Business
World Bank Seeks Poverty Eradication By 2030
World Bank President Jim Yong Kim has called for a commitment by the international community to end extreme poverty by 2030.
Kim also stressed the need to improve the lives of the most vulnerable people living in developing countries in this drive.
To reach that goal, Kim said the world would have to reduce the number of people living below the poverty line of 1.25 dollars per day to three per cent globally by 2030, and raise the per capita incomes of the bottom 40 per cent of every developing country.
The three per cent target marks a new goal for the World Bank, which did not provide directly comparable numbers for the current rate of extreme poverty.
The goal would help the World Bank prioritise development projects that have the biggest impact on the poorest and reduce inequality, Kim said.
“Now is the time to commit to ending extreme poverty,” he said in a speech before meetings of the World Bank and International Monetary Fund on April 19 and 20 in Washington.
“We are at an auspicious moment in history, when the successes of past decades and an increasingly favourable economic outlook combine to give developing countries a chance – for the first time ever – to end extreme poverty within a generation,” he added.
The World Bank’s board will consider a new country strategy for India next week that is aimed at reducing poverty by an additional 300 million over the next several years.
An estimated 50 million people were lifted out of poverty in India over the past five years.
Economists have estimated the poverty rate for the developing world in 2012 at about 19 per cent, representing about 1.1 billion people. That is down from 21 per cent in 2010, or about 1.2 billion people.
The overall poverty rate has been falling by about one percentage point a year from 1981 to 2010, according to World Bank data.
The rise of countries like China, India and Brazil has lifted hundreds of millions of people out of poverty, according to the World Bank and the U.S.
However, most of the success in reducing poverty has been in China, while regions such as South Asia and sub-Saharan Africa still struggle with high poverty levels.
Fragile states, such as Afghanistan, are also still mired in poverty.
World leaders have called for an end to extreme poverty, including U.S. President, Barack Obama and Malawi’s new leader, Joyce Banda.
Brazilian President Dilma Rousseff, said last month Brazil was close to eradicating extreme poverty through a flagship cash transfer programme for the poor that is being replicated in other countries.
The focus on poverty targets comes as a high-level panel is working on a new global development framework that looks beyond the 2015 UN Millennium Development Goals of halving global poverty and hunger.
Kim said economic growth was important but not enough to cut poverty and shrink the growing gap between rich and poor.
Business
CNG Committee Partners UN Agency On Greener Energy
The Presidential Compressed Natural Gas Initiative (PCNGI) has partnered with the United Nations Sustainable Energy for All for the provision of greener and more sustainable energy in Nigeria.
The Programme Director/Chief Executive, PCNGI, Michael Oluwagbemi, who duclosed this at a workshop in Lagos, Friday, reiterated Nigeria’s unwavering commitment to sustainable strategies which he said would propel the nation toward a greener, more sustainable future.
In a Statement, Oluwagbemi said the workshop marked a significant milestone in the commitment of the nation to join the rest of the world in the enhancement of sustainable energy access.
While noting that the workshop was held as a follow-up to an initial meeting between SEforAll CEO, Ogunbiyi and PCNGi Chairman, Adedeji, held in Abuja, Oluwagbemi said it also showcased the progress and key initiatives contributing to Nigeria’s sustainable development agenda.
“These initiatives, presented with impact and relevance, are pivotal in steering Nigeria towards a more sustainable future, aligning with global goals and impacting the nation’s development landscape”, he said.
“The workshop aimed to identify opportunities for collaboration and outline concrete steps for forging impactful partnerships between SEforALL and FIRS/PCNGi.
“PCNGi’s active participation in the workshop underscores its dedication to fostering collaboration among key stakeholders”, Oluwagbemi said.
According to him, the committee envisions a future where sustainable practices are ingrained in Nigeria’s energy landscape, contributing to economic growth, environmental conservation, and enhanced energy access.
He reaffirmed the commitment to ongoing collaboration for all parties to drive sustainable solutions contributing to Nigeria’s broader development goals.
“As Nigeria’s sustainable development progresses, PCNGI remains a driving force, ensuring that the nation’s green growth goals are met and exceeded”, he stated.
The PCNGI boss revealed that the workshop featured presentations on critical topics including Nigeria Energy Transition Plan, Nigeria E-bus Strategy, Solar Empowerment for Micro, Small and Medium Enterprises and Nigeria Carbon Market Activation Plan.
Business
Tinubu Approves Fresh Marginal Field Bid
In a bid to revive Nigeria’s dormant oil and gas fields, President Bola Ahmed Tinubu has given the green light for a new marginal field bid round, aiming to auction dormant oil and gas fields abandoned by international oil companies (IOCs) for over a decade.
Minister of State for Petroleum (Oil), Heineken Lokpobiri, disclosed this during a visit to Waltersmith Petroman Oil Limited’s modular refinery in Imo State.
Lokpobiri said the decision came on the heels of a strategic meeting between the Nigeria Extractive Industries Transparency Initiative (NEITI), the Oil Producers Trade Section (OPTS), oil firms and miners at the NEITI-Companies Forum.
According to him, the impending bid round follows a previous initiative in 2020, where approximately 57 marginal oilfields were put up for sale, concluding last year.
He, however, noted that challenges such as funding constraints and regulatory complexities hindered many recipients from promptly developing these assets.
Senator Lokpobiri stressed that the forthcoming bidding round, backed by presidential approval, would prioritize marginal fields located near modular refineries adding that this strategic alignment aims to expedite the production process.
Emphasizing the significance of modular refineries in addressing the country’s energy challenges, Senator Lokpobiri highlighted their role while the larger refineries undergo comprehensive rehabilitation.
The move by the Federal Government is anticipated to breathe new life into stagnant oil and gas fields, fostering economic administration’s vitalization in the sector.
Business
We’ve Robust PMS Supply To Last Beyond Yuletide-Kyari
The Nigerian National Petroleum Company Ltd. (NNPCL) says it has made a robust plan for the supply of petroleum products sufficient to last beyond the ember months and the new year festivities.
The NNPCL said the supply of petroleum products, especially the Premium Motor Spirit (PMS), known as petrol, would last beyond the Yuletide and new year festivities.
The Group Chief Executive Officer, NNPCL, Malam Mele Kyari, said this when he led a delegation on a courtesy visit to the President of the Senate, Sen. Godswill Akpabio, last Wednesday in Abuja.
Kyari, in a statement by Olufemi Soneye, Chief Corporate Communication Officer, NNPCL said by the creation of the National Assembly, NNPCL was saddled with the responsibility of guaranteeing Nigeria’s energy security which was critical to national security.
“We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” the GCEO added.
While lauding the National Assembly for the critical role it played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said this legislative endeavour gave birth to a new commercially oriented National Oil Company, governed by the Company and Allied Matters Act (CAMA) principles.
Kyari stated that with the passage of the PIA 2021, NNPCL’s profitability margins had significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
According to him, NNPCL is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, and since July, 2023 the Company has started paying dividends to its shareholders.
He also said the NNPCL was involved in the entire value-chain of the oil and gas business and controlled about 30 per cent of the nation’s petroleum downstream retail market.
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