As Nigeria mark 62nd Independence Anniversary, some Nigerians have expressed joy over the infrastructure development in the country since independence.
A cross section of the respondents who spoke in Bauchi and Dutse, described the Federal Government’s commitment towards roads, housing, power and rail infrastructure development as commendable.
Mr Sabo Mohammed, a political analyst in Bauchi State, said the country witnessed massive progress in infrastructure development under President Mohammadu Buhari’s administration.
He lauded the president for ensuring continuity of infrastructure development projects initiated by his predecessors.
He said the projects were designed to provide modern air, sea, rail and road transportation networks for ease of doing businesses, reduce poverty, creat jobs and enhance wealth creation.
Mohammed said that power and housing project initiatives would also address energy crisis, enhance stable power supply and provide decent houses to tackle housing deficit in the country.
According to him, the Buhari administration has executed about 5,000 kilometers of roads through the Presidential Infrastructure Development Fund and SUKUK Bond.The gesture, he said, would encourage investment, revamp industries and improved public service delivery to fast track sustainable social and economic development in the country.
He listed some of the projects to include the 2nd Niger Bridge; Lagos-Ibadan Expressway, East-West Road, Abuja-Kaduna-Kano Expressway, Gombe -Yola Road, Kano – Maiduguri Expressway and Kirfi – Gombe Road.Mohammed said that some of the projects had been completed and inaugurated while others were at various stages of completion.
On rail sector, Mohammed listed the Kaduna – Abuja, Lagos – Kano, Warri – Itakpe, Lagos -Portharcourt standard gauge lines as well as Kano – Maradi Rail line in Niger Republic.
In the energy sector, he said, the Federal Government initiated viable projects such as NLNG Train 7, Ajaokuta – Kaduna – Kano (AKK) pipeline project.
The AKK project on completion would saw an incremental 4,000MW of generating assets to the power sector, he said.
Mohammed said the Zungeru and Kashimbila Hydro Power Plants were designed to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain.
The analyst said, the country under the stewardship of Muhammadu Buhari also achieved giant leap in energy infrastructure development with signing of agreements on expanding gas supply to other African member states.
On July 28, 2022, Nigeria signed a Memerandum of Understanding (MoU) with Algeria and Nigerien Governments for the implementation of the Trans-Saharan Gas Pipeline (TSGP) project.
TSGP; also known as NIGAL pipeline and Trans-African gas pipeline is a planned natural gas pipeline from Nigeria to Algeria.
The gigantic project is seen as an opportunity to diversify the European Union’s gas supplies.
“Not to forget the infrastructure development in tertiary institutions across the country funded by Tertiary Education Trust Fund (TETFund),” he said.
Mohammed said the projects were visible and incontrovertible assets in proof of what Nigeria’s resources were invested in.
He, however, urged the Federal Government to complete all ongoing projects before the expiration of the tenure of President Buhari in 2023.Also, Maryam Ibrahim and Babangida Muhammad, residents of Dutse in Jigawa, lauded the Nigerian government over its commitment to the infrastructure development in the country.
Muhammad noted tat the feat achieved in road infrastructure enhance transportation services as well as ease movement of goods and services across the country.
He advocated for practical measures to ensure rehabilitation and maintainance of the structures, and urged Nigerians to protect national assets in their respective communities.
The Nigeria National Petroleum Company (NNPC Ltd) is collaborating with the Office of the Vice President on establishment of Gas Funding Company Ltd for injection of 20 million cylinders in the next five years.
The NNPC Ltd said the company’s establishment, which involved collaboration of other relevant stakeholders and being done under the Marketer Cylinder Owned Model, would boost Liquefied Petroleum Gas (LPG) penetration.
Malam Mele Kyari, the Group Chief Executive Officer (GCEO), NNPC, said this on Wednesday at the opening of India-Nigeria Liquefied Petroleum Gas (LPG summit) in Abuja.
The India-Nigeria LPG summit was hosted by the NNPC with the support of the Office of the Vice President and World LPG Association (WLPGA).
The summit is expected to translate into bilateral exchanges to foster mutual collaborations and opportunities for the Nigerian LPG industry to learn from India’s experience, one of the world’s most successful national LPG penetration initiatives.
The summit has its theme as: “Energising the Future: Leveraging the Indian Experience to Achieve Nigerian National LPG Aspiration.
” Kyari, represented by Mr Adeyemi Adetunji, the Group Executive Director, Downstream, NNPC, said the summit would be required to submit a report detailing gaps identified and recommendations on best practices from the Indian experience.
This, he said, would be for adoption in Nigeria by relevant stakeholders to achieve rapid National LPG penetration.
He said the summit would equally discuss the Nigerian experience and Indian example covering safe LPG handling, pricing and financial support.
According to him, this will enhance LPG affordability among the poor, communication strategies, ICT and infrastructure as well as collaboration on Cylinder management and manufacturing.
Kyari said Nigeria had identified its abundant gas resources as fuel for energy transition which informed its net zero commitments by 2060 and the declaration of 2021-2030 as Decade of Gas. “NNPC Ltd is an energy company with new investments in gas, power and renewables.
Key pipeline projects such as ELPS II, OB3 and AKK to deliver a total of 6.2 billion cubic feet of gas per day to demand nodes across the country are at various stages of completion.
“We have strong presence in the LPG value chain contributing about 45 per cent of domestic supply via JVs (Oso Bonny River Terminal) affiliates (Nigeria LNG Ltd and Ashtavinayak Hydocarbon Ltd) and subsidiaries of NPDC.
“The NNPC Ltd. is fully aligned with the Federal Government’s National Gas Expansion Programme (NGEP) and National LPG Expansion Plan initiatives and has a full-fledged LPG business unit established to commercially drive the National LPG penetration.
“Accordingly, NNPC Ltd is commissioned to deploy 740 LPG Micro Distribution Centres (MDCs) 37 Filing Plants and Skids in its 541 stations within the next three years,’’ he said.
Michael Kelly, the Chief Advocacy Officer and Deputy Managing Director, WLPGA, said the both countries had a powerful role to play in geopolitics for the rest of the century.
Kelly said the discussions would be followed up to foster the cooperation during its LPG week in Delhi in November, adding that looking at lessons learnt and grafting them into Nigerian context would be impactful.
He said the focus of the summit was to share India’s experience with the Pradhan Mantri Ujjwala Yojana (PUMY) scheme implemented by the Indian Government in May 2016. This scheme pursued an aggressive LPG penetration drive, providing free cylinders, stoves and valves to end users.
This resulted to growth in LPG consumption in last 10 years, with the Indian National consumption currently at 30 million MT per annum and LPG penetration from 62 per cent in 2016 to 99 per cent in 2019. Mr Shrikant Vadya, Chairman, Indian Oil Corporation Ltd. (IOC) expressed confidence that the summit would liberate the Indians to achieve Nigerian National LPG aspirations and strengthen India-Nigeria bilateral opportunities.
Mr Cui Jianchun, Ambassador of the People’s Republic of China to Nigeria says his country has no intention of taking over Nigeria’s critical assets as repayment for loan in the event of default.
Jianchun made this known during the visit of the Chinese Special Representative on African Affairs, Liu Yuxi to Nigeria’s Minister of State for Foreign Affairs, Zubairu Dada on Thursday in Abuja.
The News Agency of Nigeria reports that the visit of the Chinese Special Representative to Africa is geared at strengthening the already strong bilateral relations between Nigeria and China.
He expressed the willingness of China to work with Nigeria for the benefit of both countries.
Jianchun said that China and Nigeria are working on the bases of mutual trust and that his country has no intention whatsoever to take over Nigeria’s assets in a situation where Nigeria failed in the repayment of the loan it took from China.
He added that it is not part of the agreement reached between the two countries as insinuated in some quarters.
Yuxi while expressing the Chinese government’s full commitment to improved bilateral relationships with Nigeria, appreciated Nigeria for upholding the One China Policy.
He said China just like Nigeria will continue to support the policy of Non-interference at the International level.
The Special Envoy stressed the need for China and Nigeria to strengthen their collaboration, especially in the area of Climate Change as he pledged his country’s zeal to continue to support Nigeria in the fight against terrorism through military cooperation.
Yuxi said with the successes recorded in the fight against Covid 19, China will now strengthen its exchange programmes with Nigeria for more knowledge sharing.
Dada, in his remarks, said Nigeria cherishes the relationship that exists between the two countries which he pointed out has improved tremendously over time.
He said the commitments so far shown by the Chinese government in assisting Nigeria to address the challenges of decaying infrastructure and building new ones have clearly demonstrated the level of friendship between the two countries.
The Minister said that the Chinese Government’s support in the areas of Railway and Energy infrastructure such as the Zungeru Hydro Electric Power Project and the AKK Gas Pipeline are a few examples of the commitments of China to Nigeria’s development.
Dada said that China indeed remained the friend in need to Nigeria and the entire African continent.
He also recalled his participation at the FOCAC Meeting in Senegal where China earmarked 15 projects for Nigeria, calling on China to expedite action on these earmarked projects for the benefit of all Nigerians.
The minister, therefore, pledged Nigeria’s resolve to the One China Policy and also thanked the Chinese government for all the support Nigeria received from China at the International level, promising Nigeria’s reciprocal support to China as and when due.
Dada used the occasion to call for more investments into Nigeria by the Chinese investors as Nigeria according to him is thirsty for more investments.
Vice President Yemi Osinbajo says collaboration between the Federal Government and the private sector will ensure effective coordination of infrastructure development across the nation.
Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja, said the vice president virtually inaugurated the National Council on Infrastructure set up by President Muhammadu Buhari.
According to the vice president, such collaboration will also bridge the nation’s infrastructure gaps.
“For efficient and effective implementation of infrastructure projects, the National Integrated Infrastructure Master Plan (NIIMP) recommended the establishment of the National Council on Infrastructure and its Technical Working Group (TWG).
” Osinbajo said the Federal Government’s NIIMP was developed to provide an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities.
“The NIIMP takes stock of existing infrastructure and specifically sets out the goal of raising Nigeria’s infrastructure stock to at least 70 per cent by the year 2043. “The success of the NIIMP will depend, to a large extent, on the establishment of a strong implementation mechanism and framework that promotes performance and accountability.
“The National Council on Infrastructure is to provide policy direction on infrastructure matters and drive the creation and sustenance of the expected synergy and linkages between the public and the private sector to enhance the implementation of the Infrastructure Master Plan.” He said the Technical Working Group would provide guidance to the Council and advise on all infrastructure related matters.
Osinbajo said in spite of the infrastructure deficit across the country, there had been deliberate and massive investments in road, rail and power infrastructure for rapid economic development by the present administration.
According to him, a fundamental feature of the Federal Government’s plan for the rapid development of the economy is a deliberate and massive investment in infrastructure.
“They include the second Niger bridge, the Lagos-Ibadan expressway, the Abuja-Kaduna-Kano Road (funded through the Presidential Infrastructure Development Fund); the construction and upgrading of about 5,000 km of major road projects across the country through the Sukuk bond.
“Rail sector investments include the Lagos Kano standard gauge lines, the Warri-Itakpe rail.
“In the energy sector, this administration has green lit NLNG Train 7, invested in the Ajaokuta-Kaduna-Kano (AKK) pipeline and is on track to complete an incremental 4,000MW of generating assets such as Zungeru Hydro and Kashimbilla Hydro to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain.
“The administration is investing more than 2 billion dollars in Distribution and Transmission through the Siemens Presidential Power Initiative, the Transmission, Rehabilitation and Expansion Plan, the CBN financed Transmission-Distribution Interface Programme and the recently approved 500 million dollars World Bank DISREP programme for the Distribution segment,” he said.
The vice president also highlighted the Federal Government’s N15 trillion Infrastructure Corporation (InfraCorp Nigeria) in 2021, the Reviewed National Integrated Infrastructure Master Plan (2020-2043) and the National Development Plan 2021-2025. Osinbajo said the 2.3 trillion dollars estimated resource requirement for the National Integrated Infrastructure Master Plan implementation was too large to be provided from public resources alone.
He said that a well-coordinated and strategic approach would be required to harness private resources to increase the stock of Nigeria’s infrastructure to the desired level by the year 2043. In his remarks, the Minister of State, Budget and National Planning, Prince Clem Agba, thanked the vice president for his leadership and selfless service to the nation.
Private sector members of the new council include the President of the Manufacturers Association of Nigeria (MAN), Engr. Mansur Ahmed and a representative of the Nigerian Society of Engineers (NSE), Engr Tasiu Wudil.
The vice president is chairman of the National Council on Infrastructure, and members include representatives of the state governors; Federal Ministers, heads of government agencies and members of the private sector.
They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum, Kayode Fayemi, Ministers of Finance, Budget and National Planning, Zainab Ahmed and the Attorney General of the Federation and Minister of Justice, Abubakar Malami.
Others are the Ministers of Works, Babatunde Fashola; Power, Abubakar Aliyu; Transportation, Mu’azu Sambo; Communications and Digital Economy, Isa Pantami; Water Resources, Suleiman Adamu and Aviation, Hadi Sirika.
More so, Minister of State, Budget and National Planning, Prince Clem Agba; CBN Governor, Godwin Emefiele; the President of MAN, Mansur Ahmed and National President of Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA), John Udeagbala are members.
The Executive Vice Chairman, Federal Competition and Consumer Protection Commission (FCCPC) Babatunde Irukera, and Managing Director, Nigeria Sovereign Investment Authority (NSIA), Uche Orji, among others made the list.
The Federal Ministry of Finance, Budget and National Planning, through its Infrastructure Delivery Coordinating Unit, has been strengthened further to function as the Secretariat for the Council.
It was a moment of joy for stakeholders in the oil and gas industry as President Muhammadu Buhari unveiled the new Nigerian National Petroleum Company Limited (NNPC Ltd.) on July 19.
Following the unveiling, the NNPC became fully commercialised and transited into a limited liability company.
There are some facts to know about the new NNPC limited.
It is important to note that as an offshoot of the Petroleum Industry Act (PIA) 2021 which was enacted to provide for the legal, governance, the regulatory and fiscal framework for the Nigerian Petroleum Industry, NNPC limited is expected to operate within the provisions of the Act. The Chief Executive Officer (CEO) is no longer referred to as Group Managing Director (GMD), but now referred to as Group Chief Executive Officer or Group CEO.
The vision of the company is: to be the dynamic global energy company of choice and its mission is reliably delivering energy while continuously creating values for all stakeholders.
In line with Section 53(1) of the PIA 2021, with the transition, the government will no longer have control over the staffing of the NNPC limited.
Also Section 53 (5) of the Act stipulates that shares of the company held by the government are not transferable or mortgaged unless approved by the government and the National Economic Council.
With the NNPC Limited coming on board, the new company will no longer be concerned with issues of petrol price determination, and subsidy.
The new NNPC limited will no longer remit funds into the Federation Accounts Allocation Committee (FAAC).
Sector 54(9) provides that the initial capitalisation of the NNPC Limited will not be less than its financial requirements to effectively discharge its commercial duties and deal with its obligations and liabilities transferred to it.
The Federal Government will put an end to funding its projects as was obtainable since its inception.
According to the law, the company will run on a commercial basis in a profitable and efficient manner without recourse to government funds and shall declare dividends to shareholders and retain 20 per cent of profits as retained earnings, to grow its business.
Apart from profit-seeking, NNPC Limited is expected to operate above board by mandatorily making disclosures for every financial year.
Most importantly, the NNPC Limited will be ready for an Initial Public Offer (IPO) in the next 18 months.
AKK Gas Pipeline ProjectVisit us on for more details.
The European Union (EU) in partnership with the Federal Government has expressed renewed interest to put mechanism in place to fund gas project in Nigeria to guarantee energy security in Africa and Europe.
The EU made this known on Friday when Chief Timipré Sylva, Minister of State for Petroleum Resources, received Mr Matthew Baldwim, Deputy Director-General, EU Energy Platform Task-Force in his office in Abuja.
Recall that the EU delegation’s visit to the Minister was the second in four months, and it was equally meeting other key ministries with relevant roles to play in guaranteeing energy security.
The Minister said this development would hasten the desire of EU to guarantee alternative gas to Russia’s.
He described the assistance which covered security, technology development, financing and private sectors investment as worthwhile because finally it had enabled Nigeria to be on the same page with the rest of the world.
Sylva, who was critical about the haste which the EU and Western nation took out investment in fossil fuel, said in years to come fossil fuel would be very relevant while gas would be used as transition fuel.
He underscored the need for the EU to appeal to their financial institutions to be willing to relax stringent rules and remove bottlenecks bothering loans to enable sourcing funds under conducive agreement.
“We have always said that we are committed to gas as a trasition fuel and today we are speaking the same language with the EU.
“We are discussing with the EU on how to collaborate on developing technology and other support they can give Nigeria.
“They are responsible for the policy that will drive the investment,” he said.
On security, he said it was another area of cooperation because they went to the Niger Delta Region to see for themselves what the security situation was, adding that part for the solution itself also required technology.
He said the region would be secured for oil and gas investments to continue to thrive while production quota would be shored up.
As part of the intervention to curb the insecurity in the region, he said there was a four-legged collaboration which involved the government, security agents, oil companies and communities.
Baldwim had earlier reinstated EU’s commitment in making the gas project a reality and expressed optimism for a sustainable partnership for energy transition in Nigeria.
“I am very pleased to be working with you in a big way private sector investment is guaranteed; the more the security situation can be improved in the Niger Delta Region, the more investment we will see,” he said.
Ongoing AKK Gas Project and Trans Sahara Gas Pipelines (TSGP) project will present a huge opportunity for Nigeria and others to tap into the European markets.
Russia-Ukraine war and global gas supply: Nigeria as `a buffer’
Russia-Ukraine war and global gas supply: Nigeria as `a buffer’
By Chijioke Okoronkwo, News Agency of Nigeria
The Russia and Ukraine standoff, vis a vis boycott of Russian gas has triggered significant disruptions and created a huge shortage in global gas supply chain.
Available data indicate that Russia is the world’s largest natural gas exporter; exporting 238 billion cubic meters in 2020 and accounting for about 45 per cent the EU’s imports in 2021.
It implies that any dislodgement in Russia’s gas supply would leave a deep crater which must be exploited by Nigeria, with natural gas reserve of 209.5 trillion cubic feet.
Perceptive stakeholders hold that the economic trump card of sanctions on Russia for Nigeria, as a ranking gas producing and exporting nation, is immense.
Expectedly, Nigeria is savouring the prospects of being a buffer and cashing in on the void.
President Muhammadu Buhari, while on a state visit to Portugal recently, indicated that Nigeria is ready to fill the natural gas gaps in Europe predicated by the current Russian-Ukrainian war.
Buhari said with over 200 million mainly young people, Nigeria was ready to be the hub of the African Continental Free Trade Area (AFCFTA).
The president urged Portugal to consider Nigeria as a valued and trusted partner in Africa.
He identified key areas of cooperation and collaboration capable of moving both countries forward as oil and gas, tourism and hospitality industry, air travel, security and joint commission.
“At a time the world is going through turbulent times, we feel that a strong friendship and partnership between Nigeria and Portugal can act as a force for good.
“With the current Russian-Ukraine war, increased cooperation in oil and gas between the two countries has become vital to avoid crisis in the demand and supply chain, even as Nigeria is already a major supplier of gas to Portugal,’’ he said.
The president added that Nigeria and Portugal could cooperate closely on a range of agricultural and renewable energy projects.
To add some verve to Nigeria’s drive to reap from gap in the global gas supply chain, the Federal Executive Council (FEC) recently presided over by Vice President Yemi Osinbajo approved for the NNPC to enter into agreement with ECOWAS for the construction of the Nigeria-Morocco Gas Pipeline.
Minister of State for Petroleum Resources, Timipre Sylva, who made the disclosure, said that the project was still at the point of the front end engineering design, after which the cost would be determined.
The pipeline would traverse 15 West African countries to Morocco and Spain.
“The Ministry of Petroleum Resources presented three memos to Council.
“The first memo, council approved for the NNPC Ltd to execute MoU with ECOWAS for the construction of the Nigeria-Morocco Gas Pipeline.
“This gas pipeline is to take gas to 15 West African countries and to Morocco and through Morocco to Spain and Europe.’’
The minister said that the council also approved the construction of a switch gear room and installation of power distribution cables and equipment for the Nigeria Oil and Gas Park in Ogbia, Bayelsa. The cost of the project was put at N3.8billion.
He said that the park was to support local manufacturing of components for the oil and gas industry.
Nigeria-Morocco Gas Pipeline was proposed in a December 2016 agreement between the Nigerian National Petroleum Corporation (NNPC) and the Moroccan Office National des Hydrocarbures et des Mines (National Board of Hydrocarbons and Mines) (ONHYM).
The pipeline would connect Nigerian gas to every coastal country in West Africa (Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal and Mauritania), ending at Tangiers, Morocco, and Cádiz, Spain.
Sylva also elucidated on Nigeria’s readiness to offer its services as an alternative gas supplier to Europe when he received a delegation, led by Samuela Isopi, EU’s Ambassador to Nigeria and ECOWAS.
He urged EU to increase investments in gas and hydrocarbons in Nigeria to be able to meet the bloc’s energy needs.
The minister implored the EU to encourage its oil and gas companies such as Shell, Eni, and Total Energies to scale up investments in the Nigerian gas sector.
“One of the things we warned against earlier was the speed with which the EU was taking away investments in fossil fuels.
“We warned that the speed was faster than they were developing renewable energy; you can see now that what we were warning against is what is happening now.”
He told the delegation that what stunted growth in the development of gas in Nigeria was fresh investments, and called for a change of attitude on the part of the EU, if its requests to increase supplies to Europe would be realised.
The minister said that one of the biggest challenges the sector faces was lack of investments.
“In the last 10 years, over 70 billion dollars worth of investments came to Africa, but sadly less than four billion dollars came to Nigeria.
“Surprisingly, we are the biggest in Africa; if we cannot attract investments to Nigeria, you know where we are heading.
“You have been our long time friend; as at today, our gas reserve is one of the biggest in the world; we have a proven gas reserve of 206 tcf and if we really focus on gas exploitation we can get up to 600 tcf.
“We are already building gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) pipeline project, expected to take gas to Algeria, and the West Africa Gas Pipeline project designed to take gas to Morroco.”
The minister said that due to the Russia-Ukraine war, the EU must have a buffer or an alternative source of gas.
“We would like to be reliable partners to solve the energy problem in Europe and we can only achieve this by working together.
“It is only when investment in these areas is increased that Nigeria can meet that obligation,” he said.
Sharing similar sentiments, Sarah Anyanwu, Professor of Development, Department of Economics, University of Abuja, said it was ample opportunity for Nigeria to increase production.
Anyanwu said that Nigeria had surplus gas and called on the concerned authorities to up the ante.
“We have been talking on the issues of diversifying the economy; so, these are the areas apart from oil that government should cease the opportunity and key into.
“We have areas to explore and make more foreign exchange earnings.
“Not only Nigeria, OPEC countries should step up; that’s an opportunity for us to make more money from gas; it lies in increasing production.
“The glut globally is for our good. Nigeria should cease the opportunity; increase production and breakthrough from this mono-cultural economy,’’ she said.
Experts are of the submission that the diversification mantra has reverberated for many years; hence the urgent need for pragmatic steps.
They say that the interregnum in global gas supply presents a gaping opportunity for Nigeria to ramp up gas export and reap bountifully from a ready market.(NANFeatures)
** If used, please credit the writer as well as the News Agency of Nigeria
The Nigerian National Petroleum Company Limited (NNPC Ltd.) started the new week with an assurance to its investors and stakeholders that the days of complacency were over.
The assurance came following the repositioning of the company to focus on profitability and value addition to its shareholders.
The of the NNPC, Malam Mele Kyari, gave the assurance at the opening ceremony of the 2022 edition of the Nigerian Oil and Gas (NOG) Conference and Exhibition which held at the International Conference Centre, Abuja.
Declaring the conference open, Kyari who was represented by NNPC Chief Financial Officer, Mr Umar Ajiya, called on operators in the nation’s oil and gas industry to focus more on gas development.
Kyari said emphasis should be on gas-to-power, gas-to-industry and gas-for-export projects and activities.
He explained that with the reality of the global energy transition and Nigeria’s commitment to use gas as its transition fuel, value now lies in gas development.
The NNPC also said that the Petroleum Industry Act (PIA) had also provided ample incentives for investors in the gas sector.
Kyari urged delegates and exhibitors to use the opportunity provided by the conference to network and brainstorm on solutions to the challenges brought about by the global energy transition and the Russian-Ukraine war.
He also urged them to find better ways to maximise the potentials inherent in the nation’s abundant gas resources.AKK Gas Pipeline Project
In another development, an oil and gas sector pressure group, Women in PENGASSAN called for stiffer punishment for domestic and gender-based violence offenders to serve as deterrence.
The call became important following the increasing wave of domestic and gender-based violence across the country.
The group made the call at the grand finale of its nationwide advocacy programme tagged: “PENGASSAN Women Say No to -Based Violence” which held in Abuja.
Speaking during an awareness march from the Unity Fountain to the Ministry of Women Affairs in Abuja, the Chairperson of the group, Faith Usoro, said tougher punishment for perpetrators of domestic and gender-based violence was the only way to stem the tide of the crime as desperate situations required desperate remedies.
Receiving the group on behalf of the Minister of Women Affairs, Mrs Pauline Tallen, the Director, Economic Services, of the Ministry, Mr Idris Mohammed, said the Ministry was working with stakeholders to enact more laws to protect the rights of women.
Tallen said that even the Bills that were earlier thrown out by the legislature would be revisited.
The Minister listed some of the measures put in place by the ministry to curb domestic and gender-based violence to include, “one, launch of sexual offenders’ register aimed at naming and shaming.
“We have a contact line +234-8031230651 and +234-7053576528 for receiving complains.”
An indigenous oil and gas company, ND Western Ltd., says it is getting ready to take the Final Investment Decision (FID) on its 10,000 barrels per day refinery in Uturogu, Delta State.Mr Eberechukwu Oji, the Managing Director, ND Western Ltd., made the disclosure while speaking with newsmen on the sidelines of the 2022 Nigeria Oil and Gas conference and exhibition on Wednesday in Abuja.Oji said the Front End Engineering Design for the project which was a Joint Venture with the Nigerian National Petroleum Corporation (NNPC) had been completed.“We’re getting ready for the FID. Now you have to understand that before you take FID on a project, a number of things needs to be ready,” he said.He said issues such as finance and off takers of the refined petroleum products must be addressed before the board approves the FID.On gas development in Nigeria, Oji called on the Federal Government to work with the private sector in transforming Nigeria into an industrialised country through its abundant natural gas resources.He said: “I think that we have the opportunity to do so with gas because gas have a lot of options around it and gas solves some of the problems that we spoke about in the panel.“So today, crude oil pipelines get tapped into and get disrupted but the gas pipelines are not being tapped into just because of the nature of gas.“It does make sense that the government should invest to take gas to all the industrial hubs in Nigeria.“The Ajaokuta-Kaduna-Kano (AKK) pipeline is an excellent gas project to take gas to the north, but if you think about it, there’s already demand centres in the east for which the government needs to support putting gas pipelines toward that axis.“It is absolutely important that for Nigeria to industrialise, we have to utilise the resources we have which is gas and make it available to all the capital cities in the country.NewsSourceCredit: NAN
The Lagos Chamber of Commerce and Industry (LCCI), has called for the removal of fuel subsidy to address the persistent fuel scarcity in the country.
LCCI’s President, Dr Michael Olawale-Cole, who said this at LCCI’s Quarterly news conference on the State of the Economy in Lagos on Tuesday, also stressed the need to boost local refining.
According to him, the removal of fuel subsidy will reduce effects of the crises on production and prices in the country.
Olawale-Cole said that the hike in prices of petroleum products globally as well as rising energy costs would most likely weigh on Nigeria’s manufacturing outputs in the third quarter of the year.
According to him, the price levels will continue to aggravate production costs, which may lead to restrained manufacturing and eventual job losses.
He said that while the Central Bank of Nigeria (CBN) embarked on monetary tightening to tame inflation, it should ensure that targeted concessionary credit to the private sector was sustained for Micro, Small and Medium Enterprises (MSMEs).
Olawale-Cole said that the chamber’s position on the rising inflation rate was that government must invest more on boosting supply and cushioning the cost of production.
According to him, the worsening security situation in many parts of the country will continue to threaten agricultural production, manufacturing value chains, and logistics.
Olawale-Cole said that globally, the combined forces of rising inflation, weakening growth, worsening disruption to supply chains from the Russia-Ukraine war, had heightened the concerns about stagflation.
He said that the fragile recovery from COVID-19 in some economies, worsened poverty and recession had also raised concerns about stagflation.
Olawale-Cole said that global growth, projected to crash from 5.7 per cent in 2021 to 2.9 per cent in 2022, would likely remain low up to 2024, depending on the length of disruptions and the effectiveness of policy interventions.
“We expect to experience some fiscal constraints because of debt overhang accompanied by a high debt service burden and heavy subsidy costs.
“There are, therefore, heightened fears of contracting output, constrained production, and recession risks as we navigate the murky waters of 2022.
“Fuel subsidies should be removed and oil theft curtailed if not eliminated, to provide fiscal space for subsidised production of goods and services as well as for infrastructure, health, and education financing,’’ he said.
The LCCI president recommended that agriculture output should be sustainably boosted, and continued dependence on imports discouraged to ensure food security.
“There is the need to address structural bottlenecks and regulatory constraints that contribute to the high cost of doing business.
“A supportive and conducive investment environment is critical in facilitating private sector involvement in the economic recovery and growth process.
“The government should initiate moves toward having cost-reflective tariffs in the power sector, as this will attract the needed investment to boost power supply and possibly end the frequent crashes of the national grid.
“We should also begin to initiate special-purpose interventions in boosting the deployment of renewable energy,’’ he said.
Olawale-Cole called for more investment in export infrastructure, enhanced and automated port operations, tackled high production costs, and boosted supply-side of the foreign exchange, to sustain the country’s trade surplus of N1.2 trillion in the first quarter of 2022.
He said that Nigeria needed to diversify its exports by boosting local refining capacity, production of petrochemical products, and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months.
Olawale-Cole said that the war between Russia and Ukraine, which had unexpectedly lingered, engendered deeper fears about worsening food scarcity, with more people falling into poverty, and that supply chain disruptions may continue for the rest of the year.
According to him, the most sustainable solution is for the government to boost local production of hitherto imported staples to levels that meet local demand.
He also charged the Federal Government to take seriously the completion of projects like the Trans-Saharan Gas Pipeline, a planned natural gas pipeline from Nigeria to Algeria.
This he said if tackled could make the country to explore the opportunity of exporting gas to Europe in the long-term.
“We should also target Trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna, and Kano Gas Pipeline, popularly known as the AKK Gas Pipeline.
“Arising from the calamities of this war, Nigeria can explore emerging opportunities to earn huge foreign exchange inflow in the medium to long-term,’’ he said.
On the Academic Staff Union of Universities (ASUU) ongoing strike, Olawale-Cole charged the government and the union to resolve the issues surrounding the education sector amicably.
According to him, this will put an end to the negative impact of the strike on the business community.
“The LCCI Lagos and the business community are concerned, as this negative development can worsen our security challenges, increase drug abuse among our youth, and raise our social vices.
“We cannot look to half-baked graduates to build a prosperous economy.
“Nigeria must begin to pay more attention to improving its latest Human Development Index (HDI) which stood at 161 out of 189 countries,’’ he said. (www