Business
Recession:Don Wants FG To Privatise Refineries, NNPC …Says Assets Sale, A Misnomer
Even as the debate on the
proposed sale of national assets rages on in the country as a way of coming out of the current economic recession, a university teacher, Dr Samuel Chisa Dike, says the Federal Government should rather embark on the privatisation of ailing national companies like the Nigerian National Petroleum Company (NNPC) and the four refineries.
Dike, a senior lecturer in the Faculty of Law of the Rivers State University of Science and Technology, who bared his mind in an interview with The Tide in Port Harcourt said privatisation of the companies instead of sale of national assets which he described as a misnomer remains the surest option of assisting the country to come out of the current economic recession.
He posited that for the privatisation option to, however, yield positive fruits, the necessary legal machineries and regulatory processes must be put in place to achieve transparency and make it work, insisting that without transparency, it might not achieve much for the country.
The university teacher, who specialises in Energy Law said there was also the need for the Federal Government to privatise its ailing companies because, according to him, governments have never been good managers of public institutions and corporations.
He noted that if the necessary legal framework is put in place to drive the privatisation process, economic theorists and practitioners would be in a better position to articulate a robust way of ensuring transparency of the process, stressing that the absence of transparency may not be able to promote the effectiveness and efficiency of the privatisation process.
To this end, Dike called on the Federal Government to borrow a cue from the United Kingdom, under the administration of its former Prime Minister, Margaret Thatcher, which he said embarked on the privatisation of some ailing British companies to get them out of doldrums.
The university teacher further posited that he was opposed to a situation where the Federal Government would privatise and sell the assets to a few Nigerians, saying, doing so would not augur well for the country, and hinted that instead of bandwagon privatisation of government assets, selective privatisation should be the best option.
Dike also urged the government to tell Nigerians what it wants to do, particularly when it mooted the idea of sale of assets and clearly defines its intention.
“What is selling of assets? Government can only privatise or commercialise. Selling of assets is a misnomer,” he intoned, stressing that only ailing companies ought to be privatised and not viable ones like the Nigeria Liquefied Natural Gas (NLNG), which he said recently remitted a large chunk of money into government coffers.
He also picked holes in the Federal Government’s Treasury Single Account (TSA), saying if under the TSA policy, the country has found itself in deep economic recession, there was the need to revisit and review it.
The university teacher said there was hope for the country if Nigerians keep faith and remain united, having passed through thick and thin in the past 56 years, and particularly commended Governor Nyesom Wike of Rivers State for using the 56th Independence celebration to commission several road projects across the state.
Describing Wike as a pragmatic leader, he advised the governor to give other sectors attention apart from roads and veer into the sea ports in the state and also Risonpalm, to boost the revenue profile of the State.
He suggested that the franchising of ports should be revisited to enable the State government to buy into the ports and make them a source of revenue for the State and equally buy into the contractual relationship of Risompalm and re-work it to make the company more efficient.
Donatus Ebi
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