Capital markets operators and financial analysts have urged the Federal Government to consider indigenous firms in the sale of oil assets to enhance the nation’s capital market and reduce loss of billions of dollars by the federal government due to non-listing of oil and gas majors on the Nigerian Stock Exchange.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, disclosed on Thursday at the headquarters of the NBET in Abuja preceding to a meeting with the board members that the Federal Government has secured additional N54.5bn for the Nigerian Bulk Electricity Trading Plc in a bid to improve the organisation’s power purchase abilities.
According to the government, the fund is in addition to the provision for the bulk trader in the 2014 budget
The Federal Government and European Union have sealed a funding agreement of N6bn to improve access to modern and sustainable energy sources in Nigeria. The Supervising Minister of National Planning, Ambassador Bashir Yuguda, signed on behalf of the Federal Government, while the EU Ambassador to Nigeria, Mr. Michel Arrion, signed for the union.
Federal Government signed a $350 million contract with General Electric (GE) to maintain the building of small-scale power projects across Nigeria
Speaking at the ceremony in Abuja, The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the contract would expedite the federal government’s ongoing efforts towards providing satisfactory power supply to industrial zones, as well as Small and Medium Enterprises (SMEs) across the country, in line with the Nigerian Industrial Revolution Plan.
The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said Federal Government has completed plans to develop and implement an all-inclusive Backward Integration Policy (BIP) for the iron and steel sun-sector of the Nigeria economy. He said this at a one-day stakeholders’ forum themed: ‘Transformation of minerals, iron and steel sub-sector for industrial revolution in Nigeria’ in Lagos, noted the move was in line with the Nigeria Industrial Revolution Plan.
In a time when companies like Oando are seeking to raise an additional 2.5bn in share capital, Investors are shunning the world’s biggest oil companies as drilling costs surge, major projects are delayed and energy prices stagnate. “Investors have lost interest in the big energy companies,” said Fadel Gheit, an analyst with Oppenheimer & Co. in New York. “They offer little or no growth.”