Business
AfDB Tasks Nigeria, Others On Job Creation
The African Development Bank (AfDB), has urged Nigeria and other African countries to make conscious efforts at job creation to absorb the increasingly growing labour market on the continent.
Senior Director, Nigeria Country Department, AfDB, Mr Ebrima Faal said this last Monday in Abuja at the launch of the bank’s report on “Creating Decent Jobs: Strategies, Policies, and Instruments’’.
Faal said that the current job crisis confronting the country and the continent as a whole had the potential to exacerbate its current economic, political and social problems.
According to him, Africa’s megatrends are compelling in many ways; but particularly in terms of Nigeria’s rapidly growing population, projected to reach 2.5 billion by 2050.
“While this can be a major asset constituting the source of workforce for economic and social development by creating decent jobs and empowering economic activities, it also has the potential to exacerbate the current economic, political and social problems,” he said.
The AfDB official emphasised that the unemployment crisis could render the population vulnerable to illegal activities and fuel migration within and from Africa.
Faal said: “the growth in the African labour force is the fastest globally, but successive years of robust macro-economic policies have not created the jobs required to absorb the increasingly growing labour market entrants or led to sufficient poverty reduction.
“The observed structural changes do not seem to be growth enhancing and lack an employment generation capability.”
He said that quality jobs were low as more people were drawn into the informal, predominantly family operated businesses.
“We see that about 82 per cent of African workers are in working poverty, compared to the world average of 39 per cent.
“What is worse, the youths who constitute majority of the population in all countries are carrying most of the burden of the labour market crisis,’’ Faal said.
According to him, the situation for Nigeria is much more frightening.
“The world population review estimates that Nigeria’s population is expected to double from about 200 million today to 401.3 million people by 2050.
“Youth population in Nigeria has tripled over the past 40 years and if not checked, it would exceed 130 million by 2063.
“And, this will need decent jobs to forestall a catastrophe beyond the magnitude we are currently experiencing,’’ he said.
Faal further quoted the National Bureau of Statistics, as saying that Nigeria has some of the highest unemployment rate of 23.1 and underemployment rate of 20.1 per cent in Africa.
“The figures are even more worrying for women with an unemployment rate of 26.6 per cent and 29. 7 for youths,” he said.
Faal therefore advocated bold political will and concerted sustainable policy efforts to facilitate Federal Government’s declaration that it would create 100 million jobs in Nigeria within 10 years.
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