By Modupe Gbadeyanka
The Energy Guide Label, a seal to guide Nigerians on the amount of energy consumed by air conditioners, lamps and refrigerators, has been launched by the Standards Organisation of Nigeria (SON) in collaboration with the Nigerian Energy Support Programme (NESP).
The project is funded by the European Union and the German Government.
Speaking at the launch of the label in Lagos, Minister of State, Federal Ministry of Industry, Trade and Investment, Hajia Aisha Abubakar, declared that the label will guide future manufacture and importation of lamps, refrigerators and air conditioners as well as other electrical appliances/equipment in Nigeria.
According to her, the energy guide label was designed for the Nigerian market to be attached on electrical appliances to provide information on the accurate energy consumption of a product. The event was an expose, into teaching consumers to make informed purchasing decisions on electrical products and appliances.
Represented by Mr Barnabas Jatau, a Deputy Director in the Ministry, she stated that the label would provide information on energy performance on air conditioners, refrigerators and lamps and show the conformity of the appliances to the Minimum Energy Performance Standards (MEPS) in Nigeria.
The label is important to help consumers purchase appliances that will reduce the amount of money spent on electrical bills, she said.
“The Nigeria energy label is a consumer guide on how to identify efficiency rating of appliances indicated by 1 star for less efficient to 5 stars for more efficient appliances.
“With this label, any air conditioner that is less than 1-star rating will no longer be allowed into the Nigerian market. The label will be attached to all appliances with approved minimum energy performance standards and label,” she said.
The Minister of State disclosed that the development of the Minimum Energy Performance Standards and launching of the label are some of the steps taken by Nigeria as one of the signatories to the climate change treaty to ensure that measures are in place to comply with policies that would reduce energy consumption, thereby reducing emission of greenhouse gasses.
Presenting a paper at the occasion, Director General, Standards Organisation of Nigeria (SON), Mr Osita Aboloma noted that the current power available to Nigeria is far below what is required, stressing the need to manage available power efficiently.
Dr Justin Nickaf, Director, Planning, Research and Statistics, who represented the SON helmsman disclosed that his organisation has been working with the UNDP and other members of the energy efficiency review committee, to develop the minimum energy performance standards for lamps and refrigerators, which specify maximum energy consumption of such appliances allowed in the Nigerian market.
This according to him, was followed up with series of enlightenment and sensitization campaigns to importers, marketers and consumers, alike.
Mr Aboloma stated that SON has designed a road map in conjunction with manufacturers for implementation of the MEPS and label. He stressed that enforcement of the label is scheduled to commence after 18 months of the launching.
This he said, is to allow old stocks to be exhausted while importers of completely built units are to fully comply with the standard and label, six months after the launch.
The Head, Nigeria Energy Support Program, Ina Hommers said the label would help Nigerian Consumers make informed decisions as well as Manufacturers and Importers with choice of products.
Hommers said non environment friendly refrigerants and sources of greenhouse gas will no longer be used in both air conditioners and refrigerators in Nigeria which is joining over 100 nations already implementing MEPS and the label. She posited that air conditioners and refrigerators manufactured in Nigeria will gain more market within ECOWAS as a result of the standard and label.
Among other stakeholders present at the launch were, the EU Project officer on Energy, Mr Godfrey Ogbemudia, President of the Manufacturers Association of Nigeria (MAN), represented by Mr Mba Sam Qweh and President of NACCIMA, represented by Ms Rebecca Ajibade, Director of Research, Statistics and Development.
Naira Trades N566.22/£1 at Interbank, Bitcoin Gains 0.8%
By Adedapo Adesanya
The Naira appreciated by 84 kobo against the British Pound Sterling at the interbank segment of the foreign exchange (FX) market on Wednesday to close at N566.22/£1 compared with the preceding day’s N567.06/£1.
Equally, the indigenous currency edged higher by N2.73 against the Euro at the same market window to finish at N470.99/€1 in contrast to N473.72/€1 it was exchanged a day earlier.
However, against the United States Dollar, the local currency suffered a loss as it depreciated by 30 kobo to close at N415.30/$1 versus N415.00/$1 it ended on Tuesday.
It was not the same scenario with the Naira at the Investors and Exporters (I&E) window as the Naira closed stronger than the greenback, appreciating by 17 kobo or 0.04 per cent to trade at N416.33/$1 compared with the previous day’s exchange rate of N416.50/$1.
This occurred amid an increase in the FX trades at the market window as the turnover went up by 12.2 per cent or $13.55 million to $124.57 million from the preceding session’s turnover of $111.02 million.
Meanwhile, at the digital currency market, the bulls took control amid a renewed investor confidence, causing seven of the 10 tokens tracked by Business Post to end in the positive territory yesterday.
The highest gainer for the session was Tron (TRX) as its value went up by 1.7 per cent to sell for N39.43, followed by Ripple (XRP) which appreciated by 1.4 per cent to N436.99, and Binance Coin (BNB), which grew by 0.9 per cent to trade at N192,540.74.
In addition, Bitcoin (BTC) gained 0.8 per cent to trade at N24,183,994.94, Dash (DASH) recorded a 0.7 per cent appreciation to sell at N74,381.31, Litecoin (LTC) added 0.7 per cent to its value to close at N80,114.51, while Ethereum (ETH) made a 0.4 per cent jump to trade at N1,802,564.40.
However, Cardano (ADA) depreciated during the session by 7.3 per cent to N805.27, Dogecoin (DOGE) retreated by 0.6 per cent to sell at N99.9, while the US Dollar Tether (USDT) declined by 0.1 per cent to sell for N577.45.
Turkish Pipeline Fire Drives Crude Oil Prices Higher
By Adedapo Adesanya
For the fourth trading session, crude oil prices soared at the global market on Wednesday on the back of a fire that briefly stopped the flow of a pipeline from Iraq to Turkey.
This increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates, holding prices in the bullish territory.
Consequently, the price of the Brent crude futures rose by 93 cents or 1.06 per cent to trade at $88.44 per barrel, while the West Texas Intermediate (WTI) crude futures jumped $1.53 or 1.8 per cent to $86.96 per barrel.
It was gathered that to address the pipeline issue yesterday, Turkey had to cut oil flows on the Kirkuk-Ceyhan pipeline after an explosion on the system, although the cause of the explosion was not announced.
The pipeline carries crude out of Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), to the Turkish port of Ceyhan for export.
In recent days, supply concerns have after Yemen’s Houthi group attacked the United Arab Emirates (UAE), OPEC’s third-largest producer, while Russia, the world’s second-largest oil producer, has built up a large troop presence near Ukraine’s border, stoking fears of invasion.
The tensions raise the prospect of supply disruptions at a time when OPEC and their allies, together called OPEC+, are already having difficulty meeting their agreed target to add 400,000 barrels per day of supply each month.
On the back of these, analysts expect prices to remain high as jet fuel consumption is rising with growth in international flights, while road traffic is much higher than the same time last year.
Outages in Libya, Ecuador, and Kazakhstan, coupled with downgrades to US, Russia, and Brazil forecasts, together result in 1 million barrels per day, indicating lower supply this month against the previous forecast.
The International Energy Agency (IEA) on Wednesday raised its demand growth estimates by 200,000 barrels per day for both 2021 and 2022.
Demand increased by 1.1 million barrels per day to 99 million barrels per day in the fourth quarter of 2021, defying expectations of a serious hit to consumption due to the Omicron wave, the IEA said in its Oil Market Report (OMR).
The market is tighter than expected, the agency said, but still warned that there would be a surplus in the first quarter of 2022, with “demand set for a seasonal decline, exacerbated by more teleworking and less air travel.”
US President Joe Biden explained that his administration will work to try to increase oil supplies in the world’s largest oil producer.
The administration had authorized the release of 50 million barrels of crude oil – in a mix of loans and sales – from the nation’s Strategic Petroleum Reserve last year, but it had minimal effect on the market.
Senate Pass Bill to Establish National Rice Development Council
By Adedapo Adesanya
The Senate has passed a bill seeking to establish the National Rice Development Council as part of the federal government’s effort to cut down on rice importation and improve the country’s foreign exchange earnings.
The passage of the bill followed the consideration of a report by the Committee on Agriculture and Rural Development.
Speaking at the presentation, the Chairman of the Committee, Mr Abdullahi Adamu, said the council will support the comprehensive development of the rice sector and the organisation of rice stakeholders to enhance local production of rice in Nigeria.
He explained that the organisation will transform the activities of rice farmers, rice processors, millers, researchers, marketers and other important stakeholders across the entire rice value chain, particularly the clusters of smallholder rice farmers and small scale millers spread all over the country.
“Mr President and distinguished colleagues, with our natural comparative advantage in the area of rice production as a country, Nigeria should consider the need to put in place a National Rice Development Council and a fail-safe comprehensive national rice development roadmap that will guide us not only into a regime of self-sufficiency in production but also for export purposes, employment generation for our teaming youth and growth of our economy.
“The Nigerian rice industry exists in the abstract as there appears to be no form of coordination in the absence of a properly structured rallying point.
“Today, we have Paddy Rice Dealers Association of Nigeria (PRIDAN), Rice Farmers Association of Nigeria (RIFAN), Rice Processors Association of Nigeria (RIPAN), Rice Millers Association of Nigeria (RIMAN) and many more.
“This Bill seeks to establish that rallying point and a comprehensive national operational and governance structure for a complete rice value chain process.
“Mr President and distinguished colleagues, this Bill on its own merit will improve government efforts for efficient policy and regulatory framework for the Nigerian rice industry; promote enabling business and investment environments for rice stakeholders; support the growth of the rice industry in Nigeria and in the sub-region as well as promote the sustainability of foreign exchange earnings put at about $2 billion annually for Rice related importation to the country.
“The framework created by thịs Bill will pull investment into rice production, provide the missing link between rice production and industrialization, provide employment, reduce migration from rural to urban cities and enhance socio-economic activities all over the country.
“Few countries having Rice Council include Rice Council of Tanzania, USA Rice Council, Directorate of Rice Development (India), Rice Association of Thailand, among others,” he said.
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