Business
Nigeria Targets $6trn Cargo Export Business
The Federal Government of Nigeria is targeting more revenue from aviation cargo export estimated at over $6 trillion globally.
The air cargo, including export of agricultural produce from Nigeria, accounted for about 35 per cent of global trade last year, according to the International Air Transport Association (IATA).
Consequently, the Federal Government is seeking more participation in this value chain by putting in place action plans and interventions that will bridge the turnaround time for cargo facilitation at the airports.
Towards this end, The Tide’s source gathered that Lagos, Abuja, Kano, Owerri, Port Harcourt, Calabar, Enugu, Makurdi, Minna, Jos, Ilorin, Yola and Kebbi terminals have been designated for cargo and passenger operations.
Besides, some State Governments, which include Anambra, Ebonyi, Ogun, Ekiti, and Yobe, have invested huge funds to drive the cargo export value chain.
According to the Airports Council International (ACI), the Murtala Muhammed International Airport (MMIA), Lagos, ranks fifth in Africa with 204, 649 tonnes of cargo air freighted in the last few years.
Ethiopia’s Addis Ababa Bole International Airport ranks fourth with 226, 417 tonnes of cargo, and South Africa’s Oliver Reginald International Airport ranks third with 304, 018.
Egypt’s Cairo International Airport, ranks second with 333,536 tonnes, Kenya’s Jomo Kenyatta International Airport, with 363, 204 tonnes of cargo.
Managing Director, Federal Airports Authority of Nigeria (FAAN), Mr Kabir Yusuf Mohammed, said the government is using intentional infrastructure, Aviation Cargo Village at the Lagos Airport, other international airports and cargo facilities, to drive agro-produce export.
Mohammed at a forum said the Federal Government is committed to driving air cargo export by creating airport facilities that combine speed and efficiency in delivery.
He said in the first half of 2021, a total of 16.7metric tonnes of cargo was exported through our airports. He said a total of 17.7 metric tonnes were exported in the first half of last year, resulting in 6.2 per cent increase from 2021 export figure.
Mohammed said: “But, in same period in 2023, a total of about 12.9 metric tonnes was airlifted, leading to a further drop by 29.5 per cent”.
But, IATA report blamed the poor performance on volatility resulting from supply chain constraints and economic conditions.
Experts said Nigeria could increase activities in the air cargo value chain if concerned authorities address the inadequate insurance coverage in cargo facilitation.
Besides, they said authorities must address inadequate standardisation and certification of cargo items, particularly farm produce, sub- standard packaging, processing and traceability.
Mohammed said: “Government needs the partnership of the private sector to really provide the necessary infrastructure that will make these airports truly cargo facilitating airports.
“With proper partnership, we can leverage the land mass available in our airports, and establish world-class cargo facilities to further enhance cargo facilitations.
“Fresh organic produce like cashew, avocado, exotic flowers, yams, must be well packaged, processed and certified to meet the destination standards”.
Also, Managing Director/Chief Executive Officer, JOHDIC Resources Limited, Mr John Ekeanya, said the logistic industry has a huge role to play in the participation of Nigeria in the air cargo export value chain.
Growth in the logistics sector, he said, is expected to continue in the coming years, with a projected compound annual growth rate (CAGR) of 5.5 per cent between 2020 and 2025.
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