Business
Europe’s Declining Workforce, Opportunities For Nigeria – PwC
Report by Pricewater House-Coopers has said as Europe’s workforce decreases, there are existing advantages for job opportunities for the Nigerian labour market.
According to the new report entitled, “Nigerian Brain Exports: The Optimal Path to Growing the Nigerian Economy,” Nigeria already had a large Diaspora and the wealth of young talents in Nigeria was a strong asset that had given the country an edge.
The report noted that Nigeria’s target markets would primarily be Europe and North America, particularly as Europe’s old-age dependency ratio (people aged 65 or more as a percentage of the working-age population) was expected to increase from 27.8 per cent to 39.5 per cent by 2030.
This increases the risk of European countries being unable to replace retiring members of their workforce.
The report envisaged that employment opportunities were expected to grow further, increasing the risk of Europe being unable to meet this increment in job demand.
Also in a European Union Digital Economy and Society Index report, there was an indication of a shortage of information technology specialists in the labour market, with over half of the enterprises reporting difficulties in filling vacancies.
About a million IT professionals are needed to fill the gap.
The report stated that the United States of America was not left out of the equation as it faced alarming skills gaps and mismatches that negatively affected its economic performance, according to the Wilson Center.
It report stated that between 2019 and 2020, employment in the US dropped by about 10 million to 147 million.
In 2021, the US had nearly 7.4 million job openings (ranging from professional and business service to information technology).
However, just about 5.7 million jobs were filled due to lack of qualified candidates, economists at PwC said.
According to the National Skills Coalition, 53 per cent of US jobs are middle-skill (more education & training than a high school diploma but less than a four-year college degree).
However, only 43 per cent of US workers are trained at this level, and this skill shortage could cost the US economy about USD2.5tn in lost output over the next decade, the report noted.
The declining workforce in America and Europe and the need for talent to sustain economic performance in these regions indicate that exporting Nigerian skills and expertise would benefit all parties. Nigeria exports brain capital and these markets provide jobs.
Currently in the ICT world, one in six people are women and this means that the nation is not tapping into all the skill sets available.
A deliberate strategy to grow brain exports will address this, analysts at PwC said.
However, the report identified major focus-selected areas requiring different skill levels and earning multiple wages.
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