Business
Nigeria’s Capital Importation Hits $6.30m In Q1 – NBS
The National Bureau of Statistics (NBS) says Nigeria’s capital importation in the first quarter stood at 6,303.63 million dollars.
The NBS stated this in the Nigerian Capital Importation for First Quarter for 2018 released in Abuja, Friday.
The bureau stated that the value of capital imported in the quarter recorded an increase of 594.03 per cent, year-on-year and a 17.11 per cent growth over the figure reported in the previous quarter.
It stated that the quarter saw a continuous growth in total Capital Importation into the country, making it the fourth consecutive quarterly increase since the second quarter of 2017.
The report, however, stated that the increase in capital inflow in the quarter under review was driven mainly by Portfolio Investment.
According to the bureau, Portfolio Investment grew from 3,477.53 million dollars in the previous quarter to 4,565.09 million dollars.
The report said the amount recorded by Portfolio Investment accounted for 72.42 per cent of the total Capital Importation during the quarter.
According to the report, Capital Importation is made up of three main investment types: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments.
It said since the second quarter of 2017, Portfolio Investment had been expanding faster than the other two categories.
It added that Porfolio Investment was the largest component of the capital imported in the first quarter of 2018 at 35 per cent of total capital imported.
According to the report, Foreign Direct Investment and Other Investment accounted for 3.91 per cent and 23.67 per cent of total Capital Importation into the country in the quarter under review.
In the first quarter, the bureau reported that FDI stood at 246.62 million dollars, falling by 34.83 per cent from the figure reported in the previous quarter, and growing by 16.67 per cent on a year-on-year basis.
It stated that Foreign Direct Investment in Nigeria was still weak when compared to Portfolio Investment and Other Investment, representing only 3.9 per cent of total capital imported.
The report noted that Equity Investment, a sub-category under FDI contributed 246.61 million dollars or 99.9 per cent of FDI during the quarter, while Other Capital under FDI contributed less than 0.001 per cent.
Meanwhile, the report stated that Portfolio Investment remained the largest component of total capital inflow into Nigeria in the first quarter of 2018.
It said total value of Portfolio Investment was 4.565.1 million dollars, which was 1,355.66 per cent growth compared to first quarter, 2017 and 31.27 per cent growth compared to the figure reported in fourth quarter, 2017.
The report, however, stated that the strong growth of Portfolio Investment was mainly due to the increase in Money Market Instruments which recorded a figure of 3.527.60 million dollars.
This, according to the report, accounted for 77.27 per cent of total Portfolio Investments in the first quarter.
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
