Business
Customs To Implement Food Import Duty Waiver Soon -CG
The Comptroller General, Nigeria Customs Service (NCS), Bashir Adeniyi, says the service will begin implementation of the duty waiver on imported foods in a week time.
Adeniyi made this known in Abuja, yesterday, during a combined news conference by the heads of security agencies and Service Chiefs, convened by the Chief of Defence Staff, Gen. Christopher Musa at the Defence Headquarters.
He said that the guidelines for the implementation were still being worked out at the Ministry of Finance, saying it would begin as soon as the guidelines were ready.
Adeniyi appealed to Nigerians to exercise patience, adding that efforts were ongoing to address the demands of the protesters, especially concerning the food inflation and cost of living.
The Tide reports that President Bola Tinubu had directed the suspension of import duties and taxes on essential food stuffs to reduce inflation.
“I like to let Nigerians know that there has been a lot that is going on to address these issues that are related to ameliorating this situation.
“This is through a mixture of fiscal policies of government and a number of strategic interventions from the government.
“The Federal Government’s effort as part of intervention is the distribution of strategic food items which was released from the national grain reserves about a month ago.
“This was released to all states of the federation. We also recall that a number of the food items that are consumed in Nigeria are imported.
“Better parts of the components are imported and importations are not done of the shelf, it takes some time before they are done.
“So, one of the things that the president has done is to reduce the cost, to push on the effects of the cost inflation by suspending customs duties and taxes on imported food items for a period of time.
“We believe that when this is implemented, it will help to bring down the price of food items in the market”.
According to him, the Nigeria Customs is committed to the implementation of this particular fiscal policy as enunciated by government.
“But I also like to remind Nigerians that we need to be very, very careful in implementation of this and this is why the guidelines for implementation is being meticulously worked out at the Ministry of Finance,” he said.
Adeniyi said there was need to understand what the intervention implied for the local markets, adding that the government was trying to address the interest of all the stakeholders.
He added that most of these food items that enjoyed the duty waivers and concessions were also being cultivated by Nigerian farmers, hence the need to balance interests.
“There is the issue of striking a balance between the long term interest of Nigerian farmers and stakeholders who are involved in the production of these items and the short term interest of addressing food inflation.
“So the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next one week these guidelines will be ready and Nigeria customs will begin implementation of these particular fiscal policies,” he added.
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
