Nigeria's acting president Jonathan Goodluck will be sworn in as leader after the death of former president Umaru Yar-Adua following a long illness.
A spokesman confirmed Mr Yar-Adua passed away with his wife Turai at his side at his Aso Rock presidential villa in Lagos shortly after 8.30pm GMT.
He had not been seen in public since February, when his poor health forced him to relinquish power to Mr Goodluck.
The 58-year-old then spent the past three months being treated for an acute heart condition in a hospital in Jeddah, Saudi Arabia, before returning home.
The former president, who took power in May 2007, also suffered from a chronic kidney problem.
check for more informations at the news.sky
Wednesday, May 5, 2010
Monday, March 22, 2010
40 Firms To Invest In Nigerian Maritime Industry
Forty companies have signified their interest to invest in the nation’s maritime industry, following a presentation by the Director General of the National Maritime Administration and Safety Agency (NAMASA), Mrs Mfon Usoro at the Ports and Terminals Group meeting in London where the she highlighted the advantages in the sector.
The NAMASA director general in her paper titled “Port Reforms In Nigeria Legislative Imperative” which chronicled the opportunities in a post reformed industry in the country, told the gathering that the international communities were aware that Nigeria has positioned itself well in the maritime industry.
According to the Head of Public Relations of NAMASA, Ms. Ego N. Nwokocha, the director general said: ‘‘International communities are aware Nigeria is living up to expectation under the International Maritime Organisation’s Conventions’’.
She added that what was happening in the country’s maritime industry today was as result of President Olusegun Obasanjo's reforms . Usoro explained that Nigeria would become a maritime hub in the West and Central African sub region within the next one year.
She told the investors that business opportunities such as construction of terminal, jetties, inland container depots, cargo operation are available in the country. Other opportunities she listed include ship building and ship repairs, underwater security, equipment leasing, marine insurance, maritime legal services, man power training among others.
Usoro assured that adequate security had been put in place for operators before government handed the ports to the concessionaires.
One of the firms, African Steel Mills Nigeria Limited said they are interested in investing in the ferry service business in the country, as a means of improving water transportation which has remained mostly under-ultised in the past.
Chairman of African Steel Mills Nigeria Limited, Mr P K Gupta said his company was interested in ferry services and other available opportunities. Gupta said that the new reform in the maritime sector would lift the country up and make it the hub of maritime in Africa.
Also, Dr J V Smallman, Managing Director of H R Walling Ford who said her company had already opened office in Nigeria would invest in the sector. Mr Philip Wareham, a partner with Holman Fenwick and Willan Company, who was the first to disclose his firm’s intention to invest in Nigeria, said that privatisation was a good thing for Nigerian ports.
Wareham added that a lot of progress had been made in the maritime industry in Nigeria. he said his company would look into the various opportunities offered by NAMASA's director general and explore them.
Mr John Owens who asserted that new changes in port sector were good for the country said this would make the Nigerian economy buoyant. "Many years ago when ports operations was being handled by the Nigerian Ports Authority, there was gross inefficiency but the new changes is a good development to Nigerian economy’’, he noted. "We are coming to Nigeria to invest .
"Already we have been talking with relevant people. Nigeria is a large country with a dynamic economy ,’’ he said
Other big entrepreneurs who are willing to invest in the country's maritime sector are Mr Everitt, chief executive of Port of London; Tom Dreman, Elp Marine; Allan Duncan, Duncan Maritime; Robert Hennessy, Port Technology International; Steve Cameron, Costain among others.
Meanwhile, NAMASA director general has pledged to link the investors with the management of Nigerian Ports Authority to actualise their investment plans.
The NAMASA director general in her paper titled “Port Reforms In Nigeria Legislative Imperative” which chronicled the opportunities in a post reformed industry in the country, told the gathering that the international communities were aware that Nigeria has positioned itself well in the maritime industry.
According to the Head of Public Relations of NAMASA, Ms. Ego N. Nwokocha, the director general said: ‘‘International communities are aware Nigeria is living up to expectation under the International Maritime Organisation’s Conventions’’.
She added that what was happening in the country’s maritime industry today was as result of President Olusegun Obasanjo's reforms . Usoro explained that Nigeria would become a maritime hub in the West and Central African sub region within the next one year.
She told the investors that business opportunities such as construction of terminal, jetties, inland container depots, cargo operation are available in the country. Other opportunities she listed include ship building and ship repairs, underwater security, equipment leasing, marine insurance, maritime legal services, man power training among others.
Usoro assured that adequate security had been put in place for operators before government handed the ports to the concessionaires.
One of the firms, African Steel Mills Nigeria Limited said they are interested in investing in the ferry service business in the country, as a means of improving water transportation which has remained mostly under-ultised in the past.
Chairman of African Steel Mills Nigeria Limited, Mr P K Gupta said his company was interested in ferry services and other available opportunities. Gupta said that the new reform in the maritime sector would lift the country up and make it the hub of maritime in Africa.
Also, Dr J V Smallman, Managing Director of H R Walling Ford who said her company had already opened office in Nigeria would invest in the sector. Mr Philip Wareham, a partner with Holman Fenwick and Willan Company, who was the first to disclose his firm’s intention to invest in Nigeria, said that privatisation was a good thing for Nigerian ports.
Wareham added that a lot of progress had been made in the maritime industry in Nigeria. he said his company would look into the various opportunities offered by NAMASA's director general and explore them.
Mr John Owens who asserted that new changes in port sector were good for the country said this would make the Nigerian economy buoyant. "Many years ago when ports operations was being handled by the Nigerian Ports Authority, there was gross inefficiency but the new changes is a good development to Nigerian economy’’, he noted. "We are coming to Nigeria to invest .
"Already we have been talking with relevant people. Nigeria is a large country with a dynamic economy ,’’ he said
Other big entrepreneurs who are willing to invest in the country's maritime sector are Mr Everitt, chief executive of Port of London; Tom Dreman, Elp Marine; Allan Duncan, Duncan Maritime; Robert Hennessy, Port Technology International; Steve Cameron, Costain among others.
Meanwhile, NAMASA director general has pledged to link the investors with the management of Nigerian Ports Authority to actualise their investment plans.
Friday, March 5, 2010
Nigeria Oil & Gas Investment
Nigeria Oil & Gas Trading, Sales, Investment Business Opportunities
The Nigerian oil sector can be categorized into three main sub-sectors, namely, upstream, downstream and gas. The most problematic over the years has been the downstream sector, which is the distribution arm and connection with final consumers of refined petroleum products in the domestic economy. The incessant crisis in supply of products culminated in the decision by Government in 2003 to deregulate the downstream sub-sector.
Click here for more information on Oil & Gas Trading, Sales, Investment Business Opportunities in Nigeria
The Nigerian oil sector can be categorized into three main sub-sectors, namely, upstream, downstream and gas. The most problematic over the years has been the downstream sector, which is the distribution arm and connection with final consumers of refined petroleum products in the domestic economy. The incessant crisis in supply of products culminated in the decision by Government in 2003 to deregulate the downstream sub-sector.
Click here for more information on Oil & Gas Trading, Sales, Investment Business Opportunities in Nigeria
Tuesday, February 16, 2010
Oil Explored Revealed In Nigerian
In the late 1950s the British discovered oil in Nigeria. Since then petroleum production has become the biggest industry in Nigeria and a primary contributor to the country’s gross domestic product. The Nigerian oil industry has however been plagued by political and economic instability. Corrupt military regimes and environmental damage has had a negative impact upon Nigeria in general.
Offshore oil drilling has also started to increase and there is still a lot of potential for growth in this sector. Offshore oil drilling has a few advantages over onshore drilling such as fewer restrictions, fewer raids by local militants and less chance of sabotage. Oil exploration and production is almost completely a joint venture partnership between foreign oil companies and the Nigerian government. Local independent companies account for only a very small amount of petroleum production. Here are some of the foreign oil companies that are operating in Nigeria: Agip, Chevron, Exxon-Mobil, Royal Dutch Shell and Total.
Nigeria also has reserves of natural gas. Unfortunately, most of the natural gas that is uncovered during crude oil extraction is burned off. This may cost Nigeria millions of dollars each day in lost revenue. Most of the country’s petroleum reserves are located in the area known as the Niger Delta. This is the area that surrounds the Niger river where it forms a delta before entering the Gulf of Guinea. There are also offshore oil reserves that are slowly being extracted by oil rigs.
You might be forgiven for thinking that the general population of Nigeria shares in the wealth that is generated by oil exports. Sadly, this is not the case. In fact, the opposite is true. Due to widespread corruption in the government the vast oil wealth is shared between only the top 1% of Nigeria’s population. The other 99% of the population has not shared in the wealth created by Nigerian oil revenue. Protests by the general population over social and economic disrepair are usually answered with the use of excessive force by the Nigerian government and military.
Offshore oil drilling has also started to increase and there is still a lot of potential for growth in this sector. Offshore oil drilling has a few advantages over onshore drilling such as fewer restrictions, fewer raids by local militants and less chance of sabotage. Oil exploration and production is almost completely a joint venture partnership between foreign oil companies and the Nigerian government. Local independent companies account for only a very small amount of petroleum production. Here are some of the foreign oil companies that are operating in Nigeria: Agip, Chevron, Exxon-Mobil, Royal Dutch Shell and Total.
Nigeria also has reserves of natural gas. Unfortunately, most of the natural gas that is uncovered during crude oil extraction is burned off. This may cost Nigeria millions of dollars each day in lost revenue. Most of the country’s petroleum reserves are located in the area known as the Niger Delta. This is the area that surrounds the Niger river where it forms a delta before entering the Gulf of Guinea. There are also offshore oil reserves that are slowly being extracted by oil rigs.
You might be forgiven for thinking that the general population of Nigeria shares in the wealth that is generated by oil exports. Sadly, this is not the case. In fact, the opposite is true. Due to widespread corruption in the government the vast oil wealth is shared between only the top 1% of Nigeria’s population. The other 99% of the population has not shared in the wealth created by Nigerian oil revenue. Protests by the general population over social and economic disrepair are usually answered with the use of excessive force by the Nigerian government and military.
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