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Industries, Factories to be Affected as Nigerian Government Moves to Curb Air Pollution

Abdullahi disclosed that the generators to be tested are stationary sources, while the vehicles are mobile sources.



With the resolve of the Federal Government to checkmate air pollution in the country by setting up emissions control programmes, companies, industries and factories with vehicles and generators are top on the list of organizations to be affected.

While flagging off the national emissions control programmes in Abuja on Monday, the Minister of Environment, Muhammad Abdullahi, said that there would be annual testing of generators and vehicles for toxic and greenhouse gas emissions.

Abdullahi disclosed that the generators to be tested are stationary sources, while the vehicles are mobile sources.

Investors King reports that stationary emission sources are diesel generators from industries, companies or factories which these organisations use.

Individuals who own vehicles and generators are also expected to make their equipment available for testing to ensure that they conform to the global emission standard for protection of environment and human lives.

Concerned stakeholders including environmentalists have decried continuous air pollution, saying that the world had about 12 years left to save the planet from the effects of climate change, before it becomes irreversible.

They had urged Nigerians, especially business owners to desist from polluting the environment, especially through their vehicles and generators.

To ensure that the environment and human life are saved from the dangers caused by toxic air emissions, the federal government inaugurated the National Generator Emissions Control Programme (NGECP) and the National Vehicular Emissions Control Programme (NVECP).

These programmes, according to the Minister, involved the periodic testing of generators and vehicles for toxic and greenhouse gas emissions.

The Minister pointed out that the National Environmental Standards and Regulations Enforcement Agency would implement the programmes, adding that the NGECP and the NVECP are means of reducing emissions of pollutants from stationary source generators and mobile source vehicles.

Abdullahi said that the programmes would be implemented through public-private partnership and that generators and vehicles in the country would be subjected to annual checks for toxic and greenhouse gas emissions.

Explaining the modus operadi and tasks of stakeholders in the exercise, the minister said NESREA would set national emission standards and would develop a reliable national database management system for all emissions data generated from  NGECP and NVECP in the country.

Abdulahi said the implementation of the NGECP would be commencing with power-generating sets of capacity from 10kva and above and that the lowest limit for the NVECP

would be Euro III emission standard as agreed at the regional level of the Economic Community if West African States (ECOWAS).

In his remarks, the Director-General, NESREA, Prof. Aliyu Jauro, disclosed that some of the regulations to back the implementation of the duo programmes include the National Environmental (Control of Emissions from Petrol and Diesel Engines) Regulations, 2011; and the National Environmental (Air Quality Control) Regulations, 2021.

As part of NESREA’s mandate to support the implementation of the Paris Agreement as spelt out in the Nationally Determined Contributions, Jauro said the operationalisation of the two above-stated regulations was scaled-up with NGECP and NVECP.

He maintained that NGECP and NVECP have been designed to address the emissions from mobile and stationary sources, while expressing optimism that the country would experience reduction in the air pollution when the testing starts.

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Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024




The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

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IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%



IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

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South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty



South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

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