Business
Jonathan Inaugurates Dev Bank Of Nigeria
L-R: Executive Director, Mobil Oil Nigeria Plc, Mrs Mayen Adetiba, Company Secretary, Mr Emmanuel Amade, Chairman/Managing Director, Mr Adetunji Oyebanji and Executive Director, Mr Alastair MacNaughton, at the company’s Annual General Meeting in Lagos, recently.
President Goodluck Jonathan, last Monday in Abuja inaugurated the Development Bank of Nigeria (DBN) in furtherance of his administration’s desire to revolutionise small businesses in the country.
Speaking at the event, Jonathan expressed optimism that the bank would eliminate all obstacles hindering the growth of Micro, Small and Medium Enterprises (MSMEs) and their ability to generate the much needed jobs for the country.
According to him, the DBN, which is a private sector driven financial institution, is meant to alleviate the financial constraints being experienced by operators of small businesses for rapid and sustainable national development.
“This launch of a brand new financial institution, the Development Bank of Nigeria (DBN), represents a defining milestone in our administration’s efforts to empower more micro, small and medium enterprises across our land?.
“MSMEs form the backbone of the Nigerian economy; the men and women who own and operate them are true reflections of the strong Nigerian spirit of enterprise and the vigorous work and ethics that define us as a nation and a people.
“Our recent GDP re-basing exercise confirmed the importance of MSMEs sector to our national economy.
“Currently Nigeria has over 17 million of these businesses, which contribute over 45 percent of our GDP and employ about 66 per cent of our labour force.
“Today we celebrate these great men and women, who keep our communities ticking with the impact of their hard work and practical ingenuity.”
Jonathan acknowledged the support of the nation’s development partners such as the African Development Bank (ADB); the World Bank; Agence Francaise de Development (afd), and KFW Entwicklungs Bank of Germany, saying that DBN would be a success story for Africa.
He said the government would ensure financial discipline and the adoption of international best practices in the operation of the bank.
“We are pleased that the DBN will not go the way of similar established institutions because of the participation we are getting not just about government putting money, but money from the private sector and especially from our development partners.
“We know that the ADB is a success story but our DBN will be a major success story for Africa,” he said.
He said that the bank would operate as a self-sufficient institution that would not rely on government subsidy, but source for funds to run its operations and also leverage on the existing structure of the financial sector.
He said: “Now is the time for us to achieve a rounded economic growth that will impact the lives of Nigerians.
“The MSMEs sector will be properly and strategically stimulated in a manner that is sustainable.”
According to the President, the challenges faced by the sector should be addressed in order to harness the benefits of development in terms of growth both in GDP and employment as well as leading the way for industries of the future.
He expressed the hope that DBN would stimulate “strong growth” in agriculture, manufacturing and among the micro, small and medium enterprises.
The President also expressed happiness that YouWin winners would look up to DBN to sustain the programme in terms of expansion.
The Minister of Finance, Dr Ngozi Okonjo-Iweala, said the bank would boost socio-economic activities across the country as it would guarantee long tenure funding for the Small, Medium Enterprises (SMEs),
She said that such businesses would have a grace period of five years before they would begin to repay the facilities.
?The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said one of the objectives of DBN was to lend to specialised institutions such as the Bank of Industry, Bank of Agriculture and commercial banks for onward lending to SMEs.
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