Business
Prioritise Agric To Tame Inflation, Experts Urge FG
The Federal Government has been urged to prioritise agriculture in order to tame the country’s rising inflation occasioned by insecurity and hike in electricity tariffs.
Financial experts gave the advice in Lagos, yesterday while reacting to March inflation figure released by the National Bureau of Statistics (NBS), which increased by 18.17 per cent (year-on-year) in March.
The Chief Executive Officer, Sofunix Investment and Communications, Mr Sola Oni, said the rising inflation was not unconnected with the naira devaluation, which was due to external shocks in the international oil market.
“Government should tame inflation through diversification of the economy to optimise production and over dependence on income from crude oil.
“This can be possible by investing in agriculture and creating an enabling environment for the SMEs to thrive and create employment opportunities.
“There should be a deliberate policy of investing in infrastructure among others to ease means of doing business.
“Government should align fiscal and monetary policies to attract investment, encourage economic activities and boost the Gross Domestic Product,” Oni said.
President, Association of Capital Markets Academics of Nigeria, Prof. Uche Uwaeleke, said agriculture should be prioritised with emphasis on mechanised farming for increased output.
Uwaleke said the Central Bank of Nigeria (CBN) should scale up interventions in the agricultural value chain to boost production.
According to him, time has come to take the issue of state police more seriously to tackle insecurity in the country.
He said the Bank of Agriculture should be re-capitalised and partially privatised for it to be more effective.
“The bank was set up to finance agriculture but can’t perform partly due to weak capital base.
“Some of the interventions by the CBN should have been by the BOA if it was well capitalised.
“Private sector participation is required to make it more functional,” he said.
Uwaleke noted that food was the critical component exerting the greatest pressure on inflation.
“This may not be unconnected with insecurity in most parts of the country.
“Another thing to note is that inflationary pressure is more in the urban than in rural areas.
“This could be the consequence of poor transport infrastructure and logistics to convey goods from rural to urban areas resulting in high cost of transport made worse by high fuel price.
“The hike in electricity tariffs equally contributes to rising urban inflation,” Uwaleke said.
Speaking on the implications of the rising inflation, he said the 2021 budget target of 11.95 per cent appeared unrealistic.
“The CBN Governor had said the inflation rate would moderate by May this year.
“This is again unlikely in the face of downside risks from likely hike in pump price of fuel as well as depreciation of the naira,” Uwaleke added.
The NBS disclosed in its report on ‘Consumer Price Index’ for March 2021 that March inflation rate remained the highest in four years.
The consumer price index, which measures inflation increased by 18.17 per cent (year-on-year) in March.
This is 0.82 per cent points higher than the rate recorded in February (17.33 per cent).
The urban inflation rate increased by 18.76 per cent (year-on-year) in March from 17.92 per cent recorded in February 2021, while the rural inflation rate increased by 17.60 per cent in March from 16.77 per cent in February.
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