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Business

NCDMB says Nigerian Oil and Gas Park will be completed in Q4 of 2022

NCDMB boss has revealed that the Nigerian Oil and Gas Park at Emeyal 1 in Bayelsa, would be completed in the 4th quarter of 2022.

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Implementation of oil and gas policy saves $9 billion annually – NCDMB

Engr. Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), has revealed that the Nigerian Oil and Gas Park would be completed in the 4th quarter of 2022.

The ES who made this statement while inspecting the construction work at the project site disclosed that his assessment tour would be followed up by a planned tour of the Board’s major projects by the Minister of State for Petroleum Resources, Chief Timipre Sylva.

According to him, the Minister during his tour will inspect the board’s oil and gas park projects at Emeyal 1 and Odukpani in Cross River State, as well as the Composite Gas Cylinder Manufacturing facility at Polaku.

READ: NCDMB launches LPG Composite Cylinder Manufacturing plant in Bayelsa

In his statement, he lauded the efforts of the contractors, saying the progress made by the contractors in a short period of time, compared favourably with similar jobs across Nigeria.

He noted that this impressive attitude to work by the Nigerian contractors is the major reason why the Board was always acting in accordance with its guidelines on the patronage of local service companies.

The NCDMB boss noted that the park will create a low-cost manufacturing hub that will produce equipment components and spare parts to be utilized in the nation’s oil and gas industry.

READ: Seplat raises $260 million to complete ANOH project

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What they are saying

Engr. Wabote in his statement said: “We did the groundbreaking ceremony in 2018 and we were practically inside the water; but today, we are seeing structures coming up. We still have a long way to go because most of the buildings are getting to the finishing stages while some are just starting. We believe that we will complete this project by Q4, 2022.”

Wabote, who also spoke about the benefits of the park scheme to the nation’s economy disclosed that upon completion, the project would curb the importation of finished petroleum products.

READ: Indigenous oil firm institutes legal action against NCDMB and others

He said, “The facility will stimulate the manufacturing of oil and gas components in the country, this move will reverse the current trend whereby the sector depended on importation for most of its finished products.

Speaking about the socio-economic benefit of the park, he said,“It will also enhance our capacity and bring about technological innovations because most of those manufacturing will be done here. For the community, it will create a lot of jobs and there will be a spin-off effect on other economic activities. The benefits are enormous.”

READ: FG approves $2 billion for first phase of $4.6 billion Ibom Deep Seaport

What you should know

  • The Executive Secretary of NCDMB stated that the Nigerian Oil and Gas Park project started with a groundbreaking ceremony on April 27, 2018.
  • The project at press time is about 68 percent complete. Four major structures are near completion while foundation work has commenced on some buildings and parts of the project.
  • In a bid to ensure a stable power supply for companies that would be set up in the park, the Board has also built a 10megawatts gas plant to guaranty power to the site. Aside from this, the company is also committed to building a water treatment plant, sewage systems and piping network for water.

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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    Business

    Lagos says Lake rice will soon be back in the market

    The Lagos State Commissioner for Agriculture blamed flooding and the COVID-19 pandemic for the disappearance of Lake rice from the market.

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    CBN campaigns for Made-in-Nigeria products Lake rice

    The Lagos State Government has said that Lake rice, which is a collaboration between the Lagos State and Kebbi State Governments, is still in existence and will soon be back in the market on a big scale.

    This follows the sudden disappearance of the Lake rice due to the disruption caused by the Covid-19 pandemic and last year’s devastating flooding, which wreaked havoc on rice plantations in Kebbi and other northern states.

    This disclosure was made by the Lagos State Commissioner for Agriculture, Ms Abisola Olusanya, during a ministerial briefing to commemorate the second year in office of Governor Babajide Sanwo-Olu, admitting that 3 years of seamless record of providing the rice for Lagosians was broken last year, as the brand disappeared from the market.

    What the Lagos State Commissioner for Agriculture is saying

    Olusanya in her statement said, “It is not that Lake rice is missing to the extent that it will not surface again. Lake rice is still in existence. I think we need to go back to a lot of things that happened last year. Lake rice was available last year in January and February, COVID-19 hit us in March and subsequently, we had issues around flooding, particularly in Kebbi.

    The impact of the flooding was grave on rice farms in the state. So, it is not so much about why it is not available, it is a function of why in the producing state there were so much issues of production and supply, for them to process and send to us,” she said.

    The commissioner further stated, “Kebbi is the number one producer of rice in Nigeria, so it only makes sense for Lagos to partner with the state to get processed rice.

    But part of the agreement also is that if Lagos State is setting up its own rice mill, the agreement is going to shift from receiving processed rice to receiving paddy rice for us to process in our mill. So, it’s not that the partnership has been terminated.

    She announced that once the state mill in Imota, Ikorodu is completed, the state would have its own brand adding that the 32 Metric tonnes per hour capacity integrated rice mill under construction is the biggest in Nigeria and in West Africa and at full capacity is capable of producing approximately 2.4 million (50kg) bags of rice for the over 22 million people in the state and for Nigerians as a whole.

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    Olusanya said that the mill will further create employment of approximately 267,580 jobs in the state at different stages of the value chain, reduce the cost of rice locally, enhance food self-sufficiency and revenue generation in the state and the country at large, as well as, ensure a sustainable supply of wholesome rice at an affordable price to the people in Lagos and its environs.

    What you should know

    The Lagos-Kebbi Rice christened Lake rice stemmed from the collaboration between Lagos and Kebbi State Governments and was launched at the Lagos House, Ikeja, Lagos on December 21, 2016, by the former Lagos State Governor, Mr Akinwunmi Ambode and his Kebbi State counterpart, Alhaji Atiku Bagudu.

    The partnership which culminated in the launch was not only designed to ensure food security but also to showcase Nigeria’s ability to become a rice-producing nation. The partnership was also part of initiatives aimed at helping Lagos State succeed in its goal of achieving 40% food security and self-sufficiency status by the year 2023 in addition to being less dependent on other states for food production.

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    Business

    CBN, others move to stop rejection of Nigerian crops by other countries

    CBN, government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

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    MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

    The Central Bank of Nigeria (CBN) in collaboration with the International Institute of Tropical Agriculture (IITA), government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

    This follows the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock which is expected to help achieve zero rejection of commodities exported from Nigeria.

    This disclosure is contained in a communique issued at the end of a one-day workshop organised in Abuja by Harvest Field Industries Limited and IITA, aimed at sharing results of aflatoxin levels in maize sampled nationwide under the CBN Anchor Borrowers Programme 2020 Wet Season Project.

    The workshop’s theme was ‘Scaling Solutions to Control Aflatoxin in Nigeria’s Crop Value Chain: The test results under the CBN Anchor Borrowers Programme 2020 Wet Season Project.’

    What the CBN, IITA, Others are saying

    The communique partly reads, “Also, it (the workshop) is to prompt concerted efforts towards the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock as required by global food quality standards.

    “Reduced aflatoxin prevalence will contribute tremendously towards achieving zero rejection of our export commodities and ensure food safety in Nigeria.”

    Other participants at the workshop apart from CBN, IITA and Harvest Field, included the Federal Ministry of Agriculture and Rural Development, the National Agency for Food and Drug Administration and Control, and the Standards Organisation of Nigeria.

    The list of participants in the workshop also includes the Federal Competition and Consumer Protection Commission, the Federal Ministry of Health, Value Seeds Limited, Maize Association of Nigeria, National Groundnut Producers Processors and Marketers Association of Nigeria, among others.

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    During the technical session, participants at the workshop recommended that the inter-ministerial committee on aflatoxin regulation and enforcement of food safety laws in Nigeria should be revived in addition to calls for the enactment of technical policy regulating the testing and enforcement of allowable aflatoxin limits in food and feed processing and distribution industries, among others.

    What you should know

    Aflatoxins are harmful toxins produced by certain fungi that are found on agricultural crops such as maize (corn), peanuts, cottonseed, and tree nuts. Their presence on some grains grown in Nigeria has prompted the rejection of these agro-products in the international market.

    In a bid to diversify the economy and ensure food security in the country, the federal government through the CBN and other government agencies and ministries have introduced various policies and measures to increase productivity in the agricultural sector, which is arguably the largest employer of labour in the country.

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