Business
Group Proposes Economic Turnaround Agenda
An economic group, the Nigerian Economic Summit Group (NESG), has proposed a six-point agenda that can help the Nigerian economic and political spaces thrive ahead of the 2023 elections.
The group at its National Economic Dialogue held at the weekend in Abuja, urged the Federal Government to rethink what socio-economic development outcomes meant for an average Nigerian, the role of the market and the private sector, and deepen sectoral reforms to support broad-based growth and competitiveness.
NESG urged Nigeria’s leadership to facilitate integrated national and sub-national approaches to economic inclusion and development, including pragmatic and actionable social sector reforms, and a workable and inclusive national security strategy.
Chairman of the group, Asue Ighodalo, in his keynote address, noted that the process by which parties selected their candidates during primaries, and the characteristics and capacity of persons chosen were crucial to the Nigerian dream.
“The Nigerian government has a pivotal role in addressing, with utmost urgency, six critical challenges causing economic dysfunction.
“These challenges are non-inclusive economic growth, macro-economic stability, infrastructure deficit, human capital deficit and skills gap, national insecurity, and weak economic competitiveness,” he said.
He noted that citizens must pay attention to the quality of the political system, processes, institutions and economic reforms.
“Our collective responsibility is to deliver a first-world country with happy and safe citizens. This is a call to national service. We must all be more involved, more selfless and tolerant, acting in the national interest”, he stated.
On his part, Director, Institute for Development Studies, University of Nigeria, Professor Osita Ogbu, said enough emphasis was not placed on inequality.
“Inequality undermines the trust, solidarity, and mutuality on which good citizenship is based. Once you have a non-inclusive growth economy, it’s a recipe for what we are already observing in this country.
“Poverty was pervasive in Nigeria as there were few rich people and many poor people”, he declared.
Former President of Nigerian Bar Association, Dr Olisa Agbakoba, said Nigeria had failed in its leadership.
“Why is it that from 1960 till date, barring one example or two, we have failed in leadership? If the head cannot absorb what is being said, nothing will happen…. There can be no Nigerian dream without a visionary president,” he stated.
Country Director, CARE International Nigeria, Dr Hussaini Abdu, said: “As a country, we are experiencing a huge social development crisis. The crisis in the university reflects the larger crisis in the education sector. The level of investment in healthcare is extremely poor. Seventy-seven percent of health service delivery in this country is out of pocket. This is how health service is being financed in this country, and it does not work anywhere. It means our health insurance system is not working. It only captures a few civil servants, and the poor are not getting good services.”
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