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Commodities Contribute 70% to Nigeria’s GDP, says LCFE

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The Lagos Commodities and Futures Exchange has said commodities contribute about 70 per cent to Nigeria’s Gross Domestic Product.

Mr Akin Akeredolu-Ale, the Managing Director and Chief Executive Officer, said this on Friday while restating the LCFE’s commitment to advocacy as a strategy to create awareness on how the commodities exchange could grow the nation’s GDP in 2022, according to a statement.

He commended the Central Bank of Nigeria and the Securities and Exchange Commission on their roles in ensuring the uptrend of activities in the Nigerian commodities ecosystem.

He, however, highlighted the need to address the dearth of fungible instruments and put a proper risk management structure in place to activate trading in the ecosystem.

During an interactive session with journalists in Lagos on ‘LCFE’s journey so far and outlook for 2022’, Akeredolu-Ale explained that for commodities ecosystem to thrive and contribute to a country’s economic growth and development, instruments had to be created.

He said, “Nigeria must have a full structure in place for commodities exchanges to operate optimally. It is like a green field in Nigeria. A lot of participants are used to trading equity and fixed income securities. At LCFE, our outlook for 2022 is more on advocacy to encourage trading in this Ecosystem, particularly our teaming youth population. We have fungible instruments.

“We have commenced proof of concept trade as preparation to full trade. Commodities contribute about 70 per cent to Nigeria’s Gross Domestic Product. The industry generates 80 per cent of employment. The focus of foreign countries on Nigeria and Africa is commodities and most of the time, not infrastructure.

He said the LCFE was already working on guidelines and frameworks for commodities notes, the listing of Exchange Traded Funds, cold chain and logistics investments, stakeholders’ engagement and strategic partnerships.

Dr Allwell Umunnaehila, the Head of Operations,  said some of the milestones of LCFE in the short period of its existence included on-boarding of dealing member firms, settlement banks, signing of Service Level Agreement with NIBSS and collateral managers, the commencement of trades, and establishment of rules for private and public listings.


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General News

OpenAI’s Weekly Active Users Surpass 400 million

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ChatGPT developer OpenAI’s weekly active users surged past 400 million in February, a company spokesperson told Reuters on Thursday, highlighting rapid growth in the adoption of artificial intelligence tools.

The Microsoft-backed startup had 300 million weekly active users in December. Its paying business users also crossed 2 million in February, more than doubling from its last update in September.

The upbeat numbers come weeks after China’s DeepSeek launched an AI model it said could match or even outperform Western rivals at a fraction of the cost, stirring doubts about U.S. dominance in the generative AI space.

But a surge in demand for DeepSeek since then has caused outages at the small startup.

There have also been questions around how DeepSeek was able to obtain Nvidia’s H800 chips, used to train AI models, even though Washington had banned their exports to China.

OpenAI reported a twofold increase in developer traffic for its reasoning models over the last six months and a fivefold surge for its o3 model since its launch in late January.

 


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Spelling Bee Winner Ikenna Ikechukwu Becomes MTN Nigeria’s CEO for a Day, Inspires Young Nigerians

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L-R Ayham Moussa, Chief Operating Officer, MTN Nigeria; Oyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria; Ikenna Ikechumwu, mPulse Winner & One Day CEO and Dr. Karl Toriola, Outgoing CEO for the day, MTN Nigeria at the One Day CEO Event on 19th February 2025.
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In a remarkable fusion of academic achievement and corporate leadership, 15-year-old Ikenna Ikechukwu stepped into the role of CEO at MTN Nigeria for a day on Wednesday, February 19, 2025.

L-R Ayham Moussa, Chief Operating Officer, MTN Nigeria; Oyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria; Ikenna Ikechumwu, mPulse Winner & One Day CEO and Dr. Karl Toriola, Outgoing CEO for the day, MTN Nigeria at the One Day CEO Event on 19th February 2025.

The teenager from Glorious Covenant School in Rivers State earned this extraordinary opportunity after clinching the top spot in the 2024 MTN mPulse Spelling Bee competition.

Ikechukwu’s day at the helm of one of Africa’s largest telecommunications companies began with a warm welcome from Ugonwa Nwonye, Chief Customer Relations and Experience Officer, at MTN Plaza, Falomo, Lagos. His schedule was packed with high-level corporate activities, including chairing an executive committee meeting and participating in a press conference, as well as engaging with MTNners across different departments and visiting the MTN Aromire service center.

During the handover, outgoing MTN Nigeria CEO for the day, Dr Karl Toriola praised Ikechukwu’s intellect and perseverance, highlighting the company’s commitment to fostering young talent. “Today, I’m handing over the reins of MTN Nigeria to you. This is a reward for your achievement, but just the beginning of greater things ahead,” Toriola remarked.

Ikechukwu’s journey to the CEO’s chair began in November 2024, when he outperformed nearly 40,000 students nationwide in the spelling bee competition.

His winning moment came when he correctly spelled “Cornucopia” in just six seconds, securing a ₦5 million scholarship, along with other prizes.

Speaking on his experience, Ikechukwu expressed gratitude and amazement. “I am excited about the Spelling Bee initiative that has become a major platform for young people to shine.

“I never thought I would become the CEO of MTN Nigeria, but here I am as the CEO for a day,” he said, hoping his journey would inspire other young Nigerians to dream big.

Ikechukwu added, “Young people like me are growing up in a time when access to digital tools can shape careers, unlock opportunities, and even determine the next global innovators.

“The mPulse platform is a perfect example of how digital access transforms learning. With its educational resources, quizzes, and competitions, MTN is empowering students across Nigeria to think bigger and reach further.

Under Ikenna’s leadership, the focus was on driving conversations around impactful digital solutions. “We’re in a digital era, and it’s important to lead conversations around technology that truly makes an impact,” he said.

“By using digital tools with the power of data, we can inspire creativity and shape a better future.”

MTN Nigeria’s innovative “CEO for a Day” initiative, part of its broader commitment to education and youth empowerment, aims to provide real-world leadership exposure to young achievers.

This initiative reinforces the potential of today’s students to become tomorrow’s leaders, given the right opportunities and support.


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USPF hands over Emerging Tech Centre to Ogun State Institute of Technology

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The Universal Service Provision Fund (USPF) of the Nigerian Communications Commission (NCC) has handed over a new Information and Communication Technology (ICT) project to Ogun State Institute of Technology (OGITECH), Igbesa, Ogun State.

The project named: Emerging Technologies Centre (ETC), sited on the Institute’s campus, is aimed at enhancing learning experience of students while providing a platform for digital innovation, research, and development (R&D) for the overall economic growth of Nigeria.

The highlight of the inauguration and handover ceremony on Thursday was the signing of a landmark Memorandum of Understanding (MoU) aimed at ensuring effective utilisation and sustainability of the ICT project in the Institute.

The ETC is one of the access projects of the USPF and a significant milestone towards the government’s policy direction to bridge digital divide and promote digital inclusion across Nigeria.

The Centre is equipped with 100 desktop computers, emerging technology applications, bandwidth, and connectivity tools, to provide students and faculty members with access to cutting-edge technology and resources.

Speaking at the official handover ceremony, the USPF Secretary, Yomi Arowosafe, said the Centre represents more than just bricks and mortar. According to him, it embodies a vision, a commitment, and an investment in the future of Ogun State, and by extension, the future of our nation, Nigeria.

“Under the strategic direction of the Hon Minister of the Federal Ministry of Communications, Innovation and Digital Economy, Dr. Bosun Tijani and strategic focus of the Executive Vice Chairman of the NCC, Dr. Aminu Maida, the USPF is vested with the mandate of providing ICT access to the unserved and underserved communities across the country,” he said.

Through strategic implementation, Arowosafe said the USPF has implemented various access and connectivity projects across the six geo-political zones of Nigeria, which has continued positively impact ICT utilisation and deepen connectivity across the country.

“With a student population of 9,300, OGITECH is one of the leading institutions of technology in Nigeria, and we are proud to partner with them to bring this project to fruition.

“The ETC will not only enhance the learning experience of students but also provide a platform for innovation, research, and development.

“We expect this project to have a significant impact on the institution and the wider community. It will provide opportunities for students to develop skills in emerging technologies such as artificial intelligence, data analytics, and cybersecurity.

“It will also enable faculty members to integrate technology into their teaching and research and to collaborate with other institutions and industry partners,” he said.

The USPF Secretary also stated that the ETC will serve as a hub for innovation and entrepreneurship, providing a platform for start-ups and small businesses to incubate and grow.

“We believe that this project will contribute to the growth and development of the Nigerian economy, and we are proud to be a part of it and we look forward to seeing the impact of this project on the institution and the wider community,” he said.

Arowosafe stated that the MoU signing has been designed as part of sustainability strategy for future projects of USPF, where the beneficiary organisations, group and communities can take ownership of such project and be committed to taking necessary initiatives to ensure it continually serves them without being abandoned after handover by the USPF.

In his remarks during the handover ceremony, the Rector of OGITECH, Dr. Abiodun Oluseye, applauded the NCC and the USPF team for siting the project in the Institute, promising that the project will be put into effective utilisation to benefit not only the Institute abut its entire community.

He also expressed commitment towards ensuring the sustainability of the project, as has been articulated in the joint MoU between the OGITECH and the USPF.

“We will ensure the sustainability of the project and work towards putting it into effective use for the benefits of the entire community,” he said.

The USPF was established by the Federal Government of Nigeria to facilitate the achievement of national policy goals for universal access and universal service to ICTs in rural, un-served and under-served areas in Nigeria.

The Fund is being managed to facilitate the widest possible access to affordable telecommunications services for greater social equity and inclusion for the people of Nigeria.

 

 

 


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