Business
Energy Crisis: Expert Harps On Homegrown Solutions
A Policy and Regulations Development specialist, TunjiAriyomo, has advised the Nigerian government to seek homegrown solutions to the energy crisis rocking the country.
Ariyomo said the country would achieve rapid economic development should it attain energy sufficiency.
He gave the advise at a Public Lecture organised by the Nigerian Society of Engineers in Akure, last Friday.
He said Nigeria’s energy crisis has worsened with the removal of fuel subsidy by the Federal Government in May, leading to increases in the pump price of petrol.
Ariyomo highlighted four major problems undermining Nigeria’s energy sector, including dependency on oil and gas, inadequate infrastructure, energy poverty, and environmental concerns.
According to him, to end the importation of petroleum products, which, he said, was draining forex and creating job losses, Nigeria needed to build its own refineries based on the technological capacity of Nigerians.
Ariyomo, however, stated that the country has not been able to maintain sophisticated refineries due to lack of capacity saying, “the refineries breakdown always affected us, and our people are simply unable to repair them”.
The expert observed that the USA, China, South Korea, and the UK have functional refineries because they build and operate them with local “knowledge and technical know-how– organic ownership of the technology associated with and incidental to petroleum refineries”.
To build their own refineries, he said, Nigerians must acquire the technical know-how, noting that “our forefathers had commanding control of the technologies with which they refined their palm oil.
“Hence, Nigerians can only fix crude oil refining by acquiring the technical know-how and organic capability to locally fabricate, locally assemble, and locally install all components of refineries leveraging indigenous capability.
“Indeed, once Nigeria and Nigerians own and control the required knowledge, possession of crude oil as a natural gift within its geographical boundary will no longer be an obligatory requirement in the nation’s quest to fix its energy needs and export the surplus. This is what is described as self-sufficiency.
“In simple words, Nigeria must stop seeing imports, or the race to build the biggest refinery procured with technologies controlled by its rivals as the compelling theme of its observations.
“Also, we must stop seeing crude oil itself as the issue here. We must only see it as a means to an end. Knowledge of the sciences behind the processes, competitive and practical application of that knowledge, and the strategic wherewithal to offer the services required to produce the goods and materials needed to drive our economies should be our focus.
“We must deliberately pivot away from a ‘cash and carry’ mindset that has plunged us into a country that is rudderless and unthinking in its approach to solving critical problems”.
Ariyomo also said states should be allowed to generate and distribute power.
“If a country is building a power transmission infrastructure for you, you are its market, especially if you are also doing it with its loan.
“You simply provide needed revenue assurance for its future, with interest. That country would never wish you to learn how to build good refineries, good roads, good power lines, good railways, etc.
“That country would never want you to become self-reliant and begin to build your own refinery, power lines, roads, railways, etc.
“In fact, the country building your road, your refinery, your railway line, or your power infrastructure is actually your strategic enemy. Write that down somewhere. Never forget.
“If we have commanding control of the technical wherewithal to locally fabricate, install, and manage our refining processes, we would automatically have expanded the economic value chain inherent in the entire petroleum product management process.
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
