Business
ONICCIMA Decries Rising Poverty Level
The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) has decried what it termed the poor state of the national economy and the rising poverty level in the country.
The President of ONICCIMA, Mr Uchenna Apakama, said this in his valedictory address during the chamber’s 29th Annual General Meeting in Onitsha.
Apakama said that a situation where 67.1 per cent of the population live below a dollar per day was worrisome.
According to him, power generation is still a nightmare, adding that electricity tariff is soaring with distribution companies across the country unable to provide customers pre-paid meters.
He said that the current economic recession in the country, coupled other macro-economic challenges, had continued to pose a threat to the Organized Private Sector (OPS).
“The monetary policy rate is still pegged at a higher rate of 14 per cent since July 2016, with lending rate of between 20 per cent and 30 per cent remaining unattractive to the OPS, while the rate of inflation is almost 18 per cent.”
According to him, 130 million Nigerians lack adequate sanitation, with 57 million lacking access to safe drinking water, leading to the death of some 45,000 children annually due to diarrhoea.
“Unemployment rate across the land is threateningly high, hovering at 42.24 per cent in 2016, with thousands of graduates joining the labour market every year.
“Corruption, insecurity and crime, including armed robbery, kidnapping, Boko Haram, and the herdsmen attacks are assuming pervasive with horrendous dimensions now than ever before.”
Apakama, therefore, urged governments at all levels to take proactive measures in order to reduce the high incidence of poverty in the land.
The outgoing president welcomed Federal Government initiative in establishing the ‘Ease of Doing Business Commission’ headed by Acting President Yemi Osinbajo.
He also commended the Central Bank of Nigeria (CBN) for issuing a licence for the establishment of the Development Bank of Nigeria (DBN), saying that it would bring succour to the industrial and other strategic sectors of the economy.
While also lauding the decision to establish the South-East Economic Integration, he urged the governors of the zone to show political will and commitment to the project.
Furthermore, Apakama, whose tenure ends in August, urged the Federal Government to address critical issues such as cases of human rights abuses, lack of equity and justice in appointments and the abuse of political power, among others.
Earlier, Mrs Alaba Lawson, the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), commended the efforts of ONICCIMA to grow the economy of the country.
Lawson, who was represented by Mr Humphery Ngonadi, urged the Federal Government to involve the OPS in the annual budget preparations and allocations.
She also urged the OPS to identify with the chamber in the South-East, rather than clustering around Abuja and Lagos chambers.
According to her, most of those who made Abuja and Lagos chambers to bubble are mainly from the South-East.
“It is important for ONICCIMA to continue to build upon the achievement of NACCIMA in developing the nation’s economy,” Lawson added.
Also speaking, the state Commissioner for Economic Planning, Mr Mark Okoye, urged ONICCIMA to enlist into the Anambra State government’s three-year development planning process for the state.
Okoye gave an assurance that the state government would continue to support the chamber’s activities and provide adequate security for businesses to thrive.
The Tide correspondent reports that the highlight of the occasion was the presentation of awards to some captains of industry who had distinguished themselves in the various businesses.
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