Business
‘Nigeria’s Diaspora, Asset To Trade, Investments’
The Nigeria’s Diaspora in the United Kingdom, the second largest in the world, is an asset to the UK’s trade and investment activity, UK Trade Envoy to Nigeria, John Howell, says.
Howell stated this in his speech to the first Nigeria Trade and Investment Road Show in London holding from July 11 to 15.
“In 2013, UK was home to 184,000 of the 1.1 million officially registered first generation Nigerian Diaspora, second only to the U.S.
“Around 18,000 Nigerian students come to the UK, which is around 10 per cent of total foreign students to the UK, the third largest after India and China.
“Nigeria’s Diaspora is an asset that can support the UK’s export and investment activity,” he said.
According to him, new areas of opportunity are emerging across a variety of sectors as Nigeria develops and grows.
“Opportunities exist across sectors such as agriculture, infrastructure, technology, solid minerals, education and training, among others,” he said.
Howell said the successful 2015 presidential election had helped to solidify Nigeria’s democratic credentials, adding with just over a year in government, the administration had made meaningful strides.
“The extent of success for trade and investment will of course also depend on the success of President Muhammadu Buhari’s reforms.
“We welcome the Central Bank of Nigeria’s announcement that Nigeria will move to a more flexible foreign exchange rate policy.
“This is positive news that international business have been waiting for to encourage greater investment in Nigeria,” he said.
Howell said the UK, with its strong historic links to Africa, had so much to offer and pledging to build the business links between the two countries for economic growth.
“Nigeria remains an attractive export and investment destination for the UK because of its scale, resource wealth and location potential.
“In 2015, Nigeria was named the third fastest growing economy in the world. Nigeria’s economy is expected to grow between five per cent and seven per cent per year by 2030.
“UK businesses are well placed to succeed in Nigeria. Nigeria is only six hours away from UK, which is a relatively short flight.”
According to him, Nigeria has a familiar legal system adding, the Nigerian judiciary and legal system are based on the UK’s.
“This simplifies business set up processes and provides guidance in potential disputes. Nigeria is also a member of The Commonwealth, which means we share a lot of similarities.”
The UK envoy welcomed Buhari’s commitment to tackling corruption in Nigeria, saying it is critical to the country’s economic prosperity and security, and to reducing poverty and inequality.
According to him, corruption creates barriers to doing business and the threat from money laundering and fraud directly impacts the UK.
He commended the UK Trade and Investment, Nigeria Investment Promotion Commission and PricewaterhouseCoopers teams for organising the road show.
“I’ve only recently been appointed as the Prime Minister’s Trade Envoy to Nigeria and I’m very excited to be taking on this new role.
“This is because, the bilateral relationship between the UK and Nigeria is of great importance to our country,” he said.
The Tide reports that Nigerian Ministers – Okechukwu Enelamah (Trade and Investment); Rotimi Amaechi (Transportation); Audu Ogbeh (Agriculture and Rural Development), and Hadi Sirika (Aviation) are attending the road show.
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