Business
Bizmen, Motorists Lament Diesel Price Hike
Some small scale operators
and commercial motorists plying Lagos roads on Sunday lamented over the increasing price of diesel which now stands at N200 per litre in most of the filling stations in Lagos.
They told our correspondent in an interview that the increasing price had affected the profit margin of their businesses, thereby making them to run at a loss.
Mr Thompson Alo, General Manager, HTS Photo Laboratory, Agege said that the company spent N200, 000 monthly to buy diesel to power their generator.
Alo said that before, they used to spend just N100, 000 to buy the product because electricity supply was regular and the product was just at N130 per litre.
“With the price of diesel now at N200 per litre, the company is not making any profit, we had to send away two of our staff, last month.
“In June, the company made a profit of just N5, 000 for the entire month, we cannot afford to pay the salaries of workers.
“If diesel is N130 per litre, we will be saving N70 from each litre from the 1000 litres buy in a month, this is over N70,000,’’ he said.
Alo appealed to the Federal Government to wade into this problem and help in the importation of the product, adding that the cabal in the diesel business was making a lot of profit.
The general manager said that with the current world crude oil price that was less than 50 dollars, the product should not be more than N100 per litre.
Managing Director, Blue Sky Frozen Foods, Ijora Mrs Josephine Okoro, lamented the pain she was going through to sustain her business.
“Our business is finished without regular supply of public electricity, but now that there is no supply from the electricity distribution company, I rely on diesel to fuel my generator.
“This is really affecting our business because one cannot just increase the price because of the power challenges we are facing.
“All the profit now goes to buying diesel. I just keep coming to the shop because I don’t want the business to collapse.
“It is no longer business as usual now because all profit now goes into the purchase of diesel,” she said.
Okoro said she was spending close to N80, 000 monthly to keep her cold room alive.
Also, some commercial motorists in Lagos said that the increasing diesel price was affecting their take home.
Mr Morufu Salami, a commercial bus driver that plies the Sango/Oshodi axis said that the driving business was no longer as rosy as before.
Salami said he spent N8, 000 on diesel daily, only to discover that at the end of the day, there was nothing to take home.
“Apart from buying N8, 000 diesel, motor touts will collect almost N4, 800 daily, apart from Police settlement, then I will deliver N10, 000 to the owner.
“What is left will be shared by the conductor and myself. But recently, we are being left with little or nothing after the day’s work.
“The price of diesel is on the high side: from N130 in May to N200 in June. This is too much, our government should save us from the hardship.
“Drivers cannot boast of saving N2, 000 a day now, as everything is on the high side. Government should come to our rescue,” he said.
Another commercial bus driver, Mr George Okorie, said that he always checked filling stations along Abule-Egba/Iyana-Ipaja road to see those selling diesel below N200 per litre.
“The increasing price of diesel has taught me to check the prices of diesel on display before buying.
“I always buy my diesel at Danco filling station along Iyana-Ipaja because it is cheaper there.
“They sell diesel for N183 per litre and their petrol is N140 per litre.
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