Business
Finance Expert Commends CBN Over Forex Stability Target
The Managing Director,
APT Securities and Funds Ltd, Malam Garba Kurfi, says the Central Bank of Nigeria’s (CBN’s) pronouncement on foreign exchange stability would boost the confidence of foreign investors in the nation’s bourse.
Kurfi said in Lagos that the CBN Governor, Mr Godwin Emefiele’s move to pursue foreign exchange stability would increase the participation of foreign investors in the nation’s stock market.
He said that the market would experience increased activity because foreign investors were the major players.
According to him, the pronouncement will make foreign investors to increase their stake in the nation’s stock market.
He, however, cautioned Emefiele on interest rate reduction to avoid the devaluation of Naira, as banks would engage in “dollarisation,” to increase their profit margin.
Kurfi said that foreign exchange stability would be difficult to achieve with low interest rates.
Emefiele had on June 5, unveiled his blueprint for the banking sector and the economy, and promised a gradual reduction of interest rates on lending and foreign exchange stability.
Emefiele said the CBN would act as a financial catalyst by targeting predetermined sectors that could create jobs on a mass scale and reducing the country’s import bills.
The Nigerian Stock Exchange (NSE’s) All-Share Index last week improved by 54.71 points or 0.13 per cent, to close at 41,529.11 points.
The Market Capitalisation also appreciated by N18 billion, to close at N13.713 trillion.
At the end of the week under review, investors’ bought 1.88 billion shares worth N32.90 billion in 28,408 deals, compared with 1.90 billion shares valued N34.64 billion traded in 20,452 deals in the preceding week.
The financial services sector led the activity chart with 1.38 billion shares worth N15.55 billion, accounted for in 14,386 deals.
The conglomerates sector followed with 162.50 million shares valued N1.54 billion, traded in 1,979 deals.
The third place was occupied by the industrial goods sector with 100.03 million shares worth N2.11 billion in 2,007 deals.
An analysis of the gainers’ chart showed that Ashaka Cement led in percentage terms, growing by 21.76 per cent or N4.89, to close at N27.36 per share.
Forte Oil followed with 16.89 per cent or N36.13, to close at N250.01, while Transcorp gained 12.56 per cent or 49k, to close at N4.39 per share.
On the other hand, Caverton topped the losers’ chart, shedding 18.48 per cent or N1, to close at N4.41 per share.
Berger Paints dropped 13.90 per cent or N1.39, to close at N8.61, while Julius Berger declined by 10.58 per cent or N7.99, to close at N67.50 per share.
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