Business

FG To Reduce Fuel Import To 60% – Kachikwu

Published

9 years ago

May 19, 2017

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu has reiterated Federal Government’s resolve to reduce importation of petroleum products from the present 95 per cent to 60 per cent by 2018.
Kachikwu stated this at the Rainoil 20th Anniversary Lecture organised by the company in Lagos last Wednesday.
The theme of the anniversary was: “The Nigerian Oil and Gas Industry: Opportunities, Challenges and Prospects of the Downstream Sector”.
The minister of state said that with the proposed construction of modular refineries in the Niger Delta and more investments in the sector, the importation of refined products would be reduced to 60 per cent by 2018.
According to him, the country will start exporting refined products with the commencement of Dangote Refinery in 2019.
“The nation is at the turning point where the downstream industry is more critical than ever and will drive the economy.
“Currently, the NNPC imports over 95 per cent of petroleum products owing to challenges being faced by marketers in accessing Foreign Exchange.
“After 20 years in this industry, I have seen the industry go through challenges but regardless of all that, we are optimistic that there are a lot of opportunities in the sector.
“Going by our plans presently in the industry, our importation of petroleum products will be down to 60 per cent next year and 0 per cent import by 2020.
“It is achievable as Federal Government has shown a strong will to revamping the refineries coupled with the plan to bring about 20,000 barrels per day from modular refinery set to come on stream,” he said.
The minister was represented by the Group Executive Director/Chief Operating Officer Downstream, Nigerian National Petroleum Corporatiom (NNPC), Mr Henry Ikem-Obih.
Kachikwu said the country’s refining capacity for the first quarter of this year presently peaked at 10 million barrels of crude oil.
This he noted was against eight million and 24 million barrels recorded for the entire years of 2015 and 2016 respectively.
A former Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), and Chairman, Board of Advisors, Mr Reginald Stanley, urged investors to collaborate and invest in developing a refinery in the country.
According to him, a single marketer cannot invest in building a refinery because refinery costs more than 250 million dollars for 20,000 barrels today.
“Refinery is not going to work with the present structure of management.
“This is a very tough business and should not be under government management in order to achieve its purpose.
“Today, refineries are such that you must be extremely efficient, because it’s a tough business and it is only the toughest that will survive, and interested investors in modular refineries should plan well,’’ he said.
Also speaking, the Chairman of Depot and Petroleum Products Marketers Association (DAPPMA), Mr Dapo Abiodun called for total deregulation of downstream which remains a great challenge to the development in the industry.
“The downstream business is at a verge of shut down over the huge debt log of two billion dollars owed marketers.
“We need a deregulated downstream to allow market forces drive the industry.
“Our challenges range from under-optimise facilities, forex as well as policy inconsistency.
“With the current price of crude oil in the market and the cap price set out by the Federal Government at N145 per litre, it does not encourage importation of petroleum products.
“As current landing cost of petrol is N160 per litre which makes it impossible for the marketers to continue to import.” he said
Abiodun, however, called for full deregulation of the downstream sector to give room for participation of private sector.
The Group Managing Director, Rainoil Ltd. Dr Gabriel Ogbechie, said the exit of subsidy payment without regulating the sector, had brought a lot of challenges for the downstream sector.
“But regardless of that, we are still optimistic that there are a lot of opportunities in the sector for a country of 180 million people moving around by cars.
“This is the time for us to look at the downstream and factor a way forward,’’ he said.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

4 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

4 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.