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Senator Tasks NASRDA On Satelite Applications
The National Space Research and Development Agency (NASRDA) has been advised to take advantage of satellite applications to stimulate national development.
Prof Ajayi Boroffice, Chairman, Senate Committee on Science and Technology, gave the advice on Tuesday in Abuja at the official handing over of the NigeriaSat-2 and NigeriaSat-X to NASRDA by the Surrey Satellite Technology Limited (SSTL).
He urged the agency to intensify efforts at ensuring that applications from satellites were used to address security, flood and other national challenges confronting the country.
Boroffice said though allocation to the agency and the science sector was inadequate, the use of satellite applications for national development would help the agency seek support for more funding.
He said it was unfortunate that in spite of its significance to national development, the budgetary allocation to the science sector was not enough.
“I want to say one of the ways we can win the heart of Nigerians and the law makers is to ensure that these satellites are put into use, particularly in the area of data utilisation.
“You must be sensitive to what is happening in our environment, you must show your readiness to work with the government.
“What happened in Jos recently where the two of our colleagues were killed is a very sad situation.
“It will be interesting to have a detail image mapping of Jos, to see where the route where some of these people move in and out so as to provide security assistance to security agencies.
“Even without been asked you should be able to do that. The recent flooding in Lagos has been a big problem, is an area where you can capture it and also draw the attention of Lagos state government to the relevance of satellite technology in solving the flood problem of Lagos state.
“When you do these, it helps us in our advocacy in getting more support to ST and also NASRDA in particular. ’’
The senator stressed the need for adequate funding to complete the ongoing construction of the agency’s Assembly Integration and Test (AIT) / Design Centre (DC) in FCT for the manufacturing of spacecraft.
He said: “We have a very important project on hand and that is the AIT&DC and that is the only infrastructure that will give those we have trained, the opportunity to practice what they have learnt; and the more we delay it, the more that knowledge degenerates.
“So, it is very important that we finish this DC and AIT, so that the engineers can have hands-on experience. “
In his remark, Mr Abiodun Akinlade, Chairman, House Committee on Science and Technology, called for the sustained efforts and capacity building in space technology.
He said giving proper attention to science and technology would create the necessary condition for the country to achieve its objectives.
He also advised the Federal Ministry of Science and Technology to vote a reasonable percentage of its budget for the development of the country’s space technology.
“This country cannot move forward until special attention to science and technology; we are talking about advanced countries today.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
