- NNPC Eyes 3.4bscfd Domestic Gas Supply
The Nigerian National Petroleum Corporation (NNPC) plans to deliver about 3.4 billion standard cubic feet per day (bscfd) of domestic gas supply to bridge existing and anticipated supply gap by 2020.
Its Group Managing Director, Dr. Maikanti Baru, stated this yesterday in Lagos while delivering his keynote address at the ‘7 Critical Gas Development Projects Technical/Framing Workshop organised by the Corporation in collaboration with the International Oil Companies (IOCs) to find ways to boost gas supply.
He said the NNPC is targeting to bridge existing domestic gas supply deficit gap of between 3billion and 3.4billion standard cubic feet per day by 2020.
According to him, to achieve the nation’s strategic aspirations, the state oil firm has identified 7 Critical Gas Development Projects (7CGDP) to deliver about 3.4bscfd to bridge the foreseen medium term supply of gas by 2020, which will be implemented on an accelerated basis.
“Strategy of gas is to leverage the full potential of gas to achieve massive impact on the economy and GDP (gross domestic product) by growing gas supply to support at least 15 gigawatts (GW) by 2020.
“Nigeria to be the regional hub of gas based industries such as fertilizer, petrochemical methanol, liquefied petroleum gas (LPG) and leverage our footprint in high value gas export through liquefied natural gas (LNG) and regional gas pipelines,” he said.
The NNPC chief said the workshop is one of the high points in NNPC’s journey to realise the mandate to stimulate unprecedented economic growth through the pursuit of aggressive gas development.
He said the issue of inadequate gas supply to the domestic market has gathered a lot of momentum and has been in the front burner in Nigeria in the past several years and the Corporation. “So, today framing workshop marks a major milestone in the quest to bridge gas supply and demand shortfall.
“The seven critical gas development projects (5 NNPC/JV and 2 NPDC) have been identified as quick wins that would deliver the required volumes to bridge gas supply and demand shortfall.
“There could not be a more appropriate forum and considering the caliber of the audience seated in this hall, I have no doubt that the expectation and the objectives of the workshop will be surpassed,” Baru said.
Baru said the Corporation has engaged two world class project management consultants, DeltaAfrik/Worley Parson and Crestech/Penspen) that will work with Nigerian Petroleum Development Company (NPDC) and NNPC Joint Venture (JV) partners and other stakeholders to achieve the set project deliverables.
Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
Nigeria’s Untapped Coffee Sector Holds the Key to $2 Billion Annual Revenue
Amidst declining foreign reserves and the need for alternative revenue streams, Nigeria’s overlooked coffee industry emerges as a potential powerhouse capable of contributing over $2 billion annually to foreign exchange earnings.
Industry experts emphasize the necessity for strategic investments and modernized farming practices to unlock the full economic potential of the coffee sector.
While Nigeria is not among the top 10 coffee producers in Africa, the country’s untapped coffee industry holds the promise of significant financial gains, job creation, and sustainable agricultural development.
The urgency for revitalization comes as Nigeria grapples with a decline in foreign reserves, dropping from $38.25 billion in September 2022 to $33.23 billion in the third quarter of 2023.
Salihu Imam, Chairman of the National Coffee and Tea Association of Nigeria, Oyo State, highlighted the global significance of coffee, stating, “Coffee is the second most traded/valuable of all commodities and first in Agricultural commodities in the world.”
The potential economic impact extends beyond immediate financial gains, with Nigeria positioning itself as a key player in the global coffee trade.
Despite its potential, Nigeria’s coffee exports remain modest, producing less than one million bags annually.
In contrast, Ethiopia, the largest coffee exporter in Africa, is projected to produce 8.25 million bags. Experts suggest that Nigeria, with its unique coffee varieties, could generate $2 billion annually.
Segun Lary-Lean, President of the West Africa Specialty Coffee Association, emphasized the robust global demand for coffee, comparing it to water in Western countries.
He noted the significant earnings of coffee-producing nations like Brazil, Colombia, Vietnam, and Kenya, which experienced a 17% increase in coffee earnings.
In a call to action, industry players urge the Federal Government to prioritize strategic investments, modernized farming practices, and value-added processing to harness the coffee sector’s full economic benefits.
Unlocking the potential of Nigeria’s coffee industry stands not only as a financial opportunity but as a catalyst for broader economic growth and diversification.
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