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One Billion Barrel of Crude Oil Discovered in Northern Nigeria

PREMIUM TIMES: The Minister of State for Petroleum Resources, Timipre Slyva, said that about one billion barrels of crude oil have been discovered in the Northeastern part of Nigeria.

Mr Sylva made the disclosure at a news conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja on Wednesday.

“The figure we are getting, the jury is not totally out yet but from the evaluation results we are getting the reserve that has been discovered in the northeast is about a billion barrels.

“Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region,” he said.

According to him, a lot of oil is yet to be found in the country.

He added that there was the need for more exploration in the country as more oil would be discovered.

Commenting on passing of the Petroleum Industry Bill ( PIB) by June, he said that he was confident that it would be passed based on cordial relationship between the legislature and the executive.

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“We are banking on the fact today to make that promise on the fact that there is a very cordial relationship now between the legislature and executive.

“Today Nigerians all agree that there is a need for us to pass the PIB.

“For so long we have been quivering about the PIB, for more than 20 years. And for so long, we have not been able to attract a lot of investment into the oil sector.

“Let me give you an example, by the year 2002, our oil reserves stood at around 22 billion barrels. We were able to grow that reserve from 22 billion barrels to 37 billion barrels by 2007.

“From 2007 to now, we have only been able to grow our reserves from 37 billion barrels to 37.5 billion barrels, in more than 10 years. Why? Not much investment is coming into Nigeria,” he added.

He noted that investors could not invest in Nigeria if the fiscal framework was shaking or uncertain.

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“If nobody knows when laws will be passed, nobody will want to invest new capital in Nigeria. And that is why you see that we have almost been stagnant in the Nigerian oil industry.

So, we believe today that there is a consensus among all of us – industry, Nigerians and government – that there is a need to stabilise the fiscal framework so that investors will be certain and move their money to Nigeria.

“There are very great opportunities in Nigeria, and I believe if we can only stabilise the fiscal framework and bring peace to Nigeria, investments will flow into Nigeria.

“That is really what gives me the confidence to say that there is a consensus now among all patriotic Nigerians that in six months the PIB will be passed,” he added.

On revamping of the refineries, he said that rehabilitation of Port Harcourt refinery would start in the first quarter of 2020.

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“We are going to start the rehabilitation of the port Harcourt refinery which is the biggest refinery in Nigeria, if we are able to finish the port Harcourt refinery we would have achieved a lot as a government. ”

“Meanwhile we are also continuing with studies around Warri refinery, we are also continuing discussions around Kaduna refineries,” he said.

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Lagos Inaugurates Fadama Food Market In Badagry

Lagos State Government has inaugurated a new Food Market at Agbalata, in the Badagry Local Government area of the state in order to promote the structuring of agricultural produce marketing for traceability and quality assurance.

Special Adviser to the Governor on Agriculture, Abisola Olusanya who inaugurated the market explained that the new FADADA Food Market would also promote availability of wholesome food to the populace at affordable prices as well as create farm gate price advantage for the populace through the elimination of middlemen.

Olusanya said the market which was a product of a collaborative effort with multilateral Agencies, especially the World Bank and the Federal Government would also reduce post harvest losses whilst giving optimum returns to farmers for their efforts.

According to Olusanya, the Market which was solely for agricultural produce and value added products would also get food vendors off the street stressing that government would continue to be innovative at making resident households food secure while creating wealth and employment opportunities through the process.

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“This market is a crowning glory to all other supports to beneficiaries in Badagry LGA vis-a-vis capacity building, provision of infrastructures like farm access road and aggregation centres, advisory services and inputs support and assets acquisition for farmers’ groups among others. The choice of Agbalata as the site of the market is strategic, being close to the international route and border”, Olusanya averred.

The Special Adviser stressed that Lagos State, being the commercial nerve center of the country with a growing population of over twenty million residents, is not just interested in consuming food but also striving to make significant contribution to production, value addition and marketing noting that with the daily influx of Nigerians into the State for a better life, the consequent food demand has skyrocketed and cannot be overemphasized.

She pointed out that even though the State has limited access to large expanse of agricultural land but nonetheless has enormous comparative advantage in processing and value addition hence it would continue to bring about shared prosperity to the citizenry.

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“There is no gain saying that Lagos is indeed a MARKET PLACE for Nigeria and sub-sahara African. The State Government has developed a number of initiatives to optimize the use of available land and regulate the potentials within the agricultural space for the benefits of all.

To springboard these developments, the state has produced a 5-year road map (2020 – 2025) for sustainable and inclusive Agricultural growth strategy with citizens at the core.

“And to put life to this plan, Government is using multi-layered approaches. For a start, a Stakeholders’ workshop was convened to channel a new course for agricultural growth in the state, a comprehensive study of all farm settlements and farm estates was also carried out with a view to re-positioning them for wealth creation, employment provision and increased food output. The State is also championing interventions at all levels of production, processing, distribution, financing and support services”, she asserted.

Olusanya explained that the FADAMA Food Market would complement the planned monthly Eko-City Farmers’ Market with the goals of connecting producers with consumers and end users by using traditional and innovative methods to make shopping entertaining, produce accessible and affordable and preserve nutritional value of farm produce.

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She therefore appealed to Local Government Authority, community members and Market users alike to ensure best hygienic practices at the Market as well as maintain it effectively and efficiently.

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Man who jumped into Lagos Lagoon was not a LASU Student – Management

The Lagos State University, LASU, has debunked claims that Daibo Davies – the young man who plunged into the Lagos lagoon was a student of the varsity.

“The attention of the Lagos State University Management has been drawn to media reports stating that Mr. Daibo Davies, the young man who plunged into the lagoon from the Third Mainland Bridge in Lagos State recently was a fresh graduate of Quantity Surveying from the Lagos State University,” a statement from the Coordinator, Centre for Information, Press and Public Relations, Lagos State University, Ademola Adekoya reads.

“While the University sympathizes with the family and and relations of the Mr. Davies on the unfortunate incident, we find it pertinent to correct the media reports crediting his studentship to the Lagos State University.”

The General Public is hereby informed that Mr. Davies was not a graduate of Lagos State University as reported. As a matter of fact, LASU does not currently run a programme in Quantity Surveying, the course from which Mr. Davies reportedly bagged a degree. The public is therefore urged to disregard that part of the story.

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The management however enjoined the media to exercise more diligence in gathering their facts before publishing reports to avoid misleading the public.

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