NRC, Lagos govt, NPA, NSIB, others support Nigeria transport summit

The Nigerian Railway Corporation, Nigerian Ports Authority, National Inland Waterways Authority and Lagos State Government are among organisations that have confirmed to be part of the 2024 Nigeria Transport Summit holding in Lagos on October 17.

The event, which brings together critical stakeholders in the transport sector, the organisers, Transportation Correspondents Association of Nigeria (TCAN), said has ‘Intermodal Transport: Prospects and Challenges’ as its theme.

Other firms that have thrown their weight behind the programme are the Nigerian Safety Investigation Bureau (NSIB), the Federal Road Safety Corps, Lagos Metropolitan Area Transport Authority (LAMATA), Lagos Computerised Vehicle Inspection Service (LACVIS), Julius Berger Nigeria Plc, Worldwide Marine Services, Lagos State Traffic Management Authority (LASTMA) and Fidelity Bank Plc, among others.
A statement issued by the TCAN Chairman, Mr ‘Yinka Aderibigbe, and the Local Organising Committee (LOC) Chairman, Mr Rasheed Bisiriyu, said the programme, to be chaired by Lagos State Governor, Babajide Sanwo-Olu,
would be declared open by the Minister of Transportation, Senator Sa’idu Ahmed Alkali.
Former Minister of Transportation, Mr Rotimi Amaechi, would deliver a keynote address at the summit, it added.

TCAN Chairman, Aderibigbe, said, “The focus on intermodal transportation in the maiden edition of the annual summit is deliberate.

“It is aimed at bringing together relevant stakeholders across all subsectors of the transport industry to see the need to form and work in synergy rather than working at cross-purposes, which might pose greater challenge to achieving the dream of giving alternative travel modes in the Nigerian public transportation space.

“Such arrangement will pave the way for greater efficiency through lower costs, operational flexibility and reduced carbon emission in a world committed to cleaner environmental impact that will ultimately benefit all.”

Already, TCAN said a team of speakers had been carefully selected to do justice to the issue under focus.
“A panel of discussants featuring some relevant members of the intelligentsia, heads of prominent agencies/parastatsls and organisations will speak to the sub-themes of the summit around railway, road, inland waterways and aviation sub-sectors as well as safety of operations in the nation’s transportation industry,” the statement said.
A communique will be issued at the end of the event that is expected to come handy for stakeholders in deciding the new direction of the nation’s integrated transportation system.
An industry journal packaged by TCAN would be formally unveiled as one of the highpoints of the event, the committee also stated.

Oil&gas industry operators owe FG $6bn, N66bn – NEITI report

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said outstanding collectible revenues due to the Federal Government from operators in the oil and gas industry have risen to 6.071 billion dollars and N66.4 billion as at June 2024.

NEITI disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and Gas Industry Reports.

The report was prepared by the NEITI Board, National Stakeholders Working Group (NSWG).

The report was unveiled by Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), alongside Sen. George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and other dignitaries.

The breakdown of the report showed that outstanding liabilities were 6.049 billion dollars and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as collectible revenues by Aug. 31, 2024.

It also provided a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.

A further breakdown showed outstanding petroleum profit taxes, company income taxes, withholding taxes, and Value Added Tax (VAT), due to the Federal Inland Revenue Service (FIRS), amounting to 21.926 million dollars and N492.8 million as of June 2024.

On fuel importation, the latest NEITI report disclosed that a total of 23.54 billion litres of Premium Motor Spirit (PMS) were imported into the country in 2022, while 20.28 billion litres were imported in 2023.

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This represented a reduction of 3.25 billion litres, or a 14 per cent decline, following the removal of the fuel subsidy.

A detailed 10-year trend analysis (2014–2023) in the NEITI report showed that the highest annual PMS importation into the country, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres recorded in 2017.

The NEITI report also disclosed that a total of N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714 trillion, recorded in 2022.

On crude production, fiscalised crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11 per cent decline.

However, in 2023, NEITI’s independent report revealed total fiscalised production of 537.571 million barrels, and 46.626 million-barrel or 9.5 per cent increase from total production recorded in 2022.

A 10-year trend (2014–2023) of fiscalised crude oil production in Nigeria showed the highest production volume of 798.542 million barrels was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.

The NEITI report further provided detailed information and data on crude lifting, disclosing that in 2022, total crude lifting was 482.074 million barrels compared to 551.006 million barrels lifted in 2021.

“In 2023, total crude lifting stood at 534.159 million barrels, representing an 11 per cent increase of 58.08 million barrels,” the report stated.

On oil theft and crude losses, a total of 7.68 million barrels of crude were either stolen or lost in 2023, representing a significant drop of 79 per cent (29.02 million barrels) compared to 36.69 million barrels either stolen or lost in 2022.

NEITI’s independent industry report carefully reviewed all aspects of the regulatory framework for the oil and gas industry.

This included the legal framework, fiscal regime, roles of government entities and reforms, as well as laws, Petroleum Industry Act (PIA 2021) and regulations relating to addressing corruption risks in the oil and gas sector.

The event was supported by the European Union and the Rule of Law and Anti-Corruprion (RoLAC) programme being implemented by International Institute for Democracy and Electoral Assistance (IIDEA).

Oil&gas industry operators owe FG $6bn, N66bn – NEITI report

ExxonMobil to invest $10bn in Nigeria’s deep-water oil 

ExxonMobil has announced plans to invest a total of$10 billion in Nigeria’s deep-water oil operations.

Chairman and Managing Director of ExxonMobil in Nigeria, Shane Harris, stated this on Wednesday during a high-level meeting with Vice-President Kashim Shettima.

He spoke on the sidelines of the ongoing 79th session of the United Nations General Assembly (UNGA) in New York.

In a statement by Stanley Nkwocha, senior special assistant to the president on media and communications, Harris reaffirmed the company’s commitment to investing in Nigeria.

“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities,” he said.

Harris said the company was working closely with President Bola Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.

“The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment,” he said.

“Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.”

Shettima described the investment as a testament to the administration’s economic reforms and investment-friendly policies.

“This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria,” Shettima said.

“We are committed to creating an enabling environment for such transformative projects.

Shettima highlighted several recent policy changes introduced by the administration, including unifying the exchange rate, removing petrol subsidy and implementing tax reforms.

The decisions, he said, were designed to create a stable and predictable business environment despite their short-term challenges.

The vice president said the government was actively working on revising the fiscal framework for deep-water operations, ensuring both investment appeal and fair returns for Nigerians.

“The potential ExxonMobil investment is a clear indication that we are moving in the right direction,” he said.

He added, “As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors.”