Business
Poor Electricity Inhibits Steel Industry Growth – Stakeholders
L-R: Citizenship and Partners in Learning Manager, Microsoft, Ugochukwu Nwosu, Project Delivery Head, ICT-STP Education Services Ltd, Pradeep Joshi, STP Education Services Ltd, Gautham More, Special Adviser to the Rivers State Governor on ICT; Enger Goodliffe Nmekini, Special Assit. to the Rivers State Governor on Environmental Health Dr. Ogu Emejuru during offical launching of Badiliko Digital HUBS, in Port Harcourt, recently. Photo: Egberi .A.Sampson
Stakeholders have identified poor electricity supply as one of the factors inhibiting the growth of the nation’s steel industry.
Some of the stakeholders told newsmen on Wednesday that frequent power outages were preventing the steel companies from rolling out products to satisfy market demands.
Alhaji Isma’ila Bello, Managing Director, Crittal-Hope Ltd., Lagos, said the company was fabricating steel, aluminum windows and doors, but that poor power supply was the major problem adversely affecting production.
“In the past, the company had up to 2,000 workers who operated on shift basis, but today the employees are less than 200 and they work on single shift. And this is due to poor electricity supply.
“We consume about two drums of diesels daily, which translate to 480 litres per day. If you multiply that by N160 per litre, it means that we spend about N76, 800 per day.
“What is our profit margin if we spend such money on power alone. It is adversely affecting our business,” Bello said.
The National President, Iron and Steel Senior Staff Association of Nigeria (ISSSAN), Mr Otori Maliki, said many privately-owned steel firms in Lagos, including Crittal Hope Nig. Ltd.; NIWIL Nig. Ltd. and Eureka Nig. Ltd., were experiencing power challenges.
Maliki said the companies were producing at 30 per cent installed capacity due to poor power supply, and also lack of raw materials from Aladja and Ajaokuta Steel Rolling mills in Warri, Delta, and Kogi, respectively.
“There should be dedicated power supply lines for these companies to enable them function well.
“Also, the steel companies ought not to import raw materials if our rolling mills were functioning and prices of steel products would have been cheaper,” the union leader said.
Jos Steel Rolling Mill which became Zuma Steel West Africa after it was sold to private owners in 2003, is now dormant due to inadequate power supply.
The Group Executive Chairman of the company, Mr Innocent Zuma, told reporters that he was optimistic that the outfit would come back to life once there was adequate power supply.
“We are trying to get access to steady power supply; once we can get that the mill will come back on-stream,” Zuma said.
To address the problem, Zuma said the company was working toward establishing two power plants which, when completed, would serve not only the Jos Steel Plant but also other subsidiaries.
He said that the mill, when fully operational, would boost economic activities in Plateau, generate revenue, provide employment and empower the youths.
A Kano-based construction engineer, Abubakar Bello, also identified poor electricity as one of the problems bedeviling the steel industry.
“The steel industry requires electricity but the cost of electricity in this country is so high compared to what obtains in other countries.
“So, I appeal to the Federal Government to guarantee stable power supply to enable the industry produce enough steel materials for national development,” Bello said.
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