Economy
NNPC, Kogi Target 84m Litres of Bio-fuel, Two Million Jobs
By Modupe Gbadeyanka
A Memorandum of Understanding (MoU) for the development of fuel-ethanol processing plant that would produce 84 million litres of bio-fuel per year has been sealed by the Nigerian National Petroleum Corporation (NNPC) and the Kogi State government.
Speaking during the signing of the MoU on Tuesday in Abuja, Group Managing Director of the NNPC, Mr Maikanti Baru, said the project would yield a cane mill and a raw and refined Sugar Plant of 126,000 tonnes annually.
He stated that the Bagasse co-generation Plant would also generate 64 Megawatts of power, stressing that the plant would include a carbon dioxide recovery and bottling plant with capacity of 2,000 tonnes per year.
“The Sugarcane Feedstock Plantation would be on a 19,000 hectares and it would produce animal feeds of 63,000 tonnes per year,” the NNPC chief said
Mr Baru said NNPC was pleased to know of another opportunity in the Alape Staple Crop Processing Zone (SCPZ), in Kogi State which is a vast Agro Allied business opportunity that provides suitable agronomics for the cultivation of Sugarcane, Cassava and Oil Palm.
He stated that discussions had been held with the various parties and stakeholders on the Kogi Biofuels Project on the modality for the implementation, adding that Agreements had been reached on the first stage of the project, starting with the signing of an MoU.
Mr Baru said the signing of the MoU would lead to the formation of a Special Purpose Vehicle (SPV) to steer the future activities of the proposed project, stressing that the project is central to the attainment of economic development on the basis of value-added investment portfolios, environmental sustainability, climate change mitigation, wealth and job creation to reduce the poverty index, while balancing the ecosystem, and maintenance of national and global security.
GMD said the execution of the MoU was a milestone in the government’s determination to diversify the economy and at the same time compliment Nigeria’s effort in meeting with the growing energy demand.
He said, “NNPC is committed to implementing Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement aimed at combating global Climate Change, to which President Muhammadu Buhari signed, and deposited Nigeria’s ‘Instrument of Ratification’ to the United Nations Framework Convention on Climate Change (UNFCCC) in May 2017.”
The NNPC helmsman stated that the Renewable Energy Division of NNPC was created in line with Federal Government’s directive with the sole aim of Industrialising Agriculture in Nigeria through the commercial production of biofuels from selected energy crops as feedstock, while fostering the exploitation of other Renewable Energy Sources.
He added that the project would mitigate against the negative effect of climate change and earn Nigeria Carbon credits from Clean Development Mechanism Projects activities, serving as additional line of profitable business for NNPC, including food production and power generation.
Mr Baru noted that the project would lead to increased diversification of NNPC’s business portfolio and serve as a credible source of additional income for the corporation.
The GMD envisaged that the proposed NNPC Biofuels project in Kaba/Bunu, Kogi State would be an integrated feedstock plantation and process plants complex on a land mass of 20,000 hectares for sugarcane and or 15,000 hectares for cassava with potentials for further expansion.
He explained that NNPC had carried out seven bankable feasibility studies which include three (3) integrated sugarcane fuel ethanol projects in Benue, Kebbi and Gombe States, two integrated cassava fuel ethanol projects in Ondo and Anambra States and two integrated oil palm biodiesel projects in Rivers and Cross River States.
In his remarks, Kogi State Governor, Mr Yahaya Bello, said the MoU was another milestone in the history of the state, stressing that the project would take not fewer than two million citizens of the state out of the street.
He applauded President Muhammadu Buhari and the GMD, Mr Baru, for their doggedness to diversify the Nigerian economy, adding that the state was ready to provide all the needed support for the take-off of the project.
Highpoint of the ceremony was the signing of the agreement between the Governor and the GMD of NNPC.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
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