Business
…Allocates 1,500 Trucks Of Petrol To Marketers
The Nigeria National Petro
leum Corporation (NNPC) on Wednesday announced that it had allocated 600 trucks of petrol to Independent Petroleum Marketers Association of Nigeria (IPMAN), 500 trucks to Major Oil Markerters Association of Nigeria (MOMAN) and 400 trucks to its sales outlets to ensure adequate supply.
The Group Executive Director, Upstream, Mr Bello Rabiu, gave the breakdown while briefing State House Correspondents in Abuja.
He said “as you know, we have three segments of marketing fuel in Nigeria, we have IPMAN, the independent marketers, we have MOMAN, the major marketers and we also have NNPC-owned retail.
“We allocated them trucks on a daily basis to deliver to their own stations.
“Every day, NNPC retail will have 400 trucks, IPMAN, which is the independent marketers across the country are being given 600 trucks and MOMAN, the main marketers who are selling in major cities in the country are having 500 trucks.
“This is more than what we actually require but we are trying to ensure that everybody is satisfied.”
According to him, the Port Harcourt Refinery is delivering five million litres of petrol everyday (about 120 trucks), which is more than enough for Port Harcourt area and Bayelsa.
He said that the only way the organisation could import was through the use of foreign exchange.
He noted that oil sales had gone down by more than one-third from more than 100 Dollars per barrel to about 30 Dollars per barrel.
He attributed the scarcity of the product to the low cost of oil in the international market, noting that NNPC had devised three means of solving the foreign exchange problem.
He explained that the Corporation sold crude oil directly and got refined products, saying it had also connected its major marketers, the joint venture partners, who also sell directly and dedicated some money for their downstream companies.
Explaining further, the GED downstream, Mr Henry Obih, said that the Department of Petroleum Resources (DPR) had issued NNPC the right to import 79 per cent of petroleum in the first quarter of 2016 and 42 per cent in the second quarter.
He reaffirmed the warning by the Minister of State for Petroleum, Dr Ibe Kachikwu, to confiscate products being hoarded at filling stations and dispensing free to users.
According to him, any station caught a second time will have its licence seized and reallocated.
On the current state of refineries, the GED Refineries, Mr Anibor Kragha, said the key issue was addressing consistency of crude supply after which capacity utilisation would follow.
He said that the refineries had started to run with Port Harcourt delivering about five million litres a day, Warri delivering between two million and 2.5 million litres of petrol per day, while Kaduna refinery for the first time in so many years was receiving crude.
“What we are doing now is to raise money to high grade our facilities. We are looking at how we are going to get funding to get to capacity utilisation and when that happens, we will be able to deliver a significant quantum of products to the market.
“Our target for this year is at least t 75 per cent utilisation but first of all we need to secure the crude supply and get the crude consistently,’’ he said.
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