Business
NLNG Generates $114bn, Pays $9bn Tax, As Train 7 Kicks Off
Nigeria Liquefied Natural Gas (NLNG) has generated more than $114billion over the years and tax payment of $9billion as the construction of the most expected Train 7 kicks off in earnest.
Flagging off the construction of the projects last week virtually, President Muhammadu Buhari expressed excitement over the progress made by the country’s NLNG.
“I am proud that NLNG, as the pioneer LNG Company in Nigeria, has conscientiously proven the viability of the gas sector over the years, currently contributing about one percent to our country’s Gross Domestic Product (GDP).
“NLNG has generated $114 billion in revenues over the years, paid $9 billion in taxes; $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.
“These are commendable accomplishments by the company’s 100 percent Nigerian Management Team”, he said.
President Buhari flagged off the construction of the Train 7 project of the Nigeria Liquefied Natural Gas Limited (NLNG) in Bonny Island, Rivers State during the groundbreaking ceremony at the Company’s plant site, effectively kick-starting the project which is expected to increase NLNG’s current six-train plant capacity by about 35% from an extant 22 Million Tonnes Per Annum (MTPA) to 30 MTPA.
President Buhari, in his address, said the groundbreaking event was an important milestone in the history of Nigeria’s oil and gas industry, adding that “the story of Nigeria LNG is one that I have been so passionately associated with during the formative years of the NLNG project. It has transformed from a project over the years to a very successful company.
“This groundbreaking ceremony to herald the Train 7 project construction has afforded me the opportunity to congratulate NLNG and its Company’s shareholders – NNPC, Shell, Total, and Eni – for proving that a Nigerian company can operate a world-class business safely, profitably, and responsibly. Clearly, you have set the stage upon which Nigeria’s vast gas resources will continue to grow well into the future.
“With this level of performance, I can only hope that the company continues to grow, starting with this Train 7 project, but also positioning Nigeria to thrive through the energy transition.
“I hereby urge the Board of Directors, Management and Staff of Nigeria LNG, the Host Communities, the Rivers State Government and Agencies of the Federal Government to continue to collaborate to ensure completion and eventual commissioning of the Train 7 project safely and on time, so that Train 8 can then start.
Rivers State Governor, Nyesom Wike, represented by his Deputy, Dr. Banigo, applauded the shareholders, NLNG’s Board of Directors, and the company’s management for keeping the Train 7 dream alive, saying that the State Government considered the project as a key economic enabler and remains committed to supporting both the project and the Company.
The Minister of State for Petroleum Resources, Timipre Sylva, stated that Train 7 would contribute to maintaining the country’s status as a gas exporting nation.
“Nigeria has more gas reserves than crude oil, and we have much to gain from sustaining our LNG exports to a market that has a growing demand for the commodity as the preferred fuel for industrialisation and power generation,” he said.
The Group Managing Director of NNPC, Mele Kyari, in his welcome remarks, commended the Federal Government for supporting the project and called for stakeholders’ support for the project, adding that support for NLNG will lead to immense benefits to Nigerians.
Nigeria LNG’s Managing Director, Tony Attah, in his welcome remarks, said the benefits of gas to the country will increase on the back of the Train 7 project, noting that Train 7 will stimulate the inflow of more than $10billion Foreign Direct Investment (FDI) into Nigeria as part of the project scope; create more than 12,000 direct jobs and additional 40,000 indirect construction
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