.A, China, Germany, Indonesia others had overtime gained their reputation as “Economic Giants” due to the priority which the leaders gave previously to R&D investments, earmarking 5-6 per cent of their gross domestic products (GDP) for the development of science, technology and innovation (STI). Investment in STI is a core factor of development and therein lies the secret of advanced nations’ leadership, pursuit and commitment.
The founding fathers of the National Agency for Science and Engineering Infrastructure(Presidency) in 1992 established the agency with the aim of establishing and nurturing an appropriate and dynamic Science and Engineering Infrastructure base for achieving home-initiated and home-sustained industrialization process through the development of relevant processes, appropriate local machine design and machine building capabilities for capital goods and equipment manufacture to guarantee job creation, national economic well-being and progress.
Previous R&D efforts and other activities within NASENI’s mandate areas had translated into various technology interventions leading to attainment of capacities and capabilities in local mass production of capital goods, tools and equipment in critical sectors of the economy like agriculture, power, water resources, automotive industry, ICT, health, aviation, education, transportation, scientific equipment and manufacturing, chemical and other engineering materials. The list is boundless.
NASENI was strategically established to produce relevant technologies, set up industrial plants and stimulate knowledge-based entrepreneurship for the socio-economic advancement of the country. Its major challenge in the past were lack of patronage of its products and technologies by local entrepreneurs or businesses, exacerbated by low commercialization attempts of its R&D results, leaving most of them wasting away on the shelves.
However, with the coming on board of a new chief executive, Mr. Khalil Suleiman Halilu, a techpreneur and businessman, there has been a dramatic change of focus toward full commercialization of NASENI’s resources, making them available in the market to end users of its R&D products, machines and other equipment to boost the economy. NASENI today stands as a beacon of indigenous technological advancement, aligning with its core mission of fostering dynamic Science and Engineering Infrastructure for national progress.
The agency under the leadership of Halilu has articulated a bold vision to fuel Nigeria’s innovation for a sustainable future through the 3Cs principle of Collaboration, Creation and Commercialization which have indeed opened more doors to result-based partnerships with national and international communities.
According to Halilu, “our new model at NASENI is to do everything to conserve resources, avoid duplication of efforts, and shorten go-to-market time. What this means is that wherever we find serious partners who are already operating in our areas of interest, we will work with them to improve our products and take these products to the market. As a government agency, we are not out to compete with the private sector. Instead, we are here as partners and enablers, helping with everything from design to testing, or helping companies in scaling-up production capacity and to seek out new markets.”
The agency recently unveiled to the general public some branded technological products manufactured in collaboration with its partners. They included solar irrigation systems, electric vehicles (ranging from tricycles to motorcycles), NASENI home solar system, animal feed milling machines, laptop, smartphone, solar streetlamp and lithium battery. All these efforts were geared towards creating jobs and to reduce import bills.
NASENI is not only promoting the development of digital technologies such as mobile financial transaction platforms to bring more people into the formal economy, the agency is also carrying out additive manufacturing, using 3D printing and other advanced manufacturing technologies to produce goods locally. NASENI has developed an electronic voting solution to help reduce electoral malpractices during elections. The organization is also working on other projects such as smart prepaid meter and unmanned aerial vehicles (UAVs) to promote economic development in Nigeria.
Over time, NASENI envisions that its domestic products and manufacturing initiatives will transition from “Semi-Knocked Down” (SKD) to “Completely Knocked Down” (CKD) assembly”.
In addition, there will be concerted efforts to increase the inputs of locally-sourced materials in all product components. NASENI will also work to ensure full transfers of all required Intellectual Property (IP) and technology elements including licensing for domestication and adaptations.
Halilu has pledged to keep the public updated about the progress in the industrial transformational journey of Nigeria, which is a direct manifestation of the Agency’s triple principle of Collaboration, Creation and Commercialization. “As the only purpose-built agency of the Federal Government in Nigeria with a technology transfer mandate, NASENI will always focus on progressively scaling-up local-content sourcing, and strengthening domestic technical and production capacities,” says Halilu.
Going forward, the agency will continue to play crucial roles in Nigeria’s economic transformation not only now, but also serve as leader in the promotion of science and technology, developing indigenous solutions to foster economic growth, provide capital goods and services based on sound engineering practices, support infrastructure development that are essential for manufacturing and economic growth, including driving technological advancement through R&D amongst other initiatives.
Let all hands be on deck at this critical time in the life of our nation as the agency and its team of stakeholders, partners and collaborators continue to assist in pulling Nigeria out of her socio-economic difficulties through STI. According to recent statistics by National Bureau of Statistics (NBS), Nigeria’s investment in science and technology has led to significant growth in sectors like telecommunications, IT, and e-commerce, contributing around 10-15 per cent to gross domestic product (GDP). However, compared to other developed nations whose economic growth is dependent on STI, Nigeria is still lagging behind. China’s investment in STI contributes around 30-40% to its GDP; UK’s investment contributes around 20-25%; USA’s investment contributes 30-40% to its GDP while Indonesia’s STI contributes around 10-15 percent.
The lasting solution to our country’s economic dilemma now is for us to turn determinedly toward a continuous investment in science, technology and innovations as we journey toward industrialization, and regarding this particular endeavour for Nigeria, the National Agency for Science and Engineering Infrastructure (NASENI) is on the driver’s seat.
Mr. Olusegun S. Ayeoyenikan is the Director Information, National Agency for Science and Engineering Infrastructure (NASENI) Headquarters, Abuja

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