Connect with us

Business

Nigeria, Not e-Waste Dump – NESREA

Published

on

The National Environmental Standards Regulation and Enforcement Agency (NESREA), has  reiterated its resolve not to allow Nigeria to be a  dumping ground for   electrical and electronic waste by foreign nations.

Dr Ngeri Benebo, Director–General of the agency gave the assurance at the second Expert Critique Meeting on the Draft National Environmental Electrical and Electronic Sector Regulations in Abuja

“Nigeria will not be used as dumping ground, we will ensure that adequate regulations are put in place to check against this menace, the developed world is ready and willing to cooperate and partner with Nigeria on this issue”.

“We have received alerts from developed countries on e-waste to be dumped into Nigeria, because Nigeria is part of the global movement against e-waste,’’ she stressed.

According to her, the principal thrust of the regulations is to prevent and minimise pollution, adding that, “they have been divided into various parts with a view to  covering the issues at stake from cradle to grave”. She stated that the draft regulations had undergone first expert critique and review, pointing out that the corrected draft had been further reviewed at the state level by the Federal Ministry of Environment.

Benebo, however, said that NESREA would ensure the harmonisation of the new regulations to accommodate states, ministries and other relevant agencies, to guide against movement of toxic wastes in and out of the country.

She stated that Nigeria succeeded in sending back shipments containing e-waste back to its port of entry, because of the network coupled with effective security alert in the country.

The resource person for the review of the draft regulation, Mr Herve Guilcher, from the Office of Hewlett Packard (HP) for Europe and Africa, described e-waste in Africa as a serious issue demanding a serious solution.

He said that e-waste was not as bad as people thought, adding that, “it can be a source of revenue for the informal sector”.

Chief Emeka Dike, President, Alaba International Market Traders Association (AIMTA), called on the government to reduce tariff on imported goods, to enable traders dump importation of e-waste in preference for importation of new electronic and electrical goods.

He argued that reduction of tariff on importation of electrical and electronic goods would check the influx of used electrical and electronic wastes into the country.

“We are ready to comply so long as the legislation will not affect our business and environment, we will key into it,’’ he assured.

Print Friendly, PDF & Email
Continue Reading

Business

Oil Slumps To $88/Barrel, OPEC Considers 1mbpd Cut

Published

on

The global benchmark for crude, Brent, appreciated in price on Monday, a situation the Organisation of Petroleum Exporting Countries (OPEC) and its allies consider an oil output cut of more than a million barrels per day when they meet today (October 5, 2022).
Industry figures seen on Monday showed that the cost of Brent moved up by 3.7 per cent or $3.15 to close at $88.3/barrel as at 6.03pm Nigerian time.
Another oil grade, the WTI, also increased in price on Monday, gaining $3.36 or 4.23 per cent to close at $82.83/barrel around the same time.
However, oil grades in the OPEC Basket dipped in price, shedding $0.42 or 0.45 per cent to trade at $92.34/barrel around 6.06pm on Monday.
OPEC sources told Reuters that the oil cartel and its allies were considering an output cut of over one million barrels per day at their meeting coming up today (Wednesday).
The latest figure is slightly above estimates for a cut given last week, which ranged between 500,000 bpd and 1mbpd.
The meeting to consider a reduction in global oil supply is happening at a time when governments around the world are struggling to control runaway inflation.
A cut in supply leads to a rise in petroleum prices for consumers.
Today’s face-to-face meeting of the 13 OPEC members led by Saudi Arabia and its 10 allied members headed by Russia will be the first in the Austrian capital since the spring of 2020.
“It is a meeting that is taking place at a very interesting global time,” one of the sources told Reuters.
Saudi Arabia, OPEC’s de facto leader, first flagged the possibility of cuts to correct the market in August.
The cartel had agreed to huge cuts in output in 2020 when the pandemic sent oil prices crashing but began to increase production last year as the market improved.
Now, the output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility.
Oil prices soared to almost $140/barrel in March after the start of Russia’s war in Ukraine, but have since fallen to around $80/barrel amid recession fears.

Print Friendly, PDF & Email
Continue Reading

Business

‘Blue Economy Can Contribute $1.5trn To Economy’

Published

on

Secretary-General, International Seabed Authority, Michael Lodge, has said the sustainable development of deep seabed resources located in Africa’s continental shelves, and in the international seabed area can be a key driver for the development of Africa’s Blue Economy.
He stated this, Monday, in Abuja, during a pre-event press briefing on the imperative of supporting Africa’s Blue Economy.
The event is jointly organised by the International Seabed Authority in collaboration with National Boundary Commission, Federal Ministry of Transportation, Nigerian Maritime Administration and Safety Agency, and other relevant Ministries, Departments and Agencies, and aimed to support the  strategy of Africa’s Blue economy.
Quoting the United Nations statisics, Lodge said Blue economy could also contribute up to $1.5tn to the global economy if effectively and sustainably managed.
“The sustainable development of deep seabed resources located in Africa’s continental shelves and in the international seabed area could be a key driver for the development of Africa’s Blue Economy.
“According to the United Nations, Blue Economy could contribute up to $1.5tn to the global economy if effectively and sustainably managed.
“This is a huge opportunity for Africa and each African state. The oceans and seas surrounding the African continent include a wealth of natural living and non-living marine resources. This inspired a growing interest in the sustainable development of the African Blue Economy”, he said.

Print Friendly, PDF & Email
Continue Reading

Business

FG, States, LGs Share N2.429trn In Three Months

Published

on

The three tiers of government comprising Federal, State, and Local, have shared N2.429 trillion from the Federation Account from June to August, 2022.
The amount is made up of statutory distributions, Value Added Tax (VAT), and others that goes to collecting agencies such as the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS).
Data available to The Tide’s source stated that the Federal, State and Local governments got N673.137 billion in August, N954.085 billion in July and N802.407 billion in June.
Under statutory disbursements, which is derived after VAT and cost of collection are deducted from the total distributable revenue that accrues to the Federation Account at the end of every month, N1.823,369 trillion was shared among the Federal, State and Local Government councils.
In the three months, the Federal Government received N437.871 billion; State governments received N776.918 billion, while Local governments got N608.580 billion, thus bringing the total statutory disbursements between June and August to N1.823,369 trillion.
Under the proceeds from VAT, a total allocation of N586.26 billion was made to the benefiting governments in the three months reviewed. In August, the three governments got N215.266 billion, in July, N177.167 billion, and in June, N193.827 billion.
From June to August, the FIRS, Customs and other revenue-generating agencies that are entitled to the cost of collection received and shared N35.487 billion in August, N47.254 billion in July and N44.606 billion in June, 2022, bringing the total for the three months to N127.347billion.
After making all the deductions, the remainder known as the ‘total distributable’ was shared as follows: Federal Government in August received, N259.641 billion, in July N406.610 billion and in June, N321.859 billion. So, in the three months, the Federal Government got N988.11 billion.
Within the same months, the state governments received N222.949 billion in August; N281.342 billion in July and N245.418 billion in June – all amounting to N749.709 billion.

Print Friendly, PDF & Email
Continue Reading

Trending