There are more than $48 billion worth of investment opportunities in Nigeria’s oil and gas sector, according to the Nigerian National petroleum Commission, NNPC. And it wants foreign investors to take advantage of those opportunities.
Speaking during the 2019 International Petroleum Week in London, the NNPC’s Group Managing Director, Mr Maikanti Baru, lamented that the many exploration opportunities in Nigeria are currently being undertapped.
The country’s offshore oil and gas discoveries are being explored at a limit of between 1000-1500 metres of debth, he said. In other words, the ability to dig deeper underwater would reveal much more crude and gas that could be tapped.
Meanwhile, Mr Baru disclossed that the NNPC’s Frontier Exploration Service, which is drillling the Komani River 2 Well at the moment, is expected to find as much as 400Bcf of gas.
But beyond that, there is need to test the ultra-deep water depth. And this is why foreign investors are needed to come in and play, the GMD said.
“Beyond these water depths, the new frontiers of the ultra deep waters need to be tested. And that is where we need the investors.”
Adressing the problems
According to Mr Baru, solving the problems plaguing the Nigerian oil and gas industry are necessary prerequisites towards ensuring that it achieves its full potnetials.
Some of these problems range from regulatory uncertainties, to infrastructural deficits, shortage of skilled manpower, absensce of transparency and accountability, etc.
However, Mr Baru stated that the oil and gas industry’s outlook was looking positive despite these challenges.
He said there has been a considerable increase in the capital expenditure (CAPEX) of Africa’s oil and gas sector, even as $194 billion has been earnmarked to be spent on 93 new oil and gas fields on the continent between 2018 and 2025.
“Out of this $194 billion, Nigeria accounts for $48.04 billion (over 24.8%) of the total CAPEX coming into upcoming projects in Africa over 2018 to 2025, with over 20 planned projects.”
Ministry of Health approves COVID-19 protocols for aviation sector, as airports prepare to resume
Flight attendants would be required to undergo mandatory COVID-19 test every fortnight, at the expense of their employers.
Flight crew members will now be required to wear Personal Protective Equipment (PPE) and observe Infection, Prevention and Control (IPC) measures for the duration of their flights.
They would also be required to undergo mandatory COVID-19 test every fortnight, at the expense of their employers.
This is part of the mandatory COVID-19 protocols approved by the Federal Ministry of Health for the aviation industry, as the Nigeria Civil Aviation Authority (NCAA) prepares to gradually ease the lockdown on its operations on June 7.
NCAA Director-General, Captain Musa Nuhu, stated this at a virtual event organised by the Aviation Safety Round Table Initiative (ART) titled COVID-19: The Challenges and Opportunity for Nigeria’s Aviation Value Chain, During and Post.
According to Nuhu who sent letters to airline operators, airports, and other service providers, these new protocols override existing practices where the international flight crew members are quarantined for 14 days upon their return to Nigeria.
In addition, the airlines must also conduct orientation and sensitisation of their crew on Infection, Prevention and Control (IPC) measures, in addition to having adequate stock of PPE, minimum 70% alcohol-based hand sanitizers, and Universal Precaution Kits (UPK) on board every aircraft.
The letter reads; “Onboard the flight crew will request passengers wash their hands after using the lavatory, apply disinfectant spray in lavatory every 60 minutes during the flight and maintain a safe distance between passengers and themselves; avoid direct physical contact and serve only pre-packed meals to passengers.
“Flight deck crew must wear non-medical face masks and gloves but can remove face masks when the cockpit door is closed. They must also ensure safe removal of gloves after performing specific tasks and avoid touching their face and eyes with unclean hands.”
The new protocols according to Nuhu, are a result of a proposal earlier sent by the NCAA to the Ministry of Aviation for approval.
Recall that on March 13, President Muhammadu Buhari had announced a shutdown of airport operations for one month. The shutdown was initially extended by two weeks and then later extended by four weeks; all part of measures to contain the COVID-19 pandemic.
The decision to commence flights at the airports on June 7, according to the NCAA, is to avoid chocking the “system”.
The airports where operations will commence are the Murtala Mohammed Airport, Ikeja; Nnamdi Azikiwe Airport, Abuja; Aminu Kano Airport, Kano and the Port Harcourt Airport, Choba, Rivers State.
“We may resume domestic operations with four or five airports and we hope to expand as we get better. We don’t want to rush everything at the same time and get it choked up,” he said.
On the issue of physical distancing…
The issue of a 2 metre physical distance has, however, not been concluded in the newly approved protocols, as the NCAA has stated that airlines may not be able to adhere to it.
“Every money is important and we cannot achieve the two-meter physical distance. We are hopeful in the next few days we can resolve those issues and allow the airlines to commence operations,” he said.
In his presentation, Air Peace Chairman, Mr Allen Onyema, also disagreed with plans to leave the middle seats of aircraft free as that could further affect the revenue of the airlines.
He suggested instead that the government provide intervention for local carriers to enable them retain their workers as the pandemic has bored a deep hole in their pockets.
“We should be asking the government for specific things that would help retain jobs. Job retention should be first and foremost. These people’s livelihood are endangered and we must do everything possible to keep their jobs.”
Job listings spike up by 183% in April –Jobberman
Jobberman released figures showing a 183% increase in job listings on its platform in April 2020, thanks to its #UnityInAdversity campaign.
Notable job placement website, Jobberman, has released figures showing that there was a 183% increase in job listings on its platform in the month of April 2020.
This increase, according to Jobberman, is a result of the #UnityInAdversity campaign which allowed companies to post job listings and access Jobberman’s database of over 2.2 million professionals across Nigeria for free, rather than paying the usual fees. This was the company’s way of showing support to businesses and individuals, amid the economic challenges which resulted from the COVID-19 pandemic.
According to the release from Jobberman, this campaign came at a cost to the company since it was trading off its revenue by offering for free, the same services which formed its major source of income.
“At the beginning of March, Jobberman Nigeria saw a 70 percent decrease in job listings due to the reduced economic activity caused by the enforced lockdown and many companies shutting down recruitment budgets to cut costs. Jobseeker sign-ups also decreased by 17 percent. Jobberman took the bold step to put employers’ and job seekers’ needs first” the statement read.
The campaign, which is billed to run till June 30, has paid off greatly as data for April’s job listings alone was more than that of the entire Q1 2020 period. See a breakdown of the job listings below:
- Almost a fifth of the positions (18.79%) were listed in the tech sector
- Banking, finance, and insurance accounted for 9.27%
- Education and training had 6.78 percent
- IT & Software positions accounted for 11.69%
- Sales had 13.32%.
Note that with the increase in job listings, job seeker sign-ups also increased by 39% in April alone.
Speaking about the campaign, the CEO of Jobberman Nigeria, Hilda Kragha said, “The COVID-19 pandemic has made the process of connecting talent to opportunities more complicated and we are fully aware of the strain businesses and individuals in Nigeria are facing. We plan to be here for the next 10 years so making this small sacrifice to help our users navigate these difficult times is something that we think is definitely worth doing”.
Kragha also noted that the campaign has encouraged healthy competition as candidates strive to show themselves qualified for the position.
“We have found that soft skills such as emotional intelligence, business etiquette, time management, which are often overlooked and underestimated in Nigeria, can make a big difference. We know the power of soft skills and we are committed to empowering individuals with the training and soft skills they need to succeed in the workplace” she explained further.
Sequel to this, the company also launched a free soft skills training programme to help job seekers (between age 18 and 30 years) acquire the needed soft skills and better their chances of gaining employment.
Gold prices rise, as President Trump decides on China today
Gold prices jumped on Friday as China and America’s drift deepened over further moves by China to impose security laws on Hong Kong
Gold prices jumped on Friday as China and America’s drift deepened over further moves by China to impose security laws on Hong Kong, lifting the allure of safe havens amid market uncertainties.
U.S. President Donald Trump’s top economic adviser cautioned the Chinese lately that Hong Kong, which has enjoyed special privileges, may now be treated like China when it comes to financial matters and trade.
Trump, who had earlier vowed a tough action on China, will hold a news conference today to announce what measures his administration will take.
Spot gold gained about 0.1% at $1,719.63 per ounce, and U.S. gold futures rose 0.4% to $1,734.60.
The friendship between the Americans and Chinese had weakened, since the outbreak of the Covid-19 pandemic.
President Trump and President Jinping of China have accused each other as a result of issues surrounding the COVID-19 pandemic.
Why do Investors buy Gold? Global Investors most often buy the safe-haven asset in times of uncertainty and use it to hedge against cash (inflationary macros).
“The possible U.S. response could range from a tearing up of the Phase 1 trade deal and fresh tariffs on China, to milder travel or financial sanctions on Chinese officials,” said Shane Oliver, chief economist at Australian wealth manager AMP to Reuters News.
“It is seen as a major threat to the rally we’ve had and the recovery,” “If it’s at the relatively mild end, then I don’t think it would derail the recovery bull market, but if it’s at the more extreme end with tariffs and harsh treatment of Hong Kong, then I think it gets more problematic,” Oliver added.