- Nigeria Still Imports 75% Of Requirements For Cement Production
The president, Nigerian Society of Engineers (NSE), Dr Ebenezer Damisa, has stressed the need for Nigeria to strengthen its mining institutions to curb illegal importation of raw materials as he says the country still imports 75 per cent of its requirements for cement production.
The president stated this while speaking with journalists at the 16th Annual General Meeting and Conference of the NSME which started in Abuja, yesterday, with the theme, “Mining Industry and Nigeria’s Economic Diversification.”
According to Damisa, “As at today about 75 per cent of the requirement of gypsum used for cement production is still imported into the country and we think that the money used to the importation, if given to local miners, will produce more and after a while there won’t be need for importing.
“I stress the need to strengthen the institutions because once that is done they will be able to monitor what is going on around them. If you go to the mines’ offices all over the country there are no vehicles to do the job required of them. First of all, I think that there is the need to strengthen mining institutions, such as the ministry as there are departments in the ministry that were created and yet for one reason or the other are not functioning optimally. Examples are the Mines Inspectorate Department, Mines Environmental Compliance and Artisanal and Small Scale Mining Department (ASM). I want the ASM to be strengthened and artisanal miners formalised so that they can form cooperatives because as at now very few of them have formed cooperatives. When this is done we can conveniently monitor their activities and ask them to pay taxes. If government can ensure this then the country can benefit maximally from their activities.
“Not much proper mining is going on today most mining activities going on in the country today are carried out by artisanal miners, but what we require to move on are big time mining companies that should come in and then contribute much more to the government. The artisanal miners do not pay taxes, but big companies must because they are the ones known and from their activities will have money to generate revenue for the government.
“Before the discovery of oil, solid minerals was the major contributor to the gross domestic product (GDP) of our country and in terms of employment, it was only second to agriculture. Today, unfortunately, it is no longer like that. This is unacceptable and we must do everything possible to ensure that it takes its rightful place again in contributing much more than that.”
Speaking on the neglect of the sector, he said, “We can start from the time the country had the indigenisation policy in the early 1970s. The expatriates left Nigeria with their technologies and since then things have not been the way they should be. At that time the solid minerals contributed nothing less than 5 per cent to the GDP, but today, it contributes less than 1 per cent. In actual fact, it contributes less than 0.33 per cent. In 2015 the sector contributed just about N450 billion to the economy.”
Speaking on government’s commitment to develop the sector, the NSE president stressed the need for government to be committed to implementing the road map as well as ensure the effective disbursement of the N30 billion solid minerals development fund.
Oil Holds Near Highest Since 2018 With Global Markets Tightening
Oil held steady near the highest close since 2018, with the global energy crunch set to increase demand for crude as stockpiles fall from the U.S. to China.
Futures in London headed for a third weekly gain. Global onshore crude stocks sank by almost 21 million barrels last week, led by China, according to data analytics firm Kayrros, while U.S. inventories are near a three-year low. The surge in natural gas prices is expected to force some consumers to switch to oil, tightening the market further ahead of the northern hemisphere winter.
China on Friday sold oil to Hengli Petrochemical Co. and a unit of PetroChina Co. in the first auction of crude from its strategic reserves said traders with the knowledge of the matter. Grades sold included Oman, Upper Zakum and Forties.
Oil has rallied recently after a period of Covid-induced demand uncertainty, with some of the world’s largest traders and banks predicting prices may climb further amid the energy crisis. Global crude consumption could rise by an additional 370,000 barrels a day if natural gas costs stay high, according to the Organization of Petroleum Exporting Countries.
“Underpinning the latest bout of price strength is a tightening supply backdrop,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.
Various underlying oil market gauges are also pointing to a strengthening market. The key spread between Brent futures for December and a year later is near $7, the strongest since 2019. That’s a sign traders are positive about the market outlook.
At the same time, the premium options traders are paying for bearish put options is the smallest since January 2020, another indication that traders are less concerned about a pullback in prices.
Unlocking Investments into Africa’s Renewable Energy Market
The African Energy Guarantee Facility (AEGF) is launching a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will take place on Thursday, 23 September from 14:30-16:00 hrs. EAT.
The session will be oriented on how to get more energy projects from the drawing board to the grid. While the energy demand in African economies is expected to nearly double by 2040, and although the potential for renewable energy is 1,000 times larger than the demand, only 2GW out of almost 180GW of this new renewable power were added on the African continent.
Clearly not good enough! To improve the situation within the next two decades, new solutions need to be implemented urgently. De-risking and promoting private sector investments will play a crucial part of it.
In this 90-min interactive session, AEGF partners: the European Investment Bank (EIB), KfW Development Bank, Munich Re and the African Trade Insurance Agency (ATI) will share their experience and provide valuable insights on how they were able to come together and design practical solutions for investors and financiers of green energy projects in Africa aligned with SDG7 objectives.
Across Africa, the complexity of renewable energy projects and their long tenors hold back crucial energy investment. Tailored to the specific needs and risk profiles of sustainable energy projects, AEGF will tackle the investment challenge by providing underwriting expertise and capacity tailored to market needs.
The AEGF will significantly boost private investment in sustainable energy projects, both expanding access to clean energy and contribute to achieving UN Sustainable Development Goals. The scheme supports new private sector investment in eligible renewable energy, energy efficiency and energy access projects in sub-Saharan Africa.
Shell Signs Agreement To Sell Permian Interest For $9.5B to ConocoPhillips
Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals.
“After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition,” said Wael Sawan, Upstream Director. “This decision once again reflects our focus on value over volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions.”
Shell’s Upstream business plays a critical role in the Powering Progress strategy through a more focused, competitive and resilient portfolio that provides the energy the world needs today whilst funding shareholder distributions as well as the energy transition.
The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of the balance sheet. These distributions will be in addition to our shareholder distributions in the range of 20-30 percent of cash flow from operations. The effective date of the transaction is July 1, 2021 with closing expected in Q4 2021.
Shell has been providing energy to U.S. customers for more than 100 years and plans to remain an energy leader in the country for decades to come.
Naira3 weeks ago
Naira Plunges Further, Exchanges at N530 to U.S Dollar
News2 weeks ago
Taliban Says Men and Women to Study Separately in Gender-Segregated Universities
News1 week ago
Terrorism Sponsors: UAE Names Six Nigerians, 47 Others
Economy1 week ago
Senate Receives Buhari’s Request For $4.054B, €710M, $125M External Borrowing Approval
News3 weeks ago
Buhari Terminates Appointment of Power and Agriculture Ministers
Economy4 weeks ago
Nigeria Economy Grows 5% In Second Quarter, Its Third Consecutive Growth
Banking Sector4 weeks ago
Zenith Bank Launches Intelligent Chatbot, ZiVA
Energy4 weeks ago
NNPC Made A Net Profit of N287B in 2020 – Buhari