Business
FG To Peg Farmers’ Loan Interest Rate At 5%
The Minister of Agricul
ture and Rural Development, Chief Audu Ogbe, says the Federal Government would lobby banks to peg interest rate at five per cent instead of the current nine per cent.
Ogbe made this known recently in Ilorin at the launching of the 2nd phase of Agricultural Equipment Hiring Enterprise (AEHE) programme at the National Centre for Agricultural Mechanism, (NCAM).
The minister was of the view that nine per cent was too high as interest rate for farmers, adding that for people of Nigeria to feed well, agriculture must grow.
“So interest rate has to come down, if this is done, banks will have more loans to give and more farmers will be taking the loan because of the low rate,” Ogbe said.
The Minister said incessant clashes between farmers and cattle herdsmen in the country would be brought to an end in the next two years.
He Federal Government would create grazing areas in the country where the herdsmen would take care of their cattle.
“We will grow grass in the South to feed the cattle in the North, just as Saudi Arabia did,” he said.
According to the minister, if Saudi Arabia with the largest cattle ranch in the world can grow its grass for the cows in the United States of America, Nigeria should be able to do same.
The minister said he would soon come out with a road map for the ministry, adding that the ministry would come up with soil map of the country.
With this soil map, farmers would know the type of fertiliser suitable for his farm and how to apply same for optimal yield.
He said his ministry was targeting three million metric tons of cocoa and planned to plant more castor trees, rice, sugar and wheat.
Ogbe commended NCAM for its efforts in the mechanization of agriculture, adding that no country can practice large scale agriculture without mechanization.
He promised that the Federal Government would assist NCAM to improve on the tractors it developed.
“We cannot develop agriculture by distributing cutlasses and hoes to the farmers, only one per cent of farms are produced by mechanised farming,” he said.
The minister lamented that Nigeria has less than 300 tractors while the whole of Europe was mechanised and USA completely mechanised.
Ogbe said that from available statistics, there are 800 million hectares of farm land in the world with 400 million of this from Africa.
He said Nigerian has 79 per cent of farmland which translated to 92 sq km of land, adding that Nigeria is wealthy as land is wealth everywhere.
The minister, however, said that in 34 years to come, Nigeria population would stand at 500 million on the same piece of land.
Ogbe, therefore, appealed to state governments not to give too much land to a single person for farming so that young people wishing to go into farming would find land to farm.
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