Business

Nigeria to fast track industrialisation via gas

Published

2 years ago

October 13, 2022

Minister of State for Petroleum Resources, Chief Timipre Sylva

The Minister of State Petroleum Resources, Chief Timipre Sylva has reiterated Nigeria’s readiness to use gas to help fast track the country’s industrialisation agenda.

Speaking at a dinner with the diplomatic community in Abuja, Sylva said gas was the only single energy source that could help Nigeria diversify the economy.

Sylva, in a statement by his Senior Adviser, Media and Communication, Horatius Egua also said that gas was the sure way for Nigeria to bridge its energy gap.

He said Nigeria had a proven gas reserve of 206 TCF with a potential upside of up to 600 TCF.

“The answer is not far-fetched: Energy is the basic resource for national socio-economic development and it must be secured at all times.

“As a result of its rising impact on national security and economy, the need to safeguard energy and ensure availability, reliability and affordability has made energy diplomacy an essential part of every country’s foreign cooperation.

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“It is important to stress that Nigeria’s vehicle of choice on the energy transition journey is natural gas.

“Much has been done towards harnessing this huge potential to provide the energy needed for our growing population in terms of power generation, transport, feedstock for industries and clean cooking solutions.

“It is disheartening that Nigeria is still energy-poor despite our enormous energy resources, which include over 200 TCF of proven natural gas reserve with a potential upside of up to 600 TCF,” he said.

He decried the fact that majority of people still lacked access to reliable electricity and clean cooking fuels, adding that the pursuit was to significantly reduce this menace, with the hope of ending energy poverty in Nigeria soonest.

Sylva said in order to reap the benefit of its gas resources, authorities had deepened on natural gas utilisation under the National Gas Expansion Programme (NGEP).

“We have rolled out the Autogas scheme with the aim of displacing Premium Motor Spirit (PMS) with Compressed Natural Gas and Liquefied Petroleum Gas.

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“This will reduce PMS use and minimise CO2 emissions,” he added. The minister lauded the passage of the Petroleum Industry Act 2021, saying “it is a game changer for the oil and gas sector.

He said the industry had undergone positive reforms with the PIA’s passage which paved way for new investment, jobs, economic and energy diversification and placed Nigeria in a position of being able to support world’s rising energy demands.

He therefore, called on the international community to support Nigeria’s effort at maximising it’s resources in the face of global energy transition plans.

He said Nigeria will continue to use the Nigeria International Energy Summit (NIES) to accelerate global energy transition agenda as it continues to promote energy efficiency and renewable technologies.

“It is also fast becoming a platform for showcasing engineering and technological breakthroughs in the energy sector,” he said.

Related Topics:gas industrialisation Nigeria

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Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

21 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

21 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.