Page 30, THI5DAY, Vol. 16 No. 5965
Tuesday, August 23, 2011
BusinessWORLD
news
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$84bn Deal: Shell to Export 1m tons LNG Gas to S'Korea, Annually bout en:: million ~ out or S.64 million too; of dE gns to be ~port."(j 10 ~th
A
Korea :u\nuall~ . WIder I) long' ICOlllicJJerll!l.l Nand Gas (LNG) StIJ'PI)' lIgr'tt!fllM. which the countty C'1Iten:d last \\tek with mergy ginnts . Royal Duldl Shell and Tocal "wid corne from Nip. SheD nnd TOCII tdd 2.5.6 ~r. calt I!OO IS pcroent equities ~\'ely inlheNLNG.OtIrr
stllRhokJm 1111! tIr Ni~ N1Ujona! PcuoIcunl Cttpenlion (NNrCl (49 p::n.'r11l1nl ltalian oil gi.'V1l Eni (10.4 pc!"md). The PL'lI1I. ~ in Ikmy Isbnd. RI''efS Sinle h"'' ' :m ~'Ct1\1l capactty of 22 million IlJllS of LNG ycdy and<l million ImnI:S of Wq\ll!rled Petroleum Gas (lPG ), (JIiErwly. known as ading ~ TIle ps lhal would be pr1)\ided by Shell from NiFria's LNG pbnl bqiming flOOI 3)13 will ircr-.:a5IC 10 2D million IOI1.'i 11120 14. The de:iI \\'Ofth ~ billkwl \\ ill sa: SWN WI [<area G ilS COf)l (KOGAS), weltd's IlI!gcst corpcr.!1C W)'a' or I.1'Ki aner
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ENERGY
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BJ Clltu AnHlJru-A' ...odlluw J:IIIIIn imponinga combined 5.6-1 million tOI\S per annum ("II~) of LNG from 2OIllo20JS,llle,'OIUlIlC is cquh'lllcm 10 abwl ll fifth of II1C a;urtry's LNG inlpOfU m 2010_ SOllth K«ean otflcial$ saitlthe lIcaI. wtII1ll about N\A1 billion (S84 I billion) \\00 over their lifetime is the n.1lIOII'sl:up ~ 10111l'-lI:nn gas SUf1!Iy:lgJtl::lnr:ntS
acquire. JO patt'll smke ,,;u, an oddJtionalllt\'CStment ofS I.5 billion in Sb!ifs rullY-<II"-nm Ftt:IUIJe proj-ct in AI.I!ilrltli:l. die minisuy $:lid. lllt: oounuy's~' minisny said !he ngroelllent wiIh Shell and Tolal woold help "5llIbi1i1oe ilS LNG supplies as giohIJ
ellI!II;y supply
0I)nCCm5
h.,\~
been on tile rise Rnci 1:1pM'S M::uch~ ,
South ~'s LNG dcnVIJld is opo::b:d 10 rem:un rdalh'dy f1aI Ihrough !lie ~t 1kcaIe, inching up 10 34 million IWOeS by 2024, up from 32 million in 2010, acconIlng tu p'm1lncm
The NLNG ~}' operales si;l; production lnIiM HCM'e\'I:t 5h."ttdloIders in the proFct aI50 plan 10 bJild Trm 7. ZS pan 0( p-emmrnl '5 efJ'ons 10 ensun: dut mcue rrom po; eqtIo11S lh.'1I of oil. The sU-trnin cun-enlly produces about 3A
million mtp:J of ti'lllcflCd JEtroIeum gas. all or \\tlich \\';tS 1ft' vlousIy e:oIporltd 10 !he United SIllIeS (US rrwkct). NLNG oiflCins dISClosed nxmtI) Itw p70'mVllOll \\wld CIf1l ID'OUnd $1 bill~ in rt'\'mJt from gas t.'<~ if a 5e\'Cnth train mmc:s 00 Stn:OIm.
Asia's L1Ip CQlrIIJfIIICS Il!e
CQl'lIpeting for Auslrnlio.'s ropidI)' EfO\"lng supplies nf LNO 10 ~ the ctlCfPY IQ fuel opan-
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The: ImIS$k-e LNG de-al is CXpectetllO rqJIx:e 3 number rI Iong-tel111 supply ctlfllmCtS with Indonesia. MIIlay:Q.-t lIflll Dnmei
UI\OJtr a~nlS to\'Cring :around 4.7 mUhoo 10m per ~__, due 10 e:<pu-e bet'\\l.'m 20 13 and '3)1 ~
KOGA.''i. the \\OIkI'S Iatgc:u corpornIe buyer nrLl\'G_will also
Nigeria's Food Import Bill Worries FG
T
he r-edernl Go\-emmcnl hast'll;~ C'! WlCmlO\tt
tilt' m:l5..~h'eand ruing food impofUujon 11111 in Ihe country, ~Ti billJ!! it Il'I 'dln!'CfOU5 !"or tht eo."(if1()my 3111.1 u~bJc:
~linlster of Agn;ulturt, Or. Akinwunmi Ade$inl, m:dt the staltmeTlt w~el:el'K1 at the International InHilUl~ or Tropirni Af;ricultur.: (lITA) in
1tn1:tn,Oyo StiII.:_
lie alo;o 11010:1 !hN !he iml,lemmmtion of the plliq of dlC addition of 10 per ("en! cas:5a\"3 floor to \vhc:x flour could 5a\~ Nigeria about N'Soi billion_ based on the 2010 rood inlpolt 5tati5lioi rtlea:;e!1 by the Minio;U')' of Agnctllnue 31. the ctISA\':I rt\dution f(!I'UJTI tltal was condUlbf at IITA. The ministC'r~ th3t!he inw.lemoIl31iOl" of the c:assava policy could also easil)' generate millions oljobl anti help the oil-ric:b ll:IIion td'e the gJU"'ing incitb.:e of youth WlmI-
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Adesina said high food importS ~ rn."Ide Nigeria one of the iaIgcst food impcx1m in the "''Ofld, a tn:nd he \'CrM:d ID m-me.ln 20 10 afo:n:, Nigeria spent N6J5 billion on the irnportlllion or ""helt. N356 billion on the impofti!lion of rice, N217 billion on SlI;P-,and N97
BJ' CntSQe Osagie billion on fish Impros. AMJy~i~ rt\'eal~ tlmt Nip:! Is spcndinJciost; to 1"11.8 billion dailv on wheat and Nlbillion
d3:ily on rice irnponafion. Adesina. while urwciling dte Fedi:r.!.I Go~'mIl1Il:I1fs pL'ln for alZriculwr:U trans./"OI'tTI,'UIOI1. &:Ud tlte new 3t.Iministralion \\"a!l committed 10 fully in~t ing Ill::: 5UbstiMion ofln" 1quaIitycassm-:JOout for wheal f1our, ;dong with other ceml!s 10 M\~ the billions uf Naira being iIJICIlI on the importDlioo of whcat.. lie also aid th:u the p-emment would suppan the use 0( e:asstIVll to m:cI the growing tIonand for high quality rruelose c:t!SIva syrup for soft drinks and 5\10~ industry, and rc:duae Ihe high c:oa of ffi1ut of 5Ugar. ll1is woold ~ , 'p!.I for nine bottling phillIS, IUl cquh-aIctd. of 75M IOnrd of sup,
equn.>1IeI1l1O 300M \tJoneS of f~ t:a5StI\"3 TOOt!i_Second. dE use of as$II\"3 under the E-IO policy for blcntling 10 per cerll cth:moI into petrol wiU produce one billion Ii~ per ye:J1' uf
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W'Banlc Nigeria's Investment Prmnises Double Digit Growth
T
he \\bttI BIlIIk tm preOlCIaJ thai tile NigmMl cccnomy \\111 grow nl II double digit rate in 20 II pnd bqun:! ....ith the country's new fccus on il1\'I:Slfller1L TIr- World B;lnk Country Dim:lor ror Ni&CJi:a, Mr Onno ROOl,5laIed this durin, R COUJ"leS)' ,'WtlO tho MlnisteroCTradI: and Ifl'I'$IflCnl, Mt. ~ Aplp_ inAWja. lie Mkd th3l in spite clthe: [ull in tcOnOf11ie: grtMth triggeruI by the gloOOl economic crisis.the: Nigcri.1n ccoruny had the poCt;ntW 10 ¥""": PI a double digit RmiliIng tkM ",ith Ibc e:mnion of a new minisuy 10 I:IItc charge of Ir.Ide nnd investn~, thecounuy was on dte right track towards IdJicving its o¥ah-e
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rlbccoIIUng QIr oftltc 'X) at-
in& economies by the )'CIr 2(m.
lie said: IlE ongoing global crisis essentially not many «OrIIJI'tIies are ping fll5l . But the Nigenan econol'llY is aill ~ ing Iim_ lIo\\~-er, "'-e all know dtU the ill\~ dimate. in Nigeria can be signirlCantly i~'Cd by ill1plU\-emcft in infr.tStrUt1l.lrt ard access to auliI tllCfdIy m:lking it JlOS5I'bIe for more people in Nigeria 10 do cconom~ mealS thai
iul;ine$S.
"F.mnomic gtU\\1h In Nip fllStct'"this )'Clr_ "'iUdl .... i11 allow thccwnlJy!he real good CJAlOIlUnit)' 10 realise iIs oojcai\'~ of catdllng up WillI ethel economies 0( dte \\'Orid in lifr. wilt! ill; Vt5ion 2O.20211 puis~lObc
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OIIKAAMANZE-t1WACHl.lOJ
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.JOHN ""'" AgrI!us!ness rlilmlID
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atNEIJU EZE ~
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EfICNOS8.f.A8l:O..tl tOPaIloIttj
CRt..JSa; a 3AGe
E.UQR ALJ(E \Energ)1
-"";;'llmL!..
IN,IES aaEJO /NiCOl) ~
EfB;4 r.pu,NGA -~
OEiNotA OiIM ilblI1 ~
SMl AlE:SE
~ B.fo!:J1
,.,.....-
'1lE JIUWlIl potellli;al in Nigeria is ''CI)' hith. AI~. tiE COtuiti)' is puwil\& lit ~'erI per C~lIt . And ....ith tlleowionoflhe new ministry for ill\e5Unenl. the: country CI1 ~ duul*-digit poI'lh r.IIC Wo:- ~ 1!00n1P" sup[!'lIt thr: ~ hmsu)' of Tr.d: mil InI'CS1m!l1!\\"ithtlll!t ~". hc:
>llil
ECONOMY By CnlSM Osagit ~ during the: visit. the Miruster of TIl!dc lind Investment, Mr. Olusegun Ag,anga. CO!l1fI"It'IIdc the World Dri: forits~IONigc:ria and ~ 1h.'Il the minislry would coUaborntc wiIh tllC imtilUtien in its dm'e towrud.<; il1Cl'eZing lite country's inflo..... of r'Olrign Oire:t Imtstmcnl. job c-c:alion a'Id WI;:a1th p:rEJ3bon. Apnga said. 1llc; World Ort has been SlJIIIUIh-e of tile
donn ~ of the rutmrtadminisIr.YiM.c:speciaJly in the pl7\\'eT 5CCIor. We Wllr'It to Clpitalise on having 1lO"'eT by having Indepmdml Povo'C'f f'rodua:rs work "'i lb us and havin, dE bulk traders in
between. We ",'Wid not llm~ been able 10 do this lVithout the p:wtiaJ risk gu.YlInk:c. from the \\Uid Bank. "~'e\-er, ~ IR' BJCl5 .... ~ ....-e need 10
other
\\'OItt with the Wmd Bank to be able to il"lC'Ka.o;c the Per CapitDJ ~ cllhe a\-rrngc Nigerians: N1d jDiriYely imJUI th:: &.0 ofthc eomroon ~ This is aitic:lI in our resoI\'e 10 IlII:klc tlte problem of poverty ~r
IfJd unemloo,,'merd in NiFria" II~ adckd. ~r- l\lilHsny or Tr.Ide III1d III\'II!$lment is ~y 10 wOOc tog~ther with th: \Vorkl Bank 10 ;w:Iiieo.-e Ihis ubj«ti\-e_ We 3R' "'"Cridn& out the n.;daIiIicli 10 um'eil I new pbn for Small Rnd Medium Scale Enterprises for the 1Je.'lli1 four }'Cm. As jXIfl oftlr-l1C"' plan 10 dcYelop 5MB in Nigr:na. lI'e ";II1II10 ~ th:at the inWstrial dusters m:d with the SMEs, in adifllion 10 cnwring tlmt SMEs are linked 10 infr.r.. structure for optinul perf"orm:II1t'e and productivity. This is the only way 10 mac S~iEs prodUCIi\'c and JignirlClllltly ~ their high failure r;Jll5:'
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Cotton Fanners Refute NlOObn Loan from BoI IIllding tIJ.1I.lhc aim "'11:'110 croaIe idon rI NaUonaJ Cooon AGmc a c-ordut-ive cconornic. institu\-:Ider5 Associ:Uion of
p[
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Nigeria (NACOTAN). Mr
Harner K.....apra. has rtf\nld
claims thai the Batt of Jndusuy (801) has disbunal a 1"1100 billion f.:Icility, meant. for oonon Oeo.~lupmenl to flltmCfli !Jllf.kr its
......
government assist;ttJ« in
die lIflJIooch iftJqtrul) 1\ "I\I1t 10 IlllIke thcm bellefil rrom the
funa .
TIlt NACOTAN ~iJenI . \\ 11l' c;utI this in ~oop at 1\ SU~.'· hold..."n· n!C":lUlJ!! C1J1M!') eo.I III tli<cU~5 '''VltOI pttn Ie'o1,)IlItion 0,).1 C("I\1J'(I \'lI1ue ch.'lin tkl'<!k~
r(lf
Igma".
~~i\I:IJ ,\'It
"""'" He """"'-
the
bnlCnlnl that In this 21s1 mllllY farmers S1i11 use poIythcne bag.~ 10 $lore dteitproduce.lII1dth:ltolkn till\e$the us:l(;C or such b:!g.o; mut.:uninate thc couon: It1CtdJy <Jc:o.'3/uin, iL lie ht....,C\'ft' d ial 0.1 the pftTUllCllt to f'!OI'idc: Uf'"lo-d:a!t: infomlll';Ou 10 the rlllnlCl'O South \\"eo;t NI\COTAN Pn::si<blt_M ~. LoI., Kmhima. sWaIl1tlll l'a1mcrs ill 1I.e rcgioI I M\'C bml :able to na:n5 N}(Xi nlillioo Ililhe 801 rUIJd, diselcll;illg thaI tilt find 11il.'i been Ilisb.lfSC"d \!I 0\'0:1" 3JXXl f;un~s. BuI Re~l alj~ (' . Mr Joseph D1Il>atu!ldr, di~d\R\l d!:U tile funoJ L'I1lIJd1ed in :'009 \\":IS nJ:'il!\t IU~\" lIS '" ~"J\" I scheme rCIT tt.c- ro!tnrl Te\ti\e~ alld GnrnK'n; l!loluslf') tCTm . ctllt\ll)',
tional, policy :md regulalOf)' fratne\\ork as "'-ell as focili\tlle to fundin, lh:u win cnhanr:e!he inw*y"s c:urIlJldilivmc:s!i. Oabatun:ie sIIid till: 1"1100 bil. lion bo!xI I100tcd by the Debt Managerl1ctll alTa (DMO) aa:cs5
p-ovision of SlOr.Ige f.cilities for
KWlIjaCasaid oocouon farmer urder its qis has been IbIe to ;rca:ss dte fund bccuuse of the stringent pnxedun::s that they ru.'It' to go through before llCaSSing il.adr:filig thai aldmgh 5OO1C famlCl'S in dlC South West daarncd to h;J\-e gonen the fund. he: \\":IS "Ics$ Il\Io'IW (J[(1~1I" He slid: ''TIle)' W:tllt 10 trndiCIlIe p(II't'f1y but till:)' 3I'e nlllkina the f:nom JIll), a roun1nrart ful¥i thai: is teo high for them to bear. Thebmk shouIdSlqld!;r.llI
merit
From I't'm; Akins"J;
"''lrJm;ade:a\'3i\ableloi~
and ~cnu;ne: industry putici. p;mts 1tI:tU5--~ the: VlUue dtnin of !he CTG !«t~. lie s., id d.e btnerlCillnes ind udcd catIOn f:a mer5_ !lI l/lCr)'~. $JIin
nirut IIIJd IBtilel mllk!"<_ nnJ
imicun in g;tmlCnUng.
lit c.~pl:li ned th:n. lilt' bnn~ Ilo"IJ beo:Il providing 1:Il:d1l f;x;i1i. ty 10 NAcarAN
m~ rnbers
thtouPt their coop:r.IIr.'t' ,00etie!i lie said It 1m funtai ct"!OpCf:lU\\" ~ in Bauch; (;oml'e tluoogh tile 011.10 :md tile D:tn~'OI~ fund ....itl! ruI inlC!'~ rule
or 5 1lt'f ..TIII
Ue ~ Ihat 1101 onl) laS d~ linl.:ed ll1t'n l up wlth pl\~
ics. llie) hadnl<opMlW:fa!"' i,h ~c: ro\"mIl1'\<'I II1 t l ~'1I P?dtl~N I~"'!' lJ'1."J\11t) ~"l'I!' ~1 ~\tllc: