Business
Power Sector Reforms; NERC Urges Electricity Consumers To Be Patient
The Special Adviser, Research and Strategy, Nigerian Electricity Regulatory Commission, Mr. Uche Okoro (NERC) called for patience from the public in order to enjoy the benefits of the privatised power sector.
Okoro made this call at a seminar organised by the Nigerian-Danish Chamber of Commerce (NDCC) in Lagos.
The theme of the seminar was: “Power Sector Reforms: Overcoming Institutional and Regulatory Challenges in an Era of Liberalisation.”
According to him, certain institutional and economic challenges confronting the new investors in the sector have slowed down the effectiveness of the power sector reforms.
“The Federal Government privatised the power sector in order to bring about positive result in power generation and distribution.
“Unfortunately, some issues have been slowing down government’s effort in achieving this feat.
“According to the terms of agreements in the privatisation process, the new investors are meant to work alongside with staff of Power Holding Company of Nigeria for a period of six months.
“This is to allow them shadow-trade and understudy the generation and transmitting systems in a bid to creating necessary technical trouble-shooting that will guarantee a successful take-over and management of the Discos.
“This was sabotaged by the labour issues that arose during the privatisation process,” he said.
Okoro said that some of the investors lacked adequate funds to run their businesses.
According to him, the investors have borrowed so much money from various financial institutions with an assurance of generating quick funds from the nearly-moribund power system.
“They are yet to generate money to pay their debts much less funds to trade with.
“Constant pipeline vandalism, negative attitude of consumers to paying utility bills, illegal connections and many other issues have slowed down the efficiency of services rendered by these investors.
“We really need to exercise patience with these new investors, six months are not enough to resolve problems that have lingered for decades,” he said.
Mr Sanusi Garba, Director of Power, Federal Ministry of Power, said the Federal Government was working on modalities to bail out the investors from their financial problems in enhancing power sector reforms.
Mr Jakob Bejer, Danish Honorary Consul to Nigeria, said that the nation’s economy could not be competitive without a viable manufacturing sector.
He also said that many businesses were struggling to survive because of the influx of sub-standard imported products from China.
He said that constant power supply would give the manufacturing sector a competitive edge to eradicate and frustrate imports of sub-standard goods.
Mr Ben Adako, President of NDCC, said that electricity was a necessary factor in rejuvenating industrial capacity of a nation.
He appealed to the Federal Government to ameliorate the challenges confronting power distribution and generating companies in the country in order to create a reliable and efficient power sector.
“The overall interest in the business sector is the availability of power supply.
“Its impact on the private sector will be positive in the sense of job creation, increase in economic growth, greater productivity and prosperity for the nation,” 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
