Business
RSG Tasks Hoteliers, Businessmen On NAFEST 2018
The Rivers State Government has called on hoteliers, fun spots and other business owners operating in the state to key into the forthcoming National Festival for Arts and Culture (NAFEST) 2018 billed to kick off in Port Harcourt, this weekend.
The State Commissioner for Information, Barrister Emma Okah, who made the call in Port Harcourt said the event has been scheduled between 20th and 27th of October, this year.
Okah who is also the Chairman, Publicity and Media Sub-Committee, NAFEST Rivers 2018, stated that despite stiff interests from other states in the country to host the event, Rivers was able show a more impressive record and capacity to be able to once again host this year’s edition of the arts and culture festival.
He said, “This is the second time Rivers State will be hosting this event. It has become very interesting at this time, particularly in 2018 to look at the competition and the stiff desires by other states in the country to host the event.
“But at the end of the day, Rivers State was able to show a better impressive record and capacity to be able to host the nation in the festival for arts and culture 2018. So that is a good one for the people of Rivers State”.
The Commissioner further said that the state government has put everything in place to ensure comfort, the safety and the success of the event, saying the state was putting finishing touches to preparations and plans as the event draws closer.
“As a matter of fact, we just hosted the National Convention of the Peoples’ Democratic Party, PDP and the economic significance and good image it gave to Rivers State cannot be quantified in terms of money.
“So, we are happy that the people keyed into the economic activities that came with that convention. So, in the same way we are calling on the people of Rivers State especially those who own hotels, those who run social outfits, night clubs, bars, restaurants, pleasure parks and all sorts to get ready again and key into this National Festival for Arts and Culture which will host all contingents from the various States from the Federal Republic of Nigeria, including Abuja.
“So, it is a huge challenge. It is also a very fantastic opportunity to tell Nigerians once again that we are Rivers State and we are different and we have capacity to host them,” Okah said.
The commissioner noted that aside promoting the arts and culture of Rivers State, the event would also enhance national cohesion, inclusiveness and an accommodating spirit which the NAFEST brings to bare on the people of the Federal Republic, saying, “it is difficult for anybody to write it off as not very important.”
“You never can tell where this takes us to outside the shores of Nigeria. So, it is as important as any other segment of our life as a people and as a state”.
He expressed happiness that practically every ethnic group and every Local Government in the state has something of great significance that any tourist would like to see, such as the King Jaja of Opobo Palace and Monuments and the first Anglican Church in Bonny and so on, adding that Team Rivers was already gearing up to clinch the Gold Medal at the week-long event.
“We (Rivers State) have rich food which we can showcase to other parts of the country and be proud of to do so. We have very formidable costume and cultural identification that are unique to the people of Rivers State and that is our pride and heritage that we shall be showcasing to the world.
“Everybody is given the opportunity to participate. Local entertainers are also in the same bracket. They have opportunity to participate and showcase what they can do. I know as it were that the ‘Team Rivers’ which is the umbrella body that is packaging what Rivers State will be showcasing to the world is an amalgamation of different talents and people who have something to showcase to the world in terms of arts and culture. So, anybody who has what it takes to be different is given the opportunity to do so,” Okah said.
Dennis Naku
Business
Bayelsa Begins EIA On 60MW Power Plant
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The Bayelsa Electricity Company Ltd, in collaboration with the Federal Ministry of Environment, on Friday, commenced the Environmental Impact Assessment (EIA) for the proposed 60-megawatt (MW) power plant.
The Tide’s source reports that the power plant project, led by the Bayelsa State Government, is in Elebele, on the outskirts of Yenagoa, the state capital.
The source also reports that the State Governor, Douye Diri, had announced plans to establish an independent power project to end the state’s reliance on the national grid and provide an uninterrupted power supply across Bayelsa.
The Director of Operations at the Bayelsa Electricity Company Ltd., Steve Bubagha Jnr., conducted the Minister of Environment, Balarabe Lawal, and his team around the project site.
Mr. Bubagha explained that the company planned to install a 60MW “plug and play” gas-fired turbine that would receive gas feed from the Oando gas manifold in Elebele.
He said the land area for the project is approximately 5.8 hectares, with 2.1 hectares currently being used.
“The Independent Power Plant is officially known as the ‘Yenagoa Power Project. This is a ‘Plug and Play’ Gas Turbine.
“What we mean by ‘plug and play’ is that the turbine is already set to be installed upon arrival from the manufacturers.
“We are only working on other components, so the turbine should be running in less than two years, or at most, in two years”, Bubagha explained.
Following the site visit, the environment minister, represented by Adimchinobi Okereke, emphasised that the purpose of the visit was to ensure the EIA process adhered to standard guidelines before granting final approval to the project.
He lauded the state government for initiating the project, noting that once completed, it would benefit Bayelsa and contribute to solving Nigeria’s power supply challenges.
Azibola Inegite, a professor and Dean of the Faculty of Science at Niger Delta University, and the EIA consultant for the project, assured that international best practices would be followed in conducting the EIA.
He emphasised that the EIA was essential for the successful execution of impactful land and environment-related projects.
On his part, the technical adviser on Print Media/Public Affairs to Governor Diri, Wisdom Ikuli, commended the Governor for his vision in executing the project.
He stated that the 60MW power plant would help reduce the state’s frequent power outages and boost business growth, thereby accelerating industrialisation.
A key part of the minister’s visit was the “Stakeholders Engagement Scoping Workshop for Environmental Impact Assessment of Proposed Gas Powered Plant and Gas Delivery Pipeline in Bayelsa State”.
The workshop brought together stakeholders from Elebele, whoch include the host community, and Kpansia, an impacted community in Yenagoa Local Government Area.
Business
Firm Unveils Solutions To Oil Logistics Challenges
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A firm, Fortune Global Shipping and Logistics Limited, said it has concluded plans to unveil an excellent and cost-effective logistics solution for oil and gas logistics, project cargo, customs clearance, consolidation, and construction, among others, in Lagos State.
Announcing this in a statement on Friday, the company said the initiative would be unveiled during the 2025 Sub-Saharan Africa International Petroleum Exhibition and Conference.
It stated that the event is billed to take place in Lagos this week.
SAIPEC is an annual global event which focuses on harnessing a sustainable African energy industry through partnerships.
Fortune Global explained that the exhibition promises to engage with other key industry stakeholders, decision-makers, and experts across Sub-Saharan Africa’s energy supply and value chain.
“We invite you to experience more and find out about Fortune Global’s latest innovations in oil and gas logistics. Connect with Fortune Global Shipping and Logistics Limited at the Exhibition Booth N21, Eko Convention Centre, in Lagos”, the statement stated.
Business
Nigeria, Still Africa’s Largest Economy – World Bank
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Nigeria remains the largest economy in Africa going by Gross Domestic Product (GDP), in spite of the challenges faced by yhe country’s private sector.
World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, who confirmed this at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja, Friday, said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants, especially in comparison to countries like Indonesia and South Africa, it continues to hold its position as Africa’s biggest economy.
He said the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth.
Diop noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.
He explained that the current macroeconomic reforms have created a favourable environment for such changes.
He cited the country’s recent economic stabilization measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.
The Country Director outlined four key sectors where strategic reforms could unlock massive investment and job creation.
He stayed that in the Information Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs.
In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.
The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.
For the ICT sector, he identified the high, unpredictable, and inconsistent right-of-way fees, levies, and informal charges, comprising 30 to 70 per cent of broadband rollout costs, as a major barrier.
According to him, addressing these regulatory inconsistencies would be a game-changer for broadband expansion.
He acknowledged that the National Economic Council has recognized this issue and that progress is being made through a World Bank-supported initiative.
He also noted challenges such as vandalism, limited financing for rural broadband expansion, and the need for competitive access to wholesale fiber.
Dr. Diop further noted that efforts are underway in collaboration with government agencies to resolve these issues, and the World Bank, the International Finance Corporation (IFC), and private investors are prepared to support broadband infrastructure development.
On solar power, Diop described Nigeria’s energy sector as difficult but noted that renewable energy access, particularly solar PV, has been a bright spot.
He explained that private sector investment in renewable energy has historically been hindered by high costs and unviable tariffs.
However, blended finance mechanisms supported by the World Bank and IFC have helped bridge this gap, making off-grid solutions more viable.
He noted the DES project, which aims to connect 17.5 million households and businesses to solar power, as evidence of growing private sector interest.
While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.
On her part, the Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees.
She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.
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