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Tag: FG

Car Owners To Pay N250,000 To Convert Vehicles To Autogas —FG

Car Owners To Pay N250,000 To Convert Vehicles To Autogas —FG

Business
The Federal Government says car owners will pay up to N250,000 to have their vehicles converted to run on gas. Justice Derefaka, Technical Adviser on Gas Business and Policy Implementation to Minister of State for Petroleum, Timipre Sylva, made this known on Wednesday. According to him, conversion of vehicles from petrol to run on gas will take at least seven hours at the various conversion centres across the country. Derefaka, who is also the Programme Manager, Nigerian Gas Flare Commercialisation Project, stated this today while featuring on Channels Television’s Sunrise Daily programme monitored by The PUNCH. The petroleum minister had said in September that the government will convert the vehicles of Nigerians to run on gas for free to cushion the effect of the hike in pump...
FG hopeful of Second Niger Bridge’s completion by 2022

FG hopeful of Second Niger Bridge’s completion by 2022

Economy
The Federal Government has expressed optimism about the completion of the Second Niger Bridge by 2022, adding that the project is on-going and would aid the influx of investments in the region. Already, President Muhammadu Buhari has endorsed the progress of work being achieved at the Second Niger Bridge saying that, “the project is on course irrespective of initial teething problems that occasioned some loss of time.” The President communicated his position, just as the Anambra State Governor, Willie Obiano, and his Delta State counterpart; Dr. Ifeanyi Okowa, lauded the project amid expectations of speedy and timely delivery. The Minister of Works and Housing, Babatunde Fashola, who represented the President, spoke in Asaba during the inspection/town hall meeting on the l...
FG launches agriculture, jobs plan to mitigate COVID-19 impact

FG launches agriculture, jobs plan to mitigate COVID-19 impact

Appointments
In efforts to mitigate the impact of COVID-19 pandemic on Nigerian farmers, the Federal Government has launched a one-year agriculture-focused intervention scheme through the Agric for Food and Job Plan (AFJP), aimed at increasing food production and creating jobs The joint venture between the Federal Ministry of Agriculture and Rural Development, state governments, as well as the Central Bank of Nigeria (CBN), and private sector via out-grower schemes, and farmers across the country, is aimed at boosting locally-grown food supply, while simultaneously creating employment opportunities in the agricultural sector. This will be achieved via investment in the sector through the provision of zero-interest input financing options such as fertilizers and seeds to farmers across the 36 stat...
FG Extends Deadline for Marginal Oilfield Bids to June 21

FG Extends Deadline for Marginal Oilfield Bids to June 21

Oil & Gas
The Department of Petroleum Resources (DPR) thursday extended by one week, the deadline to register to bid for Nigeria’s marginal oilfields, which will now close on June 21. The DPR launched the first marginal field award round in nearly 20 years on June 1. Applicants initially had until June 14 to register, but the timeline has been moved to June 21. The DPR, the nation’s petroleum regulator, did not give a reason for the extension, a report by Reuters said. The marginal oilfields comprise 57 fields located on land, swamp and shallow offshore terrains. Meanwhile, oil prices tumbled around seven per cent yesterday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while the United States saw another large build in crude inventories. U...
‘NPA to Save Nigeria Multi-million Dollars through Local Dry-docking’

‘NPA to Save Nigeria Multi-million Dollars through Local Dry-docking’

Economy
The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has said the agency has granted the necessary approval to ensure that vessel owners dry-dock their vessels in Nigeria to save the country multi-million dollars spent on ship repairs outside the country. Bala-Usman disclosed this while speaking during a webinar, titled: “COVID-19 and the Nigerian Maritime Sector: Lessons and Way Forward,” organised by maritime lawyer, Mike Igbokwe. According to her, “NPA has given a waiver for vessels that are meant for servicing and dry-docking and this has enabled vessel owners to competitively dry-dock in Nigeria. “This is important for us to build that sector and retain jobs in Nigeria. We have done our bit in promoting that sector and I call on the associations to brin...
Nigeria vows to end piracy in Gulf of Guinea

Nigeria vows to end piracy in Gulf of Guinea

Economy
The Federal Government has promised to employ all machinery to eliminate the act of piracy in the Gulf of Guinea. The Director-General, the Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, warned that individuals or organizations thinking of perpetuating any form of illegalities in the Gulf of Guinea should be ready to face the full wrath of the law with the antipiracy law in place. “We will not condone any act of illegality in our maritime space; we have improved our intelligence sharing with relevant agencies, and with what we are doing now, in no distant time piracy will be a thing of the past in the Gulf of Guinea because we have a robust antipiracy law that will deal with perpetrators of illegalities in our waters,” he said. According to him, the...
‘Government still flirting with subsidy despite deregulation claims’

‘Government still flirting with subsidy despite deregulation claims’

Economy
Oil marketers have said the inability of the Federal Government to unveil legislation that will support claims of deregulation shows that it is still flirting with subsidy, and might be unwilling to adjust prices when oil prices hit certain benchmarks. Besides, the operators said it would be unfair for government to remain a regulator and market player at the same time, thus giving it undue advantage over other players. Speaking during a webinar on, “Downstream Petroleum Market Deregulation: Prospective Impact on Nigerian Economy Post COVID-19,” organised by Financial Energy Review in collaboration with Leadgrid Series, Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, said for investments to thrive in the industry, operators need stability and pr...
Federal Government inaugurates first gold refining company

Federal Government inaugurates first gold refining company

Economy
The Federal Government, Tuesday, inaugurated Nigeria’s first Gold and precious Metals Refining Conglomerate, an operation of Dukia Gold a Precious Metals Raw Materials Buying Program in collaboration with Heritage Bank. At the inauguration via a Zoom virtual meeting, Vice President, Prof. Yemi Osinbajo, explained that Nigeria has the potential reserves of 200 million ounces of gold, and the commencement of the project would create new opportunities locally and beyond especially after post-COVID-19. Osinbajo expressed optimism that the launch would enable Nigeria to mine reserves properly, trade responsibly, refine locally, and boost the nation’s foreign reserves. He added that the project will also create primary employment for local artisanal miners and mining coo...
African air travel market plunges by 98.7 per cent

African air travel market plunges by 98.7 per cent

Aviation
Airlines in Nigeria and other African countries hit the rock bottom in the month of April, with passenger traffic dropping by a whopping 98.7 per cent. A regional travel estimate recently released by the International Air Transport Association (IATA), showed that the dip was nearly twice as bad as the 49.8 per cent demand drop in March, and a record in the history of modern air travel. Capacity contracted by 87.7 per cent, and load factor dived 65.3 percentage points to just 7.7 per cent of seats filled, lowest among regions. Indeed, the plunge was not unconnected with local and international flight restrictions as countries battle to contain the spread of the coronavirus disease pandemic. Things have, however, started looking up as nations are beginning to ease the lockdown w...
FG inaugurates committee to revitalise extension services

FG inaugurates committee to revitalise extension services

Economy
The Federal Government has inaugurated a technical committee to revitalise extension services in Nigeria, aimed to stimulate technology adoption and embed Good Agricultural Practice (GAP), towards improving food requirements and industrial expectations. The Minister of Agriculture and Rural Development, Muhammad Sabo Nanono, while inaugurating the committee, Tuesday, in Abuja, hinged agricultural development in the country on an integrated approach to revive extension advisory services. He charged the committee “to design a system of training agricultural extension workers in the next two years, and to recommend measures for the upgrading and retooling of extension training institutions across the country.” Nanono further said the committee would assist the Ministr...