DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 6012

The Central Bank of Nigeria (CBN) Had A Great Week On Policies

14
Nigeria Naira US Dollar

The Central Bank of Nigeria (CBN) team just ended a great week on policies. I think they deserve our commendations. I understand that the economy is still hurting. But over the last few days, the CBN is recalibrating. I am reversing my projection on the continuous deterioration of Naira against the US dollars at scale; the marginal loss remains due to our poor productivity quotient and overall poor balance of trade. 

The CBN under Governor Emefiele ran a solid good monetary policy under President Jonathan. But at the inception of the President Buhari administration, he cannibalized what was working. It was very strange and I have written here to show my frustration on the evolution of these policies.

But today, they are getting back to the fundamentals. I expect more funding for startups. I also expect more remittance hitting Nigeria. In short, the biggest export Nigeria has run for years now is the human capital. And those citizens reward the nation via remittance. I estimate about $1.8 billion – $2.2 billion monthly remittance into Nigeria. If that happens, that means more foreign currency will be in circulation, giving Naira a breathing space.

Our total remittance as a nation is always at parity with the total executed national budget. In other words, even though we may have a budget of $30 billion, the execution is never 100%, and by the time you look at the percentage of execution, the number is always around the amount remitted into the economy from Nigerians living abroad. That remittance froze because the deal was not there: if you had sent $1,000 via Western Union last week, they would pay your family N384,000!

Hopefully, in two weeks, after they have adjusted to the new policy, Western Union will ask your bank to pay you $1,000 in cash or put the money in your dorm account. With that, more forex enters into Nigeria and more Nigerians in diasporas will have incentives to wire more.

“We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts. Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms,” said a leading bank in Nigeria.

Central Bank Governor, Nigeria

This new policy will attain a full steady state in late Q1 2021 as there are many backlogs for foreign currency that any immediate supply would be swallowed up quickly. Also,  due to Christmas holiday coming, economic activity will slow down. But from March 2021, Naira will stabilize with the official and black rates fairly closer, provided Covid-19 does not add another shock in the crude oil market which may rattle the world oil demand. As I write, crude oil prices are hitting to close a 5th week of gain; a $50 per barrel on Brent crude is just around the corner.

That it took CBN this long to do this is unfortunate. But we have to be happy because it has been done. Well done CBN.

Arik Air Fires 300 Workers – Harsh Harmattan Coming To Labour

1

Nigeria has done well in managing and curtailing Covid-19 biological pandemic. Yes, to a large extent, our healthcare experts have overperformed. But the economic pandemic is about starting. This could become a really harsh harmattan for labour. You would expect that, as paralyses are coming from multiple fronts and some sectors remain severely under water. Today, Arik Air has drawn the first blood: “Arik Air management declares 300 staff redundant”. That is another way of saying that Arik has fired 300 people. Very painful!

The statement, titled ‘Arik Air management declares 300 staff redundant’, noted that a redundancy package would be provided for the affected workers with the help of the aviation unions.

“Arising from the devastating impact of the COVID-19 pandemic, leading to the constrained ability of the airline to complete heavy maintenance activities and return its planes to operations, stunted revenues against increasing operational costs, the management of Arik Air (In Receivership) has declared 300 staff members redundant to its current level of operations,” the statement said.

“The leadership of the impacted unions has been contacted to negotiate a redundancy package for the affected staff.”

The statement said over 50 per cent of Arik Air’s workforce of over 1,600 staff have been on furlough in the past six months on a base allowance.

“Decisions to let go of staff is naturally a difficult decision. Arik Air wishes the impacted staff well in their future endeavors,” the airline said.

As written there, a few months ago, Arik noted that it had put 50% of its workers on furlough. This sack is taking that redesign to a steady state which is a calamity for the families involved. As you count airlines, remember restaurants and private schools: most are not re-opening.

One quick thing, if Nigeria has data of its citizens, is to re-ignite the economy through consumption, by sending N10,000 to every citizen. If you do that, we can spend ourselves out of this while structural adjustments are done across sectors with growth-focused policies. But of course Nigeria does not have data and cannot send cheques to the citizens. I have called for sustained tax changes to stimulate venture funding in Nigeria. As population continues to rise, this economy cannot afford to shrink!

AutoX Sets the Driverless Taxi (Robotaxi) Pace in China

0

The world’s push toward autonomous vehicles is recording success as new technologies fill the gaps that have stymied its progress for long.

On Thursday, AutoX, an Alibaba backed startup announced the release of robotaxi driverless taxis in Shenzhen China. It is the first major breakthrough in using autonomous vehicles for public transport in China.

AutoX was founded in 2016 by Jianxiong Xiao, a former assistant lecturer at Princeton. The Shenzhen-based startup focuses on making the technology for self-driving vehicles, and it is in partnership with carmaker Fiat Chrysler to develop and roll out its robottaxis.

Like in the US and every other country experimenting with driverless cars, regulators in China had been warily giving approvals to companies operating automated vehicles. Before now, companies operating driverless vehicles in China faced strict rules, including having a driver inside the vehicles as a safety measure.

But that is where AutoX breaks the jinx. The company was able to get the authorities to approve the vehicles without backup drivers or any remote operators for its local fleet of 25 cars, it said. And the government unlike before is not restricting where in the city the AutoX operates.

The company said it would focus on the downturn area of the city as it pushes to satisfy the curiosity of both the government and the public through the tests.

“It’s a dream. After working so hard for many years, we’ve finally reached the point that the technology is mature enough, that we feel confident by ourselves, to really remove the safety driver,” AutoX CEO Xiao said in an interview.

AutoX said to beat the bottlenecks that had made it difficult for regulators to approve complete autonomous vehicles, it has to improve the technology to enable the vehicles to navigate around humans and other objects sensitively.

“The traffic scenarios are much more challenging,” Xiao said. “For our AI, we had to do a lot of work to adapt to the local Chinese way of driving.”

Xiao attributed the success to improved software and hardware, and said regulators were impressed by the AI software.

“We have over 100 vehicles driving every day on the road in China to capture data. The AI software is now better,” Xiao said, adding that “From a technical point of view, the car is ready,” and “it is very crucial to have this car, otherwise we cannot go driverless.”

The race to develop trusted automated vehicles has heated up in the past few years. In October 2020, Waymo LLC, a subsidiary of Google’s parent company, Alphabet, expanded its driverless cars services to the public, and it became the only self-driving commercial service that operates without safety backup drivers in the vehicle.

Waymo has partnered with vehicle manufacturers, including Daimler AG, Nissan-Renault, Fiat Chrysler, Jaguar Land Rover and Volvo, to develop the technology for delivery vans and class 8 tractor-trailers for delivery and logistics.

The company made a 2017 projection in 2012, which was adjusted to 2020, to deliver reliable commercial self-driving vehicles – and it’s living up to it.

Tesla is another automaker that has jumped on the robotaxi idea. The company’s founder and CEO Elon Musk, had in 2019 set a target of 2020 for a possible ride-hailing driverless Tesla cars. Although the company did not meet the projection, it added fame to the quest for autonomous vehicles.

AutoX had in the summer obtained approval to carry out completely autonomous tests on public roads in parts of San Jose, California, according to CNN.

The report said there has been rising domestic autonomous vehicle competition in China, as more driverless vehicles are being opened to the public.

In June, Didi, China’s biggest ride-hailing firm, started its own trial of autonomous vehicles in Shanghai, offering the public free rides, although not without a safety backup driver.

Baidu was also reported to be offering public rides in its driverless vehicles in some districts of Beijing.

But AutoX has an edge, with over 100 robotaxis deployed in five Chinese cities, including Shanghai and Wuhan, the company is the only one that has secured the right to offer autonomous ride services without backup drivers in China. Xiao said regulators will determine if the same rule will apply in other cities as the company aims to expand to more than 10 local cities.

AutoX vehicles are available to the public in Shanghai, and commuters can hail them through Alibaba’s Autonavi app, a Chinese mapping app.

The domestic competition for driverless vehicles in China, also underscores automakers’ push to grab a share of the automobile industry while it’s still ripe. The Chinese market has been leading globally when it comes to automobiles, and its market is projected to have $1.1 trillion value by 2040.

Huawei Misses Out as Qualcomm Launches Snapdragon 888 5G Chips

0
Most parts of the world have been pushing to cage Huwaei

On Tuesday, US chipmaker Qualcomm announced new products for future generation devices that include 5G enabled smartphones in a virtual event. The flagship offering for next-generation smartphones called Snapdragon 888 chip was just the news smartphone makers want to hear as the world gears up for the fifth generation internet.

Qualcomm is a leading supplier in the semiconductor industry who has a list of giant smartphone makers, including Apple, Samsung Electronics and leading Chinese companies such as Huawei Technologies, Oppo and Xiaomi in its supply chain.

The launch of Snapdragon 888 triggered excitement among Chinese smartphone makers. SCMP reported that senior executives at Xiaomi, Oppo, Vivo and Realme said via video played at the virtual event that they would soon launch smartphone products featuring the Snapdragon 888.

“I’m glad that our new flagship smartphone Mi 11 will be one of the first devices with the Snapdragon 888,” Xiaomi founder and CEO Lei Jun said.

Notably, Huawei was not among the vendors celebrating the launch of the new chip for obvious reason. In May 2020, the US Bureau of Industry and Security (BIS) amended the longstanding foreign-produced direct product (FDP) rule to target Huawei’s acquisition of semiconductors that are the direct product of certain U.S. software and technology.

In August, BIS amended and added another 38 Huawei affiliates to the Entity List, which imposes a license requirement for all items subject to the Export Administration Regulations (EAR) and modified four existing Huawei Entity List entries.

BIS also imposed license requirements on any transaction involving items subject to Commerce export control jurisdiction where a party on the Entity List is involved, such as when Huawei (or other Entity List entities) acts as a purchaser, intermediate, or end user.

The sanctions prevent Huawei’s attempts to circumvent U.S. export controls to obtain electronic components developed or produced using U.S. technology.

Based on the sanctions, US companies such as Qualcomm will need license from the EAR to sell chips to Huawei. Although Qualcomm said it has secured license to sell a number of products to Huawei, including some 4G products, it did not say if it was granted the unlikely license to sell 5G chips to the embattled Chinese company.

Huawei has been banned by the US government based on concerns that the telecom vendor would use 5G technology to harvest data for the Chinese government. The situation makes it unlikely that EAR will renege on its objective to allow Qualcomm to supply Huawei with the Snapdragon 888.

Chinese media outlet Paper.cn reported that Qualcomm president Cristiano Amon said at the virtual event that the company expects to work with Honor, the former Huawei sub-brand which was sold to a consortium of over 30 Huawei channel sellers on November 17 – and that cooperation is dependent on “future development.”

While the Chinese telecom giant has a slim chance to partake of the new 5G chip, the flagship offers advantage to other smartphone makers as the number of potential 5G users soar around the world. More than 1 billion people globally are expected to live in an area that will have 5G coverage by the end of year.

Qualcomm said the Snapdragon 888 is designed to power all 5G-connected devices like personal computers and cloud-based artificial intelligence (AI) products, providing users with a more immersive and interactive experience when using gadgets such as mixed reality glasses.

The Snapdragon 888 integrates Qualcomm’s third-generation 5G modern and Snapdragon x6o radio frequency system, and supports major global millimeter wave and sub-6GHz frequency bands, and works with stand-alone (SA) and non-stand alone (NSA) networking modes.

The new chip is also optimized for photography and videos taken by smartphones, enabling users to capture videos at 120 frames per second, with each frame containing up to 12 million pixels.

The new sixth-generation Qualcomm AI engine embedded in the 5G chipset delivers significant improvements in performance and energy efficiency, operating at 26 trillion operations per second compared with previous-generation platforms.

Missing out on the amazing technology of Snapdragon 888, means Huawei will continue to look for alternatives to US-made chips, as it struggles to stay in business amidst the severe impact of US sanctions.

She went, she saw and she conquered: Chatting with Kazeem Zainab on Leadership and Social Impact Training Experience

0

Tekedia: Could you please tell about yourself?

Kazeem Zainab: I am Kazeem Zainab Adewunmi, a Nigerian. A graduate of Sociology from Lagos State University. I am a Human Resource Enthusiast and a Fashion Entrepreneur. A serving Team Lead for Career and Leadership Hub, Nigeria, An undergraduate of SpringForth Leadership School, Graduate Advancement Program,  an ISERH Associate Ambassador,  A member of Young African Leaders Initiative (YALI), A Volunteer member of Health Volunteer Nigeria Initiative, A Volunteer Administrator for Humanity First Initiative and the CEO of Awesome Royal Collections. I am passionate about humanity and working towards enriching lives in the world we live in. I love volunteering, exploring and mentoring.

Tekedia: What was your experience like going through the ISERH class 5?

Kazeem Zainab: It’s quite a challenging one, I mean having to attend classes twice every week amidst other personal engagement but self motivation and a purpose driven mindset keeps me going. It’s an amazing moment learning from great minds amidst other scholars.

Tekedia: Can you highlight some of your take aways from the program?

Kazeem Zainab: First I would say, self-discipline, commitment and self motivation. Second, I was totally re- oriented about seeing things a different way. Third, I learnt the necessary skills needed to succeed as a leader and an Entrepreneur. I learnt how to relate in a social and corporate organizations.

Tekedia: What does it mean for you to have become the most outstanding student of the course?

Kazeem Zainab: It means a lot to me, I am really honored, it shows I didn’t just participated in the course, I was committed to it and I made it so practical. I’m glad, i fufilled my goals towards the course.

Tekedia: Going forward, what is your next step?

Kazeem Zainab:First and foremost, I would be taking up professional courses to advance my career opportunities. I’m definitely looking forward to a position where I can grow – personal and professional development is something that’s really important to me, since I hope to take up managerial and humanitarian responsibilities in the future. To sum it up, I’d love to explore opportunities where I can use my learned skills to make an impact that I can see with my own eyes, I’m always very motivated by being able to see the impact of my work on others.

Tekedia: Your advice for youths in Africa on personal and professional development?

Kazeem Zainab: Self-awareness and goal setting should always come first, As they serve as a guide all through to any steps to personal and professional self-development. My advice goes thus, do not relent, take charge of every opportunities and be prepared for challenges, as it’s synonymous to success.