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PIA will drive transformation of Nigeria’s energy sector — Osinbajo

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Vice President Yemi Osinbajo
Vice President Yemi Osinbajo
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Vice President Yemi Osinbajo says the Petroleum Industry Act (PIA), as well as Nigeria’s gas initiatives, will help transform Nigeria into a gas-based industrialised nation.

The vice president said the PIA would also create a better-managed petroleum industry with more value addition for both investors and Nigerians alike.

Osinbajo’s Spokesman, Laolu Akande, in a statement on Monday in Abuja, said the vice president spoke at  a virtual event to commemorate the 25th anniversary of Sahara (Energy) Group.

President Muhammadu Buhari, on Aug. 16, signed the Petroleum Industry Bill (PIB) 2021 into law.

Buhari had also approved a steering committee to oversee the process of implementation of PIA.

The gas initiatives of the Federal Government include the drive to encourage investments in gas production and optimize the nation’s enormous gas potential.

“Locally, we launch into the brave new world for the oil and gas industry with the PIA 2021.

“And this happily converges with the launch of the Year 2020 to 2030 as the ‘Decade of Gas Development for Nigeria’; this is a follow-up to the highly successful initiative of the Year 2020 as the Year of Gas.”

The vice president said that in Nov. 2020, the National Gas Expansion Programme was launched, which focused on the distribution of Compressed Natural Gas and Liquefied Petroleum Gas across gas stations operated by the Nigerian National Petroleum Corporation (NNPC).

Osinbajo said that the main goal of the passage of the PIB and the gas initiatives aforementioned was to transform Nigeria into a gas-based industrialised nation through enhanced accelerated gas revolution

He said it was also to help create a better-managed petroleum industry where both the people of Nigeria and investors alike can extract value.

According to the vice president, the next 25 years will be defining for the energy industry.

Osinbajo commended Sahara Group for being a great ambassador for the Nigerian entrepreneurial brand.

“The group has demonstrated bold, innovative, knowledge-driven business models that are designed to seize opportunities in other countries and have done so with remarkable success in many African countries.

“Already the wealthier nations and their institutions have banned all public investments in certain fossil projects, including natural gas.

“Examples include the EU, the UK, Germany and Denmark, as well as specific institutions such as the Swedfund from Sweden, Norway’s Sovereign Wealth Fund, the largest in the world, CDC, the development finance institution from the UK, the European Investment Bank, and the Investment Fund for Developing Countries from Denmark.

“The World Bank and other multilateral development banks are being urged by their shareholders to do the same.

“The AfDB is increasingly unable to support large natural gas projects in the face of shareholder pressure from their European members.

“Barely two weeks ago, the UN Secretary-General made a strong call, that ‘Countries should end all new fossil fuel exploration and production, and shift fossil fuel subsidies into renewable energy.”

The vice president disclosed that the Federal Government was building coalitions with other affected countries to urge a just transition as Nigeria advanced to zero transmission,

“I will urge indigenous energy companies such as your group to join in the urgent advocacy that is required to prevent the disaster that would result from defunding oil and gas projects,” he said.

Osinbajo said that the last two decades had brought significant growth of Nigerian oil companies.

He congratulated the Sahara Team for its 25 years of achievements in the energy industry and wished it more remarkable 25 years ahead.

Osinbajo urged the group and other indigenous energy companies to take advantage of the opportunities offered by the African Continental Free Trade Agreements.

Other speakers at the event included the President of the Democratic Republic of Congo, Mr Felix Tshisekedi, and President of the African Development Bank, Dr Akinwumi Adesina.

The Director-General of Bureau of Public Enterprises, Mr Alex Okoh, and other top government officials attended the event.(NAN)

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Business & Economy

Mangal Cement Reiterates Commitment to Consistence Quality, Tightens Relationship with Stakeholders

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The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa Monday, July 14th, 2025 addresses Annual Stakeholders Forum, Abuja
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By AbdulRahman Obaje

Mangal Cement has reiterate its commitment to consistence quality while reinforcing its relationship with it stakeholders.

The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa made this known Monday, July 14th, 2025 during this year Annual Stakeholders Forum, Abuja.

Omowunmi said, “We are here today basically because of this title: ‘building stronger partnership, quality trading solution and value for money’. We are here; number one, to tighten the collaboration that we’ve been having with our stakeholders. We know that we’ve been having relationship with you by virtue of the fact that you are partner to our business, you are using our brand; that automatically has clarify the fact that we are in partnership”

”We don’t just want it to be like that, we want it to be tighter, so we want to strengthen that collaboration, we want it to be tighter. That is why we are here and that is why we have invited you to be part of this event.”

“And secondly. We are also here to reaffirm the consistency in quality and innovation. We want to assure you that our quality remain the way it has ever been since inception; since we started production. My colleague said this is first of its kind; I mean the stakeholder forum we are having. But obviously this is first of its kind in Abuja environment. And I want to also appreciate us for being part of this very first one.”, she continued.

Participants also expressed satisfaction with Mangal product. Obastar Block Industry Said the cement is very good. He said, “People should join in using it, we have been using it. The cement is good. We have been using other cements but since we have tried Mangal cement, we have not been disappointed.”

“The only place they need improvement is setting, outside that, the cement is very good.” he concluded.

Olayinka AbdulWahid, IBZA Blocks said, “Mangal cement is very good in terms of quality and durability.

The blocks that we produced with Mangal cement, the customer actually vouch for. I have some few friends that whenever they want to cast, they always request that make Mangal cement available.

So, in terms of quality, it is a very good quality/ the only challenge we have is the availability and most of the time the delivery is very very poor in which sometimes, some of us we are unable to wait. we have to look for alternative product.

But with this seminar we attend today, if we can have access to more of the vendor or more of the distributor, we can have alternative demand.

So, that is the only challenge, the availability.”

However, Omowunmi further revealed that Mangal Industries is not slowing down on innovation and quality assurance, asserting that this is the reason for the forum, so as “to reaffirm our commitment to quality and innovation as an organisation.”, she continued.

The forum saw notable personalities such as Engr. Yusuf Ibrahim, Industrial Training Fund, Silifa Shagaya, SON and others in attendance

High point of the event was the distribution of wheelbarrows and protective gears to all the participants of the stakeholder forum.

 

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

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CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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 CBN Retains Nigeria’s Interest At 27.50%

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Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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