Experts have expressed concerns over the energy outlook in Africa as the United Nation Development Programme (UNDP) stated that investment in renewable energy increased by two per cent to $303 billion in 2020. Speaking at a virtual programme organised by the United Nations Educational, Scientific and Cultural Organization (UNESCO) Chair on Energy for Sustainable Development at the Politicnico Di Milano, in Milan, Director, UNDP Rome, Musonda Mumba said over 759 million people are still without access to electricity, globally as 2.6 billion people have remained without access to clean cooking solutions. Canvassing innovative ways to address energy poverty in 2018,…
Author: Temitope N.
Lagos State Government has said human resource development and capacity building are crucial to achieving its development agenda, known as T.H.E.M.E.S. As a result, the state government, in a statement, said it would continue to invest in capacity building of its workforce to ensure the success of its various development initiatives, adding that civil servants, as drivers of government development policies are partners in progress. Special Adviser to Governor Sanwo-Olu on Education, Tokunbo Wahab, stated this at a closing ceremony of a three–day capacity building retreat organised by the Office of the Special Adviser on Education (OSAE) for Management Staff…
•We’ll develop a national BDC policy, says ABCON The Central Bank of Nigeria (CBN) has commenced the process of refunding licensing fees and capital deposits to promoters of bureau de change, whose registrations were being processed before Tuesday’s announcement. The apex bank had, on Tuesday, announced the suspension of funding of BDCs and registration of new ones, accusing them of money laundering and other anti-market activities. In a circular, yesterday, the apex bank said it “will commence the immediate refund of capital deposits and licensing fees (where applicable) to promoters who have pending bureau de change (BDC) licence applications with…
The Nigerian Association of Petroleum Explorationists (NAPE) has expressed confidence that the future of oil and gas exploration is bright amid the global energy transition. The president, NAPE, Mrs. Patricia Ochogbu, said petroleum exploration is not all about oil, but also about gas even as the Minister of State for Petroleum Resources, Timipre Sylva declared the next 10 years as a decade of gas. Ochogbu stated this on the sidelines of its special technical session in honour of the Executive Director Exploration, First E&P, Dr. Emmanuel Enu in Lagos. According to her, the Federal Government must urgently create the necessary…
Amazon said Thursday second-quarter profit jumped 48 percent from a year ago to $7.8 billion, but shares in the tech and e-commerce giant fell on a disappointing revenue number. Total revenues increased 27 percent to $113.1 billion, below most Wall Street forecasts, sparking a slide of some seven percent in after-hours trading. Amazon chief financial officer Brian Olsavsky said on an earnings call that a reason for missing revenue expectations appeared to be vaccines giving people the confidence to get back into action in the real world. “Not only shopping offline but also living life and getting out,” Olsavsky said.…
A Consultant Gastroenterologist at Obafemi Awolowo University Teaching Hospital Complex (OAUTHC), Ile-Ife, Dr. Adesegun Adekale, has urged Federal Government to prioritise the treatment of hepatitis from birth. He gave the advice in an interview with the News Agency of Nigeria in Ile-Ife, Osun State, on Thursday, to commemorate the World Hepatitis World. NAN reports that WHD is observed each year on July 28 to raise awareness on viral hepatitis, an inflammation of the liver that causes severe liver disease, and has ‘Hepatitis Can’t Wait’ as the theme for 2021. The liver disease, commonly caused by a viral infection, but there…
The Delta State Government has appropriated N50 million to boost family planning in the state this year. The News Agency of Nigeria reports that the appropriation is coming on the heels of the withdrawal of The Challenge Initiative from a four-year-old family planning programme in which it served as facilitator. TCI is owned by the US-based Johns Hopkins Centre for Communication. At a valedictory session on Wednesday in Asaba to mark TCI close-out meeting with Delta State, Dame Edith Okowa, the wife of the State Governor, pledged to sustain the programme. Represented by the Permanent Secretary, Ministry of Health, Dr.…
Reportedly, the benefits of nanotechnology include energy-efficient products such as fuel and solar cells, improvements in manufacturing that allow for durable, light-weight, efficient production tools, while leading advances in disease treatments, such as cancer, better imaging and diagnostic equipment. The technology, which is yet to receive needed adoption in countries like Nigeria can also address environmental and agricultural challenges. Speaking at the 4th African Nano Conference, which was organised by the University of Nigeria, Nssuka, Onu insisted that the growing application of nanotechnology across the world could leapfrog Nigeria’s industrial projections across different sectors of the economy. The minister noted…
Emirates Airline has extended the suspension of its flights from Nigeria to the United Arab Emirates to at least August 7.The initial suspension of flights was scheduled to end on July 31. Suspension of flights from South Africa to UAE will also remain in place until the same date. “Affected flight bookings have been cancelled,” the airline said in a statement on its website. Emirates said its decision was in line with the UAE government’s directives restricting entry to travellers originating from the two countries. Those who have travelled through South Africa and Nigeria in the last 14 days will…
Royal Dutch Shell on Thursday logged bumper second-quarter profits as oil prices recovered from Covid fallout, and rewarded investors with a buyback and dividend hike.Net profit hit $3.4 billion (2.9 billion euros) in the three months to the end of June, the Anglo-Dutch energy major said in a results statement. That contrasted sharply with a colossal loss of $18.1 billion last time around, when it made massive asset writedowns due to the Covid-ravaged oil market. The performance was boosted by “higher realised oil prices, one-off favourable tax impacts, higher marketing margins and lower operating expenses”, the group added. Shell had…
With the capacity to generate N5 billion yearly, stakeholders have blamed the issue of the poor regulatory framework as a factor hindering the gaming industry from optimal performance. For instance, there are reports that the gaming industry in Nigeria, including international stakeholders in 2019, generated about N25 billion, yet revenue to the government did not exceed N1 billion in the same year. They argued that the industry does not look properly organised. They said the amendment of existing lottery laws to provide a legislative and regulatory framework would serve the industry to perform optimally. Minister of Special Duties and Intergovernmental…
Facebook on Wednesday reported its profit doubled in the recently ended quarter as digital advertising surged, but warned of cooler growth in the months ahead in an update which sent its shares sinking.Profit jumped to $10.4 billion on revenue of $29 billion, a 56 percent increase from last year, mainly from a jump in ad revenues, Facebook said in its second-quarter report. The number of people using the social network monthly climbed to 2.9 billion, a year-over-year gain of seven percent. And some 3.5 billion people used at least one of the company’s apps including Instagram, WhatsApp and Messenger. “We…
•We are formalising, developing, enhancing value- Minister Six months after the Federal Government declared its intention to establish an international gemstones market in Ibadan and stated that it had commenced the process for the construction, The Guardian reports that the site remains bare. This is as the sector continues to be controlled by locals and foreigners who harness the resources for their personal use without paying royalties to the government to boost the country’s economy. Gemstones are one of the key economic and industrial minerals in Nigeria. They are natural organic matter, minerals or stones, which are present in…
After five days of an uptrend, the Nigerian Exchange Limited (NGX) halted its gaining streak as sell pressure in 20 stocks dragged the All-Share Index (ASI) by 0.1 per cent. Specifically, the ASI dropped by 46.93 absolute points, representing a decline of 0.12 per cent to close at 38,802.15 points, while the overall market capitalisation value lost N25billion to close at N20.216 trillion. The downturn was driven by price depreciation in large and medium capitalised stocks among which are, MTN Nigeria Communications (MTNN), UPDC Real Estate Investment Trust, Africa Prudential, Unilever Nigeria and International Breweries. Market sentiments closed at par,…
Foreign transactions in gold-backed Exchange Traded Funds (ETFs) grew by 99.64 per cent, as 10 stockbrokers drove 99.9 per cent of total transaction value and 97.3 per cent of total volumes of ETFs in the second quarter (Q2) of 2021. The NGX quarterly report for Q2 2021 as of June 30, 2021, revealed that NewGold emerged as the most active ETF with its value rising by 99.6 per cent to N4.41 billion, taking the lead in both value and volume traded in the ETF space. The stock traded 524.241 units valued at N4.41billion. Vetiva Griffin 30 was next, trading 501,48…
The National Palm Producer Association of Nigeria (NPPAN) has unveiled plans to empower youths and women across 24 states of the Federation with free 20 oil palm seedlings. The beneficiaries are expected to start generating a minimum of N2 million yearly from each hectare of the palm tree starting from the third year of planting over a period of 50 years. The aim of the association is to plant 10 million palm trees across the 24 oil palm producing states and to achieve this each household would be provided with 20 free oil palm seedlings. The National President, NPPAN, Alphonsus…
• Indicts operators for money laundering • We receive 5,000 fresh BDC applications monthly, says Emefiele • MPR, other monetary parameters retained • Decision a rumour until we see CBN circular, operators insist • Cordros Research: Discontinuation of FX to BDC will affect exchange rate • Nigeria to launch digital currency ‘e-naira’ in Oct The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect. Governor of the CBN, Godwin Emefiele, in a media briefing on the outcome of the…
The Federal Government through National Pension Commission (PenCom) has revealed plans to begin the payment of outstanding 2.5 per cent pension contributions to retirees between 2019 to 2020 and also 2014 to 2018. Speaking at a workshop organised by the PenCom in Lagos, the Director-General, PenCom, Mrs. Aisha Dahir-Umar, said, the growth in the pension fund assets under the new pension scheme is an indication of prudent and sincere management of the pension fund by the operators and the regulator. According to her, the number of registered contributors under the Contribution Pension Scheme (CPS) has grown to 9.38 million while…
Bitcoin broke above $40,000 on Wednesday and headed for another attempt at breaking from its months-long range as short-sellers bailed out and traders drew confidence from recent positive comments about the cryptocurrency by high-profile investors. Bitcoin was last up 1.7% at $40,149 while rival cryptocurrency ether rose 1% to $2,328. Bitcoin is within a whisker of rising through its 100-day moving average.
Economy. Photo/financialexpress As the Monetary Policy Committee (MPC) meets, experts have called on the Central Bank of Nigeria (CBN) to keep monetary policy rates at current values while strengthening intervention initiatives in critical sectors of the economy. According to experts, maintaining the status quo and strengthening intervention initiatives would be the most expedient decision to take given the prevailing economic condition in the country. Specifically, a Professor of Capital Market at the Nasarawa State University, Keffi, Uche Uwaleke said against the backdrop of elevated inflation at 17.75 per cent, a reduction in MPR or other policy parameters, though persuasive, will…