The announcement by the Minister of State for Petroleum Resources (Oil) that about $16.6bn investments had been committed to Nigeria’s oil and gas sector in the past one year is one of the trending stories in Nigerian newspapers on Friday.
The Punch reports that the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on Monday, announced that about $16.6bn investments had been committed to Nigeria’s oil and gas sector in the past one year.
He spoke in Abuja while providing updates on achievements in the oil sector since President Bola Tinubu assumed office on May 29, 2023.
Also, during an earlier meeting with the Chief Executive Officer, Schlumberger Limited, Olivier Le Peuch, Lokpobiri revealed that the Federal Government would soon seal a $20bn deal to boost oil and gas production in Nigeria.
Speaking on what was being done to attract investments, the minister said, “One of our main objective has been to create an environment where investments can thrive. For over a decade, the non-passage of the Petroleum Industry Act and inconsistent policies had driven investments away.
“Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector. Notable examples include investments committed to the tune of $5bn and $10bn in deepwater offshore assets; and $1.6bn investment commitment in oil and gas asset acquisition.
The very high global interest is noted in the ongoing bid round of assets coming online, arising from the recent roadshow activities in the United States and Europe.”
Lokpobiri also pointed out that Nigeria witnessed increased crude oil production since Tinubu assumed office.
The newspaper says that a Federal High Court in Kano has issued an order stopping the Kano State Government from enforcing the Kano State Emirate Council Repeal Law.
Justice Mohammed Liman granted the order in an application by Alhaji Aminu Babba Dan Agundi, the Sarkin Dawaki Babba of the Kano Emirate.
The Kano State House of Assembly, on Thursday, dissolved all the four newly created emirate councils in the state, PUNCH Online reported.
The dissolution of the affected Emirates was a sequel to deliberations on the floor of the House during plenary.
Kano State Governor, Abba Yusuf, on Thursday, reappointed Lamido Sanusi as the Emir of Kano, four years after he was dethroned by a former governor of the state, Umar Ganduje.
In addition, the governor deposed five emirs appointed by Ganduje and gave them a 48-hour ultimatum to vacate their official residences and palaces.
The Vanguard newspaper reports that President, Dangote Industries Limited (DIL), Aliko Dangote, has called for increased investments in the African continent to foster its rapid growth and development.
Speaking at the gathering of private sector leaders in Africa, the Africa CEO Forum in Kigali, Rwanda, last week, Dangote emphasized that recent trends underscore Africa’s pivotal role as the future epicenter of global progress.
In a statement, Dangote cautioned against the continent’s overreliance on raw material exports, advocating instead, for strategic investments that will propel indigenous industries.
He urged African nations to resist the urge to export raw materials but to nurture domestic manufacturing capabilities so as to reduce dependency on imported consumer goods.
Dangote said, “Looking ahead, Africa holds the key to its greatness. I’m not merely investing money but dedicating my entire being to this cause. In Africa, possibilities are boundless. It is like a scratch card; you won’t know what is inside unless you scratch it. For some of us, despite the boom of the capital market in the US, we didn’t really participate, rather we invested in Africa.”
The newspaper says that the National Bureau of Statistics yesterday said that the surge in prices of food items continued in April, with the average price of five basic foods items recorded 140.4 per cent, Year-on-Year, YoY increase during the month.
The five food items are local rice, garri white, tomatoes, beans brown and yam.
The NBS disclosed this in its Selected Food Price Watch April 2024.
The report said: “Selected Food Price Watch for April 2024 shows that the average price of 1kg Rice local sold loose stood at N1,399.34. This indicates a rise of 155.93% in price on a year-on-year basis from 546.76 recorded in April 2023 and 3.47% rise in price on a month-on-month basis from N1,340.74 in March 2024.
“The average price of 1kg of Garri white, sold loose increased by 134.98% on a year-on-year basis from N 362.50 in April of last year (2023) to N 851.81 in April 2024. On a month-on-month basis, the average price of this item increased by 13.59% from N749.89 in March 2024.
“The average price of 1kg of Tomato rose by 131.58% on a year-on-year basis from N485.10 in April 2023 to N1,123.41 in April 2024. On a month-on-month basis, it increased by 17.06% from N959.68 in March 2024. Furthermore, the average price of 1kg beans brown (sold loose) rose by 125.43% on a year-onyear basis from N615.67 in April 2023 to N1387.90 in April 2024, while there was an increase of 12.44% on a month-on-month basis.
“Also, the average price of 1kg of Yam tuber increased by 154.19% on a year-on-year basis from N444.69 in April 2023 to N1,130.37 in April 2024. On a month-on-month basis, it increased by 5.76% from N 1,068.78 in March 2024 to N 1,130.37 in April 2024.”
GIK/APA