Business & Economy

Tinubu Appoints 1988 OAU First Class Graduate Adviser For China-Nigeria Strategic Partnership

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  President Bola Tinubu has appointed Joseph Tegbe as director-general and global liaison for the Nigeria-China strategic partnership reached by the two countries during the President’s visit in September. Mr Tegbe, a 1988 first-class graduate in civil engineering from the Obafemi Awolowo University, Ile-Ife. Osun State, will report directly to the President, Mr Bayo Onanuga, the President’s Special Adviser, Information and Strategy, said in a statement on Sunday. Mr Tegbe is a fellow of the Institute of Chartered Accountants of Nigeria and a fellow of the Chartered Institute of Taxation of Nigeria. “He will immediately submit a strategic action plan to enable Nigeria to benefit from the agreements between the two countries in Beijing. As the czar of the strategic partnership, he will lead day-to-day operations, engage continuously with the Chinese counterparts, and ensure that all deliverables are met and synchronised with national development goals. “In the strategic plan, he will outline the specific deliverables, timelines, and key performance indicators for each area of cooperation. This will include priority projects, projected investments and expected socioeconomic outcomes,” the statement said. At the 2024 Forum on China-Africa Cooperation, President Xi Jinping pledged 360 billion yuan, about 51 billion dollars, in new financing to African nations in the next three years. He also pledged support for 30 infrastructure projects to boost connectivity across the continent and create one million jobs. During his official visit before the FOCAC, Mr Tinubu also obtained a commitment from Jinping to support Nigeria’s economic diversification plans, infrastructure development, technology transfer and job creation. Nigeria and China, among others, agreed to collaborate on expanding Nigeria’s rail network, upgrading power distribution, and creating new industrial parks. The two countries committed to establishing hospital alliances and collaborating on medical research. Under the agreement, Chinese healthcare professionals will be deployed to support Nigeria’s healthcare system. China and Nigeria agreed to collaborate to advance education and talent development, focusing on vocational training, STEM education, and academic exchanges. Joint initiatives, such as establishing engineering technology academies and providing scholarships, will help equip Nigerian youth with skills needed in a modern workforce. The two countries also planned to improve Nigeria’s agricultural practices through knowledge sharing, technology transfer and investment in sustainable farming techniques. “Tegbe, 58, who will ensure the actualisation of the agreements, had his education at Federal Government College, Ogbomosho, and Obafemi Awolowo University, and has about 35 years of experience in business strategy. He was the senior partner and head of advisory services at KPMG in Africa, with a portfolio and responsibilities that included the Middle East. He also led subnational governments such as Oyo, Ekiti, Ondo, Benue, and Bayelsa, in investment drives to South Africa, Denmark, China, India, Singapore, and the UAE,” the statement indicated. NAN

We’ve Taken Actions To Lessen Burden Of Our People – Makinde•••Unveils Agenda 2040 for Oyo State••Says 32km East Wing Section Of Circular Road Ready In 2025

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  By Adeleke Maria   Governor of Oyo State, ‘Seyi Makinde, said on Wednesday that his government had taken several actions to lessen the burden of the residents of the state amid economic challenges facing the people. He added that through these actions and his administration’s engagements with residents of the state, which enable them to have inputs in the state’s budgets, the economic landscape of the state has changed drastically over the last five years. The governor stated this at the Stakeholders’ Consultative Meeting on the 2025 Budget and the unveiling of the Oyo State Agenda 2040, held at the International Conference Centre, University of Ibadan, Ibadan. He equally unveiled the Agenda 2040 for Oyo State and the Five Years Medium Term Development Plan 2023-2027, which were driven by the Ministry of Budget and Economic Planning, with the support of DFID/PERL, DAWN Commission, UNICEF and the University of Ibadan Ventures Limited (Consultancy Service Unit). He maintained that with the agenda, his administration’s strategy is to focus on avenues that can add value and create a conducive environment for creating decent jobs for the people. According to the governor, the state government has had to grapple with the fallouts of the removal of fuel subsidy and the peg on Naira to dollar exchange rate, a development that led to it taking conscious actions to mitigate the hardship facing the people. Makinde, who maintained that the 2024 Budget had been implemented up to 53 per cent, said he was looking forward to 90 per cent implementation by the end of the year. He said: “This is the first in the consultative and town hall meetings that will happen in preparation for the 2025 budget. This is the sixth series we are holding since we assumed office in 2019. “We are not just engaging and talking. When we came in, our budget performance used to be around 35 per cent. But because our stakeholders have taken ownership of this process, we take feedback from what you are telling us while you take ownership of this, and we monitor its implementation, we have raised that bar.” The governor added, “You would agree with me that the economic landscape has changed drastically in the last five years. More recently, we are all still grappling with the fallouts of the partial removal of the fuel subsidy and the peg on Naira to dollar exchange rate. As a subnational operating within this system, we have taken actions to lessen the burden on our people. “So, we have come to you again to request your input into the 2025 budget. I have always said to people that we don’t know it all. When we come to you, we expect to understand your pains and how best to use the budget to alleviate those pains. As I always say, this is your government and we will always act in your best interest. “I am a strong believer in using the available data, coupled with logic and science to solve problems. In addition, I acknowledge that proper documentation plays a key role in strategic problem-solving. And this is why this event also doubles as the unveiling agenda of 2040 and medium-term plan for Oyo State. “We are living in very tough economic times and it’s a time that calls for strong leadership and tough decisions but we must remain sympathetic to the plight of our people. This is why we are always looking for ways and means to make things easier for our people.” The governor informed the gathering that the state government had invested a lot of money on the Ibadan Circular Road named after former Governor Rashidi Ladoja, which is why it was planned that the resources should bring economic benefits to the state by putting in place a corridor for such benefits. He declared that 32kilometres East Wing Section of the project spanning Lagos-Ibadan Expressway to Badeku Village on Ibadan-Ile Ife Road would be ready in 2025 and it would be the first freeway in Nigeria. The governor emphasised that no matter the challenges, the coming year will see his government driving a hard bargain for development. He promised to work with the private sector to drive more inclusive agribusiness programmes and youth training and also continue to support small holder farmers. Governor Makinde added that the support for the Youth Entrepreneurship in Agribusiness Project (YEAP) beneficiaries would soon be ready. Earlier, Commissioner for Budget and Economic Planning, Prof Musbau Babatunde, said Oyo State budgets have, over the last five years, turned out well and worked in the interest of the people because of the bottom-up approach to its preparation. He lauded Governor Makinde, noting that the state’s budget performance had been increasing on a yearly basis. The commissioner also hailed the governor over the Agenda 2040, just as he commended the development partners including UNICEF, DAWN Commission as well as individuals who worked to make the document a reality, noting that the state now has an inclusive development plan that partners can key into to work with the state. Similarly, the Chairman of the House of Assembly Committee on Budget, Public Accounts, Finance and Appropriation, Hon Sunkanmi Babalola, assured residents of the state of the readiness of the House of Assembly to see to the equitable implementation of the budget. Representatives of development partners, community associations, market groups and other stakeholders who spoke at the event lauded the inclusive approach to budgeting, expressing the confidence that the 2025 budget will be people-oriented.  

Dangote To FG: End Fuel Subsidies Now To Stabilize Naira

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  The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has called on the Federal Government to end fuel subsidies completely. He said the removal would help determine the actual petrol consumption in the country, as he confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month. But the scarcity of the greenback in the Nigerian foreign exchange market continues to weigh on the naira and is made worse by the need to pay for imported gasoline in dollars. “Petroleum products consume about 40 per cent of our foreign exchange,” Dangote said, adding that fuel from his refinery, which started supplying gasoline on Sept. 15 to the state-owned oil company for domestic sale, “can actually stabilize the naira.” Continuing in the interview, the businessman revealed the details of the pricing disagreement that occurred with the Nigerian National Petroleum Company Limited. He said the national oil company bought its current stock from the refinery at a cheaper price than its imported fuel but gave a uniform price for all products. “There wasn’t really a disagreement, per se. NNPC bought from us on the 15th of September at the international price, which they also bought, about 800,000 metric tons of gasoline imported. So the one that they bought from us actually is cheaper than the one they are importing. “And so when they announced our price, the guy, I don’t know whether he was authorized. It wasn’t really the real price. What they have announced is most likely that is what it cost them, including profit and other expenses. “And then the other one is one that they imported. But the people don’t know how much they spend in terms of imports, but their importation is almost, maybe about 15 per cent more expensive than ours, you know. “So what they are supposed to do is to sell at a basket price, or if they want to remove subsidy, they can announce that they will remove subsidy, which is okay, everybody you know will adjust it.” On the planned crude oil sales anticipated to begin in October, Dangote said that discussions are still ongoing and a detailed agreement will be finalised this week. Revealing details of the deal, he explained, “We will sell the crude in naira after we have bought in naira. So now we are currently working out with the committee that the exchange rate is going to be priced. It is going to be normal pricing, you know, if crude is at $80, we will pay that price at an agreed exchange rate. “And then we will also sell in the domestic market. What that will do is that it’s going to remove 40 per cent pressure on the naira. So because, see, the petroleum products consume about 40 per cent of foreign exchange, so you know, and then, you know, it’s like you have 40 per cent of demand been taken out so that can actually stabilize the naira and even if they subsidise, they would know what they are paying for. “The deal is to give the government something that they want. It’s also a win-win situation for all and it would benefit the country. “Currently, discussions are still ongoing to determine the details of the agreement. They are working out something that I think would be a win-win between us and the NNPCL. “The agreement is very robust. Well, first of all, we would have energy security where they will give us crude. For example, in October, they’re going to give us 12 million barrels, which is on average, about 390,000 barrels a day, which will sell both gasoline, diesel, and aviation fuel.” He also confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month. Dangote tankers’ park Meanwhile, the Federal Government has said that it is providing land for interested entities to build an expansive park for tankers lifting petrol and other products from the Dangote refinery. This followed a routine inspection on Sunday by the Minister of Works, Dave Umahi, who raised concerns about over 3,000 fuel tankers queueing up on the new concrete pavement road. Umahi noted that though the pavement is made of concrete the current road was not designed to handle static load and may soon deteriorate like the ever-busy Apapa road. This minister revealed this to State House Correspondents after Monday’s Federal Executive Council meeting at the Aso Rock Villa, Abuja. He said, “From my inspection yesterday, we discovered that we had over 3,000 fuel trucks queuing for the Dangote fuel lifting, and they were all parked on the newly constructed road. “Technically and by design, the roads were never built for static loads. And so it has a lot of effects. So, we will have the same thing we had in Apapa that damaged the entire road until it was constructed on concrete.” “So what FEC approved today is that the land that we have, the Federal Government land, we should put it for concession so that concessionaires would bid and whoever wins will be able to build a park. The park will be tolled so all those trucks can safely park there. And the pavement of such a park is quite different from the pavement of the road.” Umahi also announced that the council approved various road projects. He said, “The council approved several road projects. One is a new contract for rehabilitating Maraban-Kankara-Funtua Road in Katsina state. The second is the award of a contract for the construction of a 258km three-lane carriageway, a component of the 1,000 Sokoto-Badagry superhighway section two, phase 2A in the Kebbi Section. It is to be done with continuous reinforced concrete pavement. It excludes all bridges and flyovers. “The third one is the contract for the construction and dualisation of Afikpo-Uturu-Okiwe in Ebony, Abia, and Imo State, Section Two. The next one is the Bodo-Bonny road in Rivers State under Julius Berger. … Read more

2025 Budget: Oyo Govt To Hold 6th Consultative Stakeholders’ Engagement

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In line with its tradition of engaging residents of Oyo State to seek their inputs in the preparation of the state’s annual budgets, the state government will, on Wednesday, kick-start the sixth consultative engagement with stakeholders across the state with a view to producing a people-oriented 2025 Budget. The annual stakeholders’ engagement will begin at the International Conference Centre, University of Ibadan, with subsequent town hall meetings to be held across the seven zones of the state. Commissioner for Budget and Economic Planning, Prof. Musbau Babatunde, stated this at the weekend, noting that the meeting, which is the sixth in the series of the Town Hall meetings organised by the state since the inception of Governor Makinde’s administration in 2019, was “designed to engage the citizenry in the preparation and implementation of the state’s Annual Budget for the year 2025.” He added that “this year’s engagement is set to redefine the governance initiative of this administration. This programme is designed to align the state with the world best practices in the preparation of annual budgets, which support an all-inclusive and open approach to governance, rather than the top to bottom approach. “The objectives of this approach are; to restructure our processes to establish a solid base for our development aspirations. The restructuring is still ongoing and will extend to all facets of state development and to prevent the state from overdependence on federal allocation by increasing the state IGR and make our budget as realistic and as achievable as possible.” The Professor of Economics added that the stakeholders’ meeting will also strengthen the bond between government and the people of the state by seeking their inputs into 2025 budget. “Apart from ensuring that resource allocations are geared towards impactful projects and programmes implementation that will improve the welfare of the citizenry, this year Town Hall meeting will also seek to build people’s confidence in government. “This engagement will improve the performance of the budget and sustain the developmental objectives of this administration,” Babatunde added.

Surulere, Irepo LGAs Chairmen Laud Makinde, As Excited Farmers In Ibarapa, Saki-West, Atisbo, Oriire, Others Receive OYO-Cares Agric Inputs

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  By Adeleke Maria    Oyo state Governor, Engr Seyi Makinde have been commended for his efforts towards ensuring food sufficiency in the state, just as the Oyo-Cares farm inputs distributions to some selected local government areas in the state continue with seamless process. Governor Makinde was commended by farmers who have received their farm inputs without any hiccups expressed their satisfactions over the exercise and also applaud the Governor for his timely support to the farmers across the state. The exercise according to the State Project Coordinator, Result Area 2 for Nigeria Community Action Resilience and Economic Stimulus (N-CARES) is being coordinated by the Oyo State Agribusiness Development Agency, (OYSADA). Mr Bamigbola Kolawole is aim at distribution of agricultural inputs and provision of capacity building and extension services to 3,660 beneficiaries in 26 local government areas of Oyo state. Speaking with journalists shortly after the distribution of the farm inputs to farmers in his local government area, the Executive Chiarman of Surulere local government, Iresa Adu, Hon Adegbite Isaiah commended Oyo State Governor, Engr Seyi Makinde for his timely support to the farmers in the state. He also called on the beneficiaries to make judicious use of the farm inputs given to them in order to key into Governor Makinde’s vision of food sustainability in the state. Also in his remarks, the Executive Chiarman of Irepo Local Government who received the N-Cares team in his local government Secretariat at Kishi, Hon Tunde Taoheed Olayiwola lauded Governor Makinde for supporting farmers with farm inputs such as NPK fertilizers, Cassava Cuttings, Maize Seeds, herbicides, goats, tomatoes seeds among others. Meanwhile some farmers In Ibarapa East, Ibarapa Central, Saki West, Surulere, Irepo, Atisbo, Ogo Oluwa Local Government Areas of Oyo state and others visited by N-Cares team during the ongoing distribution exercise have lauded the State Governor, ‘Seyi Makinde for its commitment towards boosting agriculture to enhance the state economy and ensure food sufficiency for all and sundry. In Ibarapa East Local Government, out of the 100 beneficiaries under Ogooluwa FCA , five groups of 10 farmers each(50) got tomato seeds with 1 liter of herbicides and 50kg bag of NPK fertilizers while the other 50 farmers got 20 bundles of cassava cuttings each with other inputs. The Executive Chairman, Ibarapa East Local Government, Hon. Kazeem Arogundade who was represented by the Chief of Staff of the council, Hon Olatunji Kasali at the event, lauded the state government support to the farmers, while also calling for further assistance to the farmers with the provision of tractors to enable more farmers engage in mechanized agriculture. In an interview with newsmen, Chairman, Ogooluwa Farmers Association FCA in Ibarapa East, Mr Moshood Adedeji, appreciated both the Federal, state and the local government for the gesture while also requesting for more support in terms of provision of adequate tractors and other farming equipment to enhance agricultural activities in the area and the state at large. He said, “We are asking them for more so we can boost the economy of this country so that we can achieve food security.” He assured that the inputs will be used appropriately, adding that in the next 365 days, its positive impact will be seen. Another beneficiary, Mrs Yetunde Olalere who expressed appreciation for the gesture, said it would go a long way in boosting food production in the area. In Ibarapa Central Local Government, 100 farmers under Iwojowa FCA also received 20 bundles of cassava cuttings each as well as herbicides, NPK fertilizers and maize seeds. The Director of Agriculture, Ibarapa Central Local Government, Mr Bello Abidemi, advised the beneficiaries support the state government’s efforts at ensuring food security by judiciously utilizing the inputs for its intended purposes. Similarly, in Saki West Local Government, three groups of 10 farmers each under Ifesowapo FCA and another 10 groups of 10 farmers under Ifedayo FCA each benefited from the gesture as each went home with 50 kg NPK fertilizer, herbicide and a maize seeds. Speaking on behalf of the Executive Chairman of the Local Government, Hon Gbenga Olaleye, at the event held at the OYSADEP Headquarters, Saki, the Council’s Chief of Staff, Hon Oladeji Richard described the agric input support to the farmers as a welcome development which would assist in tackling the challenges of food insecurity and scarcity in the state. In the same vein, beneficiaries of the agric inputs in Atisbo local government, Tede, expressed gratitude to Governor Seyi Makinde for the support to farmers in the area. At the Local Government Secretariat venue of the distribution exercise to 90 maize farmers and 10 livestock farmers under Agbesowapo FCA, the farmers expressed optimism that the development would translate into increase in food production in 2025. The council boss, Hon Alade Olumuyiwa represented by Hon Rabiu Adekola, the Supervisory Councilor for Agriculture in the local government, said the initiative of the state government will further boost agricultural activities in the area.He urged farmers to cooperate with the state government in its efforts to expand the economy of the state through agriculture Chairman of the Agbesowapo FCA, Deacon John Ogunrinde while also appreciating the state government for the support, solicited for provision of farm implements such as weeders and planters for farmers in the area In Ogo Oluwa Local Government, Ajaawa, Ifesowapo FCA Ajaawa which comprises two livestock farmers groups, two tomatoes farmers groups, and six cassava farmers groups received the total number of 40 she goats, as each livestock farmers went home with 2 goats. Each of the tomatoes farmers received 20 grammes of tomatoes seeds, 50kg bag of NPK fertilizer, and 1 liter of herbicide. While each of the Cassava farmers received 20 bundles of Cassava cuttings, 50 kg of NPK fertilizer, 1 liter of herbicide. In Ogbomoso South LGA, where we have Saanuaje FCA, 8 groups of maize farmers shared 800 kg of maize seeds, 80 bags 50k NPK fertilizer and 80 liters of herbicide, 2 livestock farmers shared 80 goats. While in Surulere LGA, Iresa Adu, … Read more

NNPCL Purchases Fuel from Dangote Refinery at N898 per Litre

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  The Nigerian National Petroleum Company Limited (NNPCL) has announced that it has acquired fuel from Dangote Refinery at a price of N898 per litre. The oil firm had moved about 300 trucks to the 650,000 capacity refinery in Lagos, on Saturday, and loading commenced on Sunday. Speaking with Daily Trust over the price of premium motor spirit (PMS), otherwise known as petrol, Chief Spokesperson of the NNPCL, Olufemi Soneye, said, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per liter.” He told our correspondent that as of the time of filing the report, over 70 trucks had been loaded. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, had announced that NNPCL would be the sole off-taker of refined petrol from Dangote Refinery. At the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira, on Friday, the Finance Minister who was represented by Zacch Adedeji, Executive Chairman of Federal Inland Revenue Service (FIRS), had said diesel from the Dangote Refinery would be sold in Naira to any interested off-taker, while PMS would only be sold to NNPCL, which will then sell to various marketers. He announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. FEC under the leadership of President Tinubu had approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The government explained that the initiative was aimed at reducing pressure on the naira, eliminating unnecessary transaction costs, and improving the availability of petroleum products in the country. “Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval. “I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September. From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira. “In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira. Diesel will be sold in Naira by the Dangote Refinery to any interested offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now,” he said. He added that all associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira. The government, according to the minister was also setting up a one-stop shop in Lagos, that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative.

300 Trucks Arrives at Dangote Refinery Ahead of Petrol Loading

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  The Nigerian National Petroleum Company Limited (NNPC) has confirmed that around 300 trucks have arrived at the Dangote Refinery in Ibeju-Lekki. This milestone sets the stage for the planned commencement of petrol loading, scheduled for Sunday, September 15, 2024. Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, disclosed this development via the social media platform X. “NNPC Ltd. trucks are arriving at the Dangote Refinery in preparation for the scheduled petrol loading,” Soneye stated. He emphasized that by the end of Saturday, at least 300 trucks would be stationed at the refinery’s fuel loading gantry, ready for action. In addition to the trucks already on-site, NNPC has mobilized an extensive fleet to facilitate the loading process. As of Saturday afternoon, the company reported that over 100 trucks had been deployed, with hundreds more en route to support the operation. This loading marks a significant milestone, as it follows the announcement last week by Aliko Dangote, Chairman of the Dangote Group, regarding the commencement of fuel production at the refinery. The NNPC, acting as the sole off-taker of petrol from the facility, projects to lift the product at prices ranging from N960 to N980 per litre, with expectations that it will be sold to marketers at approximately N840 to N850 per litre. This could potentially lead to a reduction in pump prices for consumers, with petrol estimated to retail between N857 and N865. Despite optimism over lower price points, the uniformity of these rates at filling stations nationwide remains uncertain. Presently, petrol prices at NNPC retail stations in Lagos are around N855 per litre, making it the most affordable option compared to major marketers who charge approximately N920. Independent sellers are even higher, with prices exceeding N1,000 per litre in some areas, while some regions of the country report prices above N1,200. As the NNPC prepares for tomorrow’s loading at the Dangote Refinery, all eyes will be on the impact this operation will have on petrol pricing and availability across Nigeria.

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