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Page 30, TH IS DAY, Vol. 16 No. 5860

Tu esd ay, M ay la, 2011

BusinessWORLD

news

Nigeria's Oil Production Drops 12% Annually nister of PdrolaJm Resouras, Mrs . DiCllUli A1 i §On~ 'Itlducke hao; staled the need lOr the Nigeria 10 boost ~ oil ilxI g:r; ~~, disdosing that the seeler I'IXOIcls :.l :J\~ annual 1lllW'31 pr0-

lYn

duction d(dine tole of 000u1

8-12 poo:nt. Spea.ing II

ill

im'CSlmenl

forum org:mise1 by the Petroleum Ttchnology Associarion of Nigeria

A1ison- M:xIueke said for the counuy to mai ntnin her" current production 1e\'eI of about 2 million barrels per d:ty (mbpd). the stCtor would nc:m to m'*e 1'Ie\\' oil ax!. gas

ENERGY OJ' Cldka A mall zeN Il..acll llkll ( PETAN) in ooll ~ion y,i th theAssoci3lKln of Nigerill PeUtllCUOl Pro fl'!Ssional s Abru<d (ANPPA) al lhejusl.

rond uded Offshore Technology 'Conference (arc) in Houston, Texas.

di.$aJ\'t'riC'S. She said the a)UntJy .... 'lIS drivi ng an unpre:rdcntcd gnY>Hh in gao; utiliSlliOIl from 1 billion w bie flX1 po-day aJrlO111y to :ixJut 5 billion rubie

fa:t po-day by 20 15. Tome\~this Sd. l:wgd. the

minister s:id the salOl'" nm1clI to spmd about $20 bill ion a mually. She pointoo out th... tk upstn3Ti gao; prodooion for thedomcstic mnet alone. has bMl rettiving a da:lic:led spend ortlCl ~~ $1..5 billion to S2 billion Irnlually fium the Federal Govenment. ·'O.Ir oil production runs ;t ()\-a- 2 mill ion Ixmis ~ day :Ild wedmettly produceo\-e8 billion cubic fo::l of gao; per day. As)'tlU kncl'Iv. ~ ~ a

Power Supply: Task Force Restates Commitment to Reform he

T

Presidential

Tru;k

Foru:on Powt'r( PTFP)

has restated its oommit-

1TlC7lt 10 the ongoing morm in the pD\\-e- sector. e.~arise i~ oadiating go\'CI110leilt monopoly and aming conditions to aHT3CI local ood intmlationai pri v;te stdor imocslmellt in public power ~upply in 1111 iWta'S of the country. In a recent st3l.istia male available 10 1l1IS DAY by the task f~. the Chai rm:l1 of ils Communications Commillte. f..'ir. Abimbola Agboluaje said the !dorm would transform the pD\YC" sector from :11 inefficient Slate monopoly to a competitive ..,d dynamic industry where ",,'Orkm enjoy supaior condi tions of SO'\Ii~. '1nduslries wi ll expand prutlUClion ao; there be will gre<in" demand for goods and scrvires that would become more afronlable due to lower production costs. JllOt'aSing public pcw.tt supply will 3ltr.a new industnes to produce goods for Nigeria 's toomlOUS market. absorbing thousands into the country's labour force. "Morejobs wi ll bemam imiilU1ly ao; many more Nigerians \\ill be ;ille to supply a divMe r.lI1ge of goods lRf scrvices to power eompanies run by prh'llle eompanies. TIle pufChaoling lJO""u of Nigerians wi ll also be: boosted as less mork, is spent on generntors and d i~ . Current go\'emmelll in\ocstment in power sector could bt: better spent improving aJuc:;tioo. Idthan: and SC'CUrity:' he explained . Agbolu* argued Ihal the Federal Govemmcn! ·s monopoly of in\'l;"strncll t

s..~yi ng the

I

I

ENERGY OJ! Eji%

r Alike

factories. " It hac; also me:tnt prohibiIh-e OO'> IS of o lClKY to industries. added 40per ernt 10 the

of goods and servias th us making impons ~. deterred local ami fOreJg n invcstment and stunted the gJ'O\\1h of jobs lind won.os' incomes:' he added. Agboluaje assu ~ the ~'Olkets of the Pov.w Holding Company of Nigaia (PHCN) of bright n" future. saying the v.'OJkos M.-e carse

(05t

management of the 1lO"~ SOCIor steaJily aippl~ the ind ustry. Aaurding to him . Nigeria has the biggest gap in the world betWttn .electricity demand tIld supply. providing its popUlation of 150 million with roughl)!. 4.0J0 mt'!ilWIlIts of eiedriciij. Ue noted thal South Africa generates 4O.0J0 mcgawalt~ for a popu lation of 47 million, whi le Brnzil generntes 100.000 mcg3\\'3lts for its 20 1 million c:itizu!S. 1nerc has been 5e''m: underi nvcstment in maintaining ald expanding ~ty. \Vhile po\\-e- comp:!flies in smaller countries like S:.Idi Ambia oruer 100 electric pov.'er turbines aI. a lime. the Nigerian monopoly opo;:lor em afford to onIer only 6 or 8. Equipmmt is inzlcquatdy maintained and. won.O'S· lm1ur)CllliOll is \'erj poor. Operalions are hampoul by a seo.'eJ'e shortage of enginrers and other tedmical .~Iaff i n the PHCN Comp3l1icos," he said. He noled that 11'1 annual if1\ocstment of $ 10 billion dolillfS would be ra:JUirtd for the next len years for Nigeria to fully med the danand for eit'd ric power. TIle government. he said. has been in\'costing onl), an l!\ttugeof S 2 billion. adding Ihal lhe little it invests i~ also not usual Iy man..,ga:l trans· parentl y ....d efficientl y. 11lis lack of investment. a:x:on.ling to him . has resulted in Nigerians spending S 13 billion on gcncr.lors and fuel per rumum to genernte electrici ty for homes. offices and

..... ...,..

Acribus!!1!!!S &

Industry

ElIi!o! CRUSOE OSAGIE CcrnmtI!jqtjppl & e-Byslnns EditOf

EFEMNKANGA

"""-

Q-I£)U EZE (AIiD:JI)

NNN.Dru:w~ lHlA ERa<E (LltJw:I EROMOSelEABICO..H (QrpIiII A6t) E.IOFOR AL.J<E (EnergyI JAt.ES EJ.Ek) (Na/Im's ~ cet<NA 0iPM (7.bley Ma!It9O

SAMADEGBE ~

Er1lDr1

In essence. in oruer to maintain the OJlTcnt production Ic\'eI of OOout 2 million turels per day (mbpd). the 5tI1or would nerd 10 find aJdition:ai oil atd gas n5C1\'CS. In essence. the oil and gas sa::. tor oolleaively ofkJ- .... unp;ra1lded opportunity for investment", she said. She also disclosed tlr.:l tile minist!)' plans 10 set up .... U qudied Petroleum Gas (LPG)dislribulion ndwcKt 1M will distribute LPG 10 \-:wlOUS pat of the COIlnl!) . .'\\~ ~ in tile proa:ss of setting up .., LPG Distri bulion NcNUk" tll<l will dist ri bute LPG 10 \'3"ious part of the CounII)'. LPG ~uppltes to Ihe ne!wok will be drav." fmm three Gas Pnxrssing Focilities th:I. \\'e an: cr.'doping. Many other downstream in\'CSI.mtt1ts lR CUJTa\tly tx:i ng discusso:l wi th \':I'ious global im'e'>too. aat.ing theplatfol'm for signi6(3l1 eeonornic il.1ivil)' anchonxI on Mum! ga!i in Nigaia". she stres.sal

CBN Disburses N133bn for Commercial Agricultur~

T Maritime EditOf

said.

=1.

• ·', R: ~or. SUmdords Organis6Jion rifNigtrifJ (SO,\ ?, M r Clrorln Okoro, DGIC£O.SON Dr. Jo!WplJ Odwnndll and DirtttrJr Sp«iol DutitJ, SON. lllr Gforx~ Okve oJ 1111l mniia hn4illg !reid bJ lire Slandnrds OrgollisDtirm a/NigtriD in lARos-Itctlllly ", rOll}:: Ibn IJbn>

Bank of

Nigeria(CDN) hMsaid

Enemy Editpr

or

Liquefied N3Iural expor1IY. exporting timemwJ billion rubie fCd of gas per d.'t)' in the fonn of LNG and \'a)' ~Iy COIlUTlOlCm ClpoI1 of n:lurai gas through the \\bt AfriCll Gas Pipdine to Ihe Ea:lnomic Community of \\ tst African Stales(ECOWAS) SUb-~0I 1 . ·'But ~ most interesting is (AlI IOJ01t focus on the domc::stie gao; S«'Ior for which v.'e 31: <hiving an unprlnrlerll~ gJU\\th in gas utilisation from thccum::nl I billion rubic fo:1 ~ day 10 OOout .5 billion rubie fin pa-day by 20 15. This gTO\\1h role is fO~1 to be the \\ood's most aggressive &JO'\th in gR5 mel il is beginning to sti mulate an unp:r.l1lded level of ill\'CSlmelll octivity in Nigeria. seen only in thecarly oil boom days of the70s. ''Our focus for gTO\\1h is centmxl on n3lwal p. it is essential to know that the oil sector expaimccs .... 1I\'tr.IgC rulllUai n3lural produaion decl ine r.le of about 8 - 12pcr'G~ LNG)

IA .. )

he Central

CHIKAPIMNl£:.NINACHUKU

to be confident about the securily their jobs lind much implO\-ed conditi0n5. 'l1te Fcda-al Govemment is fi nn ly convinttd thai PHCN ......oo;.m an: f:.- better 01T if inycstors are allo\\'oo to d lan ncl funds into our Gmerat ion. Trans mission 0I1d Distri bution Companies mtha' than tmp existing staff in underfunded entities Ihal ~ill not be :tJle 10 SUrv1 \"e in a fully eompd.iti\'~ seaor," he

major

:l this

il C'[pended a total of N13J. ll billion to 139 benefi ciaries under its Commercial Agriculture Credit Scheme (CACS) lIS al April 20 11. The JePOI1 ti tl ~: "Aai\'ilies of the N200 billion CACS fur April." by Ihe Project Management Office. Development Finance Department of the ~ bank and posted on its \\~ite at Ihe wttkend, showalthat the bmefici:wies of the fund wo e made up of 115 individuals ruJd prillllc plOmolers and 24 state go\'emmCTlIS whidl 3Cl:'l!SsOO N I billion ea:h. TIte rqx>It whid l 1I~\'erued that lne arllOUllt Wll'i the total

I

A GRle

]

By Obi/ilia Ch ima sum paid out since Ihe inceplion of the scheme ill 2(X)9 put the baianoeof the funds ill: al April 20 11 at N66.8W bi llion. The CACS was establ ishcd as part. of the Federal Go\'munoil 's dro"-~ at promoling commercial agriw llural etlletprises as well as to f3'5 t tnrl. dcvdopment of the agricultural sector or the Nieenrul ecooomy. It ~ \'ides aOOi t facilities to COOlmr:n.ial agriOJit urai mtO'pliseo; al n sillgie digi t interest rate. TIteSe funds also oornplemeftl other sptCial illilia-

requested the CACS funds for on-lendmg to bmers' unions and ro-~ i \'(:s ;wJ 10 finance other areas of agriruiturnl interventions wi thin lheir \mOUS stales. As at mel of April. 20 11. 13 banks. ~y ; Access S ..,k Pic. Fidelity Bnnk. First B,.-,k of Nigeria. Guarant)' Trust Bank. Oceanic Bank Pic. Skye IJrulk. Sianbic m TC. Union Bank of Nigerill. United Rank for Africa. Unity BNrk Pic. 7..enith Bank Pic. CitibMk and Diamond Bank Pic ac participating under the SdJCmC': ' Ao:onIing 10 the rqxm. as al April. 2011 . lhe sum of N20 ..568 billion h:d Ixm wi thdmwTI wi th n:spoclto 22 project~ by the banking st'Ctor

li\'CS oftheCBN in providing concessionary fundi ng for agrirulturt:. State Governments and the Fedcrnl ClIflilal TcrritOlY oould aJ~ borrow from Ihe fund for 00lending 10 finllCT5 . TIle Iq)Or\ added: ·'In tile rllooth under f\':\'iew. tv.'O Siale: tovemments: Bayclsa and (}gun ac:ccssal N I bi llion e.:fl undcr the CACS. TIlis brings to 24 the !lumber of prutici pating State gO\'em menlS under the Scheme. TIle ~tales :tie Adanlilwa . Annmbra. B:wchi. Enu!!u. Gombe_ Kebbi. Kogi . 1010. KWlIr.l. Nas.vawa. Niger. OnOO. Sokoto, Tarnba Z:vnf3l"3. FIT. AkwlI lbom.

Ri \·CT5. Pl aleau. EcJo. Kallo. Benul.':. Bayelsa and Ogun. '1lle St:l(S Gon~mmeflls

.

lqulatOl" frurn5 banks .

THISDAY, 10 MAY, 2011  

CBN Disburses N133bn for Commercial Agriculture

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