Business
Nigeria, Benin Republic Customs Sign Trade Agreement
The Customs Administrations of Nigeria and Benin Republic, recently at a two-day interactive session in Abuja, signed an agreement to develop frameworks for clearing of Nigeria bound goods in Benin Ports and vice versa.
The two customs administrations agreed to collaborate to enhance trans-border security and regulate trade between the two countries.
The agreement is expected to deepen the relationship between Nigeria and Benin while promoting their age-old bilateral trade ties.
Other areas that the partnership will address include enhancing the proper use of International Transit Guidelines to govern transit-bound goods and fees from Cotonou Port to Nigeria, as well as Integration of Nigeria into the Interconnected System for the Management of Goods in Transit.
A joint communique signed by the Ag. Comptroller-General of the Customs, Bashir Adewale Adeniyi MFR, and Director-General of the Bennese Customs, Alain Hinkati, highlighted that their meeting favours the desire of the two countries’ presidents: Bola Ahmed Tinubu and Patrice Talon, to strengthen shared commitment to enhancing trade facilitation and promoting economic development.
It will also enable the countries to foster closer ties between then, while also reactivating the joint committee for monitoring trade and transit relations.
Since the signing of the important agreement, many have been left in doubt as to its benefits to Nigeria as a nation, even as many have als argued that by this development, Nigeria would be taking its market and labour to Benin Republic.
However, speaking with journalists on assumption of duty at the Tincan Island Port Command, the new Customs Area Controller, Comptroller Dera Nnadi, explained that the agreement, in real terms, was to promote regional trade, especially as the African Continental Free Trade Area (AfCFTA) regime is set to begin.
He said Nigeria stands to gain immensely from the arrangement should the framework for the implementation of the agreement be properly worked out.
According to him, critics simply do not understand the importance of Benin Republic to Nigeria as a trade partner that it can’t do without, trade wise, adding that of the 350 million people in West Africa, about 200 million of them could be found in Nigeria alone.
Wondering where Nigeria should export excess of its manufactured products to, he said, “Are you taking them to Europe where they already have those things?
“The only thing we can take away from here to Europe is oil and gas, then, raw materials. Those that will buy these manufactured products from us are our neighbours”, he emphasized.
Giving details of how the strategic framework agreement was conceived, Nnadi, who is the immediate past Customs Area Controller, Seme Border Command, recalled that goods move from the Gambia, Togo, Senegal, Ivory Coast, Burkina Faso through Benin Republic to Nigeria, adding that if they must pass to Niger too on transit, being a landlocked country, they must pass through Benin into Niger.
“So, we thought about it, that these people are strategic partners. If they close their borders the way we closed our own, what happens?
“You don’t take it for granted because, when we went to Benin, the impression was this small Benin. I told them these people are not small, they are flying their own flag.
“Don’t forget, we will soon enter into the Africa Continental Free Trade Area. So, all it will take these people to do is to invite companies to establish in their own country and they manufacture them there and everything manufactured in Africa where this thing (AfCFTA) takes place is now duty free. So, what do you do? It is to start now to protect.
By: Nkpemenyie Mcdominic, Lagos
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
