Month: July 2024

The Nigerian Midstream and Downstream Petroleum Regulations Authority (NDMPRA), says its proposed Midstream and Downstream Petroleum Fees Regulations will consolidate fees prescribed for midstream and downstream activities into a single document.

Mr Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA made this known on Monday in Abuja at the opening of its stakeholders’ consultation forum on midstream and downstream petroleum fees regulations 2024.

‘The consultation forum is being held in furtherance of Section 216 of the Petroleum Industry Act 2021 (PIA) which mandates consultation with stakeholders prior to the finalisation of regulations made under the Act.

‘Section 33 (v) of the PIA is to the effect that the Authority may make regulations establishing fees payable to the Authority subject to section 3 (1) (j) of the PIA,” Ukoha said.

This process, he said, had enabled the Authority to review its licence and service fees with a view to reducing the cost
entry barrier into the midstream and downstream petroleum industry for prospective operators.

Ukoha said it would encourage investments in the midstream and downstream petroleum industry and lower the operating cost of midstream and downstream petroleum facilities.

‘The process will ensure consistency of fees and services across the regulatory space; and promote a competitive market for midstream and downstream petroleum operations.

‘These proposed Fees Regulations are to be read in conjunction with other Regulations of the Authority which provide for the technical, commercial and operational regulation of the midstream and downstream petroleum industry.

‘The proposed Regulations are also in consonance with President Bola Tinubu GCFR’s commitment to easing the cost of doing business in Nigeria,” he said.

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Ukoha, while thanking the stakeholders for their submissions and participation, expressed hope for a successful engagement.

He assur
ed them of the authority’s cognisance of the feedback with a view to incorporating the same, where applicable, into the proposed Fees Regulations.

The midstream and downstream stakeholder’s representatives in attendance called for gas distribution licence and transaction to be paid in Naira denomination to enable ease of doing business within the sector.

Speaking, the General Counsel, Greenville LNG, Ngozi Efobi, said imposing a petroleum products distribution licence in addition to the taxes, licensing fees and others already being paid could impede business.

Efobi recommended that the authority should exercise discretion to allow for payment to be made in Naira to enable ease of doing business and promote efficient compliance and strengthen the Naira.

‘Nigerian laws/regulations should not contain fee prescriptions in foreign currency of another country.

‘We are a domestic downstream company selling in Naira, we should also pay in Naira,” she said.

Source: News Agency of Nigeria

The Federal Government has activated National Emergency Operation Centre to coordinate responses and provide timely support to victims of floods and public health concerns.

The Director-General, National Emergency Management Agency (NEMA), Mrs Zubaida Umar disclosed this at a National Emergency Coordination Forum held on Tuesday in Abuja.

The News Agency of Nigeria (NAN) reports the forum brought together stakeholders to review the current flood situation and strengthen mitigation and response strategies across Nigeria.

Speaking at the event, Zubaida said the centre would share information, provide timely support to affected areas, collate and analyse flood incident data.

She added that the centre would ensure that emergency responses were as accurate as possible.

The NEMA boss expressed the hope that the step, together with those of other stakeholders will reduce to the barest minimum, the impact of flooding.

She highlighted the agency’s ongoing efforts to address the predicted 2024 flood disaster by t
he Nigerian Meteorological Agency (NIMET), and the Nigerian Hydrological Services Agency (NISA).

According to her, 20 states and 52 local government areas had already been affected by flooding

She emphasised the need for public awareness and proper waste management to mitigate the impact of floods

Umar said the workshop would awaken NEMA to take more proactive measures to safe the lives of the citizens and adequately respond in areas that had been affected.

On his part, Mr Trond Jensen, Head of United Nations Office for the Coordination of Humanitarian Affairs (UN-OCHA) in Nigeria, commended NEMA for its leadership in disaster preparedness and response.

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He emphasised the importance of efficient resource use and anticipatory action to address cholera outbreaks and urged collaboration among all stakeholders to enhance emergency response capabilities.

‘Rather than waiting for an outbreak of cholera, what can we do in terms of preparedne
ss, so that we can make sure that the systems that are needed to respond are fully resourced?

‘This is one of the things that we are looking at as UN-OCHA, together with our colleagues from UNICEF, the World Health Organisation and other partners,’ he said.

Jensen assured the support of his organisation and other partners to safeguard the lives of Nigerians and ensure a resilient community.

Source: News Agency of Nigeria

Former Inspector-General of Police (I-G) Mr Mike Okiro has advised the organisers of the planned nationwide protest to shelve their plan and engage in dialogue with the Federal Government.

Okiro, who made the call in an interview with NAN on Tuesday in Abuja, said that constitutionally, Nigerians have the right to protest against bad governance and leadership.

The News Agency of Nigeria (NAN) reports that some organisers are gearing up for a nationwide peaceful protest slated for Aug. 1 to 10, demanding effective leadership and a reduced cost of living among others.

He said that no doubt that Nigerians were passing through some challenges, adding that it was easier to destroy but difficult to rebuild.

‘The situation we are in now did not come overnight; it came over a period of time. Can we rebuild in one year what has been destroyed over time.

‘The problem with protest is that, no matter how the organisers will go about it, there is bound to be loss of lives, destruction of properties and hardship.

‘ M
y advice to Nigerians as much as they have the right to protest, is that they should allow the government some time to ameliorate the hardship.

‘What we ought to do is to allow the government to put structures in place to alleviate the suffering of the masses. Government should come up with policies that will help develop the country,’he said.

The former chairman of the Police Service Commission (PSC) said that the current government inherited some challenges and it is working towards solving them.

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He said that President Bola Tinubu is an achiever, adding that if he is given the time he can turn things around.

‘There is a saying that nothing good comes easy. The current government inherited some challenges and needed to take some harsh decisions to solve them.

‘Let’s give the government some time to ease this suffering that Nigerians are going through. The protest, if started, may end in violence; it may be hijac
ked by hoodlums.

‘Rather than lead to any positive outcome, the protest may aggravate the living conditions of the people,’he said.

Okiro said that giving palliative measures to the people was not the solution to the economic challenges in the country.

He urged the government to invest more in the productive sector in order to create employment opportunities for the youths and earn foreign exchange for the country.

Okiro advised the Federal Government to encourage local rice farmers to boost production rather than allow importation of the product.

He said that the continued importation of rice, beans and wheat would stifle the country`s weak economy.

NAN reports that the Federal Government recently announced plans for duty-free importation of selected food commodities like rice, maize and wheat.

The initiative aims to increase food supply and replenish the government’s strategic grain reserve.

Source: News Agency of Nigeria

The financial world has been taken by storm with sustainable investment. The concept is that more and more investors are searching for a way in which to make a profitable investment while at the same time ensuring that money promotes good in the world. This approach is steered by an increasing awareness about climate change, footprints of companies, and the need for better governance and human rights within businesses. One needs to understand sustainable investment principles and strategies in order to make informed decisions that align with one’s values.

Fundamentals of Sustainable Investing

Sustainable investing focuses on choosing investments that are not only financially beneficial but also environmentally friendly, socially responsible, and well governed. This guide to sustainable investing explains various investment strategies, such as ethical investing, impact investing, and ESG integration, to help investors achieve their goals.

An investor who is involved in sustainable investing evaluates ESG fa
ctors, which determine an all-round impact of a company and its sustainability. For example, the carbon footprint or human rights policy of a company can greatly affect investment decisions. The investors, in that view, are able to build a portfolio that truly demonstrates their values and is directly aligned with their long-term goals of investing.

ESG Strategies and Their Impact

One of the key approaches of sustainable investing is the integration of ESG. ESG integration entails the consideration of environmental, social, and governance issues in the investment analysis and decision-making process. This ensures that investors take note of the added value and not only focus on the financial returns that their money is making in the world.

For example, an FX calendar for traders would help investors follow important economic events that can impact their sustainable investments. Through knowledge about these events, one can make a decision according to the background information and adjust his strategies fa
vorably in order to suffer minimal loss and grab maximum opportunity in line with his ESG goal.

Breaking Down the ESG Criteria

In essence, the set of ESG criteria accommodates a framework investors can use to access how sustainable and ethical the impetus of a potential investment is. Description of environmental criteria offers an account of the company’s action as a steward of nature. This typically includes the company’s carbon footprint, how the waste produced by the company is disposed of, and the stand of the company on matters related to pollution related to climate change.

Social criteria-which involves questions on how it treats its relations with employees, suppliers, clients, and the communities where it operates-would necessarily involve the investigation of the human rights record of a company, its labor practices, and its community relationships. Governance criteria refer to issues about a company’s leadership, executive remuneration, audits, internal controls, and shareholder rights. All the
se factors assist investors in making a judgment as to whether a company should be deemed acceptable for sustainable investing.

The Rise of Sustainable Companies

At the forefront of the investment revolution are those companies for which sustainability is hard-wired into their business models and operations. The majority of these companies are leading towards long-term sustainable growth and stability; hence, more capital and market exposure is all they will fetch as part of investor demands from corporates.

The following table showcases some major sustainable firms with their specific focus:

Company Industry Focus Areas

Tesla Automotive Renewable energy, electric vehicles

Patagonia Apparel Environmental sustainability, fair labor practices

Unilever Consumer Goods Sustainable sourcing, reducing carbon footprint

NextEra Energy Utilities Renewable energy, clean power

Microsoft Technology Carbon neutrality, ethical AI

Investing in such companies not only contributes to a better environment but can also
be financially rewarding. Many sustainable companies show strong financial performance and resilience, attracting a significant amount of investment.

Sustainable Investment Strategies

With such great variation, sustainable investment strategies provide investors a number of opportunities to back their stated values with their investments. Impact investing is a method where specific beneficial social or environmental effects are carried out in tandem with profitable financial gains. For instance, this can be investments in projects that develop a renewable source of energy or else social business directed towards healthcare services for the slightly poorer societies.

Another approach is negative screening, where companies or industries that do not meet certain ESG criteria are excluded from an investment portfolio. Put another way, this kind of investing means avoiding fossil fuel companies, tobacco manufacturing, or corporations known for abominable labour practices. It puts investors at ease, who are both
ered about keeping money in an investment that contradicts what is right.

The Explosive Growth of ESG Funds

Growth in ESG funds is explosive. More investors are looking for financial instruments integrated with ESG criteria; hence, the growth is very fast. ESG funds refer to the funds that gather or pool money from various investors, which is later used to invest in a diversified portfolio of companies that meet ESG criteria.

The professional management of these funds involves extensive research and analyzes in order to ensure adherence to ESG standards and is a benefit to investors. This growth reflects the increasing recognition of the long-term benefits and stability that sustainable investments can provide.

Advantages and Limitations to Sustainable Investing

Sustainable investing, although carrying along sounding benefits like positive change drivers and the much-edged value resemblance, comprises quite a number of challenges. For one, investors remain susceptible to accusations of greenwashing by ov
erstated or unsubstantiated environmental friendliness that companies might claim of products or practices.

Investors must ensure to carefully scrutinize any firm’s claims of sustainability using valid sourcing. Using a browser to access information published at credible sources of financial news and reports could help investors make a better decision on investment without any possible mistake.

Key Sustainable Investing Benefits

Following are some of the key benefits which may be provided by sustainable investment:

Beneficial Impact: Investments supporting environmental and social causes.

Financial Returns: Possibility of significant performance by investment in companies back through enduring.

Risk mitigation: Reduced exposure to industries with heavy regulatory or reputational risks.

Long-term Stability: Investing in forward-looking companies that are looking for good investments.

Value Alignment: Making sure that one’s investments go in line with the values of an individual or institution.

Sustain
able investing offers a unique blend of financial growth and ethical responsibility. By focusing on these benefits, investors can feel confident that their money is working towards a better future. The alignment of financial goals with personal values is a powerful motivator for making these investment choices.

How to Make Sustainable Investment Decisions

Sustainable investment decisions involve the balance of financial returns and unbiased considerations towards ethics. Investors should focus more on companies that are able to show a strong sense of commitment to ESG and an able history of sustainability.

Staying abreast of industry trends and new opportunities through ongoing education, seminars, and subscriptions to various publications on sustainable investment insights will provide investors with invaluable tools for effectively navigating the landscape.

ESG Performance Indicators

Proper ESG performance evaluation by companies is an enormous topic when it comes to sustainable investing. It means loo
king beyond financial metrics to see how a company scores on ESG factors. Investors are also endowed with independent agencies that provide the adequate tools and ratings to gauge the sustainability performance of their investment.

It is about enabling investors to understand their exposure to the long-term potential and risks related to their investments through ESG performance. It assures that their investment strategy is delivering financial returns and contributes to society and the protection of the environment.

Source: News Agency of Nigeria

Restore Hope for the Boy Child Initiative, an NGO, has called on Nigerian youths to embrace dialogue and reconsider participating in the planned nationwide protest scheduled for Aug. 1 to Aug.10.

Dr Babatunde Kayode, Executive Director of the organisation, made the call while briefing newsmen on Tuesday in Abuja.

Kayode warned that youths’ participation in the protest might not only lead to chaos, but possibly jeopardise their future and lead to other consequences that could spell disaster for the nation.

‘We understand the frustrations and anger among our youths, especially the boy child who might feel neglected and marginalised by the system.

‘We, however, cannot allow our grievances to be hijacked by violence and destruction.

‘Our young ones must reconsider participating in the protests, which we fear may put their safety and future, at risk, as we can see in the devastating unrest in Libya, Rwanda and Kenya.

‘We cannot afford to let our emotions get the better of us; we must find a way to express ou
r grievances without putting our lives and livelihoods at risk.’

Kayode also urged government to take concrete steps to address the economic hardship, while urging them to take immediate steps to foil any attempt to disrupt peace in the country and promote development in the process.

‘They must engage the youth in skill promotion and entrepreneurship, cut corruption, reduce bloated governance, promote local products, lead with integrity, and create jobs for a better future.

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‘The government should invite the organisers of the protest or their leaders and those concerned for a positive dialogue.

‘This will give room for the youth to speak their minds on the major issues as well as give room for government to provide solutions to the challenges.’

He further urged young people to rather, explore alternative and constructive channels to express their concerns and grievances, instead of allow unhealthy manipulations from negative quarters.

Als
o speaking, Mrs Mariam Gbadebo, Executive Director of MAG Foundation, another NGO, advocated for a peaceful and strategic demonstration that could achieve positive goals without causing destruction.

‘Protests can be exploited and lead to chaos, abuse, and loss of lives, we need peaceful and strategic demonstrations that will promote progress and not cause destruction or regrets.

‘Let’s rethink critically about our approach and ensure we are achieving our goals without causing any harm whatsoever,’ she said.

Source: News Agency of Nigeria