The Nigeria Institute of Electrical Electronic Engineers (NIEEE) has stressed the need for the implementation of Executive Order 5 in order to enhance growth of local capacities among manufacturers and solution developers.
NIEEE, therefore called on the federal government to expedite action in the implementation of the law which it stated would empower the local manufacturing.
According to engineers, the previous efforts of government geared towards achieving economic development had relied on the use of foreign aid, investment in machines, fostering education at the primary and secondary level, controlling population growth and giving loans and depth relief on reforms to stimulate the economy with a view to achieving self-sufficiency.
They, however, said the previous efforts did not yield the desired results, hence the need for full scale implementation of the Executive Order 5 to boost local production.
NIEEE made the call during its Fellowship Conferment Ceremony of 29 Engineers, which held recently in Abuja.
The Chief Executive Officer, Kenol Nigeria Limited, Olu Ogunduyile, in his public lecture at the event, stressed the importance of empowering local manufacturers through the implementation of the Executive Order 5.
He said the active participation of more professionals in the development process would harmonise all efforts to achieve the desired results.
Ogunduyile, also stressed the need for mentorship by fellows of professional bodies, saying exco members of professional associations should foster relationship with all fellows and senior members to ensure engineering professionals are enlisted for the National Youth Service Corps (NYSC), not as teachers but to industries for industrial experience.
He added that collaboration with the academia and industries in Research and Development (R&D) would promote industrial growth.
He also urged government to encourage the Nigeria Industrial Development Bank (NIDB), to fund the industrial growth at a single digit interest rate with a long period of repayment of six years.
According to Ogunduyile, “To reduce pressure on naira, government should support agriculture, textile industries and many others to reduce capital flight that put pressure on the economy.”
He also said since Nigeria had shortfall of 20 million housing deficit as at 2018, the government needs N21 trillion to fund it.
According to him, “Remember there are millions of engineers, technologist, technicians, artisans and other trades that will benefit from this exercise.
“In other words, you will be sending out the hoodlums, kidnappers away from our streets. An idle hand is the devil’s workshop.
“We need a lot of synergies, thoughtfulness, and collaboration to look inward to solve these challenges.
“We also want the National Agency for Science and Engineering Infrastructure (NASENI) to rise up to the immediate challenges to foster relationship with the industries and the academia to ensure massive production of ventilators, spraying machines and other equipment that will take away pressure on our currency.”
The National Chairman/Chairman-in-Council, NIEEE, Kings Adeyemi, said NIEEE would continue to foster development in the country.
Speaking about innovation, Adeyemi said: “So many fellows have many designs but designing is not the issue rather the implementation being the problem, which has to do the environment that do not encourage engineers to strive.
“So, there is need for engineers to go into governance to influence the decisions of government by playing advisory role.”
While speaking about quacks in the system, Adeyemi said: “Unfortunately, every profession has certain degree of quackery and electrical engineering discipline is not left out. There are so many laws, and some contradicting, which allows so many quacks to take cover and legislative backing is the way out.”
Visa records over $1bn crypto spending in six months
Visa has said more than $1bn was spent with its crypto-linked cards in the first half of 2021.
The company said in a statement on Wednesday that the value of crypto assets held in regulated digital wallets was in the hundreds of billions.
It said, “We are partnering with 50 of the leading crypto platforms on card programmes that make it easy to convert and spend digital currency at 70 million merchants worldwide.
“With more than $1bn spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”
Visa added, “We are seeing digital wallets and crypto platforms build payment products entirely with digital currency. For example, the fast-growing FTX platform, a new Fintech Fast Track member we’re announcing today, is paying 50 per cent of their remote employees in USDC.
“We are making our network more accessible to this growing ecosystem with capabilities like USDC settlement and through our partnership with Circle. As we look to the future, stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development.”
According to the company, there are more than $100bn worth of stablecoins in circulation and hundreds of billions exchanged each month on public blockchains, making stablecoins starting to live up to the promise of a digital fiat.
In a related development, Cointelegraph reported on Wednesday that bitcoin miners’ daily revenue had surged by over 50 per cent.
As miners relocate from China, those unaffected have seen half their competitors disappear overnight, causing a spike in profitability.
“We have a very interesting dynamic where approximately 50 per cent of the power is currently offline and incurring a great number of costs due to logistics and just simply not hashing, having hardware that’s not currently working, and the other 50 per cent has essentially seen half their competition drop off the network,” an analytics firm, Glassnode, said.
Glassnode also added that average block time had hit their highest levels ever over the past week. According to Investopedia, block time is the time required to create the next block in a chain. It is essentially the amount of time it takes for a blockchain miner to find a solution to the hash, the random series of characters that are associated with the block.
