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FG Discovers Investment Opportunity Worth $23bn In Energy Transition 

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6 months ago

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The Minister of Power, Adebayo Adelabu, has disclosed that the Federal Government has discovered about $23billion in investment opportunities in Nigeria for projects directly related to its Energy Transition Plan.
Adelabu, who disclosed this in his remarks at the 2nd German-Nigerian Symposium on Green Hydrogen, said the opportunities would not only provide electric power for economic development, but would also result in significant net job creation with up to 340,000 jobs by 2030.
He said the ETP would create up to 840,000 jobs by 2060, driven mainly by power, cooking and transport sectors, adding that gas would play a critical role as a transition fuel in Nigeria’s net-zero pathway, particularly in power and cooking sectors.
“The ETP creates significant investment opportunities such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles.
“$1.9 trillion is required to get Nigeria to Net Zero by 2060, including $410 billion above usual spending.
“This additional cost translates to about $10bn annually. A $23bn investment opportunity has been identified based on current in-country programmes and projects that are directly related to the Just energy transition”, he said.
Speaking on the essence of gas as Nigeria’s transition fuel, the Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, said gas had the potential to produce blue hydrogen, which, though not as clean as green hydrogen, would be useful in Nigeria’s journey towards cleaner energy sources.
“Sadly, Nigeria is still battling to put in place and embrace efficient gas commercialisation and utilisation policy. For instance, NEITI’s recent report disclosed a total unremitted revenue of over $8.2bn. These revenues arose from liabilities of government agencies and oil/gas companies.
“A breakdown of the unremitted payments in our report showed outstanding gas royalty of $559.8m and another unremitted sum of $828.8m from unpaid gas flare penalty which indicated that more gas was flared during the period than utilised posing serious dangers to the global zero emissions agenda.
“NEITI is working closely with the Nigerian Upstream Petroleum Regulatory Commission on its ongoing gas commercialisation policy to ensure transparent and effective implementation to reverse the trend of gas flare”, Orji stated.
On his part, the Ambassador of Germany to Nigeria, Annett Günther, said Germany and Nigeria were both committed to driving the production and use of hydrogen.
She also referred to the German Chancellor, Olaf Scholz’s recent visit to Nigeria, in which he highlighted that the energy partnership between both nations was not only about traditional fossil fuels, but also about hydrogen, the gas of the future.
Also speaking, the Country Director, GIZ Nigeria and ECOWAS, Markus Wagner, said, “It is crucial to recognise that green hydrogen has the potential to revolutionise our energy landscape. It offers a path to reducing carbon emissions, diversifying energy sources, and boosting economic growth.
“Nigeria and Germany share a long and fruitful history of cooperation in the energy sector and GIZ has been an active partner in this journey, working alongside Nigerian institutions and partners to drive positive change”.

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LASG Makes Over N500m From Traffic Offences

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55 mins ago

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April 29, 2024

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The Lagos State Commissioner of Transportation, Mr. Oluwaseun Osiyemi, has disclosed that the recently introduced Traffic Management Solution Device (TMSD) has successfully captured 26,816 real time traffic infringements over the last three months.
Osiyemi, who stated this during a ministerial press briefing recently, said this development has made enforcement more effective and safe for officers to carry out.
The figure is arrived at based on the fact that the least fine for road traffic offence in the state is N20,000, and when multiplied by 26, 816, it comes to N536,320,000.
The government also vowed to intensify enforcement activities on fake enforcement officials across the State.
The Commissioner further disclosed that the Ministry, through its task force team, would carry out sting operations in different areas of the State until all impersonators are eradicated within the metropolis.
He explained that revealing details of the enforcement operations would sabotage its effectiveness and success, as the impersonators will devise methods to elude the State Government and persist in their unlawful act.
The Commissioner also disclosed plan by the State Government to take the transportation system to another level, through introduction of Compressed Natural Gas (CNG) buses by private investors, assuring that the State Government’s commitment to public transportation is to promote a transport system that is integrated and give options to its citizens.
According to him, towards facilitating the daily transportation needs of nearly 25 million commuters within Lagos State, a series of strategic initiatives have consistently served as instruments pivotal in advancing the first pillar of the THEMES+ development agenda.
Consequently, he said, there will be an expansion of infrastructure within the metropolitan, with the development of deep port in Badagry and construction of 4th Mainland Bridge, which are expected to commence soon.
Noting that the renewed effort of the Government towards making transportation in Lagos seamless for commuters, the Commissioner also said 250 electric cars have been shipped in by private investors to improve transportation in the State, while conserving the environment from air pollution through emission.
The Hon. Commission for Information and Strategy, Mr. Gbenga Omotosho, in his opening remarks described how important the Transportation Sector is to the economy and the well being of Lagosians.
Giving his remarks, the Special Adviser to the Governor on Transportation, Hon. Sola Giwa, stressed that the Lagos State Traffic Management Authority (LASTMA) is the only body backed by the Law to carry out enforcement and manage traffic within the state, saying Local Governments do not have traffic officers and they are not authorized by the law to apprehend motorists who commit traffic infractions.
Giwa also urged members of the public to avoid negotiating fines on the road with alleged enforcement officers to avoid being victims of impersonators.
Debunking the claims that fake enforcement officers apprehended last week around Cele axis worked for the Ministry of Transportation, the Permanent Secretary, Mr. Olawale Musa, confirmed that many of them are impostors, adding that it will be an anomaly for the Ministry to arrest and publicly shame its staff.
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Boat Mishap: CILT Advocates Safety Culture On Waterways …Claims 300 Nigerians In 2023

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57 mins ago

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April 29, 2024

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The Chartered Institute of Logistics and Transport (CILT), Nigeria, has expressed displeasure over the frequent loss of lives associated with passenger ferries on coastal and inland waterways.
Calling for more safety culture measures by users and stakeholders, President of CILT Nigeria, Barrister Mfon Usoro, in a statement last Thursday, disclosed that the institute’s Committee investigated incessant boat mishaps in Nigeria and discovered that over 300 lives were lost on the waterways in 2023.
Usoro, a former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), said “An independent online investigation by the CILT, Nigeria Publicity Committee, revealed that over 300 lives were lost to different boat accidents across the country in 2023”.
Giving a vivid explanation on the mishaps in the nation’s brown waters, he said, “Recent ferry and boat fatalities recorded include: 5 Nollywood actors and crew in Asaba, Delta State; 3 medical students in Calabar, Cross River State; 3 passengers in Ibeshe, Ikorodu, Lagos State; 8 dead and estimated 100 persons declared missing in Borgu district, Niger State; 8 passengers in Anambra State.
“Overwhelming cause of the ferry disasters were the occurrence of one or a combination of the following factors: overloading, non-use of lifejackets, adverse weather conditions, human error, sub-standard boats and ferries, mechanical failures like engine breakdowns, inadequate safety measures, absence of navigational aids, non-availability of search and rescue services and regulatory gaps”.
She stated that safety of lives and property at sea/rivers is of paramount concern to everyone, especially in the light of recurring boat mishaps.
According to her, the incidents not only result in tragic loss of lives, but also pose significant economic and environmental risks.
The CILT boss stated that “While we support the use of inland waterways, it is saddened by the frequent loss of lives associated with passenger ferries in our coastal and inland waterways.
“While we support the use of inland waterway transports as an alternative and viable mode of transportation, the incessant ferry-related incidents resulting in fatalities has prompted a closer look at the deficit in safety culture and non-adherence to safety measures by the parties responsible for safety in our waters”.
Usoro, who is also a the former Secretary, Abuja MoU, said all stakeholders that constitute the “circle of responsibility” in safety of water transport “must work in collaboration to improve safety consciousness of ferry operators, jetty owners, and persons that use waterways transport”.
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‘Women Exclusion From Digital World Costs $1trn Worldwide’

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59 mins ago

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April 29, 2024

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The exclusion of women in the digital world has resulted in a whooping loss of $1trillion in the economies of developing nations in the last decade.
Chairman of the “MMS Hall of Famers’ Initiative”, Amb. Dr. Unyime-Ivy King, stated this during part of events to commemorate the 2024 “International Women’s Day” in Lagos State.
Making a presentation as Chairman of the occasion, with the theme, “Inspire Inclusion of Amazons”, Amb. King said the loss will increase by 50 percent in 2025 if nothing is done in this regard.
According to her, “Beside economic benefits, enhancing women’s safety and equal access to digital technologies, she noted that women-to-women support ranks as the greatest catalyst in achieving gender balancing.
Urging women over the world to reject the primitive customs that confines them to the kitchen, she said, “When we inspire others to understand and value women’s inclusion, we forge a better world. And, when women themselves are inspired to be included, there’s a sense of belonging, relevance and empowerment. Today, we are here to applaud them.
“One of our struggles is the sparse number of women in positions of power. From corporate boardrooms, to the courts and political leadership around the world, the small percentage of women in senior positions continues to stymie progress on issues from pay to humanitarian aid to discrimination in all its forms.
“The sooner we understand that the small number of women in leadership roles holds back not only women, but all people, the sooner we will be able to advance society as a whole”.
She emphasized that “the biggest challenge facing women today is patriarchy. This is especially evident in the realm of politics. Regardless of a woman’s experience, education or abilities, the patriarchal nature of the society fosters the perception that women are less qualified and less competent than men.
“What patriarchy has done is convince people that a strong and intelligent woman represents a problem; a disruption to the social order rather than an integral part of it. It is, therefore, no coincidence that many countries are completely out of step when it comes to electing a woman as President”.
Speaking further, she noted that Africa is notorious for creating the greatest challenge to the emancipation of women, especially in political leadership, saying that the era where women were confined to the background as domestic and family caretakers was over.
“While women have maintained the highest office of leadership in Liberia, India, the United Kingdom, Croatia, Dominica, to mention a few, the same cannot be said in Africa or globally. I believe the time has come for more women to get into top leadership positions in this country in various sectors”, she said.
She applauded women that have been selected to be inducted into the MMS Plus Hall of Famers, and urged them to be the torchbearer of gender balancing and empowerment.
Earlier, the Chief Executive Officer (CEO), MMS Woman of Furtune Hall of Fame Initiative, Mr. Kingsley Anaroke, said the theme of this year’s IWD is “Inspire Inclusion”, saying it’s “a muse that has provided another moment of sober reflection on the struggles over decades on gender diversity and request for the elimination of the inhibitive streams of bias and stereotypes.
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