Business
NNPC Assures On Dev Of Gas Resources
The Nigerian National Petroleum Company (NNPC) Limited has insisted that it will continue to develop Nigeria’s gas resources.
This it said it will do in spite of the exit of International Oil Companies (IOCs) from the country due to the global push for energy transition and net carbon zero target.
NNPC’s Group Managing Director, Mele Kyari, disclosed this on Monday in Abuja at the Nigeria International Energy Summit 2022, with the theme, “Revitalising the Industry: Future Fuels and Energy transition”.
Recall that the Federal Government announced it had established a $50m Liquefied Petroleum Gas (LPG) Energy Fund in partnership with Afriexim Bank to deepen the use of LPG in Nigeria.
Kyari said the NNPC would work with its partners to facilitate the process in Nigeria no matter the massive investment drop in fossil fuel projects, even as oil firms exit Nigeria.
“Companies are divesting. They are leaving our country literally, that’s the best way to put it. But they are not leaving because opportunities are not there.
“It is because companies are shifting their portfolios where they can add value, and not just that, where they can also add to the journey towards net carbon zero production. We understand this very perfectly.
“But we can’t afford not to realise that this country must benefit from the realities of today”, he said.
He observed that presently in the sub-Saharan Africa, which includes Nigeria, countries are deficient in energy.
“There’s the poverty of energy and there’s a huge gap to be filled,” he stated, adding that “This country has the largest reserves of gas and crude oil including condensates, and therefore there’s simply no way you can transit to a net carbon zero situation without necessarily having a transition fuel.
“It is very clear to the world that gas will be the transition fuel. And that can’t happen except you are able to put in on the ground, convert it to a usable form and make it available to its users”, he said.
According to him, “you can’t do that except you find financing for it. And today we all understand the level of underfunding in the fossil fuel industry.”
Kyari continued that funding for fossil fuel projects had dropped by about 50 per cent when compared to what it was about 10 years ago.
“And the impacts are already showing. There’s a clear demand and supply gap that we are seeing today and that’s why we are seeing the $104 oil in the market today.
“No one has invested significantly in the last 10 years and more so in the last five years. And it is much more difficult in our country today because we are not able to invest in the fossil fuel industry in the last five years to the extent that we are seeing the effects of what that really means”, Kyari concluded.
On his part, the Minister of State for Petroleum Resources, Chief Timipre Sylva, called on the world to support a drive to develop African natural gas production.
Describing it as green energy to ramp up electricity output, Sylva said, “Africa is not denying the need to transit to renewable fuels, to cleaner energies, but we are only saying at this point, just when we are getting our act together, please allow us to enjoy our resources a little bit”.
Sylva explained that for countries such as Nigeria, “which was rich in natural resources but still energy poor, the transition must not come at the expense of affordable and reliable energy for people, cities, and industry”.
Also speaking, OPEC’s Secretary-General, Sanusi Barkindo, and other African energy ministers at the summit defended investments in fossil fuels, insisting that the global push for the energy transition to net carbon zero emission was not in favour of Africa.
They argued that Africa accounted for less than three per cent of global carbon emissions while some 600 million Africans had no access to electricity, stressing that it would be counter-productive to halt investments in fossil fuels in Africa.
“It would be a tragedy of unimaginable proportions if, despite billions of dollars being poured into investments for these resources, these went west as stranded assets”, 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