Business
Foundation To Fund 1,000 Entrepreneurs In 2015
The founder of the Tony
Elumelu Foundation, Mr Tony Elumelu, has said the organisation has set up $100 million fund to help develop 1,000 entrepreneurs in Africa in 2015.
Elumelu, who disclosed this during the foundation’s Africapitalism Institute Annual Advisory Board Meeting in Abuja said the institute was formed in 2014 to research, analyse and advocate public policies and business practices that would unlock opportunities for Africans.
According to him, the organisation will give out $10,000 each to 1,000 entrepreneurs in Africa in 2015, adding that it had already received over 3,000 applications to that effect.
Elumelu said that it would be difficult for Africa to move forward while leaving behind over 50 per cent of its population in penury.
He said Africans, especially women, should be sensitised on how to access the fund, adding that it would bolster inclusiveness in the continent’s economic growth and development.
He debunked insinuation that the African resources had not been adequately mobilised, adding that there had been cases of effective intra and inter-African resources mobilisation.
According to him, unlike in the past when people saved their money outside the continent nowadays, more Africans save and invest on the continent.
“We have seen a couple of such examples. Dangote is one; UBA is another and many others are investing massively in the continent creating the much needed value path and to sustain our economy.
“There is the realisation that the private sector is the key for the development of the continent.
“In furtherance of that, the Tony Elumelu Foundation has put in place 100 million dollars fund to help catalyse the crop of entrepreneurs who will fire up the private sector in Africa,” he said.
During a panel discussion, the Chairman, Cities Growth Commission in the UK, Dr Jim O’Neill, said there was the need for African countries to focus on policies that would ensure sustainable growth.
O’Neill said the continent could help its people by creating more African entrepreneurs, developing more ideas and innovation and creating access to finances.
The Managing Drector, Groupe Jeune Afrique and President, Africa CEO Forum, Mr Amir Yahmed, said that many big companies had emerged from Africa in the last five years.
Yahmed said that a lot needed to be done to encourage the private sector to drive the continent’s economy.
The Managing Director, Bank of Industry, Mr Rasheed Olaoluwa, said there was need for consistency in policy formulation and implementation to encourage investors to invest and operate in the continent.
Olaoluwa said the Federal Government was engaging key players in the manufacturing sector to drive its industrial revolution plan by creating the enabling environment for them to thrive.
He said Nigeria was a net importer of cement about five years ago but had become a major exporter of cement to other African countries.
Olaoluwa said the bank was working with research centres to develop some of the technological research outcomes that could help the country process its agro products into raw materials.
From Left: President, Strategy for Mentoring Indicative and Leadership Empowerment, Mrs Bimpe Martins, Senior Information Officer, Unic, Ms Envera Selimovic, representative of Governor of Lagos State, Mr Seun Akinsaya and representative of unresident coordinator in Nigeria, Ms Colleen Zamba, at the regional launch of the Millennium Development Goals report 2014 in Lagos recently
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