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PwC Report Reveals Brain Exports Presents New Optimal Development Path for Nigeria
Exporting Brain Capital to the global market will put Nigeria on the path to become a developed nation in record time. This is according to a new report by leading professional services firm, PwC Nigeria which analyses the best development path for the country.
After significantly evaluating relevant trends impacting today’s global business landscape and Nigeria’s unique circumstances as well as her position in the world today, the report titled Nigerian Brain Exports: The Optimal Path to Growing the Nigerian Economy’ recommends placing Nigerians in high-end Global Value Chains (GVCs) as the best path forward.
Brain export occurs when a Nigerian physically in Nigeria is inserted into global value chains and exchanges their brain capital for foreign currency which is then remitted to the country where the talent is physically located.
With such a large population that has an average age of 19 years, Nigeria according to PwC has significant Brain Capital advantage, especially considering the ageing population in countries such as Germany, Japan, Italy and the United States. It is estimated that the worldwide working-age population will see a 10% decline by 2060.
Japan in particular tops this list with 28% of its population above 65 and Italy comes second with 23%. In contrast, only 2.7% of the Nigerian population is above 65 which means Nigeria is strategically positioned to supply labour to the global market, thus presenting a strong comparative advantage.
Andrew S. Nevin(PhD), Partner & Chief Economist, PwC Nigeria, said: “Nigeria can transition from a developing to a developed nation within 10 to 20 years. To achieve this however, the country must seek and follow a path different from the traditional development path.
“We believe that the traditional strategy for development is not the most efficient path to improve the quality of life for Nigerians. It takes too long to deliver the expected benefits and Nigeria has not been successful in following this path. Most developed countries adopted the traditional path, but it required significant financial investments spread over a long period. Unlike these countries, Nigeria lacks the finances and cannot afford to waste time.
Given the times we live in, with advancements in research with technology and changes in the ways of working, there is a new optimal development path, one that is strengthened by changing circumstances and Nigeria’s unique assets and attributes. That path is one where Nigeria exports Brain Capital into higher value-added global services markets.”
With case studies of India and Kenya and a few local examples of companies already exporting Brain Capital from Nigeria and actively participating in the GVC’s, the report created a plausible scenario in which Nigeria captures 17% of the global programming and software development jobs. The earnings that will accrue to Nigerians performing these jobs is about $50 billion.
Based on the market size and the growth potential, Nigeria should have a target of two million remote workers inserted into GVCs within ten years. This number the report reckons would drive growth in other sectors of the economy through the increased purchasing power of the people inserted into the GVC.
According to the report, it is essential that the talent plugged into GVCs are not in a few selected locations but adequately distributed across the country to ensure prosperity for the nation.
Importantly, the report opines that Nigeria needs to start treating education as an infrastructure for development, not a social service, especially digital education, as screen-based interactions have become as fundamental as reading and writing.
The report acknowledged that it might be complex for the government to tax Brain Export workers at the moment. But it noted that the advantages outweigh that concern. With increased Brain Exports, burdens such as extreme poverty and high unemployment would lessen, and the government would also gain indirect tax benefits, like Value Added Tax.
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FG to Activate Surveillance for Passengers from China amid Virus Scare
Federal government has announced plans to implement surveillance measures for inbound passengers from China, following a surge in respiratory virus cases attributed to the Human Metapneumovirus (HMPV).
This decision comes in response to reports of overcrowded hospitals, emergency interventions, and growing public concern in China, where HMPV cases have spiked across northern provinces, particularly affecting children during the winter season.
The Nigerian authorities aim to monitor the situation closely to prevent potential spread within the country.
Neighboring nations such as Cambodia, Taiwan, and Hong Kong are also taking precautionary measures, though they have reported only a few cases and no widespread outbreaks thus far.
Health experts describe HMPV as a respiratory virus that can cause symptoms ranging from mild cold-like issues to severe complications, especially in children, the elderly, and those with compromised immune systems.
According to Chinese authorities, there has been a noticeable increase in HMPV cases, especially among children under 14 years old in northern parts of the country. Social media posts, accompanied by videos of overcrowded hospitals, have sparked fears of a larger-scale health crisis.
In response to the rising cases, the Chinese government announced measures, including constant monitoring of cases, the adoption of masks, social distancing and disinfection of public spaces to curb the increase of the virus.
The new virus outbreak is coming five years after the emergence of a novel coronavirus – COVID-19 – in Wuhan, China, which was declared a global pandemic by the World Health Organisation on March 11, 2020.
So far, COVID-19 has infected 777 million people globally and killed over seven million, according to WHO.
However, while both HMPV and COVID-19 are respiratory illnesses, there are important differences. HMPV typically causes milder symptoms such as a cold or flu, while COVID-19, caused by the SARS-CoV-2 virus, can lead to more severe health complications and long-term effects.
HMPV is also a seasonal virus, similar to other cold-causing pathogens like RSV, and infections usually peak during the winter months.
HMPV, like COVID-19, spreads through respiratory droplets when an infected person coughs or sneezes and it can also spread via contaminated surfaces.
However, officials from the National Health Commission stated that while respiratory diseases are expected to rise during the winter months, the overall situation this year is less severe than last year.
Beijing also downplayed the developments as an annual winter occurrence.
China’s foreign ministry spokesperson Mao Ning said on Friday, “Respiratory infections tend to peak during the winter season.
The diseases appear to be less severe and spread with a smaller scale compared to the previous year,” she said.
A pilot programme was launched by China to track pneumonia of unknown origin, ensuring labs and health agencies reported and managed cases more effectively, state broadcaster CCTV reported, quoting an administration official at a news conference.
The US Centers for Disease Control and Prevention said HMPV could cause upper and lower respiratory diseases in people of all ages, especially among young children, older adults and people with weakened immune systems.
The U.S CDC noted that HMPV is most likely spread from an infected person to others through secretions from coughing and sneezing, close personal contact and touching objects or surfaces that have the viruses on them, then touching the mouth, nose, or eyes.
“Symptoms commonly associated with HMPV include cough, fever, nasal congestion and shortness of breath. Clinical symptoms of HMPV infection may progress to bronchitis or pneumonia and are similar to other viruses that cause upper and lower respiratory infections. The estimated incubation period is three to six days, and the median duration of illness can vary, depending upon severity but is similar to other respiratory infections caused by viruses,” the US CDC stated.
Meanwhile, health authorities in Nigeria are already implementing emergency measures to monitor and manage the spread of the HMPV.
Dr John Oladejo, director, Special Duties, Office of the Director-General of the Nigeria Centre for Disease Control and Prevention, said that the Federal Government would implement preventive measures by activating surveillance measures to curb the spread of the virus.
“The FG will activate surveillance measures, like quarantine, for passengers coming in from China,” Dr Oladejo said.
Earlier in November 2024, global health body WHO noted that it was closely monitoring the situation and was in close contact with national authorities in China, adding that it would continue to provide updates as warranted.
News
EFCC Sacks 27 Officers for Fraud, Misconduct
Economic and Financial Crimes Commission (EFCC) has dismissed 27 officers from its workforce in 2024 for various offences related to fraudulent activities and misconduct.
In a statement issued on Monday by Dele Oyewale, spokesperson, the EFCC revealed that the dismissal followed recommendations from its Staff Disciplinary Committee and was ratified by Ola Olukoyede, executive chairman.
The statement read, “In its quest to enforce integrity and rid its fold of fraudulent elements, the Economic and Financial Crimes Commission dismissed 27 officers from its workforce in 2024.
“Their dismissal, following the recommendation of the Staff Disciplinary Committee of the EFCC, was ratified by the Executive Chairman, Ola Olukoyede.”
Olukoyede reaffirmed the commission’s zero tolerance for corruption, emphasising that no officer is immune to disciplinary measures.
He assured the public that all allegations against EFCC staff would be thoroughly investigated, including a trending $400,000 claim against a Sectional Head by a supposed EFCC staff member.
He stressed that the commission’s core values remain sacrosanct and will always be upheld.
“Olukoyede reiterated the commitment of the commission to zero tolerance for corruption, warning that no officer is immune to disciplinary measures.
“Every modicum of allegation against any staff of the commission would always be investigated, including a trending $400,000 claim of a yet-to-be-identified supposed staff of the EFCC against a Sectional Head. The core values of the commission are sacrosanct and would always be held in optimal regard at all times.”
The EFCC also warned the public about the activities of impersonators and blackmailers exploiting the name of its Executive Chairman to extort money from high-profile suspects under investigation.
According to the statement, two members of an alleged syndicate, Ojobo Joshua and Aliyu Hashim, were recently arraigned before Justice Jude Onwuebuzie of the Federal Capital Territory High Court, Abuja, for allegedly contacting a former Managing Director of the Nigerian Ports Authority, Mr Mohammed Bello-Koko, and demanding $1 million to secure “soft landing” on a non-existent investigation.
“The commission noted that similar criminal elements are still at large and urged the public to report such individuals,” the statement added.
Oyewale stated that the EFCC chairman is a man of integrity who cannot be induced.
He said, “Olukoyede remains a man of integrity who cannot be swayed by monetary influences. The public is enjoined to always report such disreputable elements to the Commission.
“Additionally, the EFCC is aware of moves being hatched in some quarters to blackmail officers of the Commission through unwholesome means. Suspects being investigated for some economic and financial crimes who have failed to compromise their investigators would always clutch at any straw. Such blackmailers should not be accorded any form of attention.”
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KPMG Recognizes PalmPay for Excellence in Its 2024 West Africa Banking Industry Customer Experience Survey
PalmPay, Africa-focused fintech platform, has been recognized in the 2024 KPMG West Africa Banking Industry Customer Experience Survey for delivering exceptional customer experiences and surpassing traditional banks in key areas of service delivery.
The survey highlights PalmPay’s strong performance across multiple stages of the customer journey, with customers praising the platform’s seamless transaction processing, reliability, and innovative features.
PalmPay achieved a notable Customer Experience (CX) score of 81.6, ranking among the top fintechs in the region and cementing its position as a leader in Nigeria’s fast-evolving digital financial services landscape.
The KPMG survey evaluates customer experience across six key pillars of excellence: Integrity, Resolution, Expectations, Time & Effort, Personalisation, and Empathy. PalmPay excelled in delivering seamless experiences, streamlining processes to reduce customer effort, and fostering trust through proactive and transparent communication.
“We are honored to receive this recognition from KPMG, which underscores our unwavering commitment to providing accessible, reliable, and innovative financial solutions to Nigerians,” said Chika Nwosu, Managing Director at PalmPay.
“At PalmPay, we continuously strive to redefine the banking experience by addressing customer pain points, streamlining transactions, and ensuring that our customers can trust and rely on us for their everyday financial needs.”
According to the survey, PalmPay was commended for its minimal network downtime, swift issue resolution, and proactive communication with users. Customers highlighted the platform’s ability to notify them in advance of scheduled maintenance, reinforcing trust and reliability.
A customer featured in the report stated, “PalmPay hardly has network issues and they have saved me from embarrassment”, reflecting the platform’s reliability and user satisfaction.
PalmPay’s recognition aligns with the company’s mission to drive financial inclusion by offering user-friendly, tech-driven solutions that meet the needs of underserved communities.
Through strategic partnerships and continuous innovation, PalmPay remains dedicated to enhancing the customer journey and expanding access to financial services across Nigeria.
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