Day: April 17, 2023

The Federal Government says the incoming administration in the country will have no difficulty administering the energy sector and positively guiding its future, based on the achievements of the current administration.

President Muhammadu Buhari said this on Monday at the Banquet Hall, Presidential Villa, while declaring open the Nigeria International Energy Summit (NIES) 2023, in Abuja.

Buhari, who highlighted the achievements of his administration in the energy sector, noted that he had documented them properly for the future.

He said this year’s edition of the summit was not only about the scorecard of his administration in the oil and gas but also about the incoming administration and to ensure that it made impact as quickly as possible.

“Our perspectives has provided the incoming government the tools to guide Nigerians energy future. I enjoin industry stakeholders to give the incoming administration the support and cooperation I received from you,” he said.

The President, who was represented by Mr Boss Mustapha, the Secretary to the Government of the Federation (SGF), said he achieved so much in the oil and gas sector which also benefited private establishments.

“We ensured there’s an adaptive framework for the indigenous companies to take advantage of the investment by the international oil companies.

“This has ensured that the indigenous companies grew there capacity tremendously and they are now considered for about five per cent of national oil and gas production which has led to an increase from two per cent in 2010.”

According to Buhari, energy is and will remain the top priority of this administration till his last day in office.

This, he said was the reason his administration paid close attention to all the reforms that took place in the sector which he noted was for the overall benefit of the economy.

“The first task we combatted is the issue of funding and sanitising the oil and gas sector; we then proceeded to exit the federal government from joint registrar cash go-funding.

“This freed the federal government from the shoes of funding the oil sector.

“The Petroleum Industry Act (PIA) remains our second biggest achievement in energy sector. For decades we are told that because of various vested interest it would be nearly impossible to pass the bill but we made it happen.

“You will all agree with me that it was simply transitional. We did not rest but swiftly moved to bestow existing agencies with new regulators.

“The Nigeria Upstream Petroleum Regulatory Commission, the Nigeria Midstream and Downstream Petroleum Regulatory Commission and the Nigerian National Petroleum Corporation (NNPC) were immediately transformed to Limited Liability Company .

“With a new brand and identity, it is becoming the most capitalised and the most profit producing company in Africa,” Buhari said.

Source: News Agency of Nigeria

The Nigerian National Petroleum Company Ltd. (NNPC Ltd) is deepening investments in the Ajaokuta-Abuja-Kano (AKK) gas pipeline and OB3 gas interconnector to support five billion standard cubic feet per day domestic gas utilisation.

Malam Mele Kyari, the Group Chief Executive, NNPC Ltd., made this known in Abuja on Monday at the opening of the sixth edition of the Nigeria International Energy Summit (NIES 2023).

Kyari explained that the company was investing heavily in critical infrastructure.

He added that it was also investing in five giga watts of power generating capacity by developing power plant projects along AKK pipeline corridor and across the country to complement the existing ones.

Kyari said that the company was also investing in five giga watts of power generating capacity by developing power plant projects along AKK pipeline corridor and across the country to complement the existing ones.

The News Agency of Nigeria (NAN) reports that the summit declared open by President Muhammadu Buhari, through Mr Boss Mustapha, Secretary to Government of the Federation.

NAN also reports that the theme of the summit: “Global Perspectives for a Sustainable Energy Future.”

Kyari was represented at the event by Mr Mohammed Ahmed, Executive Vice President, Gas, Power and New Energy, NNPC Ltd.

He said the company would continue to support the Federal Government toward the realisation of key initiatives such as the Decade of Gas and the National Gas Expansion Programme (NGEP).

These, he said, sought to deepen natural gas utilisation as an alternative transportation fuel, virtual gas supply to off-pipeline grid gas customers and gas utilisation as feedstock for the development of gas-based industries.

Kyari said this was evident in the definite actions taken to utilise Compressed Natural Gas and Liquefied Natural Gas (LNG) to power vehicles, buildings and power plants.

He said the world had recognised the need for ensuring sustainability in the energy landscape in line with the current realities.

Kyari added that as key players in the sector, its mandate of providing energy for Nigeria still remained a priority.

According to him, NNPC is poised to reliably deliver energy to its stakeholders through efficient utilisation of hydrocarbons and other new energy sources which the country was blessed with.

“Oil and gas remains a significant component of the global energy mix, therefore we are unlocking more opportunities across both the oil and gas value chain spanning from supply and infrastructure to the markets,” he said.

Speaking on the gas export market, he said the ongoing Nigeria Liquefied Natural Gas company Train Seven would expand Nigeria’s LNG production capacity to about 30 million tonnes per annum (30 MTPA).

This, he said, was in addition to the planned Nigerian Morocco and the Trans Sahara Gas Pipeline projects which would supply gas to sub-regional African countries and subsequently Europe.

“In addition to our existing upstream activities, we are also deepening exploration activities of the nation’s frontier Basins using the best industry standards and technologies which is already yielding results such as the Kolmani discovery.

“And we are hopeful that the recent spud-in of the EBENYI – A in Nasarawa State will yield positive result as well.

“NNPC will continue to leverage partnerships with the industry, government, research institutions and the academia to ensure energy security and sustainability,” he said.

Source: News Agency of Nigeria

Development stakeholders in Enugu have expressed optimism for a quantum leap in the state’s economy in the first two years of the governor-elect, Mr Peter Mbah.

The News Agency of Nigeria (NAN) reports that Mbah and his deputy governor-elect, Ifeanyi Ossai, will be inaugurated as helmsmen of the Coal City following their victory in the March 18, 2023 governorship polls in the state.

The stakeholders expressed the optimism in separate interviews with NAN on Monday in Abuja.

The Director-General, Peter Mbah Support Group (PMSG), Chief Emeka Ogbu-Nwobodo, expressed optimisim of a prosperous economy from May 29.

Ogbu-Nwobodo told NAN that he relied heavily on Mbah’s manifesto to grow the Gross Domestic Product (GDP) of the state from $4.4 billion in 2022 to $30 billion by 2031.

“This is a very ambitious mission statement. It is indeed desirable to return Enugu state to its post independence era growth and retain it as the investment destination of Eastern Nigeria.

“Peter Mbah is capable of raising the bar in two years.

“He has demonstrated this in his Pinnacle Oil prior to his emergence as the governor-elect,” he said.

The director-general said it was thoughtful of the incoming governor to propose targeted policy incentives for public-private sector investments in key growth enabling sectors.

Ogbu-Nwobodo listed the sectors as: energy and natural resources development; agro-allied industrialisation and rural development; private sector development and integrated productive infrastructure development.

Chief Jude Aninta, the Abuja Coordinator of the group, said they looked forward for a prosperous Enugu economy from May 29.

Aninta told NAN that the incoming administration would surprise the citizens with “systematic, sustained and forward looking aproach”, to the development of the state.

“I am excited by the governor-elect’s plans in commerce and industry with focus on thriving Special Economic Zones to accelerate Micro, Small and Medium-sized Enterprises (MSMEs) development.”

Aninta said that Mbah’s promise to partner venture capital firms to create over N100 billion venture capital for MSME’s per annum would help turn around the state’s economy in the shortest time possible.

Also, a development expert, Mr John-Kennedy Chime, noted that the governor-elect had set a target of providing portable water to inhabitants of the capital city in his first 100 days and construction/expansion of 10,000 kilometres of road across the state.

Chime also expressed optimisim that Mbah and his team would drive the administration’s urban renewal, roads and bridges, public transportation, creative industry, tourism and ICT initiatives as spelt out in the mission statement.

“I want to see a lot of developments in the rural areas in order to harness the agro-potential of our state and give the rural dwellers a real sense of belonging.

“Mbah has promised to apply modern technologies to provide security, job creation for the teeming youth, massive improvement of education; healthcare delivery, women and sports.

“Enugu people will derive the joy from their Mbah/Ossai choice.

“We do not expect less and I am sure that the incoming Mbah administration will be unique and break many new grounds,” Chime added.

Chief Emeka Aba, an industrialist and astute businessman, said the likes of Peter Mbah were not easily found.

Aba noted that Mbah’s humility, discipline, foresightedness, industry, business acumen, integrity and spirit of accommodation would be deployed to governance to uplift the standard of living of Enugu people.

He urged other stakeholders in the Enugu to sink their differences and partner the new administration to bridge the infrastructure deficit of the state.

“Today it is Mbah. It could be you tomorrow,” Aba added.

Source: News Agency of Nigeria