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Economy

Dangote Refinery may signpost end of poverty in 2019- Soyode

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Dangote Cement’s N100bn bonds oversubscribed

…Suspected sea pirates, cultists kill two, injure policeman in Bayelsa***

The Technical Consultant on Refinery to Alhaji Aliko Dangote, Mr Babajide Soyode has disclosed that the Dangote Refinery, Petrochemical and Fertilizer projects would solve half of Nigeria’s crude oil refining and exporting challenges when completed. It would however not be completed until 2019.

Soyode indicated this on Thursday in Lagos, noting that the 16-billion-dollar investment would ensure availability of products in the downstream sector.

He said the 650,000 barrels per day refining capacity of the Dangote Refinery, when completed, would significantly boost the economy of Lagos and Nigeria in general, adding that the projects would have great multiplier effect on the nation’s economy.

According to him, the good news is that the refinery alone, when completed, can supply 95 per cent of local daily consumption of petroleum products, adding that “Nigeria is likely to be an exporter of petroleum products in
2019”.

“Indeed, come 2019, the thick cloud of national shame will be lifted and the economic reality will crush the `Walls of Jericho” of politics and sentiments in the oil and gas industry that perpetuate a circle of poverty.

“Our target is that in the next few years from now, we hope and we believe that half of Nigeria’s crude will be refined and exported rather than just exporting crude to create jobs elsewhere.”

Soyode said that the Dangote Refinery, Petrochemicals and Fertilizers, reputed to be the biggest in Africa when completed, offered hope in the quest for diversification of Nigeria’s economy from total dependence on oil to other areas like agriculture and solid minerals.

He added that government at all levels had expressed amazement at the size of the project and had reiterated their preparedness to provide enabling environment for businesses to thrive.

He urged government to harness the potential of the private sector to make the nation’s economy recover speedily.

The technical consultant said investment in fertilizer was one sure way the diversification into agriculture could succeed “because it will amount to little if focus is directed to agriculture and fertilizers are being imported.

“If agriculture is the way to go, a critical component of that sector is fertilizer. Nigeria has more arable land than China, which now is the biggest economy in the world, we can tap into our vast land and produce what we need and even export.

“When we complete the Dangote Refinery, Petrochemical and Fertilizer,
there will be opportunities to take on agriculture and say bye to poverty because more jobs will be created.”

Soyode said that the project was an ambitious one and would give Nigeria a new economic direction in the quest for diversification, as excess products would be exported to earn the country the much needed foreign exchange.

In the meantime, suspected sea pirates and cultists have killed two persons in the Akassa-Yenagoa waterways and Ekeki in Yenagoa, Bayelsa State capital.

The armed cultists, numbering over 30, had stormed the Ekeki area of Yenagoa at about 7.30 p.m. on Wednesday shooting at residents and robbing them of their cash and other valuables.

The marauders caused confusion and pandemonium in the area as persons on the streets fled to different directions for safety.

A victim, 30-year-old son of an Ekeki village chief, identified as Ifiemie, was reportedly shot and was rushed to the hospital where he died few hours later.

Also, an unidentified policeman in mufti, who was said to be coming out from a barbing saloon in the area, was shot by the hoodlums.

The policeman, who hails from Ndoni in Rivers State, was reportedly shot while trying to stop the cultists from collecting his mobile phone and cash.

He was said to have been rushed to an undisclosed hospital where sources said he was responding to treatment.

On the sea pirate attack, a victim, identified as Asuku, a former Chairman of the Maritime Workers’ Union (MWU), Akassa Unit, was said to have died in the incident.

The victim was said to have been travelling along the waterways from Akassa to Yenagoa when their boat came under attack.

Sources said the sea robbers attacked the boat along Okobotuo at Lagos camp at about 6.30 a.m.

Meanwhile, the Police Public Relations Officer (PPRO), Mr. Asinim Butswat, confirmed the killing and activities of cultists but said he had yet to be briefed on the sea pirate incident.

“The boy was killed as a result of a cult clash. Our earlier investigations linked the dead victim to one of the cult groups.

“The policeman was coming out of a barbing saloon when the hoodlums were passing. They dispossessed him of his phone because he was off duty. He tried to resist them but they shot him. But he is responding to treatment,” he said.

Additional report from Guardian NG

Economy

May Day: We’ll Not Delay Action On New Minimum Wage – Makinde

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May Day: We’ll not delay action on new minimum wage – Makinde

…As FG approves salary increase for civil servants 

Gov. Seyi Makinde of Oyo State has assured workers that his administration will not delay in implementing the new minimum wage.

Makinde gave the assurance on Wednesday in his address at the 2024 May Day celebrations, held at Lekan Salami Sports Complex, Ibadan.

The governor, who was represented by his deputy, Mr Bayo Lawal, said notwithstanding the new minimum wage, his government will not fail in its promise of ensuring payment of salaries and pensions on or before the 25th of every month.

He said that his administration had been responsive to the welfare of workers, adding that it had also put people at the heart of its policies and programmes.

Acknowledging the importance of labour in the policies, programmes and projects aimed at ensuring the development of the state, Makinde commended the workers for ensuring an atmosphere devoid of incessant industrial actions.

He noted that the cooperation between his government and labour had contributed immensely to the existing development and peaceful atmosphere in the state.

He urged the workers to reciprocate his administration’s good gesture by being more dedicated and committed.

The governor also enjoined them to work ‘tirelessly and vigorously’ for their future.

 The Federal Government has approved 25 per cent and 35 per cent of salary increases for civil servants on the remaining six Consolidated Salary Structures.

The Head of Press, National Salaries, Incomes and Wages Commission (NSIWC), Mr Emmanuel Njoku, said this on Tuesday in Abuja.

“The Federal Government has approved an increase of between 25 per cent and 35 per cent in salary increase for Civil Servants on the remaining six Consolidated Salary Structures.

” They include Consolidated Public Service Salary Structure (CONPSS), Consolidated Research and Allied Institutions Salary Structure (CONRAISS) and Consolidated Police Salary Structure (CONPOSS).

“Others are Consolidated Para-military Salary Structure (CONPASS).
Consolidated Intelligence Community Salary Structure (CONICCS) and Consolidated Armed Forces Salary Structure (CONAFSS).

“The increases will take effect from January 1,” he said.

According to Njoku, the Federal Government has also approved increases in pension of between 20 per cent and 28 per cent for pensioners on the Defined Benefits Scheme.

He said this was in respect of the above-mentioned six consolidated salary structures and would also take effect from January 1.

He said the move was in line with the provisions of Section 173(3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

The official recalled that those in the Tertiary Education and Health Sectors had already received their increases.

“This involves Consolidated University Academic Salary Structure (CONUASS) and Consolidated Tertiary Institutions Salary Structure (CONTISS) for universities.

“For Polytechnics and Colleges of Education, it involves the Consolidated Polytechnics and Colleges of Education Academic Staff Salary Structure (CONPCASS) and Consolidated Tertiary Educational Institutions Salary Structure (CONTEDISS).

” The Health Sector also benefitted through the Consolidated Medical Salary Structure (CONMESS) and Consolidated Health Sector Salary Structure (CONHESS),” Njoku said.

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Economy

Electricity: NLC, TUC Condemn Higher Tariff For Non-existent Electricity

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Electricity: NLC, TUC Condemn Higher Tariff For Non-existent Electricity

…Insist Estimated billing is an extortion and a daylight robbery against Nigerians

The  Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC),  have appealed to the  Nigerian Electricity Regulatory Commission (NERC) and Power Sector operators,  to reverse the increase in electricity tariff within one week.

President of the unions, Mr Joe Ajaero and Mr Fetus Osifo made the call on Wednesday in a joint speech to mark the  2024 Workers’ Day in Abuja.

The duo expressed dissatisfaction over the epileptic power situation in the country which is affecting the economic growth of the country.

According to them, it’s imperative that any nation incapable of effectively and efficiently managing its energy resources faces certain ruin.

“One of the pivotal factors constraining our nation is our glaring incompetence in managing this sector for the collective welfare of our citizens.

“Power, regardless of its source, remains paramount in Kickstarting any economy, while oil and gas are indispensable for robust energy success in every country. “

They said it was absolutely critical for the government to collaborate with the people to establish frameworks that ensure energy works for all Nigerians.

According to the duo, the plight of the power sector remains unchanged over a decade after the privatisation of the sector.

“The reasons are glaringly evident. As long as those who sold the companies remain the buyers, Nigerians will continue to face formidable challenges in the power sector.

” It is unethical to force Nigerians to pay higher tariffs for non-existent electricity.

“Estimated billing is an extortion and a daylight robbery against Nigerians, ” the duo said.

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Economy

Naira Rebounds, Gains N28.15 Against Dollar Weakly Trading At N1,390.96 

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Naira Rebounds, Gains N28.15 Against Dollar Weakly Trading At N1,390.96 

The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.

The percentage increase is significant when compared to the previous trading date on Monday, April 29.

The local currency experienced about two weeks of steady fall by exchanging at N1,419 to a dollar.

The success story was replicated in the volume of currency traded, as the total daily turnover increased.

The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar. 

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