The utmost desire of Nigeria present administration is successful completion and subsequent commissioning of its numerous laudable projects across the country before the expiration of its tenure is seems to be falling in line as planned.  The recent commissioned Lekki Deep Sea Port in Lagos, The soon to be commissioned 650,000 barrels Dangote Refinery, The Near completion Ajaokuta Kaduna Kano (AKK) Pipeline Project and just commissioned 244MW Afam 3 Power Plant among other are line of of laudable economic projects initiated by the President Mohammadu Buhari led administration.

Lekki Deep Sea Port

The Nigerian billion-dollar Chinese-built deep seaport in Lagos which was commissioned on January 23, 2023 by President Buhari is expected to ease congestion at the country’s ports and help it become an African hub for trans-shipment, handling cargoes in transit for other destinations. President Muhammadu Buhari has made building infrastructure a key pillar of his government’s economic policy, and hopes that this will help his ruling party win votes during next month’s presidential election.

The project which is located in the Lagos Free Trade Zone, Ibeju-Lekki, Lagos is expected to create about 20,000 direct and indirect workforces is 75% owned by the China Harbour Engineering Company and Tolaram group, with the balance shared between the Lagos state government and the Nigerian Ports Authority.

The container terminal has an initial draft of 14 metres, with the potential for further dredging to 16.5 metres. The terminal is able to handle 2.5 million twenty-foot standard containers per year. The deep-sea port of Lekki is the first port in Nigeria with ship-to-shore cranes. It has three of these container gantry cranes; they belong to the “Super-post-Panamax” group – this means that they can reach and unload the rearmost row of containers even if the container ship is wider than the Panama Canal (49 m or 160 ft maximum boat beam). 

Upon completion, Lekki Port will have a total of 3 container berths, 1 dry bulk berth and 3 liquid berths. The shareholding structure of the Port is as follows: CHINA HARBOUR ENGINEERING COMPANY LTD. (CHEC) 32.5%, TOLARAM 22.5%, Lagos State Government 20% and Nigerian Ports Authority 5%

The 650,000 barrels Dangote Refinery

The Nigerian Dangote Refinery 650,000 barrels per day (BPD) integrated refinery project is also located at Lekki free trade zone area of Lagos state. The project, which cost an estimated $19 billion to build, is Africa’s biggest oil refinery and the world’s biggest single-train facility. The integrated refinery and petrochemical project and is expected to generate 9,500 direct and 25,000 indirect jobs.

The multi-billion dollar refinery project is expect to come on stream in the month of May 2023 according to special announcement made by Bashir Ahmad, special assistant to the president Mohammadu Buhari on digital communication.  According to Mr Ahmad the official opening of the gigantic economic edifice by President Buhari is slated on May 22, 2023

 The refined products output is expected to be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

“Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22nd, 2023, by President Muhammadu Buhari,” He tweeted.

Nigeria has 20 percent equity investment share in the project and this was made known in June 2021, Mele Kyari, group managing director, NNPC, when confirmed that the federal government would acquire a 20 percent equity stake in the Dangote Refinery.

Two months later, the federal executive council (FEC) approved the sum of $2.76 billion for the acquisition of a 20 percent minority equity stake in the refinery.

The eventual take off of the 650,000 barrels Dangote Refinery is save Nigeria the hard earned foreign exchange used in the importation of petroleum products which stood at $12.44 billion in October 2022. The Central Bank of Nigeria (CBN) has revealed that Nigeria spent a total of $12.44 billion on the importation of petroleum products between January and October 2022

The country inability to revitalise its four refineries with a combined capacity of 445,000 barrels per day (bpd) after colossal amount is budgeted annually is a termed by most energy analysts as disgrace to a largest crude oil producer in Africa.

The AKK Pipeline Project

There are all indications that the Nigeria AKK gas pipeline project is experiencing a smooth sail in project execution according to plan. This affirmation is in collaboration with recent visit paid by the country NNPC Limited Group CEO, Mr. M K Kyari on an inspection tour of one of the AKK Gas Pipeline project sites in Ahoko, Kogi State.

The Nigeria National Petroleum Corporation boss who showed satisfactory disposition on level and pace of work disclosed that the project is almost at 70% completion with over $1.1bn so far released to finance the project and with major part of the finance coming from the country’s coffers.

“The AKK Gas Pipeline is one massive project we are running as NNPC Limited. It has immense value for Nigeria & its socio-economic growth. The project has not stopped for one day. We have continued to fund it despite the absence of third-party financing,” NNPC Group CEO, Mr. Kyari posited.

On veritable economic value of this project is to the present government lead by H.E Mr. Mohammadu Buhari in particular and country in general, the NNPC Ltd Group CEO Mr,. Kyari in assessment highlighted the ultimate important of the laudable project is the economic development of Nigeria particularly now the global energy economic has turned to gas as major of power.

“The AKK Gas Pipeline line will flow 2Bscf/d and will power industries, power plants & create gas-based industries. By third quarter 2023, we will complete the entire welding job on this line which means we will be able to energise it by the end of this year,” Group CEO Mr. Kyari, stated.

The AKK Gas Pipeline Project is being constructed by the Nigeria indigenous company Oilserv Limited aa EPCM company with global expertise. Represented by the Company’s Managing Director Engr. Chigozie Obi, Engr Obi in his remark, highlighted his company’s commitment in seeing that the project is delivered on scheduled. He collaborated this sighting the level of workforce engaged to the project for timely delivery.

“We have about 50 different crew members working independently, so you can see when you coming that the work is going on in full blast nonstop,” Mr. Chigozie Obi, MD oilserv, Asserted.  

The present Nigeria government lead by H.E Mr. Mohammadu Buhari is expected to elapse on May 29, 2023 and he is expected to hand over power to the president – elect Mr Bola Ahmed Tinubu whose election is currently being challenged in election tribunal. The visit to the project site by Mr. Kyari is not far from showing how great important this project is to the present administration, seeing the project as a vivid testimony and legacy to be proud by the outgoing government.

The 244MW Afam 3 Power Plant

Nigeria could become one of the best power markets in the world, if she sustains the strides made by the Buhari administration in the electricity sector, with increased investments and improvements in the value chain Nigerian Vice President Yemi Osinbajo, stated on Tuesday, May 10, 2023 at the official commissioning of the 240MW, Afam III Fast Power Project in Port Harcourt, Rivers State, where he represented the President.

According to him, Nigeria has all the ingredients to create one of the best power markets in the world.

” I am also confident it will happen within our lifetimes. The challenge before us now is for the industry to leverage the improved commercial environment that has been created to sustainably supply electricity and improve service to all citizens. This administration has made significant strides in this direction.”

 “These transactions include Quest PLC that became core investor in Yola disco in 2020 with the transaction worth N19 billion. Last month the National Council on Privatization, NCP, approved the 30-year concession on Zungeru Hydro Power Plant at $70 million a year. And overall, the story of the Nigerian electricity supply industry is also getting better.

“Since 2020, the Nigerian Electricity Regulatory Commission has executed all of its bi-annual review processes without fail. In 2019 subsidies reached a peak of N584 billion in an environment that was very burdensome on the Nigerian Government’s fiscal position.

“The introduction of the Service Based Tariff, the Payment Discipline initiative for the sector (through NERC and CBN) and the introduction of the National Mass Metering programme have led to a doubling of market collections in the Nigerian Electricity Supply Industry from N40 billion per month in 2020 to a record of N80 billion per month in the 1st quarter of 2023.”

 “This administration has also completed and concessioned the Zungeru Hydroelectric power plant that will add 700MW of renewable energy to our energy mix. We believe we are on track to electrify all Nigerians in the next decade as we look forward to the next administration scaling up already existing programmes.”

While commending the management of Transcorp Power PLC and other investors in the power sector, Prof. Osinbajo said the renewed interest came as a result of deliberate policies of government.

“The tide (inadequacy of investment) is turning with indigenous power entrepreneurs such as Transcorp Power, and Heirs Holding making significant investment such as this hundred percent acquisition of the 966MW installed capacity Afam Power Plc and Afam 3 Fast Power Limited (jointly referred to as “Afam GenCo”), at an acquisition cost of N105.3 billion.

“Only yesterday, the National Council on Privatization formally delisted Transcorp Power PLC (formerly known as Ughelli Power PLC) from routine Monitoring & Evaluation by the BPE, indicating yet another successful power investment.”

 Mr Osibanjo thanked the President of General Electric in Nigeria, Muhammed Mijindadi for delivering the project, the US-based company sought the quick interventions of the Vice President.

General Electric supplied the mobile power generating equipment to the Afam 3 Power Plant, provided the electrical balance, installation, commissioning services and training to the plant operators.