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The Nigerian National Petroleum Corporation (NNPC) and an indigenous oil exploration and production firm, Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement (GDA).
The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.
According to a tweet post from NNPC on their official Twitter handle, the agreement between both parties was signed at NNPC’s head office, NNPC towers, on Thursday, April 22, 2021.
The statement says that this latest milestone provides the terms for the development of OML 143 Gas, providing gas for the domestic market which aligns perfectly with the Federal Government’s National Gas Expansion Programme (NGEP).
What this means
The execution of this project will not only help to support the Federal Government’s effort in reducing gas flaring by monetizing it but will also play its part in the government’s effort in the expansion of gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.
This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.
Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team.
You may contact him via his email- [email protected]
ASR Africa donates N1bn to the University of Ibadan as part of its Tertiary Education Grants Scheme
…commences project initiation process in collaboration with University.
27 mins ago
April 23, 2021
The Abdul Samad Rabiu Africa Initiative (ASR Africa) has commenced project initiation consultations for its N1billion grant to Nigeria’s foremost University, the University of Ibadan, as part of its ASR Africa Tertiary Education Grants Scheme. This was announced at a presentation of the grant to the management of the university and comes barely a month after the ASR Africa Initiative donated N1billion to Ahmadu Bello University towards the provision of student housing and a faculty building.
The initiative, whose core areas of intervention are Education, Health and Social Development in Africa focuses mainly on equipping facilities, researchers, healthcare practitioners and community-level service providers and also supporting the efforts of various Governments in Nigeria and Sub-Saharan Africa.
Represented by Dr. Aliyu Idi Hong, the Chairman of ASR Africa, Abdul Samad Rabiu said, “We are committing 100million dollars annually for social development, health and education intervention in Nigeria and Africa through the ASR Africa Initiative. Of this amount, 50million dollars is being committed to Nigeria and another $50million for the rest of Africa. As part of the initiative’s Tertiary Education Grants Scheme, N1billion each has been allocated to 6 universities across Nigeria. Subsequently, more interventions will be done in the areas of health and social development”.
On his part, the Acting Vice Chancellor of the University, Prof. Adebola Ekanola thanked Abdul Samad Rabiu and ASR Africa for the gesture stating that, “This is an important intervention for the University of Ibadan. It will meet some of our most pressing needs which will also impact on our capacity to achieve the core objectives of the University of Ibadan.
“We believe that these projects we are proposing for the grant sponsorship will empower the University of Ibadan to be more efficient and effective in teaching, research and community services. It will also empower us to train our students in ways that would make them to be globally competitive.
“This initiative will go a long way in revamping our educational sector in Nigeria with specific reference to the university system in the country”.
ABOUT ASR AFRICA
The Abdul Samad Rabiu Africa Initiative seeks to support sustainable development initiatives in the Health, Education and Social Development within Nigeria and the rest of Africa, every year. For more information visit asrafrica.org or email asrafrica[at]buagroup[dot]com
Unemployment: Tech can be used to reduce youth unemployment – BOI
The FG disclosed that technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria.
2 hours ago
April 23, 2021
The FG disclosed that Technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria, citing that embracing tech and infusing it into business processes will make organisations and the country more competitive.
This was disclosed by Mr Olukayode Pitan, Managing Director, Bank of Industry (BOI), at the inauguration of BOI-UNILAG Incubation and Co-Working Hub, on Thursday in Lagos.
What Mr Pitan said
Tech can help solve some of Nigeria’s social problems particularly youth unemployment which has been further exacerbated by the pandemic.
At the Bank of Industry, we believe that corporate organisations that are privileged to be in business at these difficult times need to bring groups of like-minded young individuals together to help create wealth and prosperity for future generations.
Embracing tech and infusing it into business processes will make organisations and the country more competitive.
It can create exciting jobs that encourage our young people to stay in Nigeria even as they work and compete globally,” he said.
The BOI boss also revealed that 2 additional hubs have been completed in Kaduna and Kebbi, citing that the bank will also provide funding to support credible and bankable ideas that emerge from the tech hubs to enable them start operations and scale into viable businesses.
“At the Bank of Industry, we believe that with the collective will of our young people’s positive passion, the right government policies, mentorship, and private capital, this can become a reality in a short period,” he said.
What you should know
Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.
According to the last Gross Domestic Product Report, released by the National Bureau of Statistics (NBS), the information and communication sector grew by 13.8%% in full-year 2020 compared to 11.08% recorded in 2019 and 9.65% in 2018.
Nairametrics | Company Earnings
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- Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.
- Dangote Cement Plc to hold AGM on May 26th
- Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.
- VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.
- GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.
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