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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)

Business

Bayelsa Hits N4.2bn Monthly IGR, Credits e-Ticketing System

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The Bayelsa State Internal Revenue Service has announced a historic increase in the state’s Internally Generated Revenue hitting N4.2 billion in a single month, marking a 320 per cent surge from previous figures.

The development, disclosed in a statement by BIRS on Saturday, was attributed to the introduction of an electronic ticketing (e-ticketing) system, which has eliminated cash leakages, curbed corruption, and improved transparency in tax collection.

BIRS chairman, Daniel Eniekezimene,
stated that the government transitioned to a fully automated tax collection system, ensuring that all payments from transport operators, traders, and businesses go directly into state coffers.

Unlike the old manual system, the e-ticketing platform generates instant receipts, making transactions traceable and reducing opportunities for extortion.

“This is a turning point for Bayelsa. We have blocked revenue leakages and ensured that every kobo collected goes straight into government accounts,” Eniekezimene stated.

A commercial tricycle operator, Isaac Tamuno, described the shift as a relief.

No individual is bigger than PDP – Bayelsa gov
He stated, “Before now, we never knew where our money was going. But with this e-ticket, we get receipts instantly, and no one can cheat us. It’s a big change for us.”

The chairman said the surge in IGR is expected to fund critical infrastructure projects, education, and healthcare.

Speaking on the significance of the revenue jump, Governor Douye Diri said, “This unprecedented revenue growth means we can now invest more in roads, schools, and healthcare. Our administration is committed to ensuring that every Bayelsan benefits from these reforms.”

Bayelsa’s success with e-ticketing is already being touted as a model for other states struggling with low IGR.

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Eniekezimene emphasised the broader implications of the reform.

“What we have achieved in Bayelsa proves that technology is the way forward. Other states facing similar challenges should consider e-ticketing to improve revenue collection and accountability,” he stated.

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Stock market declines further by N31bn

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Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

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Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

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Senate Moves To Slash Data Prices, Calls For FG’s Intervention

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The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

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“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

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Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

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