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  •   The 2022 edition of the African Energy Week AEW www AECWeek com the largest gathering of energy stakeholders and policy makers on the continent got off to an electric start with a series of keynote remarks delivered by industry leaders and movers and shakers of the entire African energy landscape Sponsored by the Nigerian National Petroleum Corporation NNPC Limited the AEW 2022 Opening Ceremony laid the groundwork for a robust program that will unfold over the course of the next four days Opening speeches were delivered by NJ Ayuk CEO of the African Chamber of Energy Honorable Frans Timmermans Vice President of the European Commission for the European Green Deal Mary Burce Warlick Deputy Executive Director International Energy Agency Yemi Adetunji Executive Director of Downstream Group NNPC Ltd Andrew Inglis CEO of Kosmos Energy Joseph McMonigle Secretary General International Energy Forum and Priscillah Mabelane executive vice president of Sasol Beginning opening remarks Ayuk welcomed the delegates saying It s a pleasure to welcome you to AEW in Cape Town in South Africa in Africa We meet today as African energy stakeholders from the Cape to Cairo 600 million do not have access to electricity 900 million do not have access to a clean kitchen we cannot say that this industry is finished We will be the drivers of the future and we shouldn t have to apologize for wanting to drive growth create jobs and create opportunity So welcome to this city Let s go change Africa let s make our voices known and sign agreements After Ayuk s opening remarks Warlick emphasized that As many of you know recent years have put significant pressure on the finances of many African governments with COVID 19 and the Russian invasion of Ukraine contributing to higher prices of energy and food as well as higher inflation and monetary tightening as a result of a constrained supply chain inherited from the pandemic Today 600 million or 43 of the entire population lacks access to electricity On top of this many Africans are experiencing the worst effects of climate change and all of this is happening despite Africa being responsible for less than 2 of emissions since the start of industrialization In addition to what Warlick said about African emissions Adetunji stated that African countries are responsible for only 4 of emissions and therefore their priorities are to develop fossil fuels to drive economic prosperity and bring energy to the 600 million people without electricity International oil companies and other providers of finance can help develop the projects that enable the continent to achieve its goals Furthermore Bro Timmermans expressed that The climate crisis is our common challenge and a challenge for life The window for action is rapidly closing but it is still open Many countries in Africa are already suffering from the consequences of the climate crisis but bear little responsibility for entering this crisis On the topic of global markets McMonigle shared that We are living through momentous times through energy markets We are seeing a tail of two markets today physical oil markets are tight but paper markets are pricing in poor economic data Prices have trended lower in recent weeks but I see this as a false lull and am quite concerned about more volatility and higher prices ahead However as Inglis emphasized Africa is blessed with huge gas resources that can be used to alleviate energy poverty and supply the rest of the world with sustainable affordable and clean energy If Africa used its own resources cumulative emissions would increase its share from just 3 to just 3 5 So for me the key question is not whether Africa has the right it absolutely does but why isn t it being done faster Responsible resource development requires companies and countries to create a shared agenda This Mabelane stated that energy is a critical enabler of economic growth Yet most African countries continue to lag behind At Sasol we believe that Africa must take advantage of its abundant before energy resources to address the socioeconomic development of its people In addition to the challenge of access to energy Africa faces an uncertain future due to the impacts of climate change Energy security climate security and socio economic security are cognizant of Africa s developments As such it is crucial that we tackle these issues in a sustainable way engaging communities With these statements the 2022 edition of AEW has officially begun
    African Energy Week 2022 kicks off with powerful opening remarks from industry leaders
      The 2022 edition of the African Energy Week AEW www AECWeek com the largest gathering of energy stakeholders and policy makers on the continent got off to an electric start with a series of keynote remarks delivered by industry leaders and movers and shakers of the entire African energy landscape Sponsored by the Nigerian National Petroleum Corporation NNPC Limited the AEW 2022 Opening Ceremony laid the groundwork for a robust program that will unfold over the course of the next four days Opening speeches were delivered by NJ Ayuk CEO of the African Chamber of Energy Honorable Frans Timmermans Vice President of the European Commission for the European Green Deal Mary Burce Warlick Deputy Executive Director International Energy Agency Yemi Adetunji Executive Director of Downstream Group NNPC Ltd Andrew Inglis CEO of Kosmos Energy Joseph McMonigle Secretary General International Energy Forum and Priscillah Mabelane executive vice president of Sasol Beginning opening remarks Ayuk welcomed the delegates saying It s a pleasure to welcome you to AEW in Cape Town in South Africa in Africa We meet today as African energy stakeholders from the Cape to Cairo 600 million do not have access to electricity 900 million do not have access to a clean kitchen we cannot say that this industry is finished We will be the drivers of the future and we shouldn t have to apologize for wanting to drive growth create jobs and create opportunity So welcome to this city Let s go change Africa let s make our voices known and sign agreements After Ayuk s opening remarks Warlick emphasized that As many of you know recent years have put significant pressure on the finances of many African governments with COVID 19 and the Russian invasion of Ukraine contributing to higher prices of energy and food as well as higher inflation and monetary tightening as a result of a constrained supply chain inherited from the pandemic Today 600 million or 43 of the entire population lacks access to electricity On top of this many Africans are experiencing the worst effects of climate change and all of this is happening despite Africa being responsible for less than 2 of emissions since the start of industrialization In addition to what Warlick said about African emissions Adetunji stated that African countries are responsible for only 4 of emissions and therefore their priorities are to develop fossil fuels to drive economic prosperity and bring energy to the 600 million people without electricity International oil companies and other providers of finance can help develop the projects that enable the continent to achieve its goals Furthermore Bro Timmermans expressed that The climate crisis is our common challenge and a challenge for life The window for action is rapidly closing but it is still open Many countries in Africa are already suffering from the consequences of the climate crisis but bear little responsibility for entering this crisis On the topic of global markets McMonigle shared that We are living through momentous times through energy markets We are seeing a tail of two markets today physical oil markets are tight but paper markets are pricing in poor economic data Prices have trended lower in recent weeks but I see this as a false lull and am quite concerned about more volatility and higher prices ahead However as Inglis emphasized Africa is blessed with huge gas resources that can be used to alleviate energy poverty and supply the rest of the world with sustainable affordable and clean energy If Africa used its own resources cumulative emissions would increase its share from just 3 to just 3 5 So for me the key question is not whether Africa has the right it absolutely does but why isn t it being done faster Responsible resource development requires companies and countries to create a shared agenda This Mabelane stated that energy is a critical enabler of economic growth Yet most African countries continue to lag behind At Sasol we believe that Africa must take advantage of its abundant before energy resources to address the socioeconomic development of its people In addition to the challenge of access to energy Africa faces an uncertain future due to the impacts of climate change Energy security climate security and socio economic security are cognizant of Africa s developments As such it is crucial that we tackle these issues in a sustainable way engaging communities With these statements the 2022 edition of AEW has officially begun
    African Energy Week 2022 kicks off with powerful opening remarks from industry leaders
    Africa1 month ago

    African Energy Week 2022 kicks off with powerful opening remarks from industry leaders

    The 2022 edition of the African Energy Week (AEW) (www.AECWeek.com), the largest gathering of energy stakeholders and policy makers on the continent, got off to an electric start with a series of keynote remarks delivered by industry leaders and movers and shakers.

    of the entire African energy landscape.

    Sponsored by the Nigerian National Petroleum Corporation (NNPC) Limited, the AEW 2022 Opening Ceremony laid the groundwork for a robust program that will unfold over the course of the next four days.

    Opening speeches were delivered by NJ Ayuk, CEO of the African Chamber of Energy; Honorable Frans Timmermans, Vice President of the European Commission for the European Green Deal; Mary Burce Warlick, Deputy Executive Director, International Energy Agency; Yemi Adetunji, Executive Director of Downstream Group, NNPC Ltd.; Andrew Inglis, CEO of Kosmos Energy; Joseph McMonigle, Secretary General, International Energy Forum; and Priscillah Mabelane, executive vice president of Sasol.

    Beginning opening remarks, Ayuk welcomed the delegates, saying, “It's a pleasure to welcome you to AEW in Cape Town, in South Africa, in Africa.

    We meet today as African energy stakeholders from the Cape to Cairo.

    600 million do not have access to electricity, 900 million do not have access to a clean kitchen, we cannot say that this industry is finished.

    We will be the drivers of the future and we shouldn't have to apologize for wanting to drive growth, create jobs and create opportunity.

    So, welcome to this city.

    Let's go change Africa, let's make our voices known and sign agreements”.

    After Ayuk's opening remarks, Warlick emphasized that, “As many of you know, recent years have put significant pressure on the finances of many African governments with COVID-19 and the Russian invasion of Ukraine contributing to higher prices.

    of energy and food.

    as well as higher inflation and monetary tightening as a result of a constrained supply chain inherited from the pandemic.

    Today, 600 million or 43% of the entire population lacks access to electricity.

    On top of this, many Africans are experiencing the worst effects of climate change and all of this is happening despite Africa being responsible for less than 2% of emissions since the start of industrialization.” In addition to what Warlick said about African emissions, Adetunji stated that “African countries are responsible for only 4% of emissions and therefore their priorities are to develop fossil fuels to drive economic prosperity and bring energy to the 600 million people without electricity.

    International oil companies and other providers of finance can help develop the projects that enable the continent to achieve its goals.” Furthermore, Bro. Timmermans expressed that “The climate crisis is our common challenge and a challenge for life.

    The window for action is rapidly closing but it is still open.

    Many countries in Africa are already suffering from the consequences of the climate crisis, but bear little responsibility for entering this crisis.” On the topic of global markets, McMonigle shared that, “We are living through momentous times through energy markets.

    We are seeing a tail of two markets today: physical oil markets are tight, but paper markets are pricing in poor economic data.

    Prices have trended lower in recent weeks, but I see this as a false lull and am quite concerned about more volatility and higher prices ahead."

    However, as Inglis emphasized, "Africa is blessed with huge gas resources that can be used to alleviate energy poverty and supply the rest of the world with sustainable, affordable and clean energy If Africa used its own resources, cumulative emissions would increase its share from just 3% to just 3.5%.

    So for me, the key question is not whether Africa has the right, it absolutely does, but why isn't it being done faster?

    Responsible resource development requires companies and countries to create a shared agenda."

    This, Mabelane stated that "energy is a critical enabler of economic growth.

    Yet most African countries continue to lag behind.

    At Sasol, we believe that Africa must take advantage of its abundant before energy resources to address the socioeconomic development of its people.

    In addition to the challenge of access to energy, Africa faces an uncertain future due to the impacts of climate change.

    Energy security, climate security and socio-economic security are cognizant of Africa's developments.

    As such, it is crucial that we tackle these issues in a sustainable way, engaging communities.” With these statements, the 2022 edition of AEW has officially begun.

  •  The Buhari Votes Guard and Awareness has commended President Muhammadu Buhari s administration for providing several infrastructure development across all segments of the society The National Coordinator of the group Dr Kailani Muhammad said this on Monday at a news conference in Abuja According to Muhammad it is on record that the government has successfully achieved a significant growth in the economic development of the country He said that the administration had provided several infrastructures needed to ensure steady development across all segments of the society It has equally fought corruption heading and strengthened agencies mandated to fight corruption in the country he said While the administration is working to stabilise the country the group s coordinator listed the government s achievements as Nigeria s oil and gas industry reform Others are power sector Siemens 25000MW reorganisation of the armed forces with an infrastructural revolution as well as the construction of the 2nd Niger and Loko Iweto Bridge Others are the new deep sea port in Lagos new railway between Lagos Ibadan and Abuja Kaduna Kano and long abandoned Warri Itakpe he said According to him in spite of these achievements several people are busy working to bring down the government He added that the administration has ensured the enactment of The Companies and Allied Matters Act CAMA Petroleum Industry Act PIA and National Health Insurance Authority NHIA Act Various social interventions such as Anchors Borrowers Scheme Trader Moni Market that cushion the effects of economic hardship in the country For now Nigeria is among the largest producers of rice in Africa There is also a new electoral act and the Indepedent National Electoral Commission is given free hand to conduct the most credible elections by any standard he said The group s coordinator also lauded the Group Managing Director of the Nigerian National Petroleum Company Ltd NNPC Malam Mele Kyari for performing creditably well to spearhead the organisation to greater success According to him it is on record that Kyari has revitalised the NNPC Ltd making it robust functional and attractive NewsSourceCredit NAN
    Group commends Buhari on infrastructure
     The Buhari Votes Guard and Awareness has commended President Muhammadu Buhari s administration for providing several infrastructure development across all segments of the society The National Coordinator of the group Dr Kailani Muhammad said this on Monday at a news conference in Abuja According to Muhammad it is on record that the government has successfully achieved a significant growth in the economic development of the country He said that the administration had provided several infrastructures needed to ensure steady development across all segments of the society It has equally fought corruption heading and strengthened agencies mandated to fight corruption in the country he said While the administration is working to stabilise the country the group s coordinator listed the government s achievements as Nigeria s oil and gas industry reform Others are power sector Siemens 25000MW reorganisation of the armed forces with an infrastructural revolution as well as the construction of the 2nd Niger and Loko Iweto Bridge Others are the new deep sea port in Lagos new railway between Lagos Ibadan and Abuja Kaduna Kano and long abandoned Warri Itakpe he said According to him in spite of these achievements several people are busy working to bring down the government He added that the administration has ensured the enactment of The Companies and Allied Matters Act CAMA Petroleum Industry Act PIA and National Health Insurance Authority NHIA Act Various social interventions such as Anchors Borrowers Scheme Trader Moni Market that cushion the effects of economic hardship in the country For now Nigeria is among the largest producers of rice in Africa There is also a new electoral act and the Indepedent National Electoral Commission is given free hand to conduct the most credible elections by any standard he said The group s coordinator also lauded the Group Managing Director of the Nigerian National Petroleum Company Ltd NNPC Malam Mele Kyari for performing creditably well to spearhead the organisation to greater success According to him it is on record that Kyari has revitalised the NNPC Ltd making it robust functional and attractive NewsSourceCredit NAN
    Group commends Buhari on infrastructure
    General news1 month ago

    Group commends Buhari on infrastructure

    The Buhari Votes Guard and Awareness has commended President Muhammadu Buhari’s administration for providing several infrastructure development across all segments of the society.

    The National Coordinator of the group, Dr Kailani Muhammad, said this on Monday at a news conference in Abuja.

    According to Muhammad, it is on record that the government has successfully achieved a significant growth in the economic development of the country.

    He said that the administration had provided several infrastructures needed to ensure steady development across all segments of the society.

    “It has equally fought corruption heading and strengthened agencies mandated to fight corruption in the country,” he said.

    While the administration is working to stabilise the country, the group’s coordinator listed the government’s achievements as Nigeria’s oil and gas industry reform.

    “Others are power sector (Siemens 25000MW), reorganisation of the armed forces with an infrastructural revolution as well as the construction of the 2nd Niger and Loko-Iweto Bridge.

    ” Others are the new deep sea port in Lagos, new railway between Lagos-Ibadan and Abuja-Kaduna-Kano and long abandoned Warri-Itakpe,’’ he said.

    According to him, in spite of these achievements, several people are busy working to bring down the government.

    He added that the administration has ensured the enactment of The Companies and Allied Matters Act (CAMA), Petroleum Industry Act (PIA) and National Health Insurance Authority (NHIA) Act. “Various social interventions such as Anchors Borrowers Scheme, Trader Moni Market that cushion the effects of economic hardship in the country.

    “For now, Nigeria is among the largest producers of rice in Africa.

    “There is also a new electoral act and the Indepedent National Electoral Commission is given free hand to conduct the most credible elections by any standard,’’ he said.

    The group’s coordinator also lauded the Group Managing Director of the Nigerian National Petroleum Company Ltd. (NNPC), Malam Mele Kyari, for performing creditably well to spearhead the organisation to greater success.

    According to him, it is on record that Kyari has revitalised the NNPC Ltd., making it robust, functional and attractive.


    NewsSourceCredit: NAN

  •   Two Memoranda of Understanding on the Nigeria Morocco gas pipeline were signed this Saturday in Nouakchott respectively between Morocco Nigeria and Mauritania on the one hand and Morocco Nigeria and Senegal on the other The first memorandum was signed by the Office National des Hydrocarbonures et des Mines ONHYM represented by its Director General Amina Benkhadra the National Nigerian Petroleum Company Limited NNPC represented by the Group CEO Mallam Mele Kolo Kyari and the Mauritanian Hydrocarbons Company SMH represented by its General Director Tourad Abdel Baghi according to a joint statement from the signatories The second memorandum was signed by ONHYM represented by Amina Benkhadra NNPC represented by Mallam Mele Kolo Kyari and the holding company Soci t des P troles du S n gal PETROSEN Holding represented by its Director General Adama Diallo said the joint statement These Memoranda of Understanding confirm the commitment of the parties to this strategic project which once completed will provide gas to all West African countries and will also provide a new alternative export route to Europe said the same source This gas pipeline will run along the west coast African identity from Nigeria to Morocco passing among others through Senegal and Mauritania where it will be connected to the Maghreb Europe Pipeline and from there to the European gas network the statement said This infrastructure will contribute to improving the living conditions of the population the integration of the economies of the subregion and the mitigation of desertification through a sustainable and reliable gas supply in line with the new commitments of the continent in terms of environmental protection said the statement He added that the project will also give Africa a new economic political and strategic dimension
    Two memorandums of understanding signed in Nouakchott on the Nigeria-Morocco gas pipeline
      Two Memoranda of Understanding on the Nigeria Morocco gas pipeline were signed this Saturday in Nouakchott respectively between Morocco Nigeria and Mauritania on the one hand and Morocco Nigeria and Senegal on the other The first memorandum was signed by the Office National des Hydrocarbonures et des Mines ONHYM represented by its Director General Amina Benkhadra the National Nigerian Petroleum Company Limited NNPC represented by the Group CEO Mallam Mele Kolo Kyari and the Mauritanian Hydrocarbons Company SMH represented by its General Director Tourad Abdel Baghi according to a joint statement from the signatories The second memorandum was signed by ONHYM represented by Amina Benkhadra NNPC represented by Mallam Mele Kolo Kyari and the holding company Soci t des P troles du S n gal PETROSEN Holding represented by its Director General Adama Diallo said the joint statement These Memoranda of Understanding confirm the commitment of the parties to this strategic project which once completed will provide gas to all West African countries and will also provide a new alternative export route to Europe said the same source This gas pipeline will run along the west coast African identity from Nigeria to Morocco passing among others through Senegal and Mauritania where it will be connected to the Maghreb Europe Pipeline and from there to the European gas network the statement said This infrastructure will contribute to improving the living conditions of the population the integration of the economies of the subregion and the mitigation of desertification through a sustainable and reliable gas supply in line with the new commitments of the continent in terms of environmental protection said the statement He added that the project will also give Africa a new economic political and strategic dimension
    Two memorandums of understanding signed in Nouakchott on the Nigeria-Morocco gas pipeline
    Africa1 month ago

    Two memorandums of understanding signed in Nouakchott on the Nigeria-Morocco gas pipeline

    Two Memoranda of Understanding on the Nigeria-Morocco gas pipeline were signed this Saturday in Nouakchott, respectively between Morocco, Nigeria and Mauritania on the one hand and Morocco, Nigeria and Senegal on the other.

    The first memorandum was signed by the Office National des Hydrocarbonures et des Mines "ONHYM" represented by its Director General Amina Benkhadra, the National Nigerian Petroleum Company Limited "NNPC" represented by the Group CEO Mallam Mele Kolo Kyari and the Mauritanian Hydrocarbons Company " SMH represented by its General Director Tourad Abdel Baghi, according to a joint statement from the signatories.The second memorandum was signed by ONHYM represented by Amina Benkhadra, NNPC represented by Mallam Mele Kolo Kyari and the holding company Société des Pétroles du Sénégal "PETROSEN Holding" represented by its Director General Adama Diallo, said the joint statement.These Memoranda of Understanding confirm the commitment of the parties to this strategic project which, once completed, will provide gas to all West African countries and will also provide a new alternative export route.

    to Europe, said the same source.This gas pipeline will run along the west coast African identity from Nigeria to Morocco, passing, among others, through Senegal and Mauritania, where it will be connected to the Maghreb Europe Pipeline and from there to the European gas network, the statement said.

    This infrastructure will contribute to improving the living conditions of the population, the integration of the economies of the subregion and the mitigation of desertification through a sustainable and reliable gas supply in line with the new commitments of the continent in terms of environmental protection.

    said the statement.

    He added that the project will also give Africa a new economic, political and strategic dimension.

  •   Mauritius Commercial Bank MCB Ltd https www MCB mu the banking arm of the MCB Group aspires to become a major player in the African energy landscape financing and supporting electrification projects that encourage the use of renewable energy In this sense MCB has recently participated in three emblematic projects in Ghana Rwanda and Nigeria These projects are crucial milestones in the electrification goals of these respective countries and in their transition from fossil energy to more renewable and low carbon energy sources Before joining those three projects MCB applied the Equator Principles to proactively identify and mitigate environmental and social risks Zaahir Sulliman Head of Specialist Finance MCB We are proud to contribute to these important goals of electrification and the transition to more renewable energy sources Make a difference in Ghana In July Genser Energy announced that it successfully closed an 8 year US 425 million financing package which will be used to refinance existing debt and fund critical electrification projects in Ghana The funds will enable a 100 km natural gas pipeline to Kumasi Ghana s largest city a 200 mmscfd gas conditioning plant in Prestea and a liquefied natural gas LNG storage terminal at the port of Takoradi Genser Energy aims to achieve net zero carbon emissions by 2035 According to Genser Energy the construction of the natural gas pipeline to Kumasi and the gas processing plant in Prestea will have significant economic and environmental benefits not only for Genser but also for Ghana and West African subregion The transaction will support Genser s diversification from the power sector to midstream gas and mark a major milestone in its decarbonization strategy to achieve net zero carbon emissions by 2035 while contributing significantly to Ghana s national climate change goals in the future emissions reduction The availability of cheaper and more easily accessible piped natural gas in Kumasi and Ghana s central belt through the new pipeline will encourage industries to switch from imported diesel and heavy fuel oil HFO by trucks to indigenous natural gas as an intensive fuel low carbon The pipeline will also support the relocation of power plants from coastal regions to reduce line losses and improve efficiency in the national grid In addition the gas conditioning plant will produce cleaner fuels and establish Ghana as a major producer and exporter of LNG In addition the gas conditioning plant will produce cleaner fuels and establish Ghana as a major producer and exporter of natural gas liquids This demonstrates the potential for natural gas to act as a transition fuel that can help Africa achieve its development agenda Supporting Nigeria s Gas to Power Program MCB as the lead organizer helped structure and raise 260 million in debt to finance the completion of the ANOH gas processing plant Despite significant untapped reserves domestic gas utilization remains low due to lack of infrastructure Gas development and infrastructure projects will address this imbalance and result in significantly higher rates of gas utilization for domestic use Assa North Ohaji South ANOH is a conventional gas development located off the coast of Nigeria that will supply AGPC with feed gas and is operated by Shell Petroleum Development Company of Nigeria The gas infrastructure development project is one of seven critical gas development projects designated by the Nigerian National Petroleum Corporation NNPC and the Ministry of Petroleum to bridge the gap between supply and demand in the Nigerian domestic gas market The 300MMscfd capacity ANOH plant located at OML53 in Imo State is being built by ANOH Gas Processing Company Ltd AGPC which is owned 50 50 by Nigerian Gas Company Limited NGCL and Seplat Energy Plc Seplat is already a leading supplier of natural gas to the Nigerian power sector and will supply up to 30 of Nigeria s national grid by 2021 A leading player in Rwanda s Omnihydro project Last June the hydroelectric plant was inaugurated Omnihydro in the Nyamagabe district Rwanda Implemented by Omnicane a Mauritian company and financed by MCB the leading bank in Mauritius this project came to fruition under a Special Purpose Vehicle SPV incorporated in Rwanda and operating under the name of Omnihydro Ltd The facility has a central common electrical outlet with two different outlets one on the Mushishito River and the other on the Rukarara River The aim of this plant is to reduce CO2 emissions by approximately 14 500 tons per year The hydroelectric plant is expected to power the equivalent of 175 000 homes with clean energy on average Small dams built on the Mushishito and Rukarara rivers protect communities from floods and droughts while providing more than 600 new jobs during project implementation How MCB Can Help To limit global warming and mitigate the worst impacts of climate change MCB recognizes the need for countries around the world to transition to low carbon economies This is particularly important for Africa as existing development challenges such as poverty food insecurity and instability make it the most vulnerable continent to climate change However MCB also recognizes Africa s complicated energy requirements and the challenge of balancing economic and social progress and energy access with climate goals Africa has the lowest rate of energy access globally an estimated 600 million people lack access to electricity and more than 930 million lack access to clean cooking fuels While there has been increased investment in the continent s vast renewable energy potential this is insufficient to meet growing energy demand To meet the continent s growing electricity needs and help achieve your renewable energy goals MCB can be a financing and organizing partner of choice Commenting on MCB s strong involvement in these projects and its ambition to accompany the transition of African countries towards more renewable energy sources Zaahir Sulliman MCB s Head of Specialized Finance said We are proud to contribute to universal electrification from Ghana Rwanda and Nigeria and their respective goal of advancing the sustainable development goals to meet universal energy demand while optimizing production minimizing costs and reducing emissions Mr Sulliman added MCB is aware of its responsibility in the face of the climate emergency and has already committed to stop financing new coal fired power plants and discontinue commercial financing of thermal and metallurgical coal We believe that financing for LPG and natural gas will form part of MCB s gradual energy transition strategy which builds on our previous commitment to stop all new financing for infrastructure and carbon trading worldwide Funding more sustainable energy projects is a first step in the right direction and we look forward to continuing to support customer projects that drive the energy transition through responsible consumption and production in an effort to improve living standards
    The Mauritius Commercial Bank (MCB) Ltd aims to help Africa transition to a low-carbon economy
      Mauritius Commercial Bank MCB Ltd https www MCB mu the banking arm of the MCB Group aspires to become a major player in the African energy landscape financing and supporting electrification projects that encourage the use of renewable energy In this sense MCB has recently participated in three emblematic projects in Ghana Rwanda and Nigeria These projects are crucial milestones in the electrification goals of these respective countries and in their transition from fossil energy to more renewable and low carbon energy sources Before joining those three projects MCB applied the Equator Principles to proactively identify and mitigate environmental and social risks Zaahir Sulliman Head of Specialist Finance MCB We are proud to contribute to these important goals of electrification and the transition to more renewable energy sources Make a difference in Ghana In July Genser Energy announced that it successfully closed an 8 year US 425 million financing package which will be used to refinance existing debt and fund critical electrification projects in Ghana The funds will enable a 100 km natural gas pipeline to Kumasi Ghana s largest city a 200 mmscfd gas conditioning plant in Prestea and a liquefied natural gas LNG storage terminal at the port of Takoradi Genser Energy aims to achieve net zero carbon emissions by 2035 According to Genser Energy the construction of the natural gas pipeline to Kumasi and the gas processing plant in Prestea will have significant economic and environmental benefits not only for Genser but also for Ghana and West African subregion The transaction will support Genser s diversification from the power sector to midstream gas and mark a major milestone in its decarbonization strategy to achieve net zero carbon emissions by 2035 while contributing significantly to Ghana s national climate change goals in the future emissions reduction The availability of cheaper and more easily accessible piped natural gas in Kumasi and Ghana s central belt through the new pipeline will encourage industries to switch from imported diesel and heavy fuel oil HFO by trucks to indigenous natural gas as an intensive fuel low carbon The pipeline will also support the relocation of power plants from coastal regions to reduce line losses and improve efficiency in the national grid In addition the gas conditioning plant will produce cleaner fuels and establish Ghana as a major producer and exporter of LNG In addition the gas conditioning plant will produce cleaner fuels and establish Ghana as a major producer and exporter of natural gas liquids This demonstrates the potential for natural gas to act as a transition fuel that can help Africa achieve its development agenda Supporting Nigeria s Gas to Power Program MCB as the lead organizer helped structure and raise 260 million in debt to finance the completion of the ANOH gas processing plant Despite significant untapped reserves domestic gas utilization remains low due to lack of infrastructure Gas development and infrastructure projects will address this imbalance and result in significantly higher rates of gas utilization for domestic use Assa North Ohaji South ANOH is a conventional gas development located off the coast of Nigeria that will supply AGPC with feed gas and is operated by Shell Petroleum Development Company of Nigeria The gas infrastructure development project is one of seven critical gas development projects designated by the Nigerian National Petroleum Corporation NNPC and the Ministry of Petroleum to bridge the gap between supply and demand in the Nigerian domestic gas market The 300MMscfd capacity ANOH plant located at OML53 in Imo State is being built by ANOH Gas Processing Company Ltd AGPC which is owned 50 50 by Nigerian Gas Company Limited NGCL and Seplat Energy Plc Seplat is already a leading supplier of natural gas to the Nigerian power sector and will supply up to 30 of Nigeria s national grid by 2021 A leading player in Rwanda s Omnihydro project Last June the hydroelectric plant was inaugurated Omnihydro in the Nyamagabe district Rwanda Implemented by Omnicane a Mauritian company and financed by MCB the leading bank in Mauritius this project came to fruition under a Special Purpose Vehicle SPV incorporated in Rwanda and operating under the name of Omnihydro Ltd The facility has a central common electrical outlet with two different outlets one on the Mushishito River and the other on the Rukarara River The aim of this plant is to reduce CO2 emissions by approximately 14 500 tons per year The hydroelectric plant is expected to power the equivalent of 175 000 homes with clean energy on average Small dams built on the Mushishito and Rukarara rivers protect communities from floods and droughts while providing more than 600 new jobs during project implementation How MCB Can Help To limit global warming and mitigate the worst impacts of climate change MCB recognizes the need for countries around the world to transition to low carbon economies This is particularly important for Africa as existing development challenges such as poverty food insecurity and instability make it the most vulnerable continent to climate change However MCB also recognizes Africa s complicated energy requirements and the challenge of balancing economic and social progress and energy access with climate goals Africa has the lowest rate of energy access globally an estimated 600 million people lack access to electricity and more than 930 million lack access to clean cooking fuels While there has been increased investment in the continent s vast renewable energy potential this is insufficient to meet growing energy demand To meet the continent s growing electricity needs and help achieve your renewable energy goals MCB can be a financing and organizing partner of choice Commenting on MCB s strong involvement in these projects and its ambition to accompany the transition of African countries towards more renewable energy sources Zaahir Sulliman MCB s Head of Specialized Finance said We are proud to contribute to universal electrification from Ghana Rwanda and Nigeria and their respective goal of advancing the sustainable development goals to meet universal energy demand while optimizing production minimizing costs and reducing emissions Mr Sulliman added MCB is aware of its responsibility in the face of the climate emergency and has already committed to stop financing new coal fired power plants and discontinue commercial financing of thermal and metallurgical coal We believe that financing for LPG and natural gas will form part of MCB s gradual energy transition strategy which builds on our previous commitment to stop all new financing for infrastructure and carbon trading worldwide Funding more sustainable energy projects is a first step in the right direction and we look forward to continuing to support customer projects that drive the energy transition through responsible consumption and production in an effort to improve living standards
    The Mauritius Commercial Bank (MCB) Ltd aims to help Africa transition to a low-carbon economy
    Africa1 month ago

    The Mauritius Commercial Bank (MCB) Ltd aims to help Africa transition to a low-carbon economy

    Mauritius Commercial Bank (MCB) Ltd (https://www.MCB.mu), the banking arm of the MCB Group, aspires to become a major player in the African energy landscape, financing and supporting electrification projects that encourage the use of renewable energy.

    In this sense, MCB has recently participated in three emblematic projects in Ghana, Rwanda and Nigeria.

    These projects are crucial milestones in the electrification goals of these respective countries and in their transition from fossil energy to more renewable and low-carbon energy sources.

    Before joining those three projects, MCB applied the Equator Principles to proactively identify and mitigate environmental and social risks.

    Zaahir Sulliman, Head of Specialist Finance, MCB: "We are proud to contribute to these important goals of electrification and the transition to more renewable energy sources."

    Make a difference in Ghana In July, Genser Energy announced that it successfully closed an 8-year, US$425 million financing package, which will be used to refinance existing debt and fund critical electrification projects in Ghana.

    The funds will enable a 100 km natural gas pipeline to Kumasi, Ghana's largest city, a 200 mmscfd gas conditioning plant in Prestea, and a liquefied natural gas (LNG) storage terminal at the port of Takoradi.

    Genser Energy aims to achieve net zero carbon emissions by 2035.

    According to Genser Energy, the construction of the natural gas pipeline to Kumasi and the gas processing plant in Prestea will have significant economic and environmental benefits not only for Genser but also for Ghana and West. African subregion.

    The transaction will support Genser's diversification from the power sector to midstream gas and mark a major milestone in its decarbonization strategy to achieve net-zero carbon emissions by 2035, while contributing significantly to Ghana's national climate change goals in the future.

    emissions reduction.

    The availability of cheaper and more easily accessible piped natural gas in Kumasi and Ghana's central belt through the new pipeline will encourage industries to switch from imported diesel and heavy fuel oil (HFO) by trucks to indigenous natural gas as an intensive fuel.

    low carbon.

    The pipeline will also support the relocation of power plants from coastal regions to reduce line losses and improve efficiency in the national grid.

    In addition, the gas conditioning plant will produce cleaner fuels and establish Ghana as a major producer and exporter of LNG.

    In addition, the gas conditioning plant will produce cleaner fuels and establish Ghana as a major producer and exporter of natural gas liquids.

    This demonstrates the potential for natural gas to act as a transition fuel that can help Africa achieve its development agenda.

    Supporting Nigeria's Gas-to-Power Program MCB, as the lead organizer, helped structure and raise $260 million in debt to finance the completion of the ANOH gas processing plant.

    Despite significant untapped reserves, domestic gas utilization remains low due to lack of infrastructure.

    Gas development and infrastructure projects will address this imbalance and result in significantly higher rates of gas utilization for domestic use.

    Assa North-Ohaji South ("ANOH") is a conventional gas development located off the coast of Nigeria that will supply AGPC with feed gas and is operated by Shell Petroleum Development Company of Nigeria.

    The gas infrastructure development project is one of seven critical gas development projects designated by the Nigerian National Petroleum Corporation ("NNPC") and the Ministry of Petroleum to bridge the gap between supply and demand in the Nigerian domestic gas market.

    The 300MMscfd capacity ANOH plant, located at OML53 in Imo State, is being built by ANOH Gas Processing Company Ltd ("AGPC"), which is owned 50/50 by Nigerian Gas Company Limited ("NGCL") and Seplat.

    Energy Plc. Seplat is already a leading supplier of natural gas to the Nigerian power sector and will supply up to 30% of Nigeria's national grid by 2021.

    A leading player in Rwanda's Omnihydro project Last June, the hydroelectric plant was inaugurated Omnihydro in the Nyamagabe district, Rwanda.

    Implemented by Omnicane, a Mauritian company, and financed by MCB, the leading bank in Mauritius, this project came to fruition under a Special Purpose Vehicle (SPV) incorporated in Rwanda and operating under the name of Omnihydro Ltd. The facility has a central common electrical outlet with two different outlets, one on the Mushishito River and the other on the Rukarara River.

    The aim of this plant is to reduce CO2 emissions by approximately 14,500 tons per year.

    The hydroelectric plant is expected to power the equivalent of 175,000 homes with clean energy on average.

    Small dams built on the Mushishito and Rukarara rivers protect communities from floods and droughts, while providing more than 600 new jobs during project implementation.

    How MCB Can Help To limit global warming and mitigate the worst impacts of climate change, MCB recognizes the need for countries around the world to transition to low-carbon economies.

    This is particularly important for Africa, as existing development challenges such as poverty, food insecurity and instability make it the most vulnerable continent to climate change.

    However, MCB also recognizes Africa's complicated energy requirements and the challenge of balancing economic and social progress and energy access with climate goals.

    Africa has the lowest rate of energy access globally: an estimated 600 million people lack access to electricity and more than 930 million lack access to clean cooking fuels.

    While there has been increased investment in the continent's vast renewable energy potential, this is insufficient to meet growing energy demand.

    To meet the continent's growing electricity needs and help achieve your renewable energy goals, MCB can be a financing and organizing partner of choice.

    Commenting on MCB's strong involvement in these projects and its ambition to accompany the transition of African countries towards more renewable energy sources, Zaahir Sulliman, MCB's Head of Specialized Finance, said: “We are proud to contribute to universal electrification.

    from Ghana, Rwanda and Nigeria.

    and their respective goal of advancing the sustainable development goals to meet universal energy demand, while optimizing production, minimizing costs and reducing emissions.” Mr. Sulliman added: “MCB is aware of its responsibility in the face of the climate emergency and has already committed to stop financing new coal-fired power plants and discontinue commercial financing of thermal and metallurgical coal.

    We believe that financing for LPG and natural gas will form part of MCB's gradual energy transition strategy, which builds on our previous commitment to stop all new financing for infrastructure and carbon trading worldwide.

    Funding more sustainable energy projects is a first step in the right direction and we look forward to continuing to support customer projects that drive the energy transition through responsible consumption and production in an effort to improve living standards.”

  •   TotalEnergies tasks students on reading culture L R Miss BecMr Victor Bandele the Deputy Managing Director Deepwater Asset TotalEnergies Nigeria has charged students to improve their reading habits to enhance character development and self discovery for sustainable success Bandele gave the charge at the 2022 Book Reading and Open Day Forum for Senior Secondary Schools in Lagos State organised by TotalEnergies in collaboration with NNPC and other partners The event had the theme Books Gateway to Discoveries He said the book reading was aimed at promoting reading among students and encouraging them to develop the habit as a way of life According to him the day also presents an opportunity to share career trajectories and explore career requirements and opportunities to guide the students in making early career decisions He described the theme of the book reading as apt and timely saying that reading helps on the path of discovery especially for young ones To discover yourself does not usually come without effort The few who put in the effort to read develop a new and different hindsight every day that prepares and leads them to innovations when the opportunity comes Nothing positions you better to discover yourself than reading You must read regularly and voraciously as this broadens your horizon Reading is one of the most essential habits we need to develop in life for information direction and for character development he said He urged the students to avoid distractions that could be a drag on their dream of discovering new things that would impact the environment positively All the distractions that are incidental to young ones today have magnified the importance of this book reading and open day programme I encourage you to make a conscientious effort to research good books with themes and characters that align with what you would like to do in future Join book clubs attend book launches and reading events If possible write your books and I m sure you will discover many amazing things he said Emphasising the significance of books to the students Bandele quoted Barack Obama former President of the United States of America to have said reading is the gateway skill that makes all other learning possible The News Agency of Nigeria reports that the book selected for the reading at the event was written by Dr Femi Adedina a lecturer at the Lagos State University of Education Ijanikin The book is titled Notes of Migrant A Memoir A cross section of students during a group reading of Notes of a Migrant by Dr Femi Adedina Mrs Bunmi Popoola Mordi the Executive General Manager Country Services TotalEnergies said the book was selected for reading to expose the students to multifaceted experiences and cultural and societal values We are trying to prepare our children who are our leaders today and champions of tomorrow With this book I believe that the children now have a better understanding of our cultural and societal values We have positive values and we should not throw them away because of westernisation This book has also taught them that they must strive to achieve anything just like the author did despite the challenges he faced to get his PhD in Australia she said Dr Femi Adedina the author described the book as an eye opener for students to learn how to cope with the travails of life According to him the book reveals that there are always challenges and barriers on the path to success but the key to surmounting them was determination Reading this book exposes you to the travails of a black man in Australia and how he overcame his challenges while attaining his PhD degree It would make you understand that for you to achieve anything in life you must factor in challenges barriers and problems How you deal with these challenges depends on you as a person As young people who desire to travel out of the country the book will also let you know that relocating to another country is not sweet You are going to face challenges discrimination and racism If you are strong enough you will be able to overcome he said The Lagos State Commissioner for Education Mrs Folashade Adefisayo who was represented by the Permanent Secretary Mr Abayomi Abolaji urged them to adopt the habit of reading daily to nurture and stimulate the brain This she said would prepare them to lead exemplary lives and demonstrate excellent leadership in all stages of life NAN reports that 10 secondary schools in Lagos State participated in the book reading and open day forum NewsSourceCredit NAN
    TotalEnergies tasks students on reading culture
      TotalEnergies tasks students on reading culture L R Miss BecMr Victor Bandele the Deputy Managing Director Deepwater Asset TotalEnergies Nigeria has charged students to improve their reading habits to enhance character development and self discovery for sustainable success Bandele gave the charge at the 2022 Book Reading and Open Day Forum for Senior Secondary Schools in Lagos State organised by TotalEnergies in collaboration with NNPC and other partners The event had the theme Books Gateway to Discoveries He said the book reading was aimed at promoting reading among students and encouraging them to develop the habit as a way of life According to him the day also presents an opportunity to share career trajectories and explore career requirements and opportunities to guide the students in making early career decisions He described the theme of the book reading as apt and timely saying that reading helps on the path of discovery especially for young ones To discover yourself does not usually come without effort The few who put in the effort to read develop a new and different hindsight every day that prepares and leads them to innovations when the opportunity comes Nothing positions you better to discover yourself than reading You must read regularly and voraciously as this broadens your horizon Reading is one of the most essential habits we need to develop in life for information direction and for character development he said He urged the students to avoid distractions that could be a drag on their dream of discovering new things that would impact the environment positively All the distractions that are incidental to young ones today have magnified the importance of this book reading and open day programme I encourage you to make a conscientious effort to research good books with themes and characters that align with what you would like to do in future Join book clubs attend book launches and reading events If possible write your books and I m sure you will discover many amazing things he said Emphasising the significance of books to the students Bandele quoted Barack Obama former President of the United States of America to have said reading is the gateway skill that makes all other learning possible The News Agency of Nigeria reports that the book selected for the reading at the event was written by Dr Femi Adedina a lecturer at the Lagos State University of Education Ijanikin The book is titled Notes of Migrant A Memoir A cross section of students during a group reading of Notes of a Migrant by Dr Femi Adedina Mrs Bunmi Popoola Mordi the Executive General Manager Country Services TotalEnergies said the book was selected for reading to expose the students to multifaceted experiences and cultural and societal values We are trying to prepare our children who are our leaders today and champions of tomorrow With this book I believe that the children now have a better understanding of our cultural and societal values We have positive values and we should not throw them away because of westernisation This book has also taught them that they must strive to achieve anything just like the author did despite the challenges he faced to get his PhD in Australia she said Dr Femi Adedina the author described the book as an eye opener for students to learn how to cope with the travails of life According to him the book reveals that there are always challenges and barriers on the path to success but the key to surmounting them was determination Reading this book exposes you to the travails of a black man in Australia and how he overcame his challenges while attaining his PhD degree It would make you understand that for you to achieve anything in life you must factor in challenges barriers and problems How you deal with these challenges depends on you as a person As young people who desire to travel out of the country the book will also let you know that relocating to another country is not sweet You are going to face challenges discrimination and racism If you are strong enough you will be able to overcome he said The Lagos State Commissioner for Education Mrs Folashade Adefisayo who was represented by the Permanent Secretary Mr Abayomi Abolaji urged them to adopt the habit of reading daily to nurture and stimulate the brain This she said would prepare them to lead exemplary lives and demonstrate excellent leadership in all stages of life NAN reports that 10 secondary schools in Lagos State participated in the book reading and open day forum NewsSourceCredit NAN
    TotalEnergies tasks students on reading culture
    General news1 month ago

    TotalEnergies tasks students on reading culture

    TotalEnergies tasks students on reading culture L-R: Miss BecMr Victor Bandele, the Deputy Managing Director, Deepwater Asset, TotalEnergies Nigeria, has charged students to improve their reading habits to enhance character development and self-discovery for sustainable success.

    Bandele gave the charge at the 2022 Book Reading and Open Day Forum for Senior Secondary Schools in Lagos State organised by TotalEnergies in collaboration with NNPC and other partners.

    The event had the theme: “Books, Gateway to Discoveries.

    ” He said the book reading was aimed at promoting reading among students and encouraging them to develop the habit as a way of life.

    According to him, the day also presents an opportunity to share career trajectories and explore career requirements and opportunities to guide the students in making early career decisions.

    He described the theme of the book reading as apt and timely, saying that reading helps on the path of discovery, especially for young ones.

    “To discover yourself does not usually come without effort.

    The few who put in the effort to read develop a new and different hindsight every day that prepares and leads them to innovations, when the opportunity comes.

    “Nothing positions you better to discover yourself than reading.

    You must read regularly and voraciously as this broadens your horizon.

    “Reading is one of the most essential habits we need to develop in life for information, direction and for character development,” he said.

    He urged the students to avoid distractions that could be a drag on their dream of discovering new things that would impact the environment positively.

    “All the distractions that are incidental to young ones today have magnified the importance of this book reading and open day programme.

    “I encourage you to make a conscientious effort to research good books with themes and characters that align with what you would like to do in future.

    “Join book clubs, attend book launches and reading events.

    If possible write your books and I’m sure you will discover many amazing things,” he said.

    Emphasising the significance of books to the students, Bandele quoted Barack Obama, former President of the United States of America to have said, “reading is the gateway skill that makes all other learning possible.

    ” The News Agency of Nigeria reports that the book selected for the reading at the event was written by Dr Femi Adedina, a lecturer at the Lagos State University of Education Ijanikin.

    The book is titled, “Notes of Migrant.

    A Memoir.  

    A cross section of students during a group reading of “Notes of a Migrant’ by Dr Femi Adedina  Mrs Bunmi Popoola-Mordi, the Executive General Manager, Country Services, TotalEnergies, said the book was selected for reading to expose the students to multifaceted experiences, and cultural and societal values.

    “We are trying to prepare our children who are our leaders today and champions of tomorrow.

    “With this book, I believe that the children now have a better understanding of our cultural and societal values.

    We have positive values and we should not throw them away because of westernisation.

    “This book has also taught them that they must strive to achieve anything just like the author did, despite the challenges he faced to get his PhD in Australia,” she said.

    Dr Femi Adedina, the author, described the book as an eye-opener for students to learn how to cope with the travails of life.

    According to him, the book reveals that there are always challenges and barriers on the path to success, but the key to surmounting them was determination.

    “Reading this book exposes you to the travails of a black man in Australia and how he overcame his challenges while attaining his PhD degree.

    “It would make you understand that for you to achieve anything in life, you must factor in challenges, barriers and problems.

    How you deal with these challenges depends on you as a person.

    “As young people who desire to travel out of the country, the book will also let you know that relocating to another country is not sweet.

    “You are going to face challenges, discrimination and racism.

    If you are strong enough, you will be able to overcome,” he said.

    The Lagos State Commissioner for Education, Mrs Folashade Adefisayo, who was represented by the Permanent Secretary, Mr Abayomi Abolaji, urged them to adopt the habit of reading daily to nurture and stimulate the brain.

    This, she said, would prepare them to lead exemplary lives and demonstrate excellent leadership in all stages of life.

    NAN reports that 10 secondary schools in Lagos State participated in the book reading and open-day forum.


    NewsSourceCredit: NAN

  •  An indegenous firm engaged by the Federal Government Naebi Dynamic Concepts Limited has inaugurated a team to drive its new initiative of collecting landing and take off charges from helicopters operating in all platforms across the country According to statement issued on Thursday by Managing Executive Officer of Naebi Dynamic Chike Stanley the policy would create at least 15 000 jobs nationwide The implementation committee for Rivers State was inaugurated at the International Wing of the Port Harcourt Airport on Thursday by Stanley The statement reported Stanley as taking the step to advance the mandate given by the Minister of Aviation Hadi Sirika when he inaugurated the consortium in Port Harcourt to collect landing and take off charges from helicopters operating within the country s airspace Sirika had said the initiative would help to increase the revenue generation in the sector and create employment opportunities across the country The team inaugurated by Stanley comprised all stakeholders in the aviation sector such as the Police DSS Rivers Government and the Nigerian Airspace Management Agency NAMA Stanley said the implementation team would help the firm to have easy access to all the platforms oil rigs airstrips aerodromes helipads and helipods located in Rivers He commended President Muhammadu Buhari and Sirika saying the initiative would help to generate over 15 000 jobs in the nearest future and curb criminality and restiveness among the youth Stanley who described the move as an internationally accepted standard said no right thinking International Oil Company IOC would flout the law as contained in the amended NAMA Act Our mandate is to collect helicopter landing charges for IOCs and LOCs on all the platforms oil rigs airstrips aerodromes helipads among others The initiative is to generate jobs and increase the Internally Generated Revenue IGR It is also solving security problems It has been tough but it has been wonderful We are getting there We have started Already there is compliance at the airport and we hope to have more compliance We thank the Minister for always giving us all the support that we need I thank the President of Nigeria who has created this platform I thank the Minister of Aviation who has stood his ground to ensure that jobs are created for Nigerian youths In the next five years this platform will generate employment for more than 15 000 youths across the country he said This will help to curb some levels of insecurity This opportunity will help to engage them We have called the stakeholders to educate them on what has happened They have written to NNPC they have written to the Ministry of Petroleum We are also taking people from these communities to train employ and mentor The essence of the meeting is a message that nobody is coming to harass any IOCs This is a way to tell the IOCs that the government has directed access to be created to implement this When you see them being received as an IOC you know that this is the standard practice across the global aviation industry This is an implementation committee for Rivers State We are going to move from state to state It is an implementation team to carry out the responsibility given by the Federal Government NewsSourceCredit NAN
    Firm inaugurates team on helicopter landing charges, targets 15,000 jobs nationwide
     An indegenous firm engaged by the Federal Government Naebi Dynamic Concepts Limited has inaugurated a team to drive its new initiative of collecting landing and take off charges from helicopters operating in all platforms across the country According to statement issued on Thursday by Managing Executive Officer of Naebi Dynamic Chike Stanley the policy would create at least 15 000 jobs nationwide The implementation committee for Rivers State was inaugurated at the International Wing of the Port Harcourt Airport on Thursday by Stanley The statement reported Stanley as taking the step to advance the mandate given by the Minister of Aviation Hadi Sirika when he inaugurated the consortium in Port Harcourt to collect landing and take off charges from helicopters operating within the country s airspace Sirika had said the initiative would help to increase the revenue generation in the sector and create employment opportunities across the country The team inaugurated by Stanley comprised all stakeholders in the aviation sector such as the Police DSS Rivers Government and the Nigerian Airspace Management Agency NAMA Stanley said the implementation team would help the firm to have easy access to all the platforms oil rigs airstrips aerodromes helipads and helipods located in Rivers He commended President Muhammadu Buhari and Sirika saying the initiative would help to generate over 15 000 jobs in the nearest future and curb criminality and restiveness among the youth Stanley who described the move as an internationally accepted standard said no right thinking International Oil Company IOC would flout the law as contained in the amended NAMA Act Our mandate is to collect helicopter landing charges for IOCs and LOCs on all the platforms oil rigs airstrips aerodromes helipads among others The initiative is to generate jobs and increase the Internally Generated Revenue IGR It is also solving security problems It has been tough but it has been wonderful We are getting there We have started Already there is compliance at the airport and we hope to have more compliance We thank the Minister for always giving us all the support that we need I thank the President of Nigeria who has created this platform I thank the Minister of Aviation who has stood his ground to ensure that jobs are created for Nigerian youths In the next five years this platform will generate employment for more than 15 000 youths across the country he said This will help to curb some levels of insecurity This opportunity will help to engage them We have called the stakeholders to educate them on what has happened They have written to NNPC they have written to the Ministry of Petroleum We are also taking people from these communities to train employ and mentor The essence of the meeting is a message that nobody is coming to harass any IOCs This is a way to tell the IOCs that the government has directed access to be created to implement this When you see them being received as an IOC you know that this is the standard practice across the global aviation industry This is an implementation committee for Rivers State We are going to move from state to state It is an implementation team to carry out the responsibility given by the Federal Government NewsSourceCredit NAN
    Firm inaugurates team on helicopter landing charges, targets 15,000 jobs nationwide
    Economy2 months ago

    Firm inaugurates team on helicopter landing charges, targets 15,000 jobs nationwide

    An indegenous firm engaged by the Federal Government, Naebi Dynamic Concepts Limited, has inaugurated a team to drive its new initiative of collecting landing and take-off charges from helicopters operating in all platforms across the country.  

    According to statement issued on Thursday by Managing Executive Officer of Naebi Dynamic, Chike Stanley, the policy would create at least 15,000 jobs nationwide.  

    The implementation committee for Rivers State was inaugurated at the International Wing of the Port Harcourt Airport on Thursday by Stanley.  

    The statement reported Stanley as taking the step to advance the mandate given by the Minister of Aviation, Hadi Sirika, when he inaugurated the consortium in Port Harcourt to collect landing and take-off charges from helicopters operating within the country’s airspace.  

    Sirika had said the initiative would help to increase the revenue generation in the sector and create employment opportunities across the country.  

    The team inaugurated by Stanley comprised all stakeholders in the aviation sector such as the Police, DSS, Rivers Government and the Nigerian Airspace Management Agency (NAMA).  

    Stanley said the implementation team would help the firm to have easy access to all the platforms, oil rigs, airstrips, aerodromes, helipads, and helipods located in Rivers.  

    He commended President Muhammadu Buhari and Sirika, saying the initiative would help to generate over 15,000 jobs in the nearest future and curb criminality and restiveness among the youth.  

    Stanley, who described the move as an internationally accepted standard, said no right-thinking International Oil Company (IOC) would flout the law, as contained in the amended NAMA Act.   “Our mandate is to collect helicopter landing charges for IOCs and LOCs on all the platforms, oil rigs, airstrips, aerodromes, helipads, among others.

    The initiative is to generate jobs and increase the Internally Generated Revenue (IGR).   

    “It is also solving security problems.

    It has been tough but it has been wonderful.

    “We are getting there.

    We have started.

    Already there is compliance at the airport and we hope to have more compliance.

    We thank the Minister for always giving us all the support that we need.  

    “I thank the President of Nigeria, who has created this platform.

    I thank the Minister of Aviation, who has stood his ground to ensure that jobs are created for Nigerian youths.

    In the next five years this platform will generate employment for more than 15,000 youths across the country, he said.  

    “This will help to curb some levels of insecurity.

    This opportunity will help to engage them.

    “We have called the stakeholders to educate them on what has happened.

    They have written to NNPC, they have written to the Ministry of Petroleum.

    We are also taking people from these communities to train, employ and mentor.  

    “The essence of the meeting is a message that nobody is coming to harass any IOCs. This is a way to tell the IOCs that the government has directed access to be created to implement this.   

    “When you see them being received, as an IOC, you  know that this is the standard practice across the global aviation industry.  

    “This is an implementation committee for Rivers State.

    We are going to move from state to state.

    It is an implementation team to carry out the responsibility given by the Federal Government.  


    NewsSourceCredit: NAN

  •  The Secretary to the Government of the Federation SGF Mr Boss Mustapha has urged the Nigerian Petroleum Training Institute PTI to drive the Federal Government s agenda of global movement towards cleaner sources of energy Mustapha made the call during the PTI 50th anniversary ceremony in Abuja The SGF also called on the institute to drive government s roadmap to end gas flaring This should be part of your target for growth and development of the oil and gas industry I also urge the institute to re access its relationship with the major players of the oil and gas sector with the aim of meeting their expectations he said He commended the institute for attaining 50 years of delivering quality training in the oil and gas industry in Nigeria and in sub sahara African continent I congratulate PTI for preserving and maintaining the relevance of the oil and gas industry for 50 years and for organising this conference and award ceremony to celebrate the institute The vision of the founding fathers of PTI was to address the inadequacy of the indigenous requirements to man and operate an efficient petroleum industry This industry was largely dominated by foreign expatriate who were at the forefront and this brings about exploitation of our crude oil production This issue brought about the establishment of PTI to train our indigenous expatriate which has today resulted to 50 years sustainable training of workers in the industry and the graduation of over 50 000 students Many of these trainees were absorbed as employees of the sector I urged the institute to take stock of it performance and challenges in the face of today technology as well as project its aspiration for future he said Also speaking Malam Mele Kyari Group Chief Executive Officer Nigeria National Petroleum Company Limited NNPC Ltd stated that the oil and gas industry was changed rapidly in the positive direction because of the change of attitude by Nigerians and industry players He said that companies were making massive decision which he added that it had also brought about the positive change currently witnessing in the oil and gas industry In our country today we have so much energy 80 per cent of the population can now boast of electricity Energy is necessary in our day to day dealing businesses are changing companies are shifting their focus we must deliver energy training and innovation technology must be a focus for us in a manner that will help to deliver energy This energy will bring about efficiency Without energy there will be no recovery of value and you will keep losing so many things The News Agenvy of Nigeria reports that on Sept 13 in Abuja the U S Special Presidential Envoy for Climate John Kerry joined the Government of Nigeria to sign a Letter of Intent between the Nigerian government and seven companies to support the clean energy transition by working to procure clean energy in Nigeria The seven companies are AB InBev Akamai HP Iron Mountain Lady Lawyer Foundation Rife International and Unilever NAN reports that together the companies seek to unlock investment in clean energy infrastructure arising from commercial and industrial sector operations This collaboration will help develop robust reliable transparent cost competitive and credible procurement options that comply with labor laws in Nigeria to help meet clean energy targets increase energy security and enable corporations to reduce their greenhouse gas emissions The Clean Energy Demand Initiative CEDI serves as a platform for stakeholder engagement and country partnerships and creates a venue for companies and countries to signal investment potential in clean energy share experiences and support each other on policy reform that contributes to affordable and resilient energy systems to drive economic growth NAN reports that Nigeria and corporate partners have signaled support for principles to enable corporate renewable procurement ramping up deployment and accelerating the energy transition in support of global climate goals NewsSourceCredit NAN
    SGF urges institute to drive FG’s agenda towards cleaner sources of energy
     The Secretary to the Government of the Federation SGF Mr Boss Mustapha has urged the Nigerian Petroleum Training Institute PTI to drive the Federal Government s agenda of global movement towards cleaner sources of energy Mustapha made the call during the PTI 50th anniversary ceremony in Abuja The SGF also called on the institute to drive government s roadmap to end gas flaring This should be part of your target for growth and development of the oil and gas industry I also urge the institute to re access its relationship with the major players of the oil and gas sector with the aim of meeting their expectations he said He commended the institute for attaining 50 years of delivering quality training in the oil and gas industry in Nigeria and in sub sahara African continent I congratulate PTI for preserving and maintaining the relevance of the oil and gas industry for 50 years and for organising this conference and award ceremony to celebrate the institute The vision of the founding fathers of PTI was to address the inadequacy of the indigenous requirements to man and operate an efficient petroleum industry This industry was largely dominated by foreign expatriate who were at the forefront and this brings about exploitation of our crude oil production This issue brought about the establishment of PTI to train our indigenous expatriate which has today resulted to 50 years sustainable training of workers in the industry and the graduation of over 50 000 students Many of these trainees were absorbed as employees of the sector I urged the institute to take stock of it performance and challenges in the face of today technology as well as project its aspiration for future he said Also speaking Malam Mele Kyari Group Chief Executive Officer Nigeria National Petroleum Company Limited NNPC Ltd stated that the oil and gas industry was changed rapidly in the positive direction because of the change of attitude by Nigerians and industry players He said that companies were making massive decision which he added that it had also brought about the positive change currently witnessing in the oil and gas industry In our country today we have so much energy 80 per cent of the population can now boast of electricity Energy is necessary in our day to day dealing businesses are changing companies are shifting their focus we must deliver energy training and innovation technology must be a focus for us in a manner that will help to deliver energy This energy will bring about efficiency Without energy there will be no recovery of value and you will keep losing so many things The News Agenvy of Nigeria reports that on Sept 13 in Abuja the U S Special Presidential Envoy for Climate John Kerry joined the Government of Nigeria to sign a Letter of Intent between the Nigerian government and seven companies to support the clean energy transition by working to procure clean energy in Nigeria The seven companies are AB InBev Akamai HP Iron Mountain Lady Lawyer Foundation Rife International and Unilever NAN reports that together the companies seek to unlock investment in clean energy infrastructure arising from commercial and industrial sector operations This collaboration will help develop robust reliable transparent cost competitive and credible procurement options that comply with labor laws in Nigeria to help meet clean energy targets increase energy security and enable corporations to reduce their greenhouse gas emissions The Clean Energy Demand Initiative CEDI serves as a platform for stakeholder engagement and country partnerships and creates a venue for companies and countries to signal investment potential in clean energy share experiences and support each other on policy reform that contributes to affordable and resilient energy systems to drive economic growth NAN reports that Nigeria and corporate partners have signaled support for principles to enable corporate renewable procurement ramping up deployment and accelerating the energy transition in support of global climate goals NewsSourceCredit NAN
    SGF urges institute to drive FG’s agenda towards cleaner sources of energy
    General news2 months ago

    SGF urges institute to drive FG’s agenda towards cleaner sources of energy

    The Secretary to the Government of the Federation (SGF), Mr Boss Mustapha has urged the Nigerian Petroleum Training Institute (PTI)  to drive the Federal Government’s agenda of global movement towards cleaner sources of energy.

    Mustapha, made the call during the PTI’ 50th anniversary ceremony in Abuja.

    The SGF also called on the institute to drive government’s roadmap to end gas flaring.

    ”This should be part of your target for growth and development of the oil and gas industry.

    ”I also urge the institute to re-access its relationship with the major players of the oil and gas sector with the aim of meeting their expectations,” he said.

    He commended the institute for attaining 50 years of delivering quality training in the oil and gas industry in Nigeria and in sub-sahara African continent.

    “I congratulate PTI for preserving and maintaining the relevance of the oil and gas industry for 50 years and for organising this conference and award ceremony to celebrate the institute.

    “The vision of the founding fathers of PTI was to address the inadequacy of the indigenous requirements to man and operate an efficient petroleum industry.

    “This industry was largely dominated by foreign expatriate who were at the forefront, and this brings about exploitation of our crude oil production.

    “This issue brought about the establishment of PTI to train our indigenous expatriate which has today resulted to 50 years sustainable training of workers in the industry, and the graduation of over 50,000 students.

    “Many of these trainees were absorbed as employees of the sector.

    I urged the institute to take stock of it performance and challenges in the face of today technology, as well as project its aspiration for future,” he said.

    Also speaking, Malam Mele Kyari, Group Chief Executive Officer, Nigeria National Petroleum Company Limited, NNPC Ltd, stated that the oil and gas industry was changed rapidly in the positive direction because of the change of attitude by Nigerians and industry players.

    He said that companies were making massive decision which he added that it had also brought about the positive change currently witnessing in the oil and gas industry.

    “In our country today, we have so much energy, 80 per cent of the population can now boast of electricity.

    “Energy is necessary in our day to day dealing, businesses are changing, companies are shifting their focus, we must deliver energy, training and innovation technology must be a focus for us in a manner that will help to deliver energy.

    “This energy will bring about efficiency.

    Without energy there will be no recovery of value and you will keep losing so many things.

    The News Agenvy of Nigeria reports that on Sept. 13 in Abuja, the U.

    S. Special Presidential Envoy for Climate John Kerry joined the Government of Nigeria to sign a Letter of Intent between the Nigerian government and seven companies  to support the clean energy transition by working to procure clean energy in Nigeria.

    The seven companies are AB InBev, Akamai, HP, Iron Mountain, Lady Lawyer Foundation, Rife International, and Unilever.

    NAN reports that together, the companies seek to unlock investment in clean energy infrastructure arising from commercial and industrial sector operations.

    This collaboration will help develop robust, reliable, transparent, cost-competitive, and credible procurement options that comply with labor laws in Nigeria to help meet clean energy targets, increase energy security, and enable corporations to reduce their greenhouse gas emissions.

    The Clean Energy Demand Initiative (CEDI) serves as a platform for stakeholder engagement and country partnerships and creates a venue for companies and countries to signal investment potential in clean energy, share experiences, and support each other on policy reform that contributes to affordable and resilient energy systems to drive economic growth.

    NAN reports that Nigeria and corporate partners have signaled support for principles to enable corporate renewable procurement, ramping up deployment and accelerating the energy transition in support of global climate goals. 


    NewsSourceCredit: NAN

  •  Traffic gridlock occasioned by massive flooding at Koton Karfe on the Abuja Lokoja Highway is thinning out Acting Corps Marshal Federal Road Safety Corps FRSC Mr Dauda Biu has said FRSC spokesman Assistant Corps Marshal Bisi Kazeem quoted Biu as saying on Sunday that the water level had continued to recede at the flooded portions of the road in Koton Karfe Kogi He said in a statement issued in Abuja on Sunday that another broken down truck was towed off the road on Sunday while traffic had been moving under the guidance and control of FRSC operatives The military FRSC and Civil Defence towed two articulated trucks that combined with the flood to render the road impassable away from the road on Saturday The trucks one with NNPC inscription on it and another articulated vehicle broke down almost adjacent each other at Koton Karfe on Friday resulting in a total blockage of the flooded highway Kazeem stated that as at Sunday trucks are being passed in turns with priority given to 150 trucks heading to Abuja Palliative measures are being taken in conjunction with the National Union of Road Transport Workers to cover deep potholes with stones to enhance freer movement The queue of trucks outbound Abuja which stretched up to Gegu on the highway has reduced to Gapa close to Koton Karfe he stated Kazeem quoted Biu as still pleading with road users particularly truck drivers to use alternative routes to further reduce the Koton Karfe Lokoja gridlock NewsSourceCredit NAN
    Road Safety says gridlock is thinning out at flooded Koton Karfe, Kogi
     Traffic gridlock occasioned by massive flooding at Koton Karfe on the Abuja Lokoja Highway is thinning out Acting Corps Marshal Federal Road Safety Corps FRSC Mr Dauda Biu has said FRSC spokesman Assistant Corps Marshal Bisi Kazeem quoted Biu as saying on Sunday that the water level had continued to recede at the flooded portions of the road in Koton Karfe Kogi He said in a statement issued in Abuja on Sunday that another broken down truck was towed off the road on Sunday while traffic had been moving under the guidance and control of FRSC operatives The military FRSC and Civil Defence towed two articulated trucks that combined with the flood to render the road impassable away from the road on Saturday The trucks one with NNPC inscription on it and another articulated vehicle broke down almost adjacent each other at Koton Karfe on Friday resulting in a total blockage of the flooded highway Kazeem stated that as at Sunday trucks are being passed in turns with priority given to 150 trucks heading to Abuja Palliative measures are being taken in conjunction with the National Union of Road Transport Workers to cover deep potholes with stones to enhance freer movement The queue of trucks outbound Abuja which stretched up to Gegu on the highway has reduced to Gapa close to Koton Karfe he stated Kazeem quoted Biu as still pleading with road users particularly truck drivers to use alternative routes to further reduce the Koton Karfe Lokoja gridlock NewsSourceCredit NAN
    Road Safety says gridlock is thinning out at flooded Koton Karfe, Kogi
    Defence/Security2 months ago

    Road Safety says gridlock is thinning out at flooded Koton Karfe, Kogi

    Traffic gridlock occasioned by massive flooding at Koton Karfe on the Abuja-Lokoja Highway is thinning out, Acting Corps Marshal, Federal Road Safety Corps (FRSC) Mr Dauda Biu has said.

    FRSC spokesman, Assistant Corps Marshal Bisi Kazeem, quoted Biu as saying on Sunday that the water level had continued to recede at the flooded portions of the road in Koton Karfe, Kogi. He said in a statement issued in Abuja on Sunday that another broken down truck was towed off the road on Sunday, while traffic had been moving under the guidance and control of FRSC operatives.

    The military, FRSC and Civil Defence towed two articulated trucks that combined with the flood to render the road impassable away from the road on Saturday.

    The trucks, one with NNPC inscription on it, and another articulated vehicle, broke down almost adjacent each other at Koton-Karfe on Friday resulting in a total blockage of the flooded highway.

    Kazeem stated that as at Sunday, trucks are being passed in turns with priority given to 150 trucks heading to Abuja.

    “Palliative measures are being taken in conjunction with the National Union of Road Transport Workers to cover deep potholes with stones to enhance freer movement.

    “The queue of trucks outbound Abuja which stretched up to Gegu on the highway has reduced to Gapa, close to Koton Karfe,’’ he stated.

    Kazeem quoted Biu as still pleading with road users, particularly truck drivers to use alternative routes to further reduce the Koton Karfe-Lokoja gridlock.


    NewsSourceCredit: NAN

  •  An economist Dr Muda Yusuf has emphasised the need for new funding models to support road infrastructure and the country s tertiary education system Yusuf said this an interview with the News Agency of Nigeria in Lagos following the 2023 budget presentation by President Muhammadu Buhari to the National Assembly on Friday Yusuf also Founder Centre for the Promotion of Private Enterprises CPPE said the call was in agreement with the president s speech that funding of same cannot be adequately and sustainably supported exclusively from government budget He stated that budget funding for road infrastructure could not guarantee quality roads for a country over 200 million people We note the reference by Mr President to Public Private Partnership PPP options for infrastructure financing However the macroeconomic and regulatory environment needs to improve to inspire confidence of investors in infrastructure within the PPP framework Current macroeconomic and foreign exchange policy regime are major disincentives to investors in infrastructure especially the foreign investors We need the inflow of such foreign capital to complement government funding in infrastructure he said Yusuf stressed the need to address issues surrounding the country s fiscal sustainability aspiration in the 2023 budget According to him the budget has further amplified the troubling fiscal outlook for the economy as expenditure continues to accelerate amid consistent weak revenue performance He noted that the budget of N20 51 trillion with revenue projection of N9 73 trillion left the country with a deficit of N10 78 trillion Yusuf stated that in all probability the deficit would be much bigger by year end because of the track record of revenue under performance over the last couple of years He added that the development would likely lead to an acceleration of the Central Bank of Nigeria CBN financing of fiscal deficit given the revenue performance trajectory Noting that the country s public debt stock was currently at N42 trillion Yusuf said that additional new borrowing of N8 8 trillion would increase the debt profile towards N50 trillion by May 2023 A number of issues need to be addressed to achieve our fiscal sustainability aspiration Government owned enterprises managing huge economic assets need to justify the value of assets at their disposal Returns on investment on those assets have been consistently sub optimal for many years These include government enterprises in maritime and oil and gas for example even though it is instructive that some reforms are ongoing at the Nigerian National Petroleum Corporation NNPC he said Yusuf emphasised the need for the lapses in the petroleum upstream ecosystem to be urgently addressed This he said includes the impunity of crude oil theft and vandalism of oil facilities He added that the foreign exchange policy regime which was adversely impacting the business environment needed urgent attention Weak private sector performance will naturally affect non oil tax revenues There is a need for budget reforms The budgetary appropriations must reflect urgent national economic priorities There are also concerns about value for money and other forms of fiscal leakages he said NewsSourceCredit NAN
    2023 budget: Economist seeks new funding models for road infrastructure, education
     An economist Dr Muda Yusuf has emphasised the need for new funding models to support road infrastructure and the country s tertiary education system Yusuf said this an interview with the News Agency of Nigeria in Lagos following the 2023 budget presentation by President Muhammadu Buhari to the National Assembly on Friday Yusuf also Founder Centre for the Promotion of Private Enterprises CPPE said the call was in agreement with the president s speech that funding of same cannot be adequately and sustainably supported exclusively from government budget He stated that budget funding for road infrastructure could not guarantee quality roads for a country over 200 million people We note the reference by Mr President to Public Private Partnership PPP options for infrastructure financing However the macroeconomic and regulatory environment needs to improve to inspire confidence of investors in infrastructure within the PPP framework Current macroeconomic and foreign exchange policy regime are major disincentives to investors in infrastructure especially the foreign investors We need the inflow of such foreign capital to complement government funding in infrastructure he said Yusuf stressed the need to address issues surrounding the country s fiscal sustainability aspiration in the 2023 budget According to him the budget has further amplified the troubling fiscal outlook for the economy as expenditure continues to accelerate amid consistent weak revenue performance He noted that the budget of N20 51 trillion with revenue projection of N9 73 trillion left the country with a deficit of N10 78 trillion Yusuf stated that in all probability the deficit would be much bigger by year end because of the track record of revenue under performance over the last couple of years He added that the development would likely lead to an acceleration of the Central Bank of Nigeria CBN financing of fiscal deficit given the revenue performance trajectory Noting that the country s public debt stock was currently at N42 trillion Yusuf said that additional new borrowing of N8 8 trillion would increase the debt profile towards N50 trillion by May 2023 A number of issues need to be addressed to achieve our fiscal sustainability aspiration Government owned enterprises managing huge economic assets need to justify the value of assets at their disposal Returns on investment on those assets have been consistently sub optimal for many years These include government enterprises in maritime and oil and gas for example even though it is instructive that some reforms are ongoing at the Nigerian National Petroleum Corporation NNPC he said Yusuf emphasised the need for the lapses in the petroleum upstream ecosystem to be urgently addressed This he said includes the impunity of crude oil theft and vandalism of oil facilities He added that the foreign exchange policy regime which was adversely impacting the business environment needed urgent attention Weak private sector performance will naturally affect non oil tax revenues There is a need for budget reforms The budgetary appropriations must reflect urgent national economic priorities There are also concerns about value for money and other forms of fiscal leakages he said NewsSourceCredit NAN
    2023 budget: Economist seeks new funding models for road infrastructure, education
    Economy2 months ago

    2023 budget: Economist seeks new funding models for road infrastructure, education

    An economist, Dr Muda Yusuf, has emphasised the need for new funding models to support road infrastructure and the country’s tertiary education system.  

    Yusuf said this an interview with the News Agency of Nigeria in Lagos, following the 2023 budget presentation  by President Muhammadu Buhari to the National Assembly on Friday.  

    Yusuf, also Founder, Centre for the Promotion of Private Enterprises (CPPE), said the call was in agreement with the president’s speech that funding of same cannot be adequately and sustainably supported exclusively from government budget.

    He stated that budget funding for road infrastructure could not guarantee quality roads for a country over 200 million people.

    “We note the reference by Mr President to Public Private Partnership (PPP) options for infrastructure financing.

    “However, the macroeconomic and regulatory environment needs to improve to inspire confidence of investors in infrastructure within the PPP framework.

    “Current macroeconomic and foreign exchange policy regime are major disincentives to investors in infrastructure, especially the foreign investors.

    “We need the inflow of such foreign capital to complement government funding in infrastructure,” he said.

    Yusuf stressed the need to address issues surrounding the country’s fiscal sustainability aspiration in the 2023 budget.

    According to him, the budget has further amplified the troubling fiscal outlook for the economy as expenditure continues to accelerate amid consistent weak revenue performance.

    He noted that the budget of N20.51 trillion with revenue projection of N9.73 trillion left the country with a deficit of N10.78 trillion.

    Yusuf stated that in all probability, the deficit would be much bigger by year end because of the track record of revenue under performance over the last couple of years.

    He added that the development would likely lead to an acceleration of the Central Bank of Nigeria (CBN) financing of fiscal deficit given the revenue performance trajectory.

    Noting that the country’s public debt stock was currently at N42 trillion, Yusuf said that additional new borrowing of N8.8 trillion, would increase the debt profile towards N50 trillion by May 2023. “A number of issues need to be addressed to achieve our fiscal sustainability aspiration.

    “Government owned enterprises managing huge economic assets need to justify the value of assets at their disposal.

    “Returns on investment on those assets have been consistently sub optimal for many years.

    “These include government enterprises in maritime, and oil and gas, for example even though it is instructive that some reforms are ongoing at the Nigerian National Petroleum Corporation (NNPC),” he said.

    Yusuf emphasised the need for the lapses in the petroleum upstream ecosystem to be urgently addressed.

    This, he said, includes the impunity of crude oil theft and vandalism of oil facilities.

    He added that the foreign exchange policy regime which was adversely impacting the business environment needed urgent attention.

    “Weak private sector performance will naturally affect non oil tax revenues.

    “There is a need for budget reforms.

    “The budgetary appropriations must reflect urgent national economic priorities.

    “There are also concerns about value for money and other forms of fiscal leakages,” he said.  


    NewsSourceCredit: NAN

  •  Prof Uche Uwaleke president Association of the Capital Market Academics of Nigeria says every effort must be made to improve the country s revenue collection to meet up with the projected expenditure in the 2023 budget Uwaleke said this on Friday in Lagos in reaction to the presentation of the 2023 budget of N20 5 trillion by President Muhammadu Buhari to the National Assembly He also stressed the need to monitor closely the Ministries Departments and Agencies MDAs and government s independent revenues As the president rightly noted the greatest threat to budget performance is the revenue side I also think the fiscal deficit of over N10 trillion can be trimmed especially by pruning down the over N1 trillion overhead costs he said The finance expert also lauded the early presentation of the 2023 budget proposal saying it ensured the sustainability of the return to the January to December budget cycle He said it was equally noteworthy that the finance bill would be considered alongside the 2023 appropriation bill as well as the fact that the budget of government owned enterprises was integrated to promote transparency He added that the oil price benchmark of 70 dollars was conservative in line with budget principles I also think the oil production benchmark of 1 69mbpd is realistic given the assurance by the president that the NNPC Ltd is doing something to curb oil theft and pipeline vandalism It is however worrisome that capital expenditure as a proportion of total spending has gone down well below the government target of 30 per cent while debt service at over N6 trillion is in excess of amount budgeted for capital expenditure he said NewsSourceCredit NAN
    2023 budget: Expert calls for revenue collection efficiency
     Prof Uche Uwaleke president Association of the Capital Market Academics of Nigeria says every effort must be made to improve the country s revenue collection to meet up with the projected expenditure in the 2023 budget Uwaleke said this on Friday in Lagos in reaction to the presentation of the 2023 budget of N20 5 trillion by President Muhammadu Buhari to the National Assembly He also stressed the need to monitor closely the Ministries Departments and Agencies MDAs and government s independent revenues As the president rightly noted the greatest threat to budget performance is the revenue side I also think the fiscal deficit of over N10 trillion can be trimmed especially by pruning down the over N1 trillion overhead costs he said The finance expert also lauded the early presentation of the 2023 budget proposal saying it ensured the sustainability of the return to the January to December budget cycle He said it was equally noteworthy that the finance bill would be considered alongside the 2023 appropriation bill as well as the fact that the budget of government owned enterprises was integrated to promote transparency He added that the oil price benchmark of 70 dollars was conservative in line with budget principles I also think the oil production benchmark of 1 69mbpd is realistic given the assurance by the president that the NNPC Ltd is doing something to curb oil theft and pipeline vandalism It is however worrisome that capital expenditure as a proportion of total spending has gone down well below the government target of 30 per cent while debt service at over N6 trillion is in excess of amount budgeted for capital expenditure he said NewsSourceCredit NAN
    2023 budget: Expert calls for revenue collection efficiency
    Economy2 months ago

    2023 budget: Expert calls for revenue collection efficiency

    Prof. Uche Uwaleke, president, Association of the Capital Market Academics of Nigeria, says every effort must be made to improve the country’s revenue collection to meet up with the projected expenditure in the 2023 budget.

    Uwaleke said this on Friday in Lagos in reaction to the presentation of the 2023 budget of N20.5 trillion by President Muhammadu Buhari to the National Assembly.

    He also stressed the need to monitor closely the Ministries, Departments and Agencies (MDAs) and government’s independent revenues.

    “As the president rightly noted, the greatest threat to budget performance is the revenue side.

    “I also think the fiscal deficit of over N10 trillion can be trimmed, especially by pruning down the over N1 trillion overhead costs,” he said.

    The finance expert also lauded the early presentation of the 2023 budget proposal, saying it ensured the sustainability of the return to the January to December budget cycle.

    He said it was equally noteworthy that the finance bill would be considered alongside the 2023 appropriation bill as well as the fact that the budget of government owned enterprises was integrated to promote transparency.

    He added that the oil price benchmark of 70 dollars was conservative in line with budget principles.

    “I also think the oil production benchmark of 1.69mbpd is realistic given the assurance by the president that the NNPC Ltd. is doing something to curb oil theft and pipeline vandalism.

    “It is, however, worrisome that capital expenditure as a proportion of total spending has gone down well below the government target of 30 per cent, while debt service at over N6 trillion is in excess of amount budgeted for capital expenditure,” he said.


    NewsSourceCredit: NAN

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