Business
Nigeria To Undergo EITI Oil, Gas, Mining Validation – NEITI
The Nigerian Extractive Industries Transparency Initiative (NEITI) says Nigeria will undergo a validation test of the Extractive Industries Transparency Initiative (EITI) on oil, gas and mining sectors.
The Executive Secretary of NEITI, Mrs Zainab Ahmed, announced this at a pre-validation workshop for stakeholders in the extractive industries in Abuja on Monday.
The Tide source reports that the validation, which will take place in January 2016, is designed to find out the level of implementation of EITI standards in Nigeria.
The EITI is a global standard to promote open and accountable management of natural resources.
The EITI exercise is conducted from time to time by the global body for quality assurance mechanism.
It is targeted at ascertaining the level of compliance of member countries to EITI principles of transparency and accountability in the extractive industries.
It would be recalled that Nigeria signed up to implement EITI standards in the extractive sector in 2003, but actually began implementation in 2004 .
Ahmed noted that the pre-validation workshop was to prepare Nigeria for the 20116 EITI validation.
She said that the validation was a quality assurance assessment tool employed by EITI to ensure that implementing countries conformed to standards.
She added that Nigeria had been designated as an EITI compliance country by the global body in 2013.
“In 2012, the EITI approved a new set of standards and part of the requirements of the standard is that countries like Nigeria that are EITI compliant will be going into validation every three years.
She said the period was to make sure that “we are complying to the terms and tenets of the standards”.
The workshop was also to equip NEITI to assess its performance over the years in the implementation of the EITI standards, she added.
She said it was also an avenue to help participants identify areas that NEITI needd to improve in the discharge of its responsibility.
“So this workshop is to make an assessment on what we have done in terms of the standards; what we have not done so well and what we have not done at all.’’
She added that the validation team in 2016 would engage stakeholders in the extractive sectors in question sessions, with a view to check performance and compliance to the standards.
Ahmed noted that the consequence of not passing the validation test would not be in the interest of the nation.
She, however, expressed optimism that Nigeria would do well in the validation, given the laudable performance of NEITI.
Speaking at the workshop, the Deputy Head of EITI Secretariat, Eddie Rich, emphasised the need for member countries to meet the EITI standards.
He said that although the standards were characterised by strict measures, the importance of adhering to them could not be overemphasised.
He noted that the pre-validation workshop would promote dialogue and learning on the further implementation of EITI standards.
Rich said that the seminar would provide opportunity to increase the impact of EITI, by providing ways to strengthen government system in fiscal expenditure and revenue collection in the extractive sector..
Reports says that that the two day workshop will have resource persons making presentations.
The topics include analysis of recent oil, gas and mining reports, revenue collection in the oil, gas and mining sector.
Participants at the events were drawn from Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Services (FIRS) and civil society groups.
L-R: Rivers Governor-elect, Mr Nyesom Wike; Ambassador of Netherlands, Mr John Groffen And His Secretary, Mr Maurice Paulussen, during their courtesy visit to the Governor-elect on investment opportunities and business partnership with Rivers State, in Port Harcourt, recently. Photo: NAN
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