Business
PIA to boost Nigeria’s oil bidding success, says PETAN
The Petroleum Technology Association of Nigeria (PETAN) has predicted that the nation’s Petroleum Industry Act (PIA) will enhance the success of the 2024 oil bidding round.
Mr Wole Ogunsanya, the Chairman of PETAN, disclosed this at the just concluded Offshore Technology Conference (OTC) in Houston, Texas U.S.
The News Agency of Nigeria (NAN) reports that Mr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), had said Nigeria would be placing 19 blocks.
These include 12 Petroleum Prospecting Leases, PPLs 300, 301, 3008, 3009, 2000, 2001, 267, 268, 269, 270, 271 and Petroleum Mining Lease, PML 51, and the Deep Offshore Blocs, PPLs 300, 301, 302, 303, 304, 305 and 306 before the local and international buyers for purchase.
Ogunsanya said that the PIA is a comprehensive legislation, designed to bring about restructuring, streamlining, transparency, and accountability in the oil and gas sector.
The PETAN chairman said that PIA facilitates investors’ confidence and participation by making the investment process more straightforward.
According to him, it also offers clear returns on investments.
“We are seeing the good work that NUPRC is doing. The bid round will be successful. We are talking about big oil fields.
“These are deep water assets where billions of dollars will be spent. Of course, NUPRC will ensure that we attract the right investors.
“Some investors are already operating in Nigeria while others will come from outside the country. All we need to do is to present the assets to them,” he said.
Ogunsanya noted that creating an environment that encourages investment not only benefits the industry but also ensures broader macroeconomic implications.
He explained that the revenue generated from these investments could be channelled into developing other sectors of the economy.
The PETAN boss highlighted such investment to include critical infrastructure like power assets, which would help to improve the quality of life for Nigerians.
“The government is charging a reasonable signature bonus.
“This will enable investors to inject more resources into funding their capital projects, produce commercial oil and gas, and impact Nigeria’s economy,” he added.
Ogunsanya expressed the commitment of the association and members to enhancing the bidding round.
He said, “All of our executive members are determined to make sure the bidding round is successful.
“We used to have meetings till late at night, back home in Nigeria. We made sure we covered all the aspects of the OTC.
“A lot of oil was burned in the background. A lot of very smart chief executives did their best.
“Many of them have been doing these for 30 years and their companies, are successful.
“All of my executive members from top to bottom, I trust every one of them that whatever assignment that we have for them is going to be done.” (NAN)(www.nannews.ng)
The National Bureau of Statistics (NBS) says Nigeria recorded N3.42 trillion trade surplus in the fourth quarter (Q4) of 2024.
The NBS, in its foreign trade report for Q4 2024, said Nigeria’s exports totalled N20.01 trillion while imports stood at N16.59 trillion.
A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.
The bureau said total trade was N36.6 trillion in Q4, representing an increase of 2.20 percent compared to the N35.8 trillion recorded in the third quarter (Q1) of the year.
“Nigeria’s total merchandise trade stood at N36,604.83 billion in Q4, 2024. This represents an increase of 68.32% compared to the value (N21,747.40) recorded in the corresponding period of 2023 and a rise of 2.20% over the value recorded in the preceding quarter (N35,818.35),” NBS said.
“In the quarter under review, exports accounted for 54.68% of total trade with a value of N20,014.33 billion, showing an increase of 57.67% rise over the value recorded in the fourth quarter of 2023 (N12,693.62) and a decrease of 2.55% compared to the value recorded in Q3 2024 (N20,537.17).”
NBS further said crude oil continued to dominate exports trade in the quarter reviewed.
The statistics firm said crude oil exports stood at N13.78 trillion, representing 68.87 percent of total exports, while the value of non-crude oil exports stood at N6.23 trillion, accounting for 31.13 percent of total exports.
NBS added that non-oil products contributed N2.84 trillion or 4.20 percent of total exports.
The NBS said the Netherlands was Nigeria’s top export destination in Q4, followed by Spain, France, India, and Indonesia.
“The main export destination was The Netherlands with a value of N 2,089.96 billion or 10.44% of total exports, followed by exports to France with N1,909.76 billion or 9.54% of total exports, Spain with N1,737.68 billion or 8.68% of total export,” NBS said.
“India with N1,596.66 billion or 7.98% of total exports, and exports to Indonesia with goods valued at N1,406.77 billion representing 7.03% of total exports.
“These five countries collectively accounted for 43.67% of the value of total exports in Q4, 2024.”
In terms of imports, the bureau said China remained Nigeria’s major trading partner, with 27.80 percent (N4 61 trillion) worth of imported goods.
Others on the top five import routes were India (N1.89 trillion or 11.43 percent), Belgium (N1.38 trillion or 8.35 percent), the United States (N1.05 billion or 6.33 percent), and France ( N501 billion or 3.62 percent).
President Bola Tinubu has appointed Attahiru Jega, former chairman of the Independent National Electoral Commission (INEC), as adviser and coordinator of the presidential livestock reforms initiative.
Bayo Onanuga, presidential adviser on information and strategy, announced the appointment in a statement issued on Friday evening.
By Amina Samuel, Kaduna
The Kaduna State government has unveiled a groundbreaking urban mobility project aimed at transforming public transportation in the state.
The Kaduna Bus Rapid Transit (KBRT) system, spearheaded by Governor Uba Sani, is set to introduce a 24-kilometer dedicated transit corridor, significantly reducing congestion and enhancing the quality of life for residents.
Speaking at a press conference on Friday at the Nigeria Union of Journalists (NUJ) Secretariat, the Director General of Kaduna State Transport Regulatory Authority (KADSTRA), Engr. Inuwa Ibrahim, described the KBRT as more than just a transport initiative, calling it a game-changer for Kaduna’s economy and urban development.
“The KBRT project is expected to provide safer and more reliable transport, decongest the urban center, reduce travel time, and improve both road safety and environmental sustainability,” Ibrahim stated.
The French Development Agency (AFD) is partnering with Kaduna State in funding the initiative.
Governor Uba Sani has committed significant resources to the project, allocating ₦97 million in counterpart funding in 2023, ₦699 million in the 2024 budget, and ₦30 billion earmarked for 2025, including ₦5 billion in counterpart funding.
According to Ibrahim, the KBRT corridor will stretch from Kawo Bridge to Sabon Tasha, featuring well-structured bus stations and shelters to enhance passenger convenience.
“More than just an infrastructural development, KBRT represents a shift towards a modern, efficient, and environmentally friendly transportation system that will enhance mobility, stimulate economic growth, and create job opportunities for Kaduna residents,” he added.
Governor Uba Sani’s administration has prioritized structured and sustainable urban transport solutions to tackle congestion, unregulated transport operations, and inefficiencies in Kaduna.
The KBRT project is a major component of this vision, promising a more organized, efficient, and safer public transit system.
As construction begins, residents are encouraged to support the project, which is expected to bring visible improvements to Kaduna’s transportation landscape in the coming months.