Business
New Scheme Stabilises Nigeria’s Pension Administration -Buhari
President Muhammadu
Buhari says at the World Pension Summit in Abuja, that Nigeria’s Contributory Pension Scheme had, to a large extent, stabilised the nation’s pension administration .
According to Buhari, it is globally acknowledged that pension matters occupy a strategic place not only as a vital component of social security, but also as a vehicle for nation building.
The theme of this year’s summit is “Pension Innovations: The African Perspective.”
The President, represented by the Head of Service of the Federation, Mrs Winifred Ayo-Ita, said the summit would enable countries and stakeholders to brainstorm on how to tackle their economic challenges.
” Nigeria in 2004 established contributory pension scheme due to its advantages such as sustainability as a system with framework that would eliminate incentives for corruption.
“Also, it is noteworthy that within 12 years of implementing contributory pension scheme in the country, it has to a large extent, stabilised our pension administration system.
“For instance before the reform, Nigeria has huge pension liabilities in trillions of naira but now the contributory pension scheme has generated over N5.8 trillion assets as at 30th June 2016,” Mr President said.
Buhari said that the assets had been invested in the various sectors of the nation’s economy.
The president added that African countries had given considerable attention to pensions due to myriads of challenges encountered in the administration of pensions.
Buhari said the Federal Government had extended the pension scheme to states and local governments in line with Pension Reform Act of 2014, adding that many states had adopted the scheme.
According to him, states and local governments presently, were on various stages of implementing its pension schemes.
He called on the National Pension Commission (PENCOM) to extend its net to people in informal sector.
Buhari also directed PENCOM to step up its enforcement drive to public and private sector institutions to ensure full compliance and in line with the enabling law.
He said that, the current administration will make funds available to address some issues of liabilities in the pension scheme.
Earlier, former President Olusegun Obasanjo, who is the founder of contributing pension scheme in Nigeria, advised many countries to reform their pension scheme.
Obasanjo called on the countries in Africa to emulate Singapore which had effective and efficient pension system that enabled it to build houses for its pensioners through their pension scheme.
He advised the Federal Government to extend its pension scheme to states, local governments and private sector, to ensure a wider coverage of the scheme.
Obasanjo urged the participants at the summit to strengthen pension laws so that fraudulent people would not find it easy to embezzle the fund.
Founder, World Pension Summit, Eric Eggink, said due to innovation of Android phones, many people could now invest on pension scheme anywhere they used their mobile phones.
Eggink called on workers, both in private and public sectors, to register for the pension scheme, to save for the rainy day.
Director-General of PENCOM, Mrs Chnelo Anohu-Amazu, said after a long period of faltering economic performance, there had been resurgent growth over the last decade in African countries’ GDP.
She listed African unique entrepreneurial/innovative spirit, emerging from its industries, smaller innovative initiatives such as the portable irrigation technology as some of the factors that led to the growth of African economies.
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