Business
Dangote Refinery To Enhance Energy Independence In Nigeria -Ayuk
The Executive Chairman of African Energy Chambers, NJ Ayuk, has said the coming onstream of the $20 billion Dangote Refinery will enhance energy independence across Nigeria.
Ayuk, who disclosed this to The Tide’s source in a telephone interview, said: “The refinery will have a huge impact on energy security and affordability in Nigeria, enabling the exploitation of the country’s 37 billion barrels of proven oil reserves to address both local and regional energy needs.
“As Nigeria moves to alleviate energy poverty through domestic petroleum products, facilities such as the Dangote Refinery will be central for enhancing energy independence across the country.
“The milestone is also a testament of the capacity of Nigeria’s local producers to provide local refineries with the crude required to meet local needs.
“We commend efforts by the Nigerian government in working together with the country’s producers to enable the provision of over six million barrels of crude oil to the Dangote Refinery since late 2023.
“In addition to energy access, we are also excited to see the thousands of jobs the refinery has created for the local economy”.
He noted that, “Nigeria spends over $30 billion in fuel imports per annum and ranks as the third highest importer of petroleum products in Africa, despite representing one of the continent’s top oil and gas producers.
“The start of operations at the Dangote Refinery, Africa’s largest refining facility and the world’s largest single-train refinery, will see an end to fuel imports for the country.
“As it stands, the refinery is producing diesel and aviation fuels only. At full production capacity of 650,000 barrels of crude oil per day, it will meet 100percent of the country’s demand for refined products including gasoline, diesel, kerosene and jet fuel.
“The Dangote Refinery marks an end to Nigeria’s dependence on expensive energy imports.
“Today, Nigeria is the most populous country in Africa and has one of the world’s fastest growing populations. Population growth will see a dramatic increase in energy demand, both in-country and regionally.
“Nigeria’s focus is and should be meeting its local demand before looking into exporting to other countries.
“The scale of the Dangote Refinery, however, allows it to meet both Nigerian demand as well as regional. We look forward to the country achieving energy independence and then helping neighboring countries enhance their own energy security.
“Over the years, African markets that have been heavily dependent on energy imports have faced challenges, including security of supply and price fluctuations.
“These challenges have been further exacerbated by geopolitics and economic disruptions. Implications such as high freight and insurance costs coupled with import duties have consistently led to higher fuel costs.
“With facilities such as the Dangote Refinery, African countries have a strategic opportunity to mitigate these challenges, offering a solution to the vulnerability of the Nigerian market to global disruptions and reducing the financial burden associated with insurance and freight costs.
“As such, the project holds the potential to dramatically reduce energy costs in Nigeria”.
Ayuk continued that, “The Chamber extends its heartfelt congratulations to Nigeria for reaching this significant milestone. We believe that fostering collaboration among private and public sector stakeholders is imperative to effectively address challenges faced by African economies.
“Dangote represents a benchmark for other resource rich nations in Africa and we look forward to seeing a wave of similar developments kick off across the continent. This milestone should be the start of an evolution in Africa’s energy sector.
“With increased investment, African countries can develop the infrastructure they need to strengthen value chains and achieve energy independence”.
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