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FG commends TETFund’s broker relationship between academia, industry

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The Minister of Education, Prof. Tahir Mamman has commended the Tertiary Education Trust Fund (TETFund) for proffering solutions to the missing link between academia and the industry.

Mamman made the commendation in Abuja on Tuesday during a press conference on the TETFund Research Exhibition, scheduled to hold in November 17.

The minister said intense and wide consultations were ongoing with institutions and organisations that could partner with and support TETFund.

This he said was to drive interest and encourage organisations and individuals to participate and identify technologies with a view to establishing enterprises and/or enhancing the performance of existing businesses.

The minister expressed confidence in the fund for recognising the imperative need to enhance the linkages of these impressive academia performances to industry and the day-to-day life on the average Nigerian.

“This is in line with the Renewed Hope Agenda of Mr President, which mainly aims at “rebooting” the economy through the massive generation of jobs, creation of wealth and the improvement of the general welfare of Nigerians.

“It is also to see and use such technologies for establishing viable enterprises for the provision of goods and services with net effect of massive generation of jobs, creation of wealth,” he said .

Mamman added that to implement the mandate, TETFund had further established a Research Fair Sub-Committee under the NRFS&MC in July 2024, to serve as the Local Organising Committee (LOC).

According to him, the committee are to urgently take stock of all research output technologies from Universities, Polytechnics, Colleges of Education, Research Institutes and others, and document them.

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“They are to also screen and select candidate technologies to be showcased at the research fair with emphasis on technologies that will immediately impact upon and grow the national economy.

“To cluster selected technologies into sectors to ease exhibition and catalyse the interest of potential investors and entrepreneurs.

“To identify, collaborate, reach out to and closely work with all relevant stakeholders (business support, funding and IP management) for success and effectiveness of the fair,” he added.

He added that financial institutions, funding agencies and venture capitalists had been identified to provide funding to the promising organisations, individuals and entrepreneurs who source technologies to establish enterprises.

He also said that the Call Circular inviting the Institutions and individuals to submit their technologies as entries to the fair had been finalised and would be released today.

He urged researchers, inventors and creators who expressed interest to showcase their technologies, to participate free of charge in the fair.

The Chairman, TETFund research fair committee, Mr Umar Bindir, promised to take the bull by the horn to deliver on the mandate of the president in the area of research.

On his part, the TETFund Executive Secretary, Sonny Echono, expressed the appreciation of the federal government for the commencement of the project through the media briefing.

Echono pledged the readiness of the fund to harness the potential recorded in the area of innovation and creativity in tertiary institutions.

He called on private investors to take advantage of the fair to showcase their works, leading to job creation in the country.

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The News Agency of Nigeria (NAN) reports that the event, which is set to bring together researchers, inventors, and creators to share their cutting-edge projects and visionary ideas, will take place at Eagle Square, Abuja.(NAN

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Nigeria’s oil reserves stand at 37.28bn barrels, gas hit 210.54 tcf – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.

The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf).

Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who stated this said that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb.

The News Agency of Nigeria (NAN) reports that the figure is against the 37.50 bb of proven crude oil reserves and proven natural gas reserves 209.26 tcf recorded in 2024.

Komolafe said the Associated Gas and Non-Associated Gas reserves stood at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

According to Komolafe, the commission in keeping with its mandate as enshrined in the Petroleum Industry Act (PIA 2021), is committed to driving the efficiency and effectiveness of the upstream oil and gas sector.

He assured enhancing the growth of oil and gas reserves towards ensuring sustainable increase in production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term.

“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025, as follows:

“Crude Oil and Condensate reserves stands at 31.44bb and 5.84bb respectively, amounting to a total of 37.28bb.

“Associated Gas and Non-Associated Gas reserves stands at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

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“The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.

“In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Komolafe, CCE, hereby declare the total oil and condensate reserves of 37.28bb.

“And total gas reserves of 210.54 tcf as the official National Petroleum Reserves Position as of Jan. 1, 2025,’’ he said. (NAN)

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Boko Haram Holding Authority In Three Borno Communities— Ndume

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Boko Haram terrorists are holding authorities in some communities in three local government areas of Borno State, according to Senator Ali Ndume.

The Borno South lawmaker said this on Friday when he was featured on Channels Television’s Politics Today.

According to him, there are no civil authorities in those areas, which he said are being governed by the terrorists.

“Yes, three,” he said on Friday’s edition of the show when asked if areas are being governed by the Boko Haram terrorists in the North-East state.

“What we are saying is that there is no civil authority there, and the authority is Boko Haram,” the Borno South Senator said.

He listed the areas as “Gudumbali (in Guzamala LGA), Marte, and Abadam”.

“None,” he said when asked if there are civil authority in these areas.

Senator Ndume said the security agencies are not properly equipped to tackle the insurgency, which he decried is beginning to fester in the North-East state.

His comment came days after the Borno State Governor, Babagana Zulum, decried the rising spate of insecurity in the area.

The governor said the state is losing ground in the fight against Boko Haram, asking for help.

“As I address this important gathering today, it is unfortunate that the renewed Boko Haram attacks and kidnappings in many communities almost on a daily basis without confrontation signalled that Borno State is losing ground,” the governor said, a fact Ndume agrees with.

During the show, the vocal lawmaker of the ruling All Progressives Congress (APC) said there have been hundreds of attacks in Borno State since the beginning of the year.

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“From November last year till date, there were over 250 attacks in the state, and somebody is saying we should ignore the governor,” the APC chieftain said.

“We have lost more than 100 soldiers, nearly 300 civilians even though our soldiers gallantly killed 800 of those terrorists within this period.”

“It is like a stagnated situation,” he said about the state of security in the country, arguing that President Bola Tinubu should declare a state of emergency on security, the welfare of the citizens, and the economy.

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FG Forms Sub-Committee To Evaluate US Tariff Impact

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The federal government has constituted a sub-committee to evaluate the potential economic impact of the recent tariff measures announced by the United States government.

The decision followed a meeting of the Economic Management Team (EMT), chaired by Wale Edun, minister of finance and coordinating minister of the economy, according to a statement issued on Friday by Mohammed Manga, director of information and public relations at the ministry.

On April 2, US President Donald Trump announced sweeping global tariffs on all imports into the country, including Nigeria.

A few days later, Edun said Nigeria is well-positioned to withstand global trade disruptions, including the United States import tariffs.

He said plans were underway for possible budget adjustment and prioritisation where possible.

To assess the impact of the tariffs, Manga said the EMT convened earlier in the week with key ministries and agencies to review the fiscal and macroeconomic implications of emerging global trade dynamics.

He said the EMT noted that while Nigeria’s major export — crude oil — has not been directly targeted by the new US tariffs, the policy shift has coincided with a dip in international oil prices, raising concern over potential revenue and budgetary pressures.

“To support evidence-based policymaking, the EMT has established a sub-committee tasked with conducting a detailed review of the direct and indirect economic impacts of both the emerging tariff measures and the global commodity price shifts,” Manga said.

“The sub-committee includes representatives from the ministry of finance, ministry of budget and economic planning, (including budget office of the Federation), and the Central Bank of Nigeria (CBN).”

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Manga also said the sub-committee has already held its inaugural meeting and is expected to present its findings to the full EMT without delay.

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