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FG to Regulate Commercial Use of Drones

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Drones
  • FG to Regulate Commercial Use of Drones

The Federal Government on Monday expressed concern over the increased usage of drones by individuals and organisations for both commercial and private purposes.

It stated that in order to check the dangers posed by such an act, it had commenced the formulation of regulations to address the development.

Drones are unmanned aerial vehicles that are remotely piloted by aviators or by their owners on the ground.

Speaking on the sidelines of the International Civil Aviation Organisation Remotely Piloted Aircraft System Symposium for Africa and Indian Ocean in Abuja, the Minister of State for Aviation, Hadi Sirika, explained that aviators were now on the ground to control and fly small aircraft.

He said, “The Nigerian Civil Aviation Authority’s Regulations Committee is putting a regulatory framework in place to address the commercial use of the RPAS. We have taken the lead. We have already developed regulations regarding the use of unmanned air vehicles in Nigeria and we are continuing to discuss and interact with stakeholders worldwide, such as this symposium in order to get it very correct.

“Just to quickly respond to what I read on Twitter that it is so very easy to register a drone in America and that it should be easy to register a drone that way in Nigeria; let me draw the attention of Nigerians and plead with them that our systems, values, norms, tradition and culture are very different from that of the United States.”

The minister added, “So, we cannot afford to allow drones to roam about our airspace uncontrolled and unregulated. They will for sure be regulated, but we will not kill the enthusiasm of hobbyists and other users of drones. We will only regulate to ensure that all of us remain safe and secure.

“Imagine the use of drones to drop anthrax in an envelope somewhere, it will be disastrous to our nation because drones can carry weight. A drone can carry two kilogrammes of bomb to go and drop on innocent people. But that cannot be allowed in Nigeria, which is why we will regulate them.”

Sirika stated that there was a need to incorporate remotely piloted aircraft and their users into the culture of safety and responsibility, adding that the best way to accomplish this was to work with a wide range of stakeholders, including the government, aviation regulators and manufacturers.

He, however, added that unmanned aerial vehicles were handling jobs that could be dangerous for people or other aircraft to do, adding that such cases were seen in Nigeria’s oil and gas sector.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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