Business
Stakeholders Urge FG To Adopt New Economic Strategies For Revenue
L-R: Assistant General Manager, Five Star Logistics Limited, Mr Nicholas Bruce, representative of Executive Secretary, Nigeria Shippers Council (NSC), Mrs Okam Ada, Executive Director, Stars Investment Company Limited, Iroghama Obuoforibo, and President, Women International Shipping and Trading Association (WISTER), Jean Chiazor-Anishere, during the WISTER Nigeria Business Luncheon/lunch of Membership Directory in Lagos on Friday
Some stakeholders in the oil and gas industry, last Friday urged the Federal Government to adopt new economic strategies that would boost the nation’s revenue, amid the declining oil receipts.
The energy experts made the appeal in separate interviews with newsmen on the sidelines of the just concluded international conference of the Society of Petroleum Engineers (SPE) held in Lagos.
The Managing Director, Frontier Oil Plc, Mr Thomas Dada, said that the global economic challenges make it imperative for the country to look inwards and tap its indigenous human and material resources.
He said that the inwards search, especially in human capital, would also assist the nation in retaining huge funds lost annually to capital flight.
According to Dada, Nigeria must also look inwards for an effective strategy to maximising its huge petroleum resources earning and utilising it for rapid industrial and economic growth.
He said that the move for increased local content in the petroleum industry was timely and strategic in managing the effects of the dreaded oil price burst, currently threatening activities in the oil and gas sector.
National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Okoronkwo, called for sustained political will in the implementation of the subsisting local content policy.
Okoronkwo said that the local content policy was a won battle for the indigenous players in the industry to accept the challenge of driving the industry.
He said it would save the country from adversities of free fall of crude oil prices in the international market.
The IPMAN boss said that the only way out of the tight oil price curve was for all stakeholders in the industry to foster unity and proffer solutions to bridge the deficits arising from dwindling oil revenue.
He said also that collaboration among local and international players in the industry remains the requirement needed to sustain Nigerian Content Development (NCD).
He pointed out that the indigenous players in the oil and gas industry have escaped the average psychological limits in the country. Okoronkwo explained that the mindset of the industry has developed above the Nigerian psychological template.
Also speaking, Chairman Momas Meter Manufacturing Company (MEMCOL), Mr Kola Balogun, said that the survival of the Nigerian petroleum industry and the success of running policy programmes depend on ability of local service providers to deliver.
Balogun urged government to harness more gas for sustained and rapid industrial growth needed for economic development.
He said that the combination of gas and power form the prime index of country’s economic development and key indicators of standard of living.
“There is a correlation between gas consumption ratio of a country and the nation’s economic development,” he said.
Balogun noted that the current level of gas development in the country remains grossly inadequate in meeting the nation’s economic targets.
“Current total gas production in the country could only deliver 36 gigawatts of electricity.
“There was a critical need for policies that would stop gas re-injection and flaring in order to harness and channel more gas to power generations,” he said.
President, SPE Nigeria Council, Mr Emeka Ene, said that the crude oil price dilemma was a universal concern.
According to Ene, players must face the new reality by adopting cost efficient measures in keeping afloat.
He added that local content remains the only path for the industry through the prevailing market turbulence.
On the domestic environment, he said, gas demand for local industries and power plants has become imperative in the face of the new realities in the industry.
He said that the local content journey has yielded fruits after 13 years’ journey.
Our correspondent reports that the 4-days SPE conference and exhibitions which started on August 3 has “Natural Gas Development and Exploitation in an Emerging Economy Strategies, Infrastructure and Policy Framework,” as its theme.
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