Nigeria’s oil industry prepares for transformation as NUPRC accelerates divestment, ushering in multibillion-dollar deals and bolstering indigenous investment.
Chief Executive, NUPRC, Mr. Gbenga Komolafe.The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is moving to speed up the conclusion of regulatory oversight on the ongoing oil assets divestment by International Oil Companies (IOCs).
With the process now fully expedited, it was gathered that when concluded, Nigeria would add at least 700,000 barrels per day to its current daily production volume, to hit about 2 million bpd before the end of the year.… Read the rest
The Nigeria Customs Service (NCS) and the Nigerian orts Authority (NPA) have resolved to replicate 24 hours port operations at all seaports nationwide following the successes recorded by the pilot programme at Tin Can Island Port (TCIP).
In other to attain this, Customs officials as well as other port operators may be assigned shifts as the nation’s seaports moves into an era of full-scale 24 hours port operations.… Read the rest
A Danish shipping and logistics company, A.P Moller-Maersk, has pledged a $600 million investment to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
President Bola Tinubu secured the deal on the sidelines of the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.
This disclosure was contained in a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Sunday.… Read the rest
The Nigerian Ports Authority has secured a $700 million loan from Citibank and funded the United Kingdom Export Finance to rehabilitate the Apapa and Tincan Island Ports in Lagos.
The Managing Director of the NPA, Mohammed Bello-Koko, disclosed this in a statement on Wednesday, noting that the loan mandate letter would be sent to the Debt Management Office for final review and approval.… Read the rest
The Trade Union Congress of Nigeria (TUC) has said the current scarcity of fuel which has thrown Nigerians into another agonising experiences with long queues at fuel stations, would have been a thing of the past if the Federal Government had honoured its promise to kick start full operations at the Port Harcourt refinery.
President of the Congress, Comrade Festus Osifo, who briefed newsmen yesterday in Abuja at the end of the union’s National Executive Council (NEC) meeting in Abuja, said the contractors at the Port Harcourt refinery and the Nigerian National Petroleum Company (NNPC) Ltd, had given assurances earlier in the year during an inspection to the refinery, that it would be running optimally by the first week of April 2024.… Read the rest
THE Nigerian Port Consultative Council, NPCC, has expressed support for the Single Window Project calling for the quick implementation in order to improve ease of doing business in the nation’sc.
In a statement by the Chairman of the Council, Mr. Bolaji Sunmola said that the project when fully implemented will not only increase the Ease of Doing Business in Nigerian Ports, it will further assist the facilitation of trade in ports and border ports.… Read the rest
The Nigerian Ports Authority (NPA) has announced a $1 billion reconstruction plan for Tincan Island, Apapa, Rivers, Onne, Warri, and Calabar port complexes.
The NPA also allocated funds for similar reconstruction as part of the new port development plan for the Badagry deep seaport, Snake Island, Burutu, and Ondo deep seaports.
The plans were disclosed on Wednesday, in a document titled ‘Consolidation of Superior Performance at the Nigerian Ports Authority 2023 — A Synopsis of the Authority’s Performance Improvement 2022-2023’.… Read the rest
Nigeria Unveils New Fiscal Incentives To Revive Oil and Gas Industry, Targets $10 Billion Investment
The federal government on Tuesday officially launched a new set of fiscal incentives to rejuvenate Nigeria’s ailing oil and gas industry, stressing that it aims to attract about N10 billion in investment between the next 12 months to 18 months.
It was learnt that the presidential directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs.… Read the rest
Nigeria Unveils New Fiscal Incentives To Revive Oil and Gas Industry, Targets $10 Billion Investment
The federal government on Tuesday officially launched a new set of fiscal incentives to rejuvenate Nigeria’s ailing oil and gas industry, stressing that it aims to attract about N10 billion in investment between the next 12 months to 18 months.
It was learnt that the presidential directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs.… Read the rest
The deputy director/Head, Revenue at the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Ohunayo Ani, has been elected and sworn in as president, Women’s International Shipping and Trading Association (WISTA) Nigeria.
During a swearing-in ceremony presided over by a Senior Advocate of Nigeria (SAN) and former President, Mrs. Jean-Chiazor Anishere, at the Association’s national secretariat, the pioneer WISTA Nigeria President, Funmi Folorunso and another former WISTA Nigeria President, Ify Akerele shared strategies to make the association more reverred and formidable regionally and internationally.… Read the rest