Business
$1.5 billion refinery rehabilitation is brazen and expensive adventure – Atedo Peterside
Mr Peterside has joined many Nigerians calling on the FG to privatise the refineries and avoid years of losses from them.
Atedo Peterside, the founder, Stanbic IBTC Bank Plc has urged the FG to sell the Port Harcourt refinery to core investors as a $1.5 billion rehabilitation budget should be subject to an informed national debate.
Mr. Peterside disclosed this in a social media statement on Sunday morning.
He said, “FG should halt $1.5bn approval for repair of Port Harcourt refinery and subject this brazen & expensive adventure to an informed national debate.
“Many experts prefer that this refinery is sold ‘as is’ by BPE to core-investors with proven capacity to repair it with their own funds,” he said.
Several Nigerians have at different times called on the FG to privatise the refineries and avoid years of losses from them, but the management of the NNPC has continued to insist it will rehabilitate them and continue to own them.
A report published by NNPC in 2020 has shown that Nigeria’s three refineries still cost the country N10.23 billion in expenses.
The NNPC disclosed in the report that the three refineries, located in Warri, Port-Harcourt and Kaduna, processed no crude because of the rehabilitation works being carried out on them.
The Port-Harcourt Refining and Petrochemical Company Limited (PHRC) has the capacity of producing 210,000 barrels per day, Kaduna Refining and Petrochemical Company Limited (KRPC) can produce 110,000 barrels per day while the Warri Refining Petrochemical Company Limited (WRPC) has a 125, 000 barrels per day production capacity.
What you should know: There are currently five (5) refineries in Nigeria; of which four (4) plants are owned by the Nigerian Government through the Nigerian National Petroleum Corporation (NNPC), while the fifth is owned and operated by Niger Delta Petroleum Resources (NDPR).
In case you missed it: Nairametrics reported last week that the Federal Executive Council (FEC) approved the sum of $1.5 billion for the immediate rehabilitation of the Port Harcourt refinery in Rivers State.
Business
Hyundai and Kia to set up an assembly plants in Ghana by 2022
The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.
Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.
Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.
Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development programme = 3,600 assembly & 6,600 manufacturing parts jobs in Ghana. #InvestforJobs pic.twitter.com/JMHAmlM5VI
— Alan John Kyerematen (@AlanKyerematen) April 22, 2021
READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars
“Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.
“The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”
READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast
Why this matters
More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.
Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.
Business
Passports: Backlog of undelievered passports to be fixed before May 31st – Minister
The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.
