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Business News

NLNG generated $114 billion in revenues, paid $18 billion as dividend to FG – Buhari

The President noted that the NLNG has generated $114 billion in revenues over the years.

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Buhari to commission phase 1 of brand new refinery this week, Petroleum Industry Bill, revenue, FSDH, Buhari to release N600 billion for capital expenditure in 3 months, Nigeria @ 59: President Muhammadu Buhari’s speech, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) , See what FSDH is saying about the 2020 budget and FG’s revenue drive , Nigeria recoups N594.09 billion from whistleblowing policy in less than 3 years , Buhari seeks speedy approval of the 2016/2018 external borrowing plan , Finance Bill to use banks as agents to tax Nigerians , FG battles 6 oil firms for failure to remit N20 trillion , President Buhari receives 2020 budget, fear of padding to delay assent , Nigeria’s Budget Spending Under Buhari Still Under 2013 Levels 
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President Muhammadu Buhari said that the Nigerian Liquefied Natural Gas (NLNG) has generated $114 billion in revenues over the years with $9 billion in taxes.

These achievements and others, the president said were accomplished with 100% Nigerian management and 95% Nigerian workforce.

This disclosure was made by Buhari while speaking at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and the official launch of the Decade of Gas in Abuja on Monday.

READ: FG receives N144 billion in dividends from NLNG in 2020

Buhari also noted that about $18 billion was paid as dividend to the Federal Government and $15 billion in Feed Gas Purchase.

The president commended the collaboration between the Federal Ministry of Petroleum Resources, Nigerian National Petroleum Corporation (NNPC) and NLNG Limited to actualize the dream of transforming Nigeria with its massive gas resources.

READ: NNPC explains why FG is spending as much as $1.5 billion on Port Harcourt refinery

While describing the NLNG as the Federal Government’s arrowhead in the reduction of gas flaring in Nigeria, Buhari was full of praises for NLNG for winning the award for outstanding business strategy, in 2020, for going ahead with Train 7 during the global pandemic.

The president said his administration will fully utilize the enormous gas resources in the country to uplift the economy and drive industrialization adding that with the country’s potential of about 600 trillion cubic feet of gas, the commodity had the enormous potential to diversify Nigeria’s economy.

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READ: FG to earn $600 million from Marginal oil fields

What you should know

  • The NLNG which is jointly owned by the NNPC, Shell, Total and Eni, is a major player in the global LNG business and is reported to be Nigeria’s most successful commercial venture.
  • The Federal Government’s move to fully utilize the country’s gas potentials has offered Nigeria the opportunity to diversify its economy and reduce the dependence on oil as well as drive the industrialization plans of the government.
  • The Federal Government in a bid to fully tap into the country’s gas potentials started the process of commercializing gas flares, developing industrial and transport gas markets, and increasing gas to power.
  • They also initiated projects and policies like the National Gas Expansion Programme, Autogas policy and the construction of the 614km Ajaokuta-Kaduna-Kano gas pipeline.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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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.

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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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