Olusola Bello
The National Economic Council (NEC) on Thursday assured that the scarcity Of Petrol Motor Spirit (PMS) will end by next week.
This reassurance was again given by the Group Managing Director (GMD) of Nigeria National Petroleum Company (NNPC), Mele Kyari, on Thursday at the NEC meeting presided over by Vice President Yemi Osinbajo.
He told the council that 30 vessels laden with petrol are expected to berth at Apapa port in Lagos between now and the end of February 2022.
The NNPC boss said the 30 vessels will deliver an additional supply of 2.3 Billion litres of PMS into the country till month-end February 2022.
“NNPC as the supplier of last resort has continued to sustain adequate petroleum products supply and distribution to the nation despite challenges associated with the unending waves of pipeline vandalism, product theft and cross-border smuggling of PMS.”
On the situation report on the queues noticed at filling stations as of Thursday, the NNPC boss declared that the company’s strategy is on for restoring stability in PMS supply and distribution by boosting incoming PMS supplies, recertification, and release of In-country PMS stock and enhancing distribution management.
The of petrol was not the only thing discussed, the council stated its determination to encourage the growth of the automotive industry in Nigeria by improving patronage of locally manufactured vehicles.
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, while briefing the council said on the benefits of locally manufactured vehicles in the country, stated despite the potentials, the local automotive industry has been significantly plagued by several challenges such as weak demand for locally assembled cars, as well as lack of government patronage which could have assisted the assemblers in achieving economies of scale.
He said the Nigerian Automotive Industry has been identified as one with a catalytic effect on the economy, and therefore, drew the attention of NEC to the fact that the industry has achieved US $1Billion in foreign direct investments, 63 licenses issued, over 30 Active Assemblers and demand for 400,000 vehicles per annum.
Adebayo further briefed Council that 60% of the Nigerian population is under 35 years of age and that by 2050, Nigeria’s population is expected to double (becoming the 3rd largest country in the world) with over 13.8 million youth within the labour force bracket.
He introduced the Jubilee Fellows Programme as one of the measures to address the increasing population of unemployed youths. The programme will connect 20,000 graduates annually to opportunities in Private and Public Sector Institutions, create a talent pipeline for the private & public sectors to draw from and provide a platform for high-level public & private sector policy dialogue on Employment Creation & Talent Management, etc.
According to him, the deployment of the programme’s cohort and first placement is expected to be done by April 2022 with the current numbers being116,763 applications from prospective fellows received and 5,898 private sector institutions expressing interest to host fellows.
On the programme financing, the minister disclosed that the goal is to mobilise $260 Million over the five year program period adding that already European Union has committed 44Million Euros into the Fund.