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Nigeria, Others to Account for 53% of Fossil Fuel

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  • Nigeria, Others to Account for 53% of Fossil Fuel

Nigeria and other countries will account for 53 per cent of fossil fuel in use by 2040, Seplat Petroleum Development Company Plc Chief Executive Officer, Mr Austin Avuru, has said.

Fossil fuel, also known as hydrocarbon fuel is derived from oil and natural gas, is found in Nigeria, Ghana, South Africa, Algeria, Britain, United States, Germany, Canada and other countries of the world.

He spoke at a session at a workshop hosted by Petroleum Technology Association of Nigerian (PETAN) at the Offshore Technology Conference (OTC) in Houston Texas, United States. The workshop had “Global Energy Transformation – The Effect and Future of the African Oil Industry and Economy” as theme.

“Even up to 2040, fossil fuel will account for 53 per cent of the world energy demand. So, what we are seeing today is a gradual decline in the total contribution of fossil fuel to the energy mix over time. It is not an overnight elimination of fossil fuel,” he said.

Avuru noted that the global trend in energy supply would seem to suggest alarming. “The impression is generally given that the world is fighting a spirited battle to make sure that fossil fuel becomes irrelevant; and in that context, for countries like Nigeria that are endowed with fossil fuel, some people seem to be saying Nigeria is going to wake up one day and find out there is no use for its crude oil and natural gas.

“This impression also suggests that Nigeria will become a worthless country because its fossil fuel endowment will become completely useless to the world.”

As we move beyond 2030, 2040 and 2050, the energy mix will continue to be guided by availability, commercial consideration; which means, even for fossil fuel, countries will pay attention to cost because fossil fuel will have to compete the same way renewable will be able to compete,”Avuru said.

He explained that fossil fuel was always known to be a finite resource, which means that the world, even over the last 100 years, knew that it will come to a point where there will be a decline in the supply of fossil fuel as energy source.

“Those days in the 70s, there was a prediction by the International Energy Agency (IEA) that between 2012 and 2015 we would get to peak oil. Peak oil means that beyond that point, we will begin to see a decline in the world production. Thanks to technology. That date has been shifted forward. Peak oil will come. We have only shifted it forward because of technology.”

Today technology has enabled us to get crude oil and natural gas out of shale. Those of us who are geologists have always known that, there was crude oil in shale, but shale didn’t have the permeability to release it. What technology has done through cracking is to induce that permeability to release the crude oil and natural gas from shale. Thanks to technology because we have seen additional sources of crude oil and natural gas that moved backwards the date for peak oil.

“So, what we are seeing today is a very sensible scientific move by the world and by the advanced technologies of the world to start developing that alternative to fossil fuel because the day will come when there will be no fossil fuel,” he said.

Avuru indicated that fossil fuel which is, natural gas and crude which accounted for all our energy needs 20 years ago, has now declined to a level where renewable now accounts for 20 per cent of our energy needs.

He said energy needs keep increasing by three per cent on yearly. “If that 20 per cent accounted for by renewable energy were not there today, the demand for crude oil and natural gas would have driven the cost of crude oil to about $200 per barrel,” he said.

He continued: “Invariably, what we are seeing is a gradual transformation that should not be seen as a curse, but as solution that is being provided to the world that by the time we get to the point of decline in the supply of fossil fuel, there will be alternatives to fill the vacuum.”

When we see the demand for energy versus the supply, if we do nothing about oil and gas, we will see that the gap over a 20-year period will lead to a catastrophe. So, the point I am making and the point to take home is that there is no gang up by the world to make fossil fuel irrelevant. What the world is doing is to start in a timely fashion to develop the alternatives that must come when fossil fuel delivery in the world energy mix starts to decline.”

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.

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333,000 Artisans: FG Commences One-Time Payment of N30,000

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MSME

FG Begins One-Time Payment of N30,000 to 333,000 Artisans

The Federal Government on Monday said it has commenced a one-time payment of N30,000 to 333,000 artisans under the Micro Small and Medium Enterprises (MSMEs) Survival Fund.

In a statement issued by Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disbursements were being done to verified beneficiaries of the Artisan Support Scheme.

The statement read in part, “In the first stream of payments starting today, beneficiaries are being drawn from the FCT, Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Rivers, Plateau and Delta States. They form the first batch of applications for the scheme submitted between October 1 and October 10.

“The MSMEs Survival Fund scheme is a component of the Nigerian Economic Sustainability Plan, NESP, which was developed by an Economic Sustainability Committee established by President Muhammadu Buhari in March 2020.

“The President asked his deputy, Vice President Yemi Osinbajo, SAN, to head the committee which produced and is overseeing the implementation of the plan. “Under the ESP, the Survival Fund is generally designed to among other things, support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector.”

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Absorb Exited Npower Beneficiaries, N-power Youths Congress Tells FG

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Absorb Npower Beneficiaries of Batches A and B, N-power Youths Congress Tells FG

The N-power Youths Congress (NYC) has pleaded with the Federal Government to absorb the 500,000 exited Npower beneficiaries of Batches A and B and pay their outstanding allowances.

The National Coordinator, NYC, Comrade Joseph Enam Maga, stated this in Maiduguri during a press briefing held on Saturday at the NUJ Press Center.

He said thousands of exited beneficiaries are yet to be paid since the month of Match.

He, therefore, called on the Federal Government to offset all the outstanding allowances of Batches A and B and create a permanent job for them.

He said “It is a fact undisputable that thousands of beneficiaries have not been paid since the month of March.

“Promises upon promises have been made on this, but yet no positive result has been recorded. Sometimes I wonder what it takes for the data base manager of Npower to rectify this! Something that can be rectified in a couple of hours has lasted for seven good months now.

“Worst still, this is happening within this period of hunger and starvation because of Pandemic. We call on the minister of humanitarian affairs and disaster management to be human enough to respond to our request and give prompt attention to them.

“We equally wish to bring to the notice of Mr. President that Batch B Beneficiaries have not received their devices as was promised and signed at the commencement of the program.

“It is very sad that up to the disengagement of Batch A and B, nobody has come out openly to tell us what happened to our devices.

The coordinator paused to ask why are Nigerian youths being treated like nobody in their country? What have we done to be neglected like this?

“When the Humanitarian Minister was asked why we were disengaged at this critical time in historical epoch that corona virus is terrorizing the whole world, she responded that we were disengaged because it’s a two years programe that we signed.

“Then comes the question: why did Batch A stayed 4years? And if we signed for two years contract that warranted our disengagement, didn’t we equally signed to be given a device that would help us in our different places of primary assignment and equally increase of knowledge? Please we need answers ma. We need answers.

“We, the 500,000 batches A and B of Npower beneficiaries are calling on our government to respond to our demand. We don’t want to believe that it’s only a state of violence anarchy and doom will make a sane government to listen to her Youth’s grievances.

“Look at the Endsars protest for instance, after many lives have been lost and properties destroyed, our government decided to speak up. Niger delta militants were attended to when they resort to arms.

“The insurgents were given amnesty because of their terrorism. But we the innocent 500,000 graduates have been innocently complaining to our government but they paid deaf ears. We are law abiding citizens and we will continue to be law abiding citizens.

“We want Mr. President to understand that a hungry man is an angry man. We have really endured a lot. We need a quick response to our requests. We can’t be used and dumped like refuse. We refused to be used and dumped”, the National Coordinator added.

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Airtel Africa Appoints Ms. Kelly Bayer Rosmarin as a Non-Executive Director

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Ms. Kelly Bayer Rosmarin

Airtel Africa has appointed Ms. Kelly Bayer Rosmarin as a non-executive director, effective from 27 October 2020.

In a statement released on the Nigerian Stock Exchange’s website, the telecommunication giant said Ms. Bayer Rosmarin’s “appointment is by nomination of the controlling shareholder pursuant to the terms of relationship agreement dated 17 June 2019 between the Company, Bharti Airtel, Airtel Africa Mauritius Limited, the majority shareholder and an indirect subsidiary of Bharti Airtel, and Bharti Telecom. Ms. Bayer Rosmarin will replace Arthur Lang who will step down as a non-executive director on the same date.

“Ms. Bayer Rosmarin is currently CEO of Singtel Optus and Consumer Australia. She was previously with Commonwealth Bank of Australia, where she held several senior positions and varied portfolios, before being appointed as Group Executive of Institutional Banking and Markets. Ms Bayer Rosmarin is recognised for leveraging technology, data and analytics to develop leading customer services and experience. Ms. Bayer Rosmarin was named in the Top 10 Businesswomen in Australia and the Top 25 Women in Asia Pacific Finance and holds a variety of Board and advisory responsibilities.

“Ms. Bayer Rosmarin has, since February 2019, served as an Independent non-executive director on the Board of OpenPay, listed on the ASX. She will continue in that role. Openpay is a payments technology company based in Australia.”

Speaking on the change in the company’s director, Sunil Bharti Mittal, Chairman, Airtel, said: “On behalf of the Board, I would like to thank Arthur, who joined the Board in October 2018 and supported the company through its IPO, for his significant contribution to the success of our strategy to build Airtel Africa into a market leading mobile service provider and wish him well for the future.”

He further stated: “I am delighted that Kelly has agreed to join the Airtel Africa Board and we very much look forward to working closely with her”.

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