Business
NNPCL Rejects Senate’s Move To Increase Oil Production Benchmark
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has rejected the move by the Senate Committee on Appropriation to increase the crude oil production benchmark in the 2024 Appropriation Bill from 1.7 million barrels per day to 1.8 mb/d.
The Chairman, Senate Committee on Appropriation, Solomon Adeola, had given the suggestion during the budget defence session between his committee and the management of the NNPCL.
The Federal Government, in the Appropriation Bill, gave an average crude oil production benchmark of 1.78 mb/d, and a crude oil price benchmark of $77.96.
The NNPCL GCEO told the committee that the oil giant would stick to the benchmark approved by President Bola Tinubu in the Appropriation Bill.
Kyari submitted that the crude oil price and production benchmarks were based on dynamics in the global oil market.
He said, “I will advise that we stick to the submission of Mr President on the quota. There is no way we will get crude oil (for) less than $70.
“Once economies are growing, there will be sustained demands for crude oil in our country and other countries.
“The estimates supplied by Mr President are realistic. When we say production, we mean total production of crude oil and condensates.
“So we combine condensates and crude oil as total marginal production. So we know our estimates are realistic. There is no curtailment on condensates from OPEC.”
Reinforcing his stance on realistic estimates by Tinubu, Kyari, however, cautioned that security challenges in the Niger Delta region could frustrate the projections of the Federal Government, citing crude oil theft.
The NNPCL GCEO told the gathering of lawmakers and journalists that illegal crude oil bunkering in the oil-producing states is alarming as he revealed that there were over 4,800 illegal connections on crude oil pipelines.
Kyari, while responding to the comments by a Peoples Democratic Party lawmaker representing Bayelsa Central, Benson Konbowei, who said he, like every other person from the Niger Delta, could distill oil, said, “The situation we have in (the) Niger Delta in terms of security is a calamity.
“We don’t have that anywhere in the world. As it is today, about 4,800 illegal connections are made on the over 5,000 oil pipelines across the country.
“The illegal connections on oil pipelines in the Niger Delta is so rampant that within 100 kilometres of the affected pipelines, 300 insertions are made on them, which eventually made the pipe to be weak to the point of not being able to hold the pressure of oil pumped, let alone, delivering it to the targeted destination.
“Additionally, it is abnormal to engage non-state actors to protect critical assets like oil pipelines. We have, however, responded abnormally and are getting results, because unlike as it was in July 2022 when less than 1.2 million barrels of oil were produced per day, it has been 1.5 million barrels per day within the last two to three months.”
Kyari also gave an update on the turnaround maintenance of the nation’s four refineries, insisting that the Port Harcourt refineries would come on stream in December while the Warri Refinery would resume production in the first quarter of 2024.
The NNPCL GCEO gave December 2024 as the production target of the Kaduna Refinery.
He also informed the committee members that the 1.78 mbp/d oil production for the 2024 budget, included condensate which was 200,000 to 300,000 barrels bp/d.
Reacting, Senator Adeola, said Kyari had strengthened the committee’s convictions on the workability of the assumptions and projections of the 2024 budgetary proposals.
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