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Umahi Charges Engineers, Investors On Harnessing Resources
Ebonyi State Governor, David Umahi, has challenged engineers and investors to harness abundant human and material resources to achieve the needed Industrial revolution in the country.
He gave the challenge at Adada House Nsukka, weekend, at the 18th Herbert Macaulay memorial lecture.
The lecture, entitled “Potentials prospects, and drawbacks of steel and petroleum industries development in Nigeria”, was organised by the Faculty of Engineering, University of Nigeria Nsukka (UNN).
The Tide’s source reports that the venue of the event was moved outside UNN to Nsukka town because of the ongoing nationwide warning strike by the Academic Staff Union of Universities (ASUU).
The Governor, who was represented by his deputy, Mr Eric Igwe, said the theme of the lecture was apt as steel and petroleum resources were very vital for the development of any nation’s economy.
“Development of infrastructure in any nation without these two resources remain an uphill task.
“Our nation is abundantly endowed with steel and petroleum but we have not developed capacity to harness them to serve our nation population,” he said.
Umahi urged engineers in universities to find out what prevented the country from full and proper exploiting of these key resources to national development.
“No country has ever developed by just selling raw materials without refining them to finished products.
“Refining of these products, more value is addressed, jobs created, bye-products developed to new products,” he said.
He expressed appreciation to the faculty of engineering for the recognition and honour given to him to chair the 18th Herbert Macaulay memorial lecture.
Speaking on theme of the lecture, Governor Abdullahi Sule of Nasarawa State said contributions of late Macaulay to engineering profession in the country, being the first engineer were numerous.
According to him, Macaulay who was the first licensed engineer in the country in 1893, contributed immensely through research, training as well as practicing of the profession.
”Macaulay trained and practiced as engineer, architect and surveyor in those days when there was little distinction between these disciplines.
“There is no doubt that this training equipped him for his pioneering role as nationalist in the fight for Nigeria political emancipation.
“Macaulay’s legacies should serve as an inspiration to all engineers in the country,” he said.
Sule, who was represented by his Deputy Governor, Dr Emmanuel Akabe, said that engineers in Nigerian universities should go into a serious research on how the country could drive maximum benefits from steel and petroleum resources.
“Engineers in tertiary institutions especially those in UNN as the foremost university in the country, should lead others to advise government properly on the best way to solve the problems in steel and petroleum industries.
“This is important as no government will reject professional
advice from the ivory tower,” he said.
The Governor noted that getting the problem of steel and petroleum industries solved would help boost the economy as well as reduce the number of unemployed youths in the country.
He expressed his gratitude to the faculty of engineering for finding him worthy to come and deliver the all-important Herbert Macaulay memorial lecture.
In his remark, Prof Emeka Obe, Dean, Faculty of Engineering, UNN said that in 1978, the faculty Board of Engineering, recognizing the pivotal role played by the person recognized as the founder of Nigeria nationalism, Herbert Macaulay towards Nigeria independent resolved to establish a biennial lecture in his honour.
“The theme for this 18th lecture is important because steels and petroleum are drivers of modern economy, thus they are very strategic for Nigerian’s industrial development.,” he said.
The Dean, however appealed for help to enable the faculty to have a 1000 capacity lecture theater, new and separate building for seven departments, among others.
Earlier, Prof Charles Igwe, the Vice-chancellor of UNN, said that the university had always recognized the great contributions of Macaulay in engineering as well as Nigeria in general.
“Engineers, surveyors architects and other professionals should learn from the professional lifestyle of Macaulay and make every effort to leave good footprints on the sand of time,’ he said.
The VC, represented by UNN’s Deputy Vice Chancellor Academic, Prof Johnson Urama, expressed optimism that the 18th lecture would provide solutions to many challenges facing steel and petroleum industries in the country.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
