Business
Diri Taps Investment Opportunities From Bahamas AFRIXIM Meeting
Bayelsa State Governor, Senator Douye Diri, has said his participation at the recent AFREXIM Bank’s Annual Meeting (AAM) in Nassau, The Bahamas, was part of efforts to attract investors to the state.
The four-day event had in attendance national and sub-national governments from across Africa and the Caribbean, political leaders and institutions from both regions as well as corporate organisations.
Diri stressed the need for people of the State to appreciate his administration’s initiatives at attracting development partners that would harness the economic potential of the state in order to create jobs and bring about economic prosperity.
He stated this on Wednesday during the 129th State Executive Council meeting in Government House, Yenagoa.
The Governor said he held fruitful meetings at the four-day event and that he has directed his team to follow up on them, noting that his travels out of the country were in the state’s interest.
“We will take our destiny in our hands and look for development partners across the world. We had fruitful meetings and l tasked my team to follow up on all the meetings so that we can have investors.
“Whenever l move out, l do so in the interest of our state. In my last trip, l put Bayelsa on the map of Africa. There were two governors, Bayelsa and Lagos, at the meetings”, he said.
He expressed appreciation to his deputy, Senator Lawrence Ewhrudjakpo, and other members of the Executive Council for the smooth running of affairs of the state for the one week he was away.
Senator Diri also called on the people of Rivers State to give peace a chance in order to put the state on a steady path of development.
Describing Bayelsa and Rivers people as having a common heritage, the Governor noted that his administration needed to collaborate with Rivers to promote economic development and reduce poverty in the region.
“We call on all key actors to eschew bitterness and sheathe their swords in order to give peace a chance. There must be give-and-take so that the much needed development can take place and people will not suffer. We are all praying for peace to be restored in Rivers State”, he said.
The average cost of Brent, the global benchmark for crude oil in January was $80.12/barrel, but it moved up marginally to $81.75 in May, according to data from Statistica, an international statistical firm.
Also, the average exchange rate of the naira against the dollar in May, this year, was 1,434.1/$. The naira has been struggling since the Central Bank of Nigeria harmonised the country’s foreign exchange markets on June 14, 2023.
Based on the 5.43 million barrels crude oil production plunge, the price of Brent and the exchange rate of the naira in May, Nigeria lost an estimated revenue of about N636.3bn between January and May this year.
Meanwhile, it was further observed that while Nigeria produced 1.43mbpd of crude oil in January, this dropped to 1.32mbpd in February, crashed to 1.23mbpd in March, rose a little to 1.28mbpd in April, before falling to 1.25mbpd in May.
The continued plunge in Nigeria’s oil production has been blamed on the incessant vandalism of oil pipelines and crude oil theft.
Meanwhile, the government has been making efforts to address this issue, although it has not been as successful as anticipated.
On June 13, 2024, for instance, the Nigerian National Petroleum Company Limited urged the judiciary to create a special court to try culprits of oil theft and pipeline vandalism.
NNPC’s Group Chief Executive Officer, Mele Kyari, made the plea at the National Judges Capacity Building Workshop on the Petroleum Industry Act 2021, organised by the National Judicial Institute and INVESTIN 234 in Abuja.
Kyari also urged the judiciary to accelerate hearings on offences related to crude oil theft and pipeline vandalism, according to a statement issued by the spokesperson of NNPC, Olufemi Soneye, at the time.
The NNPC helmsman further called for the support of the judiciary in tackling the twin challenges of crude oil theft and pipeline vandalism for the oil and gas industry to achieve its full potential as an enabler of national economic and industrial growth.
Recall that major oil companies lamented the impact of oil theft and pipeline vandalism on the availability of crude for local refineries.
The Director-General of the Lagos State Chamber of Commerce and Industry, Dr Chinyere Almona, identified crude oil theft and pipeline vandalism as factors hindering the oil majors’ inability to meet their daily quotas.
She also explained that modular refineries were finding it hard to get enough crude.
She further identified low crude oil production in Nigeria as a factor limiting international oil companies’ capacity to supply crude to the Dangote Petroleum Refinery, and other modular refineries.
By: Ariwera Ibibo-Howells, Yenagoa
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
