Operators expect transparency, gas devt, oil sector reforms this year
The need for the Federal Government to entrench transparency and accountability in the sector was a vocal point of call for the industry operators, even as they clamor for speedy passage of Petroleum Industry Bill (PIB) and optimal development of the gas resources.
The Principal Consultant, Lonadek (an oil and gas consulting firm), Dr. Ibilola Amao, said: “Government should focus on gas-to-power projects for IPP plants to stimulate the rejuvenation of the Nigerian economy.
She emphasized that government should monetize gas appropriately to stimulate exploration and production of Non Associated Gas (NAG) with the economies of scale tied to the of domestic gas (CNG, LPG etc) in bulk in major cities, industrial parks, Free Trade Zones (FTZs) and housing estates.
According to the petroleum expert, President Buhari’s administration should also engage petroleum economists of repute to ensure that the oil and gas industry becomes a catalyst for growth and development of the Nigerian economy.
“It should pronounce realistic deadline that must be complied with for export of crude, importation of products and removal of subsidy. That should make everybody sit up, put their thinking caps on, invest and commence projects that would create value maximally based on the reality of the economics of our natural resources,” she said.
In the downstream sector, the Chairman, Integrated Oil and Gas Limited, Captain Emmanuel Iheanacho, said the best thing for the government to do now is withdrawing subsidy which would save huge amount of money into government coffers to be used for developmental projects.
According to him, “the government is on the right track and they have made tangible process in a short time and we expect that they take the bold step and deregulate in the right way and intervene by supply interventions.
Market Cap. & All Shares Index 05/01/2016
Nigeria has no need for loans, says IMF
• Lagarde insists economic policies on course
• President pledges to meet challenges of dwindling oil price
• TUC cautions against adoption of financial institution’s ideas
RATHER than agonise over the nation’s economic future, Nigerians should look forward with optimism. And to achieve this future, Nigeria does not need to borrow. This was the position of the visiting Managing Director of International Monetary Fund (IMF), Christine Lagarde as she declared that measures so far taken by President Muhammadu Buhari’s government to revive the economy were quite promising.
But she noted that Nigeria needed to show more flexibility and stronger discipline in the implementation of its fiscal policies.
And faced with the grim realities of the downturn of the economy, Buhari has assured that his administration would look inwards, enforce regulations to stop financial leakages and adopt global best practices in generating more revenue to mitigate the effect of dwindling oil prices on the economy.
A statement from his spokesman, Femi Adesina, in Abuja quoted the president as making the assertion while receiving Lagarde at the Presidential Villa, Abuja.
‘Why govt should support backward integration in tomato sector’
President/ Chief Executive Officer of Erisco Foods, Chief Eric Umeofia has urged the Federal Government to support the backward integration agenda in the tomato processing sector as part of efforts to generate employment and reduce pressure on the Central Bank of Nigeria for scarce foreign exchange.
According to him, while some investors have made in-road into the sector through the establishment of processing plants, several entrepreneurs that have indicated interest in the production of tomato paste should be supported to aid the realisation of government’s diversification agenda.
Umeofia, in a chat with The Guardian, explained that his company, Dangote Farms and other genuine Nigerian entrepreneurs and investors are capable of not only meeting up with the nation’s tomato paste needs but even exporting to other countries and earning foreign exchange for Nigeria as long as there is sustained support.
In the interim, if there is any perceived fear of shortages, only genuine investors should be allowed to bridge the gap through importation as was done in the backward integration policy for the cement industry as over 70 percent of tomatoes before now were being wasted in the Northern part of the country. We believe firmly that President Buhari’s administration will rid the country of all the major clogs that have for long inhibited the wheel of progress and made Nigeria poorer year after year before the advent of his administration.
Nollywood Working to Improve on Technical Quality – Zack Orji
Nollywood actor Zack Orji says stakeholders in the Nigerian movie industry are working towards improving the technical quality of Nollywood products.
Orji told the News Agency of Nigeria in Lagos on Tuesday that the stakeholders in the industry were constantly looking to improve the quality of performance art, including music and motion picture.
“We are already paying more attention but these things take some time.
“It’s not an overnight thing; it takes a while to build up; and don’t forget we all have our strong points; South Africa has its strong points.
“When you come to media, when you come to the technical aspect of motion picture production, South Africa is there.
“When you come to performance art, Nigeria is there.
“So every country has its strong points; when we see works coming from other African countries that are better than ours, we strive to gravitate towards that level.
“And it’s already happening not only in the motion picture industry, it’s also happening in the music industry.
“So it’s not going to be an overnight thing, but we are definitely working towards it.’’
Orji has been a frontrunner in Nollywood since the early 1990s and has featured in numerous movies since then.