Business
NASS To Verify Companies’ Claims On N375bn Grant
The National Assembly will verify claims made by companies that are shortlisted for the N375billion Export Expansion Grant (EEG)
Director-General of the Nigerian Export Promotion Council (NEPC), Dr Ezra Yakusak, disclosed this during the signing of a memorandum of understanding between the NEPC and the Small and Medium Enterprise Development Agency of Nigeria in Abuja.
“I had announced that the FG had approved the EEG, but it is not automatic. It goes through the National Assembly either for ratification or approval. It is before the National Assembly who will look at it and justify or verify each of the claims made by the companies,” Yakusak said.
The EEG is a grant provided to exporters to enable them to stay competitive in the global market. The N375 billion is the backlog of the EEG from 2017 to 2020, whose payment was delayed due to budgetary constraints by the Federal Government. About 285 companies will benefit from the scheme.
According to Yakusak, the essence of the MoU between the two agencies is to expose Nigerian micro, small and medium enterprises to the West African market.
“This is the first time we are doing this. There is a need for us to collaborate, get our SMEs together for the purpose of empowering them and taking them to some key international markets.
“Right now, with this MoU, the first market we intend to go by way of trade fair or solo exhibition is The Gambia. It is an English-speaking country, and trade between Nigeria and The Gambia is not encouraging. We need to ensure we scale up trade between the two countries,” he noted.
He said, MSMEs would apply and the agencies would look at the possibility of their products being accepted in The Gambia.
He stressed that the agreement was another way of showing the general public the level of cooperation and synergy among related government agencies in boosting the Nigerian economy through the promotion of non-oil exports.
On his part, the Director-General, SMEDAN, Wale Fasanya, described the MOU as a marriage of two minds.
“We will take MSMEs with exportable products and create a market for them within the West African market,” he said.
“We are looking at other agencies of government doing things that increase MSMEs competitiveness. We are going to work with them and we will not work alone,” he noted.
Fasanya said SMESDAN was thinking out of the box, given that a number of MSMEs found it difficult to access funds. He stressed that the agency was looking at programmes where it would combine financial initiatives with capacity building.
He disclosed that before the end of this year, SMEDAN and other partners would set up a microfinance institution to empower MSMEs.
“Before the end of the year, we are going to roll out a microfinance institution in conjunction with a number of business member organisations. NASME met me and said they would like to even have shares.”
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