Economy

DPR, GenCos to Tackle Gas Transportation Challenges in Nigeria

Published

5 years ago

20/04/2021

By Adedapo Adesanya

The Department of Petroleum Resources (DPR) has said it will work closely with the electricity generating companies as regards the challenges present in the Nigeria Gas Transportation Network Code (NGTNC).

This was disclosed by the Chief Executive Officer of the agency, Mr Sarki Auwalu, at the NGTNC engagement with the DPR, GenCos and the National Electricity Regulatory Commission (NERC) in Abuja.

He said, “I appreciate the remark by one of the Managing Directors of the GenCos that they are sitting on gas.

“We have 203 Trillion Cubic Feet (TCF) of gas that is proven, and 600 TCF about to be proven and we have so much gas project already ongoing.

“What I am saying is that the network code is not only looking at end-users, shippers or transporters.

“It is also looking at gas explorers and producers; when you look at the issues you have highlighted, they are issues we have observed with our interactions with you, we will identify them and work through it.”

He added that the only omission in the concerns of the Gencos was the needs of the explorers and the producers, which determine a lot of things.

He noted that the DPR would continue to engage with NERC towards actualising the goal and commended the Gencos for accepting the code.

Mr Auwalu said that the drive of the code was to help the country to migrate to the gas economy endowed with a huge deposit of the product.

According to him, the code is in line with President Muhammadu Buhari’s directive that the country must migrate to a gas economy.

This, he said, would help to take a lot of Nigerians out of poverty and equally create the needed jobs in the country.

“As you know, the president has declared this decade, a decade of gas, and he has given all the support to ensure that it is achieved,” he said.

He noted that there was a need for the country to change the way things were done to get different results for the growth of the nation.

Mr Auwalu said that there was no misalignment with all the concerns of GenCos but noted that the most important need of the code was to ensure business viability.

He said that the DPR would ensure that all the provision in the gas value chain was keyed into with the code.

“With NERC, Nigeria Gas Company and all the stakeholders we will get things done well, and the essence of the meeting is to get the Gencos to appreciate the code.

“For us, this meeting is the onboarding of the GenCos to the gas network code,” he added.

In his remarks, NERC chairman, Mr Sanusi Garba, said that the most important element to grow the Nigerian economy was gas, adding that the nation cannot make progress without an adequate power supply.

Mr Garba said that there was a need to discuss how 70 to 75 per cent of power generation could be generated through gas.

Represented by the Vice-Chairman, Musilim Oseni, he said that NERC was ready to work with the DPR to ensure that the critical changes needed would be achieved.

He said that NERC was optimistic that the network code would enable the needed milestone to achieve the migration to gas economy.

Also, Mr Nnaemeka Ewelukwa, Managing Director of Nigerian Bulk Electricity Trading (NBET) Plc, said that there was a need for the network code to look at all the electricity value chain.

Mr Eweluka added that issues of charges, cost, invoicing and payment should align for its impact in the sector.

The Representative of the Gencos, Mr Godwin Ogaje, said that they supported the gas network code.

Mr Ogaje pointed out that the major challenge was the big gap between the GTA and the code.

He noted that various changes introduced by the code should be looked into for business viability.

Mr Ogaje listed some of the charges to include capacity charges, commodity charges and capacity obligations, among others.

Economy

Tinubu Okays Extension of Ban on Raw Shea Nut Export by One Year

Published

5 hours ago

26/02/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.

A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.

It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.

Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.

The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.

Economy

NASD Bourse Rebounds as Unlisted Security Index Rises 1.27%

Published

5 hours ago

26/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.

This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.

At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.

However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.

At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.

At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.

Economy

Investors Lose N73bn as Bears Tighten Grip on Stock Exchange

Published

6 hours ago

26/02/2026

Dipo Olowookere

By Dipo Olowookere

The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.

At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.

A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.

However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.

Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.

RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.

Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.

Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.

Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.