Business
Eid-el-Kabir: Traders groan over price hikes
Eunice Oluwafunmilayo
As Eid-el-Kabir draws nearer (most appropriately on Saturday), the Osun State traders have expressed their discomfort in the hike of prices of commodities.
According Mr. Isiaka Adedokun, a trader of livestock, “everything has changed. Animals we bought for #120,000 are #250,000 to #300,000. We have those of #270,000 – #280,000. We have bought all these and rear them before the festival period, but it has escalated now. Many people pre-ordered them. This is our third journey to bring these animals.
The least is #50,000. People are buying them though. May God help us.”
Also, in the words of Mr. Lateef Aderibigbe, another trader of livestock, a trailer load of livestock has jumped from #200,000 – #300,000 it was sold last year to #900,000 – #1,000,000 this year.
“We record good patronage, but there is a hike in the price. Our price range is determined by what we buy. Last year, a trailer load of livestock was #200,000 – #300,000 but it is between #900,000 – #1,000,000 this year. And we can’t say the exact number of livestock we will see therein. We distribute prices on them though.”
Mr. Aderibigbe added that whatever shortcomings they witness, such as injured or death of animals is on the traders and may affect the overall cost of the commodity.
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Furthermore, a trader from the Northern part of the country, Muhammad Shaifullahi, he said the price of rams starts from #70,000 to #300,000 while that of he-goats starts from #25,000 to #30,000.
Another one who wished to be known as “Baba Eleran at the stadium” interjected traders sell as they buy.
In the same development, a tomato seller, Mrs. Nimota Olasupo said traders are mere intermediaries.
In her words, “there is no how we won’t sell ‘festive market’. The price of a basket of tomato was #1,000 before now but it is now #1,200 to #1,500. The people of the village complain about cost of transportation too.”
In addition, another tomato trader, Mrs. Aisha complained about the rise in the price.
“A basket of Tomato used to be #1,200 – #1,600, depending on where you are buying from but it is now #2,000. Bawa is #3,000 flat and we sell a big basket of Rodo at #4, 000.”
Business
Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd
Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.
The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.
Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.
According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.
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The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.
Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.
She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.
The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.
The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.
Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.
Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.
The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.
It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.
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Business
Local Firms Lead Revival of Idle Oil Wells – SPE
Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.
The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.
According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.
“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.
He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.
The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.
“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”
He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.
He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.
“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”
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Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.
According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.
He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.
“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”
Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.
“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”






