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Nigeria’s Oil Production Hits 2.6million BPD

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Goodluck Jonathan, says Nigeria now produces 2.6 million barrels of oil per day due to ongoing economic reforms embarked upon by the Peoples Democratic Party (PDP)-led Federal Government.

Jonathan stated this at the 2012 PDP National Convention held in Abuja last Saturday.

He said that in the last 13 years, PDP governments had also carried out far-reaching reforms in the various sectors of the economy to serve as building blocks for sustainable development and to grow the capacity in local production and improve the quality of service delivery.

The President who was represented by Vice President Namadi Sambo, said the government was at various levels in the implementation of reform policies in key sectors of the economy.

“I assure you that very soon, tangible results will begin to come in, for Nigerians to appreciate some of the tough decisions we have had to take in the last two years to improve the quality of life of our citizens.

“In recent times, the economic reforms implemented by the PDP administration led to increase in our oil production, up to 2.6 million barrels per day.

According to him, the implementation of the local content policy in the oil and gas sector is also helping to grow indigenous capacity.

He further maintained that investments were being encouraged in the power sector, and a comprehensive roadmap for the power sector was being implemented to stabilise power supply in the country.

“We are rehabilitating all our hydro-power plants for optimal capacity utilisation, alongside the construction of 10 power plants of which three will be commissioned this year.

“This is in addition to renewing our transmission and distribution capacity to ensure adequate power supply to all parts of the country.”

The President said the government had resolved to make Nigeria a major player in the international gas market through the implementation of the Nigerian Gas Master-Plan.

He said already the country had designed a framework for the expansion of gas infrastructure within the domestic market to boost commercial exploitation of gas for domestic consumption and export.

He said the master plan was a roadmap to fully harness the nation’s gas potentials and meet the challenges of gas supply to power plants nationwide.

“The diversification of the economy is progressing steadily with sustained increase in non-oil GDP growth, particularly through agricultural production.

“Our country has continued to record favourable ratings from international credit agencies due to the success of our economic reform programmes.”

Jonathan noted with delight that “Nigeria’s exit from the Paris Club, a feat achieved under a PDP-led administration, has freed more resources that now go into investment in human capital and economic development annually”.

He, therefore, assured that the PDP led government would continue to expand the frontiers of reforms to consolidate on the successes recorded by previous regimes.

On political reforms, the President assured that government would continue to ensure that the votes of Nigerians counted in every election.

“Our administration is consolidating democracy through strict observance of the rule of law and creating a favourable environment for freedom of political association and the freedom of expression particularly with the enactment of the Freedom of Information Act.”

He announced that his administration was in the process of encouraging the National Assembly to amend aspects of the Constitution in line with the expressed desire of the people, to have a document that would address issues on national development.

“The administration has since set up a Committee, whose mandate is no more than to take a stock of all the issues at stake, arising from previous political reform conferences and inputs by various stakeholders.

“This is about building a new Nigeria, a better and stronger Nigeria, secure and united at home and respected abroad.

“This is the vision that we have encapsulated in the Transformation Agenda. The vigorous and relentless pursuit of the well-thought out objectives of the Agenda is the impetus for our every action.”

On 2012 budget, the President said it provided a solid macro economic framework upon which necessary investment could be made in key sectors of the economy as contained in the Agenda.

While acknowledging that the nation had been having some challenges with threats to national security, due to the activities of “some misguided and criminal elements in the society”, Jonathan said the security agencies had done a lot to contain the threat.

“We are determined to overcome. The war against terror is a global challenge, we are resolved to play our part in tackling this scourge squarely in order to continue to guarantee the sanctity of human life.”

He, however, stressed the need for collaboration and support of all Nigerians, including the media, saying that “whenever a country is challenged, the people have an obligation to bond together.”

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FG Targets Production Of Locally Made Vehicles By Dec

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The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.
With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.
Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.
Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302billion, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.
According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.
But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.
A statement issued last Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.
“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”
Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.
“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”
Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.
She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.
Stringent adherence to quality, she said, will boost consumer confidence and attract investment.
The minister assured all that the government would continue to encourage increased investment in research and development, adding that, innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.
On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.
By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification
In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.
He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”
He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing industry to new heights of success.
The statement added, “The government’s charge underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.
“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.”

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Waive Tax On Electronic Imports, Women Engineers Appeal To Tinubu

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The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on President Bola Tinubu to exempt the importation of electronic components from taxation for inventive engineers.
Chairman of APWEN, Ms Atinuke Owolabi, said this a in statement yesterday in Lagos, in commenration of the 2024 World Creativity and Innovation Day, with the theme: “Step Out and Innovate”.
The Tide source reports that World Creativity and Innovation Day is a global UN Day, celebrated on April 21, to raise awareness about the importance of creativity and innovation in problem solving.
This is with respect to advancing the United Nations’ sustainable development goals, also known as the global goal.
Owolabi explained that such a measure would significantly enhance technological progress, support local innovators, and elevate Nigeria as a leading hub for innovation globally.
She stated that in a world marked by dynamic challenges and unprecedented opportunities, creativity and innovation stand as the driving forces behind progress and transformation.
According to her, women engineers recognise the critical role that innovation plays in shaping our societies and driving sustainable development.
”On this occasion, we affirm our commitment to fostering a culture of creativity and innovation within our organisation and the broader engineering community.
”Together, let us step out, innovate, and inspire the next generation of women engineers to reach even greater heights of achievement and impact.
”We believe that by stepping out of our comfort zones and embracing new ideas, technologies, and approaches, we can unlock innovative solutions to the complex challenges facing our world today,” she said.
According to her, the theme: ‘step out and innovate’, serves as a call to action for women engineers everywhere to break barriers, challenge conventions.
She noted that it would also pioneer groundbreaking solutions that would propel them toward a brighter and more sustainable future.
Owolabi disclosed that in celebration of the World Creativity Day, APWEN Lagos had inaugurated an artificial intelligence club tailored for female engineering students and young engineers.
She said that the proactive initiative aimed to inspire and equip young engineers with cutting-edge technological insights.
Th chairman said, “Additionally, we already have a 200-capacity hall to set up a resource, technology, and innovation hub to empower women and girls in engineering.
”This endeavour serves as a catalyst for encouraging aspiring female engineers to embrace innovation and stay abreast of emerging trends in the field.
”APWEN Lagos stands united in its dedication to promoting diversity, inclusivity, and excellence in engineering.
“We encourage all female engineers to seize this opportunity to unleash their creativity, explore new frontiers, and make an indelible mark on the world.”

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Pan-Igbo Group Hails Dangote Group For Reducing Diesel Price

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A pan-Igbo group, Ndigbo Unity Forum (NUF), has commended the Chairman of the Dangote Group, Alhaji Aliko Dangote, and his management for reducing the price of diesel from N1,600 to N,1000 per litre.
The Tide’s source reports that diesel is the major fuel used by heavy duty vehicles and generating sets to transport goods as well as run industries across the country.
The President of NUF, Mr Augustine Chukwudum, told The Tide’s source in Enugu, yesterday, that Dangote’s timely response to suffering masses of Nigerians, going through hell to get a meal a day, “is highly commendable”.
According to Chukwudum, Nigerians need to appreciate the patriotism of Dangote since what he has done will go a long way in reducing prices of goods, especially food stuff which has gone out of the reach of the poor.
He called on Nigerians, who wish and pray always for the betterment of the country, to appreciate and thank God for answering their prayer through Dangote’s move.
“It is clear that if Dangote Refinery starts fully and gets all the crude oil needed from Nigeria, the prices of petrol, kerosene and diesel will further reduce.
“We commend President Bola Tinubu for being a listening President and supporting the Dangote Group on our crude oil needs.
“We appeal to Tinubu to encourage Dangote by providing the company with crude oil at a reduced rate as we have been demanding,” he said.
Chukwudum said that this move and subsequent further reduction, would bring industries in comatose back to life, jobs created for unemployed youths and reduction in crime as well.
“We call on governors of oil-producing Anambra, Imo and Abia States to bring investors, who shall build refineries in each of the states to refine thousands of barrels of crude in commercial quantities,” he said.

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