Tuesday, June 7, 2011
THISDAY, Vol. 16 No. 5888, Page 29
WORLD R ATE I I
OVEll DRAFT -Prime
S
As
LOAN
N
2 0 11
E 3,
DEPOSIT/LENDING 17.5952% . j 'S~vtngs Accounl
17.5227%; - Prime 20.()652 % Normal telidiilg
!-
Normal Lending
JV
AT 202857%
! ' Strict Call
-500= FMOA ! -7 70s"
7
2~S~ ' 60 Da)-5
6.,203%\
2.6304%
' 90 DaJs
6.4365 '"
2.9886 ...
' 180
6.3889%
I
0a)'S
!
!
EXCHANGE RATE {('mo.J, NI.53.591&1 as It last Frida):
Unresolved Labour Issues Stall New Electricity Tariffs bbour ~li\lC'IJ issues may tv.'!:; fom:d !hi: Fedr:rnI 10 e;"(1eOO tiD Janu:wy 2012.1he efrectJ'l: cbtc: 01'* tariffs. ntlSDAY im"eSliptions hm'C reo.-e:Ucd. Sources at the Minisuy of ~-er hirucd th.11 !hi: recently 1U1IIOtlrred June 20! ! uOO!~ dale nt:I)' 1,:I\t: Ircn shirtet.lllccallie &0"t':n1ll1!:Ill is )'eI \0 rra::h an IICl'OIll wilh L1bour- en COI1IenIious issues 00 the pL-inned ~\'31isaion r:i the ~w Holdings Company of Nip:! (PHCJ"o,' ). whICh has pitched it a£3insl the ~ 1aIJou-. The Fcdcr.II Q:r.'CfIVT1Cf1t h.~ I~ wed:: annoutad ~ change in the COftIrt'("JJCemP:f\1 dale fnr the,.,. ele::tric:ity unIT ~ from Lhe initial June 2OIOdaIc: 10 J3fI\.I3f)' I. E12. 0I3irm:In of tb::. Nigman &ctriclIy RqulalOl')' COfQnissioo (NERO. Dr. Sam Amadi. dist'kRd the 111:'\' dille at a ronsultatr.t: \\''OI1<.shop with S1.1keholdm in the Nigerian electricity industry en the major reo.·iew of !he Mulri-Year TariffOnkr (MYro). lie: Slid the thangc in ~ "'>lS1O enabk: NERC ertgagI: in further dl!ic1.&ioos wnh ~bant SI3kd1oIdm in onb 10 allow for Ihcxoogh rornprd1ension of the regime and to align the reo.iew dates lI.ith the caImdar of musl bJsi~ especially ill the Nigerian Electricily Supply IntlUSlI)' (1\'ES I) ao; wcon as!hl::!:J5 supply!C'ClOf. But nUSDAY !:Ilheraj dlill the dl.~ oflhe./un: :xlII t'IJ;e-oIT
U
nresol~'Cd
in ~ betu-'I!Cn the p'011l11eJ1l and nrmbersof PHCN L'1bour union.Amadi majl\lainLod thai: there is no immed~1Ie guar.nce and cer· tainry 00 the dirccuon of the new tariffs. adding that the tJri1Ts will
'ENERGY
GOI~
I'IC'A' eb:rricily
~rronlcoosullati\~~wiIhSlllkeholur:n\Vho~c:;I:J:ttI
From Chilleme Okafor i.A~ d31e hold 10 do with tI-.e lingering ~ br:t1.o.'I!!C'II goo.'I':I1lfl'IOlt
and labour on the planned pi\'atisation r:i the Power S«tar. I·Joo,\~'C'f. nq:oti:Itions bcf\o,'ttf1 bod1 pvties are stiJJ engoing wi th dll: lI(lpOintmet1t of Hassan Sunmoou, founding ~idcrtt of the Nigerian Labour ~ (NlC) as ib chief negOOator and mediator
ed 10 critiqul: the commission's cffons ;\I insIaJling a cost reflecri-.'t; pieing regime in tile elcctridty il'llu5tl)'. He said: "The: introWctian or" IYro in 2008 ~ II p;ndigm <tUn from the ,!;I'-IIUS quo of tr.KIitional price fixing 10 tllC detemlinMion of a C05I ref1l'ctht: wiIT:I'§ a ctrr.wof pl'l\-ate in\'es!mC:nt in the. flO"\tt ~, which W3S~ by Id of 3 1r1lllSJXllOll. prx.-e dl'tc-rml' n.'llion process:uxJ ab)yna]}y low tarifr.
Nigeria Eams $822.9m from Cocoa Exports rilT1Olf)' oon-<lil C':'Ip,:lI1.S rrom of the R3\JOO's foreign c:.~change earnmo. fC'lChed Nig<.'1ia not 1m than S822.9 miUion in 2010. TIlts figure 11.';!5 di~ m Aku~. 0n00 State by . the CiC'naaI 1\ l:ma~ of Cobalt International Snvices Limited. Mr. OIukun!e Akingbola. at il sellllllar orpnisal by the Cocoa i\s5ocialioo of N"rgm3 (CAN) ard ~ by lhecompany. Cobalt lntemational Sen'rn UntilCd was 3('11oillled by die r'C'dr:r.tl {)o\'CfllInent 10 carT)' out Pf'C'shipll1C'nt ill$pC'CllOO on
P
ooroa. one
,,_.
'fhe semin.lI' titled 'Reliable Stntistics for Sustainahle DevC'lopment in the Ni~ria C()C('Q Sector' hdd inAkIm:. 1I.0l'§ at~ by \~ stnkehokJm in the COC'UCI induID) illCltJding rnrmr:n. trader.i. c:."[poners. and Innriteting ccmp;lIJicos. AcoonJing 10 AkiogOOla. the cocoa earning accou nted f()!' 35.45 per c:mt of the Annu.1.l Report of the Ye;1r 20 10 nation's plOOrTJe from the: IUI-OO e.~ports. f-k said dlOUgh the figure was gtTlC'r.I1ed from the company's Allnual JqX.lI1. Nigeria \\'3J yet to
~~~:;
.• coonlT)', vue to smuggling and non con\f'llarw:e by l':'Iponm. Akingbola said lack of statistical d:ata 1I.';1S ImlJrring the planning srrat~ of goyenvllP:lllS aI. l'lrious It.-\els about dlC c0mmodity. which "as one ofnt:ljor 50UICCS of femgn c:.'tCh:tnge for tile ('(]U~. befe« the oil boom. The Cob:tlt Bu<.s !3mented thatldohm'dibled:u.1co/lat· ing~.hatl bern ~iblc
I From James Smmleilo Abw (or cL~ :n:I couma- claims by cocoa pm1lcingstaK5. andC''eIi
countries ()II who produces rTI()Ie. COfIrmning the company's position. Ondo Stale COOlmissioner for Nalur.al
Resoum::s. fl- lr Remi Ol:lrubora. SoW una..-:UL'lbility of d:lla on
cocoa rmJuction in the coomry has Io:J 10 3 COI1IJ'O\'CrS)' betwttn
o.do and Crou Ri\'l"I- staleS.
OIalubor.\, who 1I.>lS rqRsentro by a din"CIar in the " Iinisb:'.Mr." larcusAkba. Slid dUlgh the st.1\e hils no record of the pnxhx;tion of Cross Rht:r St.1lc f<llTllC'fS . ~ is need for ~ C'OCGI produdng Still(: in the CWnb)' 10 ~ OlIt a process of collating data on tlriT ptduction far common good. lhc commissioner. \\110 n-atl out the figmes 01' ~ua: !'rom the SIaIe from 1999 to d:Ite, said the figure; ~ exdudt-d Ihl!l1JTIOtlnlof~smuggled
or IlE stale by those \\'110 wanted to lwoid paying \hC'
OUI
""""'" '"iT.
He said all cocoa puduclng states ClIO h:vmoni-.e methodologislS of compoting dll:ir daln. Nigttia can challenre the claim ~. Ccle d'hooR th:u. it is the h1ghcS producef 0( the comnllXlity in Wesl Afric;,.. Mimiko said in orda 10 get ~tiablc: st:Itisfics. Ondo State: would ~ up an Anti-smug.ling Ta<.k Faroe.S.1);"8 loopholes that c:.liSlOO m:lke compil.1tion of Sl3lisdt:s diffla.!_h.
'/, R: ernlTa/Ballk of N;",w, (CBN) (;q'TmOl', AIr/110m $DnUJi lAmilJo $Dnusi. ~til'f! S#-cmnry ofdlr NAS8 , ,I'r Jim Oba-oft and /In> Cluunmnr (If " ie Gorrmin, Co/Illcil of'ht ,""IS8, AIr /.tiel/tNt Adthisi I'opoo/(I dunllg II~ Tht Ni~,itll/ Accl)wrtinl Sbmd(lrm 800rd (A~ISRJ N2 billion fllnd raising Dinller flrId Confertllu in aid of a profIQWI llIl~mnJiona/ Finnnt:ial Rtponing Sial/dorm (If'RSJ nl lIlt Lotos :;IItmflJII IlIJifl and To"'tI1', l~jP, Lag(lS
Kerosene Scarcity: LPG Marketers Opt for Smaller Cylinders
D
etCfmined 10 t.'Ike ad\'antllgC
of the C\.IIm1. scan;ity of kemstne to boost consumption of LiqucrlC'tl
~mGal(LPG).othc:r'-'·ise
c::Il1cd cooking gM.the. rnarl:ctrn ~ ~ing to il'lUlllb:e smnIlc-r--!i2ed U'G cylinc.lcB., TUIuce start-up OOSI and C'fIC'CIlir.lgI rroe ~.
Cllm'nt.ly, dl(: lJl'Lll~ LPG q lifder in the Nigerian nlal.tet is the l15kilogramme-<ylinckT :Ind thr.; h:i:s COlltril:lrted 10 the high 5C11t-up cost of using LPG as a prospeClh't; U!e' spends at ltast NIO.lXXl to bJy the qlindef, ~bIor, gas:ud ho5e. But with less \h.'Ifl N3, (0). Wl)'body can wy Slovcs and star1 usin~ kerosene for domesI:ic
-.
tlO\lt!'o'tT,dle 0l3imn'l oI'the Nigerian LPG Association. AnI.'Iji Auwalu Itu tokl 1l-USDAY at the ",'ttkcnI dlJl the
I
ENERGY
BJ' Eji%r
I
A1;k~
/l'IaI'ketC'l'S would introtluoe 3ki1ogramme antJ 6kilogr.lfrVlle cyUnders to n.:e the use of c:ooking ga<; more Attr.1CtiI't; and nlfordab\e by the prospeCli\'t; ~.
He SUlcd IN! cookin! ga<; 1I.-:t5 ilw3yS cb:3p:r than kOU5Cl1C' WI. the high sm.-up cost has disttR1I'lIgo1 JUOlIiaJ ~ of cook·
inggas. l1u. "'00 di!lclosed Ih:I the curTC'lll sc:trcity of ken:Rne has boosted the COIIsnmption of cooking gas. noced th.'lt with reduced saan-up OOSI. the use 0( cooking gas will be: further
"""""'. '1be
krrUo:erlC scnn:ity h.:ts helped in improving the martet
;to; consu~ or LPG Iw gone up. Gas is always cheaper than ~ rut tb::. prob1em is the snt-up m!;I of It'5ing gas. Be(m one starts l1'!ing lI'G. he has 10 bJy thecy linder. rquL-uor. and hose and abo use III Ic::Jst N1.500 10 fill the !25kg-cy\m. ~ th.tt can last (or ()\'t;J one monlh. But in the case of kl::rosme. )'00 can USC' smnIl money 10 fxly only a Sf()\'t; and strut IMlg kmlsene. With 3kg and 6kg cylinder, which can I~ far one mon dl . the Slart-up C05I or Lf'(j will be retIuco1 ant!
nueuserswil1be~,"
hesaid.nnSDAY ga~ thai an 31'tt11gc family of fi,~ con· sumes fi\'t; Jitres of kerosene in one ",ttk.trnnslating 10 20 Iill't;S per month or NJ.{XXl at an 3\'C'fage price.or NISO (le': li~ . BuID 125kgcylindcrofLPG 1:1.<;1 farone montll. tr:In$1ating to about N2.SOO per month.
110\I·C\t:r. with !he. di53JlPCllfance of ~ in IfIO!I: filling Yations aI. It-.: weekend. !hi:: r.ricc of the product hit NJOO per litrt at the "btatk maJkct". while few filling st:uions where it was a\;tjIab1e sokIllI NI55 per litre. It was Iearm thai the scnn:ily worsconcci after the SOmillion lilJt:S imported by die Nigerian National Petroleum CoqJorntion (NNPC) in the previous ""ttk "''as oh.-.ustaI. St3li~tics frum boIh the NNPC nnd die Depanrrl:nt or Pcuoltum Resources (OPR) indicatco dl:ll Nigeriam consume :In 3\-et:lge of IOmillion lill't;S 0( kcru9!fIC daily. Be(ore it c:."[hau$Ied it< stock. the 1'-'NPC had suspended supply 10 depot ()\\1ICf5 am comI!1eI1Ctd direct a11ucation 10 marketm, as pan of the fT'IClISUIt:S to bring dcrI\T1 the mail cost of the ~.