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OPEC’ll Maintain Steady Flow Of Energy Supplies-Barkindo

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The Organisation of Petroleum Exporting Countries (OPEC) says it would remain fully focused on maintaining a steady flow of energy supplies to consumers.The OPEC Secretary-General, Dr Mohammad Barkindo, said this, yesterday, at the ongoing Nigeria Energy Forum (CERA Week 2022 Agenda) in Houston, Texas.
The forum is tagged: “Oil and Gas Investments: The Future of Fossil Fuels Amid the Quest for Decarbonisation”.
Barkindo, in a keynote address, which was made available to newsmen in Abuja, said that OPEC would remain focused on energy supplies in spite of Russia-Ukraine crisis and COVID-19 pandemic which had adverse effects on the energy markets globally.
“Over the past ten days or so, we have seen escalating geopolitical tensions, which are still unfolding and having adverse effects on energy markets across the world, resulting in heightened levels of volatility.
“The tensions have spooked investors and rattled commodity markets. We recognise this and are following developments very closely.
“Our hope in this crisis is that all parties involved can reach positive outcomes that will be acceptable to all,” he said.
Barkindo noted that the COVID-19 pandemic taught OPEC the value of taking a prudent approach to oil supply and demand developments.
According to him, this should be done with the flexibility to adapt strategies as and when needed, ultimately for well-being of global community.
In terms of the market outlook for 2022, the secretary-general said there was evidently some optimism, but it was also cognisant that uncertainties remained and was further complicated by geopolitical developments and exceptional market volatility.
According to him, optimism is being driven by the vaccine rollout, although this needs to filter through to more developing countries, improving mobility, and the continuing economic recovery.
“Uncertainties relate to COVID-19 developments, although at present we see the impact of the Omicron variant on the oil market to be relatively mild and short-lived.“Additionally, the geopolitical challenges already mentioned global supply chain issues, potential effects of rising inflation, consequent rise in interest rates, and knock on-impacts from challenges in gas, coal, electricity sectors, need to be closely monitored,” he said.
Speaking on the theme of the session, he said the unpredictability and volatility brought on by the pandemic had intensified discussions related to climate change and the energy transition.
This, Barkindo said, was clear at 2021 COP26 meeting in Glasgow, Scotland.
He listed a number of positive outcomes such as the U.S. returning to the head of the multilateral table, all parties commitment to the implementation and full operationalisation of the Paris Agreement, and the announcement of the Glasgow Climate Pact.
This, he said was all encouraging, given the pressing need to reduce global emissions, alleviate energy poverty, counter the impacts of the pandemic, and find a sustainable way forward leaving no country, industry, or peoples behind.
Additionally, he said that it was witnessing investors, environmental lobbyists and some corporate boards pressuring oil and gas companies and governments to pursue increasingly radical policies and initiatives that could be more disruptive, than productive for global energy industry.
“There have recently been calls for investments in new oil and gas projects to be discontinued, particularly in the context of discussions around net-zero targets. This is again wrong.
“We understand the move of many developed nations to set net-zero emissions targets. A number of developing nations have too. In fact, some OPEC Member Countries, including Nigeria, have made political pledges on net zero.
“However, it is important to appreciate the massive challenges for developing countries to reach net zero emissions, many of which are acutely focused on priorities such as energy access, living wages, and supplying basic necessities.
“We need to continually keep in mind that access to affordable, reliable, sustainable and modern energy, is a right for all, not a privilege of the few, and is enshrined by the UN in Sustainable Development Goal Seven,” he noted.
According to him, the unfortunate reality for developing countries is that a staggering 759million people worldwide did not have access to electricity in 2019, with about 79per cent of them located in Africa.
Moreover, he said there were roughly 2.6billion people or 34per cent of the global population who did not have access to clean cooking fuels and technologies.
This, he said included a massive 70per cent of Africans, exposing them to high levels of household air pollution.
He further disclosed that from the perspective of Nigeria alone, in 2019, only 55per cent of the population had access to electricity and only 13per cent had access to clean cooking.
He recalled that in the energy poverty debate that Africa was still relatively unexplored in terms of oil and gas.
According to him, this is in spite being bestowed with approximately 125billion barrels of proven oil reserves and 16trillion standard cubic metres of natural gas.

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FG Targets Production Of Locally Made Vehicles By Dec

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The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.
With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.
Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.
Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302billion, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.
According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.
But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.
A statement issued last Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.
“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”
Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.
“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”
Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.
She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.
Stringent adherence to quality, she said, will boost consumer confidence and attract investment.
The minister assured all that the government would continue to encourage increased investment in research and development, adding that, innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.
On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.
By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification
In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.
He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”
He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing industry to new heights of success.
The statement added, “The government’s charge underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.
“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.”

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Waive Tax On Electronic Imports, Women Engineers Appeal To Tinubu

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The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on President Bola Tinubu to exempt the importation of electronic components from taxation for inventive engineers.
Chairman of APWEN, Ms Atinuke Owolabi, said this a in statement yesterday in Lagos, in commenration of the 2024 World Creativity and Innovation Day, with the theme: “Step Out and Innovate”.
The Tide source reports that World Creativity and Innovation Day is a global UN Day, celebrated on April 21, to raise awareness about the importance of creativity and innovation in problem solving.
This is with respect to advancing the United Nations’ sustainable development goals, also known as the global goal.
Owolabi explained that such a measure would significantly enhance technological progress, support local innovators, and elevate Nigeria as a leading hub for innovation globally.
She stated that in a world marked by dynamic challenges and unprecedented opportunities, creativity and innovation stand as the driving forces behind progress and transformation.
According to her, women engineers recognise the critical role that innovation plays in shaping our societies and driving sustainable development.
”On this occasion, we affirm our commitment to fostering a culture of creativity and innovation within our organisation and the broader engineering community.
”Together, let us step out, innovate, and inspire the next generation of women engineers to reach even greater heights of achievement and impact.
”We believe that by stepping out of our comfort zones and embracing new ideas, technologies, and approaches, we can unlock innovative solutions to the complex challenges facing our world today,” she said.
According to her, the theme: ‘step out and innovate’, serves as a call to action for women engineers everywhere to break barriers, challenge conventions.
She noted that it would also pioneer groundbreaking solutions that would propel them toward a brighter and more sustainable future.
Owolabi disclosed that in celebration of the World Creativity Day, APWEN Lagos had inaugurated an artificial intelligence club tailored for female engineering students and young engineers.
She said that the proactive initiative aimed to inspire and equip young engineers with cutting-edge technological insights.
Th chairman said, “Additionally, we already have a 200-capacity hall to set up a resource, technology, and innovation hub to empower women and girls in engineering.
”This endeavour serves as a catalyst for encouraging aspiring female engineers to embrace innovation and stay abreast of emerging trends in the field.
”APWEN Lagos stands united in its dedication to promoting diversity, inclusivity, and excellence in engineering.
“We encourage all female engineers to seize this opportunity to unleash their creativity, explore new frontiers, and make an indelible mark on the world.”

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Pan-Igbo Group Hails Dangote Group For Reducing Diesel Price

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A pan-Igbo group, Ndigbo Unity Forum (NUF), has commended the Chairman of the Dangote Group, Alhaji Aliko Dangote, and his management for reducing the price of diesel from N1,600 to N,1000 per litre.
The Tide’s source reports that diesel is the major fuel used by heavy duty vehicles and generating sets to transport goods as well as run industries across the country.
The President of NUF, Mr Augustine Chukwudum, told The Tide’s source in Enugu, yesterday, that Dangote’s timely response to suffering masses of Nigerians, going through hell to get a meal a day, “is highly commendable”.
According to Chukwudum, Nigerians need to appreciate the patriotism of Dangote since what he has done will go a long way in reducing prices of goods, especially food stuff which has gone out of the reach of the poor.
He called on Nigerians, who wish and pray always for the betterment of the country, to appreciate and thank God for answering their prayer through Dangote’s move.
“It is clear that if Dangote Refinery starts fully and gets all the crude oil needed from Nigeria, the prices of petrol, kerosene and diesel will further reduce.
“We commend President Bola Tinubu for being a listening President and supporting the Dangote Group on our crude oil needs.
“We appeal to Tinubu to encourage Dangote by providing the company with crude oil at a reduced rate as we have been demanding,” he said.
Chukwudum said that this move and subsequent further reduction, would bring industries in comatose back to life, jobs created for unemployed youths and reduction in crime as well.
“We call on governors of oil-producing Anambra, Imo and Abia States to bring investors, who shall build refineries in each of the states to refine thousands of barrels of crude in commercial quantities,” he said.

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