Business
SME Operators Laud FG Over Electricity Supply
Some of the goods displayed during the Le Meridien Hotel’s Mini Trade Fair in Port Harcourt, recently
Some Small and Medium Enterprises (SMEs) have lauded the Federal Government over the noticeable improvement in the nation’s electricity supply.
They said in separate interviews with The Tide source in Lagos on Monday that President Muhammadu Buhari’s character and commitment to nation building impacted the sector.
Some artisans, including salon operators, fashion designers, restaurant owners and vulcanizers, said the near steady electricity supply had impacted positively on their businesses.
Mr Salisu Tajudeen, a welder at Oyingbo, Lagos, expressed satisfaction with the drastic improvement in power supply.
Tajudeen said that the situation had challenged them to meet the demands of clients and assisted in retaining the bulk of their profits.
He also urged government to sustain and grow the current electricity profile, adding that its sustainability would leap-frog the ability of SMEs’ to expand the nation’s employment window.
“Most people within this place and environment can also attest to the fact that there has been significant improvement in electricity supply unlike in the past when we may not have electricity for some days.
“I will like to advise the government not to relax. Government should ensure that there is adequate supply of gas and at very affordable price.
“This will go a long way to help stabilise the improvement we are witnessing now,” he said.
Mrs Florence Simon, a hairdresser at Surulere, Lagos, said that President Buhari should be applauded for the improvement.
She said that during the last administration, electricity supply in Nigeria was a total disaster.
“Federal Government should privatise the Transmission Company of Nigeria (TCN); this will not only help to fully achieve the goals of privatisation but also help the private firms to invest in that segment of power supply value chain.
“ With the investment from the private sector, the transmission network will be expanded speedily and the problem of system collapses will be drastically reduced,’’ she said.
Simon said that the control of the transmission arm of the power sector by the government was slowing down the attainment of the privatisation goals.
Another small scale enterprise, Mr Kingsley Titus, a sachet water producer, said that the improved power supply had re-invigorated Nigerian’s hope in governance.
Titus also said President Buhari should put more effort to ensure that Nigeria achieved its dream of uninterrupted power supply.
He said that the only avenue the improved electricity supply would impact the economy was for the Federal Government to complement the situation by building new power plants.
Titus also urged government to critically study the private companies that acquired the successor companies of the defunct Power Holding Company of Nigeria (PHCN).
Meanwhile, some experts said that the increase in power generated by the Egbin Power Plant was responsible for the significant electricity supply across Lagos State and its environs.
Sources close to the station said that the plant currently generated 1,050 MW compared with 500 MW it generated a few months ago.
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