Business
Nigeria, Africa’s Debts Relief Requests Reach Advanced Stage
President Muhammadu Buhari has said efforts to get debt relief for African countries and Special Drawing Rights of about $650billion, especially with the impact of the COVID-19 pandemic, have reached an advanced stage.
The President made this disclosure at the opening session of a three-day 1st Conference of Speakers and Heads of African Parliaments in Abuja on Monday, saying over 30 million jobs had been lost since the pandemic, with about 26 to 40 million people going into extreme poverty.
Buhari, who was represented at the occasion by the Vice-President, Prof Yemi Osinbajo, siad, “various African countries put in place extreme measures to curtail the effects of the virus and limit the socio-economic impact such as lockdowns and stimulus packages. In Nigeria, our stimulus programme to the tune of about N1.6trillion”.
He noted that the post-pandemic stimulus package for Africa must go beyond individual efforts by the countries, adding that there is the need for increased collaboration and integration of efforts to drive sustainable economic growth and recovery across the continent.
According to him, African parliaments have a particular role to play beside the fact that they have been charged to make laws.
“In many of our countries despite relatively weak economic circumstances, the legislature had to sit down with the executive to make some of the most breathtaking budgetary provisions in our histories.
“In Nigeria, our stimulus package was in the order of N2.3trillion – in excess of $7billion. In many countries, the implications of the huge deficits from these supplementary budgets must have kept legislatures and the executive awake at night, but many realized and performed these hugely risky but historical assignments.
“But I think it is clear that a post-COVID economic recovery strategy for Africa must go beyond efforts in our individual countries. There is a need for increased collaboration and integration of efforts to drive sustainable economic growth and recovery across the African Continent.
“Our parliaments have a central role to play. It is to them that the power to enact laws, oversee government budgeting and international borrowing belong. And there are many opportunities for their proactive collaborative intervention”, the President said.
In his presentation, President of Africa Development Bank (AfDB), Dr Akinwumi Adesina, noted that the pandemic affected the growth and development of Africa as well as the rest of the world. He also noted that Africa’s confirmed COVID-19 cases stood at 11.5 million people, with 253,000 deaths.
Adesina further stated that Africa’s economic growth was in decline by -1.5 per cent, with over 26 million people falling further into poverty, while 30 million jobs were lost.
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