Business
Nigeria, Others Cut Oil Supply By 1.6bn Barrels
Nigeria and other participating oil-producing countries across the globe reduced the global supply of crude oil by 1.6billion barrels since May this year, the Organisation of Petroleum Exporting Countries (OPEC), has said.
The OPEC’s Secretary-General, Muhammad Barkindo, disclosed this during a videoconference of the Crescent Ideas Forum with the theme, ‘The Outlook on Energy’.
In his address, which was made available to our correspondent in Abuja, yesterday, the OPEC boss said the reduction in crude oil supply was taken in the interest of consumers, investors and global economy.
He said, “Since May, the production adjustments undertaken by the participating countries have helped reduce the global supply by around 1.6billion barrels, a truly impressive feat given the economic uncertainty overshadowing the industry.
“I would like to stress that these efforts were undertaken not just for the good of the DoC (Declaration of Cooperation) participating countries, but in the wider interests of consumers, investors and the global economy in general. There can be no recovery without market stability, and no one stands to benefit from volatility.”
In April, OPEC delivered an unprecedented response to an unparalleled market shock, by adjusting output down by 9.7million barrels per day or roughly 10 per cent global demand at the time.
These efforts were spearheaded by leaders of major world oil producers and further supported by the G20, in the spirit of solidarity, at the group’s Extraordinary Energy Ministerial Meeting on April 10, 2020.
In June, the DoC re-affirmed the importance of these contributions to overall market stability and full participation in the agreed adjustments.
In addition, the participating countries agreed to a fair and effective compensation mechanism for those who were unable to achieve 100 per cent conformity in the first months of the agreement.
“These provisions stand out as a remarkable acknowledgement of both the commitment by these countries to support the market, and the scale of the challenge,” Barkindo stated.
He added, “There is no doubt in my mind that these decisive and proactive efforts helped put the oil market back on stable footing.
“In doing so, the DoC provided much-needed support to the global economy as it began to pick up steam in the third quarter of this year.”
Barkindo observed that OPEC members began this year on an optimistic note, optimistic about the global economy and healthy oil market growth.
He, however, stated that OPEC’s 2020 vision did not foresee the devastating impact of the coronavirus, the deadly toll it had taken across the world, nor the blow it had dealt to many economic sectors, especially crude oil.
He said, “In this respect, our OPEC outlook for 2020 oil demand is now slightly above 90million barrels per day.
“This represents a sharp decline of nearly 10 million barrels per day from where we started the year, and almost an 11million barrels per day contraction compared to what we forecast for the year back in January.”
Barkindo added, “In 2021, we expect growth to bounce back to 6.2million barrels per day, to just over 96million barrels per day, compared to our pre-Coronavirus expectations for demand reaching almost 102million barrels per day next year.”
He explained that the recent revisions were due to the easing pace of the economic recovery and recent Covid-19 containment measures, which were assumed to impact transportation and industrial fuel demand well into next year.
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