Business
Stakeholders Score 1st Quarter Economy Low
Some financial experts have rated the performance of the Nigerian economy in the first quarter low.
They told The Tide source in separate interviews in Lagos on Tuesday that the economy performed poorly during the period.
A former Director of Central Bank of Nigeria (CBN) Mr Titus Okunronmu, said that numerous economic challenges contributed to the slow pace of economic growth in the first quarter.
He identified inadequate power supply as one of the problems, stressing that many companies spent huge sums on diesel to generate energy for their operations.
Okunronmu said that the high cost of running businesses had made many companies to relocate to neighbouring countries where electricity is stable.
“Lack of power supply and massive corruption constituted impediments to national development,’’ he said.
He advised the Federal Government to tackle the issue of corruption in ministries and parastatal agencies.
Fund Manager at Regency Assets Management Ltd., Mr Wale Omoregie, said that the removal of petrol subsidy affected the performance of the economy.
He said that removal of the subsidy led to hike in prices of food items and inflation.
“When there is inflation, some people will be worse off. The purchasing power of people would be affected negatively,’’ he said.
Omoregie also attributed the poor performance of the economy to the delay in passing the 2012 budget.
General Manager, Standard Alliance Insurance, Mr Olumide Adegoke, said that the real sector was inactive during the period due to lack of government’s intervention over a long time.
He said that the poor performance of the sector made it difficult for the sector to provide employment opportunities.
The insurance expert said that there was high rate of unemployment in the first quarter of the year.
He, therefore, appealed to the Federal Government to improve on national security and infrastructural development.
“The government should adopt aggressive steps to address the problem in the two areas so that the economy can witness rapid development,’’ he said.
He urged CBN to speedy up the banking reform to restore investors’ confidence in the sector.
General Manager, True Bond Microfinance Bank, Mr Wole Olowu, also said that the performance of the economy in the last quarter was not encouraging.
He, however, commended the performance of the oil sector, noting that the prices of crude oil had continued to rise at the international market.
Olowu said that good performance of the oil sector did not reflect on the total economy as the sector is not huge employer of labour.
He said that expectations were high for the remaining quarters of the year and urged government to put machinery in place to deliver good dividends of democracy.
Olowu advised government to cut down on its expenditure to check inflation.
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
