Connect with us

Business

Astute Cultural, Tourism Promoter, Otunba Ayo Olumoko Calls On Investors, Govt To Invest In Cultural-Tourism Development

Published

on

Tourism has great potential to speed up progress across the economic sectors in a sustainable manner. Through integrated policies, tourism can generate quality employment opportunities for durable economic and social growth, hence reduce poverty and provide encouragement for environmental protection, and thus offer a triple-win situation for nations to move toward an inclusive and resilient economy. Moreover, the logical sustainable implications of the study are provided. This study comprises six sections: the first section is the introduction, the second covers the literature review, the third describes the methodological approach, the fourth show’s findings, the fifth presents a discussion, and the sixth section covers the conclusion, limitations, and future research prospects

.…Tourism requires an enabling environment – Otunba Ayo Olumoko

…Urges Nigerians To Create Jobs, Wealth Through Cultural Tourism

Rashidat Olushola Okunlade Writes

Otunba Ayodele Michael Olumoko,  an astute Cultural Heritage, Tourism Promoter, and integrated marketing communications professional has called on investors, notable Nigerians, and the government at all levels to focus more on cultural, tourism development, and promotion.

Culture Tourism has increasingly cooperated with other sectors such as education, health,
employment, and welfare. Culture is recognized for both its intrinsic value and its
instrumental value.

There has been a growing interest in the role played by cultural activities in local development. When major traditional industries declined or disappeared at the end of the last century, cultural tourism and creative industries have been recognized as both a heritage and a lever for future development. Central and local governments have been mandated to develop infrastructures for cultural creation and heritage conservation, to widen the accessibility to cultural goods and services, and to ensure that culture reinforces the image of their territories.

In a chat with BusinessEcho Magazine Publisher, He said “Tourism is a competent driver of development in emerging economies. Tourism development has gotten worldwide recognition as an impetus for economic growth, agriculture, energy development, and poverty alleviation. It is widely believed that tourism development leads to economic growth, though scholars conflict with the basis of empirical investigations.”

He noted that governments at all levels, notable Nigerians, and investors should come together to address the economic, social, and environmental challenges of this sector, there is a need for globalization development and growth of the cultural tourism sector.

“Governments in the developing world support and promote cultural heritage and tourism due to its high multiplier effects in terms of generating employment, increasing foreign exchange earnings, having a positive impact on the balance of payment, and stimulating the supply sectors of tourism; also, all these activities help to alleviate poverty. For instance, Tourism development stimulates growth by attracting new Foreign Direct Investment (FDI) and building new facilities. The relationship between cultural, tourism, and capital investment is twofold: potential business tourists are attracted by investment opportunities through information, business-friendly environments, and available human capital, and foreign investors develop tourism facilities such as hotels, resorts, parks, and energy and transportation amenities.

Tourism has great potential to speed up progress across the economic sectors in a sustainable manner. Through integrated policies, tourism can generate quality employment opportunities for durable economic and social growth, hence reduce poverty and provide encouragement for environmental protection, and thus offer a triple-win situation for nations to move toward an inclusive and resilient economy. Moreover, the logical sustainable implications of the study are provided. This study comprises six sections: the first section is the introduction, the second covers the literature review, the third describes the methodological approach, the fourth show’s findings, the fifth presents a discussion, and the sixth section covers the conclusion, limitations, and future research prospects
Otunba Ayodele Micheal Olumoko.

Otunba Ayo Olumoko who was recently inducted as the Vice President, South West of the Institute of Tourism Professionals of Nigeria (ITPN) said: ‘‘Tourism, especially cultural-tourism remains, one of the country’s untapped goldmines that if properly harnessed, has the potential to lift millions of Nigerians out of poverty through job provisions.

Chairman of Infogem footprints at major festivals in Nigeria aimed at promoting cultural tourism can never be abdicated at festivals such as the Osun Oshogbo International Festival Oshogbo, Ojude Oba Festival, Ijebu Ode; Ebi-Epe Festival, Epe Lagos; Argungu International Fishing Festival Kebbi State. Olumoko, an accomplished integrated marketing communications specialist with a special interest in community culture relations, is the founder and MD/ CEO of Infogem Limited, a business and marketing communications outfit with head office in Lagos State and a regional office in Osogbo, Osun State. He is also the chief festival consultant to major community festivals like the Osun Osogbo Cultural Festival (Between 1999 and May 2019) and Olojo Festival.

He further stated that “Tourism has great potential to speed up progress across the economic sectors in a sustainable manner. Through integrated policies, tourism can generate quality employment opportunities for durable economic and social growth, hence reducing poverty providing encouragement for environmental protection, and thus offering a triple-win situation for nations to move toward an inclusive and resilient economy.

He is the Chairman of McLeads Consulting and Yempat Rosy & Associate. Olumoko was a council member of the Federation of Tourism Association of Nigeria (FTAN) between 2015 and July 2021, former chairman of FTAN, Lagos chapter, second national deputy president, and vice president (South-West). He is a Fellow of the Institute of Directors (F.loD), Nigeria; and Institute of Credit Administrators (F.ICA). He is a member of the international service organization, the Rotary Club.

Business

The Impact Of E-commerce On Supply Chain

Published

on

The Impact Of E-commerce On Supply Chain

….as Jumia leads the fast and reliable digital market hub

Olushola Okunlade Writes

The rise of E-commerce and the digital marketplace has changed the composition of consumers buying behavior and expectations, as consumers now expect fast, free shopping and competitive pricing.

This demanding delivery schedule challenges traditional logistics and supply chain models, and companies are now forced to adjust their strategies to provide the low-cost and on-demand delivery service that consumers now demand.

Technological advances in many aspects of our lives have resulted in buying, selling, and other forms of transactions being executed online. Once the consumer makes an online purchase, the work begins to transport the products from the seller to the consumer – and that’s where the logistics sector comes into play.

Statista claims that the logistics sector is one of the pillars of global trade, valued at more than 5.7 trillion euros.

In Nigeria, the logistics and supply sector is growing exponentially. According to the 2018 Logistics & Supply Chain Industry Report, Nigeria’s logistics industry was worth 250 billion naira ($696 million) as of 2018, which represents an increase of 50 billion naira ($140 million) from 2017 statistics. This value has increased over the years. The industry is currently expanding because of improved aviation and rail infrastructure, stronger international relations, expansion in the manufacturing and export industries, and continuous e-commerce growth.

E-commerce and the Supply Chain Sector

The Impact of E-commerce on Supply Chain

The supply chain links numerous parties and organisations, including consumers, enterprises, merchants, financial, and information flows. To deliver high-quality services and products, managing various groups and activities requires a method that can effectively and efficiently integrate interactions among the entities, particularly when organisations use resources from different regions of the world.

The supply chain has grown more adaptable and effective as a result of e-commerce. It has given businesses fresh and creative ways to connect with consumers. E-commerce also has made it possible for companies to offer goods directly to consumers instead of through conventional retail channels.

The increase in e-commerce adoption has made logistics services a necessary component of daily living in Nigeria’s major commercial cities. Access, cycle time, dependability, and cost of logistics are directly impacted by the state of the available infrastructure and the degree of integration. High-performance government agencies, funding, and industry expertise are also essential. Therefore, logistics is a primary marker of economic advancement as represented in trade facilitation and company competitiveness.

How E-commerce is Revolutionising the Supply Chain Sector

The Impact Of E-commerce On Supply Chain

E-commerce has several advantages in the supply chain sector. Firstly, it offers real-time data on inventory levels and order status. This lowers the possibility of stockouts or overstocks by helping businesses to make better decisions about when to produce or order products.

Collaboration between businesses and their suppliers and consumers is also made simpler by e-commerce. For instance, a business can quickly place orders and submit estimates to suppliers. This lessens the amount of paperwork required and helps to speed up the ordering process.

A company like Jumia in the supply chain sector, through e-commerce, connects vendors with consumers across a broad delivery area. As a result, local vendors and international brands can effectively reach more consumers across the country using the platform. In addition, consumers’ shifting preferences, lifestyles, and behaviours have led companies like Jumia to introduce quick commerce to make online shopping more convenient than ever before.

With speed and convenience becoming more important than ever, Jumia opened its logistics services to third parties. Its logistics network smoothly connects hundreds of logistics partners across Nigeria, from small business owners to significant logistics service providers. It offers merchants the advantage of a distributed and scalable logistics service and gives consumers quick access to the products they desire.

What Does the Future Hold for Logistics?

The Impact Of E-commerce On Supply Chain

Technology remains a strategic imperative for supply chain organisations. In the next three to five years, we will see an increase in the adoption of digital supply chain technologies, including those that improve human decision-making.

It is predicted that the future of the supply chain sector will be defined by data, analysed by artificial intelligence, and driven by machines. Gartner has predicted that by 2023, AI techniques will be embedded across 50% of all supply chain technology solutions.

Already, Jumia Logistics is leading the forefront, as the company has invested in machine learning and several data science techniques. This has helped to offer more precise delivery times based on multiple factors, and even to predict the ideal routes that delivery agents can rely on to meet their targets. Consequently, online consumers will have better experiences on the mobile app with greater certainty about the progress of their orders from purchase to delivery.

Furthermore, the company’s move into drone delivery with its recently announced collaboration with Zipline, the world’s largest instant delivery service, is another game changer for the industry. Using the latest instant logistics technology, Jumia will be able to offer consumers living in rural or remote areas on-demand delivery of the products they need.

Continue Reading

Business

Sanwo-Olu To Intending Investors; Lagos Ready For You

Published

on

SANWO-OLU TO WOULD-BE INVESTORS: LAGOS READY FOR YOU

Olushola Okunlade Writes

Lagos State Governor Babajide Sanwo-Olu played the quintessential salesman on Monday, reeling off his administration’s achievements in the past three years to woo investors to the state.

Mr. Sanwo-Olu met a group of would-be investors in New York on the sidelines of the 77th session of the United Nations General Assembly at a roundtable organized by the Business Council for International Understanding (BCIU) at Park Lane Hotel in the heart of the city. He got an exciting response from the group of corporate giants who urged him to see himself as an ambassador of the private sector to the Federal Government.

With confidence, the Governor spoke of the major strides Lagos State has made in the past three years, despite COVID-19. He used the THEMES Agenda – the six-pillar development plan of his administration – as a guide.

According to the Governor, the state’s GDP has gone up by $5b to about $145,141b, the budget has doubled to about %N1.7tr and infrastructural development has been tremendous. He cited landmark developments in transportation, the first pillar of THEMES, saying the Red Line and Blue Line rail projects were on track to be commissioned by the end of the year. The rolling stocks for the Red Line, which his administration started, he said, are on the way to Lagos and work is going on as scheduled on the stations and the overpasses that will ensure a good transportation experience. There are about four other lines to be built for the state to be covered by rail so as to ease the pressure on roads.

Mr. Sanwo-Olu minced no words on the purpose of the meeting – to attract more investors to Lagos, which has 80 per cent of Foreign Direct Investments coming into Nigeria. He spoke of opportunities in water transportation, saying from seven ferries, the state’s fleet has risen to 21, besides many others run by private operators. Investors can double the fleet, Sanwo-Olu said.

Many of the 15 jetties being built by the state are ready for commissioning, he added, stressing that the aim is to have an integrated urban transportation system, strengthened by strategic road infrastructures, such as the Lekki-Epe Expressway and the Fourth Mainland Bridge, which attracted many investors, among which one will be chosen before the end of the year.

The state, said the Governor, plans to build an Infectious Diseases Research Centre to tackle health challenges, such as COVID-19.

Over 1000 school projects have been completed and “we have introduced technology to make teaching and learning an exciting experience”.

“We are seeing the results. We used to have about 36% pass in School Certificate Examinations; now we have about 80%,” Sanwo-Olu said.

“We are opening brand new schools and introducing technology by giving teachers tablets to aid their job.”

He spoke about the 6,000 km fibre optic cable being laid around the state, saying the first phase of 3,000 km was almost completed. This, he said, will aid faster and cheaper internet connectivity, thereby boosting service in hospitals and schools, besides boosting the impressive activities of the youth in the tech ecosystem.

Mr. Sanwo-Olu described Lagos as the “entertainment capital of Africa”. He cited the recent Headies Awards in Atlanta and added that a Film Village was on the way. He mentioned opportunities in housing and assured would-be investors of “the sanctity of contracts”, with the state appointing new judges to aid smooth operations of the Judiciary.

On security, Mr. Sanwo-Olu described Lagos as “the safest state in Nigeria”. He said small businesses were being supported with grants, even as the youth and women are being encouraged.

It was, however, not all a matter of passing marks. The Governor spoke of challenges, such as refuse disposal, saying about 4000 metric tons were being generated daily. This, in his view, should attract investors, who are willing to turn waste into wealth – a path the state is willing to tread. There are also challenges in water, power, and other sectors, which are awaiting investors, Mr. Sanwo-Olu said.

The applause was loud as Mr. Sanwo-Olu ended his speech.

Replying, the Managing Director (Africa) of McLARTY Associates, Amb. (ret.) Terence P. McCulley, praised Mr. Sanwo-Olu for an insightful account of his administration’s policies and projects. He said many “people who have returned from Lagos have spoken of how they no longer recognize the state because of the developments taking place there. He is of the view that the Governor has done well “because good governance is about providing services.”

Amb. McCulley said: “You can be the ambassador of the private sector to the Federal Government, providing an enabling environment for manufacturing, agriculture, and technology, which are drivers of diversification.”

A participant spoke about the discovery of talents among Nigerian youths in the tech space. He said such talents were being lost to other countries because they could not be retained in Nigeria. Mr. Sanwo-Olu said the government was doing so much to link young graduates to companies that train them to make them employable under its Graduate Internship Programme, which has absorbed thousands of youths. There are other programs, he said, agreeing that a retention strategy for talents was necessary.

At the meeting were Stephen Jennings, founder and CEO of Rendeavour, the organisers, Country Head, Nigeria, Rendeavour, Eyong Ebai, CEO, Africa, GE Healthcare, Mr. Patrick Santillo, Senior Vice President, BCIU, Mr. Biodun Dabiri, Chairman, Lekki Worldwide Investment and many others.

With the Governor were Economic Planning and Budget Commissioner Sam Egube, Energy and Mineral Resources Commissioner Lere Odusote, Information and Strategy Commissioner Gbenga Omotoso, Special Adviser on SDG and Investments Mrs. Solape Hammond, Special Adviser on Public Private Partnership Ope George and Mrs. Ibilola Kasumu, Permanent Secretary, Ministry of Science and Technology.

Continue Reading

Business

ABIS 2022: African British Investment Summit, And Awards In London To Hold Nov 11-14 Due To Queen Elizabeth’s Burial Rite

Published

on

ABIS 2022: Africa British Investment Summit, And Awards In London To Hold Nov 11-14 Due To Queen Elizabeth's Death

Theme: ’Changing the narratives to make Africa the future that everybody glamours for through Connecting, Innovating, transforming’’, with a focus on ‘’Nigeria as a pilot project for the whole of Africa’’

Olushola Okunlade Writes

The African British Investment Summit earlier planned to hold on October 13-14th in London has received a change in date to 11th-14th November 2022 due to the British Monarch, Her Majesty Queen Elizabeth ll (1926-2022) who exit the world recently.

The Committee for the investment summit announced the change in date in a statement made available to BusinessEcho Magazine, that the new date for the Summit changed to allow the burial ceremony of the late British Monarch announced to take effect as many event centres and hotels booked for the ceremony.

The Investment Summit tagged ABIS LONDON 2022, with the theme,’ Changing the narratives to make Africa the future that everybody glamours for through Connecting, Innovating, transforming’’, with a focus on ‘’Nigeria as a pilot project for the whole of Africa’’ was designed as a platform to connect potential investors with the numerous opportunities across the globe especially Africa in the power sector, the manufacturing and agricultural value chain.

The Committee, however, said that all activities leading to the investment summit and awards of recognition, including registration and partnership are still ongoing. The statement urged the intending participants, partners, and sponsors of the investment summit, to log on to www.africanbritishgroup.com

It equally expressed regret over the inconveniences the change in date might have caused intending participants and partners of the investment summit.

ABIS 2022: Africa British Investment Summit, And Awards In London To Hold Nov 11-14 Due To Queen Elizabeth's Death

Otunba Jafaru Braimoh, Chairman/CEO of African British Group in his statement said “Due to the spate of cancellations of several key events and activities all over the world as a mark of respect in memory of her Royal Majesty, The Queen of England, Queen Elizabeth II, we hereby seek an apology of all participants, sponsors, and investors on the change of date in our Awards of Recognition and Business Investments Summit Events to 11-14th November 2022 at Marriot Hotel in London UK.

In light of the British Queen’s burial ceremony taking place from 18th September- 30th October 2022 all the Hotels, Hospitality, and Entertainment Centres had been hiked in prices three times current quotes due to a surge in Tourist, Visitor of International Delegates to pay Condolences to the late Queen family.

We have new arrangements in November 2022 unfailingly… for more details www.africanbritishgroup.com, he assured.

Continue Reading

Trending