Business
Nigeria, AfDB’s Largest Shareholder – Okonjo-Iweala
The Minister of Finance,
Dr Ngozi Okonjo-Iweala, says Nigeria is the largest shareholder in the African Development Bank (AfDB) with the highest voting power of 9.2 per cent.
Okonjo-Iweala said this at the 50th Anniversary Dinner of the bank organized by its country office in Abuja recently.
The minister also said that the Federal Government had a 1.6 billion dollars loans portfolio from the AfDB for 28 projects that cut across private and public sector activities in the country.
She explained that Nigeria had been a principal beneficiary of AfDB’s assistance, having received nearly five billion dollars in net investments since the bank commenced its operation in 1972.
Okonjo-Iweala said that the country had been committed to the development course of the bank since 1986 when the country established a Nigeria Trust Fund (NTF) within the institution.
“We set up this money as a means of helping countries that were less fortunate and ourselves at the height of the oil boom of the 1970s,” she said. The minister said that the trust fund started with about 80 million dollars, adding that the fund grew to more than 600 million dollars in few years.
Okonjo-Iweala said the fund had serviced and benefited so many countries with 88 key operations among 34 regional members countries.
She said the country also accompanied the fund with a trust fund called the Nigerian Technical Cooperation Fund (NTCF) of 25 million dollars of grant resources.
“This fund is to assist in the preparation and implementation of development projects and programmes of countries that are less fortunate than ourselves and poorer countries within the continent”, she said.
Okonjo-Iweala said the country maintained a strong macro-economic stance which had given her a platform with which to leverage the needed structural and sectoral reforms in key sectors.
She said that the diversification of the economy really showed off in the rebasing exercise which showed that the service sector was the leading sector at 51 per cent.
According to her, the economy is well diversified in agriculture, manufacturing and even sectors that Nigeria did not feature earlier like creative industry at 1.2 per cent and telecommunication at seven per cent. The coordinating minister for the economy disclosed that the Federal Government was building its own Nigerian Development Bank (NDB), adding that the AfBD was a full partner.
She said the AfDB and the World Bank formed the anchor supporters and investors of NDB. According to her, the AfDB is putting in 400 million dollars with an equity stake, which means both loans and equity.
“The World Bank is putting in 500 million dollars, Germany 500 million and we are still raising both debt and equity.
“So, by the beginning of 2015, Nigeria will have its own development bank for the first time in this country,” she said.
Okonjo-Iweala said that small and medium size enterprises, manufacturers and other businesses would be able to get resources at seven to 10 years tenor at reasonable terms of interest.
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