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Nigeria is set to get 4 new South Korean built refineries
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In a move to bolster its dilapidated oil production infrastructure Nigeria is looking to partner with South Korea to build several oil refineries across the country. For decades now, the country has been completely reliant on imported petroleum products. However, there seems to be paradigm shift with the emergence of the Dangote refinery.
Nigeria plans to partner with South Korea to build several refineries across the country.The deal involves a consortium of investors from South Korea building four refineries with a 100,000-barrel production capacity each.Nigeria aims to shift from reliance on imported petroleum products to boosting its domestic oil production infrastructure.
A consortium of investors from South Korea, as reported by the Nigerian newspaper, The Punch, recently finalized a deal with the Nigerian government to build four refineries.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the announcement on Tuesday, noting that each refinery would have a minimum capacity of 100,000-barrel production per day.
He detailed the plan at the maiden edition of a summit organized by the Crude Oil Refineries Owners Association of Nigeria in Lagos.
The minster during his address, noted that the Nigerian government, which has said on several occasions that Nigeria is open for business, is encouraging investors to put their monies into establishing refineries in Nigeria.
“We encourage investors to build limited refineries by providing an open environment. A recent approval was granted to invite to Nigeria a consortium of investors from South Korea, which intends to establish four 100,000 barrels-model refineries in four different locations in Nigeria,” the minister stated.
“We have adopted the public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector, which will lead to the establishment of more modular and mega refineries,” he added.
The current administration is open to equity investment in modular refineries and other forthcoming refineries as a move to secure energy security, the oil minister revealed.
“The Nigerian Upstream Petroleum Regulatory Commission has developed and published the domestic crude supply obligation guidelines to ensure transparency in the oil industry and ensure access to feedstock by our local refineries.
DON’T MISS THIS: Now is the right time to end fuel subsidy, and boost the naira – Dangote
In addition, we prioritize and work with stakeholders to ensure effective implementation of the recommendations of the Modular Refinery Committee to give special concessions to local refineries’ owners, thereby guaranteeing feedstock to their refineries,” the minister stated.
“We will ensure the deregulation of the downstream sector is 100 per cent and put in place a necessary framework that will ease the impact on the poor masses.
The ministry has facilitated easier access to existing tax and other exemptions on refinery equipment importation, which is part of our plan to make Nigeria self-sufficient for petroleum producers and become Africa’s petroleum refining hub,” he added.
Nigeria, which was for some time Africa’s largest oil producer, had no refining capacity prior to the recently built Dangote refinery.
Dangote Refinery
The Dangote Petroleum Refinery near Lagos.Pius Utomi Ekpei/AFP/Getty Images
Prior to September, 2024, when Dangote began distributing his refined Premium Motor Spirit (PMS), the country relied completely on imported petrol.
However, in its first batch of petrol, the Dangote refinery loaded 103 million liters of gasoline to the Nigerian National Petroleum Corporation (NNPC), a total of 2,207 trucks.
In a recent report, it was revealed that the Dangote oil refinery is gearing up to take in around 400,000 barrels of Nigerian crude daily over the next few months, shaking up Africa’s import and export scene.
This was according to the cargo allocation list seen by Bloomberg, which disclosed that the 650,000 bpd refinery will receive about 24 million barrels of local oil in October and November as it relies more on homegrown supplies.
The refinery which is situated on approximately 2,635 hectares of land in the Ibeju Lekki area of Lagos State, was commissioned on Monday, 22nd May 2023.
It has a capacity to produce 650,000 barrels per day given that it is the largest oil refinery in Africa and world’s biggest single-train facility.
Plans for other oil refineries
In August 2023, Nigeria’s oil minister revealed that the country expects most of its rundown oil refineries to rehabilitated by the end of the year, including the southern Port Harcourt facility possibly beginning operations as early as December. This unfortunately, did not come to fruition.
Kaduna Refinery
The 110,000-barrel Kaduna plant in the north, as well as three facilities in the oil-rich Niger delta, including the 125,000-barrel Warri refinery, are among four decaying state-owned refineries that used to produce 4450,000 barrels per day in total.
The Port Harcourt refinery was stated to be undergoing a $1.5 billion makeover after Italy’s Tecnimont was awarded the contract for the renovation, which should have been completed by 2021. The oil ministry predicted in April 2022 that the restoration would take 44 months to complete.
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NucleusIS Africa acquires Rigo Microfinance Bank
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5 days agoon
December 17, 2024By
JohnNucleusIS Africa acquires Rigo – NucleusIS Africa acquires Rigo…
NucleusIS Africa acquires Rigo – Africa’s fast growing technology…
Africa’s fast growing technology company completes 100% acquisition of Rigo Microfinance Bank, making it one of the biggest healthcare finance technology companies in Africa. NucleusIS Africa Limited, Africa’s fastest-growing technology company, has announced its acquisition of Rigo Microfinance Bank Limited. This landmark takeover is expected to strengthen NucleusIS Africa’s ability to deliver cutting-edge healthcare financing services across the continent.
Speaking on the acquisition at press time, Mr. Femi Niyi, Board Chairman of NucleusIS Africa Limited, expressed optimism about the expanded opportunities this acquisition creates. “This acquisition aligns perfectly with our vision of transforming healthcare financing in Africa. Combining our innovative solutions with Rigo Microfinance Bank’s financial services infrastructure will enable us to address critical healthcare challenges more effectively,” he said.
The acquisition underscores NucleusIS Africa’s mission to close the healthcare funding gap through technology-driven solutions. By integrating Rigo Microfinance Bank’s established financial infrastructure, the company aims to broaden its reach and enhance its ability to offer seamless, customized financial services to healthcare providers and patients.
Industry experts believe this acquisition positions NucleusIS Africa as the leading force in healthcare finance innovation across Africa. NucleusIS Africa will be able to better support medical service providers and expand access to essential healthcare services for more Africans.
With the added capacity, the company plans to introduce new financial products designed to support healthcare providers, facilitate patient financing, and significantly improve access to quality healthcare services.
The move is a strategic step toward reshaping Africa’s healthcare financing landscape.
The acquisition of Rigo Microfinance Bank Limited marks a new chapter in the company’s mission to create sustainable healthcare solutions through financial empowerment.
NucleusIS Africa Limited, founded in 2021, is a Nigerian Tech Company leading groundbreaking innovation to enhance healthcare access in Africa, through technology and finance driven solutions. The company’s flagship platform automates health insurance operations, connecting insurers, healthcare providers, and individuals across Nigeria and Ghana.Within the last few years, the organization has onboarded over 700,000 insured individuals, while partnering with major health insurance providers.
NucleusIS has also introduced a groundbreaking credit product – Provider Advance, that has transformed the financing landscape for healthcare businesses. Pharmacies, hospitals, laboratories, and other providers can access collateral-free business loans in as little as 48 hours, eliminating the traditional financing hurdles of collateral requirements and lengthy turnaround times.
Within the last few years NucleusIS has demonstrated its commitment to supporting the healthcare industry, having disbursed over ₦10 Billion in loans to healthcare businesses across Nigeria.
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Business
Fuel hike, bad roads behind onion shortage – Anambra traders
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5 days agoon
December 17, 2024By
JohnFuel hike, bad roads – Fuel hike, bad roads…
Fuel hike, bad roads – Traders and buyers at…
Traders and buyers at Eke Awka Market, in Anambra State’s capital, have attributed the scarcity of onions to rising fuel prices and the country’s poor road network.
A News Agency of Nigeria (NAN) survey conducted on Tuesday revealed that onions, a key condiment used to spice food, have become increasingly difficult to find and afford.
Obigaeli Nwokoye, a petty trader dealing in onions, explained that a few weeks ago, there was no onion available in the entire market due to bad roads. She added that suppliers from the northern part of the country faced delays, as the high cost of fuel and poor road conditions hindered transportation and logistics.
“Drivers coming from Kano face major challenges, which delay their deliveries to Awka.
“The government should address these issues and give special attention to food transporters to ensure a steady supply of food items.”
Mrs Chioma Okeke, another seller, shared that the price of a bag of onions had skyrocketed to ₦370,000, compared to ₦258,000 in November. She further noted that the price had steadily increased throughout the year, from between ₦70,000 and ₦90,000 in January to ₦110,000 to ₦170,000 around August/October.
“From November to December, the price jumped to between ₦250,000 and ₦300,000.”
Mrs Doris Beluchukwu, a buyer, expressed frustration at the soaring prices and scarcity.
“Onions that used to cost ₦100 or ₦200 are now priced between ₦500 and ₦2,000,” she said.
She also urged the government to ensure its food regulatory agencies functioned effectively, as some of the food shortages might be artificial.
“Government needs to act quickly to ensure a steady supply of basic food items to markets across the country,” Beluchukwu added.
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Business
Free Slots: An accessible way to enjoy casino games
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5 days agoon
December 17, 2024By
JohnFree Slots: An accessible – Free Slots: An accessible…
Free Slots: An accessible – According to statistics, the…
According to statistics, the revenue in the online gambling market is projected to reach 97.15 billion USD in 2024. This represents a revenue change of 14.1%. As more and more people want to enjoy the fun of the casino, it makes sense for online casinos to offer some games for free. In this article, we’ll tell you all about free slots and how you can access them for casino fun.
How Free Slots Work
Essentially, free slots are slot machine games that don’t cost you anything to play them. This means you can enjoy them as much as you want without worrying about spending any money. There are many benefits to this, of course. You can find your favorite games and enjoy them without the gambling element and you can try out new games to see if you like them before spending any of your hard-earned cash.
The games you can play will vary from site to site, just like their paid versions. You’ll get access to all of the common features like bonus rounds, free spins, and the progressive jackpot element if there is one. However, because you’re playing for free, anything you win will also be virtual, so there’s no chance of winning a payout—unless you’re using free spins from a no-deposit bonus, for example.
The Benefits of Free Online Slots
Free online slots have their advantages. Here’s a summary of why many people enjoy them:
It’s risk-free entertainment: You can play the games to your heart’s content without the fear of losing money being there.
Skill development: For slots that are more strategic or challenging, free slots and demo versions mean you get to practice your gameplay and familiarize yourself with the rules.
Work out how much you’d like to play with: When you play a game for free, you can test out its volatility and RTP (return to player) to see if it’s worth the risk of betting higher or whether you should stick to small amounts.
Diverse game selection: Free slots are available in a wide range of themes and styles. There are thousands of different ones available so you’ll always find something you enjoy.
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Key Features to Look For in Free Slots
Ultimately, what you look out for depends on the individual, but some things will make the free slot experience better. This includes:
The graphics and sound: This enhances the gaming experience and some games are much better than others.
Return-to-player (RTP) percentage: Playing free slots allows you to test out games with different RTPs to see if you like playing them and they’re worth the risk if the RTP is lower.
Mobile compatibility: Trying out a game on a mobile device for the first time can be a bit hit-and-miss. Using a free version means you can see if it works well before spending your money.
Tips For Finding the Best Free Online Slots
To find the best free slots, you’ll need to look around. Some online casinos don’t allow you to play their games for free until you register while others are happy to let you try them out before you sign up.
Looking at online reviews by other players is also useful as you won’t then waste time playing games you know aren’t great. Also, there are plenty of sites that aren’t casinos that allow you to play games by top developers in demo mode.
The Potential Problem of Free Slots in Online Gaming
Realistically, software developers allow you to play their games for free because they want you to enjoy them. Online casinos offer free games to entice you to join and spend real cash. If you know this and are a responsible gamer, there’s no reason why you can’t have fun playing this way. All reputable sites have responsible gaming tools so if you do decide to stop playing the free versions, be sure to join a site that is licensed and reputable, then you have protection against problem gambling.
Conclusion
Free slots have so many advantages and as long as you’re aware of the potential downside and are a responsible gamer, there’s no reason why you can’t continue to enjoy free slots for as long as you want. These are an entry point into the world of online casinos but they can just be where you stop too. Free slots are a relaxed way of learning about casino gaming mechanics and can help you unwind.
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