Business
Oshiomhole Urges Oil, Gas Sector Diversification
Former Edo State Governor, Adams Oshiomole, has called for the diversification of the oil and gas sector of the nation’s economy.
Oshiomhole made the call at the ongoing 5th Triennial National Delegates Conference of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja, yesterday.
The theme of the conference is: “Emerging Trends in the Oil and Gas Industry and its Impacts on Labour Movement in Nigeria.’’
Represented by vice president, Industrial Global-All, Mr Isa Aremu, Oshiomhole said that with the crash in the global oil prices, there was need for government to look elsewhere in generating revenue for its economy.
According to him, the Federal Government has been talking about diversification of the economy in the areas of agriculture, solid mineral, among others but not in the oil and gas industry.
“In spite of the challenges taking place in this sector, the oil and gas industry matters more than ever before and there is no way you can talk of diversification without the oil and gas sector.
“As a matter of fact, no diversification can take place in agriculture, in solid minerals without the necessary available resources that is still accruable from the oil and gas sector.
“It is obvious, 40 per cent of the national employment comes from the sector not only that, 95 per cent of the foreign exchange earning of Nigeria comes from oil and gas.
“Sixteen per cent of our GDP also comes from this sector, with 37 billion reserved crude oil as well as 183 cubic feet of gas,’’ he said.
Oshiomhole added that the country’s gas reserve was close to 30 per cent of the entire world gas reserve.
“It is clear that the future shows that Nigeria is not just oil producing country but increasingly we are also gas producing country. “
He said that the real diversification must start from the petroleum industry before any other sector.
On crude oil, he said that Nigeria was only exporting crude without adding value to it.
“We are not adding value the way we should but there are close to 112 derivates from the crude oil.
“There are a lot of downstream and upstream that we can generate in a way to revive the industry,” he added.
He, however, decried the way the major operators in the oil and gas industries were shifting the burden on the working people due to the collapse of prices of the crude oil by downsizing, among others.
He said that it was time for the company operators to respect the collative bargaining they entered in order to put an end to the arbitrary sacking of workers.
He also called for a joint revival of the industry, urging them not to compromise on the need for minimum labour standard, especially with respect for decent work.
The former governor urged the union to use the opportunity provided by the conference to deliberate on issues that would move the industry forward.
PENGASSAN’s president Mr Francis Johnson, said the union supported government’s initiative to bring in investors to revamp the refineries in the area of funding and expertise.
Johnson, however, said that the union demanded an access to the Federal Government, investors memorandum of understanding for the three refineries – Port Harcourt, Warri and Kaduna.
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