TheNewsGuru

Tag: Oil

  • We must look beyond oil to move Nigeria forward – Ekweremadu

    The Deputy President of the Senate, Ike Ekweremadu, has advised Nigerians to look beyond oil to secure economic prosperity for the country.

    Ekweremadu, in a statement signed by his Special Adviser on Media, Mr Uche Anichukwu, said the days of oil as super foreign exchange earner for the nation were numbered or probably over.

    Ekweremadu gave the advice at the one year anniversary celebration of the Brickhall School, Abuja, founded by former Chairman, Senate Committee on Education, Senator Joy Emodi.

    The deputy president expressed concern that not so much attention was given to education as much as oil, which would soon become valueless.

    He said the way to go for sustainable growth of the country was education for both the young and old.

    “Our economy is in the throes of pain today because we thought the oil windfall would last forever.

    “Even, while it lasted, we dismantled all the necessary structures, such as fiscal federalism, that would have encouraged competitive development and massive investment in human capital.

    “Without prejudice to the place of petroleum resources in our national life, we must face the reality that the days of oil as super earner of foreign exchange are numbered, if not over.

    “Those who still look up to petroleum resources for the revival of Nigeria’s weather-beaten economy live in the past and are only building castles in the air.

    “Prosperous global economies are knowledge-driven and the future only belongs to those who equip their citizens with quality education right from birth.

    “This is a major reason most African nations, including Nigeria, are abjectly poor despite their rich oil and mineral resources.

    “Meanwhile, many of their contemporaries, such as South Korea, with very little or no mineral resources, are among the world’s leading economies.

    “We must look beyond oil; and we must necessarily invest in education if we intend to make any headway. It is not a matter of choice, but imperative.’’

    The deputy president of the senate urged privately-owned educational institutions to emulate the Brickhall School in providing high standard, but “pocket-friendly’’ education.

    He also urged government at all levels and public-spirited individuals to prioritise support for educational institutions through provision of adequate supervision, infrastructure, grants, donations, and tax rebates.

    “A situation where government is only interested in collecting exorbitant taxes from privately-owned educational institutions, leaving them to fend for themselves in terms of access roads, security, water, power, and other social infrastructures is exploitative.

    “The development is also unacceptable because it has virtually driven them beyond the reach of the poor.

    “Governments should be able to provide subsidised lands and other support in exchange of specific percentage discount for the poor to access privately owned educational institutions,’’ he said.

    He commended Sen. Joy Emodi for consistently exhibiting innate drive for excellence and national development through the provision of quality education.

    According to him, Brickhall School has demonstrated that private-owned educational facilities could provide high quality education at affordable costs devoid of exploitation.

  • NNPC set to increase oil, gas reserves

    NNPC set to increase oil, gas reserves

    The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has pledged to improve reserves and production capacity of the Nigerian Petroleum Development Company (NPDC).

    Dr. Baru made the pledge in a statement by Mr Ndu Ughamadu, NNPC Group Managing Director, Group Public Affairs Division, in Abuja on Thursday.

    Baru described NPDC, which is the corporation’s exploration and production subsidiary, as showing a conspicuously excellent growth in its proven reserves.

    He told Governor Godwin Obaseki during a courtesy visit in Benin, that he would expand NPDC footprints within the nation’s upstream sub-sector of the nation’s oil and gas industry.

    “As part of our 12 Business Focus Areas, we are dedicated to growing NPDC, thereby increasing our reserves portfolio.

    “We will not relent until NPDC exceeds its current position of being the 7th largest oil producer in Nigeria.

    “To achieve this, the NNPC would aggressively explore opportunities in other petroleum acreages in Nigeria and with particular interest in the Gulf of Guinea.’’

    According to him, NNPC is working hard to improve the portfolio of services rendered to the oil industry by its second Edo-based upstream outfit – the Integrated Data Services Company (IDSL).

    “The long term objective is for IDSL to be on its own so as to actualise its vision of becoming the ultimate centre for the provision of geophysical and petroleum engineering services in the industry,” he said.

    He lauded the state for remaining “relatively peaceful’’ with least incidents of pipeline vandalism and sabotage, compared to other areas in the Niger Delta.

    He assured Obaseki that the corporation would redouble its community engagement by championing more corporate social responsibility efforts within host communities in Edo.

    Governor Obaseki, who described NNPC as “very important to Edo State‘s economy”, also pledged to make the stste a hub for the corporation.

    He said the government was working hard to improve on its local security plans by encouraging community policing and intelligence gathering to safeguard oil and gas facilities in the state.

    Baru also paid homage to the Oba of Benin, Oba Ewuare, where he sought for the monarch’s support in the area of sensitising host communities to the advantages of protecting the nation’s oil and gas assets.