Science and Technology defines the productive possibility curve of any Nation

PowTechnologies Limited is an indigenous firm that seeks to be the leading solution provider to problems in electricity generation, transmission, distribution and overall energy management in Nigeria. The Managing Director of the organization, Goody Duru-Oguzie spoke on the Focus of a CEO in this interview with NnamdiNwokolo.

WHAT influenced your choice of career and the establishment of PowTechnologies?
My choice of career as a multidisciplinary consultant for energy systems, power plant systems, environmental remediation/carbon management and curriculum development for use of simulators in teaching, is derived from my personal vision, “ To contribute to the technological development of Nigeria through deployment of well researched adaptive concepts in applied science and engineering in a manner that will have a positive impact on National Economic and social development. Therefore, to accomplish my vision, I took a Bachelors degree in applied chemistry, Master of Technology degree in power plant technology, Master of Science degree in environmental science & technology; along with relevant field based certifications. To drive my career choice and contribute towards National development, I established the PowTech Group of Companies made up of PowTechnologies Ltd, Edibon Technical Resources Ltd and PowTech Power International Ltd.

What has been your biggest challenge and how were you able to surmount it?
Having spent over 18 years outside the shores of Nigeria building my career through academic studies and work, I came back to Nigeria loaded with experience and competence but without the necessary financial means to drive my vision. Therefore, the biggest challenge I faced was raising finance to put together my dreams. Unfortunately, Nigerian banks were not structured to assist start ups especially those not related to buying and selling as they could not understand my language. Unlike what obtains in other climes where intellectual capital was considered by banks as sufficient collateral to provide financial support to drive research and technology based consultancy outfits like ours, it became very difficult for me to build my critical intervention firm like PowTech Group of companies. However, with Gods intervention, I was able to overcome this challenge through the contributory support of some of my former work colleagues abroad who in addition provided me with the required International reference which enabled me to secure agency and representation of over seven (7) international best practices companies that today support the services we offer.

What’s your impact of the Nigerian Content Act five years after it was signed?
In my opinion, the Nigerian Content Act is a laudable one. But because it is often engineering and technology based, driven by research and development, in a financial environment where the banks talk only about buying & selling, the efforts at achieving greater milestones become stunted.
In order to increase the impact of the local content Act on the economy and national development, it becomes important for government to impress it on financial institutions, the need to review their policies in line with the indisputable fact that “science and technology defines the productive possibility curve of any nation”; The economic indices of most countries in terms of gross domestic product, inflation and unemployment rate, balance of payment and term of trade status are largely reflections of the nation’s science and technological base. In this regard, I make bold to say that, In this era of globalization with its attendant global trade liberalization, developing nations will be making a “wild goose chase” if they struggle to shore up their trade positions without investment in regenerative science, engineering, technology, research & development. This is because a 21st century productive economy must be robust in engineering and processes which has precision and cost efficiency as its hallmark. Such process must also be driven within a paradigm that would not only produce quantity within unit time but also maximize itself through the advantages of “single factory multiple line processes. Once this is achieved the purpose and impact of the Nigerian Content Act would have been achieved and realized across all sectors of the economy.

How can entrepreneurs get financial solutions to be able to compete globally?
I have just narrated my own experience as an entrepreneur seeking financial solution which I couldn’t get in Nigeria but somehow secured overseas based on the very factors of consideration for intellectual capital which is not applicable in Nigeria. On the other hand, the issue of corruption as globally associated with Nigeria is a major obstacle for entrepreneurs seeking such financial solutions that would have enabled them to compete globally. Finally, most Nigerian entrepreneurs seeking financial solutions have not demonstrated capacity for compliance with the globally accepted best practices in business through honesty, integrity and fairness etc, which global financial institutions consider extremely important in financial or technology transfer deals. To be able to complete globally it is important for the entrepreneur to secure financial support at single digit interest rates spread over reasonable tenor and possibly with moratorium.

What has been your outstanding accomplishment?
Our most outstanding accomplishment is in the power and energy sector. Through numerous papers presented to solve various power sector problems, technical consultancy services rendered for most of the existing thermal power generating stations, numerous onsite training programs on power plant chemistry, etc for power generating and petroleum refining & petrochemical plants, consultancy and support services to NAPTIN, seminars on energy conservation and development of energy saver technology for Nigeria to improve electricity supply and utilization efficiency, promotion of simulation teaching technology for Nigerian tertiary institutions in order to improve standard and quality of teaching for producing more employable and self employed graduates.

Focus/Projections in the next couple of years:
Our focus in the next couple of years is to diligently apply ourselves “to re-engineer, energize, revitalize and take energy management in sync with electrical power development and delivery to such a level where the culture of employing best industry practice for operations and maintenance becomes a national attribute that will effectively catalyze the industrial, economic and social development of Nigeria. In this regard, we seek to be the leading solution provider to problems in electricity generation, transmission, distribution and overall energy management in Nigeria.

Advice to young entrepreneurs:
They should strive to acquire adequate knowledge about the ideas and solutions they want to offer in their business specialty especially for service oriented business bordering on consultancy and technical support. Because technology is constantly changing they must continually up date themselves intellectually. Invest their seed money into substantial research and development on the proposed business before rollout and work to sustain the R&D, even after roll out. Build upon a culture anchored on application of best business ethical standards of integrity, honesty, truthfullness and fair play. Armed with exceptionally good understanding of the proposed business added to personal attributes of honesty, integrity, it is possible to obtain financial assistance from rich individuals who might wish to share in your enterprise’s dream as a better alternative to Banks who often loathe financing start ups.

What is your take on Nigeria’s economic prosperity in view of the global energy dynamics? It is my opinion that management of Nigeria’s economy has defied all known classical economic theories upon which the West relates with us. Since we object to ideas from the classical theorists as exemplified by the World Bank, IHF etc, I think we should come up with a home grown economic model that will best address our very uniquely different situation. On the basis of this, I suggest that we adopt the Green Economy model, blended with selected elements of the GDP model to drive and reposition our economic development.

By definition, green economy refers to one which results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.

Significantly this model fits into the change manifesto of the Buhari regime being a people oriented economic model. In practical terms, a green economy is one whose growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystem services.

Effectively, Green Economy promotes a triple bottom line: sustaining and advancing economic, environmental and social well-being. I will suggest that Government should encourage a robust debate on this economic model with a view towards achieving substantial integration of its benefit into whatever model we adopt. This is important in the face of the current global oil price crisis which portends a great challenge to our development goals, we should embrace the green economy model through which government could generate sufficient revenue to finance the huge infrastructure requirements needed to fast forward our development as well as provide the badly needed employment for our people.

Is there anything you think government can do differently to help the industry?
The major challenge facing industries in Nigeria is the huge operating cost due mainly to inadequate electricity. Government should therefore encourage industry to invest in use of energy saving and conservation equipment to reduce their operating costs especially reduced diesel consumption costs while encouraging NERC to consider payment of rebates to industries that contribute towards improving electricity supply/utilization efficiency due to their use of energy saving & conservation equipment. On the other hand government should vigorously pursue efforts towards achieving single digit interest rates for industries to support their growth, encourage them to expand production and employ more people. Finally, I urge Nigerians to think innovatively across all fields especially, science, engineering and technology because there is virtually no challenge that cannot be surmounted, if R&D is effectively applied.