The resumption of export operations by Shell Petroleum Development Company at the Forcados Oil Export Terminal after repair works on the pipeline is one of the trending stories in Nigerian newspapers on Friday.
The Guardian reports that Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair works on the pipeline have been going for some days.
The SPDC’s Media Relations Manager, Mrs Abimbola Essien-Nelson, confirmed this to the News Agency of Nigeria (NAN) on Friday in Lagos.
SPDC had said that the Forcados Oil Terminal would resume export operations by the end of October when the ongoing essential repairs would have been completed.
Essen-Nelson was quoted to have said in a statement, on Oct. 12, that in addition to the repairs, the company was working to remove and clamp theft points on the onshore pipelines to ensure full crude oil receipt at the terminal.
The Forcados Export pipeline, which has the capacity to export over 400,000 barrels of crude per day was vandalised by crude oil thieves.
The vandalism has hampered the functionality of the pipeline, thereby hindering the transportation of crude oil through the pipeline to the export terminal
The Forcados Oil Pipeline System is the second largest network in the Niger Delta and transports oil, water and associated gas from fields in the western Delta to the Forcados oil terminal.
The newspaper says that barring any change in plans, Nigeria will have a new national carrier in December, though there are still concerns about its planned operating model and choice of technical partner.
The new airline, already christened Nigeria Air, will begin domestic flight operations with three aircraft, leased from Ethiopia Airlines (ET), and operated by Ethiopian pilots and crew.
A top official in the Ministry of Aviation said the working partnership between Nigeria and ET to kick-start “the best national carrier Nigeria has ever seen” was already at an advanced stage.
Aviation stakeholders, however, shared none of such optimism. Yesterday, they lamented the project’s lack of transparency on funding and the real owners, wrong choice of partnership with a competitor that allegedly has “aviation colonialism” as its continental agenda, as well as zero consideration for local operators and national interest.
The arrowhead of the project and Minister of Aviation, Hadi Sirika, had last month announced that Nigeria Air was on its way to reality following the completion of a three-month-long Request for Proposal (RFP) under the Public Private Partnership (PPP) Act and a painstaking selection process.
Sirika said: “After a careful, detailed and Infrastructure Concession Regulatory Commission (ICRC)-governed selection process, ET Consortium has been selected as the preferred bidder, offering an owner consortium of three Nigerian investors: MRS (46 per cent), FGN owning five per cent and ET 49 per cent, being the dominant stake.”
The Punch reports that the International Monetary Fund has said Nigeria and other countries in the Sub-Saharan African region risk social and political instability and worsening food insecurity because of rising inflation.
According to the IMF, inflation has nearly doubled pre-pandemic levels in the region, adding that while there is a significant difference between countries, the median inflation rate in the region increased to almost nine per cent in August.
It said, “And even though the rise has been less dramatic than in other parts of the world, and the drivers are different, inflation is nearly double pre-pandemic levels, risking social and political instability and worsening food insecurity.”
It disclosed this in a report titled, ‘Africa’s Inflation Among Region’s Most Urgent Challenges.’ The fund explained that the region was besieged by a slow recovery from the pandemic, rising food and energy prices, and high levels of public debt.
It stated that despite an economic rebound in 2021, the fallout from the pandemic has kept domestic economic activity in the region relatively muted, and it expects growth to slow this year.
The Washington-based lender stated that unlike richer countries in other regions, most countries in the region lack the needed resources to support and stimulate growth.
Listing some of the causes of the region’s inflation, it said inflation in Nigeria and other sub-Saharan African countries was being driven less by economic activity and more by external developments.
The newspaper says that amid Nigeria’s fiscal crisis, the Federal Government is compiling the list of assets that will be either sold or ‘concessioned’ to fund the 2023 budget deficit of N10.7tn.
Sources at the Ministry of Finance, Budget and National Planning told The PUNCH that the government was considering selling or concessioning the Tafawa Balewa Square in Lagos as well as all the National Integrated Power Projects in Olorunsogo, Calabar II, Benin (located at Ihorbor), Omotosho II and Geregu II plants.
The government is also planning to sell or concession all the hydro power plants across the country, including Oyan, Lower Usuma, Katsina-Ala and Giri plants.
More than 25 of such projects will be turned into active assets that will be generating money in some ways to the Federal Government.
Some of them will be offered to investors for equity, while others will be totally sold to reduce waste.
The government is also eyeing revenue from Calabar and Kano free zones as well as Abuja Water Board, Aluminium Smelter Company of Nigeria, National Film Corporation, National Theatre and Lagos International Trade Fair.
The government is also planning to relinquish the ownership of some of the basin authorities and hand them over to the private sector to manage.
However, sources said they could either be sold or concessioned – depending on the preference of the core investors.
Some of the government ministries such as the postal service will be concessioned or entirely sold to the private sector to enable them to compete effectively with other privately- managed logistics firms.
It was also gathered that the Federal Government was seeking ways of enhancing the value of the Nigerian National Petroleum Corporation by listing it in the stock market to raise capital as was done the case with Saudi Aramco.
The now commercial enterprise is valued between N30tn and N50tn, and the government is planning to make it a veritable source of revenue and returns for the government and the shareholders next year.
“This government may not benefit from the sale of these assets. It is a little bit late but the plan is to ensure we make all those dead assets alive. Let us cut wastes at least,” one of our sources said.
Sources further told The PUNCH that the Federal Government will extend its tentacles to hotels and landed properties, especially those that could be described as dead capital, to raise money.
The Nation reports that the Nigeria Labour Congress (NLC) has alerted the nation of looming strikes in the health and judiciary sectors as well as civil service over un-reviewed wages.
It called on the government and other employers to pay living wages to workers in line with the global trends to address economic challenges.
Speaking with reporters in Lagos, its President, Ayuba Wabba, lamented that the judiciary, medical and health salary structures, including the core civil service had not been reviewed since 2013, contrary to their agreements for a review in three years.
“There are many sectors and some of them, because they are not allowed to advance their issues, have remained silent, but it is eating them up very deep.
“Out of these is the judiciary. I know, since 2009, the salary and remuneration of the judiciary have not been reviewed. It has been very difficult for them to discharge their responsibilities, without fear or favour and with job satisfaction. Imagine the challenges that have actually affected the economy from 2009 to date, including spiral inflation. If you are earning X amount as of 2009, how do you survive in this situation,” he said.
GIK/APA