Business
Financial Experts Task Buhari On Sustainable Economic Dev
Civil servants resuming duty after Easter holidays at the Federal Secretariat in Abuja, yesterday.
Financial experts have urged the President-elect, Muhammadu Buhari, to ensure the appointment of technocrats and not politicians in the management of the nation’s economy.
They told reporters in separate interviews that appointment of technocrats was essential for economic growth and development.
Mazi Okechukwu Unegbu, former President, Chartered Institute of Bankers of Nigeria (CIBN), said that appointment of technocrats in key areas of the economy remained critical for economic growth.
Unegbu said that the president-elect should tackle corruption and ensure economic agenda that would impact positively on all sectors of the economy.
He, however, called on the National Assembly to enact friendly laws that would drive both small and big businesses in the country.
Unegbu said that the Federal Government, under the new dispensation, should pursue proper Foreign Direct Investment (FDI) that would reduce unemployment rate.
He also said that multinationals such as telecommunication companies, Shell, NNPC, should be encouraged to list on the Nigerian Stock Exchange (NSE) to create employment.
Mr Ariyo Olushekun, immediate past President, Chartered Institute of Bankers (CIS), urged Buhari to set right environment for both local and foreign investors.
Olushekun said that security challenges of the country should be tackled to boost investors’ confidence.
He suggested the development of the non-oil sector of the economy such as agriculture and power, to complement earnings from crude oil.
According to him, government must encourage survival of small and medium enterprises through good policies and operating environment to boost employment.
“The only way the huge unemployment rate of the country can be tackled is through SMEs development,” Olushekun said.
He also called for more development of the capital market ascribed as the engine growth of the economy.
Olushekun said that the market should be positioned by the government in such a way that it could finance all developmental projects.
Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., called for an improvement in revenue generation through taxation.
Kurfi said that the president-elect should map out strategies aimed at addressing tax leakages in the country.
He said that total revenue generated should be improved upon to at least 20 per cent against the current figure of 12 per cent.
Kurfi said that diversification of the economy was important in line with the current realities at the international oil market.
According to him, insurgency in the northeast should be tackled head on because the economy could only survive with security.
Kurfi also stressed the need for effective railway system, noting that expansion of industries across the country could be achieved with good transport system.
He called for the privatisation of the refineries and listing of all the privatised government agencies on the nation’s bourse.
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