Business
N220bn MSMEsFund: Bank MD Lauds FG
Chairman, House Committee on Capital Market, Rep. Yusuf Tajuddeen (right), discussing with representative of the Minister of Finance, Dr Mahmud Isa-Dutse (left) and Director-General, Security and Exchange Commission (SEC), Alhaji Munir Gwarzo, at the inauguration of the study team on Voice and Voting Power in the Nigerian Capital Market in Abuja on Monday.
Managing Director, Nige
ria Police Force (NPF) Microfinance Bank (MFB) Plc., Mr. Akin Lawal has commended the Federal Government for setting aside N220 billion to boost Micro Small and Medium Enterprise (MSME) development in the country.
Lawal told newsmen in an interview yesterday in Abuja that the decision was one of the best things the regulators had done for the sub-sector.
“Basically, I think it is one of the best things so far that the regulatory authorities have done in the subsector in the area of the N220 billion MSME fund.
“In terms of cost, they have been able to bring it down at a very considerable low rate of initially three but now two per cent; and you cannot get that anywhere
“But we need more of such funds to strengthen the system.’’
According to him, the fund has been very supportive and it will go a long way in reducing the cost of funds being that it is given at a single digit of nine per cent.
Recall that the Federal Government earmarked N220 billion MSME intervention fund to support the microfinance subsector.
“The fund has been helpful in provision of finance to address the core sector of the economy because, of course, it is restricted to the productive sectors of the economy
“You are only expected to do about ten per cent of that fund in commerce but mainly into the productive sector.
“And that is what actually is needed for us to create jobs and these are the things that will boost the economy of the country.
“Because, in anyway, if you are engaged in productive sector, there is no how you will not employ two or three people to join you and that is what we need at this point in time.’’
On bad loans, Lawal said it could be avoided with due diligence ‘’because with proper due diligence, one will be able to identify a bad loan before it is even granted’’.
According to him, most operators grant loans to beneficiaries who use the fund as ‘guinea pig’ for experiment on various business ventures which they are not certain about.
He said intervention funds were not meant for experimentation.
Lawal also urged the regulators to provide a common IT platform for all MFBs at an acceptable cost which would help improve their operations in the country.
“They should come up with more supportive initiatives that will be helpful to the subsector in general.
“The demand for credit is insatiable, the entire 1000 MFB or so we have in the system are not still enough to meet the demand sector
“ As you know, there are still huge numbers of the population that are unserved and how do you manage this, it is from the supply and that is in terms of the fund available.’’
Also, Mrs Nwanna Joel-Ezeugo , the Acting Managing Director, Accion MFB, urged the government to come up with a concrete economic blueprint.
“We are providers of fund, let’s know where we are going, the operators in the market, let them know where they are going to enable us strategies
“Because when there is no clear cut policy, the inconsistency will kill more and more people and throw a lot of people out of job.’’
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