Business

NASS Assures On Sugar Masterplan Bill

Published

14 years ago

November 19, 2012

The Chairman, Senate Committee on Investment, Senator Nenadi Usman, has expressed optimism that the National Assembly would soon pass the Nigerian Sugar Master Plan (NSMP) bill.

Usman disclosed this in Abuja at a one-day stakeholders’ interactive forum and the unveiling of the NSMP.

The Executive Council had in September approved the NSMP as well as a regime of fiscal and investment incentives to boost sugar production.

Usman said the bill, when passed into law, would ensure the smooth implementation of the new NSMP, stressing that “The bill is to strengthen the implementation of the policy, to give it a legal backing and some push so that people will not just think they can just do anything and get away with it.

He disclosed that “the bill has gone through the first reading, waiting for the second reading which will protect all the stakeholders, especially the consumers and the manufacturers. It is criminal for anyone to be given all the fiscal protection needed just for them to be able to import and keep refining raw sugar at the detriment of having out growers in the farm that should be growing sugarcane,’’.

Usman, who was also a former Minister of Finance, urged sabotours to stay away from the NSMP, adding that it would no longer be business as usual.

In his remarks, Minister of Trade and Investment, Dr Olusegun Aganga, said with the implementation of the NSMP, 411.7 additional mega watts of electricity would be generated from sugar production by 2020.

According to him, the implementation of the NSMP will also make Nigeria to be among the top ten sugar exporters in the world.

The minister said apart from the country being self sufficient in sugar production which would bring an end to the importation of sugar, the successful implementation of the policy would create about 117 million jobs.

“The implementation of the sugar master plan will lead to the production of 161.1 million litres of ethanol which will save the country about $65.8 million on fuel importation.’’

Aganga noted with concern the over dependence on importation of sugar which, he said, had affected the economy negatively, adding that government had put in place measures to encourage local production.

He said “in order to both stimulate and protect local investment in the sugar sub-sector, a new regime of fiscal tariff has been approved to take effect from January 1, 2013.

“The measures include the approval of high fiscal tariff structure which is deliberately skewed against importation and to prevent dumping of cheap sugar and protect the infant industry.’’

The minister said the tariff would take cognisance of the little value addition by refiners who import and refine sugar.

According to him, the Federal Government has also provided incentives for investors in the sector.

The incentives included zero per cent on machinery and spare parts for local sugar manufacturing industries, five years tax holiday for ‘sugarcane to sugar’ value-chains and investors in local sugar manufacturing industries.

The incentive included an outright ban on the importation of refined sugar in retail packs among others.

Aganga said the incentives would also lead to 30 per cent tax credit on the cost of provision of critical infrastructure by sugarcane to sugar project investors.

The minister urged the stakeholders to ensure that their deliberations complemented government’s efforts in stabilising the sugar sector.

The Executive Secretary, National Sugar Development Council (NSDC), Dr Lateef Busari, who presented the NSMP to the stakeholders, said its implementation was a golden opportunity to boost the country’s economy.

“The roadmap is a ten-year plan that intends to see Nigeria from producing the two per cent sugar consumption to self sufficiency and to have some excess.

“The roadmap should be able to produce 1.79 metric tonnes of sugar over the next ten years with some other collateral advantages embedded in it.

“The NSMP will provide lots of jobs apart from reducing the burden of capital flight through the importation of sugar.’’

Chief Kola Jamodu, President, Manufacturers Association of Nigeria (MAN), said the presentation of the NSMP to stakeholders would enable manufacturers to have a better understanding of how to implement it successfully.

Business

IPMAN Raises Concern Over Delay In Chinese Refinery Deal …Predicts Lower Fuel Prices Through Competition

Published

3 days ago

June 29, 2026

The Tide

The Eastern Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to fast-track the conclusion of the proposed Technical Equity Partnership with two Chinese firms.

IPMAN made the appeal amid growing concerns over the delay in finalising the agreement initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, between NNPCL and Sanjiang Chemical Company Limited as well as Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited.

It said the proposed arrangement was designed to revive and expand operations at the Warri and Port Harcourt refineries, noting that successful implementation would strengthen the downstream petroleum sector and restore confidence in Nigeria’s oil and gas industry.

The former Unit Chairman and current Zonal Secretary of IPMAN, Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, made the call in a statement issued by the union after the Good Governance Summit organised by the Working People United (WOPU) in Abuja, and obtained by TheTide in Port Harcourt, at the weekend.

Okubowei expressed concern over the continued hardship faced by Nigerians due to the high cost of Premium Motor Spirit (PMS), stressing that households and businesses were increasingly burdened by rising energy costs.

Okubowei stated that fuel prices would naturally decline once the Chinese partners commence full operations at the refineries, explaining that increased refining capacity and a more competitive market environment would positively influence pump prices.

The unionist further noted that the partnership would attract fresh investment, improve domestic refining output, increase petroleum product availability and create a more stable operational environment for industry stakeholders.

He maintained that healthy competition remains one of the most effective mechanisms for achieving fair pricing in the downstream petroleum industry and protecting consumers from avoidable price pressures.

The IPMAN official further argued that the entry of additional technically competent operators into the refining space would discourage monopolistic tendencies, improve operational efficiency and guarantee a more stable supply of petroleum products across the country.

He, therefore, appealed to the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, and the management of the company to accelerate all outstanding processes required for the successful execution of the Technical Equity Partnership.

Okubowei also called on the NNPCL leadership to publicly explain the reasons behind the prolonged delay and provide Nigerians with a definite timeline for the commencement of the project.

He emphasised that transparency, accountability and timely communication would strengthen public confidence in the initiative, adding that prompt execution of the agreement would enhance Nigeria’s energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable petroleum products.

King Onunwor

Business

Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement

Published

3 days ago

June 29, 2026

The Tide

Poised to achieving an in-depth understanding of the Nigeria’s gas economy by it’s populace, the Decade of Gas Secretariat, in collaboration with the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), has deepened media capacity engagement across the country.

The media session, third in its series, and held at the Hotel President, Port Harcourt, recently, brought together 30 journalists from the television, radio, print, and digital media platforms to deepen their understanding of Nigeria’s gas development agenda and further enhance their reportage on the role of gas in driving economic growth, energy security, industrialization, job creation, and improved living standards.

Speaking during the session, the representative, Decade of Gas Secretariat,Taofeek Balogun , noted that the port Harcourt engagement followed two earlier sessions held in Lagos and Abuja, a move that began in 2025.

According to him, Nigeria’s gas sector continues to record significant progress, with year-to-date gas production reaching 7.85 billion standard cubic feet per day (bcfd).

Domestic gas utilization has surpassed the 2 bcfd mark, while gas exports have risen to their highest level in five years, reflecting growing demand across power generation, industries, transportation, exports, and household consumption.

Balogun emphasised the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger Crossing by NGIC/NNPCL, describing it as a critical infrastructure milestone that would improve gas transportation across the country, support industrial growth, attract investment, strengthen energy security, and contribute to economic development.

As part of efforts to expand domestic gas utilization, he reiterated the Federal Government’s commitment to increasing access to clean cooking solutions. The government’s target is to distribute cooking gas cylinders to five million households by 2030.

Following the successful rollout of the programme across the six geopolitical zones by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, implementation would now move to the state level, beginning with Bayelsa State in July 2026.

Under the initiative, Balogun said, 27,000 households in Bayelsa are expected to receive cooking gas cylinders within the year as part of the 1(one) million homes per year target.

Also speaking, the Chief Operating Officer of Pi-CNG & EV, Tosin Coker, highlighted ongoing efforts to expand the adoption of Compressed Natural Gas (CNG) and electric mobility solutions as cleaner and more affordable transportation alternatives for Nigerians.

He disclosed that the Federal Government is promoting the adoption of CNG across Ministries, Departments and Agencies (MDAs) through the conversion of existing vehicle fleets and the procurement of CNG-powered vehicles as part of broader efforts to reduce transportation costs and improve energy efficiency.

Coker said “more than 100,000 vehicles have now been converted to CNG nationwide under the initiative, reflecting growing acceptance of alternative fuel solutions and supporting the country’s transition towards cleaner and more sustainable transportation”.

Participants commended the initiative for strengthening media capacity and improving public understanding of developments within Nigeria’s energy sector.

The Decade of Gas Secretariat and Pi-CNG & EV further reaffirmed their commitment to sustained stakeholder engagement and public awareness as Nigeria continues its journey towards a gas-powered economy.

Business

Group Seeks Media Partnership To Enhance Business Growth

Published

3 days ago

June 29, 2026

The Tide

The Chief Executive Officer of Kefa Communication, Mr. Obihele Victor Amos, has called for stronger collaboration between business organisations and media institutions to enhance business growth, economic expansion and wider public engagement across communities.

Amos made the call during a press briefing in Port Harcourt at the weekend.

He emphasised that strategic media partnership remains critical to improving visibility for businesses and attracting investment opportunities.

According to him, the media occupies a central position in shaping public perception and creating awareness that can support enterprise development and economic sustainability.

He also noted that, many emerging businesses continue to face growth limitations due to insufficient publicity and inadequate access to effective communication channels.

“Stronger engagement with the media would help bridge information gaps and create better connections between businesses and potential customers”, he said.

The CEO further stated that responsible and developmental journalism could play a significant role in promoting innovation and encouraging healthy competition within the business environment.

He stressed that beyond informing the public, the media serves as a platform for influencing policies and encouraging stakeholder participation in economic development.

Amos further disclosed the group is committed to building relationships with media organisations through continuous engagement and collaborative initiatives.

He said such partnerships would create opportunities for entrepreneurs and support efforts aimed at expanding market access.

The business leader also urged media practitioners to sustain professionalism and continue highlighting stories that promote enterprise and national development.

He expressed confidence that improved synergy between the media and the business community would contribute to employment generation and economic resilience.

Some participants at the briefing described the initiative as a welcome development capable of strengthening public understanding of business opportunities.

There were also calls for sustained cooperation among stakeholders to drive inclusive business growth and long-term development.

King Onunwor