Business
NEPC Set To Boost Nigeria’s Non-Oil Exports
Non-oil export products in Nigerian is to be given a boost, to make them compete favourably globally, the Nigeria Export Promotion Council(NEPC) has pledged.
The NEPC Chief Executive Officer, Dr Ezra Yakusak, who disclosed this at the weekend during the commissioning of Lelook Bags Academy in Abuja, said Nigeria had a large portion of the youthful population, who were energetic, ingenious, skilful and ready to contribute in building a strong and prosperous economy,
He noted that the major challenge to this was the low capacity to galvanise young people into productive ventures for economic development.
“The Nigerian Export Promotion Council will continue to sustain its interventions to SMEs and other relevant players in the non-oil export ecosystem in pursuit of our vision of making the world a marketplace for Nigerian non-oil products,” he said.
According to him, the Lelook Academy, which was set up to teach bag-making skills, especially to women, would bridge the skills gap by providing an opportunity for Nigerians to develop their capacity and bring on board, innovative approach in production of quality bags for domestic market and, most importantly, for export.
Yakusak further said the project was important to the NEPC because it was a testimony to how the agency’s interventions had built up and transformed a small business into an export-oriented firm.
“It is interesting to note that NEPC identified Lelook in its infancy. The Council invested immensely into it through participation in export readiness assessment sessions, product development and adaptation, particularly in packaging and labelling under the NEPC -ITC -SheTrades programs.
“The lessons learnt under these programs have enabled Lelook brands and labels to successfully compete and break into niche export markets abroad.
“You may also need to know that Lelook has been one of the SMEs that participated in NEPC’s spearheaded and sponsored trade fairs such as the Magic fair, New York Gift Fair, Inter African Trade Fair in Egypt and South Africa and several other Match-making and business expos.
“Her labels were in high demand at the just-concluded Expo 2020 Dubai,” he noted.
Nigeria earned $45.56bn from crude and non-oil in 2021, according to the National Bureau of Statistics’ Foreign Trade Statistics. But crude oil made up over 76.22 per cent of this amount, while the non-oil was 23.78 per cent.
However, much of the $34.72bn earned from crude oil went into refining of the product abroad – due to absence of refineries locally. Non-oil exports were around $10.836bn. Emerging markets such as India, Vietnam and Bangladesh have done much better.
Founder, Lelook Academy, Mrs Chinwe Florence Ezenwa, said the goal of the academy was to buy into the Federal Government’s target of diversifying the Nigerian economy and promoting the country’s non-oil exports.
“Having spent over 35 years in the sector, I am convinced on how to make a difference. Everywhere else, people talk about vocational skills, but here, we talk about bag-making skills specifically. We thought we needed to raise people, especially women, with skills, with Nigeria having signed the African Continental Free Trade Agreement.”
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