Business
Firm Wants Enhanced PIA Impact On Oil, Gas
Tetracore Energy Limited, an integrated energy company, has urged the Federal Government to back Nigeria’s Petroleum Industry Act (PIA) with actions capable of enhancing its impact on the oil and gas industry.
The Manager, Downstream Gas & Virtual Pipeline Solution, Tetracore Energy Limited, Emmanuel Udoh, said the enactment of the PIA is not enough to drive investment and growth in the industry.
Speaking to newsmen in an interview at the just-concluded 2023 Nigeria International Energy Summit, in Abuja, Udoh said: “PIA is not enough. There is work that must be done.
“For instance, we don’t really have clarity around PIA stands on Non-Associated Gas (NAG) Asset development. And that’s also creating some sort of concerns within the industry players”.
Udoh emphasized on the need for the government to formulate policies that will enable homogenous innovation and further transfer of technology from the International Oil Companies (IOCs) operating in the country, to indigenous players.
According to him, this will help to reduce reliance on imported technologies, and prevent capital flight.
He said: “Starting off on the Decade of Gas, have we done well? Well, that’s relative. But can we do more? Yes! The potential is there. I mean, we have the resources, we have the human capacity; and the only challenge will be around technology and funding.
“In terms of technology, I think there has to be some sort of policies put in place to enable homogenous innovative technologies inventions and further transfer of already existing technology from most of the IOCs to the local players – that’s the indigenous players; so that we begin to reduce the level of our offshore reliance on technology.
Of course, when that happens, there’s no capital flight anymore, more capital would be retained in-country which, of course, you know has other multiplier effects.
“So, localizing the technology side of things is very critical and that’s why we have begun to see local companies – indigenous companies go into building highly robust Gas solutions.
“We have companies that are already assembling Gas leak detection systems, Gas skids, PRMS – that’s Pressure Reducing and Metering Station, to support some of the Gas industrialization initiatives that we have in the domestic market today.
“We have started off well and we believe that we can do more. And that’s why this sort of engagement is very important”.
Tetracore is a one-stop shop integrated energy solutions provider with a robust and increasing gas and power delivery portfolio across the energy landscape in Nigeria, providing Natural Gas and Power to various off-takers across the country.
Udoh informed that the company is committed to leading the energy transition in Nigeria and Africa as well, adding that decarbonization is a key part of Tetracore’s strategic imperatives.
He said: “We have diversified and refocused our strategy to play across the entire energy value chain from downstream, even the midstream and also the upstream as well as the renewables and Power sector of the economy. Because you can’t talk about energy without addressing the broad power issues that we have in Nigeria and Africa as a whole.
“We are very focused, and we are very determined to unlock a bit more volumes of Gas into the domestic market, and to deliver Power to the domestic market today”.
Udoh said as a company, clean energy is key for Tetracore, adding that the company currently supplies gas to many companies, thus assisting to reduce their carbon footprint.
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