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Global Energy Demand To Increase By 352 mboe/d In 2045 – OPEC

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The Organisation of the Petroleum Exporting Countries (OPEC) says the
global energy demand is set to increase from 275 million barrels of
oil equivalent a day (mboe/d) in 2020 to 352 mboe/d by 2045.

Dr Mohammad Barkindo, OPEC Secretary-General, made this known on
Monday in Abuja at the Fifth Nigeria International Energy Summit’s
Panel Session.

”No single source of energy can meet this demand growth alone,”
Barkindo said quoting OPEC’s World Oil Outlook, its flagship
publication which looked at the longer term projections for the
industry,

This, he said was due to the phenomenal economic changes stating that
global economy in 2045 would be more than double the size from 125
trillion U.S dollars in 2020 to almost 270 trillion U.S. dollars in
2045, based on 2017 purchasing power parity (2017 ppp).

According to the secretary-general, the global population is expected
to reach 9.5 billion people by 2045, an increase of 20 per cent.

“Demand for ‘Other renewables’ – combining mainly solar, wind and
geothermal energy- represents the single largest incremental
contribution to the future energy mix, rising from 6.8 mboe/d in 2020
to close to 36.6 mboe/d in 2045.

“Moreover, it is also the fastest growing energy source with its share
in the global primary energy mix. This means renewables’ share of the
energy mix is projected to rise from 25 per cent in 2020 to 10 per
cent in 2045.

“Clearly, multiple sources of energy are required to meet this rise in
demand. Oil is forecast to remain the fuel with the largest share of
the global energy mix until 2045,” he noted.

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He recalled that in 2020, oil accounted for 30 per cent of global
energy requirements and by 2045, it was expected to account for
approximately 28 per cent oil and gas together are still expected to
account for more than 50 per cent in this time horizon.

“We need to ensure energy is accessible and affordable for all; we
need to transition to a more inclusive, fair and equitable world in
which every person has access to energy as referenced in UN
Sustainable Development Goal Seven (SDG7).

“And we need to reduce emissions. It is an energy sustainability
trilemma, with each piece having to move in unison.

“The challenge of tackling emissions has many paths, as evidenced by
the Intergovernmental Panel on Climate Change, the United Nations
Framework Convention of Climate Change (UNFCCC) and the Paris
Agreement.

“It is not just one path for all, whether that be a country or an industry.

“The capacities and national circumstances of developing countries
must be taken into account in all actions.

“In order to not render countries already struggling even more
besieged, it is necessary to carefully consider the adverse
socio-economic impacts on these countries due to mitigation
activities, in order to identify remediation measures and share best
practices,” he said.

He added that cumulative oil-related investment requirements amounted
to 11.8 trillion U.S. dollars in the 2021-2045 period.

According to him, of this, 80 per cent, or $9.2 trillion is in the
upstream, with another 1.5 and 1.1 trillion U.S. dollars needed in the
downstream and midstream, respectively.

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The OPEC boss said the investment requirements, clearly underlined
that any talk of the oil and gas industries being consigned to the
past and of the need to halt new investments in oil and gas was
misguided.

”Any shortfall could have severe consequences, particularly if supply
falls and demand does not. We could see crude oil and product
shortages, all of which would have an impact on the global economy,”
he said.

He said investing in technologies such as blue hydrogen and Carbon
Capture Utilisation and Storage (CCUS), while harnessing the ‘reduce,
reuse, recycle and remove’ carbon principles were all critical paths
towards a sustainable society in Africa.

”These principles not only minimise the environmental impacts of Green
House Gas (GHG) emissions, but also contribute to achieving
socioeconomic development and prosperity,” he said.

Additionally, he said hydrogen production development could make
Africa a net exporter in the global market.

He further noted that the unfortunate reality for developing countries
was that a staggering 759 million people worldwide did not have access
to electricity in 2019, with three out of four of them in sub-Saharan
Africa.

Moreover, he said there were roughly 2.6 billion people or 34 per cent
of the global population who did not have access to clean cooking
fuels and technologies.

This, he said, included a massive 70 percent of Africans who had no
access, exposing them to high levels of household air pollution.

According to him, the energy poverty numbers for Africa are stark and
Africa accounts for less than three per cent of global emissions.

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“As an industry, we must approach these critical issues together
through dialogue and cooperation, ensuring that all voices are heard
and all viewpoints are considered.

“In this manner, we can reinvent the industry to allow it to fit with
a just, equitable and fair energy transition, where no one is left
behind.” Barkindo noted. (NAN)

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Uba Sani: Least Paid Worker In Kaduna Earns N72,000

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Uba Sani, governor of Kaduna, says no worker in the state earns less than N70,000 as salary in compliance with the new minimum wage.

Sani spoke on Thursday at Murtala Square in Kaduna on occasion the Workers’ Day celebration.

The governor said the least paid worker in the state earns N72,000, noting that he believes in the dignity of labour, adding that the issue of incremental adjustment of salaries would be addressed soon.

“I have been involved in the struggle for labour rights, workers’ rights. That is my antecedent. Because of my background, I sat down with the leadership of the Nigerian Labour Congress (NLC),” Sani said.

“I made it clear to them that though we have met the minimum wage requirement but there is something called incremental adjustment which is discretionary.

“Because of my relationship with both NLC and TUC, I asked them that we should sit down and come up with a formular that will make every worker in Kaduna state happy, irrespective of his or her status and they came up with three different options.

“Today, I want to reaffirm to all of you here that by the grace of God, we will look at the incremental adjustment and ensure that even senior civil servants will benefit because we have to make our workers happy.’’

The governor added that his administration also prioritises improving the living conditions of pensioners.

He said the state government has released N3.8 billion to settle outstanding gratuities, death benefits, and accrued rights under the contributory pension scheme in April.

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“Since the inception of our administration, we have cumulatively paid the sum of N10.4 billion in gratuity, death benefits, and accrued rights in the Contributory Pension Scheme,” Sani said.

The governor said the payment of such a huge sum to pensioners is “unprecedented.”

Commenting on the ongoing industrial action by the Kaduna State University branch of the Academic Staff Union of Universities (ASUU), Sani said his administration has done everything to reposition the school.

According to him, more than 60 percent of the courses were not accredited when he assumed office, but his administration spent over N300 million to secure National Universities Commission (NUC) accreditation.

The governor said the striking lecturers’ demands had accumulated over 17 years, with about three of his predecessors unable to settle the liabilities, which now total between N5 billion and N6 billion.

“In spite of this, the lecturers want us to settle these liabilities now, and I said no. I said that we have to sit down and have a dialogue. I then asked them, where were their voices in the last 17 years?” he said.

He promised that the problem would be addressed owing to the importance of education, which he described as the “greatest leveller”.

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PETROAN Asks FG To Prioritise Welfare Of Oil, Gas Workers

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the government to prioritise the welfare of oil workers, given the hazardous nature of their work.

In a statement on Thursday, Billy Gillis-Harry, PETROAN’s president, hailed oil and gas workers across the country on Workers’ Day.

According to Joseph Obele, PETROAN’s spokesperson, Gillis-Harry, while addressing journalists in Abuja, appealed to the government and stakeholders in the industry to improve welfare packages and expand health insurance for oil workers.

“Studies have shown that workers in areas where gas flaring is prevalent are at high risk of several health challenges, which can affect them physically, mentally and even increase cancer risks,” Gillis-Harry was quoted as saying.

The association said gas flaring remains a serious problem in Nigeria’s energy industry, exposing workers and nearby communities to harmful health and environmental effects.

The group said the impact of gas flaring highlights the urgent need for better health protection and general welfare for those working in the sector.

According to the statement, Gillis-Harry urged regulatory bodies to strictly enforce existing laws aimed at stopping gas flaring in the country.

“It’s imperative that we prioritise the health and well-being of our workers and protect the environment from the harmful effects of gas flaring,” the president said.

The spokesperson said PETROAN believes ending gas flaring would reduce its harmful impact on workers and host communities and help build a more responsible oil and gas industry.

Obele said PETROAN commended governors who have started paying the new minimum wage, especially those paying above the set rate.

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“Billy Gillis-Harry called on governors who are yet to comply to do so in the shortest possible time, emphasising the need for workers to receive fair compensation for their labour,” he said.

He said the association also reaffirmed its commitment to collaborating with stakeholders to support oil and gas workers and ensure safe and healthy working environments.

Obele said PETROAN is of the view that better welfare and an end to gas flaring would boost productivity, reduce accidents, and raise performance across the industry.

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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