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Business News

#FuelPriceHike: IPMAN urges FG to deregulate industry

IPMAN has urged the Federal Government to fully deregulate Nigeria’s downstream oil and gas sector.

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Petrol: Fuel marketers call for increase in margins 
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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to fully deregulate Nigeria’s downstream oil and gas sector to make it competitive for independent marketers and to also bring stability to prices nationwide.

This was disclosed by Alhaji Danladi Pasali, IPMAN’s National Secretary in an interview on Friday in Abuja.

The IPMAN boss suggested that full deregulation would bring more competitiveness to the space and even cause a price reduction due to stability and market demand.

READ: #Fuelpricehike: PPPRA bows to pressure, deletes template for new pump price

He also disclosed that the association urged members to sell at N162 price range and that rumours of selling above N200 are untrue

“We want competition in the business, it will help us explore,” Pasalai said.

READ: Dangote tells FG to allow only refinery license holders to import petrol

What you should know 

  • Nairametrics reported that the Petroleum Products Pricing Regulatory Agency, (PPPRA) bowed to pressure after deleting an earlier published template announcing that the new price of petrol has reached N212.6 per litre.
  • PPPRA in a  press release clarified that its publication of monthly template does not amount to increasing the price of petroleum products, as it does not fix the price of Premium Motor Spirit, otherwise known as petrol.

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    Business

    Lagos agricultural sector to generate $10 billion in the next 5 years

    The agricultural sector in Lagos state is projected to generate as much as $10 billion within the next 5 years.

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    Lagos, Sanwo-Olu, Businesses that must remain closed after May 4
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    The Lagos State Governor, Mr Babajide Sanwo-Olu, has projected that the agricultural sector in the state could generate as much as $10 billion within the next 5 years.

    This is as the governor noted that Lagos could no longer afford to rely exclusively on other states for its food, adding that it was time to unlock its immeasurable agricultural potential through the implementation of the 5-year roadmap.

    This disclosure was made by the Governor at the formal launch of the state’s 5-year Agricultural and Food Systems Roadmap, on Thursday, adding that most of the investments would be private sector-driven while the government acts as the catalyst and enabler.

    Governor Sanwo-Olu opined that the Roadmap would also lead to wealth generation, value creation, food security, the industrialisation of the agricultural sector and the entrenchment of inclusive socio-economic development of the state.

    He said that the roadmap essentially focuses on 3 pillars, which are: growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of private sector participation.

    What the Lagos State Governor is saying

    Sanwo-Olu, in his words, said, “Our strategies for sustainable Agricultural Development shall focus on three pillars. First, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains; Focus on growing the midstream and downstream sectors that are of value and lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”

    The projection is that the total investment in the Agricultural Sector from the government, private sector, donor agencies and development partners will run into over $10 billion in the next five years. While we expect most of the investment to be private sector-driven, the government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.’

    The governor pointed out that the state had already started the revamping of its Agricultural Land Holding Authority (ALHA) to support investment in agriculture, giving assurance that the coconut belt would also be strengthened with increased private sector involvement.

    Sanwo-Olu listed some State’s landmark investments that will aid smooth delivery of the Roadmap to include the Lagos State Aquatic Centre of Excellence (LACE) that would boost fish production from 20% to 80%, the Imota Rice Mill, the Lagos Food Production Centre Avia, Igborosu-Badagry as well as other statewide agriculture-focused initiatives.

    SSKOHN

    He said, “I am greatly encouraged by the interest already generated in the Five-Year Agricultural Roadmap and I hope it will be sustained and backed with concrete action on the part of our development partners and the international community. I assure you that the Lagos State Government is putting in place deliberate incentives to make your investment safe, secure and profitable.’

    Sanwo-Olu, therefore, urged potential and established stakeholders in the agricultural sector to partner with the state in order to transform the agricultural sector for food security, wealth generation, poverty eradication, economic diversification, rapid industrialisation and accelerated socio-economic growth.

    Bottom line

    This is a very laudable initiative from the Lagos State Government especially at a time the country is looking at diversifying its economy. The successful implementation of this programme with the expected benefits from the value chain will contribute significantly to the economic development of the state and the country in general.

    Stanbic 728 x 90

    The investment in the transformation of agriculture to agribusiness is one way of achieving the dream of attaining self-sufficiency in food production and creating more wealth.

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    Business News

    NNPC, SEEPCO sign gas development agreement for domestic market

    The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

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    The Nigerian National Petroleum Corporation (NNPC) and an indigenous oil exploration and production firm, Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement (GDA).

    The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

    According to a tweet post from NNPC on their official Twitter handle, the agreement between both parties was signed at NNPC’s head office, NNPC towers, on Thursday, April 22, 2021.

    The statement says that this latest milestone provides the terms for the development of OML 143 Gas, providing gas for the domestic market which aligns perfectly with the Federal Government’s National Gas Expansion Programme (NGEP).

    What this means

    The execution of this project will not only help to support the Federal Government’s effort in reducing gas flaring by monetizing it but will also play its part in the government’s effort in the expansion of gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

    This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

     

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