Two companies – Powergas Nigeria and European Technologies Africa- are coming together to develop an innovation that will see compressed natural gas (CNG) serve as an alternative to fuel in Nigeria’s haulage and mass-transit sector.
The special innovation (gas engines) makes it possible for buses and haulage trucks with CNG solutions to make use of gas. This will, among other benefits, put Nigeria’s abundant gas resource to greater use, even as C02 emissions on Nigerian roads are reduced. Millions of naira will also be realised in the process.
The partners had earlier met with stakeholders to introduce Clean and Environmentally Sustainable Transportation (CEST) programme, which will serve as the pilot phase of the initiative.
Speaking during the meeting introducing CEST, Powergas Africa’s Chairman, Deepak Khilmani had emphasised the innovative nature of the project, stating that it would transform Nigeria’s road transport system.
He decried the waste of natural gas in Nigeria which happens in the form of gas flaring, stating that there are currently about 178 gas flare sites in Nigeria. According to him, the volume of flared gas in Nigeria is enough to take care of the country’s energy needs. He, therefore, called on potential investors to join them as they work towards reforming the energy and transport sectors using a unique innovation.
Powergas believes in natural gas as a fuel that can be used to power a whole lot more at a much lower cost. Natural gas is a viable cleaner alternative fuel to PMS/AGO as it produces fewer emissions and the running cost of vehicles is around 30-40 percent less. -Khilmani
Recall that Powergas Nigeria and European Technologies Africa are not the only companies who are thinking in this direction of taking advantage of Nigeria’s abundant and wasted natural gas.
As we reported, Vitol is gearing up to monetise Nigeria’s flared gas even as it hopes to help Nigerian companies “switch fuel inputs, converting from diesel to trucked LNG or LPG.”
The company currently distributes liquefied petroleum gas (LPG) by truck.
Note that in order for the CEST programme to be successful, there is a need to strategically situate CNG filling stations across Nigeria.
House of Reps to make Youths globally competitive
House of Representatives is determined to make Youth globally competitive.
“Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.
Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.
COVID-19: Ogun orders full reopening of churches, mosques, hotels
Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.
The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.
This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.
Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.
According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.
He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.
“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”
COVID-19: Ogun orders full reopening of churches, mosque, hotels
Pleased with the drop of COVID-19 infections in Ogun State, @dabiodunMFR, has announced that all hotels, viewing centres, marquees, event centres, suites, guest houses, motels, and establishments providing…. pic.twitter.com/sMiUe3DUt5
— Ogun State Government – OGSG (@OGSG_Official) October 28, 2020
What you should know
Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.
He later announced the reopening of only worship centres and schools in August.
Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.
CBN reveals framework for the N75 billion Youth Investment Fund
The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.
The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.
This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.
The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
Objectives of the scheme:
Improve access to finance for youths and youth-owned enterprises for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.
Explore Data on the Nairametrics Research Website
The fund targets young people between the ages of 18 and 35 years.
Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.