- FG’ll Ensure Workers Have Life Insurance — Oyo-Ita
The Head of Civil Service of the Federation, Winifred Oyo-Ita, has said that the Federal Government will ensure the insurance of its workers because they are important assets to the country.
She said this during the Insurance Industry Consultative Council’s 2019 National Insurance Conference in Abuja.
Oyo-Ita said, “The Civil Service is a great asset of the Federal Government and improving this asset is of relevance. The Group Life Insurance Policy is one of the welfare packages towards ensuring a well-motivated workforce.
“The GLIP was inaugurated in 2008, and ensures 300 per cent of workers’ remuneration and compensation to relatives in the advent of the demise of a worker, and we will ensure the future success of the GLIP.”
The Commissioner for Insurance, Mohammed Kari, said the National Insurance Conference provided a veritable platform for top government functionaries, investors, insurance practitioners and other stakeholders to discuss contemporary issues affecting the development of the insurance industry in Nigeria.
He said, “The insurance business model, which essentially entails evaluation and assumption of risk, accumulation of premiums and settlement of claims, has largely remained the same since the first policy was sold in London in 1861.
“The theme of this year’s conference: “Disruption, innovation and business growth,” is, therefore, very pertinent against the backdrop of the need for the Nigerian insurance industry to remain relevant in an era of dynamism where operating, in the same way, is an assured route to irrelevance.”
Kari said that the need for radical reforms had been accentuated by the disruptive impact on the insurance industry of a series of digital innovations in areas such as online sales technologies, machine learning, the Internet of Things, advanced analytics and virtual reality, among others.
While these new technologies were already making it easier for consumers/policyholders to benefit from superior service and more choices as well as lower prices, there were corresponding challenges, he noted.
“For example, cyber risk and crimes, determination of liability in a driverless car accident, emergence of inter-sectoral competitors as well as disruptive social and technological changes,” Kari said.
In order to remain relevant and become a critical contributor to the national economy, he said the industry must consciously be proactive and organised so as to take advantage of the opportunities provided by the disruptive developments while at the same time curbing their corresponding negative impacts.
He said it was important to note that firms would only benefit from digital technology only if they embraced its potential along the entire insurance value chain, including underwriting and claims management.
Kari said, “This would, therefore, entail a rethink of the industry’s business strategy and alignment of its operational practices to contemporary economic context such as the Economic Recovery Growth Programme of the Federal Government, sustainable and inclusive insurance as well as exploiting the benefits of the implementation of the second phase of the Market Development and Restructuring Initiative, among others.”
Nigeria’s Exports Under US Duty-free Policy Declines to $300.48m
Nigeria’s Exports to the United States Under Duty-free Policy Declined by 88 Percent to $300.48 million
Nigeria’s total exports under the US duty-free declined by 88 percent from $2,502.86 million to $300.48 million in the first eight months of 2020.
In the latest African Growth and Opportunity Act (AGOA) policy report established in 2000, crude oil export accounted for 99.8 percent of Nigeria’s AGOA exports to the United States in 2019.
In 2019, oil and gas products worth $3.12 billion were exported to the US under the duty-free policy.
However, the plunged in global demand for Nigerian crude oil due to the COVID-19 lockdown weighed on the nation’s oil exports and revenue generation.
The United States imported 5.53 million barrels of crude oil from Nigeria in the first quarter of 2020, down from 15.07 million barrels imported in the final quarter of 2019.
Speaking on the need to improve non-oil export to take advantage of the duty-free like other African nations Mr Olusegun Awolowo, the Executive Director and Chief Executive Officer, Nigerian Export Promotion Council, who spoke at a virtual event recently said despite efforts to sensitise Nigerian exporters on the need to take advantage of the duty-free trade opportunity, only a few Nigerian exporters are benefiting from it.
He said the record crash in global oil prices is an indication that a mono-product economy like Nigeria is not sustainable and that there is an urgent need to develop non-oil export.
“We cannot rely on crude oil export as both our major source of government revenue and foreign exchange generation. We must diversify our export base,” Awolowo said.
Road Projects: Nigeria Owes Contractors More Than N390 Billion, Says Fashola
FG Owes Road Contractors N392 Billion for Road Projects
The Minister of Works and Housing, Babatunde Fashola has said the Federal Government owes companies handling the 711 road projects across the country a total sum of N392 billion.
This, he said was higher than the N276 billion allocated for road projects in the proposed 2021 budget.
The minister disclosed this on Wednesday while defending the 2021 budget of his ministry before the Senate Committee on works.
Fashola said, “With the situation on ground, a stop has come for new projects and the country needs to prioritise the existing ones in order to complete some of them.”
According to him, a total of N6.62 trillion was needed to fund the 711 road projects but because of the limited available resources, there is a need to prioritise the important ones.
He said, “We do not have the resources that we need to fix our road infrastructure at once; the very reason we need to prioritise what want to do.
“The situation on ground requires us to cut our coat according to our cloth and not according to our size because no good will come out of more new road projects now.”
Waltersmith’s 5,000bpd Modular Refinery in Imo State to Commence Operations
5,000bpd Modular Refinery Built in Imo State to Start Operations
The Department of Petroleum Resources (DPR) has said the 5,000 barrels per day Modular Refinery project built in Imo State is ready for operations.
Sarki Auwalu, the Director, DPR, disclosed this during a pre-commissioning visit to the project site in Ibigwe, Imo State.
In a statement released by Waltersmith, Auwalu was quoted as saying the purpose of his visit was to ensure that the refinery was ready to commence operations.
He said “We can confirm that the refinery is very much ready to commence operations. We have seen all the preparations.
“To us, the plant is alive. The commissioning is just symbolic. Everywhere is ready to start off. My overall assessment is excellent.
“We have been to other modular refineries but we have not seen anything like this – the space, the way it is arranged and the way it will work.”
The 5,000 barrels per day modular refinery is scheduled for inauguration this month. The refinery has crude oil storage capacity of 60,000 barrels and it is expected to deliver more than 271 million litres per year of refined petroleum products.
Auwalu said, “The role we play is to enable businesses and create opportunities. When DPR issues you a licence, it enables you to invest and as a result of that opportunity we create, that business is enabled.
“Waltersmith is one of our success stories. We consider the project as ours. We have been tracking their growth and we are happy to see that our child is growing. It is our plan that they expand and they have the potential.”
Speaking on the project, Abdulrasaq Isah, the Chairman, Waltersmith Refining and Petrochemical Company, said the project is the first phase of a series of refinery projects that will lead to the delivery of up to 50,000 barrels per day in refining products.
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