The Energy Commission of Nigeria (ECN), the Federal Ministry of Environment and the British High Commission, Abuja have jointly launched an updated version of the Nigeria Energy Calculator 2050 (NECAL 2050), a bespoke energy and emissions model to assist Nigeria in achieving its climate goals. Present version of the NECAL 2050 Calculator – a tool that allows users to trial different options for reducing emissions at a faster rate and to build a pathway that meets long-term emission targets to 2050. The facility is designed to help industries and the energy sector to set their greenhouse gas emission reduction targets,…
Author: Temitope N.
Eni, through its Nigerian subsidiaries, Nigerian Agip Exploration (NAE) and Agip Energy & Natural Resources (AENR), and the Food and Agriculture Organisation of the United Nations (FAO) have commissioned 11 water schemes in Borno and Yobe States, Northeast Nigeria. The integrated water schemes comprise of boreholes, solar power systems, treatment facilities and fetching points to provide water for domestic consumption and irrigation purposes. The FAO Country Representative in Nigeria and to the Economic Community of West African States (ECOWAS), Fred Kafeero, while stressing the importance of the eleven facilities as they were handed over to the authorities of Borno…
Nigeria has indicated interest to seek re-election into the International Telecommunication Union (ITU) Council during the forthcoming Plenipotentiary Conferences. NCC’s Executive Vice Chairman (EVC), Prof. Umar Garba Danbatta, disclosed this at the ongoing session of the ITU Council taking place at the ITU Headquarters in Geneva, Switzerland. Danbatta said Nigeria being re-elected would help the country to continue to collaborate with and support ITU’s development agenda, ensure effective and efficient implementation of ITU Resolutions, implement inclusive programmes to foster universal use of ICT across all divides and provide a focused and strategic partnership. The ITU is governed by the Plenipotentiary Conference…
Lagos State is set to host the country’s largest automotive parts show, as the West Africa Automotive Show (WAAS) will be held from May 17 to 19. More than 100 exhibitors from Nigeria and around the world are expected to showcase up-to-date developments and products in the auto parts and services sector to more than 3,000 visitors from West Africa. According to the organisers, the event will focus on local businesses and representation from more than 20 countries. These include India, the United Kingdom, Ireland, Thailand, Indonesia, Nigeria, Pakistan, the UAE, Poland, the United State of America, and Turkey. The…
The Nigeria Customs Service (NCS) has established its objection to the introduction of e-valuator and e-invoicing for import and export businesses by the Central Bank of Nigeria (CBN). CBN had, in a letter dated July 8, 2021, informed NCS that they were deploying a mechanism for verification of prices of goods before allocation of forex at the point of e-form M registration. The policy in summary seeks to benchmark the price of the imported and exported cargo. National Public Relations Officer, NCS, Timi Bomodi, said benchmarking of valuation as proposed by the CBN’s policy will negate the WTO’s Agreement on…
Experts have highlighted that inflation is the biggest enemy to investing as inflation reduces the value of money. Kalu Aja, personal finance expert and financial commentator stated this during Nairametrics’ quarterly Digital Investments for Gen Z Webinar themed, “How to invest with the world on edge”. According to him, taking a macroeconomic view is best when making financial decisions involving savings or investment. Mr Aja noted that inflation has the capacity to attack savings and make the purchasing power less valuable, otherwise the money is invested. He said, “Inflation is the biggest enemy to investing because it steals your money and you…
The Primero Transport Services Limited, operators of the Bus Rapid Transit (BRT) in Lagos has connected the recent skeletal operations on its Ikorodu-TBS route to the high cost of diesel. The transport company, who pointed out that the skeletal operations would run for 3 days, however, said that they hope to resume full operations by Tuesday, March 29. This was contained in a statement issued by the Managing Director of Primero, Fola Tinubu, on Saturday in Lagos and can be seen on the firm’s official Twitter handle. Tinubu in the statement said that the transport firm is currently running at…
The Organisation of Petroleum Exporting Countries (OPEC), Ministry of Petroleum Resources, Nigerian National Petroleum Company (NNPC) Limited and other stakeholders are set to canvass a diversified market for Nigeria’s huge gas resources and woo investors into the upstream segment. Secretary-General of OPEC, Sanusi Barkindo; Minister of State for Petroleum Resources, Timipre Sylva and the Chief Executive Officer of NNPC Limited, Mele Kyari, is expected to lead other stakeholders in the sector to the Nigeria Energy Forum held alongside CERA Week in Houston, U.S. As global investors converge on the event, Managing Director of Energy and Corporate Africa, Sunny Oputa, who…
The Chief Executive Officer (CEO) of the Nigerian Exchange Limited (NGX), Temi Popoola, has described sound corporate governance as the foundation that creates transparency and establishes the trust required to keep the global financial system operational. He stated this during the launch of the Corporate Governance Triangle, an initiative of the Nigerian Bar Association Section on Business Law (NBA-SBL), Nigerian Exchange Limited and the Institute of Directors, Nigeria (IoD) in Lagos on Tuesday. Addressing participants at the event, Popoola, who was represented by Divisional Head, Capital Markets, Nigerian Exchange Limited, Jude Chiemeka, said the exchange recognised its role in fostering…
The Federal Government has warned that it would no longer condone any form of criminality on the nation’s oil and gas facilities and installations, saying that crude oil thieves, pipeline vandals and illegal refiners have their days numbered. In a statement by the Group General Manager, Group Public Affairs Division, NNPC Ltd, Garba Deen Muhammad, informed that the warning is from the Minister of State for Petroleum Resources, Timipre Sylva, Chief of Defence Staff, General Lucky Irabor and the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, during an on-the-spot assessment of some pipelines damaged by…
The Chief Executive Officer of FoodCo Nigeria, Ade Sun-Basorun, has called on operators within Nigeria’s formal retail sector to integrate digitisation into their operations to achieve scale and position the sector for optimised service delivery. Sun-Basorun, who spoke during a recent meeting with journalists, harped on the importance of using digital technology to improve efficiency and reduce operational costs. He stressed that digitisation was key to closing the deficit gap between the supply of modern retail and demand for the service among the country’s rapidly growing young, urban and sophisticated population. He said: “The global retail industry has been transformed…
World airlines have welcomed the increasing momentum towards re-opening of borders and relaxation of travel restrictions, as COVID-19 moves into the endemic phase. The airlines under the aegis of International Air Transport Association (IATA) said there is sufficient evidence to show that testing and quarantine are no longer scientific barriers against COVID-19 infection. An IATA survey of travel restrictions for the world’s top 50 air travel markets, comprising 88 per cent of international demand in 2019 as measured by revenue passenger kilometres, revealed the growing access available to vaccinated travellers. A total of 25 markets, representing 38 per cent of…
A new movie by the Nigerian Electricity Regulatory Commission (NERC) and the Federal Competition and Consumer Protection Commission (FCCPC) may hold players in the power sector accountable to offer value for money. The two commissions, while signing a Memorandum of Understanding (MoU) in Abuja, harped on the need for collaboration in ensuring that consumers are protected. Chairman of NERC, Sanusi Garba, said the new MoU marked the formal pact as the agencies have been in collaboration since the commissions were encountering patent-related reform and consumer protection. Decrying challenges in regulating the power sector and ensuring consumer protection, NERC added that…
The Federal Government has said a new transmission infrastructure in the North Central region of the country will boost economic activities in the country. The facility, located in Lafia, Nasarawa state is a 2X150 MVA & 2X60 /132/33/330 KV Transmission Substation. The project was constructed by Niger Delta Power Holding Company Limited (NDPHC). The NDPHC, in a release, noted that President Muhamadu Buhari has already been scheduled for the commissioning of the project tomorrow (Thursday). Speaking during a pre-commissioning inspection to the substation by the Executive Director, Networks, NDPHC Limited, IfeOluwa Oyedele and his team, Governor of the state, Abdullahi…
The Federal Government is spending nothing less than $2.7 billion on power infrastructure, Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, has said. The fund, which the country is currently awaiting consensus for it to become operational, is part of a $3.387 billion loan agreement expected to execute 10 projects across the country. In the power sector, the projects include, World Bank funded Nigeria Electrification Project (Off-Grid), $350 million, North Core Interconnection Power Transmission Line (Regional Project under West African Power Pool), $32.3 million, Nigeria Electricity Transmission and Access Project, $486 million, Nigeria Electrification Project, $200 million, Nigeria…
First and foremost, IPPG is fully aligned with global decarbonisation initiatives and adoption of renewable energy. However, in the face of energy poverty and economic stagnation, sub-Saharan Africa (SSA) decarbonisation efforts cannot be at the expense of growth and development. In terms of low emission rate, SSA generates the lowest carbon emissions in the world (less than two per cent of global emissions) and a blanket financing ban on all fossil fuel projects is detrimental to the growth of SSA economies. Nigeria’s (and much of Africa) focus will remain on providing affordable and reliable energy to its population using its…
Green Energy International Limited (GEIL), a leading indigenous oil and gas development company and the Operator of the Otakikpo Marginal field in Rivers State has achieved an exceptional safety milestone – 4 million manhours without Lost Time Incident (LTI) since the commencement of operation in the field. In response to the recent increase in Health Safety and Environment (HSE) incidents in the industry, Green Energy International Limited has developed and implemented a suite of key HSE improvement programmes in its area of operations. These improvements have built on its previous HSE initiatives to ensure the company and its personnel continue…
Society of Petroleum Engineers (SPE) has said exploration, production and other operations in the Nigerian oil and gas industry can now hold without support from expatriates. Nigeria had granted 126,893 quota licences to expatriates, who operated with 14,690 companies. In the oil and gas sector, the figure has dropped steadily as efforts are being made towards ingenious participation in the oil and gas sector. The Chairman of Society of Petroleum Engineers (SPE) Nigeria Council, Prof. Olalekan Olafuyi, noted that the impacts of Covid-19 pandemic showed that the country could solely handle its oil and gas sector and indeed drive the…
GTI Group has set up a N5 billion football facility through the instrumentality of the capital market to mobilise private sector investments into football and other sports projects. The facility, tagged: ‘The Nigerian Football Fund (TNFF)’, is a collective investment scheme or mutual fund that combines the regular advantages of a mutual fund with unique propositions of a structured fund. TNFF is raising N5 billion through an initial public offering (IPO) of 5.0 billion units at a par value of N1 per unit. Minimum subscription to the fund is 100,000 or N100,000 and thereafter in multiples of N100,000. Already, the…
Former President of the Federal Republic of Nigeria, and chairman of Intra African Trade Fair( IATF) Olusegun Obasanjo has called for a bold, decisive and innovative leadership to achieve African dream of coordinated economy in terms of trade and investment. Obasanjo spoke yesterday, at the signing of host agreement for the third edition of the IATF slated for 21 to 27th November 2023 at Abijan, Cote d’ivoire. The agreement was between Côte d’Ivoire , African Export Import Bank (Afreximbank), the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat. It follows the resounding successful second edition held…