Harnessing Financial Expertise to Achieve $1 Trillion Target

By Mukhtar Yahya Usman

Amid concerns over Nigeria’s challenging business environment, the Chartered Institute of Stockbrokers (CIS) is set to utilize the financial expertise of its members to formulate strategies that will help the Federal Government achieve its $1 trillion economic target.

The institute aims to introduce innovative solutions to expand the capital market and promote economic development, which will be the core focus of its upcoming 28th Annual Stockbrokers Conference.

Conference Theme: Capital Market as a Catalyst for Growth

The two-day conference, scheduled for November 7th and 8th, 2024, in Ibadan, Oyo State, will center around the theme “Capital Market as a Catalyst for the $1 Trillion Economy.

Held at the Jogor Event Centre, the event will bring together policymakers, business leaders, and financial experts to discuss the capital market’s pivotal role in driving Nigeria’s economic growth and realizing the government’s trillion-dollar vision.

Collaboration for Policy and Regulatory Reforms

In a statement signed by CIS Registrar and CEO Dr. Josiah Akerewusi, the institute highlighted that the conference will assess Nigeria’s current economic condition and explore ways to enhance the capital market’s contribution.

It will also encourage collaboration among stakeholders to drive necessary policy reforms and regulatory enhancements.

Capital Market as a Key Driver of Economic Growth

“With the Federal Government under President Bola Ahmed Tinubu aiming for a $1 trillion economy, we firmly believe the capital market is critical to achieving this goal,” said Akerewusi.

“The Nigerian capital market can generate a substantial portion of the $1 trillion target.”

Why Ibadan Was Chosen

A Historic and Serene Venue for Reflection and Networking

According to CIS 1st Vice President Fiona Ahimie, Ibadan was selected as the conference venue for its historical relevance and peaceful environment.

“Ibadan offers stockbrokers a chance to escape the busy life of Lagos, allowing for a relaxed setting conducive to networking and reflection,” Ahimie explained.

Focus on Attracting Investment and Improving the Business Environment

Simisola Ojumu, Vice Chairman of the Annual Conference Committee, underscored the conference’s emphasis on improving Nigeria’s business environment to attract both domestic and foreign investments.

The discussions will address policy and regulatory frameworks, along with the role of digital innovation in enhancing capital market performance.

Key Topics for Discussion

Panel discussions will cover essential topics, including an evaluation of critical sectors of the Nigerian economy, strategies to strengthen the capital market’s role in economic growth, and recommendations for improving policy and regulatory measures to optimize market performance.

By Mukhtar Yahya Usman

A recent report by Gavi, the Vaccine Alliance, reveals a worrying health issue in Nigeria: newborn babies are being found with antibiotic-resistant bacteria, particularly strains resistant to colistin, a critical last-resort antibiotic.

This has raised concerns about the future health and safety of infants in the country.

Study Findings

The report examined samples from mothers and their newborns, showing that babies younger than one week old already carried colistin-resistant bacteria.

This is alarming, especially as neither the mothers nor the babies had been treated with colistin, indicating an external source of this resistance.

Out of 4,907 samples tested, 1% showed colistin resistance, affecting 41 mothers and eight newborns.

This situation suggests that these babies could face an increased risk of drug-resistant infections in the future.

What is Antimicrobial Resistance?

Antimicrobial resistance (AMR) occurs when bacteria, fungi, or parasites evolve to resist medications meant to kill them.

This makes infections harder to treat, increasing the likelihood of severe illness or death.

In Sub-Saharan Africa, AMR is responsible for high mortality rates, with 23.5 deaths per 100,000 people.

By 2050, it is predicted that deaths from AMR will surpass those from cancer and diabetes combined, making it a global public health crisis, according to the World Health Organization (WHO).

AMR is aggravated by the misuse of antibiotics in both healthcare and agriculture, leading to complications in treating life-threatening conditions like sepsis, which already claims 11 million lives globally each year.

Link to Agriculture

The report highlights a potential connection between colistin use in agriculture and resistance in humans.

Colistin, although rarely used in Nigerian hospitals, is heavily utilized in farming, primarily to promote growth and prevent infections in livestock.

Globally, more antibiotics are administered to animals than humans, a practice that has accelerated the rise of resistant bacteria.

In 2022, almost 100,000 tonnes of antibiotics were used for raising cattle, sheep, chickens, and pigs, and this number is projected to rise by 8% by 2030.

This extensive use in farming has contributed significantly to the global spread of colistin-resistant bacteria.

Global Actions and Contradictions

In response to this growing threat, countries like China and those in the European Union have banned the use of colistin in agriculture.

However, paradoxically, while European nations restrict its use domestically, they still export animal feed containing colistin to countries like Nigeria, exacerbating the problem in low- and middle-income countries.

Call to Action

The report urges a global ban on the non-essential use of colistin in agriculture to preserve its effectiveness for human health.

It also highlights the need for greater investment in infection prevention in hospitals and improved hygiene practices on farms to reduce the spread of antibiotic-resistant bacteria.

While necessary, these actions present challenges, particularly in countries like Nigeria, where farming is essential for livelihoods, and stricter regulations could impact food production. Nonetheless, the growing threat of AMR demands urgent action to safeguard public health and future generations.

By Mukhtar Yahya Usman

Antimicrobial resistance (AMR) is one of the most pressing public health challenges of our time.

Defined as the ability of microorganisms—such as bacteria, viruses, fungi, and parasites—to resist the effects of medications that once successfully treated infections, AMR poses a severe threat to global health, food security, and development.

Understanding Antimicrobial Resistance

Dr. Yahya Usman Umar, the Head of the Department of Microbiology at Aminu Kano Teaching Hospital Kano, explains that antimicrobial resistance occurs when bacteria or other microorganisms evolve and adapt in ways that render antibiotics and other antimicrobial agents ineffective.

“This evolution is accelerated by the misuse and overuse of these drugs in humans, animals, and agriculture,” Dr. Umar states.

“When microorganisms become resistant, standard treatments become ineffective, leading to prolonged illnesses, higher medical costs, and an increased risk of death.”

The Danger of Antimicrobial Resistance

The dangers of AMR cannot be overstated. According to Dr. Umar, infections caused by resistant microorganisms are more difficult to treat, and they often require more expensive and toxic alternatives.

“The consequences of untreated or poorly treated infections can lead to severe complications and, in some cases, fatalities,” he warns.

“Moreover, the spread of resistant strains can trigger outbreaks, making AMR a significant concern for public health globally and in Nigeria.”

In Kano and other regions, AMR is exacerbated by several factors, including the widespread availability of antibiotics without prescriptions, improper dosages, and lack of awareness among the public about the dangers of self-medication.

“We are witnessing a scenario where common infections, such as urinary tract infections or respiratory diseases, are becoming increasingly difficult to treat due to resistant bacteria,” Dr. Umar notes.

Why Antimicrobial Resistance is a Public Health Threat

AMR’s status as a public health threat stems from its potential to undermine decades of progress in medicine.

“Without effective antimicrobials, the success of major surgeries, cancer chemotherapy, and organ transplants is jeopardized,” Dr. Umar explains.

“These procedures rely on the ability to control infections, and if our medications fail, the risks associated with these treatments increase dramatically.”

Dr. Umar also highlights that AMR can lead to longer hospital stays, a need for more intensive care, and a greater burden on healthcare systems already strained by other public health challenges.

“In low-resource settings like Kano, the impact of AMR could be catastrophic, as access to alternative treatments is often limited,” he adds.

The Way Forward: Combating Antimicrobial Resistance

Addressing the threat of AMR requires a multifaceted approach. Dr. Umar emphasizes the importance of strengthening antibiotic stewardship programs, which promote the appropriate use of antimicrobials.

“Healthcare professionals need to be trained on the judicious prescription of antibiotics, and the public must be educated on the dangers of self-medication and the importance of completing prescribed courses of treatment,” he suggests.

Dr. Umar also calls for improved infection prevention and control measures, both in healthcare settings and in the community.

“Reducing the spread of resistant infections can be achieved through better hygiene practices, vaccination, and the use of diagnostics to guide treatment decisions,” he explains.

Moreover, Dr. Umar advocates for increased investment in research and development to discover new antibiotics and alternative therapies.

“Given the slow pace of new drug development, we must also explore innovative strategies, such as bacteriophage therapy and the use of probiotics, to combat resistant infections,” he recommends.

Dr. Umar stresses that combating antimicrobial resistance is not just the responsibility of healthcare professionals but requires collective action from policymakers, the public, and global health organizations.

“We must work together to preserve the efficacy of our current treatments and ensure a safer future for all,” he concludes.

This special report is brought to you by Premier Radio in partnership with the Media EIS Fellowship