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Energy
We see energy demand rising by 23% by 2045 – OPEC
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The Organisation of the Petroleum Exporting Countries (OPEC) says energy demand will rise by an estimated 23 per cent by 2025.
OPEC says the rise will be fueled by a world economy that is expected to double in size, growing from $138 trillion dollars in 2023 to $270 trillion dollars in 2045.
The OPEC Secretary-General, Haitham Al Ghais, made this known on Tuesday at the ongoing 23rd Nigerian Oil and Gas (NOG) Energy Week Conference and Exhibition, holding in Abuja.
The conference, which holds from June 30 to July 4, has its theme as “Showcasing Opportunities, Driving Investment, Meeting Energy Demand”.
Addressing the Strategic Conference via teleconference, Al Ghais explained that it forecasted a rapidly expanding world population that would surpass 9.5 billion people.
“Why are we optimistic? Let us consider these statistics, which are based on OPEC’s World Oil Outlook.
“Urbanisation alone will account for over half a billion people moving to cities around the world by 2030.
“This data tells us that the world will require all forms of energy to meet long-term energy needs.
“Oil and gas will remain the predominant fuels in the energy mix.
“In fact, oil alone will retain its share at almost 30 per cent in 2045 as world demand for oil soars to an estimated 116 million barrels per day (mb/d) by that time,” he said.
To meet this rapid and robust growth in energy consumption, he said the industry would need to boost investment levels significantly in the years to come.
He said according to its research, cumulative oil-related investment requirements from 2024 until 2045 would amount to $14 trillion dollars or around $610 billion dollars on average per year.
“Securing this vital funding is essential to maintaining security of supply and avoiding unwanted volatility.
“In spite of these facts, I am certain you are aware of some recent predictions for peak demand by 2030 and calls for a discontinuation of investment in hydrocarbons,” he said.
Al Ghais further emphasised that indeed, the rush to adopt “Net-Zero” strategies was misguided and simply not realistic.
The OPEC Secretary General said that developing countries would continue to balance priorities between developing their national economies and addressing climate change.
In this regard, he pledged that OPEC and its member countries would continue to advocate for a fair process for adaptation, mitigation and means of implementation, with regard to climate finance and technology.
He decried the fact that there were an estimated 675 million people with no access to basic forms of energy and 2.3 billion without access to clean cooking fuels.
He tasked World leaders to unite and advocate for the necessary support and resources to make a difference in addressing this important matter.
“Looking ahead, OPEC will continue to enhance dialogue and cooperation with all of its energy partners, including in Africa,” Al Ghais said.
The Secretary-General, while commending President Bola Tinubu, appreciated Nigeria’s staunch commitment to OPEC and to the Declaration of Cooperation.
Energy
IPPG commends FG for winning bid to host African Energy Bank
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The Independent Petroleum Producers Group (IPPG) has applauded the Federal Government of Nigeria for wining the bid to host the Headquarters of the African Energy Bank (AEB).
In a statement signed by its Chairman, Abdulrazaq Isa, the IPPG noted that this highlights Nigeria’s leadership and strong commitment to advancing Africa’s energy goals.
It said further that, “this landmark achievement also underscores Nigeria’s leading role over the years in fostering regional integration and progress. Not only is this decision to host the Headquarters of the AEB in the country a further acknowledgement of Nigeria’s position as the continent’s leading hydrocarbon resource holder and human capital base in the energy sector, but also demonstrates the robustness and highly advanced nature of the country’s financial services sector.”
“The AEB will provide a solid foundation for financing and advancing energy projects across the continent, enabling the development of critical infrastructure and innovative technologies in the energy sector. This initiative will not only promote sustainability but also drive economic growth and industrialisation, creating massive job opportunities and ultimately contributing to a prosperous and sustainable future for the entire continent.”
“IPPG’ strong advocacy for the siting of the Headquarters of the Bank in Nigeria was premised on the immeasurable benefits it would bring to the development of the oil and gas industry and ultimately the Nigerian economy particularly at a time when the nation is grappling with an energy crisis. We therefore commend President Bola Ahmed Tinubu, GCFR, for his visionary leadership and dedication to the development of Nigeria’s energy sector. His administration’s proactive and strategic efforts have played a crucial role in securing this notable achievement.”
“Special recognition also goes to Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil); who passionately and vigorously championed the realisation of this significant milestone. His relentless commitment in ensuring Nigeria hosted the AEB’s Headquarter has simply been extraordinary.”
“We equally acknowledge the efforts of the entire Government, its agencies in the energy sector and all stakeholders whose collective hard work and dedication have made this remarkable victory possible.”
The Group further noted that the achievement is not just a victory for Nigerians but for the entire African continent.
“It symbolises our collective efforts to build a prosperous and sustainable energy future for Africa. This will enable the continent look inward and deepen collaboration in charting a course for meeting its energy needs.”
“IPPG is extremely delighted by this news and looks forward to partnering with the AEB in ensuring affordable energy, enhancing energy security and lowering the continent’s carbon footprint.” Isa said.
Energy
JUST IN: National power grid collapses again
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The national power grid again collapsed on Saturday, throwing the country into total darkness.
Our correspondent reports that the grid collapsed around 3 pm.
The Enugu Electricity Distribution Company has confirmed the development.
In a statement, the DisCo said all its interface in the Transmission Company of Nigeria stations are out of supply, saying it is unable to provide services to customers in Abia, Anambra, Ebonyi, Enugu, and Imo States.
“The Enugu Electricity Distribution Company wishes to inform its esteemed customers of a general system collapse which occurred at 15:09 hours today, 6th July 2024. This has resulted in the loss of supply currently being experienced across the network.
“Due to this development, all our interface TCN stations are out of supply, and we are unable to provide services to our customers in Abia, Anambra, Ebonyi, Enugu, and Imo States.
“We are on standby awaiting detailed information of the collapse and restoration of supply from the National Control Centre, Osogbo,” a statement by the EEDC Head of Corporate Communications, Emeka Ezeh, read.
Energy
Over 300 illegal miners have been apprehended – Alake
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The Minister of Solid Minerals Development, Dele Alake, has indicated that Nigeria currently has 44 globally sought-after mineral resources in abundance.
He also said that the government apprehended a total of over 300 illegal operators with more than 133 currently undergoing prosecution.
This was as he affirmed that reforms implemented by the Tinubu administration have led to a renewed investor interest in Nigeria’s mining sector.
Giving the keynote address at the Nigeria Middle East Investors Expo and Awards on Friday, Alake stated that the Federal Government’s focus on solid minerals has redirected global attention to Nigeria’s mining sector, spurring increased investments and revenue for the country.
He stated that the government has identified over 40 million tonnes of talc deposits in Niger, Osun, Kogi, Ogun, and Kaduna states.
While approximately 1 billion metric tonnes of iron ore in Kogi, Enugu, Niger states, and the Federal Capital Territory; and an estimated 10 metric tonnes of lead and zinc spread over eight states, among others according to available mineral data.
Alake said, “We have over 44 globally sought critical minerals in Nigeria. A crucial factor for foreign investment is data. We are working to significantly increase funding for exploration to generate the necessary big data that will attract major international players and position Nigeria as a global mining destination.”
Highlighting the impact of his 7-point agenda, the Minister detailed the successes of the mining marshals in combating illegal mining activities, leading to the arrest and prosecution of numerous culprits across the country.
He revealed that the officers have apprehended a total of over 300 illegal operators with more than 133 currently undergoing prosecution.
“Since deploying the mining marshals as part of our comprehensive plan to sanitize the mining environment, they have been working assiduously and efficiently. Over 300 illegal operators have been apprehended, with more than 133 currently undergoing prosecution. We are making significant progress,” A statement by the Special Assistant on Media
to the Minister, Segun Tomori read.
To enhance the operations of the mining marshals, Alake revealed plans to incorporate satellite monitoring of mining sites.
“We are installing satellite surveillance mechanisms, allowing us to monitor all mining sites in Nigeria from the Minister’s office, identify any illicit activities, and promptly deploy mobile mining marshals,” he said.
In furtherance of efforts to improve the operating environment and ease of doing business, Alake recalled the recent launch of the Decision Support System, an online platform providing comprehensive information about Nigeria’s solid minerals sector to assist prospective investors worldwide in making informed decisions about investing in the mining sector.
Highlighting the abundance of high-grade critical minerals in the country, Alake affirmed Nigeria’s readiness for business and encouraged investors to take advantage of improved regulatory frameworks and incentives.
On Thursday, the minister announced a review of mining rates and dues to enhance ease of doing business and consolidate ongoing reforms.
The new rates which affect 268 items in the industry aim to maximise royalties from critical minerals such as lithium and gold to boost the nation’s revenue and contribute significantly to economic development.