₦airaland Forum

"We are aware of the Central Bank of Nigeria Anchor Borrowers Loan but we are being frustrated out of the programme by middlemen who demand for huge sums of money all in the name of trying to help us secure the loan".

By Michael Eboh
ABUJA— Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mr. Mohammed Barkindo, yesterday, disclosed that the worst days for Nigeria due to the low price of crude oil were over.

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He said Nigeria’s ability to weather the storms of the low price of crude oil was a miracle. Speaking during a courtesy visit to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Barkindo said confidence was returning to the Nigerian petroleum industry, due largely to the major macro-economic decisions taken last year by OPEC and non-OPEC member countries. He said: “We have gone through the worst energy cycle in recent memory. Some of us, who have been around for a quite a while, have witnessed all these five cycles and it is a consensus in terms of the gravity of these cycles, prices have crashed by over 80 per cent from the fall of 2014 to January 2016. “How you survived as a government as an institution under this great industry remains a miracle. I have visited all other countries and I have seen how they are struggling. “But you have weathered the storm. I think the worst is behind us, thanks to your (Nigeria’s) leadership in the run up to the historic agreement of last year, beginning with the Algiers Accord on September 20.” Barkindo commended the giant strides the country has made within this troubling period in the global petroleum industry. “I have been visiting many countries over this period, and I have seen firsthand how they have been struggling. However, here, I think probably we have not sold our achievements effectively, widely and efficiently,” he noted. Commends FG’s JV cash call exit He applauded the effort of the country in addressing the lingering issue of Joint Venture Cash Call, stating that over the years, previous administrations had battled to address the issues without success. “Many of my colleagues that we served together would testify that government after government, we had battled with this issue continuously without solutions. “But the day I got the information that you have been able to overcome this issue that has beleaguered this industry as well as government, I think you made my day and those of participants in the industry who know the battle of previous governments over the issue.

“The approach has been innovative, the solution is very practical. You are clearing an overhang of debt that is too high, yet maintaining the level of production and also focusing on an incremental growth that would continue to sustain not only the industry but also the domestic economy.” Oil industry lost $1trn to low oil price

He lamented that due to the crash in the price of crude oil, Nigeria as well as other OPEC member countries have lost about $1 trillion since the crash, in terms of deferred projects and outright cancellations across the supply chain, upstream, midstream, downstream.

He said: “This is the greatest threat that is facing future supply —the security of supply. Our industry is capital intensive; we make consistent investments in order not only to maintain current production, but also to take care of reserves that would produce as well as secure security of future supply.” Also speaking, Kachikwu commended Barkindo for the giant strides he had taken at OPEC since his assumption of office, stating that in the past, OPEC had lost its credibility, but Barkindo had helped restored it.

fowosh:
nt tru broda.....where is oyedepo?...and where is ur source?

realjoker:
Exactly, that is what the EDC have been doing, Ikeja electric is the most notorious culprit.

sarrki:
Directly or indirectly all this noise makers are trying to pitch our two great leader against one another

But you will all fail

realjoker:
Lolz at the EDC incident, Industrial hubs are allowed to power their industries off grid. The major problem facing our power sector now is the EDC and the boys in the creek (the recent system collapse is do to the loss of 800MW as a result of an attack on single gas pipeline) as this government has made sizeable progress in driving available capacity from 4,800MW to 7,100MW mainly by fixing turbines that have been out of operation for years and some has been out of operation for decades at a time we where experiencing finance constraints. Remember that this government have not spent up to $2b on power and were able to add over 2,000MW to our available capacity, add over 000MW to our installed capacity, upgrade our Transmission capacity to 7,000MW from 5,000MW and compared this to the PDP administration which spent $16b in 16 years and could not make any meaningful success.
Our national demand forecast is 19,000MW and we currently have 11,000MW installed capacity and don't forget that we have some ongoing power projects that can add additional 1,500MW when completed (zungeru, Kaduna, Benin and so on)

realjoker:
The reason u don't experience improve power supply whenever power generation increases is because Disco can't collect higher bills from what they are currently collecting in your area whether they increase power output to Ur area or not whenever power generation increases, instead of increasing the amount of energy sent to Ur area they will rather sale to where they know increase in power supply will lead to increase in bills collection.