Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

Nigeria’s global gas flaring profile drops by 40% over 20 years  

Increased processing and exportation of Liquefied Natural Gas (LNG) dropped Nigeria’s global gas flaring profile by 40% in 20 years.  

Published

on

Gas flaring

Increased processing and exportation of Liquefied Natural Gas (LNG) dropped Nigeria’s global gas flaring profile by 40% in 20 years.

According to Vanguard, the Managing Director, Nigeria LNG Limited, Mr Tony Attah, in his keynote address at the Nigeria LPGA and LPG Summit in Lagos, disclosed that the activities of the Nigeria LNG Ltd had improved gas flaring. He added that the company’s focus was to ensure that Nigeria didn’t miss out on opportunities to improve economic growth

Our operation has helped to reduce about four trillion cubic feet of previously flared natural gas, thereby improving Nigeria’s gas flaring profile from about 65% in 1999 to less than 25% today. Our focus is to ensure that Nigeria does not miss out on the opportunities for more economic growth, and for a more central role in the global energy supply field,” Tony Attah said.

Nigeria’s global gas flaring profile drops by 40% over 20 years  

Meanwhile, the NLNG stated that it was set to make final investment decisions on the Train 7 expansion project which would enable increase the company’s production capacity by 35% from 22 million tonnes per annum to 30 million tonnes per annum. The train 7 project is expected to create employment opportunities, attract foreign direct investment and contribute significantly to the country’s GDP.

To this end, Nigeria LNG is set to take final investment decision, FID, to increase its production capacity through its Train 7 expansion project. Actualisation of Train 7 will re-assure the world that Nigeria LNG is a leading and reliable supplier of LNG, with the increase of our production capacity by 35% from 22 million tonnes per annum, MTPA, to 30 MTPA. The increase will further boost the country’s GDP significantly.

(READ MORE: FG to cut huge energy cost through gas commercialisation initiative)

“The Train 7 project will bring immense benefits, including immediate employment opportunities for more than 10,000 Nigerians, and will attract foreign direct investment, FDI, of about $25 billion to the country,” said Tony Attah.

However, when the Train 7 project comes on stream, it is expected to further culminate into reduction of gas flaring in the country.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hospitality & Travel

FG discusses nation’s carrier, Nigeria Air with US Ambassador

The FG has held a discussion with the US government over the establishment of a national carrier for Nigeria.

Published

on

Just in: FG bars Air France, KLM and other foreign airlines, FG to spend N13 billion for automation projects in 4 airports, domestic flights, international passengers, Coronavirus: FG enforces immediate screening of travellers at airports with new directive

The federal government has held a discussion with the government of the United States of America over the establishment of a national carrier for Nigeria.

This was disclosed by the Minister of Aviation, Hadi Sirika via his Twitter handle after he held a discussion with the Ambassador at the United States Embassy in Abuja.

He tweeted, “We took the opportunity to discuss investments and opportunities in the aviation sector, including national carrier. The partnership looks promising. USA is the only country we have open skies with. Thanks, Ambassador Mary and the team.”

What you should know

In July 2018, the Federal Government unveiled the branding and livery for the new airline, Nigeria Air, and stated that the carrier would be inaugurated at the end of that year.

Sirika unveiled the carrier at a press conference during the Farnborough Air Show in London that year.

“I am very pleased to tell you that we are finally on track to launching a new national flag carrier for our country, Nigeria Air. We are all fully committed to fulfilling the campaign promise made by our President, Muhammadu Buhari, in 2015. We are aiming to launch Nigeria Air by the end of this year,” the minister had said.

He also stated that the government had obtained the Certificate of Compliance from the Nigerian Infrastructure Concession Regulatory Commission and would go into investor search.

Hotflex
Continue Reading

Economy & Politics

SERAP asks Buhari to probe N39.5 billion duplicated, mysterious projects

SERAP has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.

Published

on

See what FSDH is saying about the 2020 budget and FG’s revenue drive , 2020 budget

Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.

This is to know if public funds have been diverted in the guise of implementing the projects and prosecute those allegedly involved including those from the executive and the National Assembly.

The request from SERAP follows a report from BudgiT last week, where they alleged that there are 316 duplicated capital projects worth N139.5 billion in the 2021 budget.

This disclosure is contained in a public statement issued by SERAP on Sunday, May 9, 2021, and can be seen on its website.

SERAP said that the investigation of the alleged duplicated and mysterious projects, which are part of the 2021 appropriation bill of N13.588 trillion, should establish whether public funds have been mismanaged, diverted or stolen in the guise of implementing these projects.

What SERAP is saying in its letter

In the letter dated 8th May 2021 and signed by SERAP, Deputy Director, Kolawole Oluwadare said: “The misallocation of public funds for duplicated and mysterious projects has seriously undermined the ability of the indicted MDAs, and the government to ensure respect for Nigerians’ human rights through developing and implementing well-thought-out policies, plans, and budgets.”

The letter from SERAP partly reads, “BudgIT had in a report last week stated that there are 316 duplicated capital projects worth N39.5 billion in the 2021 budget. The duplicated and mysterious projects are contained in the 2021 appropriation bill of N13.588 trillion signed into law in December 2020.”

These damning revelations suggest a grave violation of the public trust, and Nigerians’ rights to education, health, water, sanitation, and clean and satisfactory environment because the indicted MDAs have misallocated public funds at the expense of the people’s access to basic public services, and enjoyment of rights.”

Hotflex

SERAP urges you to ask the heads of the MDAs involved to explain why they allegedly failed to ensure strict compliance with constitutional and international standards of transparency and accountability in the preparation, processes and decisions on their budgets, and to return any misallocated public funds to the public treasury.”

Investigating and prosecuting any allegations of mismanagement, diversion and stealing of public funds budgeted for the 316 duplicated and mysterious projects would allow your government to use the budget to effectively promote Nigerians’ access to essential public goods and services.

Publishing the ‘implementation status’ of the duplicated and mysterious projects would allow Nigerians to hold their government to account in the spending of public funds. This is particularly true for marginalized and excluded groups, such as people living in poverty, women, children, and persons with disabilities, as the budget has a disproportionate impact on their welfare.”

We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.” 

SERAP also urges you to direct Mrs Zainab Ahmed, Minister of Finance Budget and National Planning to publish full details of current ‘implementation status’ of the duplicated and mysterious projects, and any spending on the projects to date, including the 115 projects inserted in the budget of the Ministry of Health; the 23 projects inserted in the budget of the Ministry of Education, and 10 projects inserted in the budget of the Ministry of Water Resources.

The following ministries are reportedly involved in the duplicated and mysterious projects: Ministry of Health with 115 projects; Ministry of Information and Culture with 40 projects; Ministry of Agriculture and Rural Development with 25 projects; Ministry of Education with 23 projects; Ministry of Transportation with 17 projects; and Ministry of Science and Technology with 17 projects.”

Others are the Ministry of Environment with 13 projects; Ministry of Power with 11 projects; Ministry of Labour and Employment with 11 projects, and Ministry of Water Resources with 10 projects.”

Jaiz bank

The letter was copied to Mr Malami; Professor Bolaji Owasanoye, Chairman Independent Corrupt Practices and Other Related Offences Commission (ICPC); Mr Abdulrasheed Bawa, Chairman, Economic and Financial Crimes Commission (EFCC); and Mrs Ahmed, the Finance Minister.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.