Business
India Is Nigeria’s Biggest Trading Partner In Q3 2018 -NBS
India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2billion of crude and N37.7billion of natural gas exports from the country. India also bought cashew nuts worth N4.7billion.
Latest figures from the National Bureau of Statistics (NBS), covering July, August and September, showed that Nigeria imported motorcycles and cycles worth N29.2billion from the Asian country. Other imports were medicines, such as antibiotics to the value of N7 billion, agricultural machines worth N3.6billion, dried vegetables N3.6billion and treated mosquito nets N3.4billion.
The NBS also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the statement titled “Commodity Price Index and Terms of Trade for third quarter, 2018.
Spain was the second biggest buyer of Nigeria’s crude, after India. The European country bought crude worth N463billion and liquified gas valued N52.7billion. Nigeria also shipped leather valued N4.3billion and cocoa paste worth N300million to the country. In return, Nigeria imported petrol or motor spirit at N25.7 billion, bitumen N3.7billion and petrochemical products N3.4billion.
France is Nigeria’s third biggest trading partner, the NBS figures showed.
France bought N422.5 billion crude and N74.2billion liquified natural gas and N1.1billion of soya bean oil from Nigeria, during the period. Nigeria imported petrol, called motor spirit worth N54.6billion and lubricating oil, worth N16.1billion.
Netherlands is also a major importer of Nigeria’s crude as it bought N260.7billion worth in third quarter.
It also bought liquified gas valued at N5.6billion, cocoa beans N2.9 billion and frozen shrimps and prawns N1.9billion.
Nigeria imported from The Netherlands motor spirit or petrol valued at N337.2 billion, gas oil, N48.2 billion, medical equipment N36.7billion and medicines, such as antibiotics N9.5billion.
China, the fifth important country to Nigeria in terms of trade bought crude worth N24.5billion, gas that includes LNG and butane N48.6billion. Nigeria imported chips worth N14.6billion from China, herbicides N14billion, motorcycles N12billion, vehicle chassis N10billion, iron and steel N10billion.
The NBS said the all products Terms of Trade (TOT) index rose 0.52 per cent during the period under review.
TOT is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices.
It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.
The NBS said the increase in the TOT was driven by prices of prepared foodstuffs; beverages, spirits and vinegar; tobacco, footwear, headgear, umbrellas, sunshades, whips among others.
According to the report, the all commodity group import price index decreased in the period under review by 1.76 per cent.
It stated the decrease was due to change in prices of vegetable products.
In addition, the report stated that all commodity group export price index rose by 1.26 per cent in the quarter under review.
This, it stated was driven by prices of prepared foodstuffs, beverages, spirits and vinegar, tobacco, footwear, headgear, umbrellas, sunshades and whips among others.
It further stated that all region group export index rose by 1.05 per cent as a result of trade with Asia.
According to the report, the all region group import index rose by 1.22 per cent as a result of trade with Oceania and Asian Regions.
It stated that all regional terms of trade rose marginally by 0.10 per cent as a result of trade with Asia and other African Countries.
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