Business
Immigration Makes N438bn From Passport Issuance, Others
The Nigeria Immigration Service (NIS) says it generated N438. 78 billion as revenue from 2017 to date, according to findings by The Tide source.
Internally Generated Revenue (IGR) by the NIS, the source stated, almost doubled from N38.53bn in 2017 to N74.69 (budgeted IGR) in 2022.
In 2017, 2018 and 2019, the NIS raked in N38.5bn, N39bn and N61bn, respectively.
The service’s IGR, however, suffered a 19 per cent drop to N49.9bn in 2020 largely due to the Covid-19 pandemic.
In 2021, the revenue rose by about 44 per cent amounting to N71.7bn. Its proposed revenue for the 2022 fiscal year stands at the N74.6bn.
The sum of $230.63m (N103.01bn) offshore revenue was generated by the agency between 2017 and 2022.
A breakdown showed that $31.6m, $36.91m and $41.8m were generated in 2017, 2018 and 2019 respectively.
In 2020, 2021 and 2022, the service generated $20.07m, N40.33m and $39.90m respectively.
Meanwhile, the budgetary allocation for the immigration service rose by at least 2023 per cent in the fiscal years from 2018 to 2023.
Speaking with the source, the Global Spokesperson of the Southern Kaduna Peoples Union, Luka Biniyat, said the rising revenue from passport issuance might be a result of the rising rate of relocation of Nigerians to other parts of the world in search of greener pastures.
Citing report that the number of passports issued by the NIS rose from 767,164 to 1,059,607 between 2020 and 2021, he said this is about 2,081 and 2,853 passports issued every 24 hours in 2020 and 2021 respectively.
“This is connected with the fact that Nigerians are in a hell of a hurry to rush out of this country.
“Let’s say that Kaduna State is issued with 200 passports, and then you have about 5,000 persons applying for 200 passports”, he stated.
In its seven-year scorecard for the President Muhammadu Buhari regime, the Presidency had argued that the Federal Government was working to reposition the NIS to satisfy global standards and adhere to global best practices.
Citing border security efforts, a report issued by the President’s spokesman, Femi Adesina, said: “The Nigerian Immigration Service is deploying a Migration Information and Data Analysis System (MIDAS) at five international airports.
“MIDAS is a global real-time border management system developed by International Organisation for Migration (IOM) and is linked to INTERPOL & other watch-lists.
“The implementation of MIDAS at the International Airport in Abuja was described by the IOM as “the largest deployment of MIDAS at any airport globally, to date.”
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
