Business
Nigeria, Others Need $114bnTo Fight COVID-19 -IMF
Nigeria and other African countries need an estimated $114bn to fund the campaign against the outbreak of the coronavirus disease on the continent.
This was disclosed in a statement posted on the website of the International Monetary Fund on Sunday.
The statement was issued after a meeting of African leaders, bilateral partners and multilateral institutions, which was jointly convened by the World Bank and the IMF.
The World Bank and the IMF, in the statement, said they had mobilised partners in the fight against COVID-19 in Africa.
According to the statement, together, official creditors have mobilised up to $57bn for Africa in 2020 alone – including upwards of $18bn from the IMF and the World Bank each.
The fund is meant to provide the front-line health services, support the poor and vulnerable, and keep economies afloat in the face of the worst global economic downturn since the 1930s.
It was also disclosed that private creditor support to the continent in 2020 could amount to an estimated $13bn.
“This is an important start, but the continent needs an estimated $114bn in 2020 in its fight against COVID-19, leaving a financing gap of around $44bn,” the statement added.
The meeting convened by the World Bank and IMF to spur faster action on COVID-19 response in Africa was attended by African Union Chairman and President of South Africa, Cyril Ramaphosa, and the United Nations Secretary General, Antonio Guterres.
Director General of the World Health Organisation, Dr Tedros Ghebreyesus, African Union Commission Chairperson, Moussa Mahamat, and officials of individual countries also attended the meeting, where plans were outlined for effective use of resources to curb the spread of the disease.
The statement noted that bilateral partners, at the meeting, reemphasised their commitment to a debt standstill beginning May 1.
The World Bank and the IMF had called on creditors to suspend debt repayments in order to provide much-needed support to the poorest countries.
Ramaphosa, at the meeting, said African countries required greater support to surmount the challenges posed by the COVID-19 pandemic.
“This pandemic has already had a devastating impact on Africa and its effects will deepen as the rate of infection rises.
“It is a setback for the progress we have made to eradicate poverty, inequality and underdevelopment,” he said while noting that “large financing gaps remain” despite the assistance so far extended to African countries.
The statement also disclosed that the World Bank and the IMF suggested a range of financing options and policy tools as part of the pandemic response, many of which African countries were looking to implement as they planned for the medium and long-term impact of the crisis.
The options include further financing from official and private sector creditors.
World Bank President, David Malpass, and IMF Managing Director, Kristalina Georgieva, in separate speeches, said the organisations were fully behind Africa in the global campaign against the pandemic.
Malpass said the World Bank had so far provided emergency support to 30 countries across Africa, with more still to come, and would continue to advocate debt relief and increased resources, especially for countries hardest hit by COVID-19.
Georgieva added that the IMF would provide more concessional financing while also counting on others to step up and do their parts to shield the economy and the people, and provide the foundations for a strong and sustainable recovery.
The statement noted that it would be critical for African countries to work together especially on the health response and on limiting trade disruptions to ensure freer movement of medical and food supplies.
The World Bank and the IMF also applauded the decision taken by G20 countries to temporarily suspend debt payments by least developed countries.
The World Bank is deploying up to $160bn in financial support – $55bn of which will be for Africa – over the next 15 months to help countries protect the poor and vulnerable, support businesses, and bolster economic recovery.
The IMF is also leveraging its $1million lending capacity to provide comprehensive support for member countries.
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