The Executive Vice Chairman/Chief Executive Officer (EVC/CEO) of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu has unveiled new products as part of his promise to take NASENI to the market.

The products which were presented to the media at the Agency’s headquarters in Abuja on Thursday May 9, 2024 included NASENI Laptop, NASENI Android smartphone, NASENI Lithium battery and NASENI 300watts LED Solar Street Lamp.

Mr. Halilu who briefed the media on the Agency’s activities, achievements in line with NASENI Strategic Launchpad, disclosed that some of the products are already in the market and others have been pre-booked for the rest of the year.

He also recalled that the Agency had, earlier in the year, unveiled its Solar Irrigation System, Electric Keke, electric Motorcycle and Solar-powered Cargo Tricycle during the oversight visit by the Senate Committee on NASENI. He said many people wanted to see a Nigeria National Brand and products in the market and NASENI is making efforts to ensure that its branded products are in the market.

The EVC/CEO stated that NASENI is the only purpose-built Agency of the Federal Government aimed at domesticating technology both capital and consumer goods. He said the new management under him has adopted a fast track approach and is fully interested in Technology Transfer and Commercialisation of its research and development (R&D) products, adding that all these efforts are aimed at creating jobs, wealth and reducing import bills for the nation.

According to Halilu, the agency has embarked on its 3Cs principles of Creation, Collaboration and Commercialization with both public and private sectors strategic partners to ensure that the agency does not only embark on research but to take the products to end users.

“We have identified our partners and also leveraged existing technology to come up with products that are not only competitive but also market driven. This is to ensure sustainability of the products. We tell the investors to work with us and support the industrialisation efforts of the country. The key thing we do differently is to take our R&D results (products) to the market,” he explained.

Some of the achievements and ongoing activities of the Agency highlighted at the briefing included the development of NASENI Proposal Evaluation Portal, NASENI Growth Hacker, NASENI ERP, NASENI eProcurement, NASENI StemBox, NASENI Innovation Hub, PICTT e.g.: Delta2 and DeltHer, amongst others.

The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni has attributed the success of the Bonga field to regulatory support and technology deployment.

Bonga is Nigeria’s first deep-water development.

Speaking on Thursday at the 2024 Offshore Technology Conference in Houston, Texas in US, Aiboni said the Bonga field since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year. Aiboni reflected on the success factors that enabled the milestone in a presentation titled “The Bonga Journey to a Billion Barrels.”

“SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones,” she said, “Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations.”

“These factors,” Aiboni added, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case.”

SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations, She stated.

Aiboni spoke of the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.

“SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.”

The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria. Today, some 97 percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.

Aiboni added, “Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy.”

The International Monetary Fund (IMF) says determined and well-sequenced implementation of government’s policy intentions would pave the way for faster, more inclusive, resilient growth in Nigeria.

The IMF said this in a statement at the conclusion of its Executive Board’s 2024 Article IV Consultation with Nigeria, a copy of which was obtained by the newsmen in Abuja on Thursday.

The Board of Directors of the IMF said the government’s reforms had to be well-communicated to also help restore macroeconomic stability, reduce poverty, and support social cohesion.

The Directors highlighted the importance of reforms to enhance the business environment, improve security, implement key governance measures, develop human capital, boost agricultural productivity, and build climate resilience.

“These reforms are crucial to boost investor confidence, unlock Nigeria’s growth potential and diversify the economy, and address food insecurity, and underpin sustainable job creation.”

They said over the last decade, limited reforms, security challenges, weak growth and now high inflation had worsened poverty and food insecurity in Nigeria.

“While Nigeria swiftly exited the COVID-19 recession, per-capita income has stagnated.

“Real Gross Domestic Product (GDP) growth slowed to 2.9 per cent in 2023, with weak agriculture and trade, and in spite of the improvement in oil production and financial services.

“ Growth is projected at 3.3 per cent for 2024 as both oil and agriculture outputs are expected to improve with better security. The financial sector has remained stable, in spite of heightened risks.

“Food insecurity could worsen with further adverse shocks to agriculture or global food prices.

“ Adverse shocks to oil production or prices would hit growth, the fiscal and external position, and exacerbate inflationary and exchange rate pressures.”

The directors said Nigeria, under its new administration, had set out on an ambitious reform path to restore macroeconomic stability and support inclusive growth.

“The Executive Directors agreed with the thrust of the staff appraisal and welcomed the bold reforms implemented by the new administration.”

They commended the authorities’ focus on revenue mobilisation, governance, social safety nets, and upgrading policy frameworks in the face of Nigeria’s significant economic and social challenges.

The directors commended the administration’s’ actions to rein in inflation and restore market confidence.

They stressed the importance of keeping a tight monetary policy stance to put inflation on a downward path, maintaining exchange rate flexibility, and building reserves.

The directors recommended caution regarding amendments to the Central Bank of Nigeria (CBN) Act that might weaken the central bank’s autonomy.

They  also commended the authorities for restarting the cash transfer programme and emphasised the urgency of scaling it up to mitigate acute food insecurity.

The directors welcomed the administration’s work on a comprehensive revenue mobilisation strategy including boosting tax enforcement and broadening the tax base.

They underscored that mobilising revenue and reprioritising expenditure, including phasing out costly and regressive energy subsidies, were critical to creating fiscal space for development spending and strengthening social protection while maintaining debt sustainability.

The directors appreciated the authorities’ commitment to discontinue deficit monetisation and positively noted progress in macroeconomic policy coordination.

They emphasised the importance of close monitoring of financial sector risks.

The directors supported the increase in the minimum capital for banks and urged the CBN to unwind the regulatory forbearance introduced during the pandemic.

They supported the administration’s efforts to foster financial inclusion and deepen the capital market.

The directors welcomed the IMF’s capacity development to support the Nigerian authorities’ reform efforts.