Business
Business Executives, Stakeholders Lament Lack Of Access To Forex
Business operators and stakeholders in the productive sector of the economy are lamenting the difficulties they go through in accessing foreign exchange to do their business.
They noted that the situation became worse when the Central Bank of Nigeria placed a ban on Bureau De Change not to deal on forex.
Speaking on the issue, a businessman, Jerry Wanodi, said that the situation has become more worrisome since the CBN wielded a big hammer on BDC.
According to him, due to the failure of bank to extend forex to the importers in the agricultural and manufacturing sectors, the situation has led to many equipment importers defaulting in payments to their foreign technical partners.
He said that the demand for forex by manufacturers had not been completely met by the banks, saying this has led to sourcing dollars from the parallel market.
“Since the CBN’s decision not to extend forex to the BDC’s directly, the rates have been increasing, affecting the bottom line of manufacturers and other business owners.
“We advise that critical raw materials that cannot be sourced locally should be supported by special forex intervention till when the country can build enough capacity to produce them locally,” Wanodi said.
Also speaking, another businessman, Mr Collins Uzoigwo, who imports perishable agriculture products from Republic of Benin, said that forex problem was really giving them serious challenge because of the exchange rate as the value to dollar is making the commodity very high, adding that such is threatening the existence of their business.
“I have always based my supply on the black market as getting forex from the bank is a challenge because after going to the bank, after all said and done, it is effort wasted.
“I depend on Cefa because I buy from Republic of Benin. We were buying 1,000 Cefa then for N270, but now 1,000 Cefa is N1,000 which is not supposed to be.
“We that are importing, it is not a good challenge for us because the dollar controls the rate,” Uzoigwo said.
According to him, the currency in Benin has remained constant while Nigerian Naira has continued to experience fluctuations.
Narrating his own experience, another businessman, Ade Abdusalamof Ayinla Nigeria Limited, an exporter of finished goods, said the environment is not conducive for export as of now.
“When you cannot export to get the dollars, where will the dollars come from? We export finished Nigerian goods; we have manufacturing firms who produce and ours is to export finished goods such as toiletries, cloths, provisions, rugs, home items.
“If you want to get dollars in the bank, it is the banks that will introduce one aboki (parallel market operator) to you and tell you to go and meet the aboki and they will facilitate how you are going to meet the aboki. Yet, CBN will just sit down and be barking like a toothless bull dog.
“The reality on ground is that most of these banks are the ones that will give you the contacts of abokis.
“The government should not sit down in Abuja and set policies. They should come down to the market and they will get firsthand information. The real export is in the market. I don’t know how they sit down in Abuja and get their data,” he lamented.
By: Corlins Walter
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