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Femi Gbajabiamila: Gas Holds Key Potential For Nigeria’s Economy

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The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has said that the gas sector holds key potential for the Nigerian economy as the world looks outside the box from dependence on crude oil.

Gbajabiamila said, for this reason, experts in the gas sector should partner with those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource.

Speaking while receiving a delegation of the Nigerian Liquified Natural Gas (NLNG) in his office on Wednesday, Gbajabiamila said the on-going process of passing the Petroleum Industry Bill (PIB) had provided an opportunity for the experts to collaborate with the House to incorporate futuristic gas legislation that would be beneficial to Nigeria and Nigerians.

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“Definitely, it’s now all about gas. Crude oil, as we know and which we all rely on, is not so infinite; its end is almost around the corner, and we don’t want to be caught unawares. We have to be prepared for that day.

“That is why I agreed on the issue of the PIB and why, from the ground floor, the gas sector needs to key in and lock in its role in the piece of legislation that would come out in PIB.

“This is very important because the PIB is going to be there for ages and this is the time we need to key in the gas sector in framing that piece of legislation together.

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“With our proven reserve and potential that will propel us from the 9th largest producer in the world to the 4th, that’s a blessing we can’t overemphasize as gas touches on every aspect of the economy.

“We are on the same page with you on the need to unlock the potential for the good of Nigeria,” he said.

In a statement by his Special Adviser on Media and Publicity Lanre Lasisi, the Speaker was quoted as saying, “We look forward to sittings like this where we can collaborate and work together for one and one purpose only- to move this country forward and develop our economy, infrastructure and put this country on the line of economic growth.

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Earlier, the leader of the delegation and the Managing Director of NLNG Limited, Tony Attah, said as a result of the ongoing works on PIB, it was necessary to inform the Speaker of Nigeria’s 200 tcf reserved proven and another 600 tcf potential that needed to be proven.

According to him, combining the proven and potential (800tcf) would place Nigeria in a vantage position of being number 4 from the 9th world’s largest producer of gas.

“Being number 4 is a game-changer that will continue to help Nigeria well into the future, irrespective of the energy transition and changing energy needs.

“We believe that the PIB is a major opportunity, and before it’s signed, we thought we would bring this to your attention,” he added

Femi Gbajabiamila: Gas Holds Key Potential For Nigeria's Economy

Femi Gbajabiamila: Gas Holds Key Potential For Nigeria's Economy

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Ganduje, others reconcile Dangote, BUA over sugar plant

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Ganduje, others reconcile Dangote, BUA over sugar plant
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Governor Abdullahi Ganduje of Kano state has waded into the dispute between Dangote and BUA companies owned by two business moguls from the state.

This is in order to resolve the lingering conflict among the two Kano State prominent indigenes Aliko Dangote and Abdussamad Isyaka-Rabi’u over the establishment of a Sugar plant by BUA.

A statement by Abba Anwar, the Chief Press Secretary to the governor on Thursday in Kano, said the reconciliation meeting took place on Wednesday in Abuja.

He said that Alhaji Aminu Dantata, Kano Emirate and the Kano State Council of Imams joined the governor in the reconciliation meeting.

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The News Agency of Nigeria (NAN) recalls that recently there were reports that Dangote complained about the establishment of a sugar plant by BUA International Limited in the Port Harcourt free trade zone, saying it was out of tune with export laws.

Anwar said that after the meeting, Chairmen of both Dangote and BUA agreed to work together to supply enough sugar to satisfy the demand of the country.

According to him, the meeting put a stop to all rumours that the duo was in dispute over sugar business control in the country.

“They all dismissed allegations that Dangote was planning to see the increase of sugar price, thereby pressurising BUA to succumb to the increment. They described the allegation as baseless and lacking any iota of truth.

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“The meeting was seen as the zenith of other similar efforts to reconcile the two giants by the governor. Alhaji Aminu Alhassan Dantata played the role of a father during the meeting,” Anwar said.

Present at the meeting were the Minister for Commerce, Trade and Investment, Mr Niyi Adebayo and representative of the Kano Emirate, Alhaji Aminu Dan-Agundi.

Others are Chairman of the Council of Kano Imams, Sheikh Muhammad Nasir-Adam, the Chief Imam of Sheikh Ahmadu Tijjani Friday Mosque, Kofar Mata, Kano and the Chairman of NEPZA, Adamu Panda.

All the two business moguls agreed to work together in unity for the growth and development of the nation.

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(NAN)

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FG To Auction ₦150 Billion Bonds In April

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FG To Auction ₦150 Billion Bonds In April
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The Debt Management Office on Wednesday disclosed that the Federal Government would offer N150bn bonds for subscription in April.
A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each.

They are 10-year reopening bond to be offered at the rate of 16.2884 per cent and to mature in March 2027; a 15- year reopening bond to be offered at 12.5 per cent and mature in March 2035; and the third and longest bond which is a 25-yeaer reopening bond to be offered at 9.8 per cent and mature in July 2045.

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According to the DMO, the bonds which would be auctioned on April 21, 2021 have a settlement date of April 23, 2021.

The DMO had earlier disclosed that the Federal Government’s bonds for March worth N150bn which were auctioned were oversubscribed by N183.48bn.

The total subscription received from investors for the bonds was N333.48bn comprising of N65.25bn for 16.2884 per cent FGN March 2027 bonds; N110.19bn for 12.5 per cent FGN March 2035 bonds; and N158.04bn for 9.8 per cent FGN July 2045 bonds.

The auction result added that out of 82, 125 and 215 total bids for the tenures, 48, 88 and 176 were successful.

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It stated that a total of N262.1bn was allotted, comprising of N44.01bn, N86.29bn and N131.80bn respectively.

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Qatar To Invest $5 Billion In Nigeria’s Economy

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Qatar To Invest $5 Billion In Nigeria's Economy
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Nigerian economy to be boosted by $5 billion investment by Qatar

The FG has disclosed that the Middle-East nation of Qatar is set to invest in the Nigerian economy the sum of $5 billion.

The Federal Government has said that the oil-rich state of Qatar plans to invest $5 billion in the Nigerian economy.

According to a statement by the Deputy Director of Information, State House, Mr Abiodun Oladunjoye, this disclosure was made by the Federal Minister of Foreign Affairs, Geoffrey Onyema, while speaking at a farewell dinner in honour of Nigeria’s Ambassador-designate to the state of Qatar, Ambassador Yakubu Ahmed, who is also the outgoing Director of Protocol at State House.

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Onyeama said that there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund, for significant investments in the region of $5 billion in the Nigerian economy.

He said, “Qatar is a weighty and strategic country and very strategic in that part of the world and we are putting our best feet forward to advance the interest of our country economically and in other areas.”

The Foreign Affairs Minister had recalled that President Buhari visited the State of Qatar in 2016 and the Emir of Qatar, His Highness Tamim Bin Hammad Al-Thani reciprocated with a State visit in 2019.

What this means

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This is going to be a huge boost to Nigeria’s drive for foreign investment and help significantly in the country’s push for economic development.

Qatar which has a very high Human Development Index (HDI) is regarded as the world’s third-largest natural gas and oil reserves with a population of about 2.8 million people as of 2019.

Investment Champion: Geoffrey Onyema, Minister of Foreign Affairs, Federal Republic of Nigeria

The investment by the wealthy Middle East country will add to Nigeria’s diversification efforts as such investments are expected in the area of oil and gas, manufacturing, power/utilities and so on.

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