Business
Nigeria imported 62% of cooking gas in 2019, says PPPRA
Despite the abundant gas reserves in the country, about 62 per cent of the Liquefied Petroleum Gas otherwise known as cooking gas consumed by the Nigerians last year was imported.
Figures for the year under review released by
The Petroleum Products Pricing Regulatory Agency gave the information in the latest report, which showed that while 45 per cent of the import was from the United States of America, 3.95 per cent was from Argentina and 8.99 per cent from Equatorial Guinea.
The gas reserves in Nigeria have been put at over 200 trillion cubic feet.
Other countries that supplied the product to Nigeria were given as Algeria, 0.88; Trinidad and Tobago, 1.67; India, 0.50; Spain, 0.74. Nigeria could only locally source for about 37.42 per cent of the cooking gas.
The report also indicated that between January and December last year, about 526 million metric tonnes of the hydrocarbon was sourced abroad, while Nigeria produced 314.5 million tonnes, totaling about 840.5 million metric tonnes.
The PPPRA report, which gave no reason for the monthly import fluctuations, showed that the imports grew from 32.31 per cent in February to 100 per cent in August before falling to 77 per cent in December.
It stated, “The challenges of the LPG domestic market include inefficient distribution chain, pricing distortion occasioned by high LPG price, limited jetty, limited depot storage, inadequate and under-supplied LPG terminals, unsafe cylinder population among others.”
For the current year, the report indicated that over 71 per cent of the LPG was imported in the month of August 2020 alone.
For August 2020, a total of 123.5 million metric tonnes were supplied, out of which 88.1 million tonnes were imported, while 35.3 million tonnes were sourced within the country.
The PPPRA named Algasco LPG Services Limited, a subsidiary of Vitol, as the highest importer of the commodity into the country in August 2020, with 43,888 MT (VAC) of the LPG, representing 48.78 per cent of the total import, and 35.52 per cent of total LPG supplied within the period.
Other importers of the product into the country were Matrix Energy, 19,770 MT (VAC); Prudent Energy and Services Limited, 9,568 MT (VAC) of LPG, and NIPCO, 10,893 MT (VAC).
It said of the 35.3 MT (VAC) of the LPG locally sourced in August, the Nigerian Liquefied Natural Gas (NLNG) supplied 3.634.401 MT (VAC); NIPCO, 9,383.680 MT (VAC); Algasco, 4,107.667 MT (VAC), and Stockgap Fuels Limited, 9,058.139 MT (VAC).
It added that the product was discharged at Lister Jetty, Apapa; Matrix Jetty, Warri; Prudent Energy Jetty, Oghara; Bulk Oil Plant, Apapa; North Oil Jetty and Stockgap Jetty in Port Harcourt.
Railway
Opeifa’s appointment better deal for Nigerian railway, says TCAN
Opeifa’s appointment better deal for Nigerian railway, says TCAN
The appointment of Dr Kayode Opeifa as the managing director of the Nigerian Railway Corporation by President Bola Ahmed Tinubu is a positive development for nation’s railway sector.
Transportation Correspondent Association of Nigeria (TCAN) gave this position in a statement hailing the appointment.
Describing the appointment as a square peg in a square hole, TCAN said it would mark the beginning of better deals not only for the nation’s oldest public corporation but for the burgeoning railway sector.
In the statement signed by the Chairman, Adeyinka Aderibigbe, and General Secretary Fidelis Ugbomeh, TCAN said Opeifa, a one-time Commissioner for Transportation in Lagos State, has all that it takes to sustain the good work of his predecessors in the corporation and continue to push the operation that would see all the nation’s state capitals connected by rail in line with the Renewed Hope Agenda of the Tinubu administration.
TCAN said Opeifa played a pivotal role in transforming Lagos transportation sector, leading to a phenomenal transformation.
“His forward thinking initiatives in public sector transportation were instrumental in the sustenance of the Lagos State’s dynamics of the city’s mobility and traffic management, setting a model for other sister-states,” the statement stated.
TCAN said Opeifa is well prepared for the task ahead as the helmsman of the railway corporation, not only because he was a one-time Commissioner for Transportation under Governor Babatunde Fashola, under whose administration the state’s Strategic Transport Master Plan (STMP) took off, but was also appointed the Vice Chairman of the Lagos Ports Access Road Decongestion, spearheading initiatives that restored discipline on Apapa Ports access roads.
He is credited to have put an end to the decades long gridlock that made the nation’s busiest seaport a nightmare.
After the completion of that assignment. Opeifa, TCAN recalled, was also appointed a member of the Board of the Nigerian Railway Corporation by the former President Muhammadu Buhari after the completion of his term as the Transportation Secretary at the Federal Capital Territory Authority (FCTA).
A former Chairman, Conference of Transportation Commissioners of Nigeria, Opeifa is a Fellow of the Chartered Institute of Transport Administration (CIoTA), with a doctoral degree in Logistics and Transport Planning from the Lagos State University in 2022.
TCAN said his rich profile would help to ensure the delivery of new railway lines in line with the visions of the Tinubu administration, as he works at retooling the sustenance of the Nigeria’s Railway master plan, which runs its full course this year.
TCAN urged the new managing director to continue to partner with all critical stakeholders in order to achieve the mandate of Mr President in repositioning of the Nigerian railway and ensuring that Nigerians get a better deal in public sector transportation where the railway plays a major role.
Railway
Tinubu names Kayode Opeifa managing director of Nigerian Railway Corporation
Tinubu names Kayode Opeifa managing director of Nigerian Railway Corporation
President Bola Tinubu has appointed Dr Kayode Opeifa as new Managing Director of the Nigerian Railway Corporation (NRC).
Although a statement announcing the appointment was still being awaited from the Presidency as of 2.30pm on Wednesday, many sources told newstrends.ng that the letter had been delivered to the new NRC helmsman.
Z report by Guardian said Opeifa’s appointment was announced on Wednesday morning in a statement by the Renewed Hope United Kingdom.
Opeifa, a seasoned transportation expert and former Lagos State Commissioner for Transportation, has built a distinguished career marked by impactful reforms.
As commissioner, he introduced policies that significantly improved public transport and traffic management in Lagos, one of Africa’s busiest cities.
His contributions helped ease congestion and laid a strong foundation for the state’s rapid urban development.
He later served as Transport Secretary for the Federal Capital Territory (FCT), where he continued implementing progressive policies to enhance mobility in the nation’s capital.
“With this new role, Dr Opeifa is expected to lead the modernisation of Nigeria’s railway network, a crucial component of the country’s economic growth,” the post read.
“His vast experience in transportation planning and infrastructure development has raised expectations among industry stakeholders, who see him as the right fit to drive meaningful reforms.
“His appointment has drawn widespread commendation, with many citing his deep understanding of Nigeria’s transportation challenges and his ability to implement sustainable solutions.”
It is believed that under his leadership, enhancing railway connectivity and efficiency could significantly boost trade, commerce, and overall national development.
According to the statement, this appointment highlights the Tinubu administration’s commitment to selecting skilled professionals to execute its Renewed Hope agenda.
“As Nigeria aims for a more efficient and accessible railway system, expectations are high that Dr Opeifa will bring lasting and meaningful progress,” the statement read
Business
Telecom operators announce new data prices after 50% tariff hike
Telecom operators announce new data prices after 50% tariff hike
Telecom operators in Nigeria have introduced revised data prices after the Nigerian Communications Commission (NCC) approved a 50% tariff increase.
The NCC announced the tariff hike on Monday, enabling operators to adjust their pricing structures accordingly.
Leading providers such as MTN, Glo, Airtel, and 9mobile have released updated rates.
For MTN, the price for 25GB of data now stands at ₦9,750, up from the previous ₦6,500. Similarly, 10GB, 5GB, and 1GB now cost ₦5,250, ₦2,250, and ₦525, respectively, compared to their earlier prices of ₦3,500, ₦1,500, and ₦350.
Airtel’s 23GB data plan has risen to ₦9,000 from ₦6,000, while 10GB is now ₦4,500, an increase from ₦3,000.
9mobile has adjusted its 22GB data plan to ₦7,500, up from ₦5,000, while 9.5GB is now ₦3,750, previously ₦1,500.
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For Glo subscribers, the price for 24GB has increased to ₦7,500 from ₦5,000, while 10.8GB now costs ₦3,000, up from ₦2,500.
The tariff review has sparked reactions from users, as the increased rates reflect a significant rise in data costs nationwide.
The latest increase in data prices by telecom operators in Nigeria comes on the heels of the NCC’s approval of a 50% tariff hike, a decision that has sparked significant public and industry reactions.
This move is part of efforts by telecom operators to align their pricing structures with the rising costs of operations, which they attribute to inflation, increased fuel prices, foreign exchange fluctuations, and the rising cost of infrastructure maintenance.
While the NCC has justified the increase as necessary for the sustainability of the sector, it has raised concerns among Nigerians already grappling with the high cost of living.
This development underscores the ongoing challenges in balancing affordability for consumers with the viability of telecom operations in Nigeria’s complex economic environment.
Telecom operators announce new data prices after 50% tariff hike
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