Business
World Bank To Help Rebuild North East – Official
The World Bank says it is realigning its Country Partnership Strategy (CPS) for Nigeria to support the rebuilding of the North East and other priorities of the Federal Government.
The Lead Economist and Programme Leader of the World Bank Country Office in Nigeria, Mr Khwima Nthara, stated this in a chat with newsmen in Abuja on Tuesday.
Nthara said that the strategy, which was inaugurated in April, was a four-year support framework designed to aid the government’s key development programmes.
“When President Muhammadu Buhari went to Washington, he asked the President of the World Bank for support to the North East and you heard the announcements that were made around that visit. “So right now, one of the areas that we are also going to focus on as we align our support to the priorities of the government is indeed on our support to the North East in terms of helping with the recovery and reconstruction going forward.
He further said that there would be other areas that we would be in discussion with the government. We don’t yet have a cabinet as you know. Once the cabinet is in place there will be further discussions with the policy makers of each ministry in terms of how we support the government’s priorities going forward. So, there has been no change in position in terms of the World Bank’s support to Nigeria in terms of amount except that we need to align our support to the priorities of the new government.’’
Nthara stated that the country’s economic growth over the years had not impacted significantly on the people’s living standard largely because it occurred in sectors that were not labour intensive.
He cited the agricultural sector, which employs nearly 89 per cent of the population, saying that it had been growing at between two and six per cent since 2011.
According to him, the bulk of the country’s Gross Domestic Product is coming from the services sector where not many Nigerians are employed compared with agriculture. For growth to translate into a reduction in poverty you have to look at two main channels. The first is to what extent is that growth happening in those sectors that are also labour intensive?
“It is only when people earn incomes that their poverty can be reduced. So, if growth is taking place in those sectors that employ more people, then obviously they will benefit more in terms of incomes they earn and that should translate into a reduction in poverty. So, what has been seen over the past couple of years is that perhaps growth has taken place in some of those sectors that are not very labour intensive.
He also said, the second point is that what is the government doing to ensure that it uses public policy in whatever form to translate that growth into a reduction in poverty?
“For example, supposing growth is taking place in a sector such as oil where not many are employed, and yet that growth is generating higher revenues, how is the government utilising those revenues to ensure that either it empowers more people to have the skills and access to jobs or to deal with the bottlenecks that the economy is facing to create jobs or ensure that growth takes place in labour intensive sectors?
“In Nigeria, it has been said that agriculture is employing more than half of the labour force and yet productivity has been very low.
“In other words jobs in that sector have not been well remunerative. So to what extent do you make sure that as the economy grows, productivity in that sector also grows?
“One of the structural measures should also include improving productivity in agriculture, because yes you may have more people employed in that sector, but they are not earning as much.’’
The World Bank programmes leader identified power and education as two critical sectors that the government should prioritise to improve the living conditions of the people.
Nthara applauded the Single Treasury Account (TSA) policy of the Buhari government, saying it would give the government a clear picture of its position at all times.
“The principle of the TSA is very simple, that you want to have a more comprehensive view of your cash position as a government.
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