Business
BoI Tasks States On Increased Rice Production
The Bank of Industry
(BoI) has urged rice producing states to boost their production to reduce the country’s N1.5 trillion food import bill.
Mr Jonathan Tobin, the Executive Director, Corporate Service, said this during a media parley organised by the bank on Saturday in Lagos.
Tobin said this while delivering a paper on “De-risking Agric Financing: A case study of NIRSAL and Kebbi Rice Programme.”
He said that the Central Bank of Nigeria (CBN) was trying to reduce the food import bill of commodities that exert pressure on the nation’s foreign exchange.
Tobin said that the apex bank adopted a strategy of encouraging local production in rice, wheat, fish and oil palm which were identified as top most on the import bill.
He said, “the CBN invited the governors of the 14 rice producing states and the executive directors of commercial banks but only the governor of Kebbi State, Alhaji Atiku Bagudu, showed interest after the meeting.
“If all the governors come on board, we will be able to meet the local demands, we will not be having the issue of buying a bag of rice at N18, 000.
“We need to grow our own rice so that we can eat fresh rice in the country but the governors are not taking the bull by the horn.”
Tobin said that the Anchor Borrowers Programme (ABP), an initiative of the Central Bank of Nigeria (CBN), had Kebbi State as a pilot project with 78,000 farmers on the scheme.
According to him, the programme deals with farmers in cluster and trains them on current agronomical practices through extension workers.
He said that the programme through various training had been able to change the mindset of farmers from seeing themselves as subsistence farmers to business owners driven for success.
Tobin stressed that the ABP de-risked the farmers by ensuring compulsory insurance, release of funds in tranches, procurement of inputs and commencement of BVN capturing.
The Tide recalled that the ABP was designed to create an ecosystem that links farmers and processors to increase agricultural output of rice to achieve local sufficiency.
The CBN earmarked N40 billion for the project at single digit interest rate of nine per cent per annum for smallholder farmers.
The Tide learnt that a CBN report shows wheat, sugar, milk, rice and fish accounted for N901 billion and N788 billion of food import bill in 2013 and 2014, respectively.
The import bill of rice and wheat was estimated at N428 billion and N307 billion in 2013 and 2014 respectively.
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
