Business
COVID-19: Furniture Makers Seek CBN’s N50bn Stimulus Package
As the Central Bank Of Nigeria (CBN) commences disbursement of the N50 billion COVID-19 stimulus package for households and small businesses this week, the President, United Furniture Dealers Association Of Nigeria (UFDAN), Mr Emeka Egwuekwe, has called on the Federal Government to include its members in the package to save the industry.
He also lamented that the furniture manufacturing industry has lost over N600 million during the COVID-19 lockdown, noting that if COVID-19 package was not immediately accessed, most of his members would close shop after the pandemic.
Speaking in Abuja yesterday distributing the COVID-19 palliatives to various communities in the Federal Capital Territory and his home Community Enugu-Agidi, Egwuekwe, who is also the Managing Director and Chief Executive Officer Of Prince Interior Furniture and Furnishing Company Limited said the palliatives were part of his corporate social responsibility programme.
According to him, the FCT communities that benefited from the palliatives which includes foodstuffs, bags of rice and noodles, hand sanitizers, face masks and money are Kugbo 1 and Kugbo 11 and the furniture market.
Egwuekwe, while commending the Federal Government for its efforts in containing the rampaging pestilence and alleviating the sufferings of Nigerians, charged the government and its agencies, especially the Ministry of Humanitarian Affairs and Disaster Management, Office of the Special Adviser to the President on Social Investment, the Ministry of Finance and the Presidential Task Force on COVID 19 to display transparency and accountability in the disbursement of palliatives and conditional cash transfer to millions of poor Nigerians.
He said: “the government should look into our sector, the furniture industry. If care is not taken, a lot of furniture dealers would go out of business after this COVID-19 pandemic.
As the President of the United Furniture Association Of Nigeria, I want the government to look at ways of including members in the CBN N50 billion COVID-19 intervention loan, our members need this bailout loan as the furniture industry provides over 6,000 jobs. If you go to Kugbo furniture market you will discover over 6,000 Nigerians making their living from the market.
“I tell you that after this COVID-19 a lot of companies will go extinct as most of our raw materials are imported from China, and since we have not been able to import for sometime and the companies are not working, it’s a major challenge. So, I am pleading with the Federal Government to include us in the bailout funds. We have lost over N600 million not only in revenue, this market has lost over N600 million because of the lockdown.
“The business aspect is closed. People are crying and this is happening when the year is just picking up. So many imported goods but we cannot clear them and others cannot replace their stock. As I speak, so many are still losing so much money as they cannot get their goods or bill of lading to clear the goods. We are in a quagmire and calling for government’s intervention to save our businesses” he lamented.
Egwuekwe had earlier provided about 12, 000 bottles of hand sanitisers to the communities.
He is also creating awareness on the pandemic in the communities and churches through radio jingles in Igbo and English languages, as well as mobilising health officials to enlighten the people on the necessary precautions to be taken to prevent the spread of the virus.
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
