News
FG Seeks US Funding To Develop Natural Gas For Europe
The Minister of State (Petroleum Resources), Chief Timipre Sylva has called on the United States Government to provide funding to develop the country’s natural gas resources to serve as an alternative source of energy for Europe.
The call by Sylva is coming on the heels of the Russian war with Ukraine, which threatens the disruption of gas supplies from Russia to the entire European continent.
Speaking at a meeting with the US Secretary of Energy, Jennifer Granholm, on the side-line of the ongoing Ceraweek, in Houston, Texas, Sylva said the collaboration between the US and Nigeria in this area would be of immense benefits to both countries as well as the entire globe.
According to Sylva, “it is in the interests of the global community that there is an alternative supply of gas to Europe. The challenge for us to achieve this feat has been lack of infrastructure and we need funding to develop infrastructure for our gas and we believe that the US can provide that funding.”
He told Granholm that Nigeria has an abundance of natural gas resources that can meet European gas demands, noting that the problem has been access to funding.
He said as part of efforts to boost gas supplies across the astructure for the exploitation of the huge natural gas in Nigeria.African continent, Nigeria has embarked upon the construction of a 600kilometre of the Ajaokuta- Kaduna-Kano (AKK) gas pipeline designed to take gas to Europe via North Africa, and therefore, called on the US to provide the needed funding for infrastructure for the exploitation of the huge natural gas in Nigeria.
“We have access to gas but tarted the AKK gas pipeline project and if we have the required funding we can complete that project in two years”, the minister said, adding that Nigeria has “over 206tcl of natural gas reserve and unproven reserve of 600tcl. We believe that if we target the exploitation of natural gas in Nigeria, we will be able to get up to 600tcl. We need to have the needed funding to develop our gas and the US can provide us with this funding”.access to funding has been the problem. Our desire is to be able to take gas from Nigeria through Algeria to Europe. We have already kick-started the AKK gas pipeline project and if we have the required funding we can complete that project in two years”, the minister said, adding that Nigeria has “over 206tcl of natural gas reserve and unproven reserve of 600tcl. We believe that if we target the exploitation of natural gas in Nigeria, we will be able to get up to 600tcl. We need to have the needed funding to develop our gas and the US can provide us with this funding”.natural gas reserve and unproven reserve of 600tcl. We believe that if we target the exploitation of natural gas in Nigeria, we will be able to get up to 600tcl. We need to have the needed funding to develop our gas and the US can provide us with this funding”.
The minister said the crisis between Russia and Ukraine was a wake-up call to have alternative sources of gas to Europe stressing that in “situations like this, it is always good to have alternatives. It is time to say ‘let’s look forward’.”
On global energy transition, Sylva said for the energy transition programme to be meaningful, the peculiar problems of Africa must be factored into the entire energy transition arrangement.
The minister, an advocate of an African solution to the energy transition programme, said “we have to be given some special considerations. I am excited that the world has started listening to us. I was particularly happy that John Kerry echoed our position when he spoke at a panel session. Inasmuch as we want to be part of the new economy, we cannot move at the same pace. We still have people without clean cooking fuels, so we want to achieve our energy base-load through a multi-prong approach. The reality check is that we cannot move at the same pace. There is a gap between expectations.”
He called on the US to support Nigeria and other African countries in the areas of funding and technology, stressing that it is through such collaborations that the energy transition programme can be ‘fast-tracked’.
Sylva, however, cautioned that such funding and technological support must be made accessible to interested countries.
“We have to work out a structured way to access the funding. We must create that understanding to make the loans accessible. The issue of sovereign guarantee must be removed so that interested countries can easily access the funding,” the minister further stated.
Citing the case of the African Growth Opportunity Act (AGOA), Sylva said since the programme came into force so many years ago, no African country has been able to “successfully key into the project for maximum benefits”.
He said: “It has not been easy for Africa to access AGOA. So, the type of funding we are looking at is the one that Nigeria will be able to access.”
In her remarks, Granholm expressed the readiness of the US to cooperate with Nigeria to develop her renewable energy sector, noting that her government was not against the development of gas or other sources of energy.
She said the US government would be willing to support Nigeria in developing her renewable energy sources, and therefore, called for a coordinated strategy to pin down specific areas of focus where funding and other support would be required.
“Investors are interested in funding renewable energy in Nigeria but they are interested in knowing possible areas of focus. We have to work out a structured way to access the fund”, Granholm said.
In an earlier meeting with the US Assistant Secretary of State, Harry Karman, Sylva expressed Nigeria’s willingness to develop different sources of renewable energy such as wind, solar and hydrogen.
He also spoke about the need to streamline targeted financing, adding that “there must be a framework of accessing the funding.”
Karman, in his remarks, assured the minister of the US government’s readiness to support Nigeria in finding sustainable energy sources for the millions of Nigerians without access to power, adding that “anywhere we can be of support we will.”
He said the US “will be more than happy to help. It is important that we look at countries and what energy mix that will be good for them. It has to be a mix for Nigeria and we have to do a study to determine the renewable energy source that will be good for the country.”
The Rivers State Investment Promotion Agency (RSIPA) has unveiled measures to enthrone ease of doing business and win back the confidence of the business community.
The Director-General of the Agency, Dr Chamberlain Peterside, unveiled the plans at the Breakout Session of RSIPA at the ongoing 18th Port Harcourt International Trade Fair, at the Obi Wali International Cultural Centre, in Port Harcourt.
Dr. Peterside said the agency was poised to free the state from accumulation of wrong narratives that branded it over the years as unsafe for business.
He, however, admitted that many things had gone wrong in the past where regulators joined to make the business environment difficult for investors.
He announced that the agency was rather focused on actions, solutions, and results as adopted in the mission statement of the Board.
“Our task is no mean feat. We are dealing with the perception risk that over several years branded the state as unsafe. We are also faced with the challenges of dealing with the lack of cohesion amongst MDAs, policy inconsistencies, multiple taxation, incessant harassment by miscreants, red tape and delays in obtaining operating permits, high cost of operations and opaque public sector,” he said.
“It is about listening to the investors in the field and ensuring that MDAs are carried along, hence the imperative for the setting up of our One-Stop-Center”, he added.
In his remarks, the Commissioner for Commerce and Industry, Warisenibo Joe Johnson, who represented the state governor, said the Fubara administration was ready to listen to the business community to see ways of reducing impediments to investments.
He listed the stages of actions being undertaken by the governor as outlined in his 37-page blue print to revive the economy of Rivers State.
The Mayor of Housing, My-ACE China, who was presented at the event as a star investor and promoter of Rivers State reputation, said for the plans of the investment promotion agency to materialize, an enabling law should replace the Executive Order that established the Rivers State Investment Promotion Agency.
He said this would insulate the agency from political instability and remove fear in the minds of investors about its sustainability.
According to him, protection precedes promotion and Local Direct Investment (LDIs) is what attracts and promotes Foreign Direct Investment (FDIs).
“It is the rat at home that reveals to the one in the bush that there is fish in the kitchen”, he added.
?
?The Mayor of Housing who is also the CEO of the Alesa Highlands Sustainable Green Smart City said that Port Harcourt is like a business empire under lock and key because it is not protecting its own and also not promoting its own enough for investors to come in.
?
?In the area of land documentation and inventory, China urged Rivers State Government to borrow a leaf from Abuja and adopt the use of Geographic Information Systems (GIS) in dealing with land and property registration and documentation for ease of doing business.
?
?He said Lagos understood the power of business information, adding “this creates the impression that if you are not doing it in Lagos, you are not doing it in Africa.
“We need to shout louder than Lagos, because we need more investments than Lagos and the structural integrity of Abuja. When you marry both, Rivers State would be wonderful and become green with investments,” he said.
In her speech, the President of Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Dr. Chinyere Nwoga, called on the state government to look into the menace of parked trucks now turning Trans-Amadi into a risk zone.
She outlined the activities of the PHCCIMA and invited investors and businesses to the Port Harcourt economic hub, saying peace has returned.
The Director, Investors Relations of the Nigerian Investment Promotion Council (NIPC), Mrs Lovina Kayode, urged Rivers State to make haste and catch up on Ease of Doing Business, saying the Council has come to help businesses in the state.
Mrs Kayode, who represented the Executive Secretary/CEO of NIPC, Aisha Rimi, commended the Mayor of Housing and his counterpart, Mr. Oliver Biedima of Rainbow Heritage Group, for their decision to invest in Rivers State, saying it is a proof that Rivers State is safe for investors and their investments.
?
In his remarks, Oliver Biedemi of Rainbow Heritage Group urged government to give the private investors chance to develop the economy, saying ordinarily government does not have the funds to develop the economy.
Happy Birthday Chief Barr. Nyesom Ezenwo Wike CON
Honourable Minister Federal Capital Territory
News
We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA
Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.
The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.
Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.
He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.
He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.
The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.
Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.
“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.
“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.
“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.
The Permanent Secretary of the Rivers State Ministry Works, Mr Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.
He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.
He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.
In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.
On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.
He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.
