Business

Diri Pushes For Africa’s Sub-nationals’ Partnership On Economy … As Bayelsa, Angolan Province Synergizes On Fisheries, Agric

Published

2 days ago

January 28, 2025

Bayelsa State Governor, Senator Douye Diri, has advocated for economic cooperation between states in Africa.

He said such cooperation would promote African unity, boost the economies of the sub-nationals, and reduce the economic dependence on the Western world.

The Bayelsa helmsman stated this at the weekend during a meeting with the Governor of the Province of Namibe in Angola, Mr. Archer Mangueira.

He noted that Bayelsa and Namibe shared similarities as coastal states bordering the Atlantic Ocean, and that both could benefit from areas that they had comparative advantage.

A statement made available to newsmen by the Chief Press Secretary to the Bayelsa State Governor, Mr. Daniel Alabrah, said Namibe has developed its marine economy to become the fishery hub of Angola and the southern African sub-region.

The statement also noted that the discussions between both leaders were centred around exploring the opportunities of collaboration in the marine sector, amongst others.

“We’ve discovered that relationship between governments has not been very cordial across the continent of Africa. We rather prefer to value our relationship with Europe and Asia.

“Among presidents and governors, we have not related so well and I think that this kind of visit will address such relationship within us in Africa, particularly between states and countries.

“Bayelsa has a whole lot of similarities with Namibe. Like your province, Bayelsa borders the Atlantic Ocean except that Namibe has low lands with a dual advantage of the Atlantic Ocean and the desert”, Diri said.

He continued that “Bayelsa is at the heart of the Niger Delta, which is the oil-producing region of Nigeria, and like Namibe, it is also in the southern flank of our country. The state is very rich in oil and gas, and, in fact, it is richer in gas than oil.

“Like Namibe, we are also interested in fisheries because of our aquatic location and having the longest coastline in Nigeria, which has remained largely untapped and undeveloped.

“So, as we speak, our government is constructing roads to hit the Atlantic Ocean on three fronts in order for us to actually explore the ocean as you have done in Namibe.

“From what we have seen, we can collaborate in fisheries, which is one area you can explore beyond Bayelsa.

“I have also seen that there is a developed and functional seaport here. We are trying to develop a deep seaport at a place called Agge, and we are looking out for investors that have the potential and resources to actualise this. So we are interested in collaborating with you on that.

“Also in agriculture, our land is very fertile for the cultivation of rice, plantain, cassava, bananas, potatoes and vegetables.

“We recently established a relationship with the South Korean Government, which has donated equipment to our state for mechanised farming.

“I believe that there many areas we can collaborate. Where you have comparative advantage, you produce, and where we have comparative advantage, we also produce.

“From our meeting, I’m aware that Namibe is also a potentially oil producing state. So, areas of collaboration include fisheries, agriculture, culture, tourism and potentially oil and gas.

“This meeting should be an eye opener for African countries and states. There is need to have this kind of bilateral relationship between states in Africa”.

Diri thanked his host, Mangueira, and his Vice-Governors, Ema Samali Henriques da Silva and Abel do Rosário Kapitango, for the warm reception accorded him and his delegation, saying it epitomised the true spirit of African brotherhood.

In his remarks, Governor of the Namibe Province, Mangueira, said he was excited about the visit and the prospects for collaboration and investments.

Describing Namibe as the Land of Happiness, Mangueira noted that there was a lot to learn and benefit from a huge country like Nigeria.

He said although the province grapples with erosion challenges, it was focusing on its tourism sector for economic development of the region.

“We also have a very rich ecological biodiversity and a desert that is considered the oldest in the world. We have had potential in the fishery industry since the colonial era.

“Unfortunately, we do not have the level of funding that we had previously. Nevertheless, it remains one of the most important sectors for our socio-economic development.

“The oil industry also holds a lot of potential and we look forward to your expertise and support. We equally have the mining sector apart from oil. At the moment, we are exploring the mining sector for marble and granite production.

“This year, we are looking at completing the modernisation of our seaport to make it possible for export of our minerals.

“We look forward to the expertise of Nigeria and learn how it developed its mining sector. We are privileged to be in an area that is abundant in many minerals. So, there is a lot of potential to invest.

“We would like to learn from Nigeria’s experience regarding the use of pesticides and the treatment of agricultural products. We are open to partnerships with Nigeria to develop our agricultural sector in Angola, cultivating crops like watermelons, bananas, and mangoes.

“We believe that cooperation between our countries is key to advancing towards development. Mutual cooperation can be an effective way to overcome underdevelopment.

“It is important to emphasise that, in forming partnerships, we should also seek investments in the financial sector. There are already movements in this direction in Angola, with the presence of banks and ongoing negotiations. South-South cooperation should be prioritised as should agricultural development initiatives.

“I firmly believe that the future of African development is intrinsically linked to the strengthening of the agricultural sector in our countries.

“Thus, I accept the governor’s invitation for us to work together to build an agenda that is not limited to meetings but results in concrete actions that benefit our regions and strengthen our relations”, the Namibe Governor said.

On the visit with governor Diri were a member of the State House of Assembly, Hon. Ebizi Brown, the Secretary to the State Government, Prof. Nimibofa Ayawei, and the Deputy Chief of Staff, Government House, Mr. Iroro Komonibo.

Ariwera Ibibo-Howells, Yenagoa

Business

WEF: We Have Over a Billion Barrels of Oil Reserves … Tinubu

Published

2 days ago

January 28, 2025

The Tide

The Group Chief Executive, Oando Plc, Adewale Tinubu, has stated the prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in Nigeria, noting that Oando is set to adopt artificial intelligence, amongst other technologies, in its next drilling campaign to explore its over 1 billion barrels of oil reserves to strengthen decision-making and optimize costs in oil exploration.

He stated this at a meeting for the world leaders, top executives of the 1,000 foremost global companies, leaders of international organizations and relevant non-governmental organizations held in Davos, Switzerland last week, to deliberate on ways to move the planet forward at the prestigious World Economic Forum, WEF.

The strictly by-invitation event saw a Nigerian delegation, including government officials such as Kashim Shettima, Vice President of Nigeria; Wale Edun, Minister of Finance, Nigeria; and Jumoke Oduwole, Minister of Industry, Trade, and Investment, Nigeria; as well as CEOs such as Tinubu, Group Chief Executive, Oando PLC.

The annual meeting in Davos remains a global platform that is unmatched in engaging leaders from business, government, international organizations, academia, and civil society in peer-to-peer working sessions.

By coming together at the start of the year, world leaders can shape the future by joining the unparalleled global effort in co-design, co-creation and collaboration to make the world a better place.

Speaking on the Nigerian Energy sector, Tinubu emphasized that by combining robust working capital, advanced technologies, and the unique skills, capacity, and local acumen of these indigenous players, who now significantly control Nigeria’s onshore assets, the industry can unlock previously untapped potential.

As one of the first indigenous companies that successfully acquired an IOCs’ onshore assets, AGIP, Tinubu highlighted the importance of partnership and critical financing to not only extract value from these material reserves but also accelerate the rate of extraction.

“As a company, we have over a billion barrels of reserves, 300,000 barrels a day of oil processing capacity, and over 2 billion cubic feet a day of gas capacity. Effectively, the net present value of the oil we have in our facilities is well over $10 billion”, remarked Tinubu.

He stressed the critical role of Governments and regulators in maximizing value from the industry to address economic challenges, improve the balance of trade, and attract greater foreign investment to Nigeria.

“We need to increase our exports significantly to improve our balance of trade and strengthen the Naira. The oil and gas industry offers the fastest path to achieving this, given our substantial reserves and existing infrastructure”he explained.

In addressing the ongoing conversations about decarbonization, Tinubu reinforced the need for a just energy transition, stating that Africa contributes a minuscule amount to global emissions, constituting about 20% of the global population.

He, however, expanded on the immediate steps Oando has incorporated to reduce its carbon footprint

“We are actively working hard to ensure that every molecule of carbon we put into the environment is mitigated through the implementation of effective carbon capture techniques”, he said.

Business

NNPC Plans Mini NLNG Projects For Outside Pipeline Network Customers

Published

2 days ago

January 28, 2025

The Tide

Nigerian National Petroleum Company Limited (NNPC) is about establishing some mini Liquified Natural Gas plants.

The company is embarking on the projects in collaboration with its partners which will see the development of five mini Liquefied Natural Gas (LNG) plants in Ajaokuta, Kogi State.

Mini LNG is a small-scale gas plant that facilitates the production, storage and distribution of liquefied natural gas in smaller quantities through trucks with the presence of refuelling stations at strategic points.

“The model ensures that natural gas is delivered to last-mile customers who are outside of the existing pipeline network.

The Mele Kyari-led NNPC listed the five mini-LNG plants as PRIME LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete). The NNPC said the groundbreaking ceremony was themed “From Gas to Prosperity: Catalysing Nigeria’s Economic Growth”, adding that the company was shaping a sustainable energy future for Nigeria.

“Join us for the groundbreaking ceremony of 5 Mini LNG Plants (PRIME LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG, and LNG Arete) as we take an important step towards Gas to Prosperity: Catalysing Nigeria’s Economic Growth Together, we are shaping a sustainable energy future for Nigeria”, it said.

Kyari had last November hinted on the company’s plan to commence the building of new mini LNG plants in Nigeria this year but did not disclose the location of the plants.

Business

NEITI Seeks Speedy Completion Of Refineries’ Rehabilitation

Published

2 days ago

January 28, 2025

The Tide

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday called for the quick completion of rehabilitation work on the crude oil refineries run by the Nigerian National Petroleum Company Limited (NNPC) nationwide.

It also congratulated the national oil company on the successful completion of the first phase of the Port Harcourt Refinery rehabilitation project and the gradual resumption of operations at the Warri Refinery.

Stressing that the accomplishments represent significant strides towards addressing Nigeria’s long-standing dependence on imported petroleum products, NEITI recalled that from its recently published reports, Nigeria spent a whopping N15.8 trillion on fuel subsidy between 2006 and 2023.

The operationalisation of the refineries, it said, is a monumental step towards achieving energy self-sufficiency and fostering economic sustainability, a statement by the acting Director, Communication & Stakeholders Management, Director, Communication & Stakeholders Management, Obiageli Onuorah, noted.

By reducing the staggering costs associated with fuel importation, the milestone, according to NEITI, will positively impact Nigeria’s foreign exchange reserves and create a ripple effect across key sectors of the economy.

“NEITI acknowledges that the revitalisation of the Port Harcourt and Warri Refineries has the potential to enhance energy security, create jobs, stimulate local industries, and free up critical funds that can be redirected towards national priorities like health, education, and infrastructure.

“Through its Industry Reports for the Oil and Gas 2023 released recently, between 2006-2023 (in 18 years), a total of N15.87 trillion was expended as under-recovery through price differentials (subsidy) with 2022 recording the highest sum of N4.714 trillion.

“2022 also recorded the highest importation of PMS put at 23.54 billion litres, while 2017 recorded the lowest import volumes of 16.88 billion litres. Furthermore, between 2022 and 2023, importation volumes declined by 3.25 billion litres (14 per cent) from 23.54 billion litres in 2022 to 20.28 billion litres in 2023. This is attributed to the announcement of the removal of fuel subsidy.

“With the current efforts to put the refineries back to work, NEITI is delighted that the huge payments expended on subsidy will henceforth be available to support national development, ongoing rebuilding of the national infrastructure and poverty reduction.

“We request the NNPC to expedite action on the second phase of the Port Harcourt Refinery and the ongoing rehabilitation of the Kaduna refinery.

“This should be followed closely with the restoration of the phase 1 of the Port Harcourt refinery to optimal capacity in the ongoing rehabilitation efforts”, NEITI stated.

It commended the leadership of the NNPC team for their resilience, dedication, and unwavering determination in executing what it described as the complex and challenging task.

As stakeholders in Nigeria’s energy sector, NEITI said it remains committed to supporting NNPC’s efforts to ensure the long-term success of the projects and to share the achievements with national and global partners, including the Extractive Industries Transparency Initiative (EITI) community.

“NEITI stands ready to collaborate with NNPC to sustain and expand these gains in the national interest and Nigeria’s energy security”, the statement noted.