Business

RMRDC, PIN Move Toward Introduction Of AI, CNG In Polymer Products

Published

1 year ago

October 25, 2024

Joel Ajayi

In the face of an impending global energy crisis and the imperative to combat climate change, the integration of Artificial Intelligence ,AI, into the energy sector stands as a seismic shift in the way we approach energy sustainability.Based on this, Polymer Institute of Nigeria PIN, and Raw Materials and Research Development Council has restated the commitment toward Optimization Using Artificial Intelligence for Economic Recovery, CNG Conversion and Clean Energy Development.

A moves that many believes would go a long way in leading to a new wave of industries in the sector which will eventually provide the required raw materials for the other industrial sectors, leading to re-industrialization of Nigeria and hence providing a sustainable solution to the paradox of the Nigerian economy.

Speaking on Thursday in Abuja, At 34 Annual Technical and 6th international conference of Polymer Institute of Nigeria in collaboration with RMRDC, the president of Polymer Institute Prof. Paul Ejikeme said the institute is working seriously to make sure that they will contribute greatly to responsible use of polymers.

“Anytime you mention polymer people’s mind will quickly run to those places where polymer is a problem. As polymer institute of Nigeria what we are doing as a professional body is to be more like a pressure group on government to make sure that a number of legislations, policies are put in place to ameliorate part of the problems associated with the use of polymer.In his keynote Address, the speaker, President of African University of Science and Technology ,AUST, Prof. Azikiwe Inwualu, said.

“I believe that we have sufficient number of eminent scientists, industrialists, professionals, policy makers, regulators and civil society in this conference to interrogate these issues in order to evolve sustainable solutions that can ensure Optimisation of polymer production and utilization processes for economic development and environmental sustainability.

“These can lead to re-industrialisation of Nigeria and pollution free cities if we adopt circular economy principles to ensure that polymer waste becomes new materials for other products and processes”.

He also called on government and other relevant stakeholders to live up to their expectations so that the Polymer sector can galvanise industrialisation.

“The role of government in achieving the above is key. The various institutions and regulatory agencies that have been established under the PIA should be reinforced and enabled to function optimally in such a way that the downstream oil and gas industries can thrive once more in Nigeria. This will lead to a new wave of industries in the sector which will eventually provide the required raw materials for the other industrial sectors, leading to re-industrialization of Nigeria and hence providing a sustainable solution to the paradox of the Nigerian economy”.

According to him, “The environmental challenges associated with the use of polymer is just like the key note speaker said “irresponsible use of polymer” and for us as an institute; we are working on the chartering of our institute and if the institute chartered, the bill has passed through the national assembly (House of Representatives and the Senate), and was with the former president but was not signed. But we are following it up.

“If that bill goes through and it becomes an Act, what it means is that a lot of things will be put in place that will lead to responsible manufacturing and responsible use of these polymeric products. Many of us and our colleagues have done a lot of work in degradable polymers which means that after use the products can degrade over a short time.

“The Director General, Raw Materials Research and Development Council ,RMRDC, Prof. Martin Ike-Muoso has urged polymer scientists in Nigeria to come up with polymeric products that are degradable and eco friendly.He spoke at the opening ceremony of the 6th Annual Polymer Institute of Nigeria (PIN), in Abuja on Wednesday with the theme, “Polymer Optimisation, using Artificial Intelligence for Economic Recovery, CNG and Clean Energy Development”

On his own, the Director General of RMRDC Prof. Ike-Muoso who was represented by the Director, Chemical and Pharmaceuticals, RMRDC, Dr. Abubakar Kolere, said, “One other challenge that has always come to us and both you is the issue of bi-degradable polymer. It has remained a challenge and it has been a challenge to all polymer scientists and it has been the challenge of manufacturing. It has been an issue even in the SDGs; the menace of plastic waste is a challenge.

“One of the ways is to look at and address that issue is if you can develop bio-degrable polymers especially from various resources, researches and other sources. With that we can do quite a lot; develop the sector, protect the environment and mitigate the effects and impacts of climate change and global warming”.

Speaking earlier he said, “We at the RMRDC with the key mandate of the development and utilisation of raw materials are significant partner of Polymer institute.

“The council also takes this conference seriously because it identifies it as one of the sources where significant R&D projects can come out that the council can partner with researchers in other to fund and move forward. Our main task remains value addition of raw materials”, he noted.

Speaking on the important of the conference, Chairman Local Organising Committee and Deputy Director RMRDC Mrs Elizabeth stressed the importance of Polymer to individuals, household, and country at large.

According to her, let me say there is nothing that is not polymers. Polymer has very wide use. And for any governments, for any country to have good economic recovery, you need to develop the polymer sector.

“If you talk of, is it engineering? You are talking of oil, you talk of household, you are talking of textile. In fact, the list is endless. Food squares, everything you need polymers.

“And in this era of artificial intelligence, you know that technology is moving very, very fast. And if we don’t adopt this artificial intelligence, even in developing our own polymer sector in this country will be left far behind. So, we have a lot of experts that have come up with innovations, with researches that can turn around the polymer sector in this country for economic recovery.

“And those are the people that we’ve compiled here. And at the technical sessions, we are going to drop minds and see what we can do with this innovations and discoveries that we are bringing on the board”.

Share on Facebook

Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

2 weeks ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

Share on Facebook