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Firm Unveils Techno Gas Cylinders At World Forum

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Nigeria’s oil and gas major, Techno Oil Ltd. has unveiled its TechnoGas LPG cylinders at the 31st World LPG Forum rounding off at Houston, Texas in the U.S.
The unveiling of the cylinders formally makes Nigeria to join the big league of nations manufacturing LPG cylinders for export.
No fewer than 1,500 participants drawn from 72 countries and 89 companies exhibited various products with Techno Oil being the only African company that exhibited its cylinder products.
A dispatch by Techno Oil to The Tide source yesterday, quoted Mr Gbite Adeniji, Senior Special Adviser to the Minister of State for Petroleum Resources as expressing his delight that Nigerian companies are steadily making appearances on the world stage.
“I’m pleased to have visited your lovely stand and I’m highly impressed with what I saw of your products,’’ Adeniji said at the Techno Oil exhibition pavilion.
He said: “The cylinders look high quality. I continue to be impressed with your entrepreneurial spirit and commitment to the oil and gas sector.’’
Similarly, the Managing Director of Ultimate Gas Ltd., Alhaji Auwalu Ilu, lauded the management of Techno Oil for flying Nigeria’s flag at the global event.
He said he was impressed with the quality of the cylinders and implored Techno oil to continue to make Nigeria at the world stage.
On his part, the Executive Director Commercial, Nigerian Products Marketing Company, Mr Billy Okoye, expressed his delight with Techno Oil and its remarkable achievement in manufacturing cylinders.
Also speaking, the Deputy Director, Head, Downstream of the Department of Petroleum Resources, Mrs Ijeoma Onyeri, said she lacked words to describe the strides being made by Techno Oil in manufacturing cylinders locally.
She told the company to sustain the quality of its products and to ensure safety in its manufacturing operations.
In a speech at a ceremony to unveil the cylinders, the Executive Vice-Chair of Techno Oil, Mrs Nkechi Obi, flanked by the Managing Director of the company, Mr Tony Onyeama, and other senior management staff, said she was excited that Nigeria could now export cylinders.
She said that it was a fulfilling moment for her to announce to the world that made in Nigeria LPG cylinders could now be exported, rather than for Nigerians to continue to import cylinders and deplete its foreign reserves.
“We’re using this forum to announce to the world that TechnoGas cylinders have hit the market and we’re ready to meet every demand, local and international.
She told the gathering that Nigeria had expended billions of dollars importing LPG cylinders from various countries, especially China, India and other Asian countries.
Obi, whose company recently completed the building of Nigeria’s largest LPG cylinder manufacturing plant, said that TechnoGas cylinders would help the Federal Government to save resources in importing cylinders and their accessories.
“The era of Nigerians depending on sub-standard cylinders imported from India, China and other countries is over for Nigerian and West African households.
She, however, lamented that the world was leaving Nigeria behind in LPG adoption, in spite of Nigeria’s top position in the league of gas-rich nations.
Obi noted that some industrialists had taken the initiative to promote LPG adoption in Nigeria, in a bid to not only to secure the environment and the future but to save scarce resources expanded by Nigeria annually to import kerosene and other cooking fuels.
She restated her concern on the worsening consequences of using solid gases such as firewood and charcoal in Nigerian homes.
According to the LPG adoption advocate, the World LPG Forum has again raised the stakes for the Nigerian government to realise that there is no better time than now for government to pay serious attention to discouraging Nigerians from using solid gases in cooking.
According to her, while the aim of using firewood, charcoal, animal dung etc. is to get food cooked, the Nigerian woman and her household are unknowingly exposed to inhalation of a myriad of harmful gases on daily basis.
“It doesn’t end there, these gases have far-reaching effects on the environment as they contribute to global warming and climate change.’’
The Techno Oil chief argued that global warming and climate change were directly responsible for increased global temperatures, flooding, food insecurity and desertification.
“A paradigm shift is required and there is no better time than now because up to 70 per cent of Nigerian women spend time cooking, using mostly solid fuels, instead of adopting LPG.
“More worrisome is the fact that Nigeria has one of the highest proven reserves of gas and is also one of the highest exporters of LPG in Africa,’’ the industrialist stated.
Obi said there was need for government to join forces with LPG stakeholders to make Nigerians to embrace LPG in their cooking urgently.
She expressed her optimism that the efforts of some companies and interest groups in LPG adoption had started yielding dividends in Nigeria, citing the building of an LPG cylinder manufacturing plant in Lagos by Techno Oil to boost the LPG value chain.   (NAN)

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FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom 

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The Federal Government has approved ?758b in bonds to offset long-standing pension liabilities, including pension increases owed since 2007.
The Director-General, National Pension Commission, Omolola Oloworaran, disclosed this at a two-day Sensitisation Workshop on the workings of the Contributory Pension Scheme for Employees and Pensioners in the North-East, in partnership with the National Salaries, Incomes, and Wages Commission (NSIWC), and held in Yola, last Thursday.
Represented by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, Oloworaran described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in the pension system.
She said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.
According to her, other key interventions under the reforms included pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ?12.15 billion to ?14.83 billion, effective from June 2025.
“The commission has also eliminated waiting time for pension payments, ensuring that, since July 2025, retirees now access their benefits immediately after retirement.
“The proposed reintroduction of gratuity for civil servants, with a framework developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.
The PenCom DG explained that the initiative was aimed at further enhancing post-retirement benefits and improving the welfare of pensioners.
Oloworaran stressed that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while offering an opportunity for engagement, feedback, and trust-building with stakeholders.
Also speaking, the Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, represented by the Deputy Director of Compensation, Chika Ochor, said the workshop would promote better understanding of the CPS and its benefits.
Nta insisted that pension provides financial security in old age, enabling retirees to maintain their standard of living, reduce poverty, and avoid dependence on families and government adding that the current administration had introduced far-reaching reforms in pension administration to ensure prompt and sustainable payment of retirees’ benefits.
In his remarks, the Director-General, National Orientation Agency (NOA), Lanre Issa-Onilu, commended PenCom and NSIWC for their collaboration in bridging knowledge gaps on the CPS and online enrolment processes.
He reaffirmed NOA’s commitment to promoting national values, policy awareness, security consciousness, and disaster preparedness.
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Banks Must Back Innovation, Not Just Big Corporates — Edun

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigerian banks to channel more credit to young innovators and small businesses, saying the era of concentrating lending on big corporates must give way to inclusive, innovation-driven financing.

Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.

Edun emphasised that while the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023, inclusive growth remains critical to sustaining the recovery.

“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.

The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.

“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.

The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.

He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current leadership, describing the tight policy stance as a necessary step to curb inflation, stabilise the financial system, and restore investor confidence.

Also speaking, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the CBN and the Federal Ministry of Finance for their coordinated policies that have eased pressure on the foreign exchange market and restored investor confidence.

“We thank the Minister of Finance and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” Alawuba said.
He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust, and promote collaboration within the banking industry.

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FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment 

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The Federal Government has begun discussions with the World Bank for a new $1 billion loan under a programme designed to accelerate private investment, job creation, and economic diversification.

The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.

According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.

If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.

The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.

The loan would back reforms intended to expand access to credit and digital financial services, lower prices for households and firms, and boost productivity in key agricultural value chains.

“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.

To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.

The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.

Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.

Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.

The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.

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