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Dangote Refinery Will Boost Growth of Downstream Sector in 2022, CPPE, Others Affirm
Mukhtar Yahya Usman
The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, has identified Dangote Petroleum Refinery as one of the key expected drivers of growth that would impact positively on the downstream sector of the Nigerian economy in 2022.
Likewise, Financial Derivatives Company Limited, a financial institution, in its recent Economic Report for 2022, expressed a firm belief that Dangote Refinery would boost the growth of the downstream sector of the economy and enhance petroleum products distribution across Africa.
The Managing Director/CEO of Financial Derivatives Company, Bismarck Rewane, however, warned that the refinery, when operational, would not be a final solution to Nigeria’s economic crises. “The coming on stream of Dangote Refinery will no doubt enhance product distribution across Africa. Will Dangote refinery solve Nigeria’s problem? The answer is no. But the company is going to make Nigeria an exporter of refined petroleum products,” he added.
In a Nigeria Economic Outlook for 2022 released by the CPPE, its Chief Executive Officer, Dr Muda Yusuf said activation of the Petroleum Industry Act (PIA) in 2022 is expected to impact positively on the economic outlook.
“We expect to see positive outcomes as investor sentiments in the oil and gas sector improve on account of the reforms anchored on the PIA. This will however depend on the political will deployed to drive the implementation of the provisions of the Act.
It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy”, he added.
He said the average oil price in 2022 is expected to exceed the budgeted benchmark of sixty-two dollars ($62) per barrel, offering some fiscal headroom. This, he noted, would be powered by higher energy demand driven by the recovery of economic activities globally.
“This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria (CBN) to support the foreign exchange market”, Yusuf said.
He, however, added that if the Dangote refinery comes on stream in 2022, the fiscal pressure on the economy may abate, but not completely eliminated.
According to the economist, because the service sector is less vulnerable to the structural constraints of the economy, especially the real sector of the economy, it will continue to outpace the real sector in 2022.
He said, “The service sector of the Nigerian economy will continue to outpace the real sector in 2022. In the third quarter of 2021, the service sector contribution to GDP was 50 percent and the growth of the sector was 8.41 percent. The oil sector contribution to GDP was 7.5 percent while the non-oil sector contribution was 92.5 percent. While the industrial sector growth contracted by 1.63 percent, agriculture grew by 1.2 percent.”
Yusuf said the Gross Domestic Product (GDP) growth would remain fragile at about three percent, pointing out that the key expected drivers of growth would be sustained recovery of global oil price.
He said, “We expect that the average oil price in 2022 will exceed the budgeted benchmark of $62 per barrel, offering some fiscal headroom. This would be powered by higher energy demand driven by the recovery of economic activities globally.”
The economist noted that despite the downside risks, the economy would continue to present huge opportunities for investors across all sectors. “This is on account of the resourcefulness of the Nigerian people, especially the entrepreneurs.
Other inherent strengths of the Nigerian economy include the market size, the population, and the demographic characteristics”, he added.
Aminu Abdullahi
The adolescent girls initiative for learning and empowerment AGILE has been described as a major catalyst to educational development.
KANO FOCUS reports that the Emir of Rano, Alhaji Muhammad Isa Umaru, made the indication while receiving AGILE team in his palace.
According to him, Kano has witnessed significant progress in girl child education facilitated by AGILE, hence the need for traditional institutions and relevant stakeholders to contribute their quota to achieve the desired objectives.
He noted that, Rano Emirate has been at the forefront of ensuring enrollment retention and completion of girls education through various initiatives.
The emir called on the Adolescent Girls Initiative for Learning and Empowerment (AGILE) to upgrade the girls school in his community.
The monarch said, the school, located beside the palace, requires expansion to accommodate a larger number of students.
The traditional ruler suggested that AGILE should visit the school to assess its condition, saying that, relocating the school to a bigger location had been earlier considered.
In his remarks the permanent secretary Kano state ministry of education Alhaji Bashir Baffa explained that, they were at the palace to seek for support and blessings form the royal father.
He said, AGILE has fostered an enabling environment for girls through promoting behavioral changes through communication campaigns engagement with traditional rulers and advocacy.
He maintained that, the team has embarked on advocacy visits to all relevant stakeholders at community and state levels on the importance of girls education.
Alhaji Baffa hinted that the state government had declared a state of emergency on education, hence the need for the traditional institution to contribute its quota to achieve the desired objectives.
He posited that, the team will visit the school to see possible ways of intervening for the development of education.
The permanent secretary also used the opportunity to condole Rano emirate over the killing of its indigenes in Uromi.
KANO FOCUS reports that, earlier the team has paid a similar visit to Karaye Emirate council as part of efforts to advocate for support from the traditional institution and relevant stakeholders.
Aminu Abdullahi Ibrahim
The Kano State Ministry of Education’s Adolescent Girls Initiative for Learning and Empowerment (AGILE) Project, supported by the World Bank, has successfully renovated over 1,300 senior and junior secondary schools in the state in the last three years.
KANO FOCUS reports that the state commissioner for education, Alhaji Ali Haruna Makoda, disclosed this during a visit to the Karaye Emirate on Tuesday.
He added that the AGILE program has enrolled more than 30,000 girls through targeted outreach, grants, and its Second Chance education initiative.
Makoda further revealed that the state government has finalized plan to construct 130 new schools in rural communities, with over 35,000 girls already benefiting from financial assistance under the scheme.
He urged the Karaye Emirate to lend full support to the program and prioritize girls’ education.
In his remarks, the Emir of Karaye, Alhaji Muhammad Maharaz, pledged the emirate’s commitment to advancing girls’ education in Kano State.
He commended the state government and the commissioner for their dedication to the programme’s success.
“It is our collective responsibility to support this initiative,” the Emir stated, calling for measures to ensure beneficiaries complete their education with strong academic outcomes.
The commissioner’s delegation consist of the Kano State AGILE Project Coordinator, Malam Mujitapha Aminu and other members of State Programme Implementation Unit (SPIU).
Aminu Abdullahi Ibrahim
Bayero University Kano (BUK) on Monday celebrated the 50th anniversary of its Faculty of Education and inaugurated its Alumni Association at the Convocation Arena of the university’s new campus.
KANO FOCUS reports that the event was graced by government officials, education stakeholders, and alumni all gathered to commemorate the faculty’s contributions to Nigeria’s educational sector.
In her keynote address, the State Minister for Education, Mrs. Suwaiba Sa’id Ahmad announced the Federal Government’s Sector Renewal Initiative designed to transition Nigeria from a resource-based to a knowledge-based economy.
She highlighted that the aim of the renewal initiative consists of – Reducing the number of out-of-school children; combating learning poverty; nhancing skills development and human capital for the labor market
The minister noted that the initiative prioritizes Technical and Vocational Education and Training (TVET); Science, Technology, Engineering, and Mathematics (STEM); Digital literacy and education quality assurance.
Mrs. Ahmad disclosed that the Federal Government had disbursed ₦35 billion to 261 beneficiaries under the Nigerian Education Loan Fund (NELFUND), with BUK among the top beneficiaries.
“So far, the scheme has received 420 applications, and we are scaling up investments,” she stated.
She further confirmed that President Bola Ahmed Tinubu approved ₦120 billion to boost TVET programs, with plans to train 650 youths in technical, vocational, and digital skills over the next two years.
Emeritus Professor Sani Ahmad Sufi, former Permanent Secretary of the Ministry of Education, praised the faculty for its high-quality graduates.
“Our pride lies not just in the number of graduates produced yearly, but in their impact across Nigeria and beyond,” he said.
He added that the faculty has produced Nigeria’s largest pool of graduate teachers many of whom hold key positions nationally and internationally.
The National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje applauded the faculty for its significant role in advancing education in Nigeria.
The event concluded with awards presented to distinguished alumni and supporters of the faculty in recognition of their contributions to its growth.
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