Business
NASMEs Laud Tinubu’s Move To Address Nation’s Economic Challenges
Chairman, Nigerian Association of Small and Medium Enterprises (NASMEs), Oyo State chapter, Prince John Karunwi, has lauded President Bola Tinubu’s swift move to address challenges in Nigeria economy.
Recalled that Tinubu, had in his inauguration speech on Monday said he would review the Naira Redesign Policy, Monetary Policy and ensure a unified exchange rate.
Karunwi said, if the president could address the issues mentioned in his address and reduce the cost of production and raw materials, the nation’s economy would thrive again.
He said that the production sector had yet to recover from the effects of COVID-19, the Russian War on Ukraine, coupled with the local factors inhibiting production.
Karunwi said that a large number of MSMEs were dying daily compounded by other factors like poor electricity supply, multiple taxation and interest rate.
“We are just trying to survive as the cost of production is very high, the overhead cost is overwhelming and it has a lot of effects on us.
“When the last administration talked about the ease of doing business, we were excited, thinking things would be relieved that MSMEs would now thrive.
“But, from the various government’s policies, it had been so hard for the MSMEs. It has been a very hard time for us.
“We believe that the new government would be MSMEs friendly and look at the actual ease of doing business, by looking at the logistics and cost of doing business in Nigeria, as it is killing the MSMEs,” the chairman said.
He said that many MSMEs operators were in debts when the naira redesign policy was implemented.
According to him, they were just selling their goods and using them to feed, not being able to buy back their goods, as it was a total loss.
Karunwi urged the president to look into the cost of registering business with the Corporate Affairs Commission and NAFDAC, which he said had been at a cut-throat price.
“For some of us in production, someone that just got a loan of N50,000 to start a disinfectant business, where will the person get the high cost of money that NAFDAC is asking?
“How will he scale up, because such goods can not be showcased anywhere without NAFDAC approval.
“All these regulatory operators are giving us a lot of trouble.
“For CAC, you will need about N200,000 to register your business and every year you are to pay annual returns; before, it was N1000, but now it has been increased.
“The new government should help us look at this and the interest rate on loans and make loan facilities available for the production sector, not one that they would promise to give a certain amount and then reduce it,” he said.
Also, a financial expert, Mr Tunji Adepeju, commended the new president for his move on naira notes.
Adepeju said that the new notes were hard to come by which made having the two currencies run at legal tender helpful to the nation’s economy until the new notes would be in abundance in circulation.
He said that continuous increase in interest rates were in line with the policies of other developed countries battling inflation.
On the exchange rate, he said, “We need to really harmonise and bring together stakeholders, chambers of commerce, industry and others to work things out without Nigerians sabotaging the policies of the government, especially the exchange rate as lots of people kept making huge money from it.”
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
