Business

FG To Maximise Local Content Opportunities In Midstream, Downstream Sectors

Published

4 years ago

May 27, 2022

The Federal Government has expressed firm determination to fully catalyse investments in the midstream and downstream sectors of the petroleum sector, with a view to creating employment for teeming youths and maximising local content opportunities.
The Minister of State for Petroleum Resources, Chief Timipre Sylva gave assurance when he declared open the Nigerian Content Midstream and Downstream Oil and Gas Summit organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Lagos.
He stated that the Nigerian oil and gas industry was currently in the phase of exploring the vast opportunities and potentials associated with the midstream and downstream sectors, and commended the NCDMB for intervening to foster dynamism in the sectors through the summit.
He acknowledged that the midstream and downstream sectors did not receive the deserved focus in the past but hinted that the situation was set to change because the recently enacted Petroleum Industry Act (PIA) contains fiscal incentives to attract investment in gas development, distribution, penetration, and utilisation and provides exceptional care for host communities.
He charged industry stakeholders to take determined steps to unlock natural gas and domestic production potentials and use the opportunities in the gas ecosystem to drag millions of Nigerians out of energy poverty.
In his welcome address, the Executive Secretary, NCDMB, Engr. SimbiKesiyeWabote affirmed that the board was keen to maximize Local Content opportunities in the midstream and downstream sectors because they offer the greatest number of employment opportunities as well as longevity of jobs in contrast to the upstream sector of the oil industry.
“This provides means to absorb outputs of our Human Capacity Development programs in the form of job opportunities,” he added.
He also stated that the entry barrier for businesses to partake in the midstream and downstream sectors of the industry is relatively lower compared to the upstream sector and there are vast business opportunities in the midstream to downstream sectors, ranging from processing, transportation, storage, and distribution that could be started on small scale and later scaled up to bigger enterprises thereby growing in-country capacities and capabilities.
According to Wabote, the profit margin is also attractive in the midstream and downstream, especially in the LPG distribution value chain and this serves as an incentive to attract a wider number of players.
He emphasized the need to maximise the potentials of the midstream and downstream sectors to ensure energy security and national pride, adding that the direct social impact of a productive and efficient midstream and downstream sector of the oil and gas industry also needs to be maximised.
The executive secretary further explained that the Nigerian Oil and Gas Industry Content Development (NOGICD) Act established NCDMB as the regulator of Nigerian Content in the entire spectrum of the Nigerian oil and gas industry.
He added that the board’s regulatory role is not to stifle the industry but to provide enabling, and inclusive, business environment for businesses to thrive with the active participation of critical stakeholders.
Giving a rundown of the board’s achievements in the midstream and downstream sectors, he listed the partnership with Waltersmith, which resulted in the delivery of the 5,000barrels per day modular refinery in Imo State, the 2,500barrels per day Duport Modular Refinery located in Edo State, which is due for commissioning this year as well as the 2,000barrels per day Atlantic Refinery and the 12,000barrels/day Azikel Hydro-skimming Refinery both in BayelsaState, which are under construction.
Other achievements of the board include the partnership with the NNPC to construct a 50,000liters petroleum products terminal in Brass, the partnership with Bunorr Integrated Energy Ltd for the establishment of 48,000 liters/day Base Oil Production Facility in Port Harcourt, Rivers State, which is due for commissioning this year and the ongoing construction of the Eraskon Lube Oil factory in Gbarain, Bayelsa State
Dwelling on the LPG value chain, he stated that the board had gone into partnership with some investors to develop some projects.
Some of them included the partnership with NEDO Gas Processing Company in Kwale, Delta State for the establishment of 80MMscfd of Gas Processing Plant and a 300MMscfd Kwale Gas Gathering hub, partnership with Triansel Gas Limited in Koko, Delta State for the establishment of 5,000MT LPG Storage and Loading Terminal Facility and partnership with Brass Fertiliser for the development of a 10,000MT/day Methanol Plant at Odiama in Brass.
Others are the partnership with Butane Energy to roll out LPG Bottling Plants and Depots in Abuja and 10 northern states and partnership with Southfield Petroleum for the establishment of 200 MMscfd gas processing plant at Utorogu, Delta State to produce 123,000MTPA of LPG, which is about 10percent of current LPG demand nationwide.
Other investments include the partnership with MOB Integrated Services for the construction of the 500MT Inland LPG terminal which is currently in operation at Dikko, Niger State as well as the partnership with Amal Technologies to set up a plant in Abuja to produce Smart Gas/Smoke Detector Alarm devices.

Business

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

Published

1 day 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

1 day 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

6 days 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.