Connect with us
nairametrics

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.

GTBank 728 x 90

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.

Coronation ads

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.

Corporate Press Releases

elev8 launches new Nigeria Academy, to host event series on Nigeria’s digital future

The event will bring together experts in business, digital technology and economic development to amplify Nigeria’s digital dialogue.

Published

on

Global technology training company elev8 is delighted to announce the launch of its new academy in Lagos with a series of online events focused on digital transformation in Nigeria.

The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future is an opportunity for business leaders to participate in Nigeria’s digital dialogue with industry experts, technology trailblazers and government leaders.

C-suite executives and digital leaders across the country are invited to join elev8 for a special series of events exploring the impact of new technologies and digitalization, as well as the potential risks to economic growth, such as Covid-19.

Digital enablement is increasingly becoming a hot topic for global businesses. In the next few years, the digital economy is projected to be responsible for a quarter of global GDP.

Across the world, businesses are accelerating digital adoption to establish a competitive edge, drive growth and ensure efficiency. For Nigeria to compete on the world stage, investment in new technologies and skills is essential in supporting a transition to a knowledge-based economy.

GTBank 728 x 90

Digital Event: The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future

30 November – 3 December

The event will commence with the release of a cutting-edge research report on November 30. Produced in conjunction with BusinessDay Research and Intelligence Unit.

Coronation ads

The report examines the impact of digital transformation on Nigeria’s economic growth over the next three years.

On December 1, participants will gain valuable insight on the digital strategies and tactics deployed by leading market players in an exclusive masterclass, Digitize or Die, hosted by award-winning technology and digital innovator, Sabine VanderLinden.

The event will close on Thursday, December 3 with a live digital dialogue, featuring an expert panel of digital specialists, government figures, and business leaders, looking at the ways that digitization will impact Nigeria’s economic development.

To find out more, or register for the event, please visit: www.elev8me.com/nigeria20

Jaiz bank ads
Continue Reading

Companies

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020. 

Published

on

ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020. 

This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.

The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year. 

(READ MORE: SEC reinstates DEAP Capital’s Board)

The key highlights of the recent notification include:

GTBank 728 x 90
  • Annual General Meeting Date: 21st December 2020 
  • AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria 
  • Proposed Distribution: ₦10/unit  
  • Qualification Date: 9th December 2020  
  • Closure of Register Date: 10th December 2020  
  • Payment Date: 23rd December 2020 

What you should know 

  •  The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE. 
  • The Value Fund for the year ended June 30, 2020 achieved growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.

Continue Reading

Economy & Politics

Nigeria generates N416.01 billion from Company Income Tax in Q3 2020

Total company income tax generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in Q2 2020.

Published

on

Avoid paying taxes, Nigeria generates N416.01 billion from Company Income Tax in Q3 2020

Nigeria generated the sum of N416.01 billion from Company Income Tax (CIT) in the third quarter of 2020. This was revealed in the Company Income Tax by Sectors report, recently released by the National Bureau of Statistics (NBS).

According to the report, the total CIT generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in the previous quarter (Q2 2020). It reduced by 20.13% compared to N520.89 billion recorded in the corresponding quarter (Q3) of 2019.

READ: Nigeria’s Value Added Tax collection dips slightly in Q1 2019

READ: VAT revenue may have hit 4 year high in 2018

Highlights

GTBank 728 x 90
  • Company income tax generated year-to-date sums up to N1.11 trillion as against N1.26 trillion in the comparable period of 2019.
  • Professional Services including Telecoms generated the highest amount of CIT with N55.52 billion generated, closely followed by Other Manufacturing with N42.03 billion.
  • Banks & Financial Institutions generated a sum of N24.05 billion.
  • Mining generated the least, closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million, and N321.72 million generated respectively.

READ: FBN Holdings Plc posts Profit of N21.9 billion in Q3 2020

Out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally, while N70.34 billion was generated as foreign CIT payment. The balance of N100.97 billion was generated as income taxes from other payments.

Automobiles and Assemblies grows CIT by 994%

Coronation ads

In terms of sectors with the highest increase in company income tax remittances, the Automobiles and Assemblies sector grew its CIT by 994%, from N81.6 million in Q2 2020 to N892.7 million. It was closely followed by the Gas sector, which grew its CIT by 626% to stand at N4.76 billion from N655.5 million.

READ: FG rejects calls for tax reduction, offers tax relief for donors to intervention funds

On the flip side, transport and haulage services recorded the highest decline in company income tax, as it reduced by 76% to stand at N7.35 billion from N31.1 billion. This is closely followed by Banks and financial institutions, which declined by 51% to stand at N24.1 billion.

READ: Unity Bank Plc posts gross earnings of N11.04 billion in Q3 2020

Jaiz bank ads

Bottom line

Stanbic IBTC

The rise in company income tax is an indication of the Nigerian government’s move to improve the generation of revenue from the fiscal side as against oil exportation. However, the halt in economic activities due to the COVID-19 pandemic contributed to the year-on-year decline in company income tax.

Continue Reading