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There’s place for everyone in LPG sector, says Baru

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The Nigerian National Petroleum Corporation (NNPC) has stated that the LPG market in Nigeria has room for everyone to operate and as such, should not be seen as only for a certain class of people.

The Group Managing Director of the NNPC, Dr. Maikanti Baru, made this assertion at the Argus West Africa LPG Conference which held Thursday in Abuja.

Speaking at the conference, the GMD who was represented by his Technical Assistant, Downstream, Abdulkabir Ahmed, contended that the challenges faced in the nation’s LPG sector provide opportunities for people from all strata of the Nigerian society to make a fortune.

According to the GMD, the infrastructural bottlenecks and lack of institutional and commercial regulatory framework which bedeviled the gas sector could be exploited and converted into wealth-creating opportunities.

“We see the need to put in place relevant policies and regulations to stimulate the industry and encourage LPG utilization, while the infrastructure deficits provide opportunities for investments to play critical roles in the industry. From large scale to medium and small scale enterprises, there is a place for everyone in the Nigerian LPG business landscape”, he stated.

Dr. Baru expressed concern that stakeholders were still not forthcoming with solutions to unlock the economic potentials the LPG sector.

“As we speak today, Nigerian energy mix is dominated by biomass-based fuels which account for about 82 per cent while Natural Gas accounts for just 8.8%. This implies a very high potential for explosive growth in the LPG business which will enable more players to come onboard”, he said.

He said the Corporation was currently implementing some key initiatives aimed at consolidating and expanding its footprint across the LPG business value chain, adding that nation’s LPG production would increase to about five million tons per annum from the current 3million tons upon the completion of the ongoing projects.

He called on other stakeholders to invest in the sector as the corporation was committed to the accelerated development of the domestic gas market to significantly drive the multiplier effect of gas.

Also speaking, the Managing Director and Chief Executive Officer Designate of the NLNG Shipping Management Limited (NSML), Ahmed Abdulkadir, affirmed that in spite of the numerous challenges facing the LPG sector, NLNG had recorded significant progress in the last 10 years and was committed to the LPG market.

The Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), who was represented by Agbaje Olusupo, General Manager, Gas & Renewable Energy, said the agency would keep to its regulatory mandates to ensure fair play in the LPG market, adding that the product had been deregulated.

Earlier in his opening remarks, the Senior Vice President, Argus UK, Phil Shaw, commended the NNPC for its sound initiatives and critical roles in building a gas-driven economy.

He also appreciated the active support of the corporation towards organizing the first Argus LPG Conference in West Africa.

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THE NATION

NITDA DG, Isa Pantami, wins outstanding promoter of local content for national development award

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The efforts of the National Information Technology Development Agency (NITDA) in the development and promotion of local content in ICT sector has been further affirmed by an array of industry players and stakeholders at the Oriental Hotel, Victoria Island, Lagos on 19th July, 2019. The Director General/CEO of NITDA, Dr. Isa Pantami, was awarded the prestigious Titans of Tech Award in recognition of his outstanding leadership in the promotion of local content for national development.

In a statement by Mrs, Hadiza Umar, NITDA’s head of Corporate Affairs & External Relations, the IT agency’s unwavering commitment to local content under Dr Pantami, has enhanced the purchase of indigenous brand of ICT devices by over 60% within the last three years. Local hosting of data doubled in value and local software consumption has significantly increased as attested to by the diversity of IT experts and business people at the Award ceremony.  The cumulative effect of these efforts, is that ICT contribution to GDP reached an unprecedented mark of 13.63% in Q4 of 2018.

Organisers of the Award further recognised the purposeful approach of Dr Pantami to ICT regulation in Nigeria. Organisers and stakeholders opined that the leadership of Dr Pantami is restoring confidence in indigenous technology development which has led to more foreign direct investment in the IT sector than any other sectors since 2018.

The Award was received on behalf of Dr Pantami by Dr Vincent Olatunji, the Director of e-Government Development and Regulations department of NITDA.

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THE NATION

TCN suspends KEDCO from electricity market

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The management of Transmission Company of Nigeria (TCN), says it has issued suspension and disconnection orders to Kano Electricity Distribution Company (KEDCO) from the electricity market.

The suspension order was posted on TCN’s twitter handle @TCN_Nigeria on Sunday.

According to the twitter handle, the suspension order was as result of KEDCO’s default in the Market Conditions/Market Participation Agreements.

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THE NATION

How we spent $1bn security fund – Presidency

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The Presidency has dismissed Peoples Democratic Party’s (PDP) allegation that the one billion dollars drawn from the Excess Crude Account (ECA) was spent by the Muhammadu Buhari administration on the 2019 general elections.

The Peoples Democratic Party in a statement on Sunday asked Buhari to explain to Nigerians what his administration had done with one billion dollars drawn from the ECA in 2017 and meant to address the nation’s security challenges.

The amount was approved by the National Economic Council in December, 2017, to be used to purchase weapons to fight insurgency across the country.

However, Malam Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, in a statement in Abuja on Sunday, said “this unverifiable allegation’’ clearly indicated that the PDP was suffering from socio emotional distress.

He said PDP ”thinks that all governments in the world run on the basis of freewheeling looting as they did their own.

”Here is what happened to that 1 billion dollars. It’s on record that the Buhari administration paid about 490 million dollars for a dozen Super Tucano fighter aircraft in a direct, government-to-government (no Contractors or Commission Agents) transaction with government of the United States.

”Various other military procurement have been made. Balance of expenditure stands at about 880 million dollars or so. The PDP spent Defence procurement funds on their failed 2015 political campaigns as proven in court. That is not to say every succeeding government, more so one led by a Buhari will do the same.”

The presidential aide added that, barring considerations of national security, the details of the stage of implementation, the procurement made and the suppliers would be obtained and made available on Monday.

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