All Posts in "Day: October 30, 2023"

Oyo Govt Disburses N500m To SMEs

Mohammed Shosanya

The Oyo State Government on Monday presented N500m cheques to participating micro finance banks across the seven geopolitical zones in the state, as loan support to small and micro enterprises under the Sustainable Action for Economic Recovery (SAfER).

Presenting the dummy cheques to the representatives of the micro finance banks, the Chief of Staff to the Governor, Hon Segun Ogunwuyi,noted that the funds will cushion the hardship induced by the removal of the fuel subsidy.

Ogunwuyi, who is also the Chairman, SAfER committee, added that the Oyo state government is ready to support small and micro enterprises, maintaining that the beneficiaries were selected based on their business capacities.

He said micro businesses can access between N50,000 to N250,000, while small businesses also have the opportunity of accessing N250,000 to N1million loans under the scheme.

Ogunwuyi emphasized that the participating microfinance banks selected beneficiaries without any political influence.

Earlier in his remarks, the Chairman, SAfER Small and Medium Enterprises (SME) sub-committee, Professor Musibau Babatunde, explained that the loan support will not only boost SME, which is the baseline of the state economy activities, but would also help in achieving sustainable development goals which is to cushion the effects of hardship on people.

He admonished the beneficiaries to fulfill the obligation of repayment in shortest time so as to allow others to benefit from the laudable scheme.

He added that the loan is of no collateral and the beneficiaries have three months moratorium period before the commencement of repayment.

In his welcome address, the Director-General, Oyo State Investment of Public Private Partnership Agency, (OYSIPA), Barrister Olatilewa Folami, enjoined the beneficiaries to deploy the loan into profitable business and give opportunities for others to benefit.

Speaking on behalf of the beneficiaries, Mr. Sunday Fadipe pledged to use the loan judiciously, for the purpose it is meant for, as well as contribute to the development of the state.

admin by — October 30, 2023 in Business 0
Market-Based Regime Will Stimulate Growth Of Africa’s Gas Sector-Sahara Group

Mohammed Shosanya

Sahara Group,has urged African governments and regulators to adopt market-based regimes to stimulate the sustainable development of gas across the continent.

The company noted that appropriate pricing of the commodity will enhance investment, increase production and consumption growth. It also called for the inclusion of investors in gas policy development frameworks as part of the process of enhancing capacity and competitiveness of the sector in Africa.

Speaking during the panel session on the subject, “The Game Changer: Enhancing African Gas Development Strategies and Investment Opportunities,” at the recent African Energy Week, AEW 2023, in Cape Town, South Africa, Managing Director, Sahara Group Limited, Emmanuel Magani, said: “It is also important to have the private sector drive a lot of the gas projects. We have the West African Pipeline Project, WAGP that delivers gas to Benin, Togo and Ghana which has the potential to further play a huge role in regional gas development given market-based regimes and adequate investments.”

He said: “It is important to have the right type of market regime in order to ensure adequate returns to all key stakeholders. We need to have a market-based price regimes to drive and support the level of infrastructure required to transform gas development and utilisation in Africa. Gas can also play and increased role in Africa’s commitments to reduce carbon emissions.

Magani noted that as a leading player in Africa’s oil and gas sector, including operations in Asia, Europe and the Middle East, Sahara Group continues to seek investments and collaboration towards positioning gas is a key resource for transitioning to net zero.

“Sahara Group remains committed to providing adequate energy for different purposes, including industrialisation and domestic cooking. We are through our LPG operations contributing remarkably to efforts aimed at ending firewood and charcoal utilization by putting up the right infrastructure to drive storage, distribution, and access to LPG in Africa.

” In the power sector, Sahara Group provides 20 to 25 per cent of Nigeria’s electricity supply on any given day. In other words, one out of four electricity bulbs is powered by us. The number will be higher as we continue to expand. We work closely with other stakeholders in Africa to promote our vision of bringing energy to life responsibly, leaving no one behind,” he added.

admin by — October 30, 2023 in Oil&Gas 0