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  •  Gov Babajide Sanwo Olu of Lagos State on Tuesday unveiled Channel Point Apartments a mini housing scheme in Victoria Island further raising the housing stock of the state Channel Point Apartments are a composite housing project jointly developed by the Lagos State Development and Property Corporation LSDPC and Brook Assets and Resources Ltd a private real estate developer The housing scheme located in Sinari Daranijo Street consists of twin blocks of 38 unit two and three bedroom flats on a land size of 2 832 square metres Speaking during the unveiling Sanwo Olu said that the project made it the 16th housing project completed and delivered in the last three years by his administration He said the 38 unit housing project showed the result of collaboration between government and the private sector According to him the present administration s determination to provide affordable and decent housing for the residents through public private collaboration has yielded positive outcomes Sanwo Olu said that the urban renewal agenda of the state government remained on course He noted that the overall goal of provision of modern housing and infrastructure was to ensure that the state sustained its growth and the megacity status I congratulate the LSDPC and Asset Brooks and Resources Ltd on the successful completion of this edifice Progress is indeed achievable when public and private sector enterprises come together bringing their core strengths to the table for the good of the entire society This positive outcome is yet another testimony to the effective collaboration between government and the private sector in the implementation of our agenda to provide affordable and decent housing for our people I am impressed by the quality of work done by the contractor which reflects the quality of monitoring and supervision by the LSDPC which has sustained the high standards set long before now We shall continue to pursue and implement this tried and tested model of public private collaboration as it has proven to be a potent strategy for keeping up with the rate of demand for housing by our rapidly increasing population he said Sanwo Olu said his administration had pursued its urban renewal policy vigorously which resulted in rehabilitation and reconstruction of various infrastructure across the state He said that the government would continue to provide a supportive environment for business and investment to flourish while improving life expectancy in the state The governor said the ongoing automation and digitisation reforms in property records and land administration in Lagos were already yielding positive outcomes He also said that the Enterprise Geographic Information System e GIS being introduced by the state government for transparent land allocation would be ready before the end of 2022 We are giving commitment that before the end of the year our e GIS platform which will unlock openness and raise efficiency in processing of property titles within weeks at applicant s comfort zone will be delivered Disagreements over land titles will be a thing of the past Sanwo Olu said The governor assured residents that provision of decent affordable housing remained a key priority for his administration disclosing more housing schemes were due for completion across the state The Managing Director LSDPC Mr Ayodeji Joseph said that the project was another progress recorded by the Sanwo Olu s administration in closing the housing deficit in Lagos Joseph said that the development of the Channel Point Apartments was conceptualised during Sanwo Olu s tenure as the Chief Executive Officer of LSDPC He said that the site of the project had two bungalow houses before the agency converted it into a mini estate The Managing Director of Brook Assets and Resources Ltd Ms Lanre Sola said the scheme offered luxury accommodation for the comfort of the allottees Sola said that in spite of the challenges encountered in the course of the development including the paucity of funding occasioned by the outbreak of COVID 19 the company was resilient and showed great commitment to deliver the project The mini estate has modern facilities such as a water treatment plant LPG Reticulation Service fitness gym swimming pool roof top cinema sit out space and two elevators per block On his part the Oniru of Iruland Oba AbdulWasiu Lawal commended Gov Sanwo Olu for the progress made in the housing sector Lawal said that he was happy that the governor s vision for housing was in tandem with his vision to make Lagos compact and smart for the residents He said that Lagos had a very small landmass hence there was the need for the state to always convert any available space or inactive property to good use for the hundreds of residents who were in need of housing Lawal said that the state could always explore the opportunity to make the state liveable for millions of residents in spite of the growing population NewsSourceCredit NAN
    Sanwo-Olu inaugurates 16th housing project in 3 years
     Gov Babajide Sanwo Olu of Lagos State on Tuesday unveiled Channel Point Apartments a mini housing scheme in Victoria Island further raising the housing stock of the state Channel Point Apartments are a composite housing project jointly developed by the Lagos State Development and Property Corporation LSDPC and Brook Assets and Resources Ltd a private real estate developer The housing scheme located in Sinari Daranijo Street consists of twin blocks of 38 unit two and three bedroom flats on a land size of 2 832 square metres Speaking during the unveiling Sanwo Olu said that the project made it the 16th housing project completed and delivered in the last three years by his administration He said the 38 unit housing project showed the result of collaboration between government and the private sector According to him the present administration s determination to provide affordable and decent housing for the residents through public private collaboration has yielded positive outcomes Sanwo Olu said that the urban renewal agenda of the state government remained on course He noted that the overall goal of provision of modern housing and infrastructure was to ensure that the state sustained its growth and the megacity status I congratulate the LSDPC and Asset Brooks and Resources Ltd on the successful completion of this edifice Progress is indeed achievable when public and private sector enterprises come together bringing their core strengths to the table for the good of the entire society This positive outcome is yet another testimony to the effective collaboration between government and the private sector in the implementation of our agenda to provide affordable and decent housing for our people I am impressed by the quality of work done by the contractor which reflects the quality of monitoring and supervision by the LSDPC which has sustained the high standards set long before now We shall continue to pursue and implement this tried and tested model of public private collaboration as it has proven to be a potent strategy for keeping up with the rate of demand for housing by our rapidly increasing population he said Sanwo Olu said his administration had pursued its urban renewal policy vigorously which resulted in rehabilitation and reconstruction of various infrastructure across the state He said that the government would continue to provide a supportive environment for business and investment to flourish while improving life expectancy in the state The governor said the ongoing automation and digitisation reforms in property records and land administration in Lagos were already yielding positive outcomes He also said that the Enterprise Geographic Information System e GIS being introduced by the state government for transparent land allocation would be ready before the end of 2022 We are giving commitment that before the end of the year our e GIS platform which will unlock openness and raise efficiency in processing of property titles within weeks at applicant s comfort zone will be delivered Disagreements over land titles will be a thing of the past Sanwo Olu said The governor assured residents that provision of decent affordable housing remained a key priority for his administration disclosing more housing schemes were due for completion across the state The Managing Director LSDPC Mr Ayodeji Joseph said that the project was another progress recorded by the Sanwo Olu s administration in closing the housing deficit in Lagos Joseph said that the development of the Channel Point Apartments was conceptualised during Sanwo Olu s tenure as the Chief Executive Officer of LSDPC He said that the site of the project had two bungalow houses before the agency converted it into a mini estate The Managing Director of Brook Assets and Resources Ltd Ms Lanre Sola said the scheme offered luxury accommodation for the comfort of the allottees Sola said that in spite of the challenges encountered in the course of the development including the paucity of funding occasioned by the outbreak of COVID 19 the company was resilient and showed great commitment to deliver the project The mini estate has modern facilities such as a water treatment plant LPG Reticulation Service fitness gym swimming pool roof top cinema sit out space and two elevators per block On his part the Oniru of Iruland Oba AbdulWasiu Lawal commended Gov Sanwo Olu for the progress made in the housing sector Lawal said that he was happy that the governor s vision for housing was in tandem with his vision to make Lagos compact and smart for the residents He said that Lagos had a very small landmass hence there was the need for the state to always convert any available space or inactive property to good use for the hundreds of residents who were in need of housing Lawal said that the state could always explore the opportunity to make the state liveable for millions of residents in spite of the growing population NewsSourceCredit NAN
    Sanwo-Olu inaugurates 16th housing project in 3 years
    General news4 months ago

    Sanwo-Olu inaugurates 16th housing project in 3 years

    Gov. Babajide Sanwo-Olu of Lagos State on Tuesday unveiled Channel Point Apartments, a mini-housing scheme in Victoria Island, further raising the housing stock of the state.

    Channel Point Apartments are a composite housing project jointly developed by the Lagos State Development and Property Corporation (LSDPC) and Brook Assets and Resources Ltd., a private real estate developer.

    The housing scheme, located in Sinari Daranijo Street, consists of twin blocks of 38-unit two-and three-bedroom flats on a land size of 2,832 square metres.

    Speaking during the unveiling, Sanwo-Olu said that the project made it the 16th housing project completed and delivered in the last three years by his administration.

    He said the 38-unit housing project showed the result of collaboration between government and the private sector.

    According to him, the present administration’s determination to provide affordable and decent housing for the residents through public-private collaboration has yielded positive outcomes.

    Sanwo-Olu said that the urban renewal agenda of the state government remained on course.

    He noted that the overall goal of provision of modern housing and infrastructure was to ensure that the state sustained its growth and the megacity status.

    ”I congratulate the LSDPC and Asset Brooks and Resources Ltd. on the successful completion of this edifice.

    Progress is, indeed, achievable when public and private sector enterprises come together, bringing their core strengths to the table, for the good of the entire society.

    ”This positive outcome is yet another testimony to the effective collaboration between government and the private sector in the implementation of our agenda to provide affordable and decent housing for our people.

    ”I am impressed by the quality of work done by the contractor, which reflects the quality of monitoring and supervision by the LSDPC, which has sustained the high standards set long before now.

    ”We shall continue to pursue and implement this tried-and-tested model of public-private collaboration, as it has proven to be a potent strategy for keeping up with the rate of demand for housing by our rapidly increasing population,” he said.

    Sanwo-Olu said his administration had pursued its urban renewal policy vigorously, which resulted in rehabilitation and reconstruction of various infrastructure across the state.

    He said that the government would continue to provide a supportive environment for business and investment to flourish, while improving life expectancy in the state.

    The governor said the ongoing automation and digitisation reforms in property records and land administration in Lagos were already yielding positive outcomes.

    He also said that the Enterprise Geographic Information System (e-GIS) being introduced by the state government for transparent land allocation would be ready before the end of 2022. “We are giving commitment that before the end of the year, our e-GIS platform, which will unlock openness and raise efficiency in processing of property titles within weeks at applicant’s comfort zone, will be delivered.

    Disagreements over land titles will be a thing of the past,” Sanwo-Olu said.

    The governor assured residents that provision of decent, affordable housing remained a key priority for his administration, disclosing more housing schemes were due for completion across the state.

    The Managing Director, LSDPC, Mr Ayodeji Joseph, said that the project was another progress recorded by the Sanwo-Olu’s administration in closing the housing deficit in Lagos.

    Joseph said that the development of the Channel Point Apartments was conceptualised during Sanwo-Olu’s tenure as the Chief Executive Officer of LSDPC.

    He said that the site of the project had two bungalow houses before the agency converted it into a mini estate.

    The Managing Director of Brook Assets and Resources Ltd., Ms Lanre Sola, said the scheme offered luxury accommodation for the comfort of the allottees.

    Sola said that in spite of the challenges encountered in the course of the development, including the paucity of funding occasioned by the outbreak of COVID-19, the company was resilient and showed great commitment to deliver the project.

    The mini estate has modern facilities, such as a water treatment plant, LPG Reticulation Service, fitness gym, swimming pool, roof-top cinema, sit-out space and two elevators per block.

    On his part, the Oniru of Iruland, Oba AbdulWasiu Lawal, commended Gov. Sanwo-Olu for the progress made in the housing sector.

    Lawal said that he was happy that the governor’s vision for housing was in tandem with his vision to make Lagos compact and smart for the residents.

    He said that Lagos had a very small landmass, hence, there was the need for the state to always convert any available space or inactive property to good use, for the hundreds of residents who were in need of housing.

    Lawal said that the state could always explore the opportunity to make the state liveable for millions of residents, in spite of the growing population.


    NewsSourceCredit: NAN

  •  The Lagos Chamber of Commerce and Industry LCCI has urged those who benefited from the distribution of industrial burners and gas cylinders in the state to adhere to safety regulations Mrs Abosede Okeyemi Director Membership LCCI gave the advice at the last lap of the second phase of the LCCI Eko Gas sensitisation with the theme EkoforGasforEko The News Agency of Nigeria reports that the exercise held for five Fridays in Ikorodu Ketu Igando Agbado Oke Odo and Sura Market Lagos Island respectively According to Okeyemi the people should adhere to regulation in the usage of Liquefied Petroleum Gas LPG She said that the second phase was designed to intensify awareness on the significant benefits of using LPG as alternative fuels to biomass charcoal firewood and kerosene She urged the beneficiaries to keep phones and other materials that were not gas friendly and likely to cause mishaps away during usage In line with the mandate of the LCCI on promoting conducive business environment this event is organised to draw awareness to the benefits of LPG use This is consistent with the goal 7 of the United Nations Sustainable Development Goals that aims to ensure access to affordable reliable sustainable and modern energy for all We charge all the beneficiaries across the five areas in Lagos that we visited to employ safety precautions when using gas she said In his remarks Mr Abubakar Folami LPG Group Chairman LCCI noted that the event signalled an end to the pilot programme which started in May Folami said that work would begin to revisit the exercise across all 57 Local Community Development Area via the guidance of the Community Development Chairmen CDC He lauded all the market leaders CDC chairmen for their efforts in ensuring that the items got to those that truly needed it to shore up their businesses Responding Alhaja Raliat Adebayo Iya Oloja Sura Market also lauded LCCI on the initiative and advised the beneficiaries to ensure good use of the items to increase business productivity Also Alhaji Rasak Noibi CDC Chairman Sura said that LCCI should accommodate more beneficiaries into the scheme to alleviate poverty and improve the standard of living NAN reports that three beneficiaries namely Mrs Sherry John Alhaja Kehinde Bangbala and Mrs Toyin Okewumi emerged at the sura market exercise on Friday NewsSourceCredit NAN
    Adhere to safety regulations in LPG usage – LCCI urges beneficiaries 
     The Lagos Chamber of Commerce and Industry LCCI has urged those who benefited from the distribution of industrial burners and gas cylinders in the state to adhere to safety regulations Mrs Abosede Okeyemi Director Membership LCCI gave the advice at the last lap of the second phase of the LCCI Eko Gas sensitisation with the theme EkoforGasforEko The News Agency of Nigeria reports that the exercise held for five Fridays in Ikorodu Ketu Igando Agbado Oke Odo and Sura Market Lagos Island respectively According to Okeyemi the people should adhere to regulation in the usage of Liquefied Petroleum Gas LPG She said that the second phase was designed to intensify awareness on the significant benefits of using LPG as alternative fuels to biomass charcoal firewood and kerosene She urged the beneficiaries to keep phones and other materials that were not gas friendly and likely to cause mishaps away during usage In line with the mandate of the LCCI on promoting conducive business environment this event is organised to draw awareness to the benefits of LPG use This is consistent with the goal 7 of the United Nations Sustainable Development Goals that aims to ensure access to affordable reliable sustainable and modern energy for all We charge all the beneficiaries across the five areas in Lagos that we visited to employ safety precautions when using gas she said In his remarks Mr Abubakar Folami LPG Group Chairman LCCI noted that the event signalled an end to the pilot programme which started in May Folami said that work would begin to revisit the exercise across all 57 Local Community Development Area via the guidance of the Community Development Chairmen CDC He lauded all the market leaders CDC chairmen for their efforts in ensuring that the items got to those that truly needed it to shore up their businesses Responding Alhaja Raliat Adebayo Iya Oloja Sura Market also lauded LCCI on the initiative and advised the beneficiaries to ensure good use of the items to increase business productivity Also Alhaji Rasak Noibi CDC Chairman Sura said that LCCI should accommodate more beneficiaries into the scheme to alleviate poverty and improve the standard of living NAN reports that three beneficiaries namely Mrs Sherry John Alhaja Kehinde Bangbala and Mrs Toyin Okewumi emerged at the sura market exercise on Friday NewsSourceCredit NAN
    Adhere to safety regulations in LPG usage – LCCI urges beneficiaries 
    Economy5 months ago

    Adhere to safety regulations in LPG usage – LCCI urges beneficiaries 

    The Lagos Chamber of Commerce and Industry (LCCI) has urged those who benefited from the distribution of industrial burners and gas cylinders in the state to adhere to safety regulations.

    Mrs Abosede Okeyemi, Director, Membership, LCCI, gave the advice at the last lap of the second phase of the LCCI Eko Gas sensitisation with the theme: #EkoforGasforEko.

    The News Agency of Nigeria reports that the exercise held for five Fridays in Ikorodu, Ketu, Igando, Agbado Oke-Odo and Sura Market, Lagos Island respectively.

    According to Okeyemi, the people should adhere to regulation in the usage of Liquefied Petroleum Gas (LPG).

    She said that the second phase was designed to intensify awareness on the significant benefits of using LPG as alternative fuels to biomass (charcoal, firewood) and kerosene.

    She urged the beneficiaries to keep phones and other materials that were not gas friendly and likely to cause mishaps away during usage.

    “In line with the mandate of the LCCI on promoting conducive business environment, this event is organised to draw awareness to the benefits of LPG use.

    “This is consistent with the goal 7 of the United Nations’ Sustainable Development Goals that aims to ensure access to affordable, reliable, sustainable and modern energy for all.

    “We charge all the beneficiaries across the five areas in Lagos that we visited to employ safety precautions when using gas,” she said.

    In his remarks, Mr Abubakar Folami, LPG Group Chairman, LCCI, noted that the event signalled an end to the pilot programme which started in May.

    Folami said that work would begin to revisit the exercise across all 57 Local Community Development Area via the guidance of the Community Development Chairmen (CDC).

    He lauded all the market leaders, CDC chairmen for their efforts in ensuring that the items got to those that truly needed it to shore up their businesses.

    Responding, Alhaja Raliat Adebayo, Iya Oloja, Sura Market, also lauded LCCI on the initiative and advised the beneficiaries to ensure good use of the items to increase business productivity.

    Also, Alhaji Rasak Noibi, CDC Chairman, Sura, said that LCCI should accommodate more beneficiaries into the scheme to alleviate poverty and improve the standard of living.

    NAN reports that three beneficiaries namely Mrs Sherry John, Alhaja Kehinde Bangbala and Mrs Toyin Okewumi emerged at the sura market exercise on Friday.

    NewsSourceCredit: NAN

  •  The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA says it has licensed about 88 Liquefied Petroleum Gas LPG plants and skids in Kaduna State Abdullahi Ibrahim the team lead LPG Plants NMDPRA Kaduna office said this on Tuesday during an interview with the News Agency of Nigeria Ibrahim said that there were 44 licensed LPG plants within the state and environs which the authority ensured all safety precautions were taken before licensing the facilities He added that there were 44 skids among which 27 had already been licensed while the remaining 17 were waiting for Approval To Install ATI Skid is any gas you see selling in the fuel station which are five tonnes you can t sell more than five tonnes in a fuel station Skid is allowed only where there is a fuel station with enough space and distance We check if the space will accommodate the intended purpose From there we guide and the skids will be installed all safety requirements will be put in place then all necessary documents will be submitted to enable processing of licence Ibrahim said He said that there were no illegal LPG outlets in the state while there were few dormant LPG plants which had stopped business due to unavailability of funds among other reasons According to Ibrahim 12 companies are in the process of getting a Site Suitability Approval SSA while eight gas plants were given Approval to Construct ATC In order to apply for the ATC an investor must follow a process by visiting Kaduna State authorities and get the requirements that would enable NMDPRA give them the ATC Such requirements include police report from any police station around that vicinity fire report from fire authority indicating the suitability of the place for the purpose Then go to the lands authorities where an approved building plan and permission will be granted with a titled document carrying LPG plant he said The team lead said that licensing of facility is done for a period of two years while a licence expires on Dec 31 of the second year He said LPG plant owners are supposed to renew their licenses before the deadline and officials would visit the site for re examination before renewal Ibrahim decried the low rate of LPG plants and skids in the state adding that government should encourage people to invest in LPG so as to boost the economy NewsSourceCredit NAN
    NMDPRA licenses 88 LPG plants, skids in Kaduna State
     The Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA says it has licensed about 88 Liquefied Petroleum Gas LPG plants and skids in Kaduna State Abdullahi Ibrahim the team lead LPG Plants NMDPRA Kaduna office said this on Tuesday during an interview with the News Agency of Nigeria Ibrahim said that there were 44 licensed LPG plants within the state and environs which the authority ensured all safety precautions were taken before licensing the facilities He added that there were 44 skids among which 27 had already been licensed while the remaining 17 were waiting for Approval To Install ATI Skid is any gas you see selling in the fuel station which are five tonnes you can t sell more than five tonnes in a fuel station Skid is allowed only where there is a fuel station with enough space and distance We check if the space will accommodate the intended purpose From there we guide and the skids will be installed all safety requirements will be put in place then all necessary documents will be submitted to enable processing of licence Ibrahim said He said that there were no illegal LPG outlets in the state while there were few dormant LPG plants which had stopped business due to unavailability of funds among other reasons According to Ibrahim 12 companies are in the process of getting a Site Suitability Approval SSA while eight gas plants were given Approval to Construct ATC In order to apply for the ATC an investor must follow a process by visiting Kaduna State authorities and get the requirements that would enable NMDPRA give them the ATC Such requirements include police report from any police station around that vicinity fire report from fire authority indicating the suitability of the place for the purpose Then go to the lands authorities where an approved building plan and permission will be granted with a titled document carrying LPG plant he said The team lead said that licensing of facility is done for a period of two years while a licence expires on Dec 31 of the second year He said LPG plant owners are supposed to renew their licenses before the deadline and officials would visit the site for re examination before renewal Ibrahim decried the low rate of LPG plants and skids in the state adding that government should encourage people to invest in LPG so as to boost the economy NewsSourceCredit NAN
    NMDPRA licenses 88 LPG plants, skids in Kaduna State
    General news5 months ago

    NMDPRA licenses 88 LPG plants, skids in Kaduna State

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it has  licensed about 88 Liquefied Petroleum Gas (LPG) plants and skids in Kaduna State.

    Abdullahi Ibrahim, the team lead, LPG Plants NMDPRA, Kaduna office, said this on Tuesday during an interview with the News Agency of Nigeria .

    Ibrahim said that there were 44 licensed LPG plants within the state and environs which the authority ensured all safety precautions were taken before licensing the facilities.

    He added that there were 44 skids among which 27 had already been licensed while the remaining 17 were waiting for Approval To Install (ATI).

    “Skid is any gas you see selling in the fuel station which are five tonnes; you can’t sell more than five tonnes in a fuel station.

    “Skid is allowed only where there is a fuel station with enough space and distance. We check if the space will accommodate the intended purpose.

    “From there, we guide and the skids will be installed, all safety requirements will be put in place then all necessary documents will be submitted to enable processing of licence,” Ibrahim said.

    He said that there were no illegal LPG outlets in the state, while there were few dormant LPG plants which had stopped business due to unavailability of funds among other reasons.

    According to Ibrahim, 12 companies are in the process of getting a Site Suitability Approval (SSA) while eight gas plants were given Approval to Construct (ATC).

    “In order to apply for the ATC, an investor must follow a process by visiting Kaduna State authorities and get the requirements that would enable NMDPRA give them the ATC.

    “Such requirements include police report from any police station around that vicinity, fire report from fire authority indicating the suitability of the place for the purpose.

    “Then, go to the lands authorities where an approved building plan and permission will be granted with a titled document carrying LPG plant,” he said.

    The team lead said that licensing of facility is done for a period of two years while a licence expires on Dec. 31 of the second year.

    He said LPG plant owners are supposed to renew their licenses before the deadline and officials would visit the site for re-examination before renewal.

    Ibrahim decried the low rate of LPG plants and skids in the state, adding that government should encourage people to invest in LPG so as to boost the economy.


    NewsSourceCredit: NAN

  •   Despite having 620 trillion cubic feet of natural gas reserves Africa s over reliance on wood based biomass energy remains high resulting in increased land degradation deforestation and greenhouse gas emissions and in more than 900 million people across the continent who live without access to clean cooking However if fully optimized and exploited the continent s natural gas resources present an opportunity for Africa to address environmental destruction ensure clean cooking for its population while ensuring energy security and economic growth With more than 81 of households in sub Saharan Africa relying on wood based biomass energy for cooking the World Health Organization has linked millions of deaths in rural Africa to indoor emissions that result from the continuous and increasing use of biomass In this sense countries such as Nigeria Malawi Ivory Coast Kenya Uganda and Zimbabwe where biomass use is particularly high due to limited access to reliable electricity could expand the exploitation of liquefied petroleum gas LPG to ensure a clean kitchen for the population while improving access to energy With more than 600 million in Africa living in energy poverty resulting in increased use of wood based biomass to meet daily energy needs the expansion of the continent s gas market will help accelerate electrification and reduce strain on the national network South Africa has taken a bold step in this direction with the government s recent approval of the Department of Energy and Mineral Resources LPG Launch Strategy designed to harness LPG to diversify the energy mix for reasons of energy security affordability and decarbonisation With Africa trying to achieve universal access to energy continued reliance on wood based biomass remains a threat to improving energy access With the United Nations Environment Program predicting that more than 65 of sub Saharan Africa s population will still rely on woodfuel for cooking by 2050 now is the time for Africa to invest more in its gas market Furthermore with dependence on biomass the continent s industrialization and economic growth are limited Biomass represents an inadequate energy resource to power industry therefore the need for Africa to prioritize the development and expansion of its gas market to power its industries while improving access to energy and defending its climate stewardship is clear now more than ever The African Energy Chamber AEC as the voice of the African energy sector strongly advocates for increased investment and development of gas in Africa recognizing the role that the resource plays in improving access and security of energy while allowing the reduction of emissions and deforestation With the increased use of natural gas the African continent is well positioned to achieve the goals of energy independence security and decarbonisation while reducing emissions and the destruction of our forests Africa needs to find new ways to finance and accelerate the exploitation of its gas resources to achieve this The gas will not only help reduce emissions it will also provide African governments with much needed GDP to finance the growth of the broader economy said NJ Ayuk CEO of AEC African Energy Week AEW 2022 Africa s premier event for the oil and gas sector taking place from 18 21 October 2022 in Cape Town will discuss the role of gas in Africa s energy future Under the theme Exploring and investing in Africa s energy future while fostering an enabling environment AEW 2022 will host high level roundtables and meetings to discuss how Africa can increase investments across its gas value chain to ensure energy security and address unsustainable energy practices
    Natural Gas Exploitation Key To Solving Africa’s Deforestation, Emissions and Energy Security Issues
      Despite having 620 trillion cubic feet of natural gas reserves Africa s over reliance on wood based biomass energy remains high resulting in increased land degradation deforestation and greenhouse gas emissions and in more than 900 million people across the continent who live without access to clean cooking However if fully optimized and exploited the continent s natural gas resources present an opportunity for Africa to address environmental destruction ensure clean cooking for its population while ensuring energy security and economic growth With more than 81 of households in sub Saharan Africa relying on wood based biomass energy for cooking the World Health Organization has linked millions of deaths in rural Africa to indoor emissions that result from the continuous and increasing use of biomass In this sense countries such as Nigeria Malawi Ivory Coast Kenya Uganda and Zimbabwe where biomass use is particularly high due to limited access to reliable electricity could expand the exploitation of liquefied petroleum gas LPG to ensure a clean kitchen for the population while improving access to energy With more than 600 million in Africa living in energy poverty resulting in increased use of wood based biomass to meet daily energy needs the expansion of the continent s gas market will help accelerate electrification and reduce strain on the national network South Africa has taken a bold step in this direction with the government s recent approval of the Department of Energy and Mineral Resources LPG Launch Strategy designed to harness LPG to diversify the energy mix for reasons of energy security affordability and decarbonisation With Africa trying to achieve universal access to energy continued reliance on wood based biomass remains a threat to improving energy access With the United Nations Environment Program predicting that more than 65 of sub Saharan Africa s population will still rely on woodfuel for cooking by 2050 now is the time for Africa to invest more in its gas market Furthermore with dependence on biomass the continent s industrialization and economic growth are limited Biomass represents an inadequate energy resource to power industry therefore the need for Africa to prioritize the development and expansion of its gas market to power its industries while improving access to energy and defending its climate stewardship is clear now more than ever The African Energy Chamber AEC as the voice of the African energy sector strongly advocates for increased investment and development of gas in Africa recognizing the role that the resource plays in improving access and security of energy while allowing the reduction of emissions and deforestation With the increased use of natural gas the African continent is well positioned to achieve the goals of energy independence security and decarbonisation while reducing emissions and the destruction of our forests Africa needs to find new ways to finance and accelerate the exploitation of its gas resources to achieve this The gas will not only help reduce emissions it will also provide African governments with much needed GDP to finance the growth of the broader economy said NJ Ayuk CEO of AEC African Energy Week AEW 2022 Africa s premier event for the oil and gas sector taking place from 18 21 October 2022 in Cape Town will discuss the role of gas in Africa s energy future Under the theme Exploring and investing in Africa s energy future while fostering an enabling environment AEW 2022 will host high level roundtables and meetings to discuss how Africa can increase investments across its gas value chain to ensure energy security and address unsustainable energy practices
    Natural Gas Exploitation Key To Solving Africa’s Deforestation, Emissions and Energy Security Issues
    Africa5 months ago

    Natural Gas Exploitation Key To Solving Africa’s Deforestation, Emissions and Energy Security Issues

    Despite having 620 trillion cubic feet of natural gas reserves, Africa's over-reliance on wood-based biomass energy remains high, resulting in increased land degradation, deforestation and greenhouse gas emissions, and in more than 900 million people across the continent who live without access to clean cooking. However, if fully optimized and exploited, the continent's natural gas resources present an opportunity for Africa to address environmental destruction, ensure clean cooking for its population while ensuring energy security and economic growth.

    With more than 81% of households in sub-Saharan Africa relying on wood-based biomass energy for cooking, the World Health Organization has linked millions of deaths in rural Africa to indoor emissions that result from the continuous and increasing use of biomass. In this sense, countries such as Nigeria, Malawi, Ivory Coast, Kenya, Uganda and Zimbabwe, where biomass use is particularly high due to limited access to reliable electricity, could expand the exploitation of liquefied petroleum gas (LPG) to ensure a clean kitchen for the population while improving access to energy.

    With more than 600 million in Africa living in energy poverty, resulting in increased use of wood-based biomass to meet daily energy needs, the expansion of the continent's gas market will help accelerate electrification and reduce strain on the national network. South Africa has taken a bold step in this direction with the government's recent approval of the Department of Energy and Mineral Resources' LPG Launch Strategy, designed to harness LPG to diversify the energy mix for reasons of energy security, affordability and decarbonisation. With Africa trying to achieve universal access to energy, continued reliance on wood-based biomass remains a threat to improving energy access. With the United Nations Environment Program predicting that more than 65% of sub-Saharan Africa's population will still rely on woodfuel for cooking by 2050, now is the time for Africa to invest more in its gas market.

    Furthermore, with dependence on biomass, the continent's industrialization and economic growth are limited. Biomass represents an inadequate energy resource to power industry, therefore the need for Africa to prioritize the development and expansion of its gas market to power its industries while improving access to energy and defending its climate stewardship is clear. , now more than ever.

    The African Energy Chamber (AEC), as the voice of the African energy sector, strongly advocates for increased investment and development of gas in Africa, recognizing the role that the resource plays in improving access and security of energy, while allowing the reduction of emissions and deforestation. .

    “With the increased use of natural gas, the African continent is well positioned to achieve the goals of energy independence, security and decarbonisation while reducing emissions and the destruction of our forests. Africa needs to find new ways to finance and accelerate the exploitation of its gas resources to achieve this. The gas will not only help reduce emissions, it will also provide African governments with much-needed GDP to finance the growth of the broader economy,” said NJ Ayuk, CEO of AEC.

    African Energy Week (AEW) 2022, Africa's premier event for the oil and gas sector, taking place from 18-21 October 2022 in Cape Town, will discuss the role of gas in Africa's energy future. Under the theme Exploring and investing in Africa's energy future while fostering an enabling environment, AEW 2022 will host high-level roundtables and meetings to discuss how Africa can increase investments across its gas value chain to ensure energy security. and address unsustainable energy practices.

  •  The Nigerian LNG Ltd has reiterated its commitment to ensuring 100 per cent Liquefied Petroleum Gas LPG production to the domestic market to support the growth of LPG utilisation in the country The NLNG said it would also help to reduce the health safety and environmental risks associated with the use of other domestic fuel sources Mr Olalekan Ogunleye the Deputy Managing Director NLNG made this known at the Second West Africa LPG Expo and Nigeria Liquefied Petroleum Gas Association NLPGA Summit on Thursday in Lagos The News Agency of Nigeria reports that the summit had as its theme Energising the Future LPG as a sustainable fuel in African Economies Ogunleye said NLNG remained committed to collaborating with regulators partners and industry players to grow the domestic LPG cooking gas market and bring cleaner energy to Nigerians He added that through the supply of LPG NLNG prioritised the supply of clean energy in Nigeria while working collaboratively with the government to grow LPG consumption in Nigeria as part of the national journey to a clean energy future Ogunleye said LPG domestic consumption in the country had increased by 300 per cent from about 60 000 metric tonnes in 2007 to over one million metric tonnes in 2020 He said further that the increase indicated that the domestic market was one of the fastest growing LPG markets in the world Ogunleye said a significant stimulus to the domestic LPG was the declaration by the Federal Government of the Decade of Gas and the support of regulators and industry stakeholders He stated that the declaration had created an enabling environment for investment and deliberate actions designed to ensure that Nigeria takes advantage of the global energy transition while monetising the country s extensive gas reserves Ogunleye said Since the start of the Domestic LPG Supply Scheme in 2007 NLNG has consistently increased both its reserved volumes for the domestic market and actual LPG volumes supplied NLNG intends to maintain this steady growth and supply contribution to the domestic market consistent with its vision of helping to build a better Nigeria Deliveries continue to be made through NLNG s chartered LPG Vessel entirely dedicated to delivering the product to Nigeria to underpin the scheme and ensure a steady supply of products without disruption According to him NLNG will continue to invest in supply logistics infrastructure and security to ensure product supply He said the company had made financial contributions towards refurbishing LPG receiving terminals in Lagos Ogunleye said By so doing it has made a significant economic impact on business development and the creation of employment opportunities NLNG s shareholders through its board have shown a strong commitment to the growth of the DLPG scheme through the consistent increase in reserved LPG volumes for the domestic market He said that with the support NLNG had increased its LPG footprint through the start of domestic propane delivery in September 2021 charting a path for future deliveries Earlier Mr Nuhu Yakubu President NLPGA commended the efforts of the Federal Government to safe handling of LPG and deepening its domestic utilisation Yakubu also lauded the NLNG for the DLPG scheme which had made the most significant impact on domestic LPG supply He said It has catalysed reduction in household energy poverty with reduction in the use of dirty fuel sources for cooking It has also stimulated growth in the industry through its multiplier effect positive impact on forward and backward linkage businesses with massive infrastructure build out that is currently experienced across the value chain today NewsSourceCredit NAN
    NLNG reiterates commitment to 100% LPG production to domestic market
     The Nigerian LNG Ltd has reiterated its commitment to ensuring 100 per cent Liquefied Petroleum Gas LPG production to the domestic market to support the growth of LPG utilisation in the country The NLNG said it would also help to reduce the health safety and environmental risks associated with the use of other domestic fuel sources Mr Olalekan Ogunleye the Deputy Managing Director NLNG made this known at the Second West Africa LPG Expo and Nigeria Liquefied Petroleum Gas Association NLPGA Summit on Thursday in Lagos The News Agency of Nigeria reports that the summit had as its theme Energising the Future LPG as a sustainable fuel in African Economies Ogunleye said NLNG remained committed to collaborating with regulators partners and industry players to grow the domestic LPG cooking gas market and bring cleaner energy to Nigerians He added that through the supply of LPG NLNG prioritised the supply of clean energy in Nigeria while working collaboratively with the government to grow LPG consumption in Nigeria as part of the national journey to a clean energy future Ogunleye said LPG domestic consumption in the country had increased by 300 per cent from about 60 000 metric tonnes in 2007 to over one million metric tonnes in 2020 He said further that the increase indicated that the domestic market was one of the fastest growing LPG markets in the world Ogunleye said a significant stimulus to the domestic LPG was the declaration by the Federal Government of the Decade of Gas and the support of regulators and industry stakeholders He stated that the declaration had created an enabling environment for investment and deliberate actions designed to ensure that Nigeria takes advantage of the global energy transition while monetising the country s extensive gas reserves Ogunleye said Since the start of the Domestic LPG Supply Scheme in 2007 NLNG has consistently increased both its reserved volumes for the domestic market and actual LPG volumes supplied NLNG intends to maintain this steady growth and supply contribution to the domestic market consistent with its vision of helping to build a better Nigeria Deliveries continue to be made through NLNG s chartered LPG Vessel entirely dedicated to delivering the product to Nigeria to underpin the scheme and ensure a steady supply of products without disruption According to him NLNG will continue to invest in supply logistics infrastructure and security to ensure product supply He said the company had made financial contributions towards refurbishing LPG receiving terminals in Lagos Ogunleye said By so doing it has made a significant economic impact on business development and the creation of employment opportunities NLNG s shareholders through its board have shown a strong commitment to the growth of the DLPG scheme through the consistent increase in reserved LPG volumes for the domestic market He said that with the support NLNG had increased its LPG footprint through the start of domestic propane delivery in September 2021 charting a path for future deliveries Earlier Mr Nuhu Yakubu President NLPGA commended the efforts of the Federal Government to safe handling of LPG and deepening its domestic utilisation Yakubu also lauded the NLNG for the DLPG scheme which had made the most significant impact on domestic LPG supply He said It has catalysed reduction in household energy poverty with reduction in the use of dirty fuel sources for cooking It has also stimulated growth in the industry through its multiplier effect positive impact on forward and backward linkage businesses with massive infrastructure build out that is currently experienced across the value chain today NewsSourceCredit NAN
    NLNG reiterates commitment to 100% LPG production to domestic market
    General news6 months ago

    NLNG reiterates commitment to 100% LPG production to domestic market

    The Nigerian LNG Ltd. has reiterated its commitment to ensuring 100 per cent Liquefied Petroleum Gas (LPG) production to the domestic market to support the growth of LPG utilisation in the country.

    The NLNG said it would also help to reduce the health, safety and environmental risks associated with the use of other domestic fuel sources.

    Mr Olalekan Ogunleye, the Deputy Managing Director, NLNG, made this known at the Second West Africa LPG Expo and Nigeria Liquefied Petroleum Gas Association (NLPGA) Summit, on Thursday in Lagos.

    The News Agency of Nigeria reports that the summit had as its theme: “Energising the Future: LPG as a sustainable fuel in African Economies.”

    Ogunleye said NLNG remained committed to collaborating with regulators, partners, and industry players to grow the domestic LPG (cooking gas) market and bring cleaner energy to Nigerians.

    He added that through the supply of LPG, NLNG prioritised the supply of clean energy in Nigeria while working collaboratively with the government to grow LPG consumption in Nigeria as part of the national journey to a clean energy future.

    Ogunleye said LPG domestic consumption in the country had increased by 300 per cent, from about 60,000 metric tonnes in 2007 to over one million metric tonnes in 2020.

    He said further that the increase indicated that the domestic market was one of the fastest-growing LPG markets in the world.

    Ogunleye said a significant stimulus to the domestic LPG was the declaration by the Federal Government of the ”Decade of Gas” and the support of regulators and industry stakeholders.

    He stated that the declaration had created an enabling environment for investment and deliberate actions designed to ensure that Nigeria takes advantage of the global energy transition while monetising the country’s extensive gas reserves.

    Ogunleye said: “Since the start of the Domestic LPG Supply Scheme in 2007, NLNG has consistently increased both its reserved volumes for the domestic market and actual LPG volumes supplied.

    “NLNG intends to maintain this steady growth and supply contribution to the domestic market, consistent with its vision of helping to build a better Nigeria.

    “Deliveries continue to be made through NLNG’s chartered LPG Vessel, entirely dedicated to delivering the product to Nigeria to underpin the scheme and ensure a steady supply of products without disruption.”

    According to him, NLNG will continue to invest in supply logistics, infrastructure and security to ensure product supply.

    He said the company had made financial contributions towards refurbishing LPG receiving terminals in Lagos.

    Ogunleye said: “By so doing, it has made a significant economic impact on business development and the creation of employment opportunities.

    “NLNG’s shareholders, through its board, have shown a strong commitment to the growth of the DLPG scheme through the consistent increase in reserved LPG volumes for the domestic market. ”

    He said that with the support, NLNG had increased its LPG footprint through the start of domestic propane delivery in September 2021, charting a path for future deliveries.

    Earlier, Mr Nuhu Yakubu, President, NLPGA, commended the efforts of the Federal Government to safe handling of LPG and deepening its domestic utilisation.

    Yakubu also lauded the NLNG for the DLPG scheme which had made the most significant impact on domestic LPG supply.

    He said: “It has catalysed reduction in household energy poverty with reduction in the use of dirty fuel sources for cooking.

    “It has also stimulated growth in the industry, through its multiplier effect, positive impact on forward and backward linkage businesses with massive infrastructure build out that is currently experienced across the value chain today.”


    NewsSourceCredit: NAN

  •   NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
      NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
    Features6 months ago

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

     

    The Socio-Economic Implications of The Downfall of The Naira: A News Analysis by Solomon Asowata, Lydia Ngwakwe and Rukayat Moisemhe

    Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise.

    The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar, it could pose great consequences for the economy.

    A professor of Finance and Capital Market, Uche Uwaleke, said that the free fall of the Naira was not in the interest of the economy.

    “The consequences are grave for the economy. The rising inflationary pressure is not unconnected with imported inflation.

    “The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government’s budget deficit.

    “It will equally increase oil subsidy, which may push the economy into deeper debt.

    “Again, in terms of the naira equivalent of servicing government foreign loans, the burden will also increase,’’ he said.

    According to Uwaleke, the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee (FAAC) distribution might increase.

    “But of what use is an increase in quantity of money which value is eroded by inflation?

    “Naira depreciation ordinarily should help the country’s Balance of Payments position through discouraging imports and making exports cheaper.

    “Unfortunately, this does not happen given Nigeria’s weak export base and Nigerians penchant for foreign goods.’’

    He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa, especially in the context of African Continental Free Trade Agreement.

     

    Sheriffdeen Tella, a Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said the downfall of the naira was what caused the rising inflation.

    “Its what is causing inflation and difficulty in production presently.

    “Prolonged situation can affect employment and general welfare of citizens, just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure,’’ he said.

    Ndubisi Nwokoma, the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos, Akoka, urged the Central Bank of Nigeria (CBN) to increase the supply of foreign exchange and manage demand.

    “The fall of the Naira has had serious socio-economic implications for the average Nigerian. Inflation has been skyrocketing and living standards getting worse. Challenges of insecurity also add to all these,’’ he said.

    The downfall of the naira has had a huge impact on the oil and gas industry as well, which is critical to the socio-economic development of Nigeria.

    The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks.

    This has led to a rise in the prices of petroleum products such as Jet A1 (aviation fuel) diesel, kerosene, Premium Motor Spirit (petrol) as well as Liquefied Petroleum Gas (cooking gas).

    Presently, the cost of diesel ranges from N650 to N800 per litre across the country, while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location.

     

    Similarly, kerosene is retailing at N650 per litre in some filling stations while a 12.5kg cooking gas cylinder is being sold at between N9,000 to N10,000 to end users.

    According to the Major Oil Marketers Association of Nigeria (MOMAN), the landing cost of PMS is currently above N400 per litre, compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre.

    Mr Clement Isong, the Executive Secretary, MOMAN, empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market.

    He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel.

    Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education, health care and infrastructure development.

    “A return to cost recovery and free market and competitive economics (including access to foreign exchange at competitive rates) is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry,’’ he said.

    Mrs Nkechi Obi, the Managing Director, Techno Gas Ltd. also called on the Federal Government to intervene in halting the rising price of cooking gas in the country.

    Obi, who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos, said the product was becoming unaffordable to Nigerians.

    Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria, it was imperative that the government should make forex available to them at competitive rates.

    Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking.

    Mr Michael Umudu, the National Chairman, the Liquefied Petroleum Gas Retailers (LPGAR) branch of National Union of Petroleum and Natural Gas Workers (NUPENG), described the situation as worrisome for both retailers and consumers.

    “The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets.

    “For us as retailers, it is a big problem because we can’t even afford to stock up our shops and even when we do, it will take time before we can make enough sales to get back our investments.

    “What we find now is that people even bring in 12.5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home.’’

    Umudu, therefore, appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas.

    Dr Muda Yusuf, an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange.

    Yusuf, also founder, Centre for the Promotion of Private Enterprises (CPPEs), said the policies had created a huge enterprise around foreign exchange, round tripping, speculation, over invoicing, capital flight among others.

    He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors, which was not a sustainable solution.

    “It is regrettable that the CBN does not believe in the market mechanism, yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world.

    “Of course, market failures are recognised in economics, and these cases are exceptions that can be identified and dealt with.

    “A market based management framework will restore calmness and stability to the foreign exchange market.

    “Although, there may be a momentary spike in exchange rate, but stability and gradual appreciation of the rate would follow soon after.

    “Suppressing the market is like swimming against the tide, it is a difficult battle to win,” he said.

    Yusuf likened moving retail forex transactions from Bureau De Change (BDC) to the banks to “kicking the can down the road’’, stating that the same issues would manifest even with the banks.

    He noted that the BDCs were generally more accessible, required minimum documentation, had short response time and better interface with the Small and Medium Enterprises and the informal sector, the dominant players in the Nigerian economy.

    He said that the way out of this free fall of the Naira was for the CBN to allow the market to function.

    Yusuf said it was also imperative for the apex bank to de-emphasise demand management and focus on strategies to stimulate foreign exchange inflows.

    According to him, a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange.

    Dr Chinyere Almona, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022.

    This, she said was due to the widening premium between the official (NAFEX) rate at N415 per dollar and the market rate of N580.

    She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market-driven.

    This, Almona posited was critical to the process of enhancing stability, liquidity, and transparency in the foreign exchange market.

    She said the unification would improve the country’s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage.

    “The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate.

    “The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates.

    “To consolidate on the interventions earlier initiated, the CBN needs to roll out more friendly supply-side policies to boost liquidity in the market.

    “This would help bolster investor confidence and attract foreign investment inflows into the economy.

    Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro, Small and Medium Enterprises (MSMEs) and large corporates at the national, subnational, and local government levels are imperative. (NANFeatures) (

    NewsSourceCredit: NAN

  •  The Standard Organisation of Nigeria SON on Wednesday in Lagos destroyed substandard electric cables engine oil LPG cylinders stuffed new tyres unapproved cigarettes and low grade roofing sheets Mallam Farouk Salim Director General of SON noted while destroying the substandard products that they affected the nation s economy negatively Salim said all the products destroyed were imported into the country and smuggled through the ports He therefore called for the return of SON to the ports to help minimise the damage done by substandard products to the nation s economy According to him the burning of the substandard products is to assure Nigerians that SON is actually destroying them after obtaining court order to that effect Most of these substandard products were captured in the market where they are ready to be sold to customers and the unfortunate thing is that they passed through our ports It will be much easier for these substandard products to be detected if our employees are at the source of the import of these products he said According to him SON is not always invited for joint inspection and that invitations for joint inspection are rare and far in between I guarantee you that if our officers have opportunity to inspect these products the moment they look at it from experience they will be able to detect the substandard goods Don t forget that officers of the customs service are trained to check for duty they have no idea of how to detect substandard products easily and our personnel are trained on how to check these products he said The SON boss said unfortunately its officers had no unfettered access as stipulated by the constitution Unless the law is changed by the National Assembly signed by the president the law says SON must and should be at the port not at the discretion of any organisation he said He said SON had made arrests like the person in the Auto Spare Parts and Machinery Dealers Association ASPAMDA producing fake lubrication fluid presently in jail to be taken to court soon Mrs Bisiriyu Adesewa Assistant Chief Scientific Officer Sector Head Domestic Rubber National Environmental Standards and Regulations Enforcement Agency NESREA Lagos Liaison Office said NESREA was present to ensure proper disposal of the products We appreciate SON for ensuring that substandard products don t enter the market but we are particular about what happens to these things after the destruction We understand that most of them are going to recycling companies and the only one not recyclable for now is the oil and we will link SON with a facility that can help them dispose it so that there will be zero waste The disposal process here is in line with our rules and regulations The first thing is to dismantle and seperate them which they have already done next is the recycling she said Also Mrs Susie Onwuka Head Federal Competition and Consumption Protection Commission FCCPC Lagos Office said the commission had a Memorandum of Understanding with SON and different sector regulators on removal of substandard goods from the market She commended SON for the massive seizures noting that more work needed to be done Assistant Commissioner of Police Force Criminal Investigation and Intelligence Department Annex Alagbon Lagos Mr Lawrence Iwodi said the police was working with SON to ensure that standard was met in relations to goods imported into the country SON has often referred cases of substandard goods to the Nigerian Police and we have carried out a number of investigations into these cases we have a lot of convictions some are still ongoing in the court and still under investigation he said Mrs Bukola Adubi Chief Operating Officer MisCom Cables and Wires Ltd promised that going forward the company would have a good relationship with SON so that more of this evil would be exposed My visit here today has been eye opening and we have been in discussion with SON on this issue This issue is affecting our legacy brand and our botttmline This menace given sometime we will see an end to it and I will go back to tell my people that SON does actually have their back she said NewsSourceCredit NAN
    SON destroys substandard tyres, cables, others in Lagos
     The Standard Organisation of Nigeria SON on Wednesday in Lagos destroyed substandard electric cables engine oil LPG cylinders stuffed new tyres unapproved cigarettes and low grade roofing sheets Mallam Farouk Salim Director General of SON noted while destroying the substandard products that they affected the nation s economy negatively Salim said all the products destroyed were imported into the country and smuggled through the ports He therefore called for the return of SON to the ports to help minimise the damage done by substandard products to the nation s economy According to him the burning of the substandard products is to assure Nigerians that SON is actually destroying them after obtaining court order to that effect Most of these substandard products were captured in the market where they are ready to be sold to customers and the unfortunate thing is that they passed through our ports It will be much easier for these substandard products to be detected if our employees are at the source of the import of these products he said According to him SON is not always invited for joint inspection and that invitations for joint inspection are rare and far in between I guarantee you that if our officers have opportunity to inspect these products the moment they look at it from experience they will be able to detect the substandard goods Don t forget that officers of the customs service are trained to check for duty they have no idea of how to detect substandard products easily and our personnel are trained on how to check these products he said The SON boss said unfortunately its officers had no unfettered access as stipulated by the constitution Unless the law is changed by the National Assembly signed by the president the law says SON must and should be at the port not at the discretion of any organisation he said He said SON had made arrests like the person in the Auto Spare Parts and Machinery Dealers Association ASPAMDA producing fake lubrication fluid presently in jail to be taken to court soon Mrs Bisiriyu Adesewa Assistant Chief Scientific Officer Sector Head Domestic Rubber National Environmental Standards and Regulations Enforcement Agency NESREA Lagos Liaison Office said NESREA was present to ensure proper disposal of the products We appreciate SON for ensuring that substandard products don t enter the market but we are particular about what happens to these things after the destruction We understand that most of them are going to recycling companies and the only one not recyclable for now is the oil and we will link SON with a facility that can help them dispose it so that there will be zero waste The disposal process here is in line with our rules and regulations The first thing is to dismantle and seperate them which they have already done next is the recycling she said Also Mrs Susie Onwuka Head Federal Competition and Consumption Protection Commission FCCPC Lagos Office said the commission had a Memorandum of Understanding with SON and different sector regulators on removal of substandard goods from the market She commended SON for the massive seizures noting that more work needed to be done Assistant Commissioner of Police Force Criminal Investigation and Intelligence Department Annex Alagbon Lagos Mr Lawrence Iwodi said the police was working with SON to ensure that standard was met in relations to goods imported into the country SON has often referred cases of substandard goods to the Nigerian Police and we have carried out a number of investigations into these cases we have a lot of convictions some are still ongoing in the court and still under investigation he said Mrs Bukola Adubi Chief Operating Officer MisCom Cables and Wires Ltd promised that going forward the company would have a good relationship with SON so that more of this evil would be exposed My visit here today has been eye opening and we have been in discussion with SON on this issue This issue is affecting our legacy brand and our botttmline This menace given sometime we will see an end to it and I will go back to tell my people that SON does actually have their back she said NewsSourceCredit NAN
    SON destroys substandard tyres, cables, others in Lagos
    Economy6 months ago

    SON destroys substandard tyres, cables, others in Lagos

    The Standard Organisation of Nigeria (SON) on Wednesday in Lagos, destroyed substandard electric cables, engine oil, LPG cylinders, stuffed new tyres, unapproved cigarettes and low grade roofing sheets.

    Mallam Farouk Salim, Director General of SON, noted while destroying the substandard products that they affected the nation’s economy negatively.

    Salim said all the products destroyed were imported into the country and smuggled through the ports.

    He, therefore, called for the return of SON to the ports to help minimise the damage done by substandard products to the nation’s economy.

    According to him, the burning of the substandard products is to assure Nigerians that SON is actually destroying them after obtaining court order to that effect.

    “Most of these substandard products were captured in the market where they are ready to be sold to customers and the unfortunate thing is that they passed through our ports.

    “It will be much easier for these substandard products to be detected if our employees are at the source of the import of these products,” he said.

    According to him, SON is not always invited for joint inspection, and that invitations for joint inspection are rare and far in-between.

    “I guarantee you that if our officers have opportunity to inspect these products, the moment they look at it from experience, they will be able to detect the substandard goods.

    “Don’t forget that officers of the customs service are trained to check for duty, they have no idea of how to detect substandard products easily, and our personnel are trained on how to check these products,” he said.

    The SON boss said unfortunately its officers had no unfettered access as stipulated by the constitution.

    “Unless the law is changed by the National Assembly, signed by the president, the law says SON must and should be at the port, not at the discretion of any organisation,” he said.

    He said SON had made arrests, like the person in the Auto Spare Parts and Machinery Dealers Association (ASPAMDA) producing fake lubrication fluid, presently in jail to be taken to court soon.

    Mrs Bisiriyu Adesewa, Assistant Chief Scientific Officer, Sector Head (Domestic Rubber) National Environmental Standards and Regulations Enforcement Agency (NESREA), Lagos Liaison Office, said NESREA was present to ensure proper disposal of the products.

    “We appreciate SON for ensuring that substandard products don’t enter the market, but we are particular about what happens to these things after the destruction.

    “We understand that most of them are going to recycling companies and the only one not recyclable for now is the oil and we will link SON with a facility that can help them dispose it so that there will be zero waste.

    “The disposal process here is in line with our rules and regulations. The first thing is to dismantle and seperate them, which they have already done, next is the recycling,” she said.

    Also, Mrs Susie Onwuka, Head Federal Competition and Consumption Protection Commission (FCCPC), Lagos Office, said the commission had a Memorandum of Understanding with SON and different sector regulators on removal of substandard goods from the market.

    She commended SON for the massive seizures, noting that more work needed to be done.

    Assistant Commissioner of Police, Force Criminal Investigation and Intelligence Department, Annex, Alagbon, Lagos, Mr Lawrence Iwodi, said the police was working with SON to ensure that standard was met in relations to goods imported into the country.

    “SON has often referred cases of substandard goods to the Nigerian Police and we have carried out a number of investigations into these cases, we have a lot of convictions, some are still ongoing in the court and still under investigation,” he said.

    Mrs Bukola Adubi, Chief Operating Officer, MisCom Cables and Wires Ltd., promised that going forward, the company would have a good relationship with SON so that more of this evil would be exposed.

    “My visit here today has been eye opening and we have been in discussion with SON on this issue. This issue is affecting our legacy, brand and our botttmline.

    “This menace given sometime, we will see an end to it and I will go back to tell my people that SON does actually have their back,” she said.

    NewsSourceCredit: NAN

  •  The Lagos Chamber of Commerce and Industry LCCI on Friday trained about 50 traders at area of Lagos State on the proper usage of Liquified Petroleum Gas LPG The News Agency of Nigeria reports that the training tagged EkoforGasforEko is part of the LCCI gas sensitisation programme for communities in the state The initiative which is a collaboration between LCCI LPG Group and Community Development Committee CDC started on May 27 to run for five Fridays across Ikorodu Ketu Igando Agbado and Lagos central NAN also reports that cylinders and industrial gas burners were given to some of the participants at the event Mr Godwin Okoduwa Member LCCI LPG Group said the essence of the initiative was to create awareness and enlightenment in gas usage particularly for SMEs such as street food vendors Data shows that four million death occur from indoor and outdoor pollution unlike firewood that produce high quantity carbon dioxide and carbonmonoxide LPG produced less quantity of these harmful gases It s healthy and affords women more time to do more productive activities and also keeps the kitchen cleaner he said Okoduwa said those who received free LPG equipment would be monitored to ascertain the impact on their health and social lives While highlighting safety rules to end users Mr Princewill Ekeji Safety Officer Nigeria LPG Association said that the appliances must be installed correctly in line with safety standard to avoid hazard It s very safe but it has potential hazard such as loss of containment that is when gas escapes from the vessel if the hose is damage it could lead to leakage he said Ekeji said cylinders must be kept upright or vertically in well ventilated areas and care must be taken to ensure that people vehicles and children don t move over the hose to avoid disconnection The CDC Chairman Elder Ademola Osibeluwo lauded the initiative and urged the government for more engagement of the grassroots One of the beneficiaries of the free equipment Mrs Sariatu Elewade said she is excited for being free from the pain of using firewood Another beneficiary Mrs Stella Osagiede said using firewood almost blinded her She thanked the organisers for turning her life around NAN
    LPG: LCCI trains 50 traders on proper usage of cooking gas
     The Lagos Chamber of Commerce and Industry LCCI on Friday trained about 50 traders at area of Lagos State on the proper usage of Liquified Petroleum Gas LPG The News Agency of Nigeria reports that the training tagged EkoforGasforEko is part of the LCCI gas sensitisation programme for communities in the state The initiative which is a collaboration between LCCI LPG Group and Community Development Committee CDC started on May 27 to run for five Fridays across Ikorodu Ketu Igando Agbado and Lagos central NAN also reports that cylinders and industrial gas burners were given to some of the participants at the event Mr Godwin Okoduwa Member LCCI LPG Group said the essence of the initiative was to create awareness and enlightenment in gas usage particularly for SMEs such as street food vendors Data shows that four million death occur from indoor and outdoor pollution unlike firewood that produce high quantity carbon dioxide and carbonmonoxide LPG produced less quantity of these harmful gases It s healthy and affords women more time to do more productive activities and also keeps the kitchen cleaner he said Okoduwa said those who received free LPG equipment would be monitored to ascertain the impact on their health and social lives While highlighting safety rules to end users Mr Princewill Ekeji Safety Officer Nigeria LPG Association said that the appliances must be installed correctly in line with safety standard to avoid hazard It s very safe but it has potential hazard such as loss of containment that is when gas escapes from the vessel if the hose is damage it could lead to leakage he said Ekeji said cylinders must be kept upright or vertically in well ventilated areas and care must be taken to ensure that people vehicles and children don t move over the hose to avoid disconnection The CDC Chairman Elder Ademola Osibeluwo lauded the initiative and urged the government for more engagement of the grassroots One of the beneficiaries of the free equipment Mrs Sariatu Elewade said she is excited for being free from the pain of using firewood Another beneficiary Mrs Stella Osagiede said using firewood almost blinded her She thanked the organisers for turning her life around NAN
    LPG: LCCI trains 50 traders on proper usage of cooking gas
    Economy6 months ago

    LPG: LCCI trains 50 traders on proper usage of cooking gas

    The Lagos Chamber of Commerce and Industry (LCCI), on Friday trained about 50 traders at area of Lagos State on the proper usage of Liquified Petroleum Gas (LPG).

    The News Agency of Nigeria reports that the training, tagged: ‘#EkoforGasforEko’, is part of the LCCI gas sensitisation programme for communities in the state.

    The initiative which is a collaboration between LCCI LPG Group and Community Development Committee (CDC) started on May 27, to run for five Fridays across Ikorodu, Ketu, Igando, Agbado and Lagos central.

    NAN also reports that cylinders and industrial gas burners were given to some of the participants at the event.

    Mr Godwin Okoduwa, Member, LCCI LPG Group, said the essence of the initiative was to create awareness and enlightenment in gas usage, particularly for SMEs such as street food vendors.

    “Data shows that four million death occur from indoor and outdoor pollution, unlike firewood that produce high quantity carbon dioxide and carbonmonoxide, LPG produced less quantity of these harmful gases.

    “It’s healthy and affords women more time to do more productive activities and also keeps the kitchen cleaner,” he said.

    Okoduwa said those who received free LPG equipment would be monitored to ascertain the impact on their health and social lives.

    While highlighting safety rules to end-users, Mr Princewill Ekeji, Safety Officer, Nigeria LPG Association, said that the appliances must be installed correctly in line with safety standard to avoid hazard.

    “It’s very safe but it has potential hazard such as loss of containment, that is when gas escapes from the vessel, if the hose is damage it could lead to leakage,” he said.

    Ekeji said cylinders must be kept upright or vertically in well ventilated areas, and care must be taken to ensure that people, vehicles and children don’t move over the hose to avoid disconnection.

    The CDC Chairman, , Elder Ademola Osibeluwo, lauded the initiative and urged the government for more engagement of the grassroots.

    One of the beneficiaries of the free equipment, Mrs Sariatu Elewade, said she is excited for being free from the pain of using firewood.

    Another beneficiary, Mrs Stella Osagiede, said using firewood almost blinded her. She thanked the organisers for turning her life around.

    (NAN)

  •  A cleric The Most Rev Isaac Afolabi Amoo has called on political leaders and government at all levels to provide adequate security for the lives and property of all Nigerians The cleric who is the Bishop of the Diocese of New Bussa Anglican Communion Church of Nigeria made the appeal on Tuesday at the ongoing 5th Synod of the Church held at St John Church New Bussa Kwara Province The bishop in his message pointed out that our security forces must equally review their strategies and seek help from advanced nations to complement their efforts Amoo stressed the need for government at all levels to finance and give adequate priority to the security of lives and property If the situation in Nigeria were to be half of what it is today violence intolerance and fear in 1914 the various nationalities that constituted Nigeria would have not have come together as done by Lord Lugard and his wife Efforts in the past to have a credible national census were bedeviled by warped notions of what the census is all about Thus fake and unrealistic figures were released Our duty as a Diocese is to appeal to all ethnic groups regions and religions to assist Nigeria to break the jinx of failed census exercise We should not allow the competition between religions and tribes to deny us of social progress Before the advent of the civilian regimes of Chief Olusegun Obasanjo this country has been fighting the monster called corruption every administration with a promise to fight this monster We should give kudos to Chief Olusegun Obasanjo who set up the institutions that can be reported to such as the EFCC ICPC Code of Conduct Bureau and Code of Conduct Tribunal The regimes after him had so much at hand that sometimes we wonder whether they are truly fighting corruption or is it corruption that is fighting them Many Nigerians had given up hope that something would ever be done again as corruption is generally assumed to be of national proportion connecting all power blocks at the national state local and traditional levels The government of President Muhammadu Buhari needs to vindicate the sit down shame cynics if truly he is doing anything to fight corruption Many of the government projects and programmes are nothing but corruption Such projects and programmes as feeding the pupils of primary schools whom the government claimed to be feeding even when during COVID 19 all schools were closed down The cash support for traders who were given cash without any of them signing for such payment and many more the Bishop said Amoo criticised the depreciating value of the Naira recalling with pride and amazement that in the 1970s and 1980s the Nigeria Naira was one of the strongest currencies in the world According to Bishop Amoo one Naira is almost stronger than the British pound and almost doubles the United States of America dollar However and gradually the value of the Naira began a downward slide Unfortunately successive governments did not bother about this negative trend because some of the government officials are benefitting from the situation He said that the rate at which the Naira has been taking a plunge within the last two years was alarming and embarrassing Before the present government took over it used to be over one United States dollar and N270 to one British pound Today the situation has changed to N1 785 to one USD This is an indication that the Naira has been over devalued To make matters worse the government officials have told us that the Naira is in fact overvalued Amoo listed some of the factors responsible for this self infliction of pain and poverty on Nigerians as reported by some analysts We were far more productive in 1970 1980 than we are today From 1970 to 1980 we were a net exporter of refined petroleum products Today we import all our refined petroleum products Nigerians were riding the locally assembled cars buses and trucks Peugeot cars were manufactured in Kaduna and Volkswagen cars in Lagos Leyland in Ibadan and ANAMCO in Enugu produced buses and trucks Steyr inBauchi producing agricultural tractors We were also producing almost all the components Vono produced the seats in Lagos Exide in Ibadan produced the batteries for the whole of West Africa Isoglass and TSG in Ibadan producing the windshield Ferodo in Ibadan produce brake pads and discs Tyres were produced by Dunlop in Lagos and Mitchelinin Port Harcourt These types were produced from the rubber plantations located in Ogun Cross River Rivers State Edo and Delta States We were using refrigerators freezers and Air conditioners produced by PZ Thermo Cool The cloths we were putting on were produced from UNTL Textile mills in Kaduna and Chellarams in Lagos The pipes for our running water were produced by Kwalipipein Kano and Duraplast in Lagos Our cooking was done through LPG gas stored inside gas cylinders produced at the NGC factory Ibadan The cables for the electrification were produced by the Nigeria Wire and Cable Ibadan NOCACO in Kaduna and KableMetal in Lagos and Port Harcourt The Bata and Lennards produced our shoes Not from imported leather but from locally tanned leather in Zaria Kaduna and Kano We were flying the Nigeria Airways to almost every country in the world Nigeria Airways was the biggest in Africa at that time Most of the food we ate was grown and produced in Nigeria he said Amoo pointed out that these were the situation in Nigeria then but today Nigeria imports almost everything saying the time to change these trend is now Nigeria must move forward and regain her lost glory NAN
    Anglican Bishop tasks politicians, Govt on security
     A cleric The Most Rev Isaac Afolabi Amoo has called on political leaders and government at all levels to provide adequate security for the lives and property of all Nigerians The cleric who is the Bishop of the Diocese of New Bussa Anglican Communion Church of Nigeria made the appeal on Tuesday at the ongoing 5th Synod of the Church held at St John Church New Bussa Kwara Province The bishop in his message pointed out that our security forces must equally review their strategies and seek help from advanced nations to complement their efforts Amoo stressed the need for government at all levels to finance and give adequate priority to the security of lives and property If the situation in Nigeria were to be half of what it is today violence intolerance and fear in 1914 the various nationalities that constituted Nigeria would have not have come together as done by Lord Lugard and his wife Efforts in the past to have a credible national census were bedeviled by warped notions of what the census is all about Thus fake and unrealistic figures were released Our duty as a Diocese is to appeal to all ethnic groups regions and religions to assist Nigeria to break the jinx of failed census exercise We should not allow the competition between religions and tribes to deny us of social progress Before the advent of the civilian regimes of Chief Olusegun Obasanjo this country has been fighting the monster called corruption every administration with a promise to fight this monster We should give kudos to Chief Olusegun Obasanjo who set up the institutions that can be reported to such as the EFCC ICPC Code of Conduct Bureau and Code of Conduct Tribunal The regimes after him had so much at hand that sometimes we wonder whether they are truly fighting corruption or is it corruption that is fighting them Many Nigerians had given up hope that something would ever be done again as corruption is generally assumed to be of national proportion connecting all power blocks at the national state local and traditional levels The government of President Muhammadu Buhari needs to vindicate the sit down shame cynics if truly he is doing anything to fight corruption Many of the government projects and programmes are nothing but corruption Such projects and programmes as feeding the pupils of primary schools whom the government claimed to be feeding even when during COVID 19 all schools were closed down The cash support for traders who were given cash without any of them signing for such payment and many more the Bishop said Amoo criticised the depreciating value of the Naira recalling with pride and amazement that in the 1970s and 1980s the Nigeria Naira was one of the strongest currencies in the world According to Bishop Amoo one Naira is almost stronger than the British pound and almost doubles the United States of America dollar However and gradually the value of the Naira began a downward slide Unfortunately successive governments did not bother about this negative trend because some of the government officials are benefitting from the situation He said that the rate at which the Naira has been taking a plunge within the last two years was alarming and embarrassing Before the present government took over it used to be over one United States dollar and N270 to one British pound Today the situation has changed to N1 785 to one USD This is an indication that the Naira has been over devalued To make matters worse the government officials have told us that the Naira is in fact overvalued Amoo listed some of the factors responsible for this self infliction of pain and poverty on Nigerians as reported by some analysts We were far more productive in 1970 1980 than we are today From 1970 to 1980 we were a net exporter of refined petroleum products Today we import all our refined petroleum products Nigerians were riding the locally assembled cars buses and trucks Peugeot cars were manufactured in Kaduna and Volkswagen cars in Lagos Leyland in Ibadan and ANAMCO in Enugu produced buses and trucks Steyr inBauchi producing agricultural tractors We were also producing almost all the components Vono produced the seats in Lagos Exide in Ibadan produced the batteries for the whole of West Africa Isoglass and TSG in Ibadan producing the windshield Ferodo in Ibadan produce brake pads and discs Tyres were produced by Dunlop in Lagos and Mitchelinin Port Harcourt These types were produced from the rubber plantations located in Ogun Cross River Rivers State Edo and Delta States We were using refrigerators freezers and Air conditioners produced by PZ Thermo Cool The cloths we were putting on were produced from UNTL Textile mills in Kaduna and Chellarams in Lagos The pipes for our running water were produced by Kwalipipein Kano and Duraplast in Lagos Our cooking was done through LPG gas stored inside gas cylinders produced at the NGC factory Ibadan The cables for the electrification were produced by the Nigeria Wire and Cable Ibadan NOCACO in Kaduna and KableMetal in Lagos and Port Harcourt The Bata and Lennards produced our shoes Not from imported leather but from locally tanned leather in Zaria Kaduna and Kano We were flying the Nigeria Airways to almost every country in the world Nigeria Airways was the biggest in Africa at that time Most of the food we ate was grown and produced in Nigeria he said Amoo pointed out that these were the situation in Nigeria then but today Nigeria imports almost everything saying the time to change these trend is now Nigeria must move forward and regain her lost glory NAN
    Anglican Bishop tasks politicians, Govt on security
    General news6 months ago

    Anglican Bishop tasks politicians, Govt on security

    A cleric, The Most Rev. Isaac Afolabi Amoo has called on political leaders and government at all levels to provide adequate security for the lives and property of all Nigerians.

    The cleric, who is the Bishop of the Diocese of New Bussa, Anglican Communion (Church of Nigeria), made the appeal on Tuesday at the ongoing 5th Synod of the Church held at St John Church, New Bussa, Kwara Province.

    The bishop, in his message, pointed out that our security forces must equally review their strategies, and seek help from advanced nations to complement their efforts.

    Amoo stressed the need for government at all levels to finance and give adequate priority to the security of lives and property.

    “If the situation in Nigeria were to be half of what it is today, violence, intolerance, and fear in 1914, the various nationalities that constituted Nigeria would have not have come together as done by Lord Lugard and his wife.

    “Efforts in the past to have a credible national census were bedeviled by warped notions of what the census is all about. Thus fake and unrealistic figures were released.

    “Our duty as a Diocese is to appeal to all ethnic groups, regions and religions to assist Nigeria to break the jinx of failed census exercise.

    “We should not allow the competition between religions and tribes to deny us of social progress.

    “Before the advent of the civilian regimes of Chief Olusegun Obasanjo, this country has been fighting the monster called corruption, every administration with a promise to fight this monster.

    “We should give kudos to Chief Olusegun Obasanjo, who set up the institutions that can be reported to, such as the EFCC, ICPC, Code of Conduct Bureau and Code of Conduct Tribunal.

    “The regimes after him had so much at hand, that sometimes we wonder whether they are truly fighting corruption or is it corruption that is fighting them.

    “Many Nigerians had given up hope that something would ever be done again as corruption is generally assumed to be of national proportion, connecting all power blocks at the national, state, local and traditional levels.

    “The government of President Muhammadu Buhari needs to vindicate the sit down – shame cynics, if truly he is doing anything to fight corruption.

    “Many of the government projects and programmes are nothing but corruption.

    “Such projects and programmes as feeding the pupils of primary schools whom the government claimed to be feeding even when during COVID-19 all schools were closed down.

    “The cash support for traders who were given cash without any of them signing for such payment and many more,” the Bishop said.

    Amoo criticised the depreciating value of the Naira, recalling with pride, and amazement that in the 1970s and 1980s, the Nigeria Naira was one of the strongest currencies in the world.

    According to Bishop Amoo, “one Naira is almost stronger than the British pound and almost doubles the United States of America dollar. However, and gradually, the value of the Naira began a downward slide.

    “Unfortunately, successive governments did not bother about this negative trend because some of the government officials are benefitting from the situation”.

    He said that the rate at which the Naira has been taking a plunge within the last two years was alarming and embarrassing.

    “Before the present government took over, it used to be over one United States dollar and N270 to one British pound.

    “Today, the situation has changed to N1,785 to one USD. This is an indication that the Naira has been over devalued.

    “To make matters worse, the government officials have told us that the Naira is in fact overvalued.”

    Amoo listed some of the factors responsible for this self-infliction of pain, and poverty on Nigerians as reported by some analysts:

    “We were far more productive in 1970 – 1980 than we are today. From 1970  to 1980, we were a net exporter of refined petroleum products. Today, we import all our refined petroleum products.

    “Nigerians were riding the locally assembled cars, buses and trucks.

    “Peugeot cars were manufactured in Kaduna and Volkswagen cars in Lagos. Leyland in Ibadan and ANAMCO in Enugu produced buses and trucks. Steyr inBauchi producing agricultural tractors.

    “We were also producing almost all the components. Vono produced the seats in Lagos; Exide in Ibadan produced the batteries for the whole of West Africa.

    “Isoglass and TSG in Ibadan producing the windshield. Ferodo in Ibadan produce brake pads and discs.

    “Tyres were produced by Dunlop in Lagos and Mitchelinin Port-Harcourt.

    “These types were produced from the rubber plantations located in Ogun, Cross River, Rivers State, Edo and Delta States.

    “We were using refrigerators, freezers and Air-conditioners produced by PZ, Thermo Cool. The cloths we were putting on were produced from UNTL Textile mills in Kaduna and Chellarams in Lagos.

    “The pipes for our running water were produced by Kwalipipein Kano and Duraplast in Lagos. Our cooking was done through LPG gas stored inside gas cylinders produced at the NGC factory, Ibadan.

    “The cables for the electrification were produced by the Nigeria Wire and Cable, Ibadan; NOCACO in Kaduna, and KableMetal in Lagos and Port – Harcourt.

    “The Bata and Lennards produced our shoes. Not from imported leather, but from locally tanned leather in Zaria, Kaduna and Kano.

    “We were flying the Nigeria Airways to almost every country in the world. Nigeria Airways was the biggest in Africa at that time. Most of the food we ate was grown and produced in Nigeria,” he said.

    Amoo pointed out that these were the situation in Nigeria then; but today, Nigeria imports almost everything, saying: “the time to change these trend is now. Nigeria must move forward and regain her lost glory”. (

    (NAN)

  •  The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    Steps to changing Nigeria by Buhari Administration at 7
     The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    Steps to changing Nigeria by Buhari Administration at 7
    General news6 months ago

    Steps to changing Nigeria by Buhari Administration at 7

    The Presidency has again, reeled out 28-page of President Muhammadu Buhari’s strides in Oil and gas reforms, Digital economy, Mines and steel development, Agriculture, Education, Health, Creative Industry, Sports and infrastructural development; roads, bridges, rail, air and sea ports, housing, and many others.
    The News Agency of Nigeria reports that the president’s scorecard is coming ahead of the seven year anniversary of the Buhari-led administration on May 29, 2022.
    President Buhari had in May 29, 2015, took the oath of office as President, promising to serve Nigeria faithfully in all spheres of national life.
    The seven years milestone, according to the President’s spokesman, Mr Femi Adesina, presents a major landmark and opportunity to review the service of the president to the country, and its people.
    Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges, which are being robustly tackled by the government.
    A one-stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done, and a lot more will still be done in the 12 months ahead.
    Nigeria, under Buhari’s watch, has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria’s Independence.
    Under the administration’s Energizing Education, Economies and Agriculture Programmes, the government had so far taken clean and reliable energy (Solar and Gas) to Federal Universities, Teaching Hospitals, Markets and Rural Areas across the country.
    The four Universities completed and commissioned already are, Bayero University Kano ( BUK ), Kano, FUNAI (Ebonyi), ATBU (Bauchi) and FUPRE (Delta), Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
    On National Mass Metering Programme, the Central Bank of Nigeria is providing N200 billion for this, and so far, more than one million meters have been rolled out, in the first phase.
    This first phase generated more than 10,000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on-grid consumers, launched in August 2020.
    The Solar Power Naija (SPN), Launched in April 2021 to deliver 5 million off-grid solar connections, would be impacting more than 20 million Nigerians, and financed through Central Bank of Nigeria loans, as well as through partnerships with NDPHC, NNPC and the NSIA.
    The programme is expected to generate an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.
    ”Under Solar Power Naija and NDPHC’s partnership, ASolar is rolling out 100,000 Solar Home Systems across the country, while the NSIA (partnering under SPN) has announced a N10 billion fund for developers, targeting more than 250,000 solar connections.”
    In May 2021, the Rural Electrification Agency (REA) announced the planned deployment of solar-powered grids to 200 Primary Health Centres (PHC) and 104 Unity Schools nationwide.
    Nigeria Electrification Project (NEP) is a $550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank. NEP is a combination of subsidies, direct contracts and technical assistance to support Electrification across Nigeria.
    NEP has so far deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid Mini-grids in more than 250 locations across the country.
    The Rural Electrification Fund (REF), created by the Electricity Power Sector Reform Act of 2005, was operationalized by the Buhari Administration in 2016.
    Since 2016, the REF under REA has executed more than N4 billion in projects, with more than N5 billions of Off-Grid (mainly Solar) projects slated to be executed across Nigeria in 2022.
    On the special grid interventions, the Federal Government has many key grid initiatives with more than N125.2 billion budgeted between 2015 to 2021 for TCN, and Development Finance Funding through the likes of World Bank, AFDB, AFD, JICA and others of up to $1.7 billion.
    The Central Bank of Nigeria is also funding $250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery.
    Additionally, through the Presidential Power Initiative (PPI), aka Siemens Power Program, an additional $2.0 billion or more will be invested in the Transmission Grid.
    PPI is a Government-to-Government initiative involving the Governments of Nigeria and Germany, and Siemens AG of Germany, to upgrade and modernize Nigeria’s electricity grid.
    The Contract for the pre-engineering phase of the Presidential Power Initiative (PPI) was signed in Feb. 2021, following the 2020 approval for the payment of FGN’s counterpart funding for that phase, while the first set of equipment contract awards were made in Dec. 2021, comprising 10 Mobitra Transformers and 10 Substations.
    In all the PPI will encompass as many as 127 individual Transmission and Distribution projects (Brownfield and Greenfield).
    Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha, Delta Power Station to Benin as well as the Kano to Katsina 330kV line (respectively).
    The $200 million Transmission Infrastructure Project, financed by JICA entails the construction of about 200 km of high-voltage transmission lines and a number of high voltage substations, benefiting several communities in the two States.
    Also through a special CBN intervention for Transmission Distribution interfaces, contracts have been awarded for more than 30 Substation Rehabilitations and 1,570MVA transformer capacity upgrades, with 34 critical transformers to be installed or replaced.
    On a Policy level, the Nigerian Electricity Regulatory Commission (NERC) has rolled out various policies ranging from a Tariff-Capping Regulation for un-metered customers, to the Eligible Customer Regulations, to the introduction of a Service-based Tariff Regime and CBN oversight of Disco Bank accounts (which has helped improve payment discipline by Discos).
    The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing.
    The ministry has completed or is completing housing projects in 34 States of Nigeria, under the National Housing Programme, with the support of the State Governments, who provided the land.
    So far more than 5,000 houses are at various stages of completion, and thousands more are planned.
    The Family Homes Fund Limited (FHFL), incorporated by the Federal Government of Nigeria in Sept. 2016, is the implementing agency for the Buhari Administration’s National Social Housing scheme.
    The Fund has now completed more than 13,000 homes across nine States, with another 20,000 commencing building works in 2022. In the process these housing developments have created more than 64,000 direct and indirect jobs.
    The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission (NIPC) ‘Pioneer Status’ to e-Commerce and software development companies.
    ”Stipulation of N145 per linear meter cap on Highway Right of Way (RoW) for fibre optic cabling, to incentivize investment in rollout.
    ”Launch of new national 5G policy in 2021, and successful licensing of two private companies to rollout 5G nationally. Nigeria’s 5G rollout will commence in August 2022.
    ”Establishment of new National Data Protection Bureau, which is expected to develop “primary legislation for data protection and privacy.”
    ”Launch of new “National Digital Economy Policy and Strategy”, by President Buhari in 2019.
    ‘ ‘Drafting of the Nigeria Startup Bill (NSB), and submission of the draft Bill to the National Assembly for consideration and passage into law.
    – Establishment, in 2021, of a National Centre for Artificial Intelligence and Robotics (NCAIR).
    ”Ongoing implementation, starting 2021, of the National Information and Communication Technology Infrastructure Backbone Phase 2 (NICTIB-2) Project.
    ”The goal of NICTIB is to rollout a nationwide fibre infrastructure network.
    ”Ongoing construction of a Tier-4 Data Center in Kano, to join existing infrastructure in Abuja (Tier-3 Data Center) and Enugu (A Disaster Recovery Site). The Kano Data Center is expected to be completed in 2022.”
    The major achievements of the Buhari administration in the area of oil and gas include Buhari’s assent to the Petroleum Industry Act on Aug, 16, 2021.
    This, broke a two-decades-old jinx and is setting the stage for the unprecedented transformation of Nigeria’s oil and gas sector.
    Under the new Act, the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022.
    The regulatory framework for the sector has also changed, with the establishment of:
    (a) the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and
    (b) the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which merged the hitherto-existing Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalization Fund (Management) Board(PEFMB), and the Midstream and Downstream Divisions of the Department of Petroleum Resources (DPR).
    The historic Signing Ceremony, in May 2021, of the Execution of Oil Mining Lease (OML) 118 Agreements between NNPC Limited and its Contractor Partners: Shell, Exxon Mobil, TOTAL and NAOC.
    These Agreements settled long-standing disputes that stalled development, and will unlock more than $10 billion of new deep-water investment in Nigeria.
    The Buhari administration has declared this decade the “Decade of Gas.”
    The Federal Government has embarked on the construction of 614km Ajaokuta-Kaduna-Kano Gas Project, the largest domestic gas project in the country.
    Already, the government has secured US$45 million financing from the Islamic Development Bank, for the Front-End Engineering Design (FEED) Study for the Nigeria–Morocco Gas Pipeline (NMGP) project.
    The Agreement for the Pipeline project was signed by the two countries during President Buhari’s State Visit to Morocco in June 2018.
    When completed it will be the longest offshore pipeline in the world, and the second longest pipeline in the world, running across 13 countries, 11 of them in West Africa.
    It’s believed that the successful completion of Nigeria’s first Marginal Field Bid Round in almost 20 years, is expected to raise in excess of half a billion dollars, and open up a new vista of investment in oil and gas.
    ”Launch of National LPG Expansion Programme (including Removal of VAT from the domestic pricing of LPG)
    ”Financial close and signing of contract for NLNG Train 7, which will grow Nigeria’s LNG production capacity by 35 per cent.
    ”Nigeria and Morocco in 2021 signed an agreement to develop a US$1.4 billion multipurpose industrial platform (Ammonia and Di-Ammonium Phosphate production plants) that will utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025.
    ”It will be located in Ikot-Abasi, Akwa-Ibom State.”
    The nation also witnessed the inauguration, in Dec. 2020, of the new NPDC Integrated Gas Handling Facility in Edo, the largest onshore LPG plant in the country, with a processing capacity of 100 million standard cubic feet of gas daily, producing 330 tonnes of LPG, 345 tonnes of propane and 2,600 barrels of condensate, daily.
    The government also established a $350m Nigerian Content Intervention Fund, to finance manufacturing, contracts and assets in the oil and gas industry.
    ”The NNPC Limited’s National Petroleum Investment Management Services (NAPIMS) became, in 2022, the first Government organization in West and North Africa to receive the ISO 22301:2019 Certification for Business Continuity Management from RINA.”
    On the financing and investment in the oil and gas, Afreximbank announced in Jan. 2022 that it will assist NNPC Limited to raise $5 billion financing to support investments in Nigeria’s upstream industry, and facilitate expanded energy supply.
    Afrexim also disclosed plans to underwrite $1 billion of the total planned debt.
    ”Final Investment Decision in January 2021 on a 10,000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant, being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the private sector.
    ”The plant is now under construction in Odeama, Brass, Bayelsa State.
    On Policy, Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta, the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta.
    In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery, in Imo State, and broke ground on Phase 2, which will add 20,000bpd processing capacity.
    The Nigerian National Petroleum Corporation (NNPC), on Dec. 21, 2021, handed over a symbolic cheque of N621.24 Billion for the rehabilitation of 21 critical roads (totalling 1,800km) across the country, through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019.
    ”Note that this does not mean that NNPC has gone into the business of constructing roads; instead it is financing the construction of roads, through its tax liabilities.”
    It’s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme (NUCOP), would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a $10 or less per barrel production cost.

    (NAN)

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