By Cyril Ogar 

National Agency for Science and Engineering Infrastructure is setting its sights on becoming Nigeria’s leading innovation and technology transfer agency, according to its Executive Vice Chairman and Chief Executive Officer, Mr Khalil Halilu.

NASENI’S Director of Information, Mr. Olusegun Ayeoyenikan, disclosed this in a statement on Saturday.

According to the statement, Halilu reiterated his commitment to transforming NASENI’s role in the nation’s technological landscape, as he marked one year in office, recounted his achievements within the period.

He stressed further that, “I made promises of increased activities and market ready technology profile for NASENI on my assumption of office. 

I made a promise of what we were going to do and the projects that we were going to embark on, and today the products are here for you all to see. 

This is just one year for me; and this is just another opportunity to say that we are going to do more. We are going to have a better NASENI, focusing on the socio-economic development of our nation, Nigeria and the fulfilment of the Renewed Hope Agenda of the Federal Government” he said.

He said that under his leadership, NASENI has launched 36 market-ready products, including solar irrigation pumps, electric vehicles, and smart home systems.

“We want to have a showroom where people can walk in and buy in retail, and we are in the process of setting that up soon,” he revealed, indicating plans for increased accessibility to NASENI’s innovations.

“We collaborate, we do technology transfer, we domesticate and commercialize together,” he noted.

While stating that he would do more to have a better NASENI, he said not less than 36 products from NASENI are already in the market. “We are not necessarily in the retail market for now, only in the corporate market. 

We want to have a showroom where people can walk in and buy in retail and we are in the process of setting that up soon”, he remarked.

 The EVC of NASENI further noted that all the products of the Agency developed in the last one year are products of collaborations with strategic partners and Original Equipment Manufacturers (OEMs) with local content inputs in them. 

“We collaborate, we do technology transfer, we domesticate and commercialize together,” he added.

The Agency has in the past one year, since the assumption of office of Halilu as CEO, introduced about 36 market-ready products and are already in the market. The products include Solar Irrigation pumps, electric cars (EV), Android Smartphone, Solar Home System, Smart Prepaid Meters, Power Stove, Hatchbox, Pick-Up vehicle, Power Storage,  Car Battery, Laptop, CCTV, Solar Street Lamp, Solar Wall Light, Electric Tricycle, Mobile Science kit, among others. 

He underscored the partnerships with strategic allies and Original Equipment Manufacturers that have been pivotal in product development.

Reflecting on his vision for the agency, Halilu stated, “We are going to have a better NASENI, focusing on the socio-economic development of our nation, Nigeria, and the fulfilment of the Renewed Hope Agenda of the Federal Government.”

He added that his ambition is not only to enhance NASENI’s profile but also to ensure that its innovations contribute significantly to Nigeria’s economic growth.

By Charles Ebi 

Nigerian National Petroleum Corporation ,NNPC Limited, in collaboration with partners Shell, TotalEnergies, and Agip, have finalized a significant deal to supply gas to the methanol-manufacturing plant of Brass Fertilizer & Petrochemical Company Ltd.

The gas sales and purchase agreement, which marks a milestone for the project, was signed in Abuja on Friday, nearly nine years after its initial announcement.

Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, described the agreement as “a significant milestone in the ongoing efforts to monetize Nigeria’s vast gas reserves”.

The deal paves the way for Brass Fertilizer & Petrochemical Company and its partners to commence construction of the $3.3 billion project.

NNPC and its partners are set to supply approximately 270 million standard cubic feet of gas daily to the facility, which will be situated on Brass Island in Bayelsa State.

Upon completion, the government anticipates the project will generate over $1.5 billion annually from exports of fertilizers, petrochemicals, and other gas-based products, Ekpo stated.

In his words, “In addition to boosting exports, the project will reduce fertilizer imports by 30%, saving Nigeria approximately $200 million in foreign exchange annually”.

As Africa’s largest crude oil producer, Nigeria is seeking to reduce its dependency on oil by encouraging investment in its underutilized gas reserves, which amount to 200 trillion cubic feet. Currently, much of the country’s gas output is either flared or re-injected into wells.

Brass Fertilizer & Petrochemical Company recently announced an agreement with COSCO Shipping Lines Co. Ltd. To acquire 16 new methanol-powered vessels, which will transport products from its methanol plant to international markets.

At the recently concluded Forum on China-Africa Cooperation, China Road and Bridge Corporation ,CRBC, signed a key agreement with Nigeria’s Brass Fertilizer and Petrochemical Company Ltd.

The deal, focused on the development of the Brass Industrial Park and methanol complex, is expected to bring an estimated $3.3 billion into the Nigerian economy.

The Brass Oil and Gas City project seeks to establish Nigeria as a leading hub for downstream oil and gas manufacturing and industrial activities in Africa. Located on Brass Island in Bayelsa State, the development aims to become one of the largest global centers for petrochemical, fertilizer, refinery, and hydrocarbon processing.

These initiatives will help create a world-class, export-oriented oil and gas processing city in Nigeria. So far, $3.5 billion has been committed to various projects within the Brass Oil and Gas City.

The Brass Methanol Project, sponsored by Brass Fertilizer & Petrochemical Company Limited ,BFPCL, is a joint venture between DSV Engineering Limited, the Nigerian National Petroleum Company Ltd ,NNPCL, and the Nigerian Content Development & Monitoring Board ,NCDMB. BFPCL will own and operate the venture.

By Aliyu Galadima 

Ministry of Steel Development has launched a boot-camp training programme aimed at empowering Nigerian youths with advanced technical skills to boost the metals industry in the country.

This initiative focuses on equipping participants with practical knowledge and support necessary to create sustainable livelihoods and job opportunities. The deadline for application is October 30, 2024.

In a statement by Dr. Chris Osa Isokpunwu, Permanent Secretary of the Ministry, the programme is targeted at youths between the ages of 18 and 40, particularly those interested in pursuing careers in welding, industrial foundry, metallurgy, and related fields. The programme offers expert training in the following areas:

According to the Ministry, participants will receive hands-on mentorship and essential equipment to kick-start or grow their businesses within the metals sector. This is expected to foster entrepreneurship, enhance skill acquisition, and contribute to Nigeria’s broader economic growth by supporting job creation in the industrial space.

Interested youths must be Nigerian citizens aged between 18 and 40 and have a keen interest in the metals industry. The training is designed to equip individuals with the technical know-how to engage productively within this critical sector.

The Ministry emphasized that applications are free and can be submitted online through a Google form link or via the Ministry’s official website.

The boot-camp will run for one month, with a focus on intensive technical training sessions. Participants will also benefit from industry-standard mentorship and business equipment support, facilitating their entry into the metals industry as professionals or entrepreneurs.

Having advanced technical skills in metals, such as welding, fabrication, and metallurgy, can open doors to global opportunities. International manufacturing companies often seek skilled individuals for production roles and specialized projects, offering the chance for career growth and international assignments.

These skills are also in demand for large-scale construction projects and renewable energy infrastructure, especially in regions undergoing urbanization. Beyond direct employment, metalworking experts can work as consultants or trainers, sharing their knowledge and advising companies worldwide.

Additionally, those with metalworking expertise can contribute to research and development, exploring new alloys and manufacturing techniques. Governments and NGOs also value these skills for development projects that support local industries and infrastructure.

Acquiring advanced metalworking skills positions individuals for rewarding global careers, with demand expected to grow as industries expand.

By Yahaya Umar 

International Monetary Fund ,IMF, has announced it is reducing the costs for countries that borrow money from it by up to 36%.

In a statement from the global lender on the review of the charge and surcharge policy, the fund noted the challenging global environment coupled with high interest rates necessitated the reduction.

According to the statement, changes were made to how much they charge on loans, which will lower the borrowing cost by 36%, saving countries about $1.2 billion each year.

This reduction will mainly affect fewer countries, from 20 currently to 13 by 2026.

The fund noted that the changes include reducing extra charges on loans and raising the threshold for when these charges apply.

However, some charges will remain to ensure that the IMF has enough money to help countries in need and manage risks.

The goal is to provide affordable loans to member countries while ensuring the IMF stays financially strong. These changes will start on November 1, 2024.

The Managing Director of the IMF, Ms. Kristalina Georgieva said of the review, “In a challenging global environment and at a time of high interest rates, our membership has reached consensus on a comprehensive package that substantially reduces the cost of borrowing while safeguarding the IMF’s financial capacity to support countries in need”.

“The approved measures will lower IMF borrowing costs for members by 36% or about US$1.2 billion annually. The expected number of countries subject to surcharges in fiscal year 2026 will fall from 20 to 13″.

“This is achieved by reducing the margin over the SDR interest rate, raising the threshold for level-based surcharges, lowering the rate for time-based surcharges, and increasing the thresholds for commitment fees. The approved package will take effect on November 1, 2024″.

“While substantially lowered, charges and surcharges remain an essential part of the IMF’s cooperative lending and risk management framework, where all members contribute, and all can benefit from support when needed. 

Together, charges and surcharges cover lending intermediate expenses, help accumulate reserves to protect against financial risks and provide incentives for prudent borrowing. This provides a strong financial foundation that allows the IMF to extend vital balance of payments support on affordable terms to member countries when they need it most”.

The International Monetary Fund ,IMF, has long been a critical player in providing financial assistance to countries facing economic challenges, often stepping in when nations struggle with balance of payments issues, currency crises, or debt burdens.

However, the IMF’s lending practices have come under scrutiny in recent years, especially during periods of high global interest rates.

Borrowing from the IMF can be expensive for member countries due to additional charges known as surcharges that are applied on top of the base interest rate.

These surcharges, designed to encourage countries to repay loans quickly and avoid excessive borrowing, became more burdensome as the global economy faced a challenging post-pandemic recovery, rising inflation, and geopolitical tensions.

In response to surging inflation in many countries of the world, Central Banks have adopted a hawkish monetary policy stance jacking up interest rates resulting in an increase in the cost of borrowing for businesses and governments.

However, that monetary policy stance has begun to taper off with the Federal Reserve Bank of the United States cutting interest rates at its last meeting.