Business
FTZ Dev: Oyo Secures $5bn Commitment From China
Governor Abiola Ajimobi of Oyo State has stated that his administration has secured the commitment of five billion dollars from China in the development of the newly established Free Trade Zone(FTZ) in the state.
The governor made the disclosure while receiving an Industrial Policy and Strategic Document from a delegation of United Nations Industrial Development Organisation (UNIDO) in Ibadan.
The Tide source reports that the UNIDO team was led by Mr Jean Bakole, representative to ECOWAS and Regional Director, Nigeria Regional Office Hub.
The Tide source reports that the Industrial Policy Document was developed by Oyo State Government with the approval and collaboration of UNIDO.
Ajimobi said the establishment of the FTZ was part of his administration’s determination to make the state an industrial hub of the nation.
Ajimobi said that no fewer than 150 investors from China had signified their intention to invest in the FTZ out of which seven of them have already began work at the FTZ site.
“Our administration has not relented in its efforts at infrastructural development of the state, creation of jobs for the youths, revenue growth and the protection of well-being of the citizenry.
“We have evolved several initiatives in all the various sectors of governance and which have been yielding desired results,” he said.
He said that the administration’s commitment to industrialisation was evident in a recent ranking, which placed the state as one of the safest and conducive for doing business.
Ajimobi said that his administration was currently using agriculture as a platform of the state’s industrialisation, adding the state was now seen as the centre of industrial revolution.
He commended UNIDO for selecting the state as the first beneficiary of its collaboration in Nigeria, promising the opportunity would be fully and judiciously utilized.
The State Commissioner for Trade, Investment and Cooperatives Mrs Taibat Adeyemi-Agaba, said that the document would, on implementation, be the best in the South West region of the country, having considered contributions from internal and external stakeholders.
Earlier, Bakole commended the transformation efforts of the Ajimobi-led administration in the state, adding they are in the state to support government efforts through effective collaboration.
“Our main job is to support economic growth and transformation. We are here to see how we could build a roadmap to develop some various sectors.
“This, we have done, in collaboration with the state,to develop a policy and strategic document being presented here today,” he said.
Bakole, who assumed the position of regional head in Nigeria five months ago, expressed gratitude to the federal government for his warm welcome in the country.
He said that it was a great opportunity for him to work in Nigeria, which was the leading economy in the African continent.
“I don’t always compare Nigeria with South Africa because they have different histories. You have shown me various examples and efforts here in Nigeria, which are different from other countries in Africa,” he said.
“I intentionally came into the state from Lagos by road to have a glimpse of the resources the nation was blessed with.
“On my way, I saw the country was blessed with resources that could aid agro processing and agripreneur development,” he said.
He commended the state government for developing the Ibadan City Master Plan, which he said has shown the state government’s commitment to the transformation of the state.
Bakole stated that the master plan and the Industrial policy document were developmental documents that would aid rapid development of state through strategic framework and roadmaps.
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