Economy
BOI Sets Up Team to Improve Industrial Energy Efficiency
By Adedapo Adesanya
A six-member Project Investment Committee (PIC) aimed at improving Industrial Energy Efficiency (IEE), Resource Efficiency and Cleaner Production (RECP) through pragmatic and innovative approaches has been set up by the Bank of Industry (BOI).
Members of the team inaugurated on Tuesday at the BOI office in Lagos included BOI, Manufacturers Association of Nigeria (MAN), United Nations Industrial Development Organisation (UNIDO), and Chartered Institute of Bankers Nigeria (CIBN).
Others are the Federal Ministry of Trade and Investment (FMITI), and the Nigerian Investment Promotion Commission (NIPC).
Speaking at the event, Mr Olukayode Pitan, Managing Director of BOI, said that the establishment of the committee was to enable industries to align with energy management systems for a sustainable environment.
“Climate change is getting harder every year and the issue of industrial pollution, including air, noise, and waste disposal among others have been a major concern around the globe.
“Industrial pollution contaminates drinking water, releases toxins in the air, reduces the quality of soil for agriculture, and constitutes a danger to human health as well as animals and plants,” Mr Pitan said.
According to him, to achieve its developmental goal, BOI knows that sustainability considerations must be incorporated into its business and professional activities.
“This project will enable industries to align with energy management systems which will lead to reduced environmental pollution, lower industrial power level and reduced cost of production among others.
“Therefore BOI’s participation in this project demonstrates a strong commitment of the bank in contributing its quota towards achieving sustainable development,” he said.
He said the benefits of IEE and RECP include reduced cost of production, improved profitability, resourcefulness and competitiveness.
Others are improved health, a stronger economy, improved brand image and a reduction in the explosion of global rising energy prices.
He urged the committee to ensure that the goals of improving energy efficiency for a sustainable environment were actualised.
Mr Oluyomi Banjo, a representative of UNIDO said the project would address questions on how industries can improve efficiency and increase profitability.
He also said would help industries operate at international best standards, comply with regulations and maintain improved relationships with policymakers.
Mr Banjo said the project hoped to support not less than 75 industries across five sectors and beyond.
“The five sectors are food and beverage, steels and metals, petrochemicals, wood and furniture, textiles and garments.
“UNIDO has implemented IEE in over 18 countries across the world and RECP in over 60 countries.
“This project will create an opportunity to develop IEE and RECP methodologies and human capacity building which will see Nigerians being trained to global standard as energy assessors and RECP experts.
“We are hoping that this will eventually lead to national cleaner production centres in the country which will also produce a circular economy,” he said.
Responding, Mr Segun Ajayi-Kadir, Director-General, MAN, commended BOI for developing ways businesses can thrive and survive in a sustainable environment, assuring that the committee would work with BOI assiduously to achieve the objectives of the committee.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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