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Old February 12th, 2007, 10:49 PM   #1
Matthias Offodile
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Nigeria: an African emerging market economy (only news)

Despite the numerous problems Nigeria (still) faces, one can´t deny that things are moving on the ground, considering from where our country came from at the end of the dictatorship in 1999. Early signs are omnipresent for Nigeria´s growing economic role/might and as a (potential) emerging market on the world stage. So let´s dedicate this thread to Nigeria´s development initiatives. From now on post all economic and business-related news concerning Naija into this thread.
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Old February 12th, 2007, 10:54 PM   #2
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An FT-article worth reading.

Nigeria may be the next emerging markets gem

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December 11th, 2006
By Chuka Mordi

Published: December 4 2006 02:00 | Last updated: December 4 2006 02:00
Outside South Africa, sub-Saharan African capital markets represent the last frontier for the unhindered flow of global capital. The problem has always been the absence of the combination of scale and local expertise required to attract global fund managers.
This bleak situation is finally improving in a perceptible fashion. In the first week of October, the Nigerian government, via the Central Bank of Nigeria (CBN), allocated a total of $7bn (€5.3bn, £3.6bn) to be jointly managed by its local banks and global fund managers. Each global manager, in partnership with a local Nigerian bank, received $500m.
This has been little commented on but it highlights the role of technocrats in managing the economy and their growing influence over the propensity of politicians to spend state funds. The CBN has traditionally kept the external reserves as deposits with foreign banks, and this is the first time that it is appointing foreign asset managers to manage part of its reserves. The effect this will have on the long-term emerging market outlook for Africa in general, and Nigeria specifically, is significant.
The mandate is a global fixed income one, but it is our prediction at Nex-Rubica that in the next three years, on the back of current growth trends, local securities will be included in the asset mix. There is currently not enough depth in the Nigerian market - its market capitalisation is $31bn, total issue of government bonds about $4bn - to support such a large inflow of cash without overly inflating the market. But the Nex-Rubica forecast is for this size to double between now and the final quarter of 2007, surpassing Egypt by 2008.
A variety of factors influence this prediction. Twelve months ago, in market cap terms, Nigeria had just one bank capitalised above $1bn. Following a government-driven consolidation exercise, there are now six banks of this size, varying from $1bn to $3bn. With banks showing top-line growth in the triple-digit range, high double-digit underlying growth and a market penetration of just 15 per cent in a population of 140m people, the expectation of at least 10 banks capitalised above $5bn in the country by the end of 2007 is plausible. Current consensus estimates for banking sector profits for 2007 are above 200 per cent
With the financial services sector as a catalyst and a significant number of new issues in the pipeline, our projected market size of about $100bn in equities by year-end 2008 will be just about right for decent-sized emerging market funds to take a serious look.
The CBN foreign reserves allocation is due to rise to $12bn within the next few months when the remaining 11 banks acquire foreign partners, and then to $25bn within the next few quarters when allocations are raised to $1bn each.
The object of this exercise is capacity building for the Nigerian banks in the fund management sector. He who has the gold makes the rules, and the issuer of a $25bn mandate can easily switch from global equities to African equities at a stroke. At present, this is an implausible if not impossible scenario but it will not seem so outlandish in 18 months. The reserve management programme in itself will not transform the market, but it is indicative of a nation that has finally come round to the concept of orthodox fiscal policy and - most important - accountability.
African markets have been growing at a phenomenal rate. The key drivers for this growth have been a relaxation in the regulatory regime, privatisation of government corporate holdings and relative stability in the major African economies. In Nigeria, the high oil price has enabled the country to clear its $35bn debt, build up an excess of $50bn in foreign exchange reserves, increase spending and embark on significant restructuring of the economy. While global stock markets have grown steadily in the past five years, the major African stock exchanges have experienced almost exponential growth.
In spite of the growth, only three African markets outside South Africa possess the scale to attract anything other than niche emerging market funds. These are Egypt, Morocco and Nigeria. Of these three, Nigeria is showing the highest growth prospects.
In the last year, the outperforming stocks on the Nex-Rubica Africa Top 40 Index, have been Nigerian financials. One key attraction is that the risk/return profile in the Nigerian market is generally uncorrelated to western markets. Starting from a relatively low base, Nigeria alone has the momentum in terms of its population, resources and growth potential to catapult it to the first rank of emerging market economies.

Chuka Mordi is director of strategy and head economist at Nex-Rubica, a pan-African specialist

Copyright The Financial Times Limited 2006
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Old February 13th, 2007, 02:30 AM   #3
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MAtthias,what about education in Nigeria?
Are there "good" university,good college...
How many schoolpupils...
Is the education important for nigerian families or it depend of the social classes?
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Old February 13th, 2007, 06:30 AM   #4
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Very good observation. Critics of the current administration (I'm one of them) observe that Nigeria has recorded progress in three areas only: 1)Telecom sector, 2)Banking sector with its consolidation etc. and 3) Reduction of debts.

The education sector is still lacking the funding it deserves. Power, health care, and infrastructure are generally lacking. Recently the Governor of Cross River State said Nigeria needs $400 billion to attain millenium development goals. A corruption-free Nigeria would able to raise these funds and attain this objective in say 10-15 years. However it's highly unlikely that corruption will be reduced significantly if Obasanjo's administration 1) has its way or 2) is extended through the "s"election of his puppet PDP candidate Musa Yar'adua.

The good news is that April 2007 presents a golden opportunity for merit and issues-based politics to produce a truly technocratic government building UPON what Obasanjo did so far (little). Personally I don't have too much faith in the political system to transform at an acceptable pace, in order to put Nigeria on par with other countries such as India, Brazil, China, etc. But it will eventually get there, I hope!

Yes education is the key! universities have been neglected. look at the Amadu Bello University, it used to be the pride in Africa even hosting Asian and Middle Eastern students. Today it's a shadow of its former glory, and its library's books are collecting dust. Billions have to be poured into the education sector, and this should be given utmost priority by the incoming govt.....

PS. I believe real development occurs through the minds of citizens, and not through prestige projects or "flying ambulance" jets purchased by one of the corrupt governors. A "support network" of good roads, functional hospitals, and reliable power is the only way any development + industrialization program can work.

Last edited by zexyworm; February 13th, 2007 at 06:36 AM.
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Old February 13th, 2007, 12:06 PM   #5
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Quote:
MAtthias,what about education in Nigeria?
Are there "good" university,good college...
How many schoolpupils...
Is the education important for nigerian families or it depend of the social classes?
Africa500, Zexyworm summed it up although I differ with him on some points. Obasanjo´s efforts have not be in vain or little but enormous considering the shithole Nigeria was in 1999 when our country grinded to a complete economic halt. Again, Obasanjo didn´t inherit a country in 1999 but a vast shithole destroyed by more than 20 years of brutal military dictatorship, mismanagment and utter corruption! People seem to forget that when they look at Nigeria today! It would have been silly to believe that Obasanjo had turned Nigeria into another China or Brazil, how naive some people are!
However, in my mind, Obasanjo has laid a good foundation upon which successive governements can build (condition: if competent and relatively corruption free governments take the lead) .
Let´s not forget that Nigeria has not squandered or plundered its oil wealth like in the past on any extravagant and senseless "white elephants" that chiefly quenches the thirst of money-greedy foreign investors that take the next plane out once their work is done.
Nigeria´s infrastructure has improved (although the pace could have been faster), the banking sector has truly consolidated, the way for local and foreign investors has opened again, the stock market has jumped and grows in strength and market capitalisation, Nigeria sits on 50 billion US dollars of foreign exhange resreves (more than Egypt and South Africa combined!!!) and it is growing not abating, the country has paid off 35 bn dollars in debt which was amassed from previous reckless leaders, the telecommunication sector leap-frogged etc. Of course, those measures and aspects are still marginal but they are a start, NOBODY CAN DENY THAT! (I still remeber the horror images the media painted about India some years back and now they are singing daily endless songs of praise and shower that Asian country with partly undesserved praise; even though social indicators are still weak but surprisingly don´t seem to play that much of a role for Western media as they did in the past)

As far as the education sector in Naija is concencerned, well, public universities have been entirely neglected during the deplorable military years and social spending had to be reduced dratsically due to the strictly imposed neo-liberal IMF and World Bank policy....but again not all of the more than 40 universities in Nigeria lie in shambles as Zexyworm describes it....Apart from that, Nigeria has a growing list of good private universities and schools and the second American University on the entire continent after Egypt is in Naija - and let´s not forget the enormous human wealth of the Nigerian diaspoara that have not lost touch with their motherland in any way. However, I would 100% aggree with Zexyworm that successive governements need to refurbish the entire social sector and put an emphasis on public universities and healthcare.
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Old February 13th, 2007, 12:29 PM   #6
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BG Group, Nigeria LNG sign $7.5bn agreement on gas

Quote:
February 13th, 2007

British Gas Group plc (BG) has signed a sale and purchase agreement with Nigerian Liquefied Natural Gas (NLNG) for gas supply.

EJIOFOR ALIKE

The agreement, signed yesterday, was aimed at transforming Nigeria from an oil to gas nation by 2020.

At a price of $3.40 per million British Thermal Unit, the cost of the 45 million metric tonnes for the 20 year duration of the contract is in excess of $7.5bn.

BG, a world leader in natural gas, operates four business segments: oil exploration and production; finding; developing and connecting gas to markets as well as transmission and distribution of power.

The agreement, according to company sources, was for the acquisition of 2.25-million tons per annum (mtpa) of liquefied natural gas for a 20-year term from the planned Train 7 project in Finima, Bonny Island, Nigeria.

This latest supply arrangement was in addition to the existing supply arrangements between the company and the NLNG.

Under the agreement cargoes will be delivered on an ex-ship basis to BG’s North American marketing business at Lake Charles, Louisiana.

Martin Houston, BG executive vice president and managing director, North America, Caribbean and Global LNG, said: "This agreement with NLNG adds to our existing supply arrangements through Trains 4 and 5, which came into effect last year. It enhances the profitable long-term growth of BG’s LNG supply portfolio and reflects the strength of BG’s competitive position in the Atlantic Basin."

BusinessDay has gathered that the NLNG Train 7 is planned as an 8.4 mtpa facility. The shareholders in the NLNG are Nigerian National Petroleum Corporation (NNPC) (49 percent); Shell Gas B.V., (25.6 percent); Total LNG Nigeria Limited (15 percent); and ENI International (N.A.) N.V. S.a’r.l. (10.4 percent).

BG, which is active on five continents in 25 countries has shown an increasing interest in the nation’s oil and gas sector.

In January 2006, the BG entered into a Memorandum of Understanding (MoU) with Nigeria’s Brass LNG for the acquisition of LNG with initial deliveries expected to start during 2011 while the final volumes would be confirmed on completion of the agreement, which is expected in 2007.

In February 2006, the BG signed a joint venture project development agreement for a liquefaction plant at Olokola (OKLNG) in Ondo and Ogun States.

The proposed project will comprise four LNG trains of approximately 5.5 mtpa each, with the development envisaged in two phases of 11 mtpa capacity.

The BG has a 13.5 percent share in the project and the remaining partners are NNPC (49.5 percent; Chevron OKLNG Holdings Limited (18.5 percent), and Shell Gas and Power developments B.V. (18.5 percent).

In January 2006, the BG (along with its partners Sahara Energy and Seven Energy) signed a production sharing contract with the NNPC with respect to Bloc 332 offshore Nigeria.

The BG holds a 45 percent interest in and operatorship of this bloc, which is located in deep water (100 - 1,000m) offshore western Niger Delta, approximately 100kilometer south-east of the commercial capital Lagos and lies between latitudes 5º 50’N and 6º 20’N.

In the US, the BG LNG Services LLC, (BGLS) holds, through 2028, 100 percent of the firm capacity rights at North America’s largest operating LNG importation terminal, Lake Charles in Louisiana.
PS: it is no secret that Nigeria´s gas reserves are significantly higher than its oil reserves!
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Old February 13th, 2007, 12:51 PM   #7
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Originally Posted by Matthias Offodile View Post
Let´s not forget that Nigeria has not squandered or plundered its oil wealth like in the past on any extravagant and senseless "white elephants" that chiefly quenches the thirst of money-greedy foreign investors that take the next plane out once their work is done.
With all due respect, I beg to differ.

If 100 billion dollars were stolen by Abdusalami Abubakar or IBB regimes, my guess is that Obasanjo's regime stole 50 billion. Sure, stealing is on the decrease, especially with the formation of the EFCC and ICPC. However, a recently published list of corrupt governors in Nigeria (published by the Nigerian EFCC) stated that ONLY 1 governor (of of 36) is corruption-free. The rest have looted the bulk of their federal allocations. I refer you to the sad case of governor Alamieyeseigha (spent it all on private property in Jo'burg and London), Shekarau (did NOTHING in Kano, in fact it's as poor as ever), Obi, Ibori (what a joke), and Igbinedion (prefers to check himself into 5-star hotel rooms in Canada, in company of 5 hookers).

In the corruption issue, Nigeria's homework is FAR from complete. In fact, it's barely at the bottom of the hill, but going UP, and that is a start....I must admit.

PS. Mathias I'm really convinced of what I said and I don't hide the fact that I'm not on "Abachanjo's" fan list. The guy is a ruthless dictator who prefers to hire clueless people as aviation ministers. Did you see his Information Minister (Mr. Nweke) on CNN last night? He kept insisting CNN "paid bribes" to have some people put on a kidnapping show in the Niger Detla.... If Obasanjo can't admit he has a SERIOUS problem in the Niger Delta which is essentially unresolved, I'm afraid Nigeria can never go places wiht a man like him at the helm. Bye bye Uncle Sege.

Last edited by zexyworm; February 13th, 2007 at 12:56 PM.
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Old February 13th, 2007, 01:00 PM   #8
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Who's afraid of Mubadala?


…New Telco prepares to roll out There is a new kid on the telecom block in Nigeria and his name is Mubadala. Nigeria's new Unified Service Access licence awardee, the Mubadala Development Company of the United Arab Emirates is firing up the local market through its hitherto undisclosed actions and the anticipation of its Nigeria strategy.
Bill OKONEDO
For now, Mubadala is making foundation moves to roll out and as part of this, the company has started subtle acquisition and employment moves which can change the face of the sector .

BusinessDay also gathered from reliable sources that Mubadala is negotiating with leading network infrastructure providers including Alcatel of France, Ericsson of Sweden, Siemens of Germany and Huawei of China, for the roll out of its Nigeria operations , the first phase of which it is anticipated will be cost about $1 billion (N127 billion).

Also, insiders say, Mubadala will likely adopt the Indian business model for its Nigeria operations because Nigeria has similarities with India as regards geographical size, income per capita and some socio-cultural attributes.

Asked about the wisdom of shipping to Nigeria when some think the market is largely taken, a source close to Mubadala said according to statistics available on Nigeria abroad, there are about 75 million Nigerians between the ages of 15 and 55. He further said that if only 30 million of that number has been taken, that would leave 45 million more open to be taken. He further added that if the right strategies were adopted, subscribers would migrate at will to networks that better served their purpose.

Ernest Ndukwe, the Executive Vice Chairman of the Nigerian Communications Commission (NCC) expects also that the added competition posed by Mubadala, will bring about a further improvement in the quality of service in the telecoms industry here and a lowering of costs to the subscriber.

Sources close to Mubadala told BusinessDay that the company has started a recruitment campaign and is fishing for personnel locally and internationally. For this purpose, it is said, the company has appointed two employment agencies, one international and one local.

Mubadala's staff requirement figure is put at about 1,000 of which at least one-third will be technical personnel and another one-third will be marketing personnel. It is said that the company is considering the prospect of co-location its technical equipment with a certain local telco which has very good geographical coverage and is recapitalising. Mubadala is considering the feasibility of rolling out in the second quarter of this year.

We gathered also, that following in the footsteps of other big telecom operators here, Mubadala favours hiring Diaspora Nigerians with specialized skills, so as to blend with its new operating environment.

It is said that to supplement this source Mubadala is offering even fatter salaries to entice technical, marketing and managerial staff from competing operators here as well as from the banks and other organizations, as is customary with new comers. The grapevine in rival organizations is said to be rife with speculation about personnel who might be switching over to Mubadala.

Industry sources also disclosed that Mubadala is proposing to buy up two local private telephony operators (PTOs). One of these, which is particularly strong on data services is based on the Victoria Island extension in Lagos while the other, which is a smaller player is based on Saka Tinubu Street, also in Victoria Island. While the former is not keen to sell, the latter it is said is interested in the deal but does not want a complete buy out.

Informed sources said also that Mubadala favours working with a foreign media agency, which will then cooperate with one or two local agencies.

As if anticipating this, two of the GSM operators are said to have been entertaining fresh bids and proposals from local agencies to sharpen their tussle for the hearts and minds of subscribers.

Our sources say that Mubadala will work with more than one network infrastructure provider so as to achieve a speedy roll out. We also gathered that the network will build its strategy around quality service, competitive pricing, broad coverage, hinterland penetration, social responsibility awareness and a massive media blitz, among others.

Mubadalas licence comes as a total package, as the company was also offered a digital mobile licence and GSM frequencies in the 1800 and 900 MHz bands at the cost of $400 million .

The offer of the licence to the company followed a bilateral agreement between Mubadala, a state-owned multi purpose investment company and the Nigerian Communications Commission (NCC) acting on behalf of the Federal Government.


The Nigerian face of the Dubai- based group, is believed to be Hakeem Bollo-Osagie, former chairman of UBA and this is not his first attemp at picking a slice of the lucrative GSM business in Nigeria.

Mubadala is coming into the Nigerian market, at the take-off of the Unified Licence regime which follows the five year exclusivity of mobile operations which the GSM companies enjoyed.

The Unified Licence allows both mobile and fixed networks to operate across platforms.

Industry watchers say that with a good measure of the nation's telecom market (30 million subscribers) already taken, some ways for Mubadala to speedily entrench itself would include buying out some local operators, focusing on niche services, offering lower service rates and co-locating facilities.
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Old February 13th, 2007, 02:05 PM   #9
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Zexyworm I do not know where you get those figures from, first of all?

Nigeria´s past rulers especially IBB and the rest of those crooks have been the rot of Naija, BUTTON IT!
All of them desserve to be hanged or stoned to death in public for what they have done ! Even such a penalty would be mild and still doesn´t express my contempt i feel towards those evil vultures!

Although I am very unhappy about the Niger Delta crisis, I have to say once again Obasanjo is not the only one to blame, Nigeria and a state in general consists of more than of one single Big Man. It is no secret that local politicians arm thugs before elections to stake their claims to electoral wards and those gangs often engage in "freelancing" of their own. ...the Niger Delta crisis will die down once election is over. (although this is not an excuse)




As far as the CNN report is concerned: Yes, I have seen it but Hello again that´s WHAT I AM SAYING AND SHOUTING OUT LOUDLY how many positive reports on Naija have been broadcasted by Uncle Sam´s media? CNN Effect does it ring a bell?
Answer: None, even the show on CNN called Inisght Africa is a big slap in the face of Africa.(full of bias and utter misery). I don´t watch it any more. Aids, war on terror, hunger, Ugands´s twenty year civil war, landmines, SA´s crime and inequality and Nigeria´s corruption that is all that they try to convey in their 30 minutes long ridiculous "puppet-on the string" show! The worst is Jeff Koinage...I cannot understand this man!
at the same time, India´s and China´s corruption is no longer a topic for CNN or Americans ´cos they have realised the massive market potentilal of those two potential superpowers. Nowadays Light is only shed on the positive news in India when you see reports on CNN and never on the hundreds of million people that still continue to live in poverty and never about India´s corruption and red tape! Really weird!

Thanks for the new news item you added, it is truly noteworthy!
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Old February 13th, 2007, 02:10 PM   #10
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Ericsson, Hauwei, Siemens Jostle for $1billion Telecom Contract

By Efem Nkanga, 12.02.2007

Quote:
A number of world renowned telecommunications network infrastructure service providers including Ericsson, Siemens and Hauwei are currently vying for the roll out contract of new entrant into the Nigerian telecom terrain, Mudabala Development Company of the United Arab Emirates.
An official close to Mudabala, which last month won a unified licence from the Nigerian Communications Commission (NCC), following the full payment of the $400 million licence fee, disclosed that the value of the first phase of the contract for the development of its network and transmission backbone construction is about $1 billion.
The company was awarded a broad spectrum mobile licence in the GSM 1800 and 900 MHz bands and has 12 months within which to rollout services. The deadline expires in January 2008.
Mudabala is said to be evaluating the network infrastructure providers to ensure technical competence, ability to deploy speedily, competitive pricing and favourable payment terms.
THISDAY also gathered that Mudabala is likely to work with more than one network infrastucture service provider because of the need for a speedy roll out across the country especially since a number of its competitors already have a five year headstart.
The official also disclosed that when the UAE company finally decides which contractor or contractors it would work with, there is a likelihood that the it would opt for a vendor financing deal.
Mubadala is the investment arm of the Government of the Emirate of Abu Dhabi, one of the six states that make up the UAE. The company’s investments cut across many sectors like telecoms, energy, utilities, real estate, industries, etc., all geared at developing the Abu Dhabi economy and putting it on the world map.
The European network infrastructure service providers, Ericsson of Sweden and Siemens of Germany have several years of experience supporting the telecoms sector in Nigeria, while the Asian competitor, Huawei has a track record of infrastructure development in Asia.
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Old February 14th, 2007, 11:12 AM   #11
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Yesterday British Gas and today Total...see who will follow next!

Total , Nigeria LNG seal $5billion gas deal

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February 14th, 2007

French oil giant Total says that its wholly owned gas and power trading and marketing company Total Gas & Power Limited and Nigeria Liquefied Natural Gas (NLNG) Limited yesterday signed a sale and purchase agreement for gas supply.

EJIOFOR ALIKE

This agreement came barely two days after NLNG sealed a similar deal with BG Group, a United Kingdom energy firm.

According to company sources, the agreement was for the supply of 1.375-million tons per annum (mtpa) of liquefied natural gas to be produced by NLNG train 7 in Finima, Bonny Island, for a period of 20 years.

At a price of $3.40 per million British Thermal Unit, the cost of the 27.5-million metric tons for the 20-year period is in excess of $5-billion.

The LNG is expected to be delivered to the United States and Mexico to meet the increasing demand for natural gas in those countries, and in particular to Total’s re-gasification capacity at the Sabine Pass and Altamira LNG terminals.

"With this LNG purchase, Total is delighted to further expand the scope of its cooperation with Nigeria, which is an important part of Total’s portfolio and a key producer in the LNG industry," said Yves-Louis Darricarrère, president Gas and Power, Total.

With five trains already in operation and Train 6 expected to start operations at the end of this year, NLNG is a market leader in the LNG industry. The Train 7 expansion project, with an 8.4 MTPA capacity, will bring the capacity of the Bonny LNG plant to nearly 30 MTPA. Total holds a 15 percent stake in NLNG.

BusinessDay has gathered that with the signing of this agreement, long-term purchases of LNG contracted by Total are expected to grow to over 10 mtpa.

A trailblazer in the LNG industry since 1964, Total has interests in six of the world’s largest liquefaction plants. The total capacity of these six plants represents about 40 percent of global LNG production capacity. Approximately 30 percent of the gas produced by Total in 2006 was dedicated to the LNG industry.

Total is strengthening its position across the LNG chain as illustrated by the recent signatures to acquire a stake in Brass LNG in Nigeria.
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Old February 15th, 2007, 03:17 AM   #12
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Originally Posted by Matthias Offodile View Post
Nigeria has a growing list of good private universities and schools and the second American University on the entire continent after Egypt is in Naija - .


Actually it would be the third American Universityon the continent...Kenya has an American University (United States International University) which was built in 1969.
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Old February 15th, 2007, 04:40 AM   #13
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Old February 15th, 2007, 10:15 AM   #14
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Actually it would be the third American Universityon the continent...Kenya has an American University (United States International University) which was built in 1969
No, Naija has the second, I think that you seem to mix something up here. Nigeria has the first American University in Sub-saharan Africa. It is the concept around ABTI/AAU. (Same university type is in the UAE and Egypt, for example.) There is a difference between an "American International University" and "American University" build around the concept "ABTI" (even the differences are marginal).

Check this on out :



PRESIDENT'S MESSAGE



David Huwiler (President of the American University in Nigeria)

Quote:
AAUN is the first, American-style, private, not-for-profit university in sub-Saharan Africa. Our mission is to offer a world-class, American style education to students who wish to take advantage of an American, undergraduate curriculum without incurring the expense of spending four or more years in the United States. AAUN will provide you with an education that is equal in every way to what you would experience at an excellent university in the U.S. Our professors have Masters and/or PhDs from the United States and many years of teaching experience on American and international campuses. In addition, the President, Vice Presidents, and senior administrators are from the U.S.

AAUN is a partnered with the American University (AU) in Washington, DC, an institution with an international reputation for excellence. AU assures the quality of curriculum and instruction, and it supports AAUN’s liaison office in Washington, D.C. Because the curriculum of AAUN is American, the credit-hour system, curricula, and transcripts allow students to transfer their academic work or enter graduate programs in the U.S. with little difficulty.

AAUN is a "career-oriented" institution. Our mission is to provide exceptional students with the tools that they need to be successful, whether they choose careers as businessmen and women, as entrepreneurs, as IT professionals, or in some other sphere of public or private employment. Every student, regardless of academic specialty, will receive training in entrepreneurship and in information technology. Every graduate will leave AAUN with the tools necessary to achieve personal prosperity and to help promote economic development in Nigeria and West Africa.

Academic study is rigorous yet rewarding. Classes are small and students receive one-to-one attention from faculty who have impeccable teaching and research credentials. There are writing, computer and math laboratories to assist students, and all faculty members hold office hours for every course they teach.

AAUN's 450 hectare campus, like its educational programs, will be world-class. When complete, high speed, wireless Internet will be available campus wide, indoors and out. Upon admission, every student will receive a laptop computer with which he or she can access the network. Student dormitories offer attractive rooms, built to a high international standard. All of the campus buildings are fully air conditioned and wired for data projectors and computers.

Leisure is also an important part of campus life. Students will have access to a fitness center when they join activity clubs, and they can participate in organized sports as well as enjoy social occasions, trips to the market, and special events. Security is round-the-clock, and students are supervised by dorm resident assistants and a director of student life.

Yola, the capital of Adamawa State, is a tranquil, attractive city situated on the banks of the beautiful Benue River. Yola is served by a major airport, so all of the attractions of Abuja, Nigeria's capital city, are just a short one-hour flight away.

Many students from West Africa aspire to earn university degrees in the United States. But for most of these students, an education in America has been unattainable--until now. Now it is possible to earn an American university degree right here in Nigeria at a fraction of the cost of earning the same degree in the United States.

Explore our web site, and if you have questions do not hesitate to send an e-mail, contact us by phone, or stop by our campus. I look forward to seeing you at AAUN.

David Huwiler
President, ABTI-American University of Nigeria


Quote:
A presentation about the first American-style university in sub-Saharan Africa.

ABTI-American University of Nigeria (AAUN) was created in response to the demand for high-quality, American-style higher education in West Africa. American University has a close partnership with AAUN, which we formalized with a five-year agreement in January 2004. AU has helped recruit the senior management team and advise the university on programs and curriculum. AAUN accepted its first class in September 2005, and the University is doing exceptionally well.

The presentation will highlight the AU and AAUN partnership, featuring informative details about the ongoing development of this new University located in Yola, Adamawa State, Nigeria. The program will conclude with traditional African food and music.

Location:

Butler Board Room

Sponsor:

Office of Vice President for International Affairs

Contact :

Adeyinka Adesioye

Email:

aaun@american.edu
Phone:
885-3233

Source: http://domino.american.edu/AU/Commit...9?OpenDocument


Quote:
First American University in Sub-Saharan Africa Opens In Nigeria

March 9th, 2006
The Vanguard

By Kini Nsom

The first-ever American University in sub-Saharan Africa, will open its doors to students in Yola, in the Adamawa State in the Federal Republic of Nigeria come September.Known as Abti-American University in Nigeria, the school will use specifically the American curriculum including the credit hour system.

According to it promoters, the university will make all the difference and provide the kind of education that will be able to meet the challenges of the 21st Century.In a press conference at the Djeuga Palace Hotel in Yaounde, on July 25, the Varsity's Director of Public Relations and Marketing, Abubakar Abba Tahir, said the University is a unique opportunity for Africans to have quality education.

Asked why such a university was necessary when there are already 71 universities in Nigeria, Abba Tahir said the Abti American-University intends to bring to Africa the quality education that parents said their children to go and get in America. Besides, he said of the 1.2 million students that high schools churn out in Nigeria every year, only about 250,000 of them succeed in enrolling in the universities.

Abba Tihir said the University was founded by Nigeria's Vice President, Aiku Abubakar, with the vision of taking quality education to Nigeria. According to him. 75 percent of the teaching staff will be Europeans and Americans in the beginning while the reverse will be true in the next 10 years.


Apparently diagnosing the ills that all Nigerian universities suffer, he said the Abti-American University guarantees a stable academic year and provides world-class facilities to its students. He said the American curriculum in the University will not only enable them to produce graduates that are ready for the job market, but will also produce people who can create jobs.

"Our graduates will think creatively and analytically," he emphasised.As part of the tuition cost, he stated, each student will be supplied with his/her individual laptop computer and a 24-hour access to the Internet. A state of the art mega-library will also be established on the campus.


The University intends to have the following schools; Arts and Sciences, Information Technology and Communications, Business and Entrepreneurial Studies, Law and Engineering.The University is the third and final element of a comprehensive schools project. According to its promoters, the project has a nursery/primary school and a world-class academy.

Addressing journalists, the Founding President of the University, Prof. David Huwiler, lauded the American system of higher education. He said like any American university, the Abti-American University of Nigeria would be that of pragmatism.

He said during the first years, graduates of the school learn a wide range of subjects before narrowing down to their major academic discipline. He insinuated that many world ladies have failed because they went through the British system of education that was not quite pragmatic.

"We train people to be specialists in various fields. Our curriculum is designed to create renaissance men and women. Although tuition fees are over FCFA 4 million a year, the founder of the University argued that it is cheaper than sending children abroad to have the same kind of education.

Huwiler said the University would open its doors to only 2000 students for the first year, since most of the structures are still under construction.

According to the Deputy Director of Admissions of the school, Umma Aliyu Musa, applicants in West Africa from all over the world will be admitted.
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Old February 15th, 2007, 10:20 AM   #15
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Despite the current and temporary Niger Delta crisis, oil companies continue to build on Naija.



ExxonMobil to invest $10bn in Nigeria in four years

Quote:
February 15th, 2007

The American oil giant, ExxonMobil, is investing $10-billion in its exploration activities in Nigeria in the next four years, and says it is working hard to ensure that the Foreign Direct Investment (FDI) inflow into the country is increased.


The company which produces an average of 800,000 barrels of oil per day in Nigeria is investing massively in its gas projects with the aim of adding value to the gas and stopping flaring by next year.

The government had ordered all the oil companies to ensure that they put an end to gas flaring by 2008. Analysts have however expressed doubts about this deadline in view of the current crisis in the Niger Delta which has caused a lot of disruptions in the operations of oil companies. Major projects have been stopped on account of series of kidnapping of oil workers. Over 100 oil workers have been kidnapped so far since the problem started a year ago.

Exxonmobil which recently undertook two rounds of investment including $600million satellite financing in the last one year with the participation of Nigerian banks also said that it would support the government and the oil and gas industry to develop the Nigerian content in the oil industry.

Disclosing this, Gloria Essien, executive director Mobil Producing Nigeria, appealed to corporate players in the country to demonstrate high level of corporate responsibilities in the discharge of their business activities , adding that her company had so far contributed about N20 billion to Niger Delta development Commission for developmental purposes.

This, she said, was in addition to the N1.5-billion annual average investment in community development and economic empowerment which the company undertakes.

Speaking further on national aspirations and objectives of the company, she said that the company was prepared to capture as much economic value as possible from natural gas within 10 years.
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Old February 15th, 2007, 10:48 AM   #16
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Microsoft Vista available in Hausa, Igbo, Yoruba before December
Wednesday, February 14, 2007

Activities marking the most significant product launch in Microsoft’s history have started with the release to consumers of the Windows Vista operating system and Microsoft Office 2007.

The two flagship products, which were previewed by the Nigerian Press and released to Nigerian business customers last November will be available in more than 70 countries, in 19 languages with 99 languages anticipated by the end of the year, including Hausa, Igbo and Yoruba.

Announcing the launch events, Microsoft Nigeria Marketing Manager, Victor Okigbo, said:"The Nigeria launch event is part of a global schedule. We will launch Windows Vista and Microsoft Office in Abuja on the 20th of February and in Lagos on the 22nd of February."

"With the product available in over 39,000 retail stores worldwide including our local PC Outlet Store at the Palms Shopping Mall, Lagos, you can, of course, buy a copy from retail outlets right away. In fact, one very lucky Nigerian shopper will get an invitation to the Feb 22 launch event in Lagos and a copy of Windows Vista signed by Microsoft Chairman, Bill Gates."

Okigbo further disclosed that Microsoft Nigeria is collaborating closely with business partners and distributors such as HP, Intel, Coscharis Technologies and Technology Distributors (TD) as part of the product launch process and as such the launch events will include high-impact product demonstrations.

Windows Vista and the 2007 Office system deliver innovations in interface design that transform the desktop and make these two products visually exciting and significantly easier to use. New capabilities make it easy for anyone to create and share digital content like photos, music and videos, and participate in digital communities by posting blogs, creating Web sites or playing games online.

Describing the new products, Okigbo said, "The way that Nigerians work, play and communicate will be profoundly affected by the launch of these products: Vista is by far the most stable, secure and technologically advanced version of Windows to date; Office has a radically redesigned user interface that boosts productivity in a significant way. We areexcited that Nigerians will have the opportunity to experience the impact of working and playing with these products."

The new versions of Windows and Office also deliver advances in security and family safety to help parents guide their kids to explore the Internet more safely, while also safeguarding their personal information so that they can share experiences, shop and have fun with greater confidence.

One example in Windows Vista is the Parental Control Panel, a feature that provides a central location where parents can manage Internet and computer access and receive reports about which Web sites their children have visited and the amount of time they have spent on the computer.

In addition,features like Windows Defender help protect consumers against attacks by spyware and malicious Web sites.

But despite all the razzmatazz that accompanied the release of the Vista Windows, only very few customers will be queuing up to buy a copy as most users of lesser vision of Windows are not expected to upgrade but acquire Vista only when they buy a new computer.

However, the launch of Windows Vista is also expected to unleash a flood of new next-generation hardware devices. Currently, there are more than 1.5 million devices and peripherals on the market that work withWindows Vista, including more than 2,000 that are Windows Vista Certified.

Among the new devices available today that are designed specifically to work with the features of Windows Vista are the TouchSmart PC from HP, which includes a touch-sensitive screen; the Toshiba Portege R400, which features a SideShow display that lets users view their e-mail without turning on the PC or opening the lid; and the OQO model 02, a new ultra-mobile device that optimizes entertainment and communication on the smallest mobile PC form factor available.

On the Nigerian scene, two variations of Zinox’s recently launched, Zinox Divine Notebook are designed to work with Windows Vista.

Founded in 1975, Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potentialities. Microsoft opened its offices in Nigeria in the year 2000.
This will be good for people that prefer navigating through an OS in their own language
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Old February 16th, 2007, 11:58 PM   #17
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@ Matthias - my bad. thanks for clearing that up.
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Old February 23rd, 2007, 09:52 PM   #18
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An interesting piece of news!

Nigeria: 2006 Licensing Round - Economy Gets $20bn Investment Boost



Quote:
Vanguard (Lagos)
February 16, 2007

Hector Igbikiowubo
Abuja


FEDERAL Government's pre-condition to bidders for oil blocks awards in the 2006 mini licensing round to be prepared to invest upwards of $2 billion (N256 billion) in downstream oil industry projects has attracted to the economy investments in excess of $20 billion (N2.56 trillion).
Mr. Anthony Chukwueke, Director of the Department of Petroleum Resources (DPR), said at the 7th Nigeria Oil and Gas International Conference and Exhibition in Abuja, that government realised commitments in downstream investments in excess of $20 billion.

Government had insisted that companies which wanted to participate in the 2006 mini licensing round must be prepared to invest a minimum of $2 billion in downstream oil industry projects, as a means of developing the sector.
Chukwueke said only recently, President Olusegun Obasanjo flagged off a rail line in exchange for oil blocks which are yet to be identified. This, he said, underscored the appetite of some members of the international community for sources of energy supply to meet their domestic needs. He admitted that there were challenges facing the new investors who were not conversant with the terrain and culture of the peoples of the Niger Delta.
"If we do not do something about the Niger Delta, it would be difficult to solve the problems there. We need massive projects on ground to address the economic problems and this can only be achieved through the active participation of all stakeholders, especially the majors which have largely stayed away from the licensing rounds," he said, and recalled that government on its part was trying to solve the problems on ground in the area by engaging the people as well as investing in the development of massive infrastructure.

The director said companies committed to downstream projects include ONGC-Mittal Group which has an investment portfolio of $6 billion and has commenced feasibility studies on a railway project connecting the South-West to the Northern part of the country; the Korean National Oil Company (KNOC) which has committed $6 billion and is prepared to commit up to $11.8 billion depending on the number of oil blocks allocated to it.
The Koreans have also started work on a gas pipeline grid to evacuate gas from the delta to the northern parts of the country; Jigawa State government and its partners have committed $4 billion to developing ethanol in the country; the BG/Sahara partnership has also committed $1.8 billion to the development of a deep offshore gas gathering pipeline system; Global Steel has committed $1.4 billion to the development of downstream projects, while Cleanwaters Refinery, a Rivers State Government promoted concern, has committed $2 billion to the development of downstream projects.
Speaking earlier at the conference, Dr. Edmund Daukoru, Minister of Energy, hinted that government was considering alternative funding mechanisms for its upstream oil industry financial commitments.
He recalled that government had put in place several targets within the sector to grow daily output to 4 million barrels before the close of the decade.

"Though the deadline is still some three years away, the gains made over the past seven years under this Administration are quite apparent. Joint Venture reserves grew by some 23 per cent while PSC reserves have literally doubled, with an average reserve appreciation of 32 per cent for both JV and PSC," the minister said.

He said despite a few set-backs, the decade has witnessed the most dramatic changes in the over 50-year history of the Nigerian oil and gas industry, especially in the upstream sector.
"The tenure of this administration has bequeathed a dramatic pluralisation of industry players, as about 47 new operators and investors made their debut. This has in part given significant boost to the nation's reserves coming mainly from new world class discoveries in the deepwater which currently contributes some 25per cent to daily production. In the same vein, in-country sourcing of goods and services increased tremendously, thanks to an articulate local content policy, currently being enacted into law. On the international scene, Nigeria's gas is expected to be transmitted to our West African neighbours first quarter of this year, which underscores our gas monetisation and flare-out policy as well as commitment to regional co-operation," he said.
Also speaking, Dr. Funsho Kupolokun, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) said year 2007's JV budget was $5.5 billion, adding that the funding constraints had always been there. "I am talking with operators to find a way around the issue of funding. Once we are able to do this, we can then address whatever funding requirement that may arise," he said.
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Old February 24th, 2007, 03:25 AM   #19
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Great News
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Old February 24th, 2007, 03:29 AM   #20
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New Calabar airport to cost N13b

From Eno-Abasi Sunday, Calabar

THE new Calabar International Airport , to be jointly constructed by the Cross River State and Federal Government, is to cost N13 billion.

The project, to be completed before the end of the year, is to be situated at Odukpani, along Calabar-Ikom Highway. The cost of the project is to be borne by both parties on a 50-50 basis.

At the end of last Wednesday's State Executive Council (SEC) meeting in Calabar, the governor's Chief Press Secretary, Joseph Ushigiale, said it became imperative to take this option because extending the runway of the existing Margaret Ekpo International Airport, from 2.4 to 2.6 kilometres would cost N20 billion, a situation viewed as unreasonable.

He explained that when completed, the new airport would be capable of playing host to bigger aircraft that are expected to flood the state on account of the Tinapa Business Resort, which is due for commissioning on April 2, 2007.

Ushighale added that the resort commissioning had to be shifted by a few days because President Olusegun Obasanjo desired to be physically present at the ceremony.

Ushigiale, who stated that so far three of the four emporia at the resort had been acquired by prospective investors, also disclosed that the chief executive of the world's largest retail outfit, Walmart, would be arriving in Calabar for discussions with the state government.

The governor's spokesperson said that the unfolding scenario was a confirmation of the fact that the mega project had already attained world class status.

On government's efforts geared at improving the transport system in Calabar metropolis, he said all was now set for the launch of the Calabar Urban Bus Transit, adding that the government had adopted a proposal outlining 90 designated bus stops along three primary routes spanning the entire state capital.

While hoping that the operations of the bus would be enhanced by the provisions of two bus depots, he explained that SEC was looking at adopting N50 fare for commuters and a yet to be determined student fare to alleviate hardship.
I wonder which airlines will be coming to the airport. and how many hangers the airport will have in total.
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