Business
NDP:FG To Create 21m Jobs, Lift 35m People From Poverty
The Federal Government has projected that its National Development Plan (NDP) will lift 35 million Nigerians out of poverty and create 21 million jobs within the next three years.
The federal and state governments as well as the private sector will fund the plan, with an investment size of N348.1trillion. The funders from the public sector will contribute N49.7trillion, subnational will contribute N20.1trillion, while N29.6 trillion will come from the Federal Government. The private sector is projected to contribute N298.3trillion to funding the Plan.
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, who disclosed this in Abuja, added that the investment is expected to result in Nigeria achieving improved competitiveness of the economy with a Gross Development Product growth of five to six per cent.
“At least 35 million people will be lifted out of poverty by 2025. 21 million full time jobs will be generated for the young workforce to leveraged, and this will significantly enhanced capacity at the national and sub-national levels,” she said.
She further explained that the sectoral composition in the NDP 2021-2025 includes economic growth and development, infrastructure, public administration, human capital development, social development, regional development and plan implementation, communication, financing, monitoring and evaluation.
According to her, the NDP is aimed at accelerating growth, deepening the initiative for diversified growth and fostering sustainable development.
The Minister highlighted that the 2022 Federal budget is the first key public sector contribution to implementing the plan. She said the vision for the NDP 2021 – 2025 is for Nigeria to be a country that has unlocked potentials in all sectors of the economy for sustainable, holistic and inclusive national development, while the mission is to guide the implementation of programmes and policies that promote rapid multi-sectoral growth and development of Nigeria’s economy.
The strategic objectives of the Plan include to establish a strong foundation for a concentric diversified economy with robust MSME growth and a more resilient business environment; invest in critical physical, financial, digital and innovation infrastructure; build a solid framework and enhance capacities to strengthen security and ensure good governance; enable a vibrant, educated and healthy populace.
Its cross-cutting enablers are expected to lead to investment in the social infrastructure and services required to alleviate poverty and drive inclusive economic empowerment, promote development opportunities across states to minimise regional, economic and social disparities.
While stressing the need for Nigeria to diversify its economic base away from oil and gas to fund critical developmental expenditures, Dr Ahmed said the yearly tradition of enacting Finance Acts to accompany the federal budget is one of many Strategic Revenue Generation Initiatives (SRGIs) being undertaken by the Federal Government to optimise domestic revenue and resource mobilisation.
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