Business
Expert Wants CBN To Maintain Autonomy
A lawyer and economic analyst, Mr Eze Onyekpere, has said that the Central Bank of Nigeria (CBN) required autonomy to discharge its duties more effectively.
Onyekpere made the statement during an interview with newsmen last Monday in Abuja on the expectations for the new CBN governor.
According to him, the new governor must seek ways to re-assure the executive and legislative arms of government on the need to maintain the independence of the CBN.
“He has to co-opt stakeholders to facilitate the maintenance of the status quo in the extant CBN Act and the CBN needs this autonomy to effectively discharge its functions.
“We expect greater transparency and accountability in the management of the funds and policies of the CBN.
“There must also be clear policy implementation pathways that are not based on the rule of the thumb of the new governor,” he said.
Onyekpere said the challenge of growing the Nigerian economy in terms of ensuring a reasonable lending rate had been abandoned by the previous leadership and it needed to be revisited.
He said the CBN’s focus should be on maintaining single digit lending rate and ensuring that deposit rates encouraged the people to save.
“The need to control inflation and retain the extant single digit inflation rate is imperative and the CBN needs to continue measures to control excess liquidity in the system.
“The fact that investors and producers borrow at very high uncompetitive rates cannot allow the economy to grow; it cannot facilitate job creation, enhance value addition nor improve efficiencies and grow the capacity utilisation rate of industry.
“The target should be to attain single digit lending rate and deposit rates should be made to encourage savings,” he said.
Onyekpere explained that in as much as the CBN had adopted an exchange rate band over the years, it might be imperative to try some other innovation provided by some experts.
“In order to boost the value of the naira against major international currencies, it may require the avoidance of the creation of new money.
“This would imply the direct allocation of foreign exchange earned from oil to the three tiers of government rather than monetising it.
“The former CBN Governor, Charles Soludo, attempted to implement the idea but was stopped by the authorities.
“Experts have noted that this would bring inflation to as low as three per cent, rein in excess liquidity and guarantee single digit prime lending rate,” Onyekpere said.
Onyekpere said the implementation of these, would essentially guarantee monetary and price stability, swell external reserves and improve access to credit by the real sector.
He said it was important for the incoming CBN governor to continue to support the Mortgage Refinance Company to help boost the availability of affordable housing in Nigeria.
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