Business
Osinbajo Inaugurates Largest LPG Cylinder Plant, Today
Vice-President Yemi Osinbajo is to inaugurate a cooking gas manufacturing plant in Lagos today.
The Tide source learnt that the plant is the biggest of its type in West Africa.
The Chief Executive Officer of Techno Oil Group, Mrs. Nkechi Obi, told reporters in Lagos that the building of the plant commenced in 2015.
She said that the project was undertaken by Techno Oil in its bid to accelerate cooking gas adoption in Nigeria.
“His Excellency, the Vice-President, Prof. Yemi Osinbajo, has graciously accepted to commission our Liquefied Pressure Gas (LPG) manufacturing plant for the service of Nigerians and humanity.
“The commissioning is slated for June 7 at the premises of the plant along the Ajah-Epe highway in the Ibeju-Lekki Ajah Local Government Area of Lagos State.’’
She said that Techno Oil secured the services of a company from Europe to build the plant with strict supervision of various regulatory agencies, including the Standards Organisation of Nigeria.
“We expect that the plant will go a long way in generating hundreds of jobs for the teeming Nigerian population, especially those residing in Lagos.
“At full capacity, the automated plant will produce over five million units of standard LPG cylinders annually for the Nigerian market and markets in the West African sub-region.
“This project is another milestone in our company’s efforts at bridging the infrastructure gap hindering the penetration and adoption of LPG in Nigeria,’’ Obi stated.
According to her, the plant will not only generate jobs but will also come handy in driving the Nigerian economy through innovation, in line with the policy objective of the Federal Government.
She said that Techno Oil was keen on ensuring the success of the Clean and Green Energy initiative of the Lagos State government, aimed at promoting environmentally friendly practices.
Obi restated that Nigeria had no reason to be importing LPG cylinders at this stage in the nation’s development because of the capital flight, engendered by importing cylinders and the tendency of unscrupulous people to import fake and sub-standard cylinders.
She harped on the need for Nigerians to embrace LPG for their domestic needs, rather than continuing to depend on unhealthy and hazardous energy sources such as kerosene, fire wood and charcoal.
The Techno Oil chief expressed her optimism that Nigeria would start exploiting its abundant gas resources optimally for faster growth of the economy.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.