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UN Group Identifies $1.5trn Blue Opportunities In Niger Delta, Expert Raises Environmental Concerns

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UN Group Identifies $1.5trn Blue Opportunities In Niger Delta

The United Nations Global Compact has called the attention of all and sundry to some blue investment opportunities that can be harnessed in Niger Delta, Nigeria that surpass $1.5 trillion in 2022.

This is said to come at a time the Nigeria Blue Economy Stakeholders step up engagements through the Niger Delta Blue Economy Investment Forum to change the dynamics of the crude oil-dependent region to a new future that is green and sustainable with practical projects.

In a statement on Thursday, signed by Segun Adeleye, President/CEO of World Stage Limited and Chairman/Founder, SAFFGLIA.

In his presentation at the Niger Delta Blue Economy Investment Forum held at Monty Suites and Golf Resort, Uyo, Akwa Ibom State capital from November 15-17, 2022, Mr. Erik Giercksky of the UN Global Compact Sustainable Ocean Business Action Platform said, while green bonds clearly address climate and environmental issues, the blue bond can relate to all Sustainable Development Goals (SDGs), reflecting the diversity of factors relevant for sustainable ocean business including fair labor conditions, climate change, waste reduction, and gender equity.

“Using a blue label can show stewardship, in terms of emission reduction in the ocean, but also in ways that may not be fully expressed in a green instrument,” he said.

At the three-day forum organized by Alfe City Institution in collaboration with the Ministry of Niger Delta Affairs, Giercksky who addressed the forum virtually from newly York-listed benefits for a blue bond which can be issued by sovereign countries, multilateral development banks, banks, large and medium-size companies to include enhance the credibility of sustainability strategy; improve the diversity of investor base; create opportunities for larger and longer-term financing; potential improved financing costs; reputation benefits; and internal benefits.

The theme of the forum hosted by the Akwa Ibom State government and supported by the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and National Inland Waterways Authority (NIWA) is ‘Preparing for a Future Less Reliant on Crude Oil’.

Giercksky said the United Nations Global Compact Ocean CFO Task Force in collaboration with ADB Blue Bond Incubator is available to support the private sector to issue blue bonds through the provision of thought leadership; share corporate learning to teach and inspire potential issuers; showcase corporate commitment to the blue economy on the global stage; technical assistance; understand blue bond options, challenges, and benefits; define company’s blue bond framework and secure external verification; Identify assets, projects & KPIs eligible for blue bond proceeds; and Assistance in de-risking, structuring, and issuing the blue bond.

In a presentation titled ‘The Niger Delta Endemic Environment: Challenges and the way forward, Mr. Hilary Efanga, a researcher and Senior Lecturer with the Maritime Academy of Nigeria, Oron identified oil spillage/gas flaring and other forms of pollution as some of the major negative impacts on Niger Delta citizens, the environment and its economy, particularly the blue economy that must be urgently addressed for the blue economy to thrive.

“Central to the poor state of affairs is the largely obsolete laws and regulations in the Nigerian oil industry which have been outpaced by the prevailing technology for crude oil development and use,” he said.

“There is therefore an urgent need to review the existing oil industry laws and create new ones.

“The new laws to be promulgated must be relevant to the current state of affairs and strictly enforced to deal with every aspect of the industry, and very importantly, oil spillage and gas flaring.

“The communities in the Niger Delta region have become the recipient of environmental degradation. Government’s failure to implement appropriate policies to ameliorate the devastating region has exacerbated the phenomenon. Therefore a comprehensive or holistic approach is necessary to address the social and economic predicaments of the people living in the Niger Delta region.”

Calling on the Nigerian government to learn a lesson from how other countries effectively managed spill cases and adopt the same as in the case of the Exxon Valdez Oil Spill and Prestige oil spill disasters, the researcher said, “The cause of oil spill can lead to a very disastrous situation as such should be treated as a national emergency by the Nigerian government whenever it occurs. Not just because this is the case in other regions, but because it is the responsibility of the government to protect its environment.

“The government needs to provide effective capacity building at all levels by training personnel and acquiring basic oil spill response assets and equipment so as to be able to manage and control oil spills.

“Nigeria seems to depend largely on foreign experts for spill management; this approach may not add local content value. Therefore, the country should embark on the expansion of local knowledge of spill management through technology knowledge transfer.

“The government should develop a comprehensive spill management program with the integration of a modern national spill contingency plan and provision of the modern response equipment in readiness to combat any spill.

“Effective public and private sector partnerships are crucial to deal with the occurrence of oil spills in Nigeria with the government playing a major role.”

As for the private companies, he said they are not blameless, as they had not demonstrated commendable corporate social responsibilities in either their operations or their relationship with host communities regarding the effects of their activities on the environment.

“For decades of operations in the Niger Delta, the oil companies have not been significantly involved in the development of the host communities which is the reason for the grievances between parties. Therefore, with the provision of the new PIA, the government should establish an effective monitoring mechanism to ensure that the host communities receive optimal benefits this time,” he said.

“The oil organization should have free emergency national numbers in place this way the habitants in the region can call when there is an event of an oil spill and also when any individual is seen digging near a pipeline route.

“The Nigerian government must be proactive in both regards to controlling oil pollution, management, and biodiversity conservation by enforcing existing regulations, laws, and policies in place, this can be achieved by enormous political support – the determination to enforce the regulations and strengthening the judiciary system, especially in oil spill-related cases.”

Mr. Soji Adeleye, the Chief Executive of Alfe City Institution in his opening remarks listed the objectives of the Niger Delta Blue Economy Investment Forum to include Advanced the national discussion on the imperative of a Blue Economy in Nigeria through practical demonstration of actual projects at the state level; Provide the platform for an individual state to exhibit their Blue Economy projects for both local and international investors; Create a mechanism for peer review amongst the state to encourage open competition; Create a database for the states to serve as a repository of information about development in the blue economy sphere; Establish thriving open source information for investment information on the Blue Economy in the region; Above all, construct a demonstrable tapestry for the youth of the Niger Delta Region of a world of opportunities that would challenge their creativity, entrepreneurial skill in contrast to a culture of entitlement and deprivation.

Adeleye, a member of the Expanded Partnership Committee on Sustainable Blue Economy chaired by Vice President Yemi Osinbajo (SAN) said, “The Blue Economy solution calls for decongestion of Lagos; to reduce the pressure on the Apapa port by encouraging the construction of new sea ports along the coast that can serve the other parts of the country.

“There should be at least 27 functional ports of varying sizes serving a growing population that is rapidly approaching a quarter of a billion people. The case for the construction of new sets of seaports along the Nigeria Atlantic Coast which these littoral states are ready to undertake is overwhelming.”

The expectations of the investment forum include that the Niger Delta region should have a clearer understanding of its role in the success of a Nigerian Blue Economy; Each state should have a broader knowledge of its potential and comparative advantage in the facilitation of the Blue Economy; The youth and people of the Niger Delta Region, should after this forum be more optimistic about the future; Local and international investors should have a clear sight of the enormous investment opportunities available to them at the region; The development and outcome of the Niger Delta Investment Forum should accelerate the national discuss on this concept and help a quick articulation of the required policy formulation and legislation passage.

It will be recalled that major stakeholders in Nigeria’s blue economy had at a three-day ‘The Nigeria Blue Economy Stakeholders Conference’ in Lagos between February 15-17, 2022 made a case for the urgent formulation of National Policy on Blue Economy to harness the immense potential in the ocean ecosystem.

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Fuel Pricing: PETROAN Accuses Dangote Refinery Of Monopoly

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.

Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.

READ MORE: Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes

PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.

The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.

In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.

Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.

According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.

They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.

PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.

The association aims to enter the market by December 2024, pending necessary regulatory approvals.

“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.

PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.

PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.

The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.

To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.

PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.

 

 

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Hardship: Let Us Intensify Prayers For Our Leaders – Sultan Of Sokoto Tells Nigerians

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Sultan of Sokoto, Sa’ad Mohammad Abubakar II, has called on Nigerians to avoid publicly criticizing their leaders, instead urging citizens to place their trust in God to address leadership concerns as He deems fit.

Speaking at the Regional Conference on Climate Change-Induced Conflicts in Northern Nigeria, organized by the Kaduna State Bureau of Interfaith in collaboration with International Alert, the Sultan emphasized faith and patience in navigating the country’s challenges.

READ ALSO: Gunmen Attack Police Facility In Owerrinta, Female Detainee Killed

Acknowledging Nigeria’s current economic and social hardships, the Sultan encouraged continuous prayer, not only for the nation but for its leaders as well.

“Even though many feel times are particularly hard, we believe relief will come. Let’s increase our prayers for our leaders, trusting God to address them in His way,” he said, expressing hope that divine intervention could bring stability and prosperity.

The Sultan reminded political leaders of their ultimate accountability to God, cautioning that they will stand alone on the Day of Resurrection, with only their deeds to support them.

“On that day, every leader will stand alone. Governors, advisers—none will have support except their own deeds. Let us act with a deep sense of responsibility and fear of God,” he stated.

Addressing religious leaders, he warned against misleading their followers for personal gain, underscoring the trust many place in their religious guidance.

“Only God can save any human being,” he said, encouraging Nigerians to remain faithful and discerning in their spiritual beliefs. “Focus on worshiping Allah and leave the rest to Him. Don’t follow those who might lead you astray.”

With leaders from various religious communities, including the President of the Christian Association of Nigeria (CAN), in attendance, the Sultan called for unity, resilience, and communal effort to tackle pressing issues such as climate change, poverty, and insecurity in the northern region.

He praised the North’s history of unity and resilience, warning against divisive narratives that threaten communal harmony. “When we are united, we can face any challenge and build a prosperous community,” he asserted.

The Sultan’s remarks come amid ongoing social and environmental issues in the region, including a recent surge in climate-related challenges that have exacerbated poverty and security threats.

In light of these issues, he called on both Muslims and Christians to intensify their prayers, saying, “Our country faces many challenges, and we must turn to God in prayer. Let us intensify prayers in our mosques and churches.”

 

 

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#EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors

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In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.

The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.

Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors

Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.

A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.

Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.

The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.

 

 

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