The World Bank’s outlook on the Nigerian economy states that it is uncertain and its ability to attract domestic and foreign investments is also crashing and the issuance of fresh licenses and permits to 37 companies to produce a total of 762.3mw of electricity in order to boost power supply across the country are some of the trending stories in Nigerian newspapers on Monday.
The Punch reports that the World Bank has said that Nigeria’s economic outlook is uncertain and its ability to attract domestic and foreign investments is also crashing.
It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from recession.
The Washington-based bank said this in its draft report for State Action on Business Enabling Reforms, which is available on its website.
The bank report read in part, “Although the Nigeria’s economy in 2021-2022 recovered from recession induced by the COVID-19 pandemic and lower oil prices, growing by 3.6 per cent in 2021 with an expected growth of 3.2 per cent in 2022, welfare has continued to deteriorate.
“The country’s economic outlook remains uncertain and threatened by many issues including the impact of the 2022 Russian invasion of Ukraine on the global economy, lower-than-expected oil production due to technical inefficiencies; heightened insecurity; higher uncertainty on policy direction arising from the upcoming February 2023 general elections; and worsening fiscal risks related to the PMS subsidy deductions.”
“The country’s economic outlook remains uncertain and threatened by many issues including the impact of the 2022 Russian invasion of Ukraine on the global economy, lower-than-expected oil production due to technical inefficiencies; heightened insecurity; higher uncertainty on policy direction arising from the upcoming February 2023 general elections; and worsening fiscal risks related to the PMS subsidy deductions.”
The global lender stressed the need to catalyse private investment in order to boost growth and create jobs, noting that this type of investment was declining in the country.
The bank said, “Besides, Nigeria’s ability to attract domestic and foreign investment is low and declining compared to its peers. Private sector investment’s contribution to growth has declined as a consequence of macroeconomic and financial policies that constrain exports and foreign investment.”
The newspaper says that fresh licenses and permits have been issued to 37 companies to produce a total of 762.3 megawatts of electricity in order to boost power supply across the country, data obtained from the Nigerian Electricity Regulatory Commission showed.
An analysis of the commission’s latest Fourth Quarter 2021 Report on Sunday also indicated that the metering of power users dropped by 71.86 per cent when compared to the number of those who were metered by power distribution companies in the preceding quarter.
In the new report, the NERC said, “The commission approved the issuance of four new generation licenses with a total nameplate capacity of 508.5MW and the renewal of two existing licences in 2021/Q4.
“The commission also granted an aggregate capacity of 253.75MW captive power generation permit to eight companies and approved 25 mini-grid permits.”
It stated that 46 metering service providers consisting of 17 installers, 15 manufactures, two vendors and 12 importers were also approved by the commission in 2021/Q4
“The commission granted a total of 85 licenses and permits in 2021/Q4,” the report stated.
On metering, it stated that the huge metering gap for end-use customers was still a key challenge in the industry.
The Guardian reports that as Nigeria joins the rest of the world to mark the 2022 World Ozone Day, the Federal Government has highlighted efforts to phase out Ozone Depleting Substances (ODS) and protect the ozone layer.
The Minister of Environment, Abdullahi Mohammed, explained that the protocol has resulted in 100 per cent phase out of the over 4,000 metric tons of ODS, with high ozone depletion potentials such as, CFCS Holes Carbon Tetrachlodes and methyl bromide in 2010, by training 10,000 refrigeration technicians in the country.
United Nations Industrial Development Organisation, (UNIDO), said it has supported Nigeria and 110 countries to reduce the consumption of Hydro fluorocarbons (HFCs) by 2047.
This action has protected millions of people from skin cancer and cataracts over the years since. It allowed vital ecosystems to survive and thrive. It safeguarded life on Earth. And it slowed climate change: if ozone-depleting chemicals had not been banned, we would be looking at a global temperature rise of an additional 2.5°C by the end of this century.
“This would have been a catastrophe,” said UNEP. In his message on World Ozone Day, UN Secretary-General Antonio Guterres, the Protocol was a success because, when science discovered the threat we all faced, governments and their partners acted.
“The Montreal Protocol is a powerful example of multilateralism in action. With the many problems facing the world – from conflicts to growing poverty, deepening inequality and climate emergency – it is a reminder that we can succeed in working together for the common good,” said the UN chief.
Guterres said that the Montreal Protocol has already contributed to tackling the climate crisis, and indeed, by protecting plants from ultraviolet radiation, allowing them to live and store carbon, it has avoided up to an extra 1 degree Celsius of global warming.
“The Protocol’s work to phase out climate-heating gases and improve energy efficiency through its Kigali Amendment can further slow climate disruption. But, only by mirroring the cooperation and speedy action of the Montreal Protocol elsewhere can we stop the carbon pollution that is dangerously heating our world. We have a choice: collective action or collective suicide,” he warned.
The newspaper says that the Inspector-General of Police, IGP Usman Alkali Baba, has confirmed the seizure of no fewer than 123 Oil Tankers used in perpetrating oil theft.
The feat was recorded by the IGP’s Special Task Force on Petroleum and Illegal Bunkering.
The IGP reiterated that his administration was committed to continuously developing the improved capacity of its officers through practical training, and acquiring top-notch investigative and operational assets to sustain the fight against oil theft and other crimes capable of sabotaging the country’s economy.
He made the disclosure while briefing the Senate Ad-hoc Committee to Investigate Oil Lifting, Theft and the Impact on Petroleum Production and Oil Revenues on Wednesday, September 21, 2020, via a report on the activities of the IGP Special Task Force on Petroleum and Illegal Bunkering.
The IGP similarly recounted other achievements of the Inspector-General of Police Special Task Force on Petroleum and Illegal Bunkering (IGP-STFPIB), the Unit headed by Lot Lantoh Garba, an Assistant Commissioner of Police, charged with the responsibility of tackling these specialized crimes, in the period under review, to include the seizure of 1,301,020 litres of Automotive Gas Oil (AGO), 135,000 litres of crude oil, 4,900 litres of premium motor spirit (PMS), 45,000 litres of engine oil, and 123 Tankers. The Unit currently has 52 cases under prosecution nationwide.
In one of the cases, operatives of the IGP-STFPIB successfully discovered and busted the operations of an illegal refinery on September 21, 2022, in Jijoro Community Riverside, Delta State, a creek of about a one-hour boat ride.
Suspected illegally refined Automotive Gas Oil (AGO) stuffed in 138 sacks, 10 empty surface tanks (ovens) used as cooking pots, 20 empty drums for storage, 1 boat engine, and 2 pumping machines were recovered. Three suspects, Happy Gift Lawson, aged 18, Ejime Precious Lande, aged 22, and John Jugu Fom, aged 25 were equally arrested.
GIK/APA