Business
NEXIM Bank To Boost Cocoa Production In Nigeria
The Nigeria Export-Import Bank (NEXIM) has launched a digital hub, Cocoa Connect Africa, targeted at boosting cocoa production in the country.
This the bank said is driven by a renewed thinking that will achieve the renewed hope target of $1 trillion economy, in line with the vision of President Bola Tinubu.
The Managing Director, NEXIM, Abubakar Bello, said the move is to bring every activity of every stakeholder in the cocoa industry and the cocoa ecosystem under one platform.
Abubakar stated this on the sidelines of the International Cocoa and Chocolate Forum, tagged “Putting values in cocoa in producing regions” in Lagos.
“It is about somebody who has products and meeting someone who is interested in the product. It is about connection and market information.
“We are putting all the stakeholders on the value chain for different commodities, but the one we launched today is for cocoa and we are also doing the same for cashew”, he said.
Furthermore, Abubakar said, “we are also doing so for Shea. The idea is to have a cluster because today everything is done digitally, why should our trade be lagging behind. We must create a platform for every stakeholder to log in to purchase what they want digitally from their comfort zones”.
He informed that the launch of the platform is not for profit making, but to boost trade facilitation and setting standards for traceability.
“The platform can be used to educate farmers, it can be used to educate regulators and to pass information on latest developments.
“We must create an awareness for farmers on the latest trends, there is also a need for effective regulation in the value chain”, he said.
The NEXIM Bank MD noted that the vision of the digital hub is to unlock the boundless potential of Cocoa in Africa.
“At Cocoa Connect Africa, we offer more than just a platform; we provide an immersive experience tailored to elevate your journey in the cocoa industry”, he noted.
On her part, the Executive Director, Business Development of NEXIM bank, Hon. Stella Okotete, said the Bank has supported Cocoa exporters with over N100bn in the last 7 years with all facilities performing and creating Jobs for over 7000 Direct and 70,000 indirect Jobs for Nigerians.
She added that amongst others, NEXIM Bank created a Small and Medium Exporters Facility (SMEF) to support exporters, stressing that NEXIM has been supporting suppliers by growing their capacities.
She, however, commended the young entrepreneurs who are making impacts in the Cocoa value chain and assured them of her support through the Bank.
Okotete added that with the recent spike in the prices of cocoa, the bank has opened up its refinancing windows to support exporters with single digit loans.
“We are sure that the cocoa exporters will take advantage of the opportunity, because it will help them to reduce the burden of the double digit interest rate. We are ensuring that we would continue to do more”, she stated.
The Cocoa Connect Africa was built by NEXIM Bank in collaboration with its long-term partner, Sapphital Limited, a leading digital company in Nigeria.
Other participants at the event were representatives of Lagos and Osun State Governors among others.
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