Nigeria Liquefied Natural Gas (NLNG) has disclosed plans to reduce its Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, exports in order to increase supply to the domestic market and crash the soaring price. Managing Director, NLNG, Philip Mshelbila, who disclosed this at the yearly conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos, said NLNG is now increasing supply to the domestic market to 450,000 mt per annum, from 250,000mt per year earlier supplied. He said: “As part of the measures to support the Federal Government’s efforts to deepen domestic gas supply and economic growth,…
Author: Temitope N.
FITC has established its commitment towards deepening transformative knowledge solutions to financial services firms and other sectors of the economy, as part of ways to ensure sustainability and value creation. In commemoration of its 40 years anniversary, the firm noted that it has continued to embrace innovation and tweak its service offerings in a way to meet the changing and emerging demands of the industry and economy. In a chat with journalists, the Managing Director/CEO, FITC, Chizor Malize stated that the 40th anniversary milestone is a celebration of the organization’s rich heritage and continued commitment to its mandate to develop and…
The Director-General, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Dikko Radda has cried out that poor coordination by government agencies was impeding the growth of the Micro, Small and Medium Enterprises (MSMEs) in the country. Radda established this at the Train-The-Trainers capacity workshop for the implementation of the new National Policy on MSMEs (2021-2025) in Abuja. The training was part of the coordination mechanism provided by the Investment Climate Reform (ICR) facility on effective implementation of the policy. The DG maintained that the growth and development of Nigeria rests on a functional and efficient MSME sub-sector. He said:…
The Borno and Yobe States’ chapters of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have decried the non-payment of N6 billion bridging claims allegedly owed by the Federal Government in the nine months. The Petroleum Equalisation Fund (PEF) statutorily pays members of IPMAN N24/litre to transport fuel from South to Northern parts of the country. Lamenting the unpaid claims in Maiduguri, recently, the IPMAN Secretary for Borno state, Abbas Yakubu, said the development had forced them to close shops, adding that 380 of his members could not sustain the distribution and sale of petroleum products to motorists and households.…
The Securities and Exchange Commission (SEC) has emphasized the need to facilitate the issuance of green and sustainable instruments in the Nigerian capital market to assist in financing solar energy and other environmentally friendly infrastructure. Director-General of the SEC, Lamido Yuguda stated this during the Environmental, Social and Governance Roundtable organised by the CFA Society Nigeria at the weekend. Yuguda, while speaking on the theme: ‘Unlocking value through environmental, social and governance (ESG) investing’, said beyond the Federal Government and corporate issuers, sub-nationals can also take advantage of the growing appetite to issue bonds and finance relevant environment-friendly projects, especially…
Despite a favourable geology with mineral resources spread across the country, stakeholders in the mining sector have advocated a favourable fiscal environment that will help exploration and investment in the sector for improved contribution to the economy. They noted that worsening insecurity across mineral rich communities in the Northern region and other mining communities continues to undermine production and investment. According to the stakeholders, despite the glorious past and abundance of mineral deposits, the potential of the mining sector has remained largely underexploited, as the sector’s contribution to GDP only increased from 0.3 per cent in 2018 to 0.6 per…
The Debt Management Office (DMO) has emphasized the need for issuers and investors to key into funds mobilisation focused towards promoting green financing and sustainability drive in Nigeria. Director-General of DMO, Patience Oniha, while speaking at FMDQ Green Exchange Launch and partnership deal with the Luxembourg Green Exchange (LGX) in Lagos on Monday, stated that the current trend suggests that there will be an increase in the demand for funds to support such projects and finance infrastructure. She said: “As there is more awareness and more pressure on the government to look at those projects, it means we have to…
The Chartered Institute of Taxation of Nigeria (CITN) has established that private-public participation (PPP) under the road infrastructure investment tax credit scheme is an innovation that has aided in bridging the gap in road infrastructure in Nigeria. The institute had applauded the approval given by the Federal Executive Council (FEC) to the Nigerian National Petroleum Corporation (NNPC) for the construction and rehabilitation of 21 roads under the road infrastructure tax credit scheme. It said it was obvious that the Federal Government, through the Ministry of Works, had no budget proposal to rehabilitate the affected roads. The development, the institute said,…
Meta launches Facebook Business Coach, which it described as an innovative and easily-accessible way for owners of small-and-medium-sized businesses (SMBs) in South Africa, Nigeria, and Kenya and other English speaking countries to learn more about how to grow their business online with Facebook, Instagram and WhatsApp. The Facebook Business Coach, available on WhatsApp, is a free-to-use, low data cost educational chatbot tool that users can interact within a simple, conversational and convenient way. SMBs have access to automated, self-paced lessons that teach them how to establish a presence in today’s ever-evolving digital economy. As a free curriculum platform, it features…
Nigerian Breweries (NB) Plc yesterday established that it had reached about 56 per cent in local sourcing of raw materials and injected up to $114 million (N55 billion) in capital investments and expansion projects to create more wealth for the economy. At a media parley to commemorate the firm’s 75th anniversary in Lagos, the company’s Corporate Affairs Director, Sade Morgan, said the company had invested up to N98 billion in the cultivation of local raw materials, in addition to sorghum and cassava value chains through commercial purchase and smallholder farming in the last five years. She said: “NB Plc, in…
The Federal Government, through the recently established Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday, said it would become mandatory for oil and gas companies operating in the country to state their owners under the Beneficial Ownership (BO) Reporting system. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said secrecy in the ownership of companies in the country remained a threat to economic growth linking it to money laundering and corruption. According to the Nigeria Extractive Industry Transparency Initiative (NEITI), Nigeria and other developing countries record losses in the region of $1 trillion yearly due to secret ownership…
The era of fake and adulterated petroleum products finding their way into the oil and gas delivery chain will soon become a thing of the past, going by the recent introduction of the 3P (Petroleum Product Passport) App by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN). The app is a technology service solution that will enable PETROAN and indeed critical stakeholders in the oil and gas industry to monitor the quality and quantity of petroleum products sold at various outlets nationwide. The 3P App was unveiled at a high profile event at the Concord Hotel attended by…
Crude oil prices reduces as the Organisation of the Petroleum Exporting Countries and its allies known as OPEC+ collaborates to continue with the current output plan. Brent crude futures traded at $81.88 a barrel while US West Texas Intermediate (WTI) crude futures shed 0.17 per cent to $80.29 a barrel at the end of the meeting. Three weeks ago, Brent crude topped $85 per barrel — the highest level since October 2018. The outcome of today’s meeting is against the United States call for more oil production to crash the rise in global oil prices. With this decision, the group…
The Nigerian National Petroleum Corporation (NNPC) has encouraged the public not to panic buying Premium Motor Spirit, commonly known as petrol. The NNPC said it was also not aware of any plan by the government to cause an increase in the pump price of petroleum. A statement on Monday by Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC, in Abuja, said that the NNPC had over 1.7 billion litres of petrol in stock. According to Muhammad, more of the product is expected to arrive in the country daily over the coming weeks and months. He said it was…
The Federal Government has established that it will soon commence monitoring the implementation of the National Minimum Wage Act 2019, which increased Nigeria’s minimum wage from N18,000 to N30,000. This was made known by the Chairman/CEO of the National Salaries, Incomes and Wages Commission, Mr Ekpo Nta, in Abuja, on Thursday. He added that the monitoring of the Minimum wage would be an interagency collaboration meant to gather evidence on compliance and difficulties faced by stakeholders; and also enable the federal government to plan the next national minimum wage act. Those who have complied fully will be put on honours list…
West African Power Pool (WAPP), at the weekend, vowed to interconnect Nigeria, Niger, Burkina Faso, and Benin with transmission lines before the end of 2023. WAPPSpeaking at the 52nd WAPP Executive Board meeting which took place as part of the 16th Session of the WAPP General Assembly in Ouagadougou, Burkina Faso, the Chairman, Executive Board of WAPP and also the Acting Managing Director/CEO of the Transmission Company of Nigeria (TCN), Engineer Sule Abdulaziz reiterated the commitment of the pool towards completing the WAPP North Core Project, a transmission line project that will link Nigeria to three countries. While highlighting key…
The Nigerian Investment Promotion Commission has established that Lagos, Rivers, Oyo and five other states received investment announcements worth $8.9 billion between July and September 2021. This was made known by the Director of Strategic and Services of the Commission, Abubakar Yerima, on Tuesday. Yerima spoke when he unveiled investments for the third quarter of 2021. According to the report, Lagos State took the lion share of the investment, accounting for 81 per cent (US$7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services and electricity. In the same period, Rivers State…
As the world’s largest eCommerce company, Amazon, witnessed strong buyers’ pressures in recent months, Jeff Bezos experienced impressive gains in his net valuation. After the closing of Thursday’s trading session, the 57-year-old American billionaire earned $4.24 billion. Earlier this week, while Bezos attended the COP 26 climate summit in Glasgow, he sold shares of Amazon worth over $2 billion. In a speech at the summit, Bezos, the world’s second-richest person, declared he would invest $2 billion from his Earth Fund in restoring nature and transforming food systems. “We should protect what we have left, recover what we’ve lost, and grow…
The management of the West African Power Pool (WAPP), established that its North Core Project which is estimated to cost $586 million by completion would be finalized by 2023. This was disclosed by the Chairman, Executive Board of the West African Power Pool (WAPP) and Acting Managing Director, TCN, Mr Sule Abdulaziz, at the 52nd WAPP Executive Board meeting in Ouagadougou, Burkina Faso, part of the 16th session of the WAPP General Assembly. The North-Core transmission line project would link the electricity grids of Nigeria with Niger, Burkina Faso, and Benin. Abdulaziz said, “the WAPP North Core Project that seeks…
Semicolon Africa, an EdTech startup in Lagos, focused on creating employment and economic opportunities by training software engineers and techpreneurs has closed a $1.2 million seed round of funding to allow for an increase in its training, talent management, and project delivery capacity. The startup wants to bridge the gap in digital training in African which currently has a low count compared to other parts of the world where the number is high; as well as solve unemployment issues. This is as a joint report by Google and the International Finance Corporation (IFC) in 2020 disclosed that there are only…