Business
Hotel Owners Lament Erratic Power Supply, Toll On Business
The Hotel Owners Forum,
Abuja (HOFA) on Thursday in Abuja lamented the erratic power supply to the city, saying it had negatively affected the hospitality industry in the territory.
The President of the association, Dr Bola Onigbogi, told newsmen that the erratic power supply had taken a negative toll on their operation.
According to her, hotel business in the Federal Capital Territory is saturated and owners cannot start increasing room rates and other services.
“Before the proposed 45 per cent electricity tariff increment in February this year; we were complaining that what we were paying then was high.
“Now they have increased the tariff by 45 per cent; actually, the court and the National Assembly had stopped them from implementing the increase.
“But they went ahead and implemented it; we are not finding it easy, and to make matters worse, the supply is not there and we pay the high rate for power,’’ she reiterated.
She said that the erratic power supply was impacting negatively on commercial and domestic activities in the country.
Onigbogi said that consumers across the country were groaning because the electricity supply was erratic.
“Even the Transmission Companies of Nigeria confirmed that there was a sharp drop in the electricity supply across the country.
“By the time you put all these together, you will discover that many businesses in the country are running at a loss; we are not making profit like before again.
“We spend over 35 per cent of our profit on alternative power supply only; it is not supposed to be so; it should be like 10 to 15 per cent.
“Government needs to do something about it because we cannot continue like this; it is not easy,’’ she stressed.
Meanwhile, Chief Tomi Akingbogun, the President of Federation of Tourism Association of Nigeria (FTAN) said that the recent increment in electricity tariff was ill timed.
According to him, the investors are supposed to have given all electricity consumers prepaid meters before implementing any form of increment.
He said that many hotel owners in Abuja were converting their hotels into residential facility.
“I know more than three hotels in Abuja that have been converted to residence; as at now.
“There are hotels that cannot pay their workers’ salaries; some are owing their staff for some months; these are due to challenges facing the hospitality industry in the country.
“The investors in the power sector and Nigerian Electricity Regulatory Commission do not have the Nigerian people and business in their minds; they are only after the profit for the investors,’’ he said.
Speaking in same vein, Mr Martins Agbo, the Public Relations Officer of Nicon Luxury Hotel, Area 11 in Abuja said that the government needed to wake up and do the needful.
According to him, the Federal Government before privatising the sector, had invested a lot of money in the power sector, but there was no commensurate improvement.
“This is because of corruption; Nigerians handling the power sector were not sincere in the provision of uninterrupted power supply to Nigerians.
“Sabotage is another thing that the government has to look into with all manner of doggedness; because many unpatriotic Nigerians are hell bent on destroying power installations in the country.
“We spend a lot of money on alternative power supply for the hotel, but it would have been better if public power supply is constant to justify the increment in tariff,’’ he said.
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