Business
Electricity Consumers Kick Against Proposed New Tariffs
Electricity consumer groups yesterday, kicked against the planned review of electricity tariffs for the 11 power Distribution Companies (DisCos) by the Nigerian Electricity Regulatory Commission (NERC).
They maintained that there was no justification for any upward review of electricity tariffs due to the current economic realities and challenges being faced by Nigerians.
The groups, the Energy Consumer Rights and Responsibilities Initiative (ECRRI) and All Electricity Consumers Protection Forum (AECPF) made their views known in separate interviews with newsmen Lagos.
The Tide reports that NERC, the regulator of the power sector had in a public notice, announced that it was working on concluding Extraordinary Tariff Review process for the DisCos.
The commission said it would also commence the processes for the July 2021 Minor Review of the Multi-Year Tariff Order (MYTO-2020) which was done every six months.
However, Mr Adeola Samuel-Ilori, National Coordinator, AECPF said minor review was not automatic even if it was done every six months.
Samuel-Ilori said “There are provisions to be fulfilled before they can do any review whether major or minor.
“In the major review they have to fulfill the provisions of Section 76(1) of the Electric Power Sector Reform Act (EPSRA) which states that a licensee can ask for a review premised on what the licensee has spent so far to improve supply.
“This also applies to minor review and we cannot say that supply has improved in the last few months based on the DisCos investments in the sector.
“As at today, we are generating 5,866MW to serve the whole Nigeria which is almost 200 million people. That cannot be said to be an improvement,” he said.
He also argued that there was nothing like extraordinary review in the EPSRA , stressing that what Nigerians needed now was improved supply not tariff increment.
Also, Mr Surai Fadairo, National President, ECRRI said Nigerians were still struggling to cope with the last tariff increment following the major review done in 2020.
Fadairo said “The national minimum wage is N30,000 and most states are yet to implement the payment.
“There is rising inflation in costs of goods and services. Some Nigerians have lost their jobs due to the coronavirus pandemic and are barely holding on.
“There is no justification for any increment in electricity at this point in time. We are even thinking of how government can give electricity credits to Nigerians to ameliorate their plights,” he said.
The Tide reports that NERC had said extraordinary tariff reviews were carried out in instances where industry parameters had changed from those used in the operating tariffs to such an extent that a review was urgently required to maintain the viability of the industry.
The commission said the reviews would put into consideration, changes in inflation, foreign exchange, gas prices and available generation capacity.
NERC said it would also consider Capital Expenditure (CAPEX) required to evacuate and distribute the said available generation capacity in accordance with EPSRA and other extant industry rules.
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