National Board for Technology Incubation (NBTI) has urged the National Assembly to enact Executive Orders 003 and 005 into law to ensure full compliance by Ministries, Departments, and Agencies (MDAs).

Executive Order 003, signed by former Vice President Yemi Osinbajo, mandates MDAs to prioritise local manufacturers and service providers in procurement.

Similarly, Executive Order 005, issued by former President Muhammadu Buhari, directs MDAs to promote science, technology, and innovation in achieving national development goals.

Speaking on the necessity of these Orders, Dr Kazeem Raji, director-general, NBTI emphasised the need for legal backing to enhance enforcement and compliance.

He noted that while Executive Orders remain in effect until revoked or ruled unlawful, transforming them into legislation would strengthen their implementation and enforcement.

Raji stressed that enacting these Orders as laws would drive the adoption of indigenous technology, increase patronage of local innovations, and enhance economic growth.

“If Executive Orders 003 and 005 become laws, capital flight will reduce, foreign reserves will increase, GDP will grow, and employment opportunities will expand. These Orders will no longer be ignored, as there will be legal consequences for non-compliance,” he stated.

He emphasised that institutionalising these policies through legislation would solidify the government’s commitment to boosting local production and supporting homegrown industries.

Central Bank of Nigeria (CBN) has raised alarm over the commoditization of Naria in commercial cities in the country and enlisted security and law enforcement agents to tackle the menace.

CBN pointed at some Nigeria’s commercial hubs, including Abuja, Asaba, Awka, Benin, Ilorin, Kano, and Ibadan as hotbeds.

Olayemi Cardoso, governor of the CBN, said that the growing trend of this illicit transactions involving banknotes requires immediate and urgent intervention.

He spoke Thursday at the Security Workshop held in Abuja in which security and law enforcement agents were major participants.

“A critical concern that arises from these transactions is an illegal act and a premium charged on banknotes ranging from 20% to 40% per transaction,” the CBN Governor stated, adding, ” the gravity of this situation is further exposed by a recent exercise where banknotes amounting to ₦2.3 million were acquired with a total payment, including premiums, of ₦3.2 million.”

Cardoso warned that this practice not only distorts the value of the Naira but also undermines public confidence in the financial system. He noted that the abuse of the Naira is frequently displayed on social media, where individuals are seen mishandling, spraying, and even stepping on banknotes at social events.

“When we talk about credibility and trust, we don’t build it this way,” he stated. “The blatant disregard for our nation’s legal tender not only weakens the value of the Naira but also erodes respect for our national identity. If we disrespect it this way and expect a strong Naira, we are deceiving ourselves.”

Cardoso urged strict measures to deter these practices, emphasizing the role of law enforcement agencies in identifying and prosecuting individuals engaged in illicit currency dealings.

“By sending a strong message to the public that these actions will not be tolerated, we can foster a sense of responsibility and respect towards our currency,” he added.

Beyond these cash-related concerns, Cardoso outlined broader security challenges affecting the CBN’s operations, including, limited availability of armed security personnel, especially in high-risk areas, delays in obtaining necessary security clearances for operations such as currency evacuations; interference in routine approvals, affecting operational efficiency, uncoordinated handling of cash-in-transit services, leading to unwarranted arrests and detentions and the need for stronger collaboration to combat illicit currency trading activities.

According to Cardoso, addressing these challenges requires a more structured approach, improved security protocols, and enhanced cooperation between regulatory agencies and law enforcement bodies.

“We all have a tremendous responsibility to protect what has been accomplished,” he said.

“This is not just a Central Bank problem. We all have to work together and take pride in restoring confidence in the financial system. The Naira is more than just a currency; it is a symbol of our national identity, and its strength is crucial for the economy.”

In his remarks, Mallam Nuhu Ribadu, national security adviser, stressed the need for law enforcement agencies to take stronger action against offenders.

“From time to time, when law enforcement acts, I think they should do more. Bringing people to justice, no matter how bitter, is necessary,” Ribadu stated. “Impunity is the mother of all the problems we have. Nobody is punished for bad behavior, and they don’t even see it as a bad thing until they are held accountable.”

Addressing the movement of cash within the country, Ribadu called for stricter regulations and oversight.

“When you have a regulated system where one authority supervises currency movement, it ensures proper accountability. The moment something comes in, you should know why it is coming, verify it, and track it.”

He raised concerns over the unregulated transportation of cash, noting that “In Nigeria today, if you board a commercial aircraft, half of the seats are occupied by money—not to mention private aircraft, boats, and other means of transport. This lack of control creates an avenue for illegal activities to thrive.”

Ribadu urged financial institutions to strengthen their internal security measures and called on law enforcement agencies to be proactive in tackling emerging threats.

“Engage with operators, collaborate with law enforcement, and take responsibility,” he said.

“We are in a transformation period, and we must change the way we handle our financial security.”

Orange has announced the 15th annual Social Venture Prize (OSVP) across Africa and the Middle East to promote social innovation and entrepreneurship.

The OSVP acknowledges creative start-up ventures that make use of new technologies to positively benefit Africa and the Middle East in areas such as education, healthcare, e-commerce, agriculture, and the environment.

The applications opened on March 11, and contenders from the 17 countries in Orange’s footprint have until May 18 to submit their concepts on the website.

Since its debut in 2011, the contest has attracted about 15,000 applications, according to the telco.

The contest is divided into two parts. The first is a national stage in which applications are collected between March and May at Orange’s 17 subsidiaries in Africa and the Middle East.

The second round is international, with each subsidiary represented by three national champions and up to three female entrepreneurs vying for the International Women’s Prize. The initiatives will be assessed by an evaluation committee comprised of group employees.

Following their assessment, ten finalists will be selected for the International Grand Prize and five for the International Women’s Prize.

In October, a final jury of notable people in technology and entrepreneurship in Africa and the Middle East will select three winners of the International Grand Prize and one winner of the OSVP International Women’s Prize from the 15 initiatives chosen by Orange Group workers.

The winners will receive a cash contribution of €25,000 for the first prize winner, €15,000 for the second prize winner, €10,000 for the third prize winner, and €20,000 for the winner of the International Women’s Prize.

“In addition to financial support, OSVP winners benefit from support within Orange Digital Centers with the prospect of developing their business outside the borders of their respective countries,” said Orange.