Business
Nigeria Needs Intra African Trade To Modernise Economy – Enelamah
The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, yesterday said that the country needed to grow and modernise its economy through African trade integration.
Enelamah made the statement in Abuja during the launch of the National Committee for the Continental Free Trade Area (CFTA) negotiations.
“To achieve the objective it will require focus, discipline, organization, determination and the exercise of famous entrepreneurial spirit for which Nigerians are renowned the world-over.
“The inauguration is therefore, intended to reinforce the process for national economic recovery and development, across all areas,” he said.
He said Nigeria’s goal with the CFTA was to create win-win partnerships that would drive inward investment.
The minister added that the goal was also to support Nigerian exporters of goods and services to secure expanded market access in other African economies and create jobs for Nigerians.
He said that the Nigerian Economic Summit Group (NESG) would be part of the Nigerian negotiating team for the CFTA, as approved by President Muhammadu Buhari.
Enelamah said that the CFTA was part of Africa’s plan to industrialise the continent by 2063.
The committee members various organisations including inistry of Industry, Trade and Investment; Office of the Vice President, Ministry of Budget and National Planning, Ministry of Justice and Ministry of Foreign Affairs.
Enelamah said its terms of reference included to serve and advise government, as the national multi-stakeholder technical platform on the CFTA Negotiations, across all the negotiating areas.
He said they would also monitor negotiations and undertake analysis to ensure that the negotiations and emerging results approximated the goals.
The committee would identify the opportunities and challenges facing the country in trade with other African countries, both intra and Inter-Regional Economic Communities (REC).
During the opening mark, Permanent Secretary of the ministry, Mr Aminu Bisalla, said the CFTA programme would cover negotiation on trade in goods and services.
Bisalla added that it would also cover negotiations on investment, intellectual property rights and competition policy which would be undertaken by dedicated structure.
He said in order to optimise Nigeria’s gains from the CFTA, government was determined to negotiate a CFTA that would support ongoing efforts for structural transformation, economic diversification, modernization of the economy and sustained growth.
Bisalla said the key objectives of the CFTA were to accelerate the diversification of intra-Africa Trade with the aim of increasing it by 50 per cent by the year 2022.
Other objectives, he said, were to create a free market for goods and services and pave the way for the establishment of continental customs union and enhance competitiveness at all levels.
“When concluded, it is estimated that the CFTA will lead to about 16 billion dollars net gain for member countries.
In his speech, Prof. Mike Kwanashie, Vice Chancellor, Vritas University, Abuja, who spoke on behalf of the committee, urged the government to give more attention to export policies.
Kwanashie said Nigerian export must be encouraged to be able to stand among its member nations.
He said there was the need for the national interest to be promoted at all levels.
Business
MoneyPoint Empowers Pharmacists With Payment Solutions
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
Business
Embrace AI, CIIN Urges Insurance Operators
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.
Business
NASRDA Reassures On Strengthening Nigeria’s Space Capability
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