By Lucy Ogalue

The Federal Government has granted UTM Offshore Limited a licence to construct a 2.8 million tonnes per annum (MTPA) Floating Liquefied Natural Gas facility.

The Minister of State, Petroleum Resources (Gas), Mr Ekperipe Ekpo, said this during the issuance of the licence to the company in Abuja.

The News Agency of Nigeria (NAN) reports that the Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, presented the licence to the company.

According to Ekpo, this licence marks a historic milestone as it will be the first floating LNG facility in Nigeria, aimed at boosting the country’s gas production and utilisation.

“This is in line with the mission of President Bola Tinubu to grow gas production, distribution, and utilisation.

“In line with the Decade of Gas Initiative, we are looking at gas driving the economy of this nation come 2030. We are going to achieve that.

” I salute NMDPRA for due diligence, and I salute the CEO of UTM LNG, for the bold step him and his team have taken to bring to work what we are going to celebrate today.

“I believe that after this presentation and celebration, all other things that need to be done to make sure the dream of today is realised tomorrow will be done,” he said.

Ekpo said that  the Federal Government was committed to providing a conducive environment that would ensure realisation of its dream of increasing gas production to 12 billion cubic feet by 2030.

Earlier , the NMDPRA Chief Executive said that the project,  located offshore Akwa Ibom State in OML 104, would process 324 million standard cubic feet per day (MMSCFD) of natural gas.

Ahmed said that the project, initially designed for a capacity of 1.2 MTPA, UTM Offshore upgraded the facility’s scope to meet rising global LNG demand, resulting in the increased capacity of 2.8 MTPA.

According to him,  the project aligns with the main aspirations of the PIA 2021, which includes the expansion of Midstream Gas Facilities in Nigeria.

” It also aligns with the targets of the Decade of Gas Programme and other Gas Expansions projects of the current administration.

“It is projected to be commissioned in the year 2028. The products from the project include LNG, LPG, and condensate,” he said.

Ahmed reaffirmed the NMDPRA’s commitment to providing guidance and oversight for the project’s successful implementation while also ensuring it complied with all regulatory requirements throughout its lifecycle.

Responding , the Managing Director, UTM Offshore, Julius Rone, thanked Tinubu and the NMDPRA for their support in ensuring the issuance of the licence..

Rone said that this project had a capacity to bring into the domestic market 500,000 metric tonnes of LPG to support the domestic market per annum.

“Nigeria requires over two million tons per annum, so we are importing LPG for the domestic market, and everybody is paying expensive prices for LPG.

“We are not going to export it. We are going to use it to support the domestic market; it will reduce the pressure on forex and will drastically reduce the price of cooking gas,” said.

According to him, the first gas supply from the multi-billion Naira project is expected to be delivered in the first quarter of 2029. (NAN)

Edited by Kadiri Abdulrahman

By Martha Agas

The Federal Government has conducted a clearance operation at an illegal mining site in the Jaguna community of Yagba East Local Government Area of Kogi.

Solid minerals development minister Dele Alake, in a statement by his media aide, Segun Tomori, said that the exercise was part of efforts to combat illegal mining and sanitise the sector.

He said that Mining Marshalls, a special security unit established to secure mining sites, recently conducted the clearance operation to enforce compliance to the government’s directive for the miners to vacate the area.

The News Agency of Nigeria (NAN), reports that the minister, on July 19, stated that an operation was conducted in the community to dislodge the armed illegal miners.

According to the minister, Jaguna, an area surrounded by forest, was raided by the mining marshals, resulting in the arrest of seven suspected illegal gold miners.

“Labourers on-site were given a directive to vacate the area within five days.

“Instead of complying, the miners mobilised additional workers and fortified the site with armed protection.

“The illegal miners also ignored appeals from traditional rulers and other community leaders to vacate the site to allow licensed mineral titleholders unhindered access to the area for legitimate operations.

“Their activities have prevented lawfully authorised miners from accessing the area covering four cadastral units, for 16 years.

“Reports indicate that the nefarious activities have gone unhindered for more than 20 years,” the statement said.

It added that the situation necessitated the latest follow-up operation by the mining marshals.

“For over 16 years, the rightful mining license holders have been unable to access the location due to the activities of armed illegal miners.

“Acting on intelligence reports suggesting that the illegal operators had remained defiant, the Mining Marshals, last week, stormed the site, neutralised resistance from the armed gangs, and successfully cleared the area,” it added.(NAN)

Edited by Ephraims Sheyin

By Salif Atojoko

Sen. Heineken Lokpobiri, Minister of State (Oil) Petroleum Resources, on Thursday, said the Federal Government was not responsible for the recent increase in the price of petrol across the country.

The minister said this while briefing State House correspondents after a meeting with Vice-President Kashim Shettima.

Lokpobiri said the industry had been deregulated, and that the government was not fixing prices.

“This sector is deregulated. And we believe that with the availability of products, the price will find its level.

“What is important is that the product is available in the country; between now and the weekend, there will be availability of the product across the length and breadth of the country,” he said.

He said it was important to convey to Nigerians that the President was empathetic about what was going on in the country.

“He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.

“But, we believe that by the time there is availability of the product across the country, the price itself will stabilise,” said the minister.

Lokpobiri said Shettima had summoned him along with Mr Mele Kyari, the Group Managing Director of Nigerian National Petroleum Company Ltd. (NNPCL), and Malam Nuhu Ribadu, the National Security Adviser, over the recent hike in the price of petrol.

Also, Mr Ogbugo Ukoha, Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.

“The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.

“More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price,” said Okuoha.

It will be recalled that the price of petrol was increased from N855 to N897 per litre, depending on the location, from the previous N568-N617. (NAN) 

Edited by Vivian Ihechu

By Constance Athekame

The Transmission Company of Nigeria (TCN), says the Supervisory Control and Data Acquisition (SCADA) system that will effectively monitor, control field devices will be operational in fourth quarter of 2024,

Mr Sule Abdulaziz, the Managing Director of TCN, said this in an interview with the News Agency of Nigeria(NAN) in Abuja on Sunday.

NAN reports that the SCADA systems are used for controlling, monitoring, and analysing industrial devices and processes.

Abdulaziz said that the SCADA implementation had reached about 60 per cent completion and is expected to be completed by the last quarter of 2024,

He said that all the machinery offshore had been shipped into the country, adding that engineering and design works were ongoing, as reviews and modifications were being made continuously as the equipment was being installed.

“About 70 per cent of the equipment has been delivered to various sites and mounted in the substations’ control rooms across the country.”

He also said that configuration, integration, and interconnection of these equipment commenced in July.

“By middle of July, part of the grid was seen on the new SCADA system and this will be continuously expanded to other parts of the network.

“TCN has done a lot in terms of revamping transmission equipment nationwide; several sub-stations have been expanded, new transformers have been installed, others upgraded, and transmission lines projects have equally been executed.

“All these have contributed to increasing TCN’s wheeling capacity to 8100 Megawatts (MW) as of today,” he said.

Abdulaziz said that the diligent implementation of the Nigerian Electricity Grid Maintenance, Expansion, and Rehabilitation Programme (NEGMERP) had fast-tracked transmission infrastructure in the country.

He said that there had been milestone achievements in grid efficiency, maintenance, rehabilitation, equipment procurement, and expansion.

“We have successfully completed several transmission substations across the country, which has enhanced the capacity and efficiency of the power transmission network.

‘`We initiated the re-conducting of aged and de-rated capacity 132 Kilo Volt (KV) lines, and have also built new ones including 330kV transmission lines which have improved the reliability and capacity of the transmission system.

“Most aged transformers have been replaced with new ones, and the capacities of existing ones have been upgraded, resulting in improved system performance and efficiency.

“The company places strong emphasis on maintaining equipment and infrastructure through proactive maintenance practices and timely procurement of necessary spare parts.”

Abdulaziz said that the commitment had helped prevent disruptions, enhanced system performance, and reinforced TCN’s reputation as a dependable transmission system provider.

“In the last one year under President Bola Tinubu’s administration, TCN has witnessed outstanding successes in all aspects of transmission projects, including initiation, scoping, construction, network operations and maintenance.

“These, among other achievements, have had a transformative impact on the country’s power transmission infrastructure nationwide.

“It has consequently improved reliability, efficiency, and capacity, thereby, laying a more solid foundation for the country’s economic development and growth,” he said. (NAN)

Edited by Ese E. Eniola Williams

By Constance Athekame

The Transmission Company of Nigeria (TCN), says it has capacity to transmit 6,000 MWS of electricity to distribution load centres nationwide.

Mr Sule Abdulaziz, the Managing Director of TCN said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

Abdulaziz said that in the last three years, TCN had upgraded several sub-stations.

He said that the company  had also built new sub-stations funded through its Internally Generated Revenue (IGR) and donor agencies.

The TCN boss said that the company had installed new transformers to ensure an increase in capacity.

“TCN has a comprehensive list of proposed projects, which are in batches, taking into cognisance those that require little investment to benefit the grid in the first batch for quick additional capacity.”

He said that the grid capacity was confirmed through an acceptable scientific method of capacity determination.

“The last grid simulation test carried out  revealed that it has a capacity of 8100 MWS. In March 2021,  TCN successfully wheeled 5,801 MWS from generating companies to distribution load centres nationwide.

“From then to date, we have continued to add more transformers, conduct transmission lines and build new transmission substations among others.

“All these we know have continued to further strengthen our grid capacity. So, yes, we can comfortably transmit 6,000 MWS and more before the end of this year,” he said.

He said TCN was a key stakeholder of the Nigerian Presidential Power Initiative (PPI) as undertaken by the Federal Government of Nigeria Power Company (FGNPC).

“This initiative aims to resolve existing challenges in the nation’s power sector and further expand the capacity of the transmission and distribution networks to achieve an operational capacity of 25,000 megawatts (MW).

“Through a series of projects spanning three phases, projects under this PPI initiative are currently ongoing and it is also adding to the capacity of the grid,” he said. (NAN)

Edited by Shuaib Sadiq/Ese E. Eniola Williams

By Constance Athekame

The Transmission Company of Nigeria (TCN), says it plans to procure a spinning reserve to maintain the national grid frequency within specified limits.

The Managing Director of TCN, Mr Sule Abdulaziz said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

He said that the spinning reserve would maintain the grid even after a system fault or disturbance.

NAN reports that a spinning reserve is the amount of unused capacity in online energy assets which can compensate for power shortages or frequency drops within a given period of time.

Abdulaziz said that the spinning reserve, however, required collaboration with critical stakeholders in the power value chain.

“We are equally working at installing Flexible Alternating Current Transmission System (FACTS) devices at critical nodes on the grid in order to maintain the grid voltage within the specified limits.

“Some nodes on the grid are susceptible to either high or low voltage problems. FACTS devices help to resolve these voltage problems which in turn will help to strengthen the Grid.

”The reliability of the grid is improved when there is redundancy, ” he said.

The managing director said that the company had proposed several projects in order to close the remaining loops on the network which were still radial, creating redundancy.

“These projects include the proposed second Jos-Gombe line, Makurdi- Jalingo and Yola-Maiduguri 330 Kilo Volt (kV) lines which will close the open loop in the Northeast.

“These redundancies will help to further strengthen the grid and help forestall its instability, improving reliability and stability, which will in turn make the grid more robust and less susceptible to faults that can lead to collapse,” he said..

Abdulaziz said that TCN was also implementing a robust maintenance schedule to regularly inspect and repair ageing infrastructure.

He said that the robust maintenance aimed to prevent sudden failure that may lead to grid collapse.

The TCN boss said that the company had continued to carry out regular upgrade of its  equipment to prevent technical failure that would reduce downtime; using advanced monitoring and control systems to detect and respond to issues promptly.

“We deployed the Generation Dip/Loss Detection System (GLDS) and the Internet of Things (IoT) which are significant steps in bolstering Grid stability and reliability.

“The GLDS plays a pivotal role in detecting, and responding to sudden drops or dips in power generation across the network.

“This is designed to empower the National Control Centre (NCC) in Osogbo, as it provides Grid controllers in NCC with advanced tools for real-time monitoring and analysis of grid performance, ’’ he said.

The managing director also said that TCN’s engineers had equally deployed an in-house designed Internet of Things (IoT) technology, in response to the challenge of limited visibility of power generators.h

“The IoT devices had been strategically deployed across power stations and some sub-stations to facilitate the collection of near real-time data including power generation levels and grid performance metrics.

“The IoT has enabled the expansion of visibility of power generating stations from 6 to 27, this has helped TCN significantly improve its ability to monitor grid load and identify potential issues before they escalate.

“TCN is equally using the Free Governor Mode of Operation (FGMO), which automatically adjusts generation in response to frequency changes, ensuring stability, reliability, and reduced transmission losses.

“Even though this has its challenges in terms of full compliance by the generating stations, it has also contributed to further strengthen the Grid,‘’ he said.

Abdulaziz said that the company’s research and development department   was championing studies for the development of energy storage systems, which could provide backup power during peak demand periods.

He said: “The Federal Government, through the Ministry of Power, is also working hard to ensure incorporation of renewable energy sources such as Solar and Wind which would reduce the strain on the grid.

The move, he said would decentralised  energy production through Mini-grids and Off-grid solutions, (NAN)

Edited by Shuaib Sadiq/Ese E. Eniola Williams

Pricing

By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC), has given a one month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods.

The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing in Abuja.

According to Bello, the Commission will begin enforcement after the moratorium.

He said that the meeting was to address the growing trend of unreasonable pricing of consumer goods and services and the unwholesome practice of market associations.

Bello gave a description of the Commission’s finding that a fruit blender known as Ninja was being sold at a popular supermarket in Texas for 89 dollars (N140,000.00) but the same product was displayed for N944,999.00 in a supermarket in Victoria Island, Lagos.

Bello wondered the basis for the arbitrary hike in the price of the blender compared to the Texas, United States of America.

He said the unwholesome practices including price fixing was threatening the stability of the economy.

”Under Section 155, violators, whether individuals or corporate entities, face severe penalties including substantial fines and imprisonment if found guilty by the court..

”This is intended to deter all parties involved in such illicit activities.

”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.

”It is in this spirit that we are giving a moratorium of one month (September) before the Commission will start firm enforcement, ” he said.

Bello said the government was aware of most of the problems raised by the market stakeholders.

”We have heard and you have genuine issues and the government has the responsibility to address the problems but generally, let us talk to ourselves too.

”There are also gang ups to exploit consumers by traders,” he said.

Some of the market stakeholders who spoke at the engagement said that high cost of transportation, insecurity, multiple taxation among others were reasons for the continuous increase in prices of goods and services.

Mr Ifeanyi Okonkwo, the Chairman, National Association of Nigerian Traders, FCT Chapter, said that charges on imported goods at the Ports also contributed to the hike in prices.

Okonkwo appealed to the Commission to set up a taskforce and involve the association in its enforcement.

Mr Emmanuel Odugwu from Kugbo Spare Parts market, said the initial cost of transportation of a trailer load of tyres from Lagos to Abuja was N450,000 but now, it costs over one million naira to transport the same.

Ms Kemi Ashiri, the Liaison Manager, Flour Mills, said that fines by regulators needed to be harmonised for businesses to thrive.

Ikenna Ubaka, who spoke on behalf of supermarket owners, alleged that banks’ interest rates to them were over 30 per cent, rent increment and hike in prices by distribution/ supply chains were reasons for the high cost of goods.

Ubaka also alleged that electricity distribution companies were charging supermarkets exorbitantly.

Mr Solomon Ukeme, who represented the Master Bakers Association, said that rapid increment of major ingredients like flour, sugar and butter contributed to the high cost of confectioneries.

He said that a bag of flour formerly sold for N34,000 was now being sold for N74,000.

He said that multiple taxation was also the major cause of the high cost of bread.

The News Agency of Nigeria (NAN) reports that various market associations also attended the engagement. (NAN)

Edited by Ese E. Eniola Williams

By Lucy Ogalue

The Nigerian Export Promotion Council (NEPC) says Nigeria’s non-oil export sector recorded impressive growth in the first half of 2024, generating 2.7 billion dollars in revenue.

The Executive Director of NEPC, Nonye Ayeni, said this while presenting a progress report on Nigeria’s non-oil export performance on Wednesday in Abuja.

Ayeni said that the figure showed a 6.26 per cent increase when compared to the 2.539 billion dollars earned in the same period in 2023.

According to her, the significant uptick in export revenue highlights the country’s ongoing efforts to diversify its economy away from oil dependence.

Ayeni attributed the growth to several key factors like the successful transition of government in May 2023, and the policy strides under President Bola Tinubu’s Renewed Hope Agenda.

She also credited the NEPC’s “Operation Double Your Exports” initiative, which focused on partnerships, advocacy, capacity building, and export intervention programmes.

“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base.

“The increase in both the volume and value of exported products is a testament to the effectiveness of these policies and initiatives,” she said.

On product diversification and market reach, the NEPC boss revealed that a total of 211 different products were exported from Nigeria during this period.

She said that this showed a shift from traditional agricultural commodities to more semi-processed and manufactured goods.

According to her, leading the charge was cocoa beans, which constituted 23.18 per cent of the total non-oil exports, followed by urea/fertiliser and sesame seeds at 13.78 and 11.04 per cent.

She said that there was growing prominence of newer export products such as fresh vegetables, citrus peel, and sorghum, which are gaining traction in the global market.

“These emerging products, though still developing in market share, reflect the diversification and broadening of Nigeria’s export portfolio,” she said.

On top exporting companies and financial institutions, the NEPC boss said  that  among the top 20 exporting companies, Indorama-Eleme Fertiliser and Chemical Limited led with 198.8 million dollars in exports.

She said that Starlink Global and Ideal Limited followed closely with 184.7 million dollars, while Outspan Nigeria Limited exported 177.75 million dollars worth of cocoa.

“Other notable contributors included Dangote Fertiliser Limited and Metal Recycling Industries Limited.

“In terms of financial support, Zenith Bank Plc dominated the non-oil export transactions, handling 43.09 per cent of the total Non-Oil Export Proceeds (NXPs).

“It was followed by First Bank Nigeria Plc and Fidelity Bank, which accounted for 6.56 per cent and 6.38 cent,” she said.

She urged more financial institutions to leverage the opportunities in the non-oil export sector, particularly in light of the African Continental Free Trade Area (AfCFTA).

According to her, this is to enhance exporters’ capacity and access to international markets.

She said that Nigeria’s non-oil products were being exported to 122 countries across Africa, the Americas, Asia, Europe, and Oceania.

“The top three importing countries are the Netherlands, Malaysia, and Brazil.

“Interestingly, Ghana is the only African country to make it into the top 15 global importers of Nigerian products, occupying the 14th position.

“Within the African continent, 14 ECOWAS member countries imported Nigerian products worth 156.117 million dollars, amounting to 5.79 per cent of the total export value.

“The majority of these exports, 95.08 per cent, were routed through Nigeria’s seaports, with the remainder distributed via international airports and land borders,” she said.

She expressed the council’s commitment to working with critical stakeholders to stimulate export growth.

“I am optimistic that with the several export intervention programmes and projects, we have started and are ongoing.

“The sector is positioned to contribute immensely to the country’s Gross Domestic Product (GDP), increase the country’s foreign exchange earnings and, thereby, ensure sustainable economic growth,” she  said.(NAN)

Edited by Kadiri Abdulrahman

By Salif Atojoko

President Bola Tinubu has welcomed the latest report of the National Bureau of Statistics (NBS) on the state of the economy.

The report had indicated that the country’s Gross National Product (GDP) posted another growth.

According to NBS, the real GDP grew by 3.2 per cent year on year in Q2, higher than the 2.51 per cent recorded in the same period of 2023.

A statement by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the latest report affirmed that the economy was on the right trajectory and, indeed, on the path to recovery.

“As the President said in his Aug. 4 national broadcast, our economy is recovering. Sooner than later, Nigerians will begin to feel, see, and enjoy the impact of his administration’s economic re-engineering efforts.

“We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy.

“President Tinubu wants Nigerians to retain their faith in the government and not allow themselves to be swayed by naysayers intent on aborting and undermining the current reforms for their selfish ends,” said Onanuga.

According to the NBS report, the growth rate in Q2 is higher than the 2.5 per cent recorded in Q2 2023 and higher than the 2.98 per cent growth in Q1 2024.

The GDP’s performance in the second quarter of 2024 was driven by the service sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate output.

The agriculture sector grew by 1.41 per cent in contrast to the 1.50 per cent recorded in the second quarter of 2023.

The industrial sector’s growth was 3.53 per cent, up from the -1.94 per cent recorded in the second quarter of 2023.

The NBS also reported that crude production grew to 1.41 million barrels per day, compared with 1.22 million barrels a year earlier.

In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023.

“We are confident that with the policies we have put in place, we expect oil production to rise to about two million barrels very soon.

“In the quarter under review, aggregate GDP at basic price stood at N60,930,000.58 in nominal terms.

“This performance is higher than the second quarter of 2023, which recorded an aggregate GDP of N52,103,927.13 million, indicating a 16.94 per cent year-on-year nominal growth,” Onanuga said. (NAN)

Edited by Ephraim Sheyin