Business
Education Takes Lion Share As Osun Budgets N129.7bn For 2022
Osun State Governor, Alhaji Gboyega Oyetola, yesterday, presented a N129.7 billion appropriation bill to the State House of Assembly for the 2022 fiscal year, with the education sector gulping the highest proposed allocation of N26.6 billion.
Infrastructure took a distant second with N19 billion; N16 billion went to the Health sector, while about N7 billion was earmarked for the Agriculture sector, in the proposed budget, which had been christened “Budget of Sustainable Development”, with a N20 billion increase over the 2021 budget of N109.8 billion.
Presenting the budget before the lawmakers in Osogbo, Governor Oyetola said that the budget aimed to further cement and pursue the administration’s policy thrust that was shaped by the prevailing economic realities.
He cited aggressive improvement in the Internally Generated Revenue drive of the state, to ensure optimum performance in the coming years, as the main focus of the budget.
The proposed budget puts the total recurrent expenditure at N53.5 billion, representing 41.30 per cent, while N76.2 billion, representing 58.7 percent, was earmarked for capital expenditure.
Oyetola, who disclosed that all the general hospitals across the state are to be rehabilitated, added that government would also embark on massive construction of more roads in 2022.
“In line with our administration’s commitment to ensuring that there are no abandoned projects in the State, all existing on-going road projects are being worked upon and will be delivered soon.
“I want to assure the people of Osun that more notable road projects would be awarded as part of government’s efforts to improve the socio-economic activities of the state’s residents.
“In a broader view, therefore, the central focus of our administration is to make Osun a prosperous state in a secure and sustainable environment, through pragmatic, transparent, accountable and inclusive governance.
“All these are designed to aid ease of doing business, facilitate easy and smooth movement of citizens and help in the transportation of farm produce to urban markets,” the governor said.
Oyetola also said that his administration would focus on tourism, to re-energise the state’s economy.
Earlier, the Speaker of the Assembly, Mr Timothy Owoeye, commended the governor for prioritising accountability, probity and prudence in the management of the scarce resources accruable to the state.
Owoeye promised that the legislature would display the commitment needed to ensure speedy passage of the budget, as it had been doing in the past years.
“We will continue to play a supportive role to the executive arm, to continuously improve the lives of the citizens.
“I wish to commend Gov. Oyetola and everyone who took part in the implementation of the 2021 budget for the wonderful job.
“With a nine per cent performance in 2020 and 77 per cent as at the second quarter of 2021, our performance has greatly increased our standing in the comity of states and also makes us an investment destination for local and foreign investors,” the speaker 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