Business
Nation’s Economy Growing, Says Edun
Nigeria’s economy grew by three per cent in the first quarter of this year, Minister of Finance and Coordinating Minister of Economy Wale Edun, said yesterday.
He said the growth rate surpassed both the population growth rate of 2.4 per cent and last year’s Gross Domestic Product (GDP) growth rate of 2.31 per cent.
Edun spoke on the prospects of consistent economic growth and increased government revenue during the ministerial scorecard presentation in Abuja.
He attributed the growth to the effective policies and strategies initiated by the Tinubu Administration.
The minister highlighted the importance of agriculture in driving economic progress and reducing inflation, noting that the sector grew by 1.8 per cent in the first quarter of the year from a decline of 0.9 per cent in the same period last year.
Edun said: “There is still significant untapped potential in this sector.
“Talking to the Minister of Agriculture and Food Security, I learned that the ongoing dry season harvest is promising.
“Coupled with state-level initiatives, such as special agriculture processing zones, we expect a significant increase in food production.
“This will not only boost the economy but also help tackle inflation, as food prices constitute 50 per cent of our inflation index.”
Edun expressed optimism that a good wet season would further reduce inflation by increasing food availability, adding that lower inflation would allow monetary authorities to stabilise the exchange rate, lower interest rates, and spur investment.
The minister said the chain reaction would boost productivity, create jobs, and ultimately reduce poverty.
Edun said the sustenance of President Tinubu’s agenda, both at the state and federal levels, is crucial to growth and improvement in the living standards of Nigerians.
The minister highlighted key initiatives of the government, including the protection of the poor and vulnerable during the time of high inflation.
Edun, who chairs the presidential panel on social investment programmes, announced the restart of direct payments to the poorest households.
He said the programme would assist, at least, 75 million Nigerians (15 million households) with N75 million in immediate payments.
Edun said to ensure transparency, the programme would leverage a robust system developed in collaboration with various ministries, including Communications and Digital Economy, Health, and Youth.
Edun alluded to a substantial revamp in revenue generation, underscored by the government’s ability to service its debts without resorting to borrowing, especially from the Central Bank of Nigeria (CBN) through Ways and Means.
He said international and domestic debt obligations are being met promptly due to improved financial management and the National Assembly’s insistence on proper handling of public funds.
The minister explained that Nigeria has cleared outstanding payments, including a $200 million shareholding in the Islamic Development Bank, which has restored international confidence and national pride.
On wages, Edun clarified that the recently introduced wage award set a minimum standard for both the private and public sectors.
He said the measure would ensure fair compensation and set the stage for ongoing discussions to reach satisfactory conclusions.
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
