DIRECT CRUDE SALE SAVES NIGERIA N102.6BN
By putting an end to the crude-for-products exchange arrangement, popularly known as crude swap, Nigeria was able to save N102.6bn between April and July this year.
In February, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, announced the replacement of the crude swap arrangement with what he described as the Direct-Sale Direct-Purchase (DSDP) framework, which commenced in April.
The DSDP was adopted to replace the crude swap initiative and the Offshore Processing Arrangement in a bid to ensure transparency in the crude oil for product transaction by the Nigerian National Petroleum Corporation.
Under the old swap order, crude oil was exchanged for petroleum products through third party traders at a pre-determined yield pattern. However, the DSDP option eliminates all the cost elements of middlemen and gives the NNPC the latitude to take control of the crude oil transaction with its partners.
KANO AND KADUNA STATE GOVERNMENTS TO GENERATE ELECTRICITY FROM SOLID WASTE
Environmental officials in the two states have indicated plans to generate electricity from domestic waste, in partnership with the Federal Ministry of Environment, which in turn would create huge employment opportunities.
The large volumes of waste being generated in these states on a daily basis have become a nightmare to the government, residents and the environment as population increases.
The Kaduna recycling plant, located along Kaduna-Abuja Highway, had reached 80% completion as the needed machinery had been installed. Used plastic and nylons are being used as raw materials for the plant.
This initiative would also generate revenue for the state government as recycled products will be sold to residents at a cheaper price.
According to Yusuf Rigasa, General Manager, Kaduna State Environmental Protection Authority (KEPA), the state government has approved the construction of three new standard refuse dumping sites and ten transfer stations at the cost of N675 million.
In Kano State, the government said that it was exploring avenues of converting solid waste to electricity in collaboration with a Non-Governmental Organization with which it had signed a Memorandum of Understanding (MoU). The bulk of solid wastes were generated by the eight local government areas in Kano metropolis. In the meantime, the NGO had already installed one waste recycling plant in Gabasawa area of the state.
In Partnership with Nigerian Investment Promotion Commission (NIPC), National Institute of Marketing Nigeria (NIMN) and Securities and Exchange Commission (SEC)
Editor: Chienye Nnenna Obiajulu, LL.M
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