Connect with us

Economy

World Leaders Call for Sustainable Economic Reforms in Nigeria, Others

Published

on

  • World Leaders Call for Sustainable Economic Reforms in Nigeria, Others

Global leaders from the World Bank, World Trade Organisation, developmental organisations and the Finnish government are calling on Nigeria and other countries to introduce economic reforms that will make the world safe for living.

Speaking at the World Circular Economic Forum in Helsinki, Finland, they noted that net zero emissions, preservation of natural resources, and development of business models for equal income distribution would lead to a fair, inclusive and more efficient economy.

A Senior Director, Environment and Natural Resources Global Practice, World Bank, Karin Kamper, described the World Bank as a strong supporter of circular economy as it believed the concept would reduce poverty and breed prosperity.

However, with respect to the impact of the policy on international trade, she said countries would need to decide on a favourable price to sell recycled products.

According to the World Bank director, there is a need to harmonise products standards to encourage trade in toxin-free products that are cleaner and have better effects on the environment.

In the transition to a circular economy, Kamper noted there might be a slowdown in the trade of primary materials.

“We might have more of an increase in second-hand materials and end-of-life materials. What does it mean for the jobs provided through the primary materials?” she asked.

The Director, Trade and Environment Division, World Trade Organisation, Aik Hoe Lim, noted that many countries would have to decide on new tariffs in order to limit trade in good posing as a threat and liberalise sustainable ones.

“Member trade policies will need to introduce reforms creating international standards on the circular economy. Use trade agreements with other countries to promote the circular economy,” he added.

The Head, Climate Change and Green Growth at the African Development Bank, Anthony Nyong, noted that African’s transition into industrial economies that would not need to produce waste and pollution could accelerate economic growth and create jobs.

According to him, the practice of circular economy has been around for generations in Africa, including the reuse of items.

He identified pioneers of Circular Economic Concept in Africa as Rwanda, South Africa and Nigeria, having launched the African Circular Economy Alliance in 2017.

In particular, he said South Africa in 2017 recycled 43.7 per cent of all plastics compared to six per cent in the United States and one per cent in Europe.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

Published

on

Petrol Importation - investorsking.com

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

Continue Reading

Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

Published

on

Gas-Pipeline

The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

Continue Reading

Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

Published

on

food storage

Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

Continue Reading

Trending