Business
Nigeria, India Trade Volume Hits $16.36bn
The Indian High Commis
sioner to Nigeria, Amb. Ajjampur Ghanashyam, said recently that the bilateral trade volume between India and Nigeria is estimated at 16.36 billion dollars.
Ghanashyam, who said this in an interview with The Tide source in Abuja said the figure represented the trade volume during the financial year, April 1, 2014 to March 31, 2015.
The High Commissioner explained that exports from India to Nigeria stood at 2.68 billion dollars while imports from Nigeria, which comprised mainly crude oil, stood at 13.68 billion dollars.
“Trade during 2013 to 2014 was 16.67 billion dollars.
“This indicates that despite a 50 per cent fall in oil prices in the second half of the 2014 calendar year, there has only been an insignificant difference over the two years in terms of trade,” he said.
He India’s exports to Nigeria had grown gradually in the last few years, from 1.08 billion dollars in 2007 to 2.66 billion dollars in 2014.
He also said India’s Rice exports to Nigeria declined from 339 million in 2012 and 2013 to 78 million in 2014 due to increase in import duty and enhanced local production of rice.
Ghanashyam said both countries shared significant relations adding: “Nigeria is India’s largest trading partner in Africa and India is Nigeria’s largest trading partner in the world”.
The envoy said that India was also the largest importer of petroleum crude oil from Nigeria and also the largest expatriate employer of labour in Nigeria.
He said that India sought to enhance its relations with the Federal Government in the areas of agriculture, creating small and medium enterprises, power and developing innovation.
He told newsmen that this would enhance job creation for both countries.
“We have to do something about the creation of employment for you and for us. We have given our priorities. The first thing that need we need to do in Nigeria is power.
“In India today, we have 350,000 megawatts of electricity and in 15 years we reached that level because of certain planning and implementation.
“We will be more than happy to help Nigeria in this area.
“Major industries like the refineries don’t create major employment; the real employment is created by agriculture and small and medium industries.
He said India was ready to share its experiences with Nigeria in the area of job and wealth creation through agriculture and small and medium scale enterprises.
“Another area we would like to take on is innovation because it helps people to come up with ideas and recreate the future,” he said.
The envoy said that there was a satisfactory level of interaction between the armed forces of the two countries, particularly in the area of training.
Ghanashyam told NAN that there was a healthy relationship in the area of education between the two nations, adding that 4,940 Nigerian students were currently studying in India.
The envoy said the two governments needed to renew the Bilateral Aviation Services Agreement existing between them.
He said the India-Africa Forum Summit which is scheduled to hold in October would develop India’s strategy for Africa and enhance the country’s relations with Africa.
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