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Minister unveils plan to transform oil industry

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The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has introduced a strategic plan to address challenges and leverage opportunities within Nigeria’s petroleum industry.

A statement on Saturday by the Special Assistant on Media and Communication to the Minister, Nneamaka Okafor, revealed that Lokpobiri presented the plan at the Cross Industry Group meeting in Istanbul, Turkey, while addressing a gathering of Nigeria’s leading oil producers.

The statement noted that Lokpobiri highlighted the oil sector’s critical role in Nigeria’s economy, noting that it contributes approximately 85% of government revenue and serves as a key source of foreign exchange. He emphasised the need for Nigeria’s oil and gas sector to remain resilient, competitive, and profitable.

The minister outlined a dual approach for the industry’s future, focusing on maximising crude oil production while supporting a transition to cleaner energy.


“In the short term, our focus remains on increasing revenue from crude oil production,” Lokpobiri stated, affirming the Federal Government’s commitment to addressing operational bottlenecks and upgrading infrastructure.

Recognising the urgency of cost reduction, he highlighted FG’s measures aimed at streamlining operations, particularly upstream activities, to remain competitive in a fluctuating global market.

“A significant part of the government’s vision involves balancing energy demands with environmental considerations. The world is moving toward cleaner energy, and Nigeria must be part of that transition. The government has prioritised natural gas as a cleaner alternative while actively exploring renewable energy options to diversify Nigeria’s energy mix”, he clearly stated.

The minister also urged industry players to embrace investment in cleaner, more sustainable methods, stressing that Nigeria’s transition will remain pragmatic and focused on local priorities.

Acknowledging the persistent security challenges in the Niger Delta, the minister reported ongoing efforts to protect Nigeria’s oil infrastructure through enhanced security measures.

He said, “We are engaging communities and encouraging partnerships that foster local ownership of critical assets. Efforts include increased military support, particularly from the Nigerian Navy and Joint Task Force (JTF), combined with community engagement and economic empowerment initiatives to combat pipeline vandalism and oil theft.

“The government has also implemented technology-driven solutions, including drone and satellite surveillance, to enhance the security framework and detect potential threats to the industry.”

He also noted that the comprehensive package of reforms and incentives to revitalise Nigeria’s oil and gas sector aims to attract greater investment and stimulate economic growth.

“Key elements include the VAT Modification Order 2024 and the Tax Incentives Order for deep offshore oil and gas production, offering fiscal benefits to companies involved in the sector. In addition, directives focus on reducing contracting costs and timelines, mandating that the procurement cycle be streamlined to six months, enhancing efficiency for investors.

“By incentivising both non-associated gas and deep-water developments, Tinubu’s administration seeks to bolster Nigeria’s competitiveness as an energy investment hub in Africa. This forward-looking framework is designed to harness the country’s resources while diversifying revenue streams, ensuring a balanced approach that supports growth and sustainability in Nigeria’s oil and gas industry”, Lokpobiri stated.

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Third Explosion In A Week Rocks Dansadau-Gusau Road, Claims Lives Of Travellers

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Tragedy struck yet again on the Dansadau-Gusau road as another explosion killed multiple travellers on Friday, marking the third such incident in less than a week.

The explosion occurred between Dansadau to Malele road, causing significant damage.

A resident of the area who pleaded anonymity for security reasons told Channels Television that a truck vehicle conveying about 100 bags of grains and passengers to Dansadau market hit an improvised explosive device (IED) planted along the route, resulting in a devastating explosion.

Authorities and locals have yet to confirm the exact number of casualties, but the resident said several travellers killed during the blast.

“Till now, we are yet to confirm the exact number of people killed, we are waiting for the people from Malele community to give us the actual figures,” the source said.

“The incident happened around 8:30 am, the distance between the scene of the explosion to Dansadau is just few kilometres.”

The source added that the second explosive planted by the terrorists was discovered by the troops who defused it.

“The soldiers who rushed to the scene of the bomb discovered another bomb that was yet to detonate, they used their machine to check and took it inside the bush to defuse it,” he stated.

The recurring blasts have heightened fears among residents and commuters, who now consider the highway a death trap.

Just two days ago, a similar incident claimed the lives of six persons, sparking widespread calls for urgent government intervention.

The police authorities in the state had earlier accused the newly formed terror group Lakurawa as the mastermind of the recent explosions that occurred along the Dansadau-Gusau Road.

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Nigeria’s Economy Still Facing Crisis, CBN Admits

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The Governor of the Central Bank of Nigeria (CBN) Yemi Cardoso has acknowledged that Nigeria remains in a financial and economic crisis, a situation inherited by the current CBN administration.

Speaking at the 14th Annual Bankers’ Committee Retreat in Abuja, Cardoso explained that the role of the bankers’ committee remains critical towards addressing the challenge as well as reflating the economy.

The CBN boss said that the nation faces challenges in how to address poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others.

He called on members of the bankers’ committee to reflect on the past year’s challenges and devise actionable tools to address them effectively.

On his part, the Special Adviser to the President on Economic Affairs Tope Fasua expressed concerns over excess charges by point of sale operators (PoS) while calling on the apex bank as well as deposit money banks to make cash available at all ATM points.

The three-day event brings together key players in the banking sector and has the theme “Contract and Commitment to National Development and Economic Growth”.

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Alleged Mass Killings: NHRC Demands Justice For Victims

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A member of the NHRC Governing Council, Kemi Okonyedo, speaks in Abuja on December 6, 2024 at the presentation of the report from the investigative panel on human rights violations in counter-insurgency operations in the North-East, to the army.


The National Human Rights Commission (NHRC) has demanded justice and accountability for civilian victims who were allegedly killed by operatives of the Nigerian Army in the Abisari community in Borno state.

A member of the NHRC Governing Council, Kemi Okonyedo, made the demand at the presentation of the report from the investigative panel on human rights violations in counter-insurgency operations in the North-East, to the army.

The report had vindicated the military of forced systemic abortions administered on women but indicted them of intentionally killing civilians in the Abasari community

Okonyedo is demanding that those affected, be compensated.

“The killing of civilians in Abisari remains a grave violation that demands justice, accountability and immediate action,” she said.

“These are not abstract issues, they are real. Lives affected are real, families impacted exist, and communities impacted are still suffering and must be acknowledged and addressed.

“The recommendations of the panel provide a roadmap for addressing these violations, holding perpetrators accountable and ensuring that similar violations do not occur in the future.

“Among the panel’s key recommendations is compensation for the victims of the Abisari killings with the Federal Government ensuring that the families and communities affected are provided adequate reparations.”

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