FG Moves To Stop Importation Of Petrol By 2023 - Mega Icon Magazine
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FG Moves To Stop Importation Of Petrol By 2023

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The Federal Government of Nigeria has set a 2023 deadline to stop the importation of petrol into the country.

Nigeria, an oil-producing country has been heavily dependent on the importation of petroleum products since its four major oil refineries have been under-utilized.

However, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, while signing the Condensate refinery strategy programme Front End Engineering Design, disclosed that the strategy is expected to deliver 20 million litres of Petrol when it’s completed.

Mr Kyari further explained that President Muhammadu Buhari is concerned that as an oil-producing country, Nigeria is one of the highest importers of petrol in the world.

“For a country that has been producing oil for over 50 years, it is really a difficulty to explain why we are still importing petroleum products.

“We have a clear mandate of Mr. President to stop this and we believe this can be done between now and 2023; it is not a political deadline, it is a realistic, technical deadline that we can deliver on this”, said the NNPC boss.

He, also highlighted strategies the corporation hopes to implement to achieve the deadline, including delivering on functional refineries, support to partners on projects that will make gasoline available in the country.

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“First, we will deliver on our refineries to make them work and significant work has gone into that and we believe that we can deliver on this.

“Secondly, we will support our partners to deliver on their projects that will make gasoline and other products available which is essentially the many other refinery projects intervention that are going on that we know and we support all of them, particularly the Dangote refinery, we will help them in any way possible to support them to deliver on that.

“Thirdly, which is where we come in, in the upstream as we all know, we haven’t done well, we are busy exploring for oil-producing wells but we haven’t bothered to say what additional value we can add to this country and that’s where the condensate refinery comes in.

In 2017, the Federal Government planned to stop the importation of fuel by 2019 with the approval of a new National Oil Policy by the Federal Executive Council.

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Osun Economic Summit: FG to Site Specialised Agricultural Market In Ijebu – Jesa

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The Federal Government has expressed its readiness to site a specialised agricultural produce and international fish market in Ijebu –Jesa,  Oriade Local Government Area of Osun.

The Osun state Commissioner for Agriculture and Food Security, Mr Adedayo Adewole disclosed this at a meeting of the Project Implementation Committee (PIC) in Osogbo, the state capital.

Adedayo explained that the Federal Ministry of Trade and Investment, in conjunction with Agricultural Traders Welfare Association (ATWA), would be executing the project in the state.

According to the Commissioner, the project is a fallout of the economic and investment summit organised by the state government in November 2019 and targeted at boosting the economy of the state.

He said apart from the fact that the project upon implementation would boost the economy of Osun, it would also boost the business of fish farmers and marketers in the state and its environs .

Earlier, the representative of the PIC, Dr Joseph Okeke, lauded the state government for promoting discussion of the economic transformation of the state and Nigeria in general through agriculture and agricultural value chain.

Okeke, who also doubles as the National President of ATWA, noted that the project was targeted towards economic diversification by the Federal Government in the area of specialised agricultural market.

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“It is also geared toward job creation, enhancing economic activities and facilitating exportation of Nigerian commodities”, he added.

The committee, comprising of the project facilitator, Dr Gabriel Eniola, Osun Fish Farmers Association Chairman, Mr Tope Ogundipe and Osun Commissioner for Lands and Physical Planning, Mr Nathaniel Agunbiade among others later inspected the site.

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Adewale Raji gets another term as Odu’a Investment GMD

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Odu’a Investments Limited on Tuesday reappointed its Group Managing Director/Chief Executive Officer (GMD/CEO), Mr Adewale Raji for another term.

Contained in a statement issued by the company, Mr Raji’s reappointment followed an endorsement of his performance by the international auditing and management consultancy firm, KPMG, engaged by the six owner states of Osun, Ondo, Oyo, Ogun, Ekiti and Lagos to evaluate his performance in the last five years.

With his fresh appointment, Raji will now lead the conglomerate for another five years.

It would be recalled that his  five-year tenure had expired on May 31, 2019 but the shareholders granted him a six-month extension to allow KPMG assess  his performance. However, following a satisfactory evaluation, the shareholders at a meeting held on October 28, 2019 renewed his appointment for another term of five years with effect from June 1, 2019 and the Board also ratified the appointment.

No doubt, Raji’s first tenure witnessed significant growth in the Profit Before Tax from N378m and N495m in 2013 to N849m and N1.061b in 2018 for the holding company and the group respectively. In the same five-year period, a gross dividend of N1.208b was paid out to shareholders which is a record of consecutive dividend payout in the history of the company.

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His team initiated new businesses, particularly in agric-business and processing and the company was better managed with a very high sense of accountability and transparency while upholding the principles of corporate governance and safeguarding the interest of shareholders.

 

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30 Shops In Gbagi Marked For Demolition

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At least about 20 to 30 shops housed by Bola Ige International Business Complex, Gbagi, Ibadan have been marked for demolition by the Oyo state government.

The government said as part of its efforts  in restoring the popular market back to international standard, the identified shops which it described as illegally built would be demolished.

The state  commissioner for Commerce, Trade and Investment,  Hon. Adeniyi Adebisi, informed that the action became necessary in restoring Bola Ige International Business Complex, Gbagi, Ibadan back to international standard as provided in the master plan of the market so as to create a conducive environment for businesses within the State to thrive.

The Commissioner further added that the task force committee set up by Governor Seyi Makinde to restructure the business complex has submitted its report and implementation would follow in due course.

He, however  assured the market men and women that the state government remained committed to providing them the basic facilities that would promote the economic activities in the market.

 

 

 

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