FG partners CBN in the gas exports value chain

FG PARTNERS CBN IN THE GAS EXPORTS VALUE CHAIN

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun has reiterated the Ministry’s commitment to partners with the Central Bank of Nigeria (CBN) in the Crude -Oil and Gas export in order to mitigate the present economic realities on key Government policies of boosting domestic production, diversifying the export base of the Economy to positively impact on the sector as well as contribute to the current export growth status.

Edun made the disclosure during a one -Day Sensitization Seminar on the Nigerian Oil and Gas Exports, with the theme, “Unlocking the Potentials of the Nigeria Gas Exports” A Gateway to Sustainable Economic Development today, in Kano, Kano State.

The Minister, who was represented by Deputy Director, Trade Relations, Idris Giwa said,” increasing our Gas export as the nation can no longer rely solely on oil revenue for our foreign exchange earnings”

He hinted that the workshop serves as a platform to deepen the understanding of the evolving regulatory framework, share best practices, and foster collaboration among stakeholders.

According to him, presently the Federal Ministry of Finance, is in collaboration with the CBN and the Ministry of Mines and Steel Development and have reached an advance stage in developing a distinct Miniral Export Guidelines aimed at complementing the determination of Mineral’s quantity, quality and value for export purposes.

The draft Minimal Export Guidelines has been subjected to several reviews, where stakeholders buy- in and endorsements were obtained and incorporated.

He reiterated that the Ministry would continue to work tirelessly to finalize the draft document in line with existing laws and policies of Government for public use”.

According to the Minister, the completion of the Miniral Export Guidelines would necessitate the review of the Crude -Oil and Gas Export Guidelines to streamline the export process in a manner that would accommodate the peculiarity of the sector.

He stressed that the review would trigger a more self- reliant and sustaining environment performance of the Gas sector.

Edun solicited the co-operation of all Stakeholders to play by the rules in order to achieve the much-desired efficiency and effectiveness in trading across borders.

Earlier in his welcome address the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya mni, represented by the Deputy Director, Trade Relations II, Mrs. Rukayatu Abdullahi Ahmed mentioned that,” if the operations in the Crude -Oil sector is properly coordinated and regulated, loopholes, leakages and cases of non- payment of NESS fees due to Government would be plugged, thereby boosting Government revenue base and the challenge of ascertaining the actual quantity, quality, and price competiveness of Gas export would be put to rest.

She said Nigeria holds a prominent portion on the global energy market, especially,in the natural Gas sector with abandoned untapped reserves, noting that, with favourable government policies, this sector offers a compelling investment landscape. She added that it will help individuals to harness the limitless opportunities available in the Gas industry to thrive.

The Permanent Secretary implored all to take advantage of platform to come up with constructive ideas to address the challenges, share experience and explore innovative solutions for a successful Oil and Gas industry.

In her vote of thanks, the Assistant Director Export 1, Mrs.Zainap Yusuf, applauded the Honourable Minister of Finance and the Coordinating Minister of the Economy, Wale Edun the Permanent Secretary ,Mrs. Lydia Shehu Jafiya mni, for their unwavering support towards implementing Government policies, particularly the approval of this Sensitization Seminar, promising that they will reciprocate the kind gesture in the task ahead.

The occasion was also attended by the Comptroller -General of the Nigeria Custom Service Mr. Bashir Adewale Adeniyi, represented by the,Deputy Comptroller of Custom, Oguche Chibuzo,  the Director-General, Standard Organisation of Nigeria (SON), Dr  Ifeanyi Chukwunonso Okeke, represented by Dr. Ado Ibrahim, Tafudeen Yakubu, representing the Managing Director, Nexim Bank , Kashim Ibrahim, representing the Director -General, NAFDAC,  amongst others.

Signed:

Chukwu, Helen Oby

Head:  Press & PR Unit

March 7, 2024.