Connect with us

Business & Economy

Senegal seeks Nigeria’s support to develop oil, gas sector

Published

on

Timipre Sylva, Minister of State for Petroleum Resources
Timipre Sylva, Minister of State for Petroleum Resources
Share

The Minister of State for Petroleum Resources, Timpre Sylva, has commended the effort of the Senegalese government in seeking Nigeria’s support for the development of its oil and gas sector.

Sylva gave the commendation while receiving the Senegalese Energy Minister, Aissitou Sophie Gladima and her delegation, in Abuja, on Monday.

He said that Africa needed to come together and work to support development in the region and reduce over dependence on foreigners for growth.

“I want to use this opportunity to welcome you, as I said, it is important for us as a region to come together because as they say, you have to say yes before someone from outside says yes to you.

“We as Africans must come together to work together in order to chat way forward; we cannot continue to depend on Europe and the outside world.

“In fact, it has been proven that they cannot be responsible for our development, we have to take full responsibility of our development and that is why we are very happy that you are here today,’’ he said

Sylva said that Nigeria had some advantage as country that has being in the oil and gas sector for a very long time and had learnt a lot of lessons and made some mistakes too.

He said that oil production activities started in Nigeria in 1937 but commercial discovery was made in 1950s, adding that first commercial discovery was made in 1956 and first cargo of crude left Nigeria in 1958.

“That means that we have been effectively in oil production for over 60 years, that is some kind of advantage and of course a lot of lessons have been learnt .

“When we started production activities in Nigeria,we were completely spectators, every position was occupied by expatriates, our communities were just on lookers to the activities but since then a lot has happened.

“It has been a lot of capacity development in Nigeria and today significant percentage of Nigeria’s crude is being produced by Nigerian companies.

“And also, the Nigerian involvement in  the IOCs have increased very significantly to the extent that some of them have Nigerians as their Managing Directors  in their Nigeria subsidiaries, like the chairman of Shell is a Nigerian,’’ he said

He said that Nigeria had grown a global NLNG company that is wholly Nigeria where from MD to the least staff are Nigerians, adding that Nigeria was in position to impact some of the experience to other African countries.

On local content, he said that Nigeria had grown its local content from three per cent in the past 10 years to about 43 per cent and target to grow it to 70 per cent by 2027.

“We are very committed to this because that is the only way to domicile the benefit of oil; if  you are producing oil and all the benefits are going out of the country and nobody is participating in the country, you will not get the benefits.

“One of the benefits of the oil and gas production is to make sure that wealth is domiciled in the country,’’ he said

He further said that as activities had just started in Senegal oil and gas sector, it was the best time to incorporate some of the Nigerian experience to help them develop efficiently and contribute to economic growth of their country.

He assured that Nigeria would support the Senegal energy sector to grow and urged the country to join the African Petroleum Producers Organisation (APPO).

In her remarks, Gladima thanked the minister for the hospitality and said that the country had longed to partner with Nigeria to gain from its wealth of experience in the oil and gas sector.

She said that Nigeria’s over 50 years of oil production was an excellent example for Senegal as it is beginning to grow its own industry.

He said that the country would like Nigeria to support her in four areas of security management in the oil and gas, National Oil Company (NOC) Organsation, local content regulation and NOC strategies.

She expressed interest to join APPO to help the development of the sector in Senegal (NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Economy

APC PCC commends CBN, Buhari for extension of naira swap deadline

Published

on

New-Naira-Note-
New-Naira-Note-
Share

The All Progressives Congress (APC) Presidential Campaign Council has commended President Muhammadu Buhari, the Central Bank of Nigeria (CBN) and its Governor, Mr. Godwin Emefiele for extending the naira notes swap deadline.

Buhari on Sunday approved a 10-day extension for Nigerians to swap their old N1,000, N500 and N200 notes for the new ones.

Emefiele announced this after a meeting with the President in his Daura country home.

The extension followed complaints by Nigerians who experienced difficulties getting the new notes via ATMs and over the counter from banks.

The APC PCC, in a statement by its Director, Media & Publicity, Mr. Bayo Onanuga, praised the move.

It said: “We want to commend the Central Bank of Nigeria and Governor, Mr. Godwin Emefiele for listening to the voice of well-meaning Nigerians on the exigency of extending the deadline for change of old N200, N500 and N1000 naira notes to the new ones.

‘Following difficulties experienced by Nigerians from across the country from getting the new notes via ATMs and over the counter from Banks, many Nigerians especially requested an extension of the 31 January 2023 deadline.

“We welcome the 10-day extension of the deadline and the additional seven days of grace.

“This window will enable Nigerians especially those in rural and remote areas to have more time to change their old notes and avert the panic that would have followed.”

It said the President deserved “special commendation” for approving the extension “and for his leadership and statesmanship.”

The APC PCC added: “In the same vein, we praise our presidential candidate, Asiwaju Bola Ahmed Tinubu for his forthrightness in addressing the concerns of Nigerians at his campaign rally in Abeokuta last week.

“Asiwaju Tinubu didn’t take the easy road by shying away from what would have caused serious inconvenience for our teeming masses.

“Asiwaju showed leadership and compassion for the welfare of Nigerians, at the most appropriate time.”

 

 

Continue Reading

Business & Economy

ASSBIFI commends extension of validity of old Naira notes

Published

on

Emefiele_New-Note
Emefiele_New-Note
Share

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Sunday in Lagos endorsed the extension of the validity of old naira notes from Jan. 31 to Feb. 10.

Its president, Mr Olusoji Oluwole, told the News Agency of Nigeria (NAN) that the CBN decision to extend the deadline was a step in the right direction.

CBN Governor, Mr Godwin Emefiele, in a statement on Sunday said the CBN added a 10-day extension of the deadline of Jan. 31 to Feb. 10, to allow for the collection of more old notes.

He also noted that Nigerians would still have grace period to deposit their old notes directly with the CBN until Feb. 17.

“It is a step in the right direction, especially in providing more time for the return of old notes after the actual date of invalidation.

“CBN, however, needs to proactively monitor and address sufficient availability and distribution of the new notes.

“It should also increase sensitisation of, and probably incentivising the general public on the cashless policy to reduce the pressure on cash,’’ Oluwole said.

Banks have been contending with increased number of customers rushing to beat the Jan. 31 deadline given by CBN for the return of old naira notes which would cease to be legal tender.

New N200, N500 and N1,000 notes became legal tender on Dec. 15, 2022 after they were unveiled by President Muhammadu Buhari in Abuja on Nov. 23, 2022.

Many bank customers, however, complained that the new notes were not readily available and have yet to circulate adequately four days to the expiration of the old notes.

 

(NAN)

Continue Reading

Business & Economy

New Naira Notes: CBN Extends Deadline Till February 10

Published

on

Emefiele_New-Note
CBN Governor Godwin Emefiele and New Naira Notes
Share

 

The Central Bank of Nigeria (CBN) has extended the deadline for the use of the old notes till February 10.

CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.

He explained that the apex bank has sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by 10 days.

“Based on the foregoing, we have sought and obtained Mr President’s approval for the following:  A 10-day extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,” the statement read.

“A 7-day grace period, beginning from February 10 to February 17, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender Status.”

The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.

Before the apex bank extended the use of the naira note, many Nigerians experienced difficulty in lodging their old banknotes.

The scramble by many Nigerians to meet the initial January 31 deadline has been chaotic as many of them flood banking halls with huge cash in old notes to exchange them with new ones.

Others are seen in long queues at the few ATM points having the new naira notes in different parts of the country to have access.

The naira redesign was greeted by criticism by some Nigerians, including the presidential candidate of the ruling All Progressives Congress (APC), saying the policy was intended to scuttle his presidential ambition.

Continue Reading