Economy

Sustainable Transportation: There Is No Going Back On CNG – FG

Published

3 months ago

June 29, 2024

Stakeholders say they are optimistic about the future of sustainable transportation, envisioning a greener, more efficient road transport system.

With fuel subsidy gone, the Nigerian government has been seeking new avenues to cushion the economic effect on citizens with regards to cost of transportation, and one of such initiatives is the drive towards Compressed Natural Gas (CNG) which stakeholders now believe will be a more sustainable and economical fuel alternative in Nigeria.

At a recent forum in Abuja key stakeholders having deliberated for hours, concluded that there is no going back on the adoption of CNG as it avails Nigerians a more cost efficient fuel which is friendly to their purses and to the environment.

At the stakeholders meeting convened by the Presidential Initiative on CNG (PCNGI) and Portland Gas, in partnership with the National Agency for Science and Engineering Infrastructure (NASENI), it was agreed that the adoption of CNG is a more sustainable way to transform the nation’s transport system.

Tosin Coker – a representative of Engr. Michael Oluwagbemi, head of the PCNGI, opened the session by emphasizing the government’s dedication to promoting CNG as a viable and sustainable alternative to traditional fuels.

Mr Coker highlighted the potential of CNG to significantly reduce carbon emissions and improve the overall efficiency of Nigeria’s transportation sector.

He further revealed that the federal government is offering subsidy for public transporters to convert their vehicles to compressed natural gas as part of effort to accelerate the adoption of CNG to reduce the use of premium motor spirit.

Stakeholders had lamented that it would cost between N1.2 million and N1.5 million for the kits required to convert petrol or diesel-powered vehicles to start running on CNG, however, Mr Coker in assuaging theses fears, revealed that the government has attracted foreign investment to the tune of 50 million dollars and as such interventions will be implemented to reduce the conversion cost.

Chief Aloga Ogbogo, Executive Secretary of the Road Transport Owners, spoke on the practical benefits of CNG for road transport operators. He underscored the economic advantages, noting that CNG adoption would lead to lower operational costs. He also called for an increased government support to ensure a smooth transition to CNG across the transport sector.

Providing insights into the technical support and infrastructure development necessary for the widespread adoption of CNG, Mr. Folajimi Mohammed, Managing Director of Portland Gas, assured stakeholders of Portland Gas’s commitment to facilitating this transition.

He noted that as partners with the government, all necessary infrastructure and technical expertise to ensure a smooth and efficient transition to CNG for transportation in Nigeria will be made available.

The meeting concluded with a consensus on the urgent need for collaborative efforts to accelerate CNG adoption in Nigeria even as stakeholders say they are optimistic about the future of sustainable transportation, envisioning a greener, more efficient road transport system.

Economy

SEE NAIRA Rates Against The USD, GBP, EURO Today September 20, 2024

Published

2 hours ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Economy

SEC wants govt agencies to list on NGX

Published

8 hours ago

September 20, 2024

Kayode Sanni-Arewa

The Securities and Exchange Commission (SEC) says it will encourage government agencies and state owned enterprises to list on the Nigerian Exchange Ltd. (NGX).

Dr Emomotimi Agama, the Director-General (D-G) of SEC in an interview with newsmen in Abuja on Thursday, said the listing of the companies on the NGX would guarantee democratisation of their operations.

Agama said the listing would also guarantee inclusiveness and wealth creation for citizens.

He said the Commission would provide incentives that would encourage as much state owned enterprises to list.

According to him, inclusivity is very critical, because in it, you have ownership and so we all build our industries and the country together.

The D-G said the SEC was also working towards inclusion via technology, adding that the use of technology would make the capital market more attractive, especially to the younger generation.

“That is why we encourage apps, we encourage fintech tools, and that is why we supported the inauguration of the electronic offering platform at the Nigerian exchange.

”We encourage everyone who wants to participate and is qualified to participate in this process, to turn around the way people see investing.

“We want investors to have a beautiful experience, to make it so easy for them that each time they feel like investing, it brings happiness to them.

”We will continue to do that through encouragement of technology, through education,” Agama said.

He said the Commission would ensure that bottlenecks usually experienced in process of investing in the market were removed to rejuvenate the country’s capital market.

(NAN)

Economy

SEE Naira To Dollar Exchange Rate In Black Market Today – 19th September 2024

Published

1 day ago

September 19, 2024

Naijablitznews

By Mario Deepromoter

The Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here’s the exchange rate for today, 18th September 2024, based on information from Bureau De Change (BDC) operators

How much is a dollar to naira today in the black market?

As of today, in Lagos Parallel Market (Black Market), the exchange rate for buying a dollar is N1655, while selling is at N1660 on Wednesday, 18th September 2024.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals to approach their banks for official Forex transactions.

### Dollar to Naira Black Market Rate Today:
– **Buying Rate**: N1655
– **Selling Rate**: N1660

### Dollar to Naira CBN Rate Today:
– **Buying Rate**: N1651
– **Selling Rate**: N1652

*Note*: These rates may vary slightly based on location and the specific Bureau De Change operator.

### CBN’s Outlook on External Reserves and Economy:

The Central Bank of Nigeria (CBN) has raised concerns over factors that may hinder the growth of Nigeria’s external reserves in 2024/2025. The removal of fuel subsidies, rising import costs, and increased debt servicing are cited as potential threats to the reserves.

This was detailed in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024/2025. Despite these challenges, the CBN projects overall economic growth for Nigeria, driven by policies supporting agriculture, oil sector reforms, and foreign exchange market adjustments.

“The outlook for Nigeria’s external sector in 2024/2025 is optimistic,” the CBN noted, with expectations of favorable trade terms due to higher oil prices and improved domestic production. However, the bank also highlighted risks such as lower oil revenues, increased import bills, and rising external debt obligations.