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Nigeria’s Oil Production Cost To Crash As FG Approves Snake Island Port

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Nigeria's Oil Production Cost To Crash As FG Approves Snake Island Port

Nigeria’s Oil Production Cost To Crash As FG Approves Snake Island Port

Nigeria’s oil production cost which is said to be one of the highest in the world at $30 per barrel is to set for a crash as the Federal Government has approved the commencement, expansion and development of Snake Island Port, The Sun News reports.

The former Chairman of Jagal Group, owners of Snake Island Integrated Free Zone (SIIFZ) and Nigerdock, late Anwar Jarmakani, had lamented that Nigeria loses about $1.5 billion yearly over the monopoly in the logistics and supply services sector of the oil and gas industry.

The former Jagal Group boss lamented that the oil and gas supply and logistics service in Nigeria remained the most expensive in the world, with monopoly adding an extra cost of $3-5 per barrel of crude oil produced in Nigeria, translating to over $1.5 billion per annum.

Read Also: Oil Theft: No black sheep will be spared – Army

The fresh $1.85 billion investment capital outlay according to the project promoters-Jagal Group is premised on the Federal Government’s approval of the development of the Snake Island Port.

The deal which is to be executed through Public-Private Partnership (PPP) arrangement and comes with a new 45-year concession agreement that allows for an expanded operational scope.

The approval highlights the importance of PPPs in driving economic growth and development in Nigeria, especially at a time the country is experiencing a growth in PPPs over the last decade across different sectors from energy to infrastructure, transportation, and telecommunications.

Stakeholders have consistently clamoured for increased private sector involvement in financing critical infrastructural development in different sectors and as private sector players identify infrastructural gaps in the country’s maritime sector and take strategic steps to fill them, significant improvements in the sector are imminent.

Investments in Nigeria’s ports will improve efficiency in cargo handling and reduce turnaround times for vessels, high cost of shipping and the challenges currently experienced in logistics services.

Achieving significant cost savings for businesses increases competitiveness and provides a more business-friendly environment compared to other African countries.

Private investment also leads to the development of new technologies and innovations, which can further boost the sector’s growth and development and play a crucial role in driving the growth and modernisation of the oil and maritime sectors.

According to Jagal Group, the PPP project, which has been in the works for some years, will see Snake Island Port immediately commence operations as an expansion to Nigerdock’s existing operations, while the shipyard and Free Zone remain core parts of the business.

According to the firm, the move is set to spur economic growth and development in Nigeria and attract more clients to SIIFZ.

Earlier in his remarks, the Chairman of Jagal Group, owners of Snake Island Integrated Free Zone (SIIFZ) and Nigerdock, Mr. Anwar Jarmakani, lamented that Nigeria currently loses about $1.5 billion yearly due to the monopoly in the logistics and supply services sector of the oil and gas industry.

The Jagal Group boss lamented that the oil and gas supply and logistics service in Nigeria is the most expensive in the world, with the monopoly adding an extra cost of $3-5 on a barrel of crude oil produced in Nigeria, thus translating to over $1.5 billion per annum.

Jarmakani had lamented that the dominant monopoly in the Nigerian oil and gas logistics and supply services had existed for over 20 years, sabotaging the national economy, conspiring and working against potential competitors, particularly against SIIFZ.

‘‘This monopoly has consistently and aggressively used different government institutions, which included Customs, NPA, Ministry of Transportation and others to harass, compromise and entrench its monopoly position with impunity,’’ he regretted.

Nigeria’s Oil Production Cost To Crash As FG Approves Snake Island Port

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WAFU Qualifiers: Mailantarki Care FC beat Nigeria’s Flying Eagles 1-0

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WAFU Qualifiers: Mailantarki Care FC beat Nigeria’s Flying Eagles 1-0

Nigeria’s Flying Eagles …

The Nigeria National team U-20 (Flying Eagles) suffered a defeat in the hands of Mailantarki Care FC in one of its series of preparatory games on Wednesday in Abuja.

The reigning Champions of the 2024 International Youth Championship in Denmark (Dana Cup) produced an all-around performance against the Nigeria National team outfit, the Flying Eagles at the FIFA Goal Project pitch of the MKO Abiola Stadium.

Coach Aliyu Zubairu’s U-20 team began preparation last week ahead of the upcoming WAFU Championship scheduled in Togo, where the representatives of the zone in the 2025 U-20 nations cup will emerge.

Sensational wing wizard Miko Dalha scored the only goal of the game following a delightful footwork before smashing into the near post before the break.

The host could have equalized from the spot deep into the game just for Mailantarki goalie Abbati Muhammed to punch away the penalty kick. However, the Flying Eagles defeated Water FC 1-nil in its first game courtesy of Bayelsa United forward Rabiu Abdullahi.

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USAID Urges Adamawa Officials to Sustain State2State Interventions and Reforms

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USAID Urges Adamawa Officials to Sustain State2State Interventions and Reforms

The United States Agency for International Development (USAID) has called on Adamawa State officials to continue supporting various interventions and reforms to foster sustainable development across key sectors. The call was made during a review of Adamawa’s financial instructions held in Yola on Wednesday.

Aduku Godwin, the Regional Advisor for USAID’s Learning to Read Project, emphasized the importance of maintaining these reforms to drive long-term progress in areas such as governance, education, and infrastructure development. He affirmed USAID’s commitment to collaborating with the State2State team in Adamawa to enhance good governance and ensure quality education in the state.

Machill Maxwell, USAID Project Management Specialist for Integrated Governance, commended the improvements seen in Adamawa’s health, education, and Water, Sanitation, and Hygiene (WASH) sectors. He stressed the need for efficient and accountable use of resources, pointing out that past inefficiencies had limited the impact of significant financial investments.

Hajiya Nafisa Ado, Senior Technical Assistant and Learning Advisor for the Learn to Read Project, expressed satisfaction with the partnership aimed at building the capacity of state officials to promote transparency, accountability, and effectiveness in governance and education.

Similar collaborative efforts are also underway in Bauchi, Gombe, Ebonyi, and Sokoto States as part of USAID’s broader initiative to support state-level reforms in

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Jos DisCo urges Gombe customers to reciprocate improved power supply

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Jos DisCo urges Gombe customers to reciprocate improved power supply

The Jos Electricity Distribution Plc (JED), on Wednesday, appealed to its customers in Gombe State to pay their electricity bills as a way of reciprocating the improved power supply in the state and its franchise.

Mr Abdu Mohammed, the managing director of JED, made the call while speaking at a customer consultative forum held in Gombe.

Mohammed decried the non-payment of electricity bills by consumers in the state, noting that the attitude of energy users in that regard was posing a big challenge to the company.

Represented by Mr Yerima Baba, the manager of Doma regional office, Mr Mohammed said the customers had a duty to pay for services that they have enjoyed.

According to him, this will enable JED sustain the improvement towards guaranteeing customers’ satisfaction across its franchise.

He stated that in the month of August, the energy bill for the state was N1.3 billion and only about 15.4 per cent of the total bills charged had been paid by customers.

“The electricity business is changing gradually and drastically. It is well known that Jos electricity is giving out the total volume of energy.

“There are feeders we give up to 100 per cent energy; this means that if translated to money, our monthly energy increases as well as the bill.

“But unfortunately, the response from the customers is appalling, so bad that if it continues like that, it would be difficult to sustain the business.

“We are consuming the total energy that is worth over N2 billion yet, the income generated from the two regions in Gombe State as at Tuesday September 17 is less than N200 million.

“We were billed over N1.3 billion for the month of August for the whole of Gombe and Doma,” he said.

Mohammed said there was high level of apathy in terms of payment of electricity bills, lamenting that people were paying just what they like.

“We are calling on customers to reciprocate now that energy is stable and availability is increasing; we are out to serve you please help us to serve you better,” he said.

Mohammed also decried the high rate of energy theft and vandalism which he said was affecting the company.

Also speaking, Mr Saad Abubakar, the manager of Gombe regional office said JED was working to improve on its metering, adding that improvements and customers’ satisfaction remained a critical component of the organisation.

Abubakar commended the customers for turning out to engage with JED on how to improve service delivery while assuring them that all genuine concerns raised would be addressed.

Our correspondent reports that customers during the engagement lauded JED for improved power supply in the state.

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