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Nigerian govt targets $10bn investment in oil & gas sector
The Nigerian Government aims to attract approximately $10 billion in investment by implementing the consolidated guidelines for Fiscal Incentives in the Oil & Gas Sector.
According to a statement released on Tuesday by the Ministry of Finance, these guidelines, a key aspect of the Presidential Directives, are intended to boost the global competitiveness of Nigeria’s oil & gas sector and stimulate economic growth.
The signing ceremony for the guidelines took place at the Ministry’s headquarters in Abuja on Tuesday, presided over by the Minister of Finance, Wale Edun.
The statement highlighted that the Presidential Directives, spearheaded by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, aimed to establish a competitive framework for the Nigerian oil & gas industry.
Collaboration across various governmental bodies, including the Federal Inland Revenue Service, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, was crucial in developing these consolidated guidelines for fiscal incentives.
Verheijen emphasized that these measures were designed to generate a competitive Internal Rate of Return for Oil & Gas Projects and attract over $10 billion in new investments within the next 12-18 months. She also stressed Nigeria’s commitment to reaching its long-term oil production target of 4 million barrels per day while improving the reliability of gas supply to bolster export earnings and fuel industrialization.
Among the signed guidelines was the NUPRC Guideline on Hydrocarbon Liquid Content in a Non-Associated Gas (NAG) Field, essential for accurately assessing and quantifying the hydrocarbon liquid content in these fields.
Minister Edun reiterated the goal of creating a conducive environment for international competitiveness to attract foreign direct investment into the sector.
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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