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Despite commercial gas discovery in Bauchi state, Buhari insists Ajaokuta-Kaduna-Kano Gas pipeline construction will commence soon

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Yemie ADEOYE

MALABO-President Muhammadu Buhari has said that the Federal Government would soon commence the construction of the 600-kilometre Ajaokuta-Kaduna-Kano gas pipeline which would move gas from the Southern part of the country to the North, even after a huge gas discovery in Bauchi state kolmani river 2 project which is far closer to Kano, the final destination of the A-K-K gas pipeline project.

This is coming even as several industry experts have continued to question the move, especially after the discovery of gas in commercial quantity in Bauchi state during the kolmani river 2 exploration project.

The Nigerian leader, who disclosed this while addressing the 5th Gas Exporting Countries Forum (GECF) Summit at the Sipopo International Conference Hall, Malabo, Equatorial Guinea, added that the viability of extending the gas pipeline to North Africa was also under consideration.

President Buhari

Describing the theme of the Summit, Natural Gas – Energy for Sustainable Development as most appropriate, President Buhari noted that the one-day meeting was “taking place at a critical juncture as global energy supply is transitioning from hydrocarbons to renewables.”

According to him, “The Paris Accord of 2015 signalled the first major global commitment to a deliberate effort on this inevitable transition,” stressing that “Nigeria is proud to be one of the first signatories” to the historic Agreement.

Explaining why Nigeria and GECF members are focusing on gas development, the Nigerian leader said:

“We are mindful of the energy deficit in the developing world especially, here in Africa where we have nearly 600 million people without access to modern energy. As responsible leaders, it is our duty to preserve the environment not only for the present but for future generations.

“We can achieve this balance between our energy deficit and environmental preservation needs by developing and deploying new technologies. Although classified as fossil fuel, natural gas is a viable solution to both our energy and environmental challenges.”

President Buhari noted further that “natural gas has the added advantage of availability and affordability,” stressing that, “to fully leverage this potential, nations need to pool resources to put up trans-border and trans-regional energy infrastructure.”

According to him, “we in Nigeria have led the way by the construction of the West Africa Gas Pipeline which runs through four West African countries.”

President Buhari also commended the foresight of the founding fathers of the GECF “in promoting natural gas in the global energy mix.”

Declaring the Summit open, the host, President Teodoro Obiang Nguema Mbasogo, called on members of the GECF to continue to work in harmony towards the realisation of the objectives of the multinational organisation.

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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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