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NNPC Maps Out Gas-Driven Transformation For Nigeria’s Industries
Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Ltd., announced plans to leverage Nigeria’s extensive gas resources to transform the country’s power and industrial domains.
This revelation took place at the NNPC Towers in Abuja during the signing of a Shareholders Agreement (SHA) between NNPC Ltd., UTM Offshore (a local company), and the Delta State GovernmentGovernment on Tuesday.
The agreement focuses on establishing Nigeria’s inaugural Floating Liquefied Natural Gas (FLNG) facility.
Kyari said “In the next 2-3 years, we will use gas to bring about a revolution in our country. The outcomes will be clear on the table; there will be prosperity, and value will be created. Not just creating gas for export but progressing on all our initiatives of bringing gas into the domestic market.
“Our backbone infrastructures are almost ready to ensure we achieve that. Once that happens, we will see the immediate impact on the power sector, gas-based industries and several other collateral value that this will create.”
Kyari emphasized the urgency of the FLNG project, highlighting Nigeria’s substantial but underused gas resources.
He underscored the nation’s shift toward monetizing these resources for both national and global benefit.
Kyari further noted the alignment of the FLNG Project with the Federal Government’s Decade of Gas Initiative and the President’s objective to establish a gas hub, aiming for enhanced value and Nigeria’s rightful prosperity.
Expressing NNPC Ltd.’s dedication to the initiative, Kyari highlighted the unique position of the FLNG project, being the first of its kind where the company is actively involved with a vested equity interest.
He said “More than this, there are several Floating LNGs that we are promoting, including fixed LNG projects. We are happy to collaborate with the Delta State Government. We will take practical steps to get it done. We are committed to delivering this project in time, on schedule and in the best possible cost,”
Earlier, Mr. Julius Rone, the Group Managing Director of UTM Offshore Limited, hailed the execution of the SHA as a significant stride in realizing Nigeria’s inaugural indigenous FLNG project.
He expressed gratitude to President Bola Tinubu for his dedication to developing the nation’s gas resources, notably showcased during the COP28 Conference in Dubai.
At the conference, President Tinubu pledged to eliminate gas flaring entirely and utilize Nigeria’s gas as a transition fuel, aligning with global efforts for cleaner energy and reducing methane emissions in oil and gas operations.
Rone also praised the GCEO of NNPC Ltd for his leadership and commitment in ensuring the development of Nigeria’s gas resources in accordance with the provisions outlined in the Petroleum Industry Act (PIA) of 2021.
Governor Sheriff Oborevwori of Delta State highlighted the state’s significant stake in Nigeria’s gas reserves, amounting to 40%.
He explained that the decision to hold an 8% equity in the FLNG project stemmed from their firm belief in its pivotal role in the national economy.
In addition to generating over 300,000 metric tonnes of LPG (cooking gas) specifically for the domestic market, the Governor emphasized the project’s wider benefits.
He noted that the FLNG initiative would aid in curbing environmental risks in the Niger Delta by reducing gas flaring.
Moreover, it is expected to create numerous job opportunities and facilitate the transition from kerosene and firewood to cleaner energy sources. This shift, in turn, would enhance the health and overall well-being of the populace.
The Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, stressed that the FLNG initiative would play a pivotal role in monetizing Nigeria’s gas resources, thereby bolstering the economy and achieving energy security.
Additionally, Mr. Olalekan Ogunleye, the Executive Vice President, Gas, Power & New Energy, commended the Federal Government’s commitment to leveraging gas as a catalyst for rapid economic growth.
He highlighted this commitment through initiatives like the Decade of Gas aimed at fostering a robust gas economy.
As for the FLNG facility, it is anticipated to yield between 1.81 to 2.72 metric tonnes per annum (mtpa) of gas.
The project’s equity structure involves NNPC Ltd., UTM Offshore, and the Delta State Government, holding stakes of 20%, 72%, and 8% respectively.
The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.
In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’
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The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.
He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.
Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.
“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.
“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
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