Economy
PCNGi: FG Proposes 1m Gas-powered Vehicles by 2027 – Project Director
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The Presidential Compressed Natural Gas Initiative (PCNGi) says the Federal Government plans to put one million gas-powered vehicles on the road by 2027.
PCNGi’s Chief Executive Officer and Project Director, Mr Michael Oluwagbemi, made this known in a statement on Friday, after hosting the first-ever Compressed Natural Gas Stakeholders and Investors’ forum.
Oluwagbemi, who spoke on “A Comprehensive Overview of Nigeria’s CNG Ecosystem”, highlighted specific milestones among the bold vision and objectives of the CNG initiative.
“The Federal Government’s ambitious plan to put one million gas-powered vehicles on the road by 2027 means an average annual rate of 250,000 vehicle conversions per year.
“Other plans include the establishment of 40,000 auto gas conversion workshops and the creation of 750,000 jobs by 2027, across the emerging CNG value chain,” he said.
He said that the forum reinforced Nigeria’s suitability and commitment to transiting to a more efficient and sustainable gas-powered economy.
According to him, the high-power forum with the theme “Nigeria’s CNG Revolution: Harnessing Opportunities for a Sustainable Future”, featured presentations, panel discussions, exhibition and networking, among the attendees.
He said that the participants comprised key figures, critical stakeholders, indigenous and international experts in both public and private sectors, spanning across the energy, transportation, finance, and environment value chain.
“The occasion, among others, enabled stakeholders and investors the opportunity to assess the potentials of Nigeria’s CNG industry; evaluate the government’s ongoing efforts in advancing CNG as a sustainable fuel alternative for the nation.
“It was to also examine the regulatory framework vis-à-vis international best practices; and explore the economic opportunities that abound in the sub-sector in the committed transitioning to a gas-powered mobility system in the coming years,” he said.
The PCNGi boss, who is an engineer, noted that given the characteristics of CNG and its benefits as a cheaper fuel, the strategic vision guiding the initiative was to alleviate the cost of living for Nigerians.
He said that CNG will significantly reduce the cost of transportation and ultimately improve the standard of living with a cleaner and safer fuel.
Oluwagbemi said: “In all of these, our strategic objectives are very clear: How do we reduce the cost of transportation for the common man? How do we make Nigeria’s gas work for him or her?
“How do we ensure that this gas working for Nigeria, gives Nigeria an economic advantage?”
Speaking further to the viability of the framework that was adopted by PCNGi for the implementation of the CNG initiative, Oluwagbemi stated the comprehensive approach covering the industry’s demand and supply sides.
He added: “We’re not just focusing on conversion centres but also incentivising investment on the supply side, taking an end-to-end approach.”
He mentioned specific collaborations with the Gas Aggregation Company of Nigeria (GACN) and its partners to ensure sufficiency on the upstream side.
According to Oluwagbemi, the initiative is actively engaging the organised commercial transport operators’ network to integrate six million commercial vehicles into the CNG ecosystem.
Also, Toyin Subair, another member of the PCNGi, corroborated the economic advantage of Nigeria adopting CNG as an alternative fuel and reaffirmed that the transition is for the betterment of every Nigerian and the nation as an economy.
Subair said: “The good thing about this initiative is that we don’t need to subsidise or buy imported petrol.
“We (Nigeria) have our own gas here, and the 6 million commercial vehicles (that will be converted) are ours.
“If we dive into this commercial opportunity, we’ll bring down the cost of transportation for the average Nigerians.”
On his part, Dr Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), and member of the PCNGi Steering Committee, emphasised the crucial aspect of training engineers to implement the programme successfully.
“A major part of this programme is to train as many engineers as possible who are qualified and certified.
“Then, monitor them in terms of their practice, specifically focusing on the safety of gas-powered vehicles.
“This commitment to training and safety will ensure a robust foundation for the expansion and sustainability of the CNG ecosystem in Nigeria,” Takang said.
Dr Mohammed El-Gawish, an International CNG Expert and one of the panelists, validated the potential and feasibility of Nigeria’s CNG initiative.
Drawing parallels with the success of a similar initiative in Egypt in just two and a half years, El-Gawish commended Nigeria’s plans and action points.
He said, “The roadmap or the action plans that are put in place are all very promising.”
Meanwhile, addressing concerns about converting vehicles to CNG, Oluwagbemi reassured Nigerians that costs would be minimal with emphasis on affordability.
According to him, this is to underscore the government’s commitment to ensuring that the benefits of the CNG revolution are accessible to a broad spectrum of the population.
The PCNGI boss said that it would also to foster economic inclusivity and inspire a quicker and more comprehensive transition to a CNG-powered transportation landscape.
“Other highlights of the forum included a virtual and physical exhibition; panel discussions on “Navigating the CNG Ecosystem in Nigeria; The Gas Potential; from Pricing to Availability; and International Perspectives on Regulatory Best Practices,”(NAN)
Economy
Stock Market Sustains Bullish Momentum, Gains N270bn
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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)
Economy
Selloffs in Banking Stocks Dip Market Capitalisation by N68bn
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The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.
The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.
The All-Share Index also shed 0.
12 per cent or 121 points to settle at 100,365. 17, compared to 100,486.12 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return declined to 34.
23 per cent.Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.
Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.
Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.
UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.
On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.
Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.
FCMB appreciated by 5.26 per cent to close at eight Naira per share.
On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.
A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.
First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.
Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million. (NAN)
Economy
Bankable Projects will Empower Youth, Women in Agriculture – Speaker
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The Speaker of the House of Representatives, Rep. Tajudeen Abbas, says Nigeria can empower youth and women in Agriculture with the development and implementation of bankable business proposals.
Abbas said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths and women in Agriculture on Monday in Abuja.
The Speaker, who was represented by his Deputy, Rep.
Benjamin Kalu, said youth and women are the most vital demographics in the society.The event was organised by the African Development Bank (AfDB) Group.
While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.
According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.
“By focusing on developing and implementation of bankable business proposals, we can empower our youth and our women, to become key players in these sectors.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.
Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.
He expressed the commitment of the legislators to support youth and women development through various projects and programmes.
He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.
“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.
Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept on youth and women in agriculture would contribute to sustainable agricultural development across the continent.
Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.
“Notably, agriculture remains the singular sector with the highest potential for mass job creation.
Youth participation will further bridge the gap for aging farm population.
“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of government,” he said.
Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture of a way of life.
“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’
Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build capacity of youth and women to see agricultural beyond subsistent but as an enterprise.
Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.
“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.
For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solve most challenges we face in Nigeria and the continent.
Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.
Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.
According to the director-general, Africa’s progress will be driven by young dynamic workforce, thus the importance to boost investment in them.(NAN)