Business
‘Nigeria’s Capital Importation Hit $21.3bn In 2013’
The National Bureau of
Statistics (NBS) has said that Nigeria’s capital importation stood at 21.3 billion dollar (N3.42 trillion) in 2013.
The figure is higher compared to the 11.2 billion dollar (N1.80 trillion) and 5.7 billion dollar (N917.70 trillion) recorded in 2008 and 2009, respectively.
The data was, however, silent on the import rates for 2010,2011 and 2012, respectively.
The Statistician-General of the Federation, Dr Yemi Kale, said this in a statement issued in Abuja.
The statement explained that the data on capital importation was obtained from the Central Bank of Nigeria (CBN).
“The data is being compiled using information on banking transactions, gathered through Electronic Financial Audit Sub-System (e-FASS) software, which enables automatic reporting of all banking transactions to CBN,” the statement said.
It stated that the financial crisis largely shaped capital importation between 2007 and 2013 period.
“From 11.2 billion dollar in 2008, it dipped to a low of 5.7 billion dollar in 2009.
“Yet Nigeria’s rapid recovery attracted higher levels of investment, allowing capital importation to soar to 21.3 billion dollar in 2013, a record high to date.
“The main driver of this growth has been the shares business, which saw a six-fold increase in capital value between the 2007 and 2013, “ the statement said.
According to the statement, this has been countered by a decline in the banking business sector, which in converse declined to just 115th of its 2007 size.
It noted that in spite of these developments, lower levels of capital importation for both the stock and banking businesses had been observed in the first quarter of 2014, with total importation of 40.8 per cent lower than quarter one of 2013.
“Prior to the global financial crisis, Nigerian capital importation was high and rising; it grew 16.7 per cent from 9.5 billion dollar recorded in 2007 to reach 11.2 billion dollar in 2008.
“The onset of the crisis brought a sharp decline in capital imported to half its value at 5.7 billion dollar in 2009,” the statement quoted him as saying.
It said that some of the greatest declines came from the banking and shares sectors, with annual totals 2.0 billion dollar and 1.8 billion dollar, representing a 43.7 per cent and 53.0 per cent decline, respectively, from the preceding year.
‘The financing and oil and gas sectors also took a large hit, declining by 69.2 per cent and 82.2 per cent, respectively, translating to a decline of over 500 million dollar in each activity from 2008.
“In 2010, the value of capital imported remained depressed, increasing by a marginal 5.1 per cent to 5.9 billion dollar,” it said.
The statement said that a slow recovery began in 2011, as capital importation increased by 31.8 per cent, yet inflows remained 3.3 billion dollar below 2008 levels.
“It was not until 2012 that a transformational upturn took hold in Nigeria, whereby the value of capital imported increased by 110.2 per cent to16.6 billion dollars, 72.6 per cent greater than the pre-crisis level.
“The main driver of this was the shares business, in which an additional 7.6 billion dollar was imported from 2011 levels, a 72.5 per cent rise from the previous year.
“Banking also saw a recovery with a 740.7 million dollars, or 65.3 per cent increase from 2011,” it statement said.
It stated that yet some sectors remained in decline as financing, telecommunications and breweries reported lower levels of importation by 443.3 million dollar, 193.1 million dollar and 71.3 billion dollar from 2011 respectively.
“This may have implied less profitability of the real sector relative to the financial sector, thus reallocating investments away from the real sector.
“Total capital importation inflows continued to increase in 2013, by a further 28.3 per cent to 21.3 billion dollar; the highest value that Nigeria has seen to date,” it 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