Business
World Economy, In New Danger Zone- World Bank Boss
World Bank President Robert Zoellick said on Wednesday that the world had entered a new economic danger zone and Europe, Japan and the United States all needed to make hard decisions to avoid dragging down the global economy.
“Unless Europe, Japan, and the United States can also face up to responsibilities they will drag down not only themselves, but the global economy,” Zoellick said in a speech at George Washington University.
“They have procrastinated for too long on taking the difficult decisions, narrowing what choices are now left to a painful few,” he said ahead of meetings of the World Bank and International Monetary Fund next week.
His bluntly-worded speech highlighted mounting fears among global policymakers about an escalating sovereign debt crisis in Europe, which has for now overshadowed investor concerns about public finances and reforms in the United States and Japan.
Just as those very countries had called on China to be a responsible global stakeholder as a rising economic power, so too must they act responsibly and face up to their economic problems, Zoellick added.
Chinese Premier Wen Jiabao weighed in earlier and called on developed countries to take responsibility for fiscal and monetary policies to avoid the European crisis from spreading.
Meetings of global finance and development leaders in Washington next week will focus on Europe’s debt woes and the risk of a Greek debt default, which has fed growing alarm in financial markets.
Mixed signals from European leaders have escalated concerns the 17-member euro zone may be unable to unite behind a common approach to tackle the crisis.
Zoellick said European countries were resisting difficult truths about their common responsibilities, Japan had held off on needed economic and social reforms, and political differences in the United States were overshadowing efforts to cut record budget deficits.
“The time for muddling through is over,” Zoellick said. “If we do not get ahead of events; if we do not adapt to change; if we do not rise above short-term political tactics or recognise that with power comes responsibility, then we will drift in dangerous currents.”
Later, Zoellick said the European crisis had reached a point where its political leaders needed to decide on the future of the euro bloc instead of “dealing with problems day by day with patchovers.” He said he was confident the eurozone would survive.
But added: “To keep the eurozone with all of its current members, you’re going to need a much stronger fiscal union than you have today and someone is going to have to pay for that.
“If you’re not willing to have that fiscal union, then I don’t think you can keep the current construct,” Zoellick told CNBC in an interview.
Turning to the United States, he suggested slowing the rate of entitlement spending on social security and Medicare, and agree on broad-based tax reforms to boost growth.
“These in-between solutions, quick stimulus packages, I don’t believe will get us where the U.S. needs to go,” he added.
Zoellick’s speech focused on the shifting global landscape in which emerging market economies are playing a greater role in the world economy — and increasingly in development.
He said developed countries had yet to fully recognise these global shifts were underway and still operated under a “do what I say, not what I do” policy. They preached fiscal discipline but failed to rein in their own budgets, and advocated debt sustainability yet their own debts were at record highs’ he said.
Zoellick also said it was time to rethink foreign aid, saying that while aid remains a life or death issue for millions of people around the world, it had also become a vehicle for helping poorer countries develop and grow, he said.
“In a world ‘Beyond Aid,’ assistance would be integrated with — and connected to — global growth strategies, fundamentally driven by private investment and entrepreneurship,” he said. “The goal would not be charity, but a mutual interest in building more poles of growth.”
He said development also meant tapping the power of women by eliminating gender inequality.
“We will not release the full potential of half of the world’s population until globally we address the issue of equality; until countries, communities, and households around the world acknowledge women’s rights and change the rules of inequality,” Zoellick said.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter