Business
UN Urges Actions On African Free Trade Agreement
To realise the promise of the African Continental Free Trade Area (AfCFTA) and achieve its development goals, the continent must take bold actions on many fronts.
These were the words of Dr. Vera Songwe, the United Nations Under-Secretary-General and Executive Secretary of the UN Economic Commission for Africa (ECA) Addis Ababa, Ethiopia, last Friday.
She made the remark in her address at the meeting of the Committee of Experts, preceding the 51st Session of the Conference of African Ministers of Finance, Planning and Economic Development, which begins on Monday in the Ethiopian capital.
The 2018 edition is themed: ‘African Continental Free Trade Area and Fiscal Space for Jobs and Economic Diversification’.
The Tide source reports that the ECA envisages this agreement as an instrument to reposition the African continent as a competitive player in the global economic arena.
According to Songwe, the most important and urgent action is to create the fiscal space needed to foster both public and private investment, while ensuring economic diversification with the view to creating jobs.
“Now we must seize the momentum at hand to focus on how to operationalise the AfCFTA agreement, in a manner that realises its potential to the benefit of the average African.
“Our collective market potential cannot be underestimated, as incomes rise and the middle-class continues to grow.
“Household spending is expected to grow at 3.9 per cent per annum to reach 2.1 trillion dollars and corporate spending is expected to reach 3.5 trillion dollars by 2025.
“Taking the opportunities created by AfCFTA, this is an opportunity for corporate Africa to leverage these expansions and boost its economic growth.
“Through implementation of the agreement, we can generate the kind of growth that can support economic diversification, industrialisation and development,” she said.
The ECA boss disclosed that manufactured products make up 46 per cent of intra-African trade and only 22 per cent of Africa’s trade with the rest of the world.
“So, boosting intra-African trade through the AfCFTA is likely to support the continent’s industrialization. Indeed, according to our estimates, the AfCFTA would increase Africa’s industrial exports by over 50 per cent by 2022,” she said.
Dismissing the fears that the AfCFTA would lead to losses of tarriff revenues to individual countries, Songwo contended that the impact of the Agreement on fiscal revenues is likely to be minimal.
“Intra-African trade is only a small share of Africa’s total trade. Most of the trade is already liberalised under Regional Economic Communities Free Trade Agreements (REC-FTAs).
“Countries will be allowed to exclude a certain number of tariff lines from liberalisation as intra-African trade tends to be highly concentrated in a small number of tariff lines.
“It may be possible for countries to exclude a large share of the tariff lines that are important for raising tariff revenue if they need to do so. As a result, tariff revenue losses will be limited.
“Tariff revenues are not even the largest source of government revenue for African countries they account for only around 15 per cent of total tax revenue in Africa.
“Tariff reductions in AfCFTA are to be phased in gradually, over a period of 5 years for developing countries and 10 years for least developed countries, or 10 years and 13 years respectively for sensitive products,” she said.
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
