Business
Services Sectors Drivers Of Growth In Africa – UNCTAD
The United Nations Conference on Trade and Development (UNCTAD) yesterday in Lagos urged African countries, especially Nigeria, to establish a regulatory body to boost the services sector.
Head, Trade and Poverty Branch, UNCTAD, Mr. Patrick Osakwe gave the advice in his keynote address at the launch of the UNCTAD Economic Development in Africa Report 2015 (EDAR).
Osakwe said that the theme of the annual report was prompted by global debate on the importance of the services sector which had been on for some years in African countries.
He said the misconception had been that oil was the driver of growth in most developing African countries like Nigeria, but the research which birthed the report proved otherwise.
The UNCTAD official said the services sector had been a major growth pusher of most African countries including Nigeria in the last five years.
Quoting the report, he said an infrastructure regulatory framework that would be independent of government or private sector monopoly was necessary to boost the potentials of the sector.
“Yes, this may sound unbelievable, but when you look at the demand side of the economy, it may be looking like it is oil pushing growth.
“However, it is the services sector that has actually being pushing growth in most African countries.
“If we look at the tertiary end of it, and the supply side of oil products, we realise that the services supply chain is doing more.”
Osakwe said the report for 2015 was birthed from a debate that had spanned over five years and the research had led to a conclusion that the services sector was really an important aspect of GDP growth.
“In the report, we have it that between 2009 and 2012, the services sector grew at the rate of 4.6 per cent in Africa compared to the 5.4 per cent in the developed world,” he said.
According to him, the fastest growing services sub-sectors are transport, storage and communications which grew at 5.8 per cent, while others like hotel, retail and wholesale trade grew at 5.0 per cent.
Osakwe said that the services sector accounted for 50 per cent of the Gross Domestic Product (GDP) growth rate of most African countries.
He expressed regret that this, however, had not been captured and valued as it should be.
The UNCTAD official also said that trade, real estate and communications were the fastest growing service sub-sectors in Nigeria.
Prof. Oluseyi Soremekun, Officer in Charge, United Nations Information Centre, (UNIC), said the report would serve as a reference point for African nations.
Soremekun said that the report would help these nations to ascertain which area of the services sector they needed to tap its potentials.
He said the EDAR report was being launched simultaneously in 15 other African countries as a mandate to provide clear-cut recommendations to the growth of African countries.
He urged the government and the private sector to utilise the report in formulating necessary policies for the nation.
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