Economy
Buhari Calls for Speedy Completion, Delivery of Train 7
By Adedapo Adesanya
President Muhammadu Buhari has called on the speedy delivery of the Nigeria Liquefied Natural Gas (NLNG) Train 7 so that the Train 8 project could begin on schedule.
The President gave the charge at a virtual ground-breaking ceremony of the project in Bonny Island, Rivers State on Tuesday.
He urged the NLNG, the host communities, the Rivers State government and other agencies of the federal government to continue to collaborate to ensure the completion and eventual inauguration of the Train 7 project safely and on time.
He said, “As we flag off the Train 7 project today, I look forward to the development and execution of more gas projects by the International Oil Companies (IOCs) and indigenous operators.
“I also look forward to more Trains from NLNG to harness the over 600 trillion cubic feet of proven gas reserves we are endowed with.
“I commend shareholders of NLNG, the Federal Ministry of Petroleum, NNPC, the Nigerian Content Development and Monitoring Board and other stakeholders for very exemplary collaboration which has culminated in this great opportunity.
“I thank the foreign investors for the confidence reposed in Nigeria.
“I assure all Nigerians and potential investors in the oil and gas sector that the federal government will continue to create the enabling environment to develop the sector and bring the full benefits of gas closer to our people.”
Mr Buhari recounted that the story of Nigeria LNG was one he had been “passionately associated with during the formative years of the project.”
“As Minister of Petroleum Resources, I kicked off our first foray in LNG Business in 1978. At the time it was already apparent that Nigeria was mainly a gas-rich country with a little oil!
“It, therefore, gives me great joy to see the organisation transform from just a project in the early 1990s to a very successful company with over 20 years of responsible operations and a steady supply of Liquefied Natural Gas, Liquefied Petroleum Gas and Natural Gas Liquids into the global market.
“This is proof that Nigeria has a great capacity to deliver value to the world by harnessing our natural resources,” the President added.
He congratulated NLNG and its shareholders – the Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni for proving that a Nigerian company could operate a world-class business safely, profitably and responsibly.
He lauded the joint venture for clearly setting the stage upon which Nigeria’s vast gas resources would continue to grow well into the future.
According to the President, the focus of his administration is to boost the development of Nigeria’s abundant gas resources, strengthen the gas value chain, develop the much-needed infrastructure and enhance safe operations in the sector as outlined in the National Gas Policy of 2017.
“Through the Decade of Gas initiative, which I recently launched, we will transform Nigeria into a major gas and industrialised nation with gas playing the key role as a revenue earner, fuel for industries and necessary feed for petrochemicals and fertiliser plants,” he said.
He also expressed delight that the NLNG, as the pioneer LNG company in Nigeria, had conscientiously proven the viability of the gas sector over the years, currently contributing about one 1 per cent to Nigeria’s Gross Domestic Product (GDP).
He explained that in revenue over the years, it paid $9 billion in taxes; $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.
“These are commendable accomplishments by the company’s 100 per cent Nigerian Management Team.
“With this level of performance, I can only hope that the company continues to grow to start with this Train 7 project, but also positioning Nigeria to thrive through the energy transition,” he said.
On his part, the Minister of State for Petroleum Resources, Mr Timipre Sylva, described NLNG as a blessing to the nation.
According to him, it has positively complemented crude oil exploration by monetising flared gas and yielding huge revenue to the nation and to investors.
Mr Sylva added that since NLNG became operational in 1999, the nation had recorded a drastic reduction in operational flare status from 65 per cent to 12 per cent.
“I boldly say that the groundbreaking of Train 7 is a guarantee to every stakeholder of more dividends in terms of further reduction in gas flaring, more revenue to the nation and shareholders, more job opportunities, especially at the construction phase and more social investments for the society,” he said.
Also speaking, Mr Anthony Attah, the Managing Director and Chief Executive Officer of NLNG, said Train 7 would increase NLNG’s overall capacity to 30 million tonnes per annum (mtpa) from the current 22 million mtpa.
Mr Attah noted that the project would stimulate about $10 billion in Foreign Direct Investment (FDI) into Nigeria, creates 12,000 direct jobs in Bonny Island and additional 40,000 indirect construction jobs.
He said the project would also further the development of local capacity and businesses through the 100 per cent in-country execution of construction works, fabrications and major procurement.
‘‘Nigeria has ridden on the back of oil for over 50 years, but with this Train 7 project, Nigeria is now set and I believe it is now time to fly on the wings of gas,” he said.
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
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