Business
Nigeria Ranks 71% In Readiness For Digital Transformation
The International Telecommunication Union (ITU) has in its new report ranked Nigeria very high at 71 per cent, in comparative legal, policy and governance frameworks towards G5 – advanced state of readiness for digital transformation known as G5 with Germany, Finland and Singapore leading the global chart.
A statement issued by the Director of Public Affairs of the Nigerian Communications Commission (NCC) Reuben Muoka, disclosed this, saying the report was conducted by the ITU, the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and the NCC and unveiled by Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani in Abuja.
Nigeria, the report stated, was ranked among Africa’s top seven BEMECS 5G Readiness Index, which represents the country’s readiness to deploy and adopt mass-market 5G networks.
Titled, “Collaborative Regulation: Accelerating Nigeria’s Digital Transformation”, and presented at the Digital Economy Complex, Mbora, Abuja, by ITU’s Kagwira Nkonge, the report, among other things, presented a case study for collaborative regulation review to assess and support Nigeria’s transition towards collaborative digital governance, evidence-based policy making and agile regulation in the digital economy.
Presented to a cross section of key industry stakeholders including service providers, government agencies, representatives of multilateral institutions, West Africa Telecommunications Regulators Assembly (WATRA), Africa Telecommunications Union (ATU), among others, the report was also designed to complement existing cross-country benchmarks in which features of countries policy and regulatory environment are assessed.
The features of countries policy and regulatory environment are assessed according to the pillars of the Generations of Regulation frameworks which track telecom regulatory maturity towards digital transformation readiness, designated at G5 Advanced State of Readiness, and for which Nigeria currently stands at G4.
It also dealt with Advanced State of Readiness in benchmarked against four critical levels of accomplishments which include national collaborative governance, policy design principles, digital development toolbox, digital economic policy agenda, with Nigeria scoring 91 per cent in regulatory capacity; 82 per cent in Market Rules; 81 per cent in Collaborative Governance; 76 per cent in Legal Instruments for ICT/Telecom markets; 69 per cent in National Digital Agenda Policy, among other benchmarks.
In his remarks at the event, Dr. Tijani commended the ITU and partner agencies and consultants that actualised the report, and expressed Federal Government’s commitment “to utilise this report as a navigational aid towards attainment of our regulatory objectives and policies outlines towards achieving a robust digital economy.
He said, “That is what we will continue to do as a government, ensuring that we can put ourselves in a place to have cutting-edge modern regulations in place to ensure that business is done properly in our sector and to ensure that, where possible, increase the local content of the sector as well”.
He noted that NCC has adapted over the years in response to how its role and mandate have changed.
According to him, “Fifteen, twenty years ago, NCC was just regulating the telecommunications sector. Today, NCC regulates the foundation for which any economy would be prosperous”.
The Executive Vice Chairman of the NCC, Dr. Aminu Maida, who hosted the presentation, welcomed the indicators that promote effective regulation, attract greater investment, and development of innovative models for broader digital inclusion.
He emphasised that collaborative regulation would support Nigeria’s transition towards effective digital capacity.
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
