Business
FG Committed To Implementation Of 2020 Budget -Akabueze
The Director-General of budget Office, Ben Akabueze, has assured Nigerians that the implementation of the 2020 budget will be better and results driven despite the growing spate of coronavirus plaguing the world today.
Akabueze made this known at the 2020 National Budget Roundtable and Panel Discussion organised by Covenant University in partnership with the Centre for Economic Policy and Development Research and the World University Ranking 2020 top 500 held recently at CUCRID, Covenant University, Ogun State.
Akabueze, who was represented by the Technical Adviser to the Director General, Budget Office of the Federation, Olumide Ayodele, said that the Federal Government’s resolve to fully implement the 2020 budget is not negotiable.
“We will continue to ensure that the economy stays on a growth trajectory whilst making strategic investments in critical infrastructure and human capital to spur further economic growth. We hope to implement the 2020 Budget 100%. We have released N220 billion of the 2020 MDA capital to sectors requiring funds in the dry season. Sectors like Agriculture will be prioritized during the raining season.”
Akabueze posited that Nigeria has had eleven consecutive quarters of positive growth since the exit from recession, though levels remain below desirable targets, adding that highest quarterly growth of 2.55% in Q4 2019.
“We will continue to deepen our non-oil sector performance with non-oil GDP at over 93% of GDP as at Q4 2019. We have made unprecedented progress with social investment programmes and are innovating ways of funding infrastructure,” he said.
Although, he noted that Nigeria currently has huge infrastructural gap as infrastructure investments in in the country have been insufficiently financed with public funds.
“The investments required to bridge the gap are clearly beyond the means available to government. Hence, it has become imperative to look beyond government finances for the country to have any hope of achieving its full development potential”, he said.
The DG of Budget Office who noted that the fiscal budget is a key tool for implementing government development agenda, said it designed to achieve social, economic and political objectives.
“Nigeria’s public investment requirements by far exceed available financial resources. Nigeria is not an oil rich economy. We will ensure that funds are allocated to projects and programmes likely to deliver maximum benefits relative to their costs,” he said.
Earlier, the Chairman of the Centre for Economic Policy and Development Research, Prof. Evans Osabuohien, had said the rising debt profile of the country was destroying the economy.
The Professor of Economics, who expressed shock at the Federal Government’s recent plans to borrow $22.7bn, said government must count the cost of its continuous borrowing habit
“One of the highlights of the joint sessions of the International Monetary Fund and the World Bank in October 2019 was that the debt profile of many developing countries, including Nigeria, is rising. Despite all these, it is shocking to know that the Federal Government of Nigeria is planning to borrow $22.7bn. This will further increase the volume of Nigeria’s debt.”
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