Oil & Energy
Renewable Energy Can Create 300,000 Jobs For Nigeria – ICAN … Add $7.4bn Annual GDP
The Institute of Chartered Accountants of Nigeria (ICAN) has appraised the country’s renewable energy sector, saying it has the potential to create 300,000 jobs and contribute $7.4bn annually to the Gross Domestic Product (GDP) by 2030.
ICAN’s President, Mallam Haruna Nma Yahaya, who spoke at the Institute’s 8th Southern Zonal Conference held in Port Harcourt, Rivers State, further noted that aligning the country’s policies with the United Nations Sustainable Development Goals(SGG), particularly Goals 7, 12, and 13, could unlock more than $1trillion in market opportunities for Africa by 2030.
Appreciating the Government of Rivers State for its hospitality, Yahaya said, “The renewable energy sector alone has the potential to create over 300,000 jobs and contribute $7.4 billion annually to our GDP by 2030 if properly harnessed.
“Moreover, aligning our policies with the United Nations Sustainable Development Goals, particularly Goals 7, 12, and 13, could unlock more than $1 trillion in market opportunities for Africa by 2030. Eco-disruption, therefore, is not merely a challenge; it is also an invitation to innovation and leadership.
“As chartered accountants, we occupy a unique position at the intersection of finance, governance, and sustainability. We are called to champion the sustainability agenda through improved environmental accounting, sustainability reporting, and innovative green financing mechanisms.
“We can lead the way by promoting ESG disclosures and adopting the International Sustainability Standards Board frameworks, ensuring that our businesses and institutions not only comply with global requirements but also contribute meaningfully to sustainable development”.
Yahaya explained that integrating climate resilience into budgeting and incentivising eco-friendly investments would allow Nigeria to build a low-carbon economy while attracting green financing and stimulating growth in climate-smart sectors.
“Furthermore, by promoting public-private partnerships for green infrastructure, we can help the nation achieve its Net-Zero Energy Transition Plan”, he stated.
He encouraged all members to join the ICAN ESG and Sustainability Faculty to equip themselves with the requisite knowledge and competence to navigate the evolving landscape of environmental, social, and governance reporting, to position the professionals for leadership in the emerging global green economy.
In his keynote address, the Administrator of Rivers State, Vice-Admiral Ibok-Ete Ekwe Ibas (rtd.), said Nigeria’s sustainability challenges could be overcome by aligning applicable principles of accounting ethics and environmental stewardship.
The administrator indicated that by investing in green skills, civic engagement and being accountable, not only in financial deficits but ecological practices, Nigeria could build a nation that thrived within the global entity.
Expatiating on the theme, “Eco-Disruption and Sustainability Challenges: The Way Forward”, the administrator, represented by the Secretary to the State Government, Prof. Ibibia Lucky Worika, stressed that the topic was timely, especially against the background of recent changes in the world environment.
He said, “Our world is changing. Climate change, deforestation, pollution, and unsustainable consumption patterns are no longer abstract concerns. They are here, disrupting ecosystems, economies, and everyday life from the rising flood waters of the Niger Delta to the advancing desert sands in the north.
“Accountants and Eco-Disruption are an unlikely but vital alliance. It is not every day that you see a room full of accountants discussing eco-disruption. After all, when we think of accountants, we picture balance sheets, not biodiversity; ledgers, not lagoons; profit margins, not mangrove swamps. And yet, here we are about climate change with people whose natural habitat is the spreadsheet.
“I must say, if the planet knew its fate was being discussed by accountants, it might feel strangely reassured or start worrying about whether we are about to amortise the ozone layer.
“But in truth, your role in this conversation is critical. Because sustainable development is not only about planting trees, it’s about restructuring systems. It’s about applying logic, measurement, discipline, and ethics to our collective footprint. These are things accountants excel at”.
Highlighting the negative effects of eco-disruption in the Niger Delta, he said: “In the Niger Delta, where we are gathered today, the evidence is stark: coastal erosion and sea-level rise are threatening entire communities.
“Biodiversity is in decline, with mangrove forests and aquatic life under siege from oil pollution and invasive species. Rainfall patterns are shifting, compromising agriculture, food systems and freshwater supplies.
“Oil spills, bush burning, and deforestation continue to erode environmental health and human livelihoods. These disruptions not only threaten our environment, they destabilise our economy, our security and our very identity as a people.”
Ibas also stressed that strategies to develop effective policy towards environmental stewardship must change to ensure institutional reforms in cognisance of socio-economic, environmental and human sustainability.
He said, “The four pillars of environmental, economic, social, and human sustainability must now guide our policy choices and institutional reforms. We must move from extractive to regenerative systems.
“We must rethink how we produce, consume, and account for the value we create, not just in financial terms, but in ecological and social impact as well.
“Strengthen environmental governance and community engagement, support clean energy with targeted fiscal policies and green financing, promote afforestation and mangrove restoration, integrate sustainability into educational curricula and professional ethics, including accounting practices and invest in data, transparency and inclusive planning at all levels of government and industry”.
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Oil & Energy
Dangote/NUPENG Feud: Tanker Drivers Disown ‘PTD Elders Forum ‘, Seek Impostors’ Prosecution
Petroleum Tanker Drivers(PTD), an affiliate union of the National Union of Petroleum and Natural Gas Workers(NUPENG), has disowned a group parading itself as the ‘PTD Elders Forum’ amid a feud with Dangote Refinery.
The drivers from across the Kaduna, Lagos, Port Harcourt, and Warri zones, during a Press Briefing, at the Weekend, described members of the said forum as fake impostors with no recognition under PTD or NUPENG constitutions and hired to wreck havoc on the union.
They appealed to security agencies to investigate and prosecute those behind the forum.
Speaking on behalf of Kaduna Zone, Bashir Izalan, said the group was unknown to PTD, stressing that Egbon’s leadership had been transparent and responsive to members’ welfare.
He noted that drivers benefited from union-backed insurance, medical support and intervention in workplace disputes.
Representative of the Lagos Zone, Itanola Abiodun, maintained that the so-called elders were not members of the union, pointing out that every legitimate PTD member belonged to a unit and zone.
He urged the group to identify their units if they were genuine members, insisting that they were “hired hands” out to destabilise the union.
In his words, “Everybody who belongs to a union has a unit and zone where that unit is located. Then, they have the PTD branch. Those units where they claimed they come from do not exist. We in those zones do not know them.
“Their names are not known to us at all. They should mention the units they belong to for discerning minds to vouch for their authenticity.
“They cannot even say the units or zone they belong to. They are not speaking for us. They are impostors, hired to wreak havoc in our union”.
From Port Harcourt Zone, Chukwudi Okafor, dismissed allegations that PTD leadership mismanaged check-off dues and loading fees, clarifying that the funds, contributed by truck owners, are used for drivers’ health insurance and welfare.
He said members were satisfied with how resources are managed, urging the government to support PTD.
Dennis Akore of Warri Zone alleged that the controversy was linked to former PTD members who lost out in the July, last year’s delegates’ conference, claiming that the group was attempting to regain control of the union after being voted out by drivers.
Earlier, NUPENG President, Comrade Williams Akporeha, and General Secretary, Comrade Afolabi Olawale, had also warned against the activities of the “PTD Elders Forum,” describing them as infiltrators working to sow disaffection within the union.
All is now set for the unveiling of the indigenous $400m Otakikpo Onshore Crude Oil Terminal in Rivers State, billed for Wednesday, October 8, and to be performed by the President, Bola Ahmed Tinubu.
The facility, developed by Green Energy International Limited (GEIL), operators of the Otakikpo field in OML 11, located in Ikuru-Town, in Andoni Local Government Area of Rivers State, is the first wholly indigenous onshore terminal built in Nigeria as the last of such facility, the Forcados Terminal, was commissioned back in 1971.
The unveiling would attract top government officials, including the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, Rivers State Governor, Siminalayi Fubara, and other major stakeholders across the nation’s oil and gas sector.
With the much struggling with declining production, pipeline vandalism, oil theft, and rising operational costs in recent years, the Otakikpo Onshore Terminal further underscores the Federal Government’s renewed efforts to restore investor confidence in the nation’s oil sector.
The Executive Director, Legal and Corporate Services, GEIL, Olusegun Ilori, in a Statement, last Thursday, said the terminal aligns with President Tinubu’s drive to boost crude oil production and address Nigeria’s long-standing evacuation challenges.
“This project is a strategic infrastructure that supports the administration’s commitment to raising output while reducing costs,” Ilori said.
On his part, the Chairman and Chief Executive, GEIL, Professor Anthony Adegbulugbe, described the terminal as a “game-changing national infrastructure.”
Adegbulugbe said “What we have achieved here is not just a storage solution, but a pathway for about 40 stranded oil fields to finally contribute to the economy”.
It would be noted that industry operators, over the years, have consistently highlighted evacuation bottlenecks as a major impediment to meeting the Federal Government’s production target of 3m bpd.
The Otakikpo terminal is expected to serve as a lifeline to more than 40 stranded oil fields by providing a reliable evacuation outlet, potentially unlocking millions of barrels of crude previously trapped underground.
With an initial storage capacity of 750,000 barrels, expandable to three million barrels, and a loading capacity of 360,000 barrels per day, the facility is also projected to reduce production costs for indigenous producers significantly.
By: Lady Godknows Ogbulu
Nigeria is pumping more crude and drilling harder than it has in years, thanks to reforms under President Bola Tinubu that are finally coaxing cash back into the upstream. Daily output has climbed to between 1.7 and 1.83 million barrels, while active rigs surged from 31 in January to 50 by mid-year, Minister of State for Petroleum Heineken Lokpobiri told delegates at Africa Energy Week.
The turnaround is pinned on the “Project One Million Barrels” initiative and the long-delayed Petroleum Industry Act, which the government insists has created a predictable playing field for investors. Lokpobiri pointed to over $5.5 billion in fresh investment decisions tied to asset divestments by IOCs—moves he said are adding some 200,000 bpd to national production. Nigeria, he declared, is “open for business.”
But problems persist downstream. The country’s crown jewel refinery—Aliko Dangote’s $20 billion, 650,000-bpd plant in Lagos—is mired in strikes, sabotage claims, and financial headaches. Earlier this week, Nigeria’s top oil union launched a nationwide walkout after 800 refinery workers were sacked for alleged “acts of sabotage.”
Dangote insists he’s rooting out bad actors; unions say he’s firing organizers. The strike has already shuttered offices at NNPC and key regulators, raising fears it could spill over into production if not resolved.
Even before the labor brawl, the refinery was under pressure. Dangote has admitted to reselling crude cargoes and halting local fuel sales as currency distortions made operations unprofitable.
Buying crude in dollars and selling fuel in a weakening naira is a recipe for red ink, and calls for government-backed import bans have underscored just how fragile the model is.
Nigeria’s oil reforms may be luring rigs back to the delta, but if its refining dream continues to falter, the paradox remains: a top global crude exporter still at risk of shortages at home.
By Julianne Geiger