Connect with us

Business & Economy

OPEC congratulates Buhari on signing PIB into law

Published

on

OPEC Logo
OPEC Logo
Share

 

The Organisation of Petroleum Exporting Countries (OPEC) has congratulated President Muhammadu Buhari for signing into law the Petroleum Industry Bill (PIB).

The Secretary General of OPEC, Dr Mohammad Barkindo, said this in a congratulatory letter released to the News Agency of Nigeria (NAN) on Monday.

“I wish to extend my congratulations to you on signing into law the Petroleum Industry Bill (PIB), which marks a significant milestone for Nigeria’s oil industry and an historic achievement for your Presidency.

“With the stroke of a pen, you have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.

“Indeed, the new law will enhance the Nigerian petroleum industry’s reputation, open the door to new investment and ultimately strengthen its position to meet the world’s growing demand for energy,” he said.

He added that the enactment of the legislation was timely as the investment outlook had become clouded by efforts aimed at accelerating a lower-carbon future.

According to him, the new law will help harness Nigeria’s potential to achieve its programme of raising oil production to 4 mb/d and oil reserves to 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy.

“In addition, these resources will be vital to supplying world markets with a broad portfolio of energy options, and support global efforts to alleviate energy poverty as outlined in the United Nations’ Sustainable Development Goal 7.

“The passage of the PIB by both houses of the National Assembly on 16 July and your act of signing it into law coincide with another significant milestone in our country’s history – the 50th anniversary of Nigeria’s Membership of OPEC.

“This golden moment provides a unique opportunity to reflect upon Nigeria’s rise as a global energy supplier and partner,” he noted.

The OPEC scribe said since the 24th OPEC Conference on 12 July 1971, when Nigeria was welcomed as the 11th member country of the organisation, it had symbolised Africa’s leadership within OPEC and its pivotal support for global oil market stability.

He said the past year had been a time of enormous challenges for the world, for OPEC and for each member country.

“Yet throughout this difficult period, we have demonstrated the enduring importance of OPEC and its timeless commitment to dialogue, cooperation, multilateralism and respect among all nations.

“I wish to express my sincere gratitude for your instrumental support in establishing the Declaration of Cooperation (DoC) that was agreed on 10 December 2016.

“We could not envision at that time how important this framework would become during the COVID-19-related market crisis.

“It enabled bold, swift and decisive actions to address the historically unprecedented market downfall in 2020, and it has been vital to the ongoing efforts to provide a platform for recovery and future growth,” he added

Barkindo further commended the president for the support of the Charter of Cooperation, signed on 2 July 2019.

He noted that it had paved the way for enhanced cooperation beyond the market-balancing efforts by all countries participating in the DoC.

He said the markets continued to recognise the vital contributions that OPEC and the non-OPEC Participating Countries were making to the market’s recovery, to the global economy as a whole, and to fostering constructive dialogue.

He also acknowledged the contributions of Chief Timipre Sylva, Minister of State for Petroleum Resources, to OPEC and the DoC.

“Sylva’s shuttle diplomacy earlier this year as Special Envoy of the Joint Ministerial Monitoring Committee (JMMC) to Congo, Equatorial Guinea, Gabon and South Sudan contributed to the improvement in conformity levels with the voluntary production adjustments and compensation of overproduced volumes.

“He carried out this important mission with great aplomb and garnered the respect of his fellow Ministers.

“I am confident the law marks the beginning of a new era of growth and prosperity that will be beneficial to the petroleum industry and ultimately to the Nigerian people,” he said. (NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business & Economy

ECOWAS Trade Promotion Organisation re-elects Dr. Ezra, as president

Published

on

Dr. Ezra Yakusak - MD/CEO NEPC
Share

Dr. Ezra Yakusak, the Executive Director/CEO of Nigerian Export Promotion Council (NEPC), has been reelected as the President of ECOWAS Trade Promotion Organisations (TPOs) Network in Accra Ghana.

Dr. Yakusat, will serve another One-year tenure and will lead 15 other member ECOWAS countries in driving trade within the sub-region.

His re-election is also in line with Article 11 of the ECOWAS TPO Network. The ECOWAS Trade Promotion Organization is a network of all Trade Promotion Organizations in West Africa established by the decisions of Council of Ministers at the Ordinary Session.

Nigeria became the pioneer president in April 2021. Dr. Yakusat, became the president following the expiration of the tenure of Mr. Awolowo as ED/ CEO of NEPC.

A statement by the council said the re-election of Dr. Ezra was at the end of 2nd Annual General Meeting of the Network held at Alisa hotel, Accra, Ghana from 19th – 20th May, 2022.

He was re-elected along with the vice president, Mr. Ben Guy Mbangue from Cote’ D’ivoire.

The duo constitute the Executive Bureau of the Network and the tenure expires after one year. All members present unanimously re-elected the President and Vice President respectively.

Continue Reading

Business & Economy

World Bank projects Nigeria’s Diaspora remittances to increase in 2022

Published

on

Share

World Bank has projected Nigeria’s Diaspora remittance inflow to increase to $29bn in 2022 because of higher food prices and the continued adoption of official bank channels.

The bank said, migrants from the country are likely to send more money home to help with the hike in the prices of staples.

A report titled, ‘Migration and Development Brief (May 2022): A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on the global governance of migration and remittance flows,’ the bank stated that remittance flows to low and middle-income countries are expected to increase by 4.2 per cent to $630bn in 2022.

It said: “With risks weighted to the downside, there are several factors that support a view for continued—though more moderate—7.1 per cent gain inflows to Sub-Saharan Africa in 2022.

“Momentum for the use of official channels in Nigeria should sustain an uptrend in the year, within flows reaching $21bn.

“Though economic activity is likely to ease in the United States and Europe, fundamentals remain positive for continued gains in remittance flows to the remainder of Africa, as the influence of ‘altruistic’ motivations that were demonstrated in Africa and South Asia during the peak pandemic years will likely carry over to the period of sharp increases in staple food prices.”

The global bank further said remittance inflow to Sub-Saharan Africa was $49bn in 2021, with Nigerian contributing $19.2bn to the total inflow, adding that the use of informal channels to transfer money to the region caused a 28 per cent reduction in inflows in 2020.

“In 2022, remittance inflows are projected to grow by 7.1 per cent driven by continued shift to the use of official channels in Nigeria and higher food prices – migrants will likely send more money to home countries that are now suffering extraordinary increases in prices of staples,” the bank said.

The World Bank stated that the Naira-4-Dollar policy, which was an attempt to return remittance to formal channels, of the Central Bank of Nigeria helped boost inflows by 11.2 per cent in 2021, adding that the stabilisation of the naira against the dollar within a range of 410-415 per dollar over the last year also contributed to the pickup in recorded inflows.

It noted that the increased stability of the Naira and increased use of the e-Naira would help boost the nation’s chances of achieving $21bn in remittance for 2022.

Continue Reading

Business & Economy

Double trouble for Ahmed Idris: arrested by EFCC, suspended by Minister

Published

on

Ahmed Idris - Account General of the Federation
Share

The Accountant General of the Federation, Ahmed Idris has been directed to proceed on indefinite suspension over alleged laundering of N80 billion.

Idris, was suspended on Wednesday by Zainab Ahmed, the Minister of Finance, Budget and National Planning.

In a letter dated May 18, 2022, the minister said the suspension “without pay” was to allow for “proper and unhindered investigation” in line with public service rules.

Ahmed Idris, was on Monday arrested by the Economic and Financial Crime Commission (EFCC). over alleged diversion and laundering of N80 billion.

Wilson Uwajaren, Head of Media and Public Information of the EFCC, stated that verified intelligence reports showed that Idris raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.

Uwujaren added that the funds were laundered through real estate investments in Kano and in Abuja.

According to EFCC, Idris was arrested after he failed to honour invitations by the Commission to respond to issues connected to the fraudulent acts.

Continue Reading