Day: May 30, 2024

The Nigerian Bar Association (NBA), Ikeja Branch, on Thursday held the maiden edition of its business forum to point out economic opportunities presented by Artificial Intelligence (AI) for economic growth.

The forum had the theme: ‘ The Future Of AI and Corporate Governance For Companies’.

A keynote speaker, Dr Desmond Oriakhogba, said that the global AI market was expected to soar to $15.7 trillion by 2030.

Oriakhogba, an Associate Professor at the University of Western Cape, South Africa, said that AI offered a substantial growth potential for Africa, with Nigeria poised to benefit significantly.

Oriakhogba said that Nigeria’s AI market was projected to reach approximately $4.64 billion by 2030.

He attributed this to increasing awareness of AI’s capabilities and formation of strategic partnerships.

‘This optimistic forecast reflects the country’s increasing investment in AI technologies and research.

‘The Nigerian Government and private sector are working together to harness the transformative power
of AI, which is expected to drive economic growth and development across various sectors,’ he said.

He said that AI had potential for job creation, enhanced business efficiency and improved service delivery in sectors such as healthcare, agriculture and finance, as Nigeria would continue to adopt and integrate AI technologies.

‘However, there is need for robust regulatory frameworks to ensure ethical and responsible AI use, while taking into cognizance both the opportunities and challenges ahead,’ he said.

Oriakhogba also said that AI was evolving and had constantly been driven by advancements in information and communication technologies.

‘We can define AI broadly as powerful algorithms, machines or computer systems that mimic specific human activities, using techniques like machine learning, neural networks, logic programming and fuzzy logic,’ he said.

The speaker further elaborated on AI’s categories, differentiating between Narrow AI and Artificial General Intelligence.

‘Generative AI, a subset of
Narrow AI, can semi-autonomously create new contents like text, images, music and videos, offering transformative potential in sectors such as entertainment, scientific research, education, healthcare, and corporate governance.

He said that AI was making significant impacts on legal processes, business ethics, governance, democracy, gender equality, human rights and the rule of law.

However, he cautioned that AI could exacerbate social, political and economic inequalities, particularly affecting vulnerable groups such as persons with disabilities, the elderly, children and women.

On corporate governance, he emphasised both the opportunities and challenges associated with AI.

‘AI remains one of the top five most disruptive technologies.

‘It can enhance decision-making processes, cybersecurity measures and risk management, but it also poses risks such as cybersecurity threats, data breaches and ethical dilemmas.

‘Human oversight is essential to ensure ethical and unbiased decision-making,’ he said.

He co
mmended the Nigerian Government’s proactive stance on AI development, citing initiatives such as establishment of the National Centre for AI and Robotics by the National Information Technology Development Agency, and the development of a national AI policy.

‘A regulatory regime that ensures transparency, accountability and ethical use of AI is crucial for fostering innovation while safeguarding ethical standards,’ he said.

Dr Hakeem Ogunniran, Chairman of the Lagos Building Investment Company, highlighted critical aspects of corporate governance and the transformative impact of AI on business practices.

According to him, corporate governance fundamentally revolves around three questions: who owns the company, for whom should the company be run, and what are the processes and systems in place?

Ogunniran, a corporate governance expert, emphasised the crucial difference between ownership and control in corporate governance, noting that shareholders owned businesses but boards and managements controlled them.

He said: ‘AI will enable, assist and enhance the processes but the outcome should still be the focus of corporate governance.

‘Accountability is about being answerable when decisions are questioned, not just making decisions,’ he said.

The Chairman of NBA, Ikeja Branch, Mr Seyi Olawumi, in his address of welcome, said that the forum served as a platform for sharing insights, fostering connections and exploring the evolving landscape of business law.

Olawunmi said that the forum presented an opportunity for members of the branch to learn from one another, collaborate and envision the future of legal work.

He said: ‘I have no doubt that the delivery of our speakers will be invaluable, and we are grateful for your willingness to share your knowledge and experience with us.

‘I also want to encourage participants to think beyond conventional boundaries, because in this ever-evolving world, it is our collective creativity and resilience that will drive us forward.

‘We will delve into critical topics that agit
ate in-house counsel and their industries – from technological advancement and regulatory challenges, to sustainable practices,’ he said.

Mrs Ajoke Akinsola, Chairperson of the NBA Ikeja Business Forum, had, in her opening remarks, emphasised bridging of the gap between in-house counsel and the larger bar.

‘We all drank from the same fountain of knowledge but have re-invented ourselves as our practice grew.

‘We are not different from each other; only iron sharpens iron,’ Akinola said.

She also highlighted the forum’s mission to unite in-house counsel and the broader legal community through programmes and activities aimed at addressing common challenges.

‘The theme of this maiden event is particularly targeted at how legal counsel can advise their managements on technological advancement in artificial intelligence.

‘The theme also targets how today’s organisations can be guided using the governance framework as we navigate through a time of rapid change and unprecedented challenges.’

Source: News Agen
cy of Nigeria

With the impact of climate change being felt on food systems around the world, and with the contribution of agriculture to global emissions also gaining attention, experts are focusing on climate change.

The World Health Organisation (WHO) says Climate-Smart Agriculture (CSA) is an integrated approach to managing landscapes, cropland, livestock, forests and fisheries that address the interlinked challenges of food security and climate change.

However, stakeholders have expressed concern that the term could be used to green-wash industrial agricultural practices that could harm food production in the future.

Though climate smart agriculture is gaining attention and acceptance among stakeholders, including researchers and policy makers, there is growing concern about what smart ‘Climate Smart Agriculture’ really is.

With most of the world’s largest fertiliser and synthetic agrochemical manufacturers among the promoters of climate change, it the sincerity behind the said Climate Smart Agriculture comes under
scrutiny.

According to an ActionAid Nigeria report, some governments and NGOs also worry that pressure to adopt Climate Smart Agriculture could lead to complications in the food systems of developing countries, with its attendant negative fallouts.

These worried stakeholders say that their agriculture systems have not contributed as much to the problem, but that going the Climate Smart Agriculture way could actually limit their ability to effectively adapt to the climate challenges ahead.

They argue that there are no identifiable yardsticks for determining what ‘Climate Smart’ is, since entities that could be destructive to the climate, the farmers, and the environment, also freely use the word Climate Smart Agriculture.

Mr Bowie Attamah, a legal practitioner and an environmentalist said promoters of industrial scale mono-cropping were jumping on the ‘Climate Smart’ bandwagon, claiming that they proffer solutions to climate change.

‘The same so-called ‘green revolution’ industries that have been widely c
riticised for their significant contribution to climate change and their negative environmental and social impacts on farmers and food systems.

‘The have simply re-branded themselves as ‘Climate Smart’ and continued as before.

‘Synthetic fertilisers, for example, contribute significantly to climate-change greenhouse gases while large-scale industrial livestock production has been shown to be a major contributor to climate change.

‘Ultimately, there are no means to ensure that ‘Climate Smart Agriculture’ is actually smart for the climate, for agriculture, or for farmers,” he said.

Attamah said that synthetic fertilisers contribute to climate change as the creation of synthetic nitrogen fertilisers is energy-intensive, burning large amounts of fossil fuels and leading to high CO2 emissions.

‘When applied to the soil, they can release Nitrous Oxide (N2O), a highly potent greenhouse gas that has 298 times the atmospheric warming effect of CO2”, he said.

‘There are, therefore, significant concerns that des
tructive agribusinesses are able to use climate rhetoric and the general confusion over the term ‘Climate Smart Agriculture’, to provide ‘green-wash’ cover to their activities.

‘This enables them to expand into new markets such as Africa while undermining local economies, ecosystems, seed diversity and farmers, in the process.

‘So, I’m skeptical when I hear people who are destroying the environment claiming that that they also practice climate smart agriculture”, Attamah told News Agency of Nigeria (NAN).

However, stakeholders have advocated the embrace and growth of organic and agroecological farming practices to enhance the health of the environment and its habitants, as well as food and nutrition security on the African Continent.

Experts say agroecology is an integrated approach that simultaneously applies ecological and social concepts and principles to the design and management of food and agricultural systems.

They believe that farmers and food security would be better served through the implemen
tation of specific, meaningful and tested strategies such as agroecology.

Prof. Olugbenga AdeOluwa, the Coordinator, Organic and Agroecology Initiative (ORAIN), said that needs to upscale its organic and agroecology practices to bring the continent to the forefront of having a secure food system and safe environment.

AdeOluwa also said that there is a need to improve local development for export business in organic agriculture to improve the continent’s GDP.

‘Capacity building of strategic practitioners in the organic agricultural sector of Nigeria is needed to contribute to food security, income generation, employment, systems resilience, among others’, he said.

Another expert, Mrs Joyce Brown, Programme Director, Health of Mother Earth Foundation (HOMEF), said that promoting agroecology would protect the environment, the earth and help in attaining food security.

Brown said that another reason for promoting organic and agroecological practices is due to the understanding that industrial agriculture is
not healthy.

She, therefore, urged government sensitise the masses on the economic importance of organic and agroecology farming.

‘Other methods of farming destroy the ecosystem and the introduction of GMOs also will lead to loss of biodiversity even as climate change contributes its own impact to the agriculture food system,’ she said.

Experts have argued that agricultural production systems in many developing countries, which are usually far less industrialised, have done the least to contribute to the global problem of climate change.

They argue that supporting their agriculture to adapt to changing weather conditions should be the greatest priority, and that they should not be obliged to take on more than their ‘fair share’ of mitigation commitments in agriculture.

They say developed countries, which have intensive production and high consumption models of agriculture, should consider changing their agricultural practices, while allowing developing countries to focus on their adaptation needs.

They
say climate smart agriculture should not be a proxy to force developing countries to carrying more than their fair share of climate change mitigation, nor to let developed countries off the hook.

The idea of climate smart agriculture may sound appealing to many organisations and governments but should be approached with caution because of the risk of harmful green-wash agricultural practices.

There is a great need to make a distinction between developed nations, who are largely responsible for climate change, and developing nations who are the least victims of this phenomenon.

Source: News Agency of Nigeria

The Waterlight Save Initiative (WSI), a Non-Governmental Organisation (NGO) has called for innovative solutions toward addressing the problem of water scarcity in Nigeria.

The President, WSI, Dr Ero Ibhafidon said this when he spoke an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.

He said that there was need for stakeholders to ensure sustainable water practice and innovative solutions to address water scarcity and other sustainable development goals challenges in the country.

He said WSI had been committed to ensuring that citizens had access to potable water as part of its vision over the years.

Ibhafidon said the NGO was granted the United Nations Economic and Social Council (ECOSOC) Consultative Status for its commitment to sustainable water management and global water security.

‘The ECOSOC Consultative Status provides NGOs with the opportunity to participate in UN deliberations and contribute to its mission of fostering international economic and social progress.

‘With this
status, Waterlight Save Initiative is now positioned to play a more prominent role in global policy discussions, advocating for sustainable water practices and innovative solutions.

‘This is with the aim to address water scarcity and other sustainable development goals,’ he said.

Source: News Agency of Nigeria

Nigeria has enacted the anti-torture act to prohibit and punish acts of torture committed by public officers.

Mrs Beatrice Jeddy-Agba, the Solicitor-General of the Federation made this known at the sensitization and advocacy session for Law Enforcement Agencies, MDAs and relevant stakeholders. on United Nations Convention Against Torture (UNCAT) on Wednesday in Abuja.

‘The definition of torture under the relevant legal frameworks pertains to acts committed by public officials, particularly Law Enforcement, which inflicts pain or suffering, whether mental or physical on individuals in their custody.

‘ Therefore, the Federal Government prioritises initiatives aimed at preventing torture and other forms of cruel, inhuman, and degrading treatment,” she said.

She said the government and stakeholders had the inherent responsibility to support measures aimed at unequivocally rooting out torture in Nigeria, in line with UNCAT and OPCAT.

‘We are currently reviewing the Anti-Torture Act and Regulations to expand
the definition of torture and improve mechanisms to discourage and eradicate torture in places of detention.

‘These places include any deprivation of liberty in Nigeria like the police stations, prisons and other detention facilities, psychiatric hospitals, and any other places where persons are not permitted to leave at their own will.

‘It is not enough to punish perpetrators for committing acts of torture, the government also has the responsibility to ensure restitution and rehabilitation of victims of torture”.

She encouraged participants to work as champions of the federal government’s policy against torture, shun the use of torture against citizens and institute anti-torture measures.

‘I want you to demonstrate commitment and dedication towards eliminating torture by collaborating and cooperating to speak with one voice against the perpetrators of torture, and for all who suffer at their hands, at your various institutions.

She said the programme would focus on strategic interaction between stakeh
olders to address concerns and challenges associated with implementing anti-torture measures in compliance with international obligations.

‘This sensitization event was initiated in fulfilment of the mandate of the committee and the federal ministry of justice, as part of measures to eradicate the use of torture by public officials,” she stressed.

Source: News Agency of Nigeria

The U.S. Agency for International Development (USAID) has named Nollywood actress, Chioma Akpotha, as its maiden ‘Goodwill Ambassador for Nutrition’ in Nigeria.

The partnership between Chioma and the agency is aimed at raising awareness about the critical issue of malnutrition, which affects millions of Nigerians, especially women and children, USAID stated on Thursday in Abuja.

It explained that the partnership would leverage Chioma’s genuine commitment to maternal, child health, nutrition, and influential platform, to inspire a nationwide movement towards better nutrition and health for Nigerians.

‘Chioma embodies the essence of advocacy and activism. Her commitment to maternal health and child well-being is a calling.

‘A calling to use her platform for the greater good, to amplify the voices of the voiceless, and to inspire action and change.

‘We celebrate this partnership with Chioma Akpotha, which represents a milestone in our commitment to collaborate with the Nigerian people.

‘Nutrition plays a v
ital role in the overall health and development of Nigeria, especially for its young population.

‘By harnessing and leveraging its talent, Nigeria can continue to chart a course towards greater prosperity and progress,’ USAID Mission Director, Melissa Jones, said.

She added that as the ‘Goodwill Ambassador for Nutrition’, Chioma had agreed to work to raise awareness about maternal health and child nutrition, promote healthy behaviors, and disseminate key nutritional messages.

According to her, malnutrition remains a significant challenge in Nigeria, with severe acute malnutrition impacting 3.6 million children.

She added that malnutrition also contributed to 50 per cent of all deaths among children under five years old.

‘The prevalence of malnutrition among women, adolescents, and young children undermines community health and development.

‘In collaboration with the Nigerian government and people, the U.S. government, through USAID, works to mitigate malnutrition.

‘This is done by providing effective
treatment for severe malnutrition, coordinating nutrition services, and promoting proven methods to support better nutrition, especially for mothers, infants, young children, and teenagers,’ Jones said.

‘I am honored to be USAID’s inaugural Goodwill Ambassador for Nutrition in Nigeria.

‘Maternal and child health is a cause close to my heart, and I am committed to using my platform to raise awareness and inspire positive change.

Together with USAID, we can make a lasting impact on the lives of Nigerian families,’ Chioma was quoted as saying.

The News Agency of Nigeria (NAN) reports that USAID leads international development and humanitarian efforts to save lives, reduce poverty, strengthen democratic governance, and help nations progress beyond assistance.

It supports humanitarian assistance, health systems strengthening, transparent and accountable governance, basic education, and a more market-led, trade-friendly economy in Nigeria.

Source: News Agency of Nigeria

The Nigerian Education Loan Fund (NELFUND) says it plans to start entertaining loan application from students attending state-owned tertiary institutions on June 25.

The Managing Director, NELFUND, Mr Akintunde Sawyerr said this at a news conference on the Post-Application Launch in Abuja on Thursday.

Sawyerr also said that over 60,000 students from federal tertiary institutions had successfully registered since the application launch.

He said from this application, 30,000 had successfully applied for the loan, saying however, no approval had been granted so far.

‘Since the launch of our student loan application portal last Friday for students in Federal institutions of higher learning, we have witnessed an extraordinary surge in applications, with over 60,000 submissions since inception.

‘The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand.

‘In line with our commitment to dem
ocratise higher education, we are excited to announce that NELFUND will commence accepting applications from students attending state-owned tertiary institutions in three weeks,’ he said.

He added that over 90 per cent of federal institutions had so far submitted their students’ details to NELFUND.

He encouraged the remaining two federal universities and five federal polytechnics to expedite the process to ensure that all eligible students have access to its financial support.

He urged all state institutions to submit their students’ data immediately, as requested, to facilitate a smooth and seamless application process.

Sawyerr added that the Fund would also launch the skill acquisition programme six months from today.

He said the skills programme was designed to prepare students to meet the demands of market through fostering entrepreneurship of the young people.

‘Beyond financial assistance, NELFUND recognises the profound importance of equipping our youth with practical, market-relevant skills.

‘Si
x months from today, we will launch a comprehensive skills acquisition programme, providing training in various vocational and technical fields.

‘This programme is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.

‘We are going to be working with existing centres in the right standard to give the right level of training to Nigerians,’ he added.

Speaking on the challenges being faced, Sawyerr said no ICT platform was devoid of challenges saying however, that the Fund had been able to address challenges being experienced by applicants.

Source: News Agency of Nigeria