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COP28: Nigeria Targets Investments in Decarbonisation Operations

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investments in Decarbonisation Operations

By Adedapo Adesanya 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations.

According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060.

Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be created through infrastructure and technological development, green economy improvement, stakeholder management, and human capital development.

He said NISI which was created in line with the Global Sustainability Development Goals (SDGs 3, 7, 8, 9, 11, 13, 16, 17) was geared towards achieving Nigeria’s 2060 Net Zero commitment in the midstream and downstream petroleum industry.

He gave a breakdown of the investment opportunities as highlighted sector by sector – $272 billion in power, $127 billion in infrastructure, $96 billion in oil and gas processing optimisation, $80 billion in industry and $2.8 billion in clean cooking.

Mr Larmode said that achieving the target required strong government commitment and collaboration with the private sector using technological innovation.

Adding his input, Mr Anibor Kragha, Executive Secretary of the African Refiners and Distributors Association (ARDA), said the NMDPRA and the Nigerian Government should harness funding opportunities for gas projects from international financiers dealing with agriculture, saying that it was necessary because of the key role being played by gas in the sector.

He urged the NMDPRA as the regulator of the Midstream and Downstream industry, to develop a decade-by-decade plan to decarbonise the mid/downstream with bankable projects that would elicit finance from foreign donor agencies.

He also emphasised the importance of developing and including young people in the decarbonisation drive, as they were expected to play a major role in implementing the initiatives in the future.

Mr Mansur Alkali, Authority’s Executive Director, Midstream and Downstream Gas Infrastructure Fund (MDGIF), explained that the MDGIF which was set up under section 52 of the Petroleum Industry Act, was pivotal towards accelerating investments along the gas value chain.

Akali said that the MDGIF was neither a grant nor a loan, but rather an investment initiative designed to de-risk investments through partnerships with private sector players to build the necessary infrastructure to harness the country’s vast gas resources.

Similarly, Mr Abel Nsa, Senior Technical Adviser on Transition Energy to the Minister of State, Petroleum Resources (Gas), Mr Ekperipe Ekpo, said the Host Community Development Framework as inaugurated by the commission for upstream operations amongst other benefits would ensure oil and gas assets were adequately protected.

Mr Nsa also said that the framework would ensure uninterrupted production and supply of petroleum products which were critical to midstream operations.

He added that the Decade of Gas initiative of the government would also guarantee the availability of gas for domestic utilities.

According to him, discussions are currently ongoing with upstream gas producers to deliver on the mandate.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Linkage Assurance, Oando, Others Lift Nigerian Exchange by 0.10%

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Linkage Assurance

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited returned to green territory on Friday, closing higher by 0.10 per cent after investor sentiment turned bullish.

Business Post reports that the market breadth index was positive yesterday after the bourse ended with 29 appreciating equities and 21 depreciating equities.

Linkage Assurance gained 10.00 per cent to trade at N1.43, Livestock Feeds appreciated by 9.93 per cent to N8.41, Mutual Benefits jumped by 9.84 per cent to 67 Kobo, UBA soared by 5.75 per cent to N36.80, and Oando grew by 5.59 per cent to N51.00.

Conversely, Red Star Express lost 9.91 per cent to finish at N4.82, Learn Africa depreciated by 9.85 per cent to N3.02, FTN Cocoa declined by 9.43 per cent to N4.80, Coronation Insurance slumped by 9.39 per cent to N2.22, and Ikeja Hotel slipped by 9.35 per cent to N9.70.

Customs Street grew yesterday as a result of buying interest in banking equities, which dominated the activity chart, according to data from the bourse.

Fidelity Bank transacted 62.3 million shares for N1.1 billion, Access Holdings traded 38.3 million equities worth N843.7 million, Tantalizers sold 32.0 million stocks valued at N99.2 million, Veritas Kapital exchanged 31.4 million shares worth N38.4 million, and Zenith Bank traded 22.7 million equities valued at N1.1 billion.

At the close of trades, a total of 397.2 million stocks worth N14.2 billion exchanged hands in 10,099 deals compared with the 310.5 million stocks valued at N6.3 billion traded in 10,182 deals a day earlier, indicating a decline in the number of deals by 0.82 per cent, and the growth in the trading volume and value by 27.92 per cent and 125.40 per cent, respectively.

The industrial goods and commodity sectors remained unchanged during the session, the insurance and consumer goods indices tumbled by 0.49 per cent and 0.02 per cent apiece, while the energy and banking counters went up by 0.50 per cent and 0.12 per cent, respectively.

The bargain-hunting activities of the market participants lifted the All-Share Index (ASI) on Friday by 104.19 points to 104,962.96 points from 104,858.77 points and the market capitalisation increased by N66 billion to N65.820 trillion from N65.754 trillion.

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Economy

Nigerian OTC Securities Exchange Falls 0.44%

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Nigerian OTC securities exchange

By Adedapo Adesanya

The last trading session this week at the NASD Over-the-Counter (OTC) Securities Exchange ended on a negative note with a 0.44 per cent decline on Friday, March 21.

The market capitalisation of the OTC securities exchange went down by N8.67 billion to N1.939 trillion from N1.948 trillion and the NASD Unlisted Security Index (NSI) ended the session at 3,358.61 points after dropping 15.01 points from the preceding day’s 3,373.62 points.

Trading data showed an increase of 50.7 per cent in the volume of securities transacted to 304,188 units from the 201,873 units transacted in the previous trading day, the value of transactions surged by 1,214.8 per cent to N10.2 million from N776,509.51, and the number of deals rose by 88.2 per cent to 32 deals from 17 deals.

Yesterday, FrieslandCampina Wamco Nigeria Plc lost N1.84 to trade at N37.17 per share versus Thursday’s closing price of N39.01 per share, Central Securities Clearing System (CSCS) Plc depreciated by N1.01 to sell at N22.84 per unit compared with the preceding day’s N213.85 per unit, and Afriland Properties Plc declined by 2 Kobo to close the day at N19.50 per share versus the previous session’s N19.52 per share.

At the close of trading activities, Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Industrial and General Insurance (IGI) Plc with a turnover of 69.9 million units valued at N23.7 million, and Geo Fluids Plc with 44.1 million units sold for N88.9 million.

Similarly, Impresit Bakolori Plc was the most active stock by value on a year-to-date basis with a turnover of 533.9 million units worth N520.9 million, trailed by FrieslandCampina Wamco Nigeria Plc with the sale of 13.2 million units valued at N511.8 million, and Afriland Properties Plc with 17.6 million units sold for N360.1 million.

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Economy

Naira Sinks Further to N1,537.05/$1 at Official FX Market

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sellers of Naira

By Adedapo Adesanya

The value of the Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 21 by N2.72 or 0.18 per cent to settle at N1,537.05/$1 compared with the preceding day’s N1,534.33/1$.

In the same official FX market, the exchange rate of the Nigerian Naira and the Pound Sterling and the Euro remained unchanged at N1,972.89/£1 and N1,657.81/€1, respectively.

At the parallel market segment, the local currency tumbled against the Dollar during the trading session by N5 to trade at N1,590/$1 versus Thursday’s closing price of N1,585/$1.

The pressure on the market continued as the Dollar strengthened in the international market, making currencies like the Naira weaker.

The continuous downward trend of the Naira has raised concerns about the effectiveness of recent injections into the market even as the Central Bank of Nigeria (CBN) channeled more than $55 million into the banks during the week.

In the cryptocurrency market, most tokens as prices inversed with the wider financial markets, which are down on tariff worries and decreased corporate earnings.

On the regulatory front, the US government is moving towards a market structure bill that has been touted as historic.

Solana (SOL) appreciated by 1.2 per cent to sell at $129.31, Dogecoin (DOGE) rose by 0.9 per cent to $0.1692, Ethereum (ETH) went up by 0.9 per cent to $1,988.34, and Ripple (XRP) added 0.8 per cent to close at $2.40.

Further, Bitcoin (BTC) expanded by 0.6 per cent to $84,293.76, Binance Coin (BNB) increased by 0.4 per cent to $631.94, and Cardano jumped by 0.3 per cent to end at $0.7134.

On the flip side, Litecoin (LTC) went down by 1.8 per cent to $91.25, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

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