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Cleaner energy: Nigeria on path to meeting global demands – Osibanjo



vice President Osibanjo

The Federal Government says it is working conscientiously to ensure that the country meets the global demands on cleaner energy.

Vice-President, Yemi Osinbajo, said this on Tuesday at the opening of the 2021 Nigeria Oil and Gas Conference holding at the International Conference Centre in Abuja.

Osinbajo represented by the Minister of State for Petroleum, Chief Timipre Sylva, noted that the country had no option than to move with the global trend being signatory to international protocols on cleaner energy.

He said the Federal Government was leaving no stone unturned at ensuring that the country moved to cleaner renewable energy but that the step must be gradual.

Osinbajo explained that government had already directed stakeholders in the oil and gas sector to focus on natural gas resources as a transition fuel that would function as a bridge between the dominant fossil fuels and the cleaner energy.

“Natural gas has the intrinsic abilities to meet the increasing global requirements for cleaner primary energy use, while at the same time enabling much needed domestic industrialisation for rapid economic growth in very few endowed countries such as Nigeria.

“We are not unmindful of the peculiar challenges confronting the gains from oil and gas operations in Nigeria.

“From infrastructural deficiency and insecurity to high cost of operations, to mention just a few, the government is working conscientiously to tackle all without lagging behind on our path to meeting the cleaner energy global demands.

“In spite of the current global challenges in the industry, government has been supporting the aggressive implementation of the nationwide gas infrastructure blueprint.

“This informed our recent declaration of year 2021-2030 as “the Decade of Gas” after the successful kickoff with the National Gas Expansion Programme in 2020,” Osinbajo said.

Also speaking at the event, Mr Bitrus Nabasu, Permanent Secretary, Ministry of Petroleum, who represented the Minister of Petroleum, said the signing of the PIB would help the country to  move faster in achieving a cleaner energy.

“The PIB cannot come at a better time than now that the COVID-19 pandemic caused uncertainty in the oil and gas sector.

“We are on the part of witnessing another investment in our oil and gas sector and it will help have a good administration and infrastructure and ensure development of the country to make life more meaningful for the citizens.

“Natural gas will help government achieve it’s aspirations and very soon we will reap the benefits of our decade of gas programme.

“These include auto gas vehicular movement, industrial application, welfare gas pipelines for electricity and domestic usages will help Nigerians even in rural areas to improve life.”

The minister said gas had a lot of role to play in the country’s quest for cleaner energy resources.

Malam Mele Kyari, the Group General Manager, Nigerian National Petroleum Corporation, (NNPC) said investment in the oil and gas industry had dwindled by 30 per cent due to the impact of the COVID-19 pandemic.

Kyari said energy transition was not just about moving from fossil fuel to renewable energy but that it was creating the right balance.

“There is this mistake that by 2050 fossil fuel will go away and we will only have renewables; that is not true.

“For us, we know for sure that oil will still be relevant for us because today we have deficit of electricity, infrastructure and so many other things and we have to deal with them.

“We must ensure we produce the quick oil; quick oil means that we have to monetise every resources that is available today, so that we help the resources that will create the future.

“And oil will provide that fulcrum for us to procreate the wealth but one thing we are also sure is that gas is everything.

“So, our focus today is to deepen gas monetisation, not necessarily consumption and that means we have to do both domestic and export, so that we can take value from both ends,” Kyari said.

He  said the focus now was to see how to accelerate development and monetisation in gas.



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Business & Economy

Port Harcourt Refinery Begins Full Operations Next Month



Port Harcourt Refinery
Port Harcourt Refinery

The 210,000-barrel-per-day Port Harcourt refinery is expected to commence operations by the end of July, following multiple delays.

National Public Relations Officer of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, revealed this new timeline on Monday. He noted that the refinery’s operation would boost economic activities, reduce petroleum product prices, and ensure an adequate supply.

In December last year, Minister of State for Petroleum Resources, Heineken Lokpobiri, announced the mechanical completion and flare start-off of the Port Harcourt refinery, the largest in the region.

The refinery consists of two units: an older plant with a 60,000-barrel-per-day capacity and a newer plant with a 150,000-barrel-per-day capacity. The refinery was shut down in March 2019 for the first phase of repairs after the government enlisted Italy’s Maire Tecnimont as a technical adviser and appointed oil major Eni as a technical adviser.

On March 15, 2024, NNPC Limited’s Group Chief Executive Officer, Mele Kyari, announced that the Port Harcourt refinery would begin operations in about two weeks. He made this statement during a press briefing following his appearance before the Senate Ad hoc committee investigating the various turnaround maintenance projects of the country’s refineries.

“We achieved mechanical completion in December,” Kyari stated. “We now have crude oil stocked in the refinery and are conducting regulatory compliance tests. The Port Harcourt refinery will start within two weeks.”

However, two months later, the refinery had yet to commence operations.

In an interview, IPMAN’s Ukadike emphasized that the work done on the refinery represented a complete overhaul rather than mere rehabilitation. He assured that every effort was being made to meet the July deadline.

Ukadike said, “When we visited, the MD informed us that the refinery was nearly ready and would start production by the end of July. The overhaul is extensive, with all the armoured cables replaced and everything almost brand new. The maintenance turnaround is massive, with work being done day and night. All hands are on deck to meet the target. By the end of July, the refinery should be operational.”

When asked about the government’s previous unfulfilled promises to restart the refinery, Ukadike acknowledged the delays but noted that no reasons were given for missing the last deadline in April

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Business & Economy

CBN Halts 0.5% Cybersecurity Levy



CBN Headquarters Abuja
CBN Headquarters Abuja

The Central Bank of Nigeria (CBN) has withdrawn the circular directing banks to implement a 0.5 per cent cybersecurity levy on electronic transactions in the country.

The CBN announced this in a revised circular dated May 17, 2024.

The circular was addressed to commercial banks, Payment Service Providers (PSPs), non-interest, and merchant banks, among others.

It was signed by the CBN Director of Payment Systems Management, Chibuzor Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustafa.

The circular read: “The Central Bank of Nigeria circular dated May 6, 2024 (Ref: PSMD/DIR/PUB/LAB/017/004) on the above subject refers.

“Further to this, please be advised that the above-referenced circular is hereby withdrawn.”The withdrawal of the circular on the cybersecurity levy followed its suspension by President Bola Tinubu.

it would be recalls that Tinubu suspended the controversial cybersecurity levy on electronic transfers on May 14.

Minister of Information and National Orientation Mohammed Idris, who made this known while speaking to journalists after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja, disclosed that Tinubu directed the CBN to suspend the implementation and review the modalities for the implementation of the levy.

Idris added that the levy was thoroughly discussed at the FEC meeting, saying the president was not oblivious to the feelings of Nigerians.

It would be recalled that CBN, in a circular dated May 6, directed banks to start charging a 0.5 per cent cybersecurity levy on all electronic transfers.

The apex bank stated that the deduction and collection of the cybersecurity levy is a sequel to the enactment of the Cybercrime (prohibition, prevention etc) Amendment Act of 2024.

This was greeted with wide condemnations by Nigerians, with many groups and individuals calling for the immediate reversal of the levy.

The House of Representatives also asked the CBN to withdraw the directive.

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Business & Economy

CBN Issues July 7 Deadline For PoS Operators’ Registration With CAC



PoS Machine

The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC).

This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.

Speaking at the event, the CAC boss said the two-month timeline to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria”.

“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY‘ issued by the CAC added.

He stressed that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.

Magaji explained that the timeline for the registration which will expire on July 7, 2024, was not targeted at any groups or individuals but aimed at protecting businesses.

Several speakers from the Fintech industry pledged to collaborate with the commission to ensure hitch-free implementation of the directive.

Some of them, however, stressed the need for adequate and collective sensitisation, to ensure that the exercise achieved the desired results.

The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, in his remarks, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.

The representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event, later signed up for a document to support the project.

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