Growth
DPR: Market forces should determine gas prices
File Photo The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the economy and to use gas as the fuel for economic transformation. According to him, the levers include availability, accessibility, a...
2023: Northwest speakers declare support for Asiwaju Tinubu
Serving Speakers and their predecessors from the Northwest zone of Nigeria have declared their support for Asiwaju Bola Ahmed Tinubu as the successor to President Muhammadu Buhari in 2023. Their declarations and promises are coming some weeks after a similar endorsement of Tinubu was carried out by their colleagues in the southwestern zone of Nigeria. At a meeting held in Kano for the states in the northwestern zone on Friday, the senior lawmakers declared that Tinubu remains the right person for the presidential ticket of the All Progressives Congress (APC) at this time. Some of them argued that with the challenges currently being faced by the country, Nigeria deserves a leader who is detribalised and has shown over time that he has the capacity to lead the country. Praising Asiwaju Tinub...
NIWE advocates partnership to address Nigeria’s water challenges
File Photo The Nigerian Institution of Water Engineers (NIWE) has sought for effective partnership between all levels of government and relevant stakeholders to resolve Nigeria’s water challenges especially in the rural areas. Chairman of NIWE, Abuja chapter, Engr Douglas Oloton stated this in Abuja yesterday at a talent hunt organised by the chapter to commemorate the 2021 World Water Day (WWD), with the theme, “Valuing Water”. He noted that population explosion, climate change, high demand on industry and agriculture is threatening the limited water resources, saying that water makes up 60 percent of human body and its fundamental for human, social and economic development. Oloton quoted the United Nations as saying that WWD raises awareness of the 2.2 billion people living without acces...
Lagos governor: We are ready to domesticate AfCFTA agreement
Lagos State Governor, Mr Babajide Sanwo-Olu, says the state is ready to domesticate the African Continental Free Trade Area (AfCFTA) agreement. Sanwo-Olu said this on Tuesday when he received the Minister for Industry, Trade and Investment, Mr Niyi Adebayo, on a courtesy visit at the Lagos House, Ikeja. The minister led members of the National Action Committee on nationwide sensitisation on African Continental Free Trade Area (AfCFTA), which the nation entered into to deepen economic integration among African countries. He said that Lagos had observed the processes leading to the adoption of the continental trade agreement and positioned itself for market expansion across areas of collaboration. The governor said the state was ready to take advantage of the AfCFTA for growth, as a local ac...
Lagos deputy governor: Nigeria must not disintegrate
Dr Obafemi Hamzat, Lagos State Deputy Governor on Tuesday urged religious leaders to propagate peace and morals so as to avoid disintegration but engender unity among Nigerians. Hamzat made the appeal during the 40-day Fidau prayer for late Alhaji Lateef Jakande, former governor of the state. He said that religion, being the strongest pillar in Nigeria, had the people’s heart and respect. He charged the clerics to help the citizens to act in accordance with the norms of the society and shun all anti-social vices. The deputy-governor also implored the clergymen to propagate the gospel of a better use of Lagos roads by urging motorist to avoid driving against traffic. “People respect their religious leaders and they do listen to them. “So, please do not leave the preaching of moral values to...
Katsina approves 5,000 hectares of land for ranching
The Katsina State Government has approved 5,000 hectares of arable farmland for ranching as part of efforts to curb the herders and farmers’ clashes in farming villages and communities across the state. Governor Aminu Bello Masari, who disclosed this during the 46th annual conference of the Nigerian Society for Animal Production held at the Federal University Dutsin-ma (FUDMA), Katsina, said ranching system will enable the children of herders to have qualitative education. He said that the only solution to the herdsmen and farmers crisis bedevilling some parts of the country is the establishment of ranches in the states, hence the provision of the 5,000 hectares of land. Masari, represented by his Special Adviser on Livestock and Grazing Reserve, Dr. Lawal Bagiwa, explained that apart from...
NECA decries increase in Nigeria’s unemployment rate
Dr Timothy Olawale, Director-General, Nigeria Employers Consultative Association (NECA) has expressed concern of the association, at the growing unemployment rate, as released by the National Bureau of Statistics (NBS). Olawale told newsmen on Wednesday, in Lagos, that the recently released data by the NBS was worrisome. NAN also reports that a recently released Labour force report, published by the NBS shows that Nigeria’s unemployment rate as of the end of 2020, rose to 33.3 per cent from 27.1 per cent recorded as of Q2 2020. The report indicated that about 23,187,389 (23.2 million) Nigerians remained unemployed. “While the figure shows that the unemployment crisis is worsening at an alarming rate, it is also instructive to note that the socio-economic factors that increased the figure t...
WTO chief warns against Nigeria’s continued reliance on oil & gas
Dr. Ngozi Okonjo-Iweala, Director General of World Trade Organisation (WTO), has warned of Nigeria’s continued reliance on crude oil and gas as the major source of revenue to the government. Okonjo-Iweala sounded the warning on Wednesday in Abuja at a meeting with Women Entrepreneurs in Nigeria held at the headquarters of the Nigerian Export Promotion Council (NEPC). She urged the government to transit from oil and gas based economy to other non-oil sectors. She pointed out that unless Nigeria diversifies her economy, it would be left behind by other countries. She said, “I have kept on harping that Nigeria should transit from oil and gas based economy to producing in other non-oil sector. “This is because of the climate change. Fossil fuels which are oil and gas, that Nigeria depends on, ...
US hails Nigerian women for advancing global development
In commemoration of the 2021 Women’s History Month, the U.S. Embassy’s public affairs chief Aruna Amirthanayagam has acknowledged the importance of women in the leadership and economic growth of every country. Women’s History Month is celebrated during March in the U.S., the United Kingdom, and Australia, to mark the contributions of women to society. Mr. Amirthanayagam, in his opening remark at an event with the acting Vice-Chancellor of the University of Port Harcourt, Stephen Okodudu, and the Rivers State chapter of the United States Government Exchange Alumni Association (USGEAA), said the non-inclusion of women in science advancements would lead to an unsustainable economy, a statement seen by newsmen read. “The U.S. Mission in Nigeria recognises the importance of women’s inclusion fo...
NIRSAL partners NASENI to create 110,000 jobs in agric sector
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has entered into partnership with the National Agency for Science and Engineering Infrastructure (NASENI) with a view to creating over 110,000 jobs in the nation’s agricultural value chain. NIRSAL said in a statement in Abuja Friday that the move is in “continuation of its mandate of providing end-to-end solutions aimed at fixing breakages along the Agricultural Value Chains (AVC) in Nigeria”. According to the statement, NIRSAL has engaged NASENI as its technical collaborative partner for the conceptualization, design, development, deployment, implementation and execution of various schemes/projects under the NIRSAL-NASENI Comprehensive Tractor Recovery Scheme, the NIRSAL Climate-Smart Modular Geo-Coopera...
Minister: PIB will address production sharing contracts issues on gas
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the Petroleum Industry Bill (PIB) currently before the National Assembly will resolve the issues under the Production Sharing Contracts (PSC) on gas. Sylva made this known at a National Assembly Public Hearing organised by the Joint Committee on Gas Resources, Petroleum Resources, Upstream and Downstream, on Monday, in Abuja. The hearing was on the topic: “Inclusion of Gas Terms in Production Sharing Contracts by the Nigerian National Petroleum Corporation (NNPC).” He said that issues on gas terms was not captured under the PSC especially with the commercial aspect. “Issues on gas terms was not captured in the PSC because at the time, the offshore was just a frontier territory, today, it is no longer frontier, it is a...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...