News

Senate Chides IOCs For Neglecting Petrochemicals

Published

2 years ago

February 9, 2024

Editor

The Nigerian Senate has criticised international oil companies for not investing in the petrochemical industry.

The Chairman, Senate Committee on Local Content, Natasha Akpoti-Uduaghan, said the committee would invite the international oil companies on the need to invest in petrochemicals.

Petrochemicals refer to a wide range of other products made from petroleum, including plastics, fabrics, fertilisers, paints, and medicines.

The global petrochemicals market size was valued at $619bn in 2023 and is expected to grow at a compound annual growth rate of 7.3 percent from 2024 to 2030, a report by Grand View Research has revealed.

According to a statement on Friday by the Nigerian Content Development and Monitoring Board, Akpoti-Uduaghan spoke at a meeting with the NCDMB in Abuja.

“The committee chair criticised the international oil companies in Nigeria for not investing in the petrochemical sub-sector and other associated manufacturing activities, whereas IOCs in other oil-producing jurisdictions make such investments and contribute significantly to those economies.

“She announced that the committee would invite the IOCs and other relevant agencies of government, with a view to compel the companies to create tangible value in the Nigerian economy beyond the extraction and sale of crude oil,” the statement read partly.

Akpoti-Uduaghan was quoted as saying, “We need to get them round the table and tell them what we want as a country as against watching them export crude oil only.”

She assured all that the committee would not antagonise the board and other entities under its supervision but would collaborate towards effective implementation of the board’s mandate for the benefit of Nigerians.

She had expressed concern “over the parlous state of the economy, particularly the alarming level of unemployment which has fuelled an increase in criminality”.

The Senator emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development Act, to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.

The Kogi Central lawmaker had requested the board to submit performance reports on the implementation of the NOGICD Act, specifically on the Board’s third-party investments, capacity-building programmes, expatriate quota management and research and development, while seeking recommendations on the sections of the NOGICD Act that needs to be amended by the National Assembly.

In his comment, the Executive Secretary NCDMB, Felix Ogbe, explained that most oil conglomerates have different arms, which include the downstream companies which make such investments in the petrochemicals and linkage sub-sectors.

He, however, noted that most operating companies in Nigeria do not have such subsidiaries in the country, hinting that the board is willing to support indigenous firms that are interested in such ventures.

Ogbe said, “The board lacked the mandate to compel the IOCs to change their business model in Nigeria, but was collaborating with some oil companies to develop the Nigerian Oil and Gas Parks Scheme which is designed to manufacture oil and gas equipment and components as well as other manufacturing and research and technology programmes”.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

12 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

2 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.

News

Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

Published

20 hours ago

May 5, 2026

Editor

Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.