Business
WEF: Economist Charges FG On Information Dev
An economist, Mr Odilim
Enwegbara, has urged the Federal Government to boost infrastructure in the country to engender investments that would accrue from the just-concluded World Economic Forum on Africa.
Enwegbara told newsmen in Abuja that critical infrastructure needed to attract desired investments were adequate power, water and roads.
“We must construct roads so that goods and services will move and circulate faster and cheaper. This, no doubt, will attract investors.
“The Federal Government may not necessarily be able to develop the infrastructure nationwide but we can select some coastal areas like Lagos, Akwa Ibom and Rivers to develop.
“China, in 1978, took some coastal areas and developed the infrastructure around those locations into world class proportions.
“Afterwards, every Chinese that was living in Hong Kong, Singapore, Taiwan, and South Korea relocated his business back to China,’’ he said.
Enwegbara said that putting the right policies that would boost industrial development and ensure the security of people would also enhance economic growth in the country.
He said that the cost of doing business in Nigeria was high, adding that, “even when people want to borrow money from the banks, the interest on loan is also very high.”
“Nigeria’s interest rate is highest among emerging countries in the world. High interest rate is bad for the economy because it puts too much pressure on the economy,” he said.
According to him, Nigeria’s monetary policy is run by bankers, and we all know that the main beneficiaries of high interest rate are the banks.
Enwegbara urged the government to push interest rate to a single digit as further incentive for increased investment in the country.
He also called on the government to discourage the importation of goods, which local manufacturers were producing or were capable of producing.
He expressed support for devaluation of the Naira, saying that it would make imported goods more expensive and less attractive, thereby shifting demand in favour of local products.
The economist condemned the privatisation of the power sector in the country, stating that the best economies in the world had their governments in charge of such critical sector.
“ The best economies such as China and the U.S, have their governments in charge of their power sector because it is the engine box of any economy.
“ Nigeria’s government must build power; we cannot hand over power generation entirely to the private sector.
“ If we allow the private sector to control the entire power sector, it will not be in the good interest of the country.
“ What government should have done is to build massive power plants and build transmission grids and hand them over to the private sector for maintenance,’’ he said.
Enwegbara also called on Africans to lend a hand to the continent’s development rather than its current over reliance on Foreign Direct Investments.
“Africans need to look inward; the only way we can develop is if we Africans decide to do so ourselves without relying heavily on FDIs.
“We developed China; Nigerians in the Diaspora scattered all over the world go to China to invest. There are many Nigerians and Africans with huge industries in China.
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