Business
Strengthening Small Enterprises Via NEDEP
By most accounts, the
Nigeria Industrial Revolution Plan (NIRP) and the National Enterprise Development Programme (NEDEP) are aimed at spurring the growth of the Micro, Small and Medium Scale Enterprises (MSMEs) sector.
The two programmes were launched by President Goodluck Jonathan on February 11 in Abuja.
Jonathan said at the inauguration that the programmes, particularly the NIRP, would provide a comprehensive roadmap for transforming the nation’s industrial landscape, boosting skills’ development and enhancing job creation, among others.
According to him, NEDEP alone is capable of creating 3.5 million jobs across the country by reinforcing the activities of MSMEs.
Besides, Jonathan observed that NIRP would boost the revenue of Nigerian manufacturers, while fast-tracking the country’s economic and industrial growth.
“ NIRP and NEDEP are targeted at transforming Nigerian businesses and changing the lives of the ordinary people.
“The programmes will accelerate inclusive growth and job creation, while stemming the drain on our foreign reserves caused by importing what we can produce locally.
“NEDEP has placed micro, small and medium enterprises at the centre of our national economic policy; our vision is to take this new model for national enterprise development to all the 774 local governments in our country,’’ he said.
Pledging the Federal Government’s commitment to the programmes, Jonathan said that his administration would set up a council, comprising the federal, state and local governments, to regulate the activities of small and medium enterprises across the country.
“We will not only sustain the momentum of the NIRP and NEDEP programmes but we will also expand their impacts and reach,’’ he added.
Judging by economists’ assessment, the MSMEs sector is one of the most important sectors of Nigerian economy.
Analysts argue that the sector comprises a greater percentage of businesses in Nigeria and contributes 75 per cent of the country’s employment.
Available data from the National Bureau of Statistic also indicate that out of the 17.2 million MSMEs in the country, over 17 million of them are micro enterprises.
Observers insist that in spite of challenges facing the growth of MSMEs in the country, the sector contributes about 75 per cent of Nigeria’s Gross Domestic Product (GDP) and provides jobs for many Nigerians.
Analysts, therefore, agree that a nurtured and well-structured MSMEs sector can contribute more significantly to employment generation, wealth creation, poverty reduction and sustainable economic growth in the country.
They, nonetheless, call for the introduction of pragmatic measures to address some of the challenges hindering the growth of MSMEs in the country.
However, Alhaji Bature Masari, the Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), says that NEDEP was initiated to address some of the challenges.
According to him, NEDEP is planning to generate about five million direct and indirect jobs between 2013 and 2015.
“The entrepreneurship training/business development service component is being implemented on the platform of ‘One Local Government; One Product’.
“The access to finance component is overseen by the Bank of Industry (BOI), while the skills acquisition programme is handled by the Industrial Training Fund (ITF).
“The ‘One Local Government; One Product’ programme is guided by research that is based on the experiences of successful similar enterprise development initiatives in Africa and Asia and pilot projects in Kano State and Niger,’’ he says.
Masari says that SMEDAN recently conducted sensitisation/needs’ assessment programme in 22 states, adding that agro-allied products were selected in each of the local government areas of the selected states, based on their comparative and competitive advantages.
He says that arrangements have been concluded on when to implement the programme in the remaining 14 states and the Federal Capital Territory (FCT).
“The agency has also conducted baseline surveys and value-chain analyses in six pilot states Benue Anambra, Lagos, Bauchi, Bayelsa and Kano while plans are underway to conduct this activity in the remaining 30 states and the FCT,’’ he says.
Masari says that cooperative societies and trade associations are being formed, registered and assisted to develop bankable business plans, as a prelude to plans to give them access to finance, markets and equipment.
“More than 2,500 out of 21,834 cooperative societies across the country and their business plans have been handed over to BOI for appraisal and eventual financing,’’ he adds.
The director-general says that SMEDAN is also planning to build the capacity of the various cooperative societies that benefited from NEDEP nationwide.
On the sustainability of the programmes, Dr Olusegun Aganga, the Minister of Industry, Trade and Investment, stresses that NIRP and NEDEP should adopt inclusive structures, which involve other government agencies and the private sector, to ensure adequate policy synergy.
He, however, pledges his ministry’s cooperation with all the stakeholders in efforts to ensure the successful implementation of the programmes.
Although the general consensus of opinion is that NIRP and NEDEP are vital economic development tools, analysts, nonetheless, underscore the need for timely and adequate funding of specific schemes of the programmes.
They insist that a strong political will and adequate funding of the programmes will spur wealth creation, poverty alleviation and massive rural industrialisation in the country.
Mammaga is a staff of NAN
Ibrahim Mammaga,
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