Business
Osinbajo, Others List Values For Business Success
The Vice-President, Prof. Yemi Osinbajo, has in Lagos told youths in Africa to imbibe the culture of integrity and discipline for the nation’s growth.
Osinbajo gave the advice while delivering a lecture entitled “Transforming Africa through Entrepreneurship’’.
He was speaking at the Tony Elumelu Entrepreneurship Programme (TEEP) 2015 Boot Camp, organised by the Tony Elumelu Foundation (TEF) in Lagos on Saturday.
“The TEF deserves all the commendation and support for putting this programme together, which is, putting his money where his heart is.
“This is an avenue for African youths to come together to unite, learn and also network.
“Enterprise, commerce and society cannot survive without character, so the key word here is character and integrity, which also include respect for rule of law, prompt tax remissions, etc.
“It is a known fact that credit is the live wire of commerce and it behooves every entrepreneur to showcase integrity which reflects in the repayment of loans and keeping the promises of quality.
“TEF has shown that social entrepreneurship is a key aspect of growth and the economy cannot grow without it and government is willing to support the growth of the cause,” he said.
The vice-president urged the participants to imitate the examples laid by the foundation to support cause of national growth and development.
Also speaking, the Prime Minister of Benin Republic, Mr Lionel Zinsou, lauded TEF for initiating the boot camp to build a generation of young successful entrepreneurs across Africa.
Zinsou said, however, that electricity was a major infrastructure that was militating against the success of businesses in Africa.
He, therefore, urged entrepreneurs to look into businesses of providing renewable energy as an alternative means of providing electricity.
Zinzou also urged youths to embrace technology to grow their businesses, expressing his optimism in the growth of African nations through corporate and entrepreneurial growth.
The Governor of Kaduna State, Mr Nasir El-Rufai, in his address, implored government to truly show support for business by creating the enabling environment.
El-Rufai decried the state of insecurity in the country, saying that businesses cannot grow without adequate protection of lives and property, efficient law enforcement and basic infrastructure.
“Businesses need a functioning government because no matter how rich you are, you cannot build your own refinery, road network and so on.
“In Kaduna State, about 80 per cent of the youths are unemployed and it is the same all over the country.
“The government needs to work more on security, policy coherence and flexibility in key growth areas like entrepreneurship and job creation.
“In the light of this, permit me to say that President Buhari is planning to invest more on human capital development, especially in the area of education.
“As our own contribution, I will get a list of indigenes of Kaduna State, who may be willing to invest in the state, in order to offer our own support,” he said.
The Managing Director of Bank of Industry (BoI), Mr Rasheed Olaoluwa, at panel discussion, assured beneficiaries of the seed capital adequate support and more loans from BoI.
He said that the bank had formed cluster loans for some sectors like fashion, agriculture and Nollywood, which the entrepreneurs could benefit from.
The Chairman of TEF, Mr Tony Elumelu, said the boot camp was an initiative to support youths across Africa with seed capital, networking and most importantly, the ethics of business.
“The major aspect that makes me tick is that we want to show African youths and the world that we can succeed, despite the harsh environment around here.
“Our main highlight was hammering on the main ingredients of succeeding in business which include hard work, discipline, resilience and knowing the rule of your business.
“Failure is part of business, that is why emotional and workplace intelligence are part of our training modules for the boot camp.
“After this exercise, there is also a formidable monitoring of the fund capital that would be given out and other forms of support would also be given.
The foundation, he said, lauded the present administration and its development partners for lending their voices of support for the cause of job creation through entrepreneurship.
“It is our duty to call them to order and demand the delivery of these promises by playing our part as reliable business owners looking to build empires that would outlive us,” Elumelu said.
The boot camp and training was organised for 1,000 youths out of the 20,000 applicants who applied from 51 countries in Africa.
According to the foundation, TEEP is a 10-year programme, where 1,000 entrepreneurs would be selected annually, trained and given seed capital of $5000 (about N1.2 million).
The foundation said that the top five sectors where applications for capital and support were received were in order of percentage, agriculture, education, commercial retail, ICT and healthcare.
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