Business
NEPC, MDAs Move To Clear N124bn Export Claims
The Nigerian Export Promotion Council (NEPC) says it is working with relevant Ministries Departments and Agencies (MDAs) for payment of N124 billion backlog of claims under the Export Expansion Grant (EEG) scheme.
The Deputy Director, Incentives (NEPC), Mr Lawal Dalhat, made this known yesterday in an interview with The Tide source in Abuja.
EEG scheme was established through the Miscellaneous and Export Incentive Act of 1986 as one of the Federal Government’s programmes aimed at increasing volume and competitiveness of Nigeria non-oil exports through incentives granted to exporters.
While reacting to the agitation by some non-oil exporters and manufacturers on the backlog of claims, Dalhat said EEG claims between 2007 and 2016 had been cleared, adding however, that the backlog from 2017 till date were being reviewed under the scheme.
He said that 1,415 exporting companies were shortlisted, 308 companies were qualified, while 270 were approved by National Assembly with N195 billion claims.
According to him, the remaining 38 companies out of the 308 companies have N124 billion.
“We have gotten positive response that the Ministry of Finance, Budget and National Planning is actually working to secure approval by Federal Executive Council (FEC) and hopefully move it to National Assembly to settle debts for the remaining companies,” he said.
He said that with the review of the scheme, the claims were captured under the national debt programme where promissory notes were being issued and approval was given by FEC covering the debts of 1,415 exporting companies valued at about N350 billion.
He said that out of the total debts captured in the national debt programme, exporters’ N350 billion claims approval was given by FEC and communicated to the National Assembly as a statutory requirement.
He said out of the exporting companies, 308 companies were qualified, while 1,107 companies were dropped because they did not meet the requirements to be incorporated in the national debt programme.
“The National Assembly had its processes along the way, out of the qualified 308 companies, a substantial number of the exporters, more than 270 companies covering a debt of about N195 billion were approved and passed by the assembly.
“The balance of N124 billion was remaining for 38 companies that were not cleared by the 8th National Assembly as at that time and the 9th assembly came in.
“So it required that they have to be cleared by the National Assembly and the procedure is that another new submission has to be made by FEC for others to be captured and sent to Debt Management Office (DMO),” he said.
He noted however that those approved by the National Assembly went through necessary processes at the DMO and had been paid in three batches through the promissory note programme.
“At the level of the council, we carried out several advocacies and had also approached and reminded the Federal Ministry of Trade and Investments of those companies that have not been passed by the National Assembly.
“We are proposing to the ministry, the possibility of still capturing the backlog of debts under the DMO to be settled with promissory note because the budgetary provisions are inadequate to settle all the exporters’ claims for this period,” he said.
NAN reports that the Manufacturers Association of Nigeria Export Promotion Group (MANEG) and the Africa International Trade and Commerce Research Limited (AITCRL) had expressed dissatisfaction with the backlog of debts under the scheme.
Chief Ede Dafinone, the Chairman, MANEG said the delay in the payment of the grant and the reduced payments, in real and absolute terms resulted in exporters eventually recording losses for transactions.
“Thus there is a direct impact on the profitability of these exporting companies and as companies are discouraged from export, non-oil export revenues for the country have declined.
“This is borne out of the figures from the Nigeria Bureau of Statistics which shows a decline in non-oil export revenues for the period of 2014 to 2017, when the EEG scheme was put on hold,” he said.
Dafinone said that the unpaid claims affected exporters and manufacturers adversely, adding that those who had taken loans to expand their businesses in anticipation of the grant had in some cases folded up. (NAN)
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