Business
NLNG Targets Eight More Plants As Competition Grows
The Nigeria Liquified Natural Gas Limited (NLNG) has said the country needs at least 15 liquefied natural gas trains to be able to stay competitive in the global natural gas markets.
The Managing Director and Chief Executive Officer, NLNG, Mr Tony Attah, said the Train 7 project, for which final investment decision was taken in December 2019, was no longer ambitious for the country.
“We need to monetise our gas now,” he said at the Nigeria Oil & Gas Strategic Outlook Digital Session, with the theme ‘Fortifying the Nigerian oil and gas industry for economic stability and growth’ on Tuesday.
He noted that with the support of its stakeholders, the NLNG was able to take the FID for Train 7 after over 15 years of efforts.
“But then, we look to the future and recognise that the future is also changing with the energy transition and changing energy needs,” he said.
According to Attah, the country has over 200 trillion cubic feet of proven natural gas reserves, the ninth-largest in the world, with the potential for a further 600Tcf in unproven reserves.
“I think it is about time Nigeria really took advantage of the resource because as we can tell in the energy transition, oil will be downplayed because the world wants cleaner energy.
“I believe it’s time for Nigeria to take a bold step forward with respect to gas as the main resource. I think it is time for us to take advantage and position Nigeria for the future in the light of the energy transition. We have gas but it is not about what you have but what you do with it,” he said.
According to him, Nigeria is currently number five in terms of LNG exports in the world.
He said, “We have been dropping but on the back of Train 7, we hope to gain ground again. Train 7 is going to increase our LNG capacity from 22 million tonnes to 30 million tonnes. But then, I heard that Qatar, in the same vein of growing into the future, wants to add 30 million tonnes.
“Now, we are aspiring to add eight million tonnes to go to 30 million tonnes but another country is adding 30 million. I think that tells me that Train 7 is no longer ambitious enough for Nigeria.”
Attah stressed the need to start maturing Train 8, 9 and 10 and then look to the future with an ambition of nothing less than Train 15 in order to harness the full value of the huge gas reserves in the country.
“So, we have to set out eyes on the bigger game of Train 8,9,10 and well into the future to at least Train 15 to be able to stay in reckoning and continue to deliver value, like we have seen in the case of Qatar, growing our economy on the back of gas,” he said.
The NLNG boss noted that a growing number of countries had started turning down fossil fuel-based liquids by encouraging the adoption of electric vehicles.
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