Business
FG to Improve MSMEs Access To Business Support
The Federal Government says it is committed to addressing the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) in the country.
It said it would do that through interaction with entrepreneurs with relevant business regulations in form of clinic sessions.
The Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu, said this in Abuja at the recently two-day Nationwide MSMEs Clinic for the FCT, with theme “Nationwide MSME Clinics for Viable Enterprises”.
Dipeolu said the clinic was to address the challenges of MSMEs doing businesses in Nigeria, adding that similar clinics had been held in seven states.
He advised the participants to take the advantage of the clinic to discuss with government agencies in charge of business issues.
Dipeolu said that the clinic was to understand the challenges faced by MSMEs and also to create awareness on the standards of producing goods both for local consumption and exportation.
According to him, the MSMEs clinics is an initiative of the Presidency, aimed at addressing problems of enterprises across Nigeria.
The Managing Director, Abuja Enterprise Agency, Muhammed Arabi, said the clinic was not only bold but timely in view of the myriads of bottlenecks that MSMEs were encountering while starting up or growing.
Arabi said until the government started seeing itself as agent for the growth of the MSME sector, it could not realise the expected potentialities of providing the needed result of jobs creation and poverty reduction.
He said that the universal belief was that small and medium enterprise sector was a major driver of the economy.
Arabi said the convergence of all relevant ministries, departments and agencies to give solutions to the problem, respond to inquiries and provide the needed information would definitely lead to the success of the initiative.
He said the country was lagging behind in spite of the MSME sector holding 96 per cent of the business sector in Nigeria compared to 53 per cent in the U.S. and 65 per cent in Europe.
Arabi added that with the employment capacity of about 33 million people, it only contributed 48 per cent of the Gross Domestic Product of Nigeria, compared to nations on the same status in Asia.
“We therefore owe this nation a duty and the MSME sector in particular, as stakeholders, to move from this poor status to catch up with the fast moving would.”
At the interactive session, participants complained of lack of finance and that most banks asked for impossible collateral.
He also complained of lack of patronage from Nigerians who preferred to buy imported products.
The Deputy Director, Development Finance Department, Central Bank of Nigeria (CBN), Mr Osita Nwanisobi, advised entrepreneurs to always pay back loans collected from banks.
Nwanisobi said most banks faced the challenges of people not returning the loans they borrowed to give other customers.
He said that CBN always sanctioned banks that failed to do the right things concerning loans for MSMEs.
“We monitor the commercial banks because there are guidelines for the interventions,” he said.
According to him, CBN is ready to provide avenues for upcoming entrepreneurs to easily access funds to either set up or expand their various enterprises.
“CBN is focused on enhancing capacity utilisation, increasing output of goods and services, boosting job creation and increasing foreign exchange earnings,” he said.
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