Remove VAT on diesel. MAN tells FG – Newstrends
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Remove VAT on diesel. MAN tells FG

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2 years ago

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The Manufacturers Association of Nigeria (MAN) has asked the Federal Government to remove the value added tax (VAT) on diesel as an instant stimulus for an immediate price reduction.
Segun Ajayi-Kadir, director-general, MAN, made the call in a statement issued on Saturday in Lagos.
The association also called on the federal government to avert the total shutdown of production operations, adding that industries were being converted to warehouses of imported goods and event centres.
“MAN is greatly concerned about the implications of the over 200 per cent increase in the price of diesel on the Nigerian economy and the manufacturing sector in particular,” the statement reads.
“More worrisome is the deafening silence from the public sector as regards the plight of manufacturers.
“As a matter of urgency, the government should address the challenge of repeated collapses of the national grid which is causing acute electricity shortage, especially for manufacturers.”
The group also urged the government to develop a response strategy to address challenges emanating from the armed conflict between Russia and Ukraine.
“In light of the gravity of the precarious situation that we have found ourselves as a nation and the looming dangers ahead, the expectations of manufacturers in Nigeria are as follows: that government should urgently allow manufacturers and independent petroleum products marketing companies to also import AGO (diesel) from the Republic of Niger and Chad by immediately opening up border posts in that axis to cushion the effect of the supply gap driven the high cost of AGO (Automotive Gas Oil),” it said.
The association also requested the government to “issue licences to manufacturing concerns and operators in the aviation industry to import diesel and aviation fuel directly to avert the avoidable monumental paralysis of manufacturing activities arising from total shut down of production operations and movement of persons for business activities”.
“More worrisome is the deafening silence from the public sector as regards the plight of manufacturers. Four obvious questions that readily come to mind that are seriously begging for answers are: What can we do as a nation to strengthen our economic absorbers from external shocks? Should manufacturing companies that are already battered with multiple taxes, poor access to foreign exchange, and now over 200 per cent increase in the price of diesel be advised to shut down operations? Should we fold our arms and allow the economy to slip into the valley of recession again? Is the nation well equipped to manage the resulting explosive inflation and unemployment rates?” it added.
It also implored the government to continue to support manufacturing to accelerate recovery from COVID-19 and previous bouts of recession.AN said this was to avert the complete shutdown of factories nationwide with a multiplier effect on employment.

The MAN also asked the federal government to “as a matter of priority develop a National Response and Sustainability Strategy (NRSS) to address challenges emanating from the ongoing invasion of Ukraine by Russia”.
The MAN also called on the government to “address the challenge of the repeated collapse of the national grid (twice within a week), which is causing acute electricity shortage in the country, especially for manufacturers”.
It demanded that the government should “remove VAT on AGO as an instant stimulus for an immediate price reduction and expedite action in reactivating or privatising the petroleum products refineries in the country”.
It also demanded that the government should “restrict the export of maize, cassava, wheat, food-related products and other manufacturing inputs available in the country; and grant concessional foreign exchange allocation at the official rate to manufacturers for the importation of productive inputs that are not locally available”.
The association represents over 3,000 manufacturers across 10 sectors, 76 sub-sectors, and 16 industrial zones.

 

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Shell working to address Nigeria’s energy challenges – MD 

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November 14, 2024

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Shell working to address Nigeria’s energy challenges – MD 

 

Shell says it is working hard to achieve sustainable progress in Nigeria’s energy sector through its businesses in the upstream, midstream and downstream as well as renewable areas.

Country Chair, Shell Companies in Nigeria and Managing Director, Shell Petroleum Development Company of Nigeria Ltd (SPDC), Osagie Okunbor, disclosed this.

He spoke through the company’s Exploration Manager, Gogo Eneyok, at the opening of the 42nd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE).

Okunbor said the range of the Shell businesses had been integrated across the energy value chain and working hard to address the challenges as captured in the theme of the event ‘Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth & Affordability’.

In addition to the SPDC, the other Shell businesses in the country are Shell Nigeria Exploration and Production Company Limited (SNEPCo), Shell Nigeria Gas (SNG), Daystar Power and All On as well as Nigeria Liquefied Natural Gas (NLNG) in which Shell has 25.6% interest.

Okunbor said, “Shell, working with government, regulators and stakeholders, is actively participating in finding a pathway through the energy trilemma.

“We are focused on generating maximum value and cash to power the country.”

Referring to efforts towards low and zero-carbon products to market, he said, “Shell is deploying latest technologies in reducing emission in our operations and we are well on track to meet our forecasted Green House Gas reduction targets.

,”SNG is also increasing domestic gas delivery through its distribution network of 150 kilometers in Nigeria while Daystar and All On are giving individuals and communities access to cleaner and affordable energy.”

Okunbor however pointed out that for these and other efforts and investments to achieve the desired results, government had to improve the regulatory environment with continuous improvement in the provisions in the Petroleum Industry Act.

“The menace of crude theft and illegal refining must also be tackled to safeguard the nation’s resources and protect the environment,” he added.

The opening ceremony of the NAPE conference featured a tour of exhibition stand by the executive members of body.

He and other dignitaries were conducted round the Shell stand by Magdalene Umoh, a senior production systems engineer.

She gave an insight into to the milestones of Shell businesses in Nigeria including social investments and development of Nigerian contractors and vendors.

The Shell stand is complemented by a well-staffed medical team attending to participants and visitors for the duration of the four-day conference.

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After Multichoice lost 243k subscribers, More customers threaten to leave

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15 hours ago

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November 13, 2024

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After Multichoice lost 243k subscribers, More customers threaten to leave

Multichoice Group, an African pay-TV operator, on Tuesday, announced that its Nigerian subsidiary lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services between April and September 2024.

The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024.

MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.

In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.

The company further reported a 566,000-subscriber loss in the Rest of Africa (RoA) operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.

“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024.

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“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.

“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k,” It said.

Meanwhile more customers in Nigeria have threatened to switch allegiance.

While reacting to the story on a WhatsApp platform, a subscriber said: “They will lose more because I’ll soon leave them too.”

On X, @AGUNviews wrote: “They will lose more subscribers”

@Jaheim007: “The numbers are about to triple.”

@skyedron commented: “All anyone needs to acquire is the internet and a few clicks. Multi choice my foot.”

@ribaduabubakar2: “I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”

@AbelFidelis4: “This is just the beginning. I stopped using DStv in 2022.”

@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me. A company this big can’t improvise on their content?. Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”

@Ekoh4Ekoh: “They should be ready to lose more customers and it is good for them. They have to reduce their monthly subscription and make it pay as you go.”

@cashoggy: “They will still lose more subscribers. Internet and smart TV has rendered Dstv unattractive with their rate. Imagine paying 25,700 for a premium subscription when you can surf the Internet and watch all the programs for less.”

@rilwan_ola01: “They will suffer even greater losses.”

 

After Multichoice lost 243k subscribers, More customers threaten to leave

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XGT Smart Consults unveils renewable energy, others power solutions 

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22 hours ago

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November 13, 2024

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XGT Smart Consults unveils renewable energy, others power solutions 

 

XGT Smart Consults, a power solution firm, says it is ready to deliver renewable energy and other long-lasting energy solutions that will address the power challenges causing huge economic losses and discomfort.

The firm also says it has signed an agreement with an India-based company, ADM-Orient Solar Power, to achieve its goals.

This is contained in a statement by the XGT, revealing a holistic approach to energy provision.

It stated, “XGT Smart Consults is thrilled to announce a strategic partnership with ADM-Orient Solar Power (India) aimed at addressing one of Nigeria’s most critical issues – reliable power solutions.”

It stated that its target is to provide Nigeria with solutions to overcome the frequent power outages by empowering homes and businesses with reliable, renewable, and affordable power.

This, it said, would be achieved in conjunction with its partners through renewable energy systems, advanced electrical services, independent power production (IPP) solutions, portable natural gas generators, automation services, and the rental and leasing of CNG tube skids.

Managing Director of XGT Smart Consults Limited, Olu Harrison, said, “The objective is to provide reliable cost-effective and environmentally friendly energy to households and businesses throughout Nigeria.

“Understanding the intricacies of the energy crisis, XGT employs a holistic approach that integrates renewable energy solutions, independent power generation, and innovative technologies tailored to the specific requirements of Nigerian consumers.

“Our goal is to empower every Nigerian household and business by revolutionizing the production, distribution, and consumption of energy.”

According the statement, XGT specifically specializes in providing innovative renewable energy solutions designed to meet the unique climate and energy needs of Nigeria.

“Our wide ranges of solar and sustainable energy systems are suitable for individual homes, corporate settings, and community projects.

“By harnessing the power of renewable energy, XGT offers environmentally friendly alternatives that reduce reliance on the national grid and significantly cut energy costs,” it added.

The company’s Executive Director Toluwase Oni, gave more insights into the IPP for businesses, industries and communities/estates.

“XGT’s IPP solutions provide a solution to the urgent need for self-sufficient power generation, particularly in industrial and commercial sectors where power reliability significantly affects productivity and revenue.

“By establishing a network of captive/ localized, independent power systems, XGT Power-IPP empowers Industries, businesses and communities/estate to take control of their energy needs,” he stated.

Apart from the renewable energy sources, the firm said it offers a range of portable natural gas generators providing a flexible energy solution for areas with limited grid connectivity or for users in need of extra backup during power outages.

“These generators are designed with user-friendly features and portability in mind, enabling users to power essential operations without depending on traditional, often unreliable, grid infrastructure,” it added.

“In conjunction with these generators, XGT specializes in automation systems that optimize energy management to improve efficiency, reduce waste, and streamline operations.

“Automated controls enable businesses to remotely monitor and adjust energy usage, ensuring that energy is utilized intelligently and cost-effectively.”

As part of its services, it disclosed that the company offers rental and lease services for compressed natural gas (CNG) tube skids to interested industries in recognition of the increasing demand for CNG as a cleaner alternative to traditional fuels.

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