Business
Contents Board To Launch NCI Fund With N72bn
The Nigerian Content Development and Monitoring Board (NCDMB), last Monday said that it had obtained all necessary approvals to re-launch the Nigerian Content Intervention Fund (NCI Fund) with N72 billion ($200m)
The Executive Secretary of the Board, Mr Sibi Wabote,disclosed this in a statement made available to newsmen in Lagos.
Wabote said the fund, which would be available for lending to qualified oil and gas players, had been increased from $100m to $200m to ensure that more deserving companies would benefit.
He said that the money would be disbursed directly by the Bank of Industry (BOI) at eight per cent interest rate and repayable within five years.
The board secretary said that this confirmation was coming as the management of Dangote Petroleum Refinery had agreed to select competent Nigerian vendors that would participate in the construction of the plant from the Nigerian Oil and Gas Industry Joint Qualification System (NOGICJQS).
He said that data on available capacity in the oil and gas industry was being managed by Nigerian Content Development and Monitoring Board (NCDMB).
The Chief Operating Officer in Dangote Refinery Project, Mr Giuseppe Surace, was quoted as saying that Dangote was committed to the project at a technical meeting held between top officials of the company and NCDMB at the refinery project site in Lekki, Lagos State.
He affirmed that there were many advantages in patronising the local market, stressing that, “Nigerian companies will get the first right of refusal. We will procure anything that is available in Nigeria.”
The Dangote COO confirmed there were several Nigerian Content opportunities in the company’s refinery and gas gathering projects, but interested companies must submit competitive bids and have technical capabilities.
He explained that the project is a private investment, hence the strategy is to get the best quality anywhere in the world at the most competitive price.
Surace advised local vendors to quote reasonable prices when bidding for industry projects, rather than believe that they would win jobs because of the Nigerian Content Act, irrespective of expensive quotations they submitted.
He said that Dangote Group engaged the services of some Nigerian companies on its fertiliser project which had reached advance stage of development.
Surace said that Dangote was committed to do the same on the 650,000 barrels per day refinery project which would be completed in October 2019.
Wabote promised that the Board would assist the company in the utilization of the NOGICJQS database to ensure that it maximised the utilisation of local personnel, goods and services in the construction and operations phase of the project.
“The Nigerian Content Act applies to every player in the Nigerian oil and gas industry and not just international companies.
“If Nigerian companies and investors procure everything from abroad then the essence of the Act will be defeated,” he said.
Wabote said that slight cost differentials between Nigerian and foreign vendors should not be an excuse to export jobs.
He said that Nigerian companies were affected by high cost of funds and powering their operations with diesel generators, assuring that investments and initiatives by the Federal Government were already improving the power situation in the country.
Wabote sought the collaboration of Dangote Refinery to build infrastructure and human capacity that would support the operations phase of the project.
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
