Business

FG Partners CBN On Gas Export Value Chain

Published

12 months ago

March 11, 2024

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reiterated the Ministry’s commitment to partner with the Central Bank of Nigeria (CBN) in the crude oil and gas export to mitigate the present economic realities.
The partnership, he said, would also enhance key government policies aimed at boosting domestic production, diversifying the export base of the economy to positively impact the sector, as well as contribute to the current export growth status.
Edun made this known during a one-day sensitisation seminar on the Nigerian Oil and Gas Exports, with the theme, “Unlocking the Potentials of the Nigeria Gas Exports: A Gateway to Sustainable Economic Development”, in Kano, lastThursday.
In a statement signed by the Head, Press and Public Relations Unit, Federal Ministry of Finance, Chukwu Helen Oby, the Minister, who was represented by the Deputy Director, Trade Relations, Idris Giwa, stated that the nation can no longer rely solely on oil revenue for its foreign exchange earnings and stressed the need for Increasing the gas export.
He hinted that the workshop served as a platform to deepen the understanding of the evolving regulatory framework, share best practices, and foster collaboration among stakeholders.
According to him, the Federal Ministry of Finance, in collaboration with the CBN and the Ministry of Mines and Steel Development, has reached an advanced stage in developing distinct mineral export guidelines targeted at complementing the determination of mineral’s quantity, quality and value for export purposes.
The draft mineral export guidelines have been subjected to several reviews, where stakeholders’ buy-in and endorsements were obtained and incorporated.

Edun insisted that the ministry would continue to work tirelessly to finalise the draft document in line with existing laws and policies of the government for public use.

“The completion of the mineral export guidelines will necessitate the review of the crude oil and gas export guidelines to streamline the export process in a manner that would accommodate the peculiarity of the sector.The review will also trigger a more self-reliant and sustaining environmental performance of the gas sector”, he said.

Edun solicited the cooperation of all stakeholders to play by the rules to achieve the much-desired efficiency and effectiveness in trading across borders.

Earlier in her Welcome Address, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, represented by the Deputy Director, Trade Relations II, Mrs Rukayatu Abdullahi Ahmed, said “if the operations in the crude oil sector is properly coordinated and regulated, loopholes, leakages and cases of non-payment of NESS fees due to the government would be plugged, thereby boosting government revenue base and the challenge of ascertaining the actual quantity, quality, and price competitiveness of gas export would be put to rest”.

Jafiya said Nigeria holds a prominent place on the global energy market, especially in the natural gas sector with abandoned untapped reserves.

She noted that, with favourable government policies, the sector offers a compelling investment landscape, adding that it would help individuals harness the limitless opportunities available in the gas industry to thrive.

The Permanent Secretary implored all to take advantage of the platform to come up with constructive ideas to address the challenges, share experiences and explore innovative solutions for a successful oil and gas industry.

The Assistant Director, Export 1, Mrs Zainap Yusuf, applauded the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun; the Permanent Secretary, Mrs. Lydia Shehu Jafiya, for their unwavering support towards implementing government policies, particularly the approval of the sensitisation seminar, promising that they will reciprocate the kind gesture in the task ahead.
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Business

NIMASA Commits To Creating Enabling Environment For Maritime Business

Published

5 days ago

March 5, 2025

The Tide

The Nigerian Maritime Administration and Safety Agency (NIMASA) has affirmed that it is taking strategic steps to enhance local participation and encourage investment in the maritime sector under the supervision of the Ministry of Marine and Blue Economy.

The Director General of NIMASA, Dr. Dayo Mobereola, who disclosed this recently while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior Staff Association, reaffirmed the Agency’s commitment to fostering a level playing field and creating an enabling environment for businesses in Nigeria’s maritime sector.

Dr. Mobereola revealed that NIMASA is deepening its collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to explore policies that will boost indigenous involvement and strengthen Nigeria’s maritime sector.

“The Honourable Minister of Marine and Blue Economy is committed to encouraging indigenous players to invest more in Nigeria’s maritime industry. Issues such as national carriers and trade terms remain top priorities under this administration.

“Our focus is to create an enabling environment where private investors can thrive. In this regard, we have initiated discussions with the NCDMB and NNPC Limited to address these critical matters”, he stated.

He said NIMASA remains committed to fostering strategic partnerships that will enhance local investment, create jobs, and drive sustainable growth in the maritime sector.

In response, Comrade John Aleakhue Okpono, Secretary General of the Merchant Navy Officers and Water Transport Senior Staff Association, emphasized the need for closer collaboration between NIMASA and the Merchant Navy.

He also urged the Agency to review waiver clauses to ensure more opportunities for Nigerian seafarers.

Stories by Nkpemenyie Mcdominic, Lagos

Business

FG Inaugurates Special Committee Against Boat Accident

Published

5 days ago

March 5, 2025

The Tide

Towards enhancing safety on Nigeria’s inland waterways, the Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has inaugurated a Special Committee on the Prevention of Boat Mishaps in Nigeria.

According to a statement on by the spokesman, National Inland Waterways Authority (NIWA), Suleiman Makama, the event, which was held at the Ministry’s Conference Room in Abuja, confirmed crucial steps taken to address the recurring challenges of boat accidents across the country.

In his address, the Honourable Minister emphasized the urgent need to stem the tide of tragic boat mishaps, which have resulted in significant loss of lives and properties.

He described the country’s waterways as vital to commerce, transportation, and livelihoods, stressing that their safety and efficiency are paramount to the development of Nigeria’s blue economy.

He noted that the establishment of this committee aligns with the 2024 International World Maritime Day theme, “Navigating the Future: Safety First”.

“The task before us is daunting, but with unwavering commitment, we can eliminate boat mishaps and ensure that our waterways remain safe, navigable, and prosperous for generations to come”, Oyetola stated.

The committee comprises key stakeholders, including state government representatives, the Association of Boat Operators in Nigeria, marine safety experts, and academics.

It will be chaired by the Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, while Mr. Adams Offie, Deputy Director of Inland Waterways at the Ministry, will serve as Secretary.

The committee is tasked with conducting an in-depth review of commercial boat operations in Nigeria, identifying the root causes of boat mishaps, and proposing sustainable solutions.

In his acceptance speech on behalf of the committee, Oyebamiji assured the Minister on the dedication of members to deliver on the assignment.

He emphasized that safety on Nigeria’s inland waterways is non-negotiable, adding that NIWA, under the leadership of the Honourable Minister, has been refocused to uphold its mandate without compromise.

Acknowledging the Honourable Minister of Marine and Blue Economy for his proactive leadership, Oyebamiji noted that the establishment of the committee represents a critical step in addressing the persistent safety challenges in inland water transport.

“This is another solution-driven initiative aimed at eliminating boat mishaps on our waterways. I assure you that the confidence reposed in this committee will not be misplaced.

“At NIWA, this is an opportunity for us to intensify our efforts in reducing marine accidents to the barest minimum. On behalf of my fellow committee members, we pledge to work diligently and with utmost focus on the assigned terms of reference.

“Safety on our inland waterways is non-negotiable. NIWA has been refocused to ensure the highest safety standards, and this committee will work diligently to address the causes of boat mishaps and find lasting solutions,” Oyebamiji said.

The committee has been tasked with evaluating the root causes of boat accidents and recommending lasting solutions to enhance safety and operational standards.

Business

LASG Arrests Illegal Dredgers … Issues Stop Work Order

Published

5 days ago

March 5, 2025

The Tide

The Lagos State Government, through the Ministry of Waterfront Infrastructure Development, has launched a massive clampdown on illegal dredgers operating in the State, ordering them to stop work immediately.

This exercise, which was carried out by the officials of the Ministry of Waterfront Infrastructure Development, is aimed at curbing environmental degradation and promoting sustainable development across the waterfront schemes located across the coastal regions of the metropolis.

According to a statement, the enforcement operation, led by the Commissioner for Waterfront Infrastructure Development, Hon. Ekundayo Alebiosu, alongside members of his team, raided several illegal dredging sites which were subsequently shut down by the officials of the Ministry.

Some suspected dredging operators were arrested and a stop-work order was served on erring dredgers for non-compliance with laid-down regulations of the State Government.

Alebiosu warned the operators that failure to comply with extant laws guiding dredging activities could have dire effects and will result in severe penalties, including total closure of the sites.

Reacting to the claim that Dredgers are the major cause of environmental degradation in the state, including erosion and flooding, the Commissioner emphasised the need for dredging activities to be conducted lawfully to preserve roads, public infrastructure, and wetlands.

He explained that the State Government has vowed to streamline the activities of dredgers in the state to meet acceptable international standards.

“The Lagos State Government’s clampdown on illegal dredgers is a significant step towards protecting the environment and promoting sustainable development in the state.

“We will continue to carry out surveillance and raids across the coastal areas to ensure that the activities of a few don’t impact the lives of law-abiding citizens negatively”, Alebiosu stated.