Category: Business

 

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has said that the Federal Government, under the leadership of President Bola Tinubu, is committed to making Nigeria a gas-powered economy, having declared a decade of gas utilisation.

 

Ekpo said in Uyo on Monday while giving his remarks at the South-South Gas Utilisation Forum 2025, organised by Gas Aggregator Company Nigeria, with the theme: “Utilising Gas as a Catalyst for Sustainable Growth.”

 

The Minister who highlighted the benefits of a gas-powered economy called on participants to see the workshop as a turning point, where ideas are not just discussed, but implemented.

 

He said, ”Let us remember that this is not just a South-South agenda, it is a national imperative. The Federal Government, under the visionary leadership of President Bola Ahmed Tinubu, has declared the Decade of Gas and is committed to making Nigeria a gas-powered economy.

 

”The task before us is clear. The opportunities are vast. The tools are in our hands. Let this workshop be a turning point, where ideas are not just discussed, but implemented; where partnerships are not just promised but forged; and where we commit, collectively, to utilising gas as a true catalyst for sustainable growth in the South-South Region and Nigeria, as a whole.

 

”Let us move boldly from gas potential to gas prosperity: To move from gas potential to industrial hubs and innovation centres; To turn gas revenue into tangible impact for our communities; And to ensure that the people of the South-South region, especially our host communities, are not left behind, but carried along every step of the way, in line with the provisions of the Petroleum Industry Act (2021).”

 

The Minister, who noted that the South-South region remains the powerhouse of Nigeria’s natural gas production, providing the resource that fuels industries, powers homes, and earns us foreign exchange, however, lamented that the region is yearning for the full benefit of the resource it produces

 

According to him, “The South-South region remains the powerhouse of Nigeria’s natural gas production, providing the resource that fuels our industries, powers our homes, and earns us foreign exchange.

”Yet, paradoxically, it is a region that still yearns for the full benefits of the resource it produces. This workshop is, therefore, not just another meeting; it is a call to action.”

 

He urged participants to use the platform to forge practical solutions that will move the region from being a region of resource extraction to one of value addition, innovation, and inclusive growth.

 

In his remarks, the Governor of Akwa Ibom State, Umo Eno, who was represented by the Deputy Governor, Senator Akon Ayakenyi, acknowledged that the submit has not only deepened government’s understanding of the immense opportunities in the gas development across the South South region but has reinforced it shared commitment to collaborate actions, sound policy alignment and sustainable resource management.

 

Eno said the state government remains resolute in its belief that the gas sector, if properly harnessed ,can serve as a “catalyst for industrialisation, environmental innovations and inclusive prosperity for our people.”

 

In his welcome remarks, the Managing Director and Chief Executive Officer of Gas Aggregator Company Nigeria, Chijioke Uzoho, expressed commitment to partner with all stakeholders to ‘unlock the potential of gas commercialisation in the South-South region.”

 

He said the South-South region has the potential to be the driving force of Nigeria’s economic transformation, adding that real progress will come from effective partnership between the public and private sector actors and between the federal government and sub-national.

Uzoho restated the resolve of Gas Aggregator Company Nigeria to ‘partner with all stakeholders to unlock the gas commercialisation in the region.”

 

 

The president of the Money Lenders Association, Mr Gbemi Adelekan, has urged Micro, Small, and Medium Enterprises to adopt a healthy credit lifestyle in a bid to have access to financial opportunities for business growth.

 

In a statement on Monday, he said he has noticed a trend, especially with microloans, where individuals move from one lender to another for funding despite having bad debts with other lenders.

 

According to him, a healthy credit history makes it easier to get approval for funding, negotiate better interest rates, and gain access to larger loan amounts when needed.

 

He said that MSMEs with multiple unpaid loans, frequent defaults, and poor repayment records often get blacklisted or disqualified from future opportunities.

 

“Do you realise that most licensed lenders in the country will first check your credit reports with the Central Bank of Nigeria-approved credit bureaus when you apply for a loan?

 

“With a negative credit profile, a person is more likely to miss out on major opportunities, like getting loans for unexpected expenses or to support their business endeavour, now and in the future.

 

“That is because the more loans are left unserviced, the lower the chance of qualifying for any other loans or accessing credit with good terms and conditions which in turn saves money on interest,” he said.

 

It also relates to various aspects of being financially literate and understanding various aspects of finance, including budgeting, responsible borrowing, and maintaining a good credit history and track record.

 

For MSMEs that often operate with limited capital and tight cash flows, maintaining good credit could be the difference between growth and stagnation.

He noted that money lenders, including banks, financial technology firms, and cooperatives, now employ the use of technology to assess the risk worthiness of borrowers.

 

He said a healthy credit history signalled that the business was trustworthy and likely to repay loans.

 

Adelekan noted that many digital lenders in Nigeria and across Africa relied heavily on data and credit scores to approve loans.

 

Adelekan, also the Chief Executive Officer of Trafalgar Associates, owners of Kwikpay Credit, revealed that out of the over 1,000 personal and business loan applicants received daily nationwide, almost 40 per cent of them have a bad credit history.

 

He said, “We are using machine learning and algorithms to also analyse alternative data and non-traditional like transactions and lifestyle choices, as part of our risk assessment to extend credit, mostly starting with a low amount, to build up their transaction history with us.

”

‘This high number of people with bad credit reports, he stressed, must be reduced to the barest minimum to restore access to financing, protect business credibility and reputation, prevent over indebtedness and debt traps, and open doors to growth opportunities.

He asserted that there were validation mechanisms in place in line with approved credit bureaus to streamline beneficiaries.

 

He added that the company had plans to assist customers with its soon-to-be loan product service linked to financial education and financial wellbeing for customers.

 

Adelekan said the product would encourage customers to consider the repayment of defaults with other lenders when repaying monthly.

 

He added that it would consider additional factors such as educational background, employment, and income to assess loan eligibility.

 

Most Asian markets rose on Monday as investors digested Donald Trump’s latest trade war salvos that saw him threaten to hit the European Union and Mexico with 30 per cent tariffs.

 

Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila and Jakarta all rose, with Tokyo, Wellington and Taipei edging down.

 

Bitcoin hit a new record high of $119,490.

 

The US president’s outburst came after a series of announcements last week, including warnings of 50 per cent levies on copper and Brazilian goods, 35 per cent on Canadian goods, and a possible 200 per cent charge on pharmaceuticals.

While observers warn the measures could deal a hefty blow to the global economy, investors are largely optimistic that governments will hammer out agreements before the White House’s August 1 deadline.

 

In announcing his latest measures on Saturday, Trump cited Mexico’s role in illicit drugs flowing into the United States and a trade imbalance with the European Union.

 

The move threw months of painstaking talks with Brussels into disarray.

 

European Commission chief Ursula von der Leyen has insisted the bloc still wants to reach an accord — and on Sunday delayed retaliation over separate US duties on steel and aluminium as a sign of goodwill.

 

EU officials threatened in May to impose tariffs on US goods worth around 100 billion euros ($117 billion), including cars and planes, if talks fail.

 

French President Emmanuel Macron backed efforts to reach an agreement that “reflects the respect that trade partners such as the European Union and the United States owe each other”.

 

But he urged the bloc to “step up the preparation of credible countermeasures” if the two sides fail to reach an agreement.

 

Analysts also pointed out that the levies against Mexico and Canada come even after Trump agreed to a trade deal with the two during his first administration.

 

Still, Asian investors brushed off Friday’s losses in New York and Europe, remaining hopeful that governments will strike deals with Washington and avoid the worst of the tariffs.

 

“It is hard to say whether the muted market response over the week is best characterised by resilience or complacency,” said National Australia Bank’s Taylor Nugent.

“But it is difficult to price the array of headlines purportedly defining where tariffs will sit from 1 August when negotiations are ongoing.”

 

Traders are also keeping a nervous eye on the Federal Reserve as Trump continues to berate boss Jerome Powell for not cutting interest rates soon enough, saying Sunday “I hope he quits”, and adding “He should quit”.

Reports also said the president’s allies were targeting the Fed chief over his handling of an expensive renovation at the bank’s headquarters, with some suggesting they were building a case to have him removed over it.

 

However, strategists warned that such a move would bring the independence of the central bank into question and send US Treasury yields soaring and the dollar plunging.

 

– Key figures at around 0230 GMT –

 

Tokyo – Nikkei 225: DOWN 0.3 per cent at 39,469.72 (break)

 

Hong Kong – Hang Seng Index: UP 0.1 per cent at 24,174.34

 

Shanghai – Composite: UP 0.4 per cent at 3,524.93

 

Euro/dollar: UP at $1.1693 from $1.1690 on Thursday

 

Pound/dollar: DOWN at $1.3496 from $1.3497

 

Dollar/yen: DOWN at 147.01 yen from 147.38 yen

 

Euro/pound: UP at 86.64 pence from 86.59 pence

 

West Texas Intermediate: UP 0.1 per cent at $68.52 per barrel

 

Brent North Sea Crude: UP 0.1 per cent at $70.43 per barrel

New York – Dow: DOWN 0.6 per cent at 44,371.51 (close)

 

London – FTSE 100: DOWN 0.4 per cent at 8,941.12 (close)

 

AFP

 

Ekiti State Governor, Biodun Oyebanji, has hailed the National Automotive Design and Development Council for training and empowering technicians in the state to be better citizens and properly placed to contribute to economic growth.

 

Oyebanji, who said that the exercise “marks a significant milestone in our state’s commitment to skills development, wealth creation, energy efficiency, and environmental sustainability”, assured that he would sustain such training to boost employment generation and economic growth.

 

He spoke in Ado Ekiti on Saturday during the closing ceremony of a five-day specialised mechatronics training on repair and maintenance of both Compressed Natural Gas and petrol-powered tricycles and motorcycles, organised for technicians in Ekiti State by NADDC in conjunction with Simba Group Nigeria.

 

The governor, who was represented by the state Commissioner for Wealth Creation, Kayode Fasae, said the training came at a time the government was scaling up in the areas of economic empowerment, poverty alleviation, wealth creation and provision of critical infrastructure.

He said, “The motorcycles and tricycles you see across our towns and communities are not just modes of transportation. They are lifelines. For countless families, these vehicles represent livelihood, access, and connection. Ensuring their proper maintenance and functionality is not a luxury; it is a necessity.”

 

The governor added that the programme, whereby the trainees received skills upgrade and specialised empowerment equipment, “Will lead to the creation of employment opportunities for our youths and stimulate economic growth”.

 

He assured that, “on our part as a government, we shall continue to work with NADDC and its partners to sustain this programme, ensuring more youths acquire these important technical skills, thereby promoting economic growth in our state. This is more so in view of the inherent benefits in the programme.”

 

NADDC Director General, Joseph Osanipin, who charged technicians to constantly upgrade their technical skills to remain relevant and boost their economy, said that a skill-gap analysis conducted by NADDC “revealed that many mechanics lacked the expertise or tools to effectively service modern vehicles.”

 

Osanipin added, “This initiative, driven by the NADDC, aims to continuously bridge the skills gap and upgrade technical knowledge of auto-technicians, thereby creating job opportunities for youths in the Nigerian automotive industry as well as ensuring job retention and wealth creation for auto technicians.”

He said that the Council, in a bid to redress the trend of lack of expertise and tools, began various training programmes for auto-technicians to equip them with modern skills on vehicle repairs and maintenance, and also empowering the beneficiaries with equipment.

 

Osanipin said, “The Council, in collaboration with relevant stakeholders, has so far trained over 15,000 technicians through the Simba Group Nigeria Repair and maintenance of Tricycle and Motorcycles Mechatronics Programmes.

 

“We believe that this industry has the potential to contribute significantly to our nation’s economic growth and development, and we are working tirelessly to create an enabling environment that will support its growth.

 

“Through initiatives like this specialised training programme, we are providing the necessary skills and knowledge to our youths, equipping them with the expertise required to compete in the global automotive industry. We are also supporting the development of local content, promoting entrepreneurship, and encouraging innovation in the industry.”

 

Osanipin, who lauded Simba Group Nigeria, makers of TVS motorcycles and tricycles, for its tireless efforts, expertise and dedication to ensure the success of the training programme, also thanked Ekiti State Government for support and collaboration in the course of implementing the programme.

The NADDC DG charged the members of Tricycles Owners’ Riders Association of Nigeria and Nigerian Automobile Technician Association (NATA), who benefited from the training, tools and cash empowerment, to use the skills to elevate their careers and propel Nigeria’s automotive sector forward, especially in CNG tricycles repairs and maintenance.

 

The Regional Manager, Simba Group Nigeria, Mr Sumit Panda, who said expertise in current trends in technology would boost technicians’ economy, assured that his organisation would continue to train them as technology advances.

 

TORAN State Chairman, Talabi Akinola, hailed NADDC and Simba Group for the training, which he said had increased their technical skills and further exposed them.

 

Akinola assured that the 50 beneficiaries would each train some other technicians in TORAN and NATA to expand the scope.

 

The Bayelsa State Government has resolved a dispute between Egweama Nembe and Elepa communities in Brass and Nembe local government areas over the ownership of Elepa 1 and 2 oil wells.

 

Both communities accepted a decision reached by the state government on Friday in Yenagoa to ensure peace and security in the area while awaiting the outcome of ongoing litigation over the dispute.

 

The Elepa oilfields are currently being operated by the Renaissance Africa Energy Company Limited after divestment of the facilities by Shell Petroleum Development Company of Nigeria.

 

Addressing leaders of both communities at a meeting, Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo, said the government had endorsed the sharing formula recommended by the Irorodamie Komonibo-led committee set up last year to mediate on the matter.

Ewhrudjakpo announced the allocation of 40 per cent of all royalties, employment chances and contractual jobs from Renaissance Africa Energy Company to Elepa, while Egweama and Nembe were allocated 30 per cent each.

 

He directed that the three contractors engaged under the company’s Free To Operate system for the supply of a tug boat, swamp buggy, and crew boat should come under one contract and share the profits accordingly based on the sharing formula.

 

Ewhrudjakpo commended the calmness of leaders and stakeholders of the area, explaining that the government’s position was informed by its overriding interest in ensuring peace among the feuding communities.

He urged them to talk to their people, especially the youth to maintain the existing peace, and patiently wait for the determination of the lawsuit over the ownership of the disputed Elepa 1 and 2 oil wells at the Court of Appeal.

 

He said, “We have carefully studied the recommendations in the report submitted by the committee we set up sometime last year to look into your dispute, chaired by the Deputy Chief of Staff, Government House, Irorodamie Komonibo. As a government, we have adopted the recommendation. So going forward, the Elepa community will have 40 per cent while Egwema and Nembe will get 30 per cent each, pending when the court will give judgment on the ownership case.”

 

He stated further: “This decision was reached after a thorough consideration of a lot of factors involved, and I believe it is in the best interest of the communities and that of the state to make this sacrifice.”

 

Responding separately on behalf of the communities, the Chairman of the Nembe Council of Chiefs, Chief Bright Ereware-Igbeta, the Paramount Ruler of Elepa Community, Chief Gelegukuma Apiri, and the CDC Chairman of Egweama Community, Mr. Tonye Yemoleigha, appreciated the relentless efforts of the state government to ensure that there is peace among the three communities despite their conflict of interest.

 

While thanking the government for the next parameters put in place in respect of employment opportunities and contracts, they agreed to remain peaceful, stressing there is no price too much to pay to enjoy peace.

 

The highlight of the meeting was the signing of a memorandum of agreement between the Bayelsa State Government represented by the deputy governor and representatives of the three communities.