Thursday, December 10, 2020
Gencos: We have Increased Power Generation by 93% Since 2013
Despite the underperformance of the power sector since privatisation in 2013, Electricity Generation Companies (Gencos) in the country said they have succeeded in achieving a 93 per cent increase in generation in the past seven years. Read more
Assessing Impact of COVID-19 on W’Africa’s Economies
The past one year has been tough for countries that depend heavily on primary products as their major source of revenue. This is because of the impact of the COVID-19 pandemic. Indeed, beyond the health crisis which as at yesterday had resulted to the death of 1.6 million persons and 68 million cases globally, the pathogen also saw many countries face turmoil linked to commodity dependence as commodity prices reacted negatively to the crisis, reflecting changes in supply and demand due to measures to limit contagion. Read more
NLNG targets eight more plants as competition grows
The Nigeria LNG Limited has said Nigeria needs at least 15 Liquefied Natural Gas trains to be able to stay competitive in the global natural gas markets. The Managing Director and Chief Executive Officer, NLNG, Mr Tony Attah, said the Train 7 project, for which final investment decision was taken in December 2019, was no longer ambitious for the country. “We need to monetise our gas now,” he said at the Nigeria Oil & Gas Strategic Outlook Digital Session, with the theme ‘Fortifying the Nigerian oil and gas industry for economic stability and growth’ on Tuesday. Read more
Cost of data reduced by 50% in 2020 —FG
The Minister of Communications and Digital Economy, Isa Pantami, says data prices reduced by 50 per cent in 2020. The minister made this known in a statement signed Thursday by his Technical Assistant on Information Technology, Femi Adeluyi. The statement titled, ‘Current Cost Of Data Reduced To Less Than 50% Of January 2020 Cost,” partly read, “The average cost of 1GB of data has reduced from the January 2020 cost of N1,000 to N487.18 in November, 2020. Read more
Reps accuse Apapa gridlock presidential task force of extortion
The House of Representatives has said the Federal Government should pay attention to the construction of access roads linking seaports in the Apapa area of Lagos State. It also accused the presidential task force set up to decongest the ports of extortion and worsening the gridlock in the area. The House specifically asked that a greater part of two months revenue generated by the Apapa Port, TinCan Island Port, Kirikiri Lighter Terminal and PTML be committed to the construction of all the access roads for optimal revenue for the country. Read more
Renewable energy breakthrough threatens Nigeria’s gas investments
Efforts by the government to harness its 203.16 trillion cubic feet (TCF) gas reserves to spur economic activities and boost revenue may remain elusive as an emerging energy solution, especially renewable energy and energy storage, are projected to keep reserves unharnessed across the world. Read more
NCC suspends SIM card registration by network operators
Acting on the directive of the Federal Government, which called for an audit of the Subscriber Registration Database in the country, the Nigerian Communications Commission (NCC), yesterday, directed all mobile network operators (MNOs) to immediately suspend registration and activation of new Subscriber Identification Module (SIM) cards. Read more
Local Content: NCDMB retains $6.4bn of industry yearly spend
Notwithstanding the challenges in the global oil and gas industry, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has stated that the agency has retained the $6.4 billion of yearly spend as a result of Local Content Act implementation. The value represents 32 per cent value retention of the $20 billion yearly spend in the oil and gas industry just as Wabote said efforts are on-going to achieve 70 per cent. Read more
