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FG, OPEC Forge Ties To Ensure Global Oil Market Stability
The Federal Government has given assurance of its readiness to support every move that will bring about stability in the global oil market.
This was reiterated at a visit by Dr Mohammad Barkindo, the Nigerian born Organisation of Petroleum Exporting Countries (OPEC) Scribe, to the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja.
They both expressed their readiness to work hand-in-hand to ensure stability of the global crude oil market.
Sylva said that Nigeria, as one of the leading oil and gas producing nations in Africa, would continue to abide by the Declaration of Cooperation (DOC) which has gone a long way in stabilising the market for the collective good of the producing and consuming nations.
On his part, Barkindo applauded Nigeria for the key role it has been playing in the global crude oil market, noting that the 50 years partnership between OPEC and Nigeria has impacted the crude oil market positively.
He presented a book entitled “Nigeria and OPEC: 50 years of Partnership,” to mark the golden anniversary of its membership in the Organization of Petroleum Exporting
Can The Biden Administration Meet Its Ambitious Offshore Wind Power Target?
Earlier this year, the Biden administration said it planned to build offshore wind power generation capacity to the tune of 30 GW by 2030, creating more than 44,000 direct jobs and close to 33,000 indirect ones. To date, the United States has wind power capacity of 118 GW. Of this, only 42 MW is offshore wind. And According to IHS Markit, the 30 GW additional capacity target will almost certainly be missed.
Last year, the United States set a record in wind power capacity additions, at 14.2 GW added during the pandemic year. That was a continuation of another strong year in 2019, which also set a record in wind power additions, according to data from the Energy Information Bureau.
However, the reason for this boom in wind power generation capacity was not a simple response to greater demand for wind power. In fact, the reason for the records set in both 2019 and 2020 was the looming phase-out of the production tax credit, which spurred the mass deployment of wind and solar installations.
In December, Congress extended the production tax credit, which provided wind farm operators with a credit of $0.025 per kWh, until the end of this year. There are other incentives available to the wind industry, too. The biggest is the investment tax credit, which covers between 12 and 30 percent of investment costs at the start of the project. As of December, Congress has established a 30-percent investment tax credit for projects that start construction by December 2025.
So, with so much government help for the wind power industry, the 30 GW target in offshore wind should be a no-brainer. Yet, there are other factors at play besides government incentives and it is these factors, according to IHS Markit, that would make hitting the 30 GW target impossible.
For starters, the permitting process for offshore wind projects is lengthy and complicated, IHS Markit’s Andre Utkin wrote in a recent analysis of the topic. Then, there are not enough manufacturing facilities for the turbines, blades, and other equipment that goes into a utility-scale wind farm. The installation process is also tricky: per U.S. legislation, only U.S.-flagged vessels can sail along the country’s coasts. And there are not enough U.S.-flagged wind turbine installation and service vessels, according to IHS’s Utkin.
Then there is the issue of transmission infrastructure. This is insufficient to accommodate an additional 30 GW of wind power capacity, according to the research firm. The transmission infrastructure problem is a global one, by the way. Earlier this year, IHS’s Utkin reported that global offshore wind power capacity was set to expand sixfold by 2030 thanks to technological advances, cost reductions, and government incentives. However, he added, “the industry needs to rapidly develop and invest in new infrastructure to achieve these ambitious plans.”
Finally, there is a regulatory hurdle, albeit not an insurmountable one. The Bureau of Ocean Energy Management tends to conduct lengthy investigations of the impacts of wind farm construction on the environment, which will also likely delay projects.
In all fairness, many of these challenges can be dealt with by legislators, a majority—although slim—of whom are clearly in favor of building the country’s offshore wind power capacity. Some, however, are trickier because they do not depend on favorable policies. One example is the cost of building the necessary transmission infrastructure.
The recent $550-billion bipartisan infrastructure deal struck between the Senate and the White House envisages $73 billion in funding for clean energy generation and transmission. Yet copper prices are rising, and the offshore wind takes massive amounts of copper for its infrastructure. The $73 billion might simply be not enough for that and modernizing the U.S. aging grid.
Slav writes for Oilprice.com
The 2025 annual general meeting (AGM) and conference of the Rivers/Bayelsa states chapter of the Manufacturers Association of Nigeria (MAN) has come to a close with a strong call for both states to drive the blue economy.
The communique just issued after the AGM pointed to what it called emerging prospects in fish processing, seaweed cultivation, ship repair, and marine technology.
The communique which also mentioned human capital gaps that must be filled through technical and vocational training that are aligned with modern industrial needs, said the blue economy represents a viable pathway for Nigeria’s industrialisation.
It said MAN and Arican Marine Environment Sustainability Initiative (AFMESI) have the capacity to unlock Nigeria’s blue economy sustainably and inclusively, but said the region required dedicated infrastructure upgrades, including roads, waterways, and power.
The communique was signed by Vincent Okuku (Chairman of Rivers/Bayelsa States Branch); Michael Nosa Agana (Branch Vice Chairman/Chairman AGM planning Committee); and Chibuzor Eze (Executive Secretary, Rivers/Bayelsa States Branch).
The resolutions said the future of the Niger Delta economy lies in diversification rather than dependence on extractive industries. “Technology and innovation, value addition and local processing, strategic infrastructure, and a skilled workforce are essential pillars for the future of manufacturing in the region.
“Governments in the region must intensify support for manufacturing activities. Various forms of collaboration across sectors should be actively encouraged.”
It specifically advised Bayelsa and Rivers States to fully develop and harness the blue economy as strategic gateways for sustainable growth; and called for cross-border partnerships with neighbouring states to enhance trade, security, and environmental management.”
The Rivers/Bayelsa States branch of MAN held its first (41st) AGM outside Port Harcourt for the first time, hosted by Bayelsa State Government at the Chief D.S.P. Alamieyeseigha Memorial Banquet Hall, with the theme: ‘Trade, Technology, and the Future of Manufacturing in the Niger Delta.’
In his welcome address, the chairman of the branch, Okuku, commended the Bayelsa State Government under the leadership of Gov Douye Diri for its efforts in industrial development, investment promotion, and strong partnership with the private sector.
He also acknowledged the Rivers State Government for its commitment to rehabilitating industrial clusters, improving access roads, and delivering key infrastructure.
He, however, expressed concern over persistent challenges such as high energy costs, unreliable electricity supply, weak transport systems, rising logistics expenses, multiple taxes and levies, inconsistent regulatory frameworks, and pressure from host communities, which continue to hinder manufacturing growth in both states.
The President of MAN, Francis Meshioye, noted that the Niger Delta, with its abundant resources and strategic location, holds vast potential for industrial expansion. He called for policy frameworks that promote local manufacturing, enhance trade, and attract investments to the region.
Goodwill messages were delivered by the Minister of the Federal Ministry of Regional Development, Abubakar Momoh, represented by Wasa Festus, Director of Community Development and Education. Another goodwill message was also presented by the Bayelsa State Commissioner for Trade, Industry and Investment, Ebieri Jones.
In his remarks, Gov Diri praised MAN for its contributions to Nigeria’s manufacturing sector, noting its resilience, innovation, and strategic role in national development. He stated that the conference theme aligns with his administration’s mantra of “Assured Prosperity.”
Gov Diri offered 24-hour service to manufacturers wishing to relocate to the state, and highlighted the State’s ongoing transformation through deliberate investment in infrastructure, security, and human capital aimed at positioning Bayelsa State as a hub for industrial growth, particularly in the blue economy, agriculture, and manufacturing.
He further noted that hosting the 41st AGM fulfilled a long-desired aspiration of the State following the successful 2024 MAN event in Port Harcourt, Rivers State. He officially declared the exhibition open.
The Nigerian Education Loan Fund has alerted the public to a fraudulent message circulating online, claiming that the NELFUND Student Loan Registration Portal is open.
The message directs applicants to a third-party link (http://gvly.xyz/Nelfund-Student-Loan, which NELFUND confirms is unauthorised and fraudulent.
In a post obtained from its X handle, yesterday, NELFUND urged students and the general public not to click on the link or provide any personal information, emphasising that the official loan registration portal is only accessible through the Fund’s verified channels.
The agency reminded applicants to exercise caution online and to report any suspicious links or communications claiming to be from NELFUND.
“Applicants are encouraged to always verify official announcements via NELFUND’s official website and social media channels,” NELFUND said.
This advisory comes as part of NELFUND’s ongoing efforts to safeguard students and ensure the integrity of the student loan application process.
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