Business
NNPCL To Cut Fuel Import From August
The Nigerian National Petroleum Company (NNPC) says once the Dangote Refinery starts pumping out refined petroleum products from late July or early August, the NNPCL will cut down on its imports of Premium Motor Spirit, popularly called petrol.
NNPCL is currently the sole importer of petrol into Nigeria, a task which it had shouldered for several years. Other oil marketers stopped importing petrol due to their inability to access the United States dollars at the official rate.
NNPCL also owned 20 per cent stake in the Dangote Refinery. The 650,000 barrels per day crude oil processing refinery was inaugurated on May 22, 2023 by former President Muhammadu Buhari, who described the facility as a game-changer.
Also at the inauguration, the Founder/Chairman, Dangote Group, Aliko Dangote, said the facility would put an end to the inflow of toxic substandard petroleum products into Nigeria, adding that the refinery would meet 100 per cent of Nigeria’s fuel needs.
Dangote also stated that the refinery would start delivering refined products to the Nigerian market from late July or Early August this year.
According to the spokesman of NNPCL, Garba-Deen Mohammed, immediately Dangote Refinery begins to push out products in August, it would change the NNPCL fuel imports programme.
He said, “NNPC Limited is bringing in products from outside Nigeria as a matter of necessity, not as a matter of choice. We would have preferred that we produce here, refine here and we sell and provide the energy security that the country needs.
“Because of the circumstances that surround our refineries, we cannot allow the country to be grounded. So we have to buy wherever we can get and sell. So if Dangote products are available, why should we not buy from Dangote?
“There is absolutely no reason. And that is the reason why we are interested in the Dangote Refinery. We are co-owners, shouldn’t we do business with our partners rather than do it with other people?”
Muhammad stated that the NNPCL would be supplying crude oil to the Dangote Refinery based on business agreement between both parties, and that this would be in accordance with the international price of crude.
“NNPC owns 20 per cent of that asset and we have an agreement with Dangote that we will supply the refinery with crude. So as soon as Dangote begins to request for crude to pay for it, NNPC is prepared to supply the crude as a business transaction.
“We have been selling crude to different parts of the world for decades, and it is not whether we will sell it to Dangote, for why won’t we sell to Dangote when we are selling to other refineries and countries?
NNPCL Group Chief Executive Officer, Mele Kyari, recently stated that the supply of 300,000 barrels of crude oil per day by the national oil firm to the Dangote Refinery would start once the facility commenced operations.
to be produced by the Dangote Refinery would not be known at the moment until the refinery released its pricing template.
They expressed hope that the refinery would improve the petroleum products’ supply situation in Nigeria, but noted that the cost of white products would only be determined by the pricing template of the facility.
The Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, said, “By the time it starts producing, we would see how implementation is going to be and his template.
“We cannot say much about the refinery until it starts. So let us see the mode of production, how it is going to look like in terms of its pricing template”.
Also speaking, the President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the pricing template from the new refinery would guide operators on what would be the cost of refined petroleum products from the facility.
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