Oil & Energy
Surviving Economic Realities In 2020s
Heraclitus of Ephesus, a Greek philosopher of the late 6th Century, in his famous apothegm said, “The only constant is Change”. Literally, whether change is desired or not is inconsequential as it occurs independently; devoid of assents or prior notice. And the earlier people prepared their mind for it, the better as it is inevitable. This is thus, a clarion demand for reprogramming the minds to adapt as it occurs. Not even resistance deters it except to be left behind; an unhealthy option.
Typically, the major and fastest agent of change is civilization which everyone profoundly cherishes. Nobody in their right senses will kick against civilization due to the comfort, speed and productivity it offers. However, the bad side of it is, the same pace it opens new opportunities to the sensitive minds, is also how it pushes out the indolent and conservative minds out of jobs and businesses.
For example, the evolution of modern computers; Central Processing Units (CPUs) and laptops sent conservative typists and typewriter-merchants that were insensitive to upgrade out of jobs and businesses. Similarly, online shopping has become the most utilised medium across the world thereby affecting daily sales of shop owners. Arguably, technological advancement is moving fast.
Presently, foodstuffs including fresh tomatoes, potatoes, vegetables and even native cooked foods are ordered online and delivered with ease in Nigeria. Likewise, the usual taxi business which required people to board on the road is being overtaken by connected system which can access, negotiate variety of taxis in the comfort of the living rooms.
Churches are not left out as people in the comfort of their homes now actively participate in church services same way as onsite worshippers. In banking industry, higher volume of transactions are currently done virtual which reduces human activities in the banking halls alongside overhead costs. Of course, by design, banks are profit-oriented and not charity organizations, hence, will always switch over to most cost-effective system.
Conversely, the labour market is adversely affected as technology drops human activities thereby increasing unemployment ratios. Even those already in employment are likely to face more retrenchments as their services can be rendered cheaper and more efficiently through technological revolution.
For emphasis, on September 3, 2019, an energy firm, Oando Plc, sacked about 100 workers. Similarly, on November 21, 2019, First Bank of Nigeria recorded a mass sack of staff numbering over 1000 across the federation. The record goes on. The umbrella body of the workers; National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) threatened fire and brimstone to reverse the action.
Though the solidarity was commendable, unfortunately, NUBIFIE forgot the employers’ obligation to discharge employees is to be laid off accordingly. The union overlooked to do a feasibility study vis-à-vis the management’s unflinching action, without any panic against possible collapse of the bank by the volume of the retrenchment. This is a critical oversight.
For instance, Automated Teller Machines (ATMs) can now withdraw and also collect deposits into customers account in few seconds. The implication is that scores of contract staff that mount the tellers may be drastically reduced to virtually zero. Believably, all banks are working in that directions which implies that more retrenchments are looming particularly in the banking sector in the new decade.
Realistically, NUBIFIE and other unions may not do much to counter the trend. This is because they cannot provide the funds to subsidize overhead costs; to secure their members’ jobs. Convincingly, the bank discovered an alternative mode to handle operations without such a crowd of employees. To call a spade, a spade, the sacks were no accidental discharge but necessitated by profit maximization which is its major goal.
Laudably, a leading financial institution, United Bank for Africa (UBA), recently recorded a massive recruitment drive of about 4000 new staff alongside promotion of 5000 existing staff members with inspiring increments. However, the truth must be told. Industrialized economy is rapidly succumbing to digitalized economy.
The top-secret is technological innovation that economically, efficiently handles human tasks. In other words, repositioning is crucial. A stitch in time they say, saves nine. Sensibly, those not considering modern economy are vulnerable to be victims of the contemporary economic dynamics. Another bitter truth is that government alone cannot provide the much needed jobs for the high number of unemployed population.
However, governments must obligatorily provide the enabling environments for businesses to thrive. Economy must be stimulated and made attractive for investors. And essentially, insecurity must be unrelentingly wrestled not merely by empowering security agents but creating jobs for unemployed populations alongside empowerment with skills acquisitions. Government must meet these critical demands.
Interestingly, the most striking feature of the new economic direction is that it can empower distressed persons from zero level to financial independence without capital unlike the phasing-out industrialized economy. Above all, it creates secure incomes alongside conventional vocations. Instructively, most of the capitalists in the developed economies do not survive by commonplace hustling but connected economy.
Thus, whilst it is ideal to have exciting new year resolutions, big dreams and accept nice predictions, efforts must be put in top gear to think outside the box. People should expediently, ardently consider realignment. By the rapidity of technological advancement in the world, it is obvious a lot of employments may be in danger.
The way out is to embrace the modern economy to run with the changes against the challenges. Connected economy, distinctively, thrives by merely building relationships and fostering connections, rather than assets (money) and stuffs as exists in industrialized economy. However, extreme caution is required as scammers have infiltrated digitalized economy knowing it is the new face of the world economy.
Umegboro is a public affairs analyst.
Carl Umegboro
Researchers in Hong Kong and China have developed a new form of battery that is more eco-friendly and longer lasting than lithium ion batteries – and it runs on tofu brine. The new water battery is still in research phases, but if the technology proves to be scalable enough to hit commercial markets, it could be a game-changer for the energy and tech sectors.
“Compared with current aqueous battery systems … our system delivers exceptional long-term cycling stability and environmental friendliness under neutral conditions,” the research team, composed of scientists from the City University of Hong Kong and Southern University of Science and Technology in Shenzhen, Guangdong, said in a paper published this month in Nature Communications.
The researchers found that their battery model can be recharged over 120,000 times. “At over a hundred thousand cycles, this could mean a single water-based battery could last at least a decade or so,” states a recent report on the breakthrough from Interesting Engineering. “For applications like grid storage (solar farms, wind balancing), that’s extremely valuable,” the article went on to say.
This kind of lifespan would represent a drastic improvement over the battery technologies that dominate today’s market. Lithium-ion batteries degrade after between 1,000 and 3,000 charge cycles. This could prove revolutionary, as finding an alternative to lithium-ion batteries to power rechargeable devices is a major priority for Big Tech and the global energy sector.
Moreover, these tofu-brine batteries could prove safer and more environmentally friendly than lithium-ion batteries. According to the study authors, the full cells are environmentally benign and nontoxic and can be directly discarded to environments according to various standards.” Water based (also called aqueous) batteries can also potentially be cheap to produce as they rely on ingredients that are less rare in addition to being less hazardous.
Lithium is environmentally harmful to extract, prone to fires, and its supply chains are geopolitically fraught. Currently, China alone controls half of the global lithium market, and is rapidly increasing its stake. In 2024, more than eight in ten battery cells on the planet were made in China. This means that finding a battery model that can compete with lithium-ion batteries in applications like grid-scale energy storage and electric vehicles would have revolutionary implications for global markets.
Researchers around the world have been racing to develop battery models that could diversify the market and make it more competitive and resilient. These models range widely in size, components, and application, with models currently under development for next-gen sodium-ion batteries, quantum batteries, nuclear batteries, and even sand and dirt batteries.
Of course, the irony is that the leading alternatives to lithium-ion batteries are also being developed in Chinese labs. If this new tofu-brine battery proves scalable and applicable outside of a laboratory environment, it could just be another step toward Beijing’s goal of near-total domination of clean energy technology value chains and status as the world’s first and premiere ‘electro-state.’
China’s extreme advantage in global battery making gives it a major point of leverage in global economies as the world continues to electrify at a rapid pace. It is estimated that European demand for lithium in batteries will reach kilo tonnes (thousands of tonnes) of Lithium Carbonate Equivalent by next year, and North American demand will reach 250 kit LCE. it’s all but certain that the vast majority of that demand will be supplied by China.
Other nations are aware of the risk of this dependency, and are taking pains to protect and promote domestic battery manufacturing, but these efforts may be too little, too late. “For globally competitive battery manufacturing industries to emerge outside of Asia over the next ten years, companies will need to do far more than ensure regulatory compliance,” summarizes a McKinsey & Company report released in January. “Challenges will need to be overcome on multiple fronts spanning supply chains, talent management, operations and technology.”
By: Haley Zaremba
The Rural Electrification Agency (REA) says it will spend N100 billion in 2026 to deploy hybrid mini-grids for government agencies within and outside Abuja.
The Managing Directors, REA, Abba Aliyu, disclosed this while addressing newsmen on the sidelines of the 2026 budget defence session
The approved funds form part of the National Public Sector Solarisation programme, a component of the agency’s broader N170 billion budget proposal for 2026.
The initiative is designed to improve electricity reliability for public institutions while reducing operational costs and easing pressure on the national grid.
Aliyu explained that the agency’s total proposed budget for 2026 stands at N170 billion, with N100 billion of the amount dedicated specifically to the solarisation initiative targeting government agencies.
He said the hybrid mini-grid systems combine solar power with complementary energy sources to ensure an uninterrupted electricity supply.
“The total budget size for 2026 operations is N170 billion, out of which N100 billion had been approved for National Public Sector Solarisation.
Aliyu cited the National Hospital in Abuja as an example where similar infrastructure had been deployed to ensure stable power and cut operational expenses.He added that beyond the Solarisation
Recall that earlier in February 2026, REA signed a Memorandum of Understanding with the Economic Community of West African States (ECOWAS) to deploy solar power systems to 15 public institutions across Nigeria.
The project will be implemented under the Regional Off-Grid Electricity Access Project (ROGEAP), a World Bank-supported initiative aimed at expanding off-grid electricity access across West Africa and the Sahel.
ECOWAS will provide a $700,000 grant to fund the installation of solar photovoltaic systems in selected rural health centres and schools in the Federal Capital Territory, Niger, and Nasarawa States.
Oil & Energy
PIA: TotalEnergies Transfers OLO Oilfield HCDT Obligation To Aradel ……Says HCDT Enabled Completion of 100 Projects In 2 years
In his remarks, the Community Affairs Manager, Aradel Holdings Plc, Blessyn Okpowo, affirmed the company’s commitment to honouring all PIA obligations and continuing Total Energies’ community engagement approach.“We want to say that in line with the PIA, we will honour commitments and duties required of the settlor and we want to work very smoothly with the way TotalEnergies has worked with them,” he stated.
He recognised the Commission’s role in approving the Community Development Plan (CDP) before project start, underscoring regulatory excellence.The parties noted that between 2023 and 2025, the trust has enabled the completion of more than 100 community projects, spanning water supply, electricity, road infrastructure, education, and healthcare with a further 40 projects currently ongoing.
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