Business
Social Spending, Crucial For Poverty Reduction – Osinbajo
The Vice President, Prof. Yemi
Osinbajo says social spending by governments at all levels was crucial in plans to eliminate poverty in the country.
Osinbajo stated this in Kano at a reception in honour of the Senior Special Assistant on Media and Publicity to the President, Malam Garba Shehu.
He said that while providing the environment for free enterprise, governments must proactively intervene by way of social protection and the enhancement of opportunity for the ‘’very poor’’.
He remarked that All Progressives Congress (APC)’s social welfare policy of providing real opportunities by direct spending for the poor was important in resolving the huge poverty level in the country.
The vice president pointed out that Nigeria had an ideological problem, especially among those who would want to proffer solutions to the nation’s problems “as such people did not know how to handle the problems of the poor’’.
According to him, the micro economic view of such people is one that understands only the problems and commercials of the elite.
“Their answer to the very scandalous level of poverty is for business to work first, then there would be jobs and the poor could be taken care of,’’ he said, describing it as “trickledown economics’’ which could hardly provide a solution.
He said that under such scenario, the poor would all die before industries could provide needed jobs.
Osinbajo said that there would be equity if the poor would have their children in school, participate in immunisation programmes, free meals programme for all primary school children, social benefits for the disabled and the elderly poor.
‘’All these are important in ensuring that hundreds of millions of Nigerians are not left behind,’’ he stated.
He recalled the recent debate about bailout to the states and explained that whatever it was called, money was being provided in one shape or the other because the revenues of the states had dropped by 40 per cent due to drop in the country’s revenue.
According to the vice president, the 36 states owed about N685 billion to commercial banks as at today.
He recalled that in the past when there was a bailout by a previous government to the banks, no fewer than eight business men owed the banks over N700 billion, adding that “and there was a bailout and nobody complained’’.
He said that inability to complain explained the problems of not knowing how to deal with problems of the poor, adding, however, that “when the rich are concerned, it is very easy to understand why a bailout might be necessary’’.
He disclosed that the cost of bailing out all the banks then was N5.3 trillion but that the cost of giving 25 million Nigerians N5,000 each was about N1.35 trillion.
The vice president extolled the virtues of the president’s media assistant, saying he found the attributes of integrity, loyalty and humility in him.
According to him, from the campaigns up till now, each time I want to test some important ideas, I always share them with Shehu, who consistently gives me wise counsel.
“He is open and willing to engage intellectually and willing to concede when he has a superior opinion,’’, adding that Shehu was an “elite whose time has come’’.
He said there was scarcity of those willing to speak the truth to those in power, especially if they were aides but that Shehu was always ready to speak truth to the authorities.
Osinbajo said Shehu epitomized the new elite “not the elite that sought power and exercised it without responsibility.
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