Business
Experts Task FG On Agric, Education, ICT Sectors
Some financial experts have urged the Federal Government to declare emergency on agriculture, education and Information Communications Technology (ICT) sectors.
They told newsmen yesterday in Lagos that the decay of the critical infrastructure nationwide made it imperative for a national emergency.
According to them, the enlisting of Nigeria among the 10 most populated countries of the world by 2050 by the Washington based Population Reference Bureau (PRB) remains a reminder to the national challenges.
PRB is a nonprofit organisation that analyses and disseminates global demographic data and research.
According to the organisation, Africa, contrary to other opinions, is going to be a key driver in population growth over the next few decades.
They claimed that while the U.S. and other developed economies were streamlining their labour forces to accommodate aging population, most African countries, including Nigeria, were having a baby boom.
An economist, Dr Evans Osabuohien, said that the projections of PRB concerning Nigeria would have positive and/or negative ramification for the economy.
Osabuohien, who lectures at the Department of Development and Economics, Covenant University, Ota, Ogun, said it would enhance labour supply.
“As young ones grow up, become bread winners, they would contribute to the value chain in the labour market,” he said.
The don said that the fundamental preoccupation of government and the private sector should be anchored on leveraging on such opportunities for a better economy.
According to him, Africa needs to look inwards in harnessing its potential for sustainable growth and development.
He also said that if the projections of PRB were anything to go by, then government should make the education sector more functional.
“The government should encourage a technologically driven education that will enable the country to compete favourably in the committee of advanced nations,” Osabuohien said.
He called for a meaningful engagement of youths, to save their brains from being hijacked by vices.
The economist urged the government to overhaul the health sector, to avert crisis that might result in population surge.
On the other hand, the projected growth in the nation’s population could become chaotic due to the ongoing recruitment of terrorists from the continent.
“The U.S. is afraid that if the growing African population was not engaged productively, they could be hired by terrorists for their nefarious activities.
“If the youth were not creatively engaged, there could be an escalation or explosion of violence on the continent, Osabuohien said.
Osabuohien noted that the projected population would lead to an increased demand for housing.
He advocated for a robust mortgage housing policy that would ensure that civil servants and people with steady jobs could leverage on to build their houses.
Prof. Sherrifadeen Tella of the Department of Economics, Onabisi Onabanjo University, Ago Iwoye, Ogun, called for an increased productivity in the economy.
Tella said that food security was fundamental in checking the consequences of a bloated population.
“The country must continue to look inward, manage what we have and reduce every leakage in the economy.
“Our education system must be productive. We must improve in terms of quality and quantity,’’ Tella said.
The don said a technology driven education was important as technology had become the vehicle for driving development globally.
He said that China’s growth in technology was orchestrated by the sending of its citizens abroad to acquire technological knowledge.
The don urged the government to partner with the private sector to reduce the housing deficit in the country.
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