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Thursday 23rd March, 2023

Innovation

COVID-19: Verraki Urges Business Leaders To Embrace Disruptive Innovation

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Verraki, a leading business and technology solutions firm, has urged business leaders in Nigeria to embrace disruptive innovation as a means to thrive and generate future income even as the world struggles with the COVID-19 global pandemic; which has now been reported in about 192 countries around the world.

In a newly published report: ‘COVID-19 and Nigerian Businesses: From Survival to Thriving in a Changing World,’ Verraki expounded the ripple effects the coronavirus may likely have on the Nigerian economy, its expected impact on Nigerian businesses and people, as well as the course of action for businesses, focused on staying afloat.

Verraki is a proudly African company partnering with enterprises and governments to accelerate the development and transformation of Africa by providing business solutions designed for Africa.

According to the company, though a public health crisis, the pandemic requires an integrated health, social, economic and security response by the government supported by the private sector.

Verraki predicts that there will be a collapse in national development indices, negative economic growth and a decline in revenues for non-essential services, discretionary consumer products and services and export-dependent firms with the pandemic affecting various industries and locations differently.

This, Verraki asserts, calls for expediency at both strategic and operational levels in every organization as the effects and recovery time will differ across sectors.

Beyond the steps taken by the government to cushion the impact of the lockdown at different levels, Verraki advises businesses to embrace more technology by increasing their deployment of online collaboration tools, business applications based in the cloud and leverage the opportunity provided by the pandemic in accelerating their digital transformation journey, to remain viable and relevant during COVID-19 period and beyond.

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“Business leaders must empower employees with the tools needed to work remotely as they transition to digital ways of working and also keep staff morale from flagging by organizing digital events to ensure the wellbeing of their employees.

“As part of long term reactions to the economic fallout, businesses should embrace digital, “uberise” their assets and services, shorten their cash cycles; liquidate non-income generating assets to free up cash for more expedient use; pay up foreign currency-denominated debt as soon as possible and hedge themselves against exchange rate hike and possible interest rate fluctuation,” Verraki said in a statement.

The report advised manufacturing companies who now face uncertainties and volatilities brought upon by disrupted supply chain, that this is the time to look beyond China to explore vertical integration within Africa and explore postponement and fulfilment options within the region that would help to strengthen the capacity of their supply chains to withstand global upheavals as currently experienced.

“A local and regional supplier capability development strategy that helps to secure input materials has now become key. With the new African Continental Free Trade Agreement (AfCFTA) and creation of the world’s largest free trade area, covering over 1.2 billion consumers with a projected $3trillion+ in GDP, Nigerian manufacturers can dramatically lessen their dependence on advanced country markets and begin to produce convenient and ultimately cheaper substitutes. The experience of the lockdown of a few states in Nigeria also presents an opportunity for businesses to look at geographical redundancy beyond Lagos.

“COVID-19 reveals the dearth of modern educational and health systems in Nigeria and an opportunity for companies to introduce innovative services, affordable payment schemes including health insurance and digital offerings for the millions of Nigerians who lack adequate access to healthcare,” Verraki said.

The report further warned that business leaders must deliberately look for opportunities amid the adversity – new consumption habits, new products, and new services – and rapidly innovate around new needs to create future income streams. It encouraged business leaders to act fast with a minimum viable product mindset and quickly launch new offerings at existing or new customer verticals.

Addressing the need to innovate amid the crisis to be relevant in a post-COVID-19 world, Verraki pointed out that business leaders can work on identifying and pursuing opportunities and niches that will surface even as consumers’ lifestyles and spending patterns begin to evolve.

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Verraki noted that this will be imperative to ensure the continued existence of some businesses who now have to learn to not only manage but to grow in periods of uncertainty as the world is faced with currently and reiterated the need for companies to exercise prudence in spending its scarce resources, pointing out that while many businesses will be driving for cash at the expense of profits, smart organizations must skillfully drive for both.

“Those who succeed will be leaders who can creatively lead the organization to navigate the crisis of today while also next-sensing and exploring the opportunities of tomorrow. They will not waste the opportunities presented by the crisis to streamline and reorganize to improve operating efficiency and to also capture opportunities to improve competitive agility”, the report concluded.

Verraki builds and implements technology solutions for seemingly intractable challenges, provide advisory services to drive the capacity and motivation for change, and curate innovative ventures to unlock new sources of growth across our continent.

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ALX Offers Software Engineering Skills To 50,000 Women Across Africa

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Photo Credit: Alx Facebook page

ALX, a leading global provider of training in the tech industry has its first dedicated Software Engineering cohort for women in Africa.

The cohort forms part of ALX’s ‘WomXn and Tech’ initiative and is set to benefit up to 50,000 women across Africa.

The company says the initiative was inspired by the United Nations IWD theme of ‘DigitALL: Innovation and technology for gender equality.’

ALX is showing its commitment to bridging the digital gender divide in Africa, increasing the representation of women in the technology sector and driving the participation of women to innovate and create solutions for a diverse world.

This cohort will provide a launchpad for women to grow their careers in one of the most exciting and in-demand fields in the world.

Part of African Leadership International (ALI), ALX is a leading technology training provider that offers world-class programmes to thousands of young people across Africa, equipping them with both the professional and technical skills that enable them to thrive in high-growth industries.

The statistics make for grim reading. Women comprise just 5% of global software engineers.

Considering that there are an estimated 690,000 software engineers in Africa, even applying the global average means that there is a significant gender divide that must be addressed.

It is through this female cohort that ALX will take the steps necessary to reduce this considerable disparity.

Thanks to its partnership with the Mastercard Foundation, ALX is offering sponsored placements to thousands of young women who meet the eligibility requirements for this programme.

“ALX knows that our collective future depends upon a female voice, a female brain, and her perspective in devising solutions for the world of tomorrow.

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“Through ‘WomXn and Tech’, we are boldly proclaiming our call to action for women across the continent and the rest of the world to not just have a seat at the table, but to redesign the table.

“This 100% female software engineering cohort we are introducing helps to accomplish this,” says Fred Swaniker, Founder and CEO of ALI.

The programme has been made possible following the recent acquisition by ALI of a leading Silicon Valley institution, Holberton Inc.

ALX is now one of the largest software engineering trainers in the world, which aligns with the organisation’s mission to develop Africa’s human capital at scale and enable women with best-in-class digital skills and excellence.

 

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NITDA, UNICCON Sign MoU To Promote Indigenous Content

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Barr. Emmanuel Edet, Head Legal and Board Matters Unit of NITDA and CEO UNICCON Group, Mr. Chuks Ekweme during the signing of the MoU at NITDA on Friday

The Federal Government has taken a significant step towards promoting indigenous content in the country, with the signing of a Memorandum of Understanding (MoU) between the National Information Technology Development Agency (NITDA) and the UNICCON Group of Companies.

NITDA said this latest step aims to foster the development and growth of local content in the Nigerian technology industry.

Under the terms of the MoU, NITDA and UNICCON, a company that unveiled Africa’s First Humanoid Robot, Omeife, will collaborate to develop and promote local content in Nigeria through various initiatives.

The initiatives include capacity building, skills development, and the creation of an enabling environment for local content producers and developers.

The partnership will also focus on supporting local startups and SMEs in the technology industry, providing them with access to funding, mentorship, and other forms of support that will enable them to grow and compete on a global scale.

Speaking during the formal signing, the Director General of NITDA, Kashifu Inuwa, represented by the Head of Legal Unit of the Agency, Barrister Emmanuel Edet, recounted that during the unveiling of “Omeife” last year December by the Vice President, Prof. Yemi Osinbajo, the Hon. Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), had urged NITDA to work with Uniccon Group on ways to commercialise Omeife.

“We plan to have an application that everyone can use to take advantage of Omeife. At NITDA, we have had the Learning Management System (LMS) for a long time, and it can be integrated into API provided by the UNICCON group, thereby extending our elements to take advantage of it,” he said.

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Inuwa stated that leveraging on Omeife (robot) will deepen the penetration of digital literacy across the country, providing a platform for shared knowledge in Pidgin, Igbo, Hausa, and Yoruba, adding that this will provide a framework and platform for exposure of Nigeria’s indigenous content internationally.

“Our greatest dream is to nurture startups and companies that will occupy the global space and also be as competitive as possible for the growth of the economy.

“Digital Economy is a great alternative to oil, which serves as a means of income and an opportunity for us to compete because the entry-level is intellect and we have a lot of that across the country,” the DG asserted.

The Chairman/CEO of UNICCON Group of Companies, Mr. Chuks Ekweme during his remarks commended the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami), and the DG of NITDA for the policies and initiatives implemented towards the digital transformation of the country.

He assured that the UNICCON Group of Companies will support the government towards the actualisation of policies and initiatives, and do their best to contribute their quota towards the implementation drive for the growth of the country.

Ekweme emphasised the importance of the AI project in Africa, stating that statistics show that no African country can boast of having 60% AI by 2030, with most countries falling below this percentage.

“Therefore, the signing of the MoU is a crucial step towards bridging this gap and positioning Nigeria as a leader in AI development,” he said.

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Pantami Inaugurates Nigeria Startup Act Implementation Committee

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The Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) in a group photograph with some of the members of the Nigeria Startup Act Implementation Committee shortly after the inauguration ceremony

The Federal Government has inaugurated a 27-member committee to implement the Nigeria Startup Act 2023 (NSA). 

The inauguration is part of efforts at fostering the growth of the digital innovation and entrepreneurship ecosystem in the country and consolidating the achievements made by the Ministry of Communications and Digital Economy.

Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) inaugurated the committee on behalf of His Excellency, President Muhammadu Buhari in a hybrid event at the Digital Economy Complex, Mbora, Abuja.

Giving a historical overview of the journey so far from the conceptualization of the bill to its enactment into law by the President on 19th October 2022, the Minister stated that the Nigeria Startup Bill was first drafted and formulated in 2021 with inputs from relevant and critical stakeholders.

He stated that Ministries, Departments, and Agencies (MDAs) of government, private sectors, industry players, young innovators, and stakeholders from the academia were engaged in town hall meetings organised in the six geopolitical zones of the country with the purpose of collecting their inputs, constructive criticisms and recommendations to create a robust and credible document.

Describing the inauguration of the NSA implementation committee as a milestone achievement towards the attainment of a digital Nigeria, Pantami urged the committee members to coordinate operational plans and establish the baseline for the ecosystem in terms of digital innovation and entrepreneurship.

“In this implementation committee, we have brought together relevant stakeholders, some from government, some from the private sector, some from the ecosystem, some from the academia, some from legal institutions, and many more to come together and provide the leadership that is required for the technical implementation of this very important law,” he stated.

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While noting that economies globally are driven by technology, knowledge, digital innovation, and entrepreneurship, Pantami stated that priority and preference should be given to a knowledge-based economy rather than a resource-based economy in the country.

He further stated that countries like the United States of America, China, Japan, Germany, India, and the United Kingdom which are the major contributors to the global Gross Domestic Product of 101.6 trillion US dollars are leading economically because they give preference to a knowledge-based economy.

“According to statistics as of December 2022, digital enterprises are directly and indirectly contributing a minimum of 53 trillion US dollars to the global GDP. By implication, you can safely say that more than half of the global GDP depends on technology, digital innovation and digital entrepreneurship,” he said.

“Today, digital entrepreneurship, digital innovation and knowledge-based activities are building the global economy and we need to invest in our youths that have innovative ideas,” he added.

He further stated that Nigeria is blessed with so many talents and innovators and that young Nigerians have been making the country proud by winning prizes at global ICT events in UAE, Barcelona, the USA, and Saudi Arabia.

While emphatically stating that the NSA would consolidate the achievements of startups in the country by providing legal frameworks as well as technical and financial backing to further encourage them, the Minister said that “Today in the Act, there is a provision of supporting them financially. The government will set aside a minimum of 10 billion naira annually in addition to other sources of funding that have been captured in the law.”

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Prof. Pantami also noted that it will consolidate the achievements made thus far by the Ministry in terms of broadband penetration, 4G penetration, development of policies for digitalization, digital ID in Nigeria, and government revenue generation amongst others.

Announcing the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa as the secretary of the committee, the Minister urged all the members to expend their time, energy, knowledge and experience to support the ecosystem so as to reduce importation in the country and prioritise production.

Earlier, in his welcome address, Kashifu Inuwa appreciated all members of the committee for agreeing to contribute their expertise to the national assignment of implementing the NSA.

He stated that the committee is responsible for creating an enabling and sustainable environment for young and talented people to develop more profitable and innovative-driven enterprises for national development.

While noting that startups are critical drivers for economic growth, Inuwa asserted that implementing the NSA will be a game changer that will help create a legal and institutional framework to develop the Nigerian startup ecosystem.

“I wish to sincerely appreciate your acceptance to serve on this committee and I have no doubt that our collective expertise and experience will help us implement the NSA successfully,” he concluded.

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