Business
AU, ECOWAS Seek Free Trade Area
West African Governments have been urged to harmonise efforts at ensuring the realisation of a Continental Free Trade Area (CFTA) to boost trade and integration within the region by 2017.
The call was made on Wednesday in Abuja at the opening of ECOWAS Regional Consultative meeting on the CFTA and Boosting Intra-African Trade.
The objectives of the CFTA are to create a single continental market for goods and services, with free movement of business persons and investments as well as facilitate the establishment of a Customs Union.
In her address, AU Commissioner for Trade and Industry, Mrs Fatima Acyl emphasised the need for member states to develop effective mechanisms to facilitate trade and integration in Africa.
Acyl was represented by Mrs Treasure Maphanga, the Director, Trade and Industry, AU Commission.
Acyl said: “the successful implementation of the CFTA Initiative requires the participation of multiple stakeholders; these include the private sector, civil society, parliamentarians and academia among others.
“Our agenda for this meeting will provide us with an opportunity to review the opportunities and challenges that confront ECOWAS member states in the implementation of the Customs Union.
“As we move towards the implementation of the decision of our leaders to establish the CFTA by an indicative date of 2017, let us summon all our energies and prepare for the work before us.
“Members have agreed that the CFTA should include trade in goods, trade in services, investment, intellectual property rights and competition.
“For us to deliver on all these elements, we must put in place an efficient and effective mechanism for the CFTA negotiations.”
The commissioner also urged member states to provide resources for the implementation of the CFTA.
“The responsibility should not be left to development partners.’’
She called on governments to make provisions to fund the free trade initiatives and invest in human capacity and institutional building to facilitate delivery.
“We should not allow a situation where the financial situation of our development partners is allowed to affect our progress on this important initiative.
“As we move towards implementation, governments at the national level should endeavour to make provisions for funding the negotiations and the implementation of Boosting Intra-African Trade Action Plans,” she said.
The Coordinator for Africa Trade Policy Centre, Regional Integration and Trade Division, United Nations Economic Commission for Africa (UNECA), Mr David Luke, commended the ECOWAS sub-region for its leadership role.
Luke said: “we also see a lot of improvement on non-tariff barriers, removal of road blocks and many of the impediments to trade; we are beginning to see this happen.’’
“Regional Economic Communities (RECs) that are the building blocks of the CFTA by virtue of their establishment have been making significant efforts to reduce tariffs on intra-regional imports to a relatively low level.
“Common Market for Eastern and Southern Africa, East African Community (EAC), ECOWAS and Southern African Development Community, have all taken significant measures towards transport facilitation and reducing non-tariff barriers.
“With regards to liberalisation of movement of people, progress has been made notably in EAC (particularly Kenya, Rwanda and Uganda) and ECOWAS.
“Steps have been taken to facilitate movement of their nationals between the member countries of the bloc.”
He, however, reiterated the need for governments to invest in infrastructural development and build competitive firms and industries in line with global best practices.
The CFTA negotiations were launched at 25th Ordinary Summit of Head of States and Governments in June.
To meet the 2017 implementation deadline, member states are expected to reduce trade barriers among themselves by drastically reducing export and import duties and, in some cases, waiving visa requirements.
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