Business
Ayade Inaugurates BOI In C’River
The Cross River State Governor, Prof. Ben Ayade has commissioned the 15th office of the Bank of Industry (BOI) in the state capital along the popular Marian road, Calabar.
Commissioning the BOI office complex, Ayade said his administration was desirous of moving the economy of the state from third world to first class world economy.
The Governor who was represented by his Deputy, Prof. Ivara Isu said, “this informs the resolved of my administration to encourage industrialists, financial institutions and other investors with private sector friendly initiative to pay active roles in galvanizing the state economy.”
He said the commissioning of the Calabar office is a clear indication of an enduring partnership that will create a huge impact on his administration drive and ultimately, job creation, economic development and sustained socio-economic growth.
The Managing Director/ chief Executive Officer (CEO) Bank of Industry limited, Rasheed Olaoluwa, in his address at the commissioning ceremony said Cross River State is reputed as the tourist hub of not just Nigeria, but also of the Global Community.
The State is famous for its annual Christmas Festival/Carnival and is endowed with many centres of tourist attraction, prominent among which are the Obudu Ranch Resort and Tinapa Business Resort. The market opportunities that exist in the State are therefore enormous.
This, according to him, is coupled with the fact that the people of Cross River State are renowned for their friendliness, resourcefulness and entrepreneurial spirit. The State is also richly endowed with agricultural and solid mineral resources such as oil palm, cassava, rice, limestone, granite, among others.
Olaoluwa noted that it was worthy of note that the Cross River State Office is BOI’s 15th office in Nigeria.
He however commended Governor, Ben Ayade, for providing the edifice to serve as the Cross River State Office of the Bank of Industry.
According him, “this is better appreciated when viewed against the fact that entrepreneurs in Cross River State were previously served by our Delta State Office, which is a driving distance of at least six (6) hours.”
Our Correspondent reports that BOI has a N500 million Matching Fund partnership with the Cross River State Government in which each party contributed the sum of N250 million. This pool of funds is for the industrial development of the State, as well as economic empowerment of the people and is provided as loans at a subsidized interest rate of 8% per annum.
As at 30th September, 2015, BOI had approved loans in the sum of N6.9 billion to many enterprises in the State, including such well-known companies a Eastern Premier Feeds Limited, Niger Mills Limited, United Cement Company Limited.
He said the Bank of Industry has adopted a cluster-based SME financing approach in our lending activities by identifying 35 SME Clusters across the country.
Consequently, lending to entrepreneurs in Cross River State will be targeted at SME Clusters in which the State has comparative advantage such as Fish Farming/Processing, Food Processing (Oil Palm Processing, Rice, Yam, Cassava, Water & Beverage Packaging, Quarry Mining, Fashion Garmenting, E-Commerce/Information & Communications Technology (ICT) Leisure Theme Parks), among others.
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