The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, has said that the world is exploring environmentally friendly sources of energy and moving away from fossil fuel, noting that Nigeria needs to prepare for the use of electric cars.
The minister said this at an interactive session between the Federal Government and the State Governments on Tuesday in Lagos.
According to him, the engagement is part of efforts to ensure that investors coming into the country are not faced with multiple barriers after being licenced by the federal government to do business in the mining sector.
Adegbite said that though mining was in the exclusive list, some state governors were trying to take advantage of the minerals discovered in their states to grow their revenue base without following due process.
He said that the federal government was engaging such governors to show them it is better to let the funds from such minerals come into the federation account so that they could benefit through the 13 percent derivation fund, which some were already benefiting from.
Adegbite added that all over the world, investors were aware of the mining potential of Nigeria but wanted to be sure that they would get value for their money.
Adegbite further said that there would be a time when oil would no longer be attractive, hence the need to solidify the mining and agriculture sectors.
He said, “The world is looking away from fossil fuel, talking of climate change, it is warming up and everybody is looking elsewhere.
“Some countries have set targets in the near future when they will ban fossil fuel vehicles, so all vehicles you will find will be electric cars, so Nigeria needs to prepare well ahead of time for this.”
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Italy Orders Probe Of Eni-Shell Nigeria Corruption Prosecutors
Italy’s justice ministry ordered an inquiry on Tuesday into the conduct of two prosecutors in a corruption case involving energy groups Eni (ENI.MI) and Shell (RDSa.L) in Nigeria, Reuters reports.
Milan prosecutors Fabio De Pasquale and Sergio Spadaro were placed under official investigation by magistrates earlier this month for allegedly not filing documents that would have supported Eni’s position.
De Pasquale and Spadaro declined to comment on the latest development. Milan’s top prosecutor said last week that he backed the two men, after a trial lasting more than three years.
The Justice Ministry said in a statement it had decided to move in the wake of the judicial investigation and following criticism of the pair by the trial judges.
“The ministry has asked the inspectorate to carry out preliminary investigations to correctly reconstruct the facts by acquiring the necessary documents,” it said.
A Milan court in March acquitted Eni and Shell in the industry’s biggest corruption case, which revolved around the $1.3 billion acquisition of a Nigerian oilfield a decade ago.
In papers filed on June 9, the judges criticised the way the prosecutors had carried out their work, saying they had failed to file with the trial documents a video shot by a former Eni external lawyer, which they said was relevant to the case.
It was earlier reported that human rights groups, Global Witness, Human and Environmental Development Agenda, urged the Nigerian public prosecutor to appeal the judgement of the Milan Tribunal which acquitted Eni, Shell and others for international corruption related to the acquisition of the OPL 245 oil field in Nigeria.
In a recent statement, a spokesperson for the campaign groups noted that the judges had set a terrible precedent for the global fight against corruption involving fossil fuel companies.
It stated that the judges in the Milan Tribunal released the full judgment in the criminal trial acquitting all the defendants stating that they had no case to answer.
According to the judgement, since it was a criminal trial, proof beyond reasonable doubt was required for a conviction.
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World Bank Counters Buhari, Says 7million Nigerians Fell Into Poverty In 2020
The World Bank has revealed that soaring inflation has driven an estimated seven million Nigerians into poverty in 2020 alone.
This was contained in its development report update published on its website on Tuesday
According to the report, the rise in inflationary pressure has been driven primarily by surging food prices.
The Washington-based lender report titled “Resilience through Reforms” also stressed rising unemployment and insecurity has pushed Nigerians into criminal enterprises.
“A surge in insecurity over the past two years has further slowed economic activity and left more people unemployed, fueling a vicious cycle of violence and criminality,” the lender said.
“Despite the recovery in the economy from the recession witnessed in 2020, prices are increasing rapidly and this is impacting Nigerian households.” It added.
In the report, World Bank Country Director for Nigeria, Shubham Chaudhuri, was quoted as stressing that Nigeria faces interlinked challenges in relation to inflation, limited job opportunities, and insecurity.
“While the government has made efforts to reduce the effect of these by advancing long-delayed policy reforms, it is clear that these reforms will have to be sustained and deepened for Nigeria to realize its development potential,” he said
Also, Marco Hernandez, the World Bank Lead Economist for Nigeria added that “Given the urgency to reduce inflation amidst the pandemic, a policy consensus and expedited reform implementation on exchange-rate management, monetary policy, trade policy, fiscal policy, and social protection would help save lives, protect livelihoods, and ensure a faster and sustained recovery.”
The report, however, acknowledged notable policy reforms by the government aimed at mitigating the impact of the crisis and supporting the recovery; including steps taken towards reducing gasoline subsidies and adjusting electricity tariffs towards more cost-reflective levels, both aimed at expanding the fiscal space for pro-poor spending.
In addition, the report highlights that both the Federal and State governments cut nonessential spending and redirected resources towards the COVID-19 response. At the same time, public-sector transparency has improved, in particular around the operations of the oil and gas sector.
Nigeria had on Sunday published a fact-checking report on claims by President Muhammadu Buhari that the present administration has lifted 10.5 million Nigerians out of poverty in his democracy speech to Nigerians.
Nigeria used a variety of indicators, including how the economy is developing at a slower rate than the population, expanding population, and currency depreciation, among others.
The president’s assertion was deemed “improbable” since there was no sufficient data to back up his claim that over 10 million Nigerians had been pulled out of poverty in the last two years.
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Miyetti Allah Distances Self From Delta Bomb Threat
Othman Ngelzarma, National Secretary, Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN).
Othman Ngelzarma, Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) National Secretary, has distanced the group from threats by a Fulani group to attack Delta State.
A threat letter had been issued by the Fulani Jihadist group threatening to attack the capital city over Governor Ifeanyi Okowa’s support for the ban on open grazing.
Reacting to the threat, a militant group, Movement for the Emancipation and the Defence of the Niger Delta (MEND) had vowed to launch three rocket launchers and ballistic missiles at any facility of their choice in the North.
The Fulani Jihadist group had threatened to invade and bomb the state capital, Asaba, and Agbor, headquarters of Ika South Local Government Area of the state while giving Gov Okowa 72 hours to withdraw his stand and support for the ban on open grazing.
Governors of states in the southern region of the country had met in Asaba in May 2021 over the increasing spate of insecurity in the country, where they decided to place a ban on open grazing.
Othman Ngelzarma in an interview on Channels TV, while reacting to the development said the threat from the group should not be taken seriously as it was made by mischief-makers while maintaining that the group is out to tarnish the image of pastoralists and Fulanis.
He, however, added that the resolution against open grazing is targeted at the Fulani staying in the southern part of the country.
His words: “Such statements that come from faceless unknown groups shouldn’t be given any serious consideration. I believe this statement must be coming from mischief-makers, people who are out to tarnish the image of the Fulanis and pastoralists.
“It is because of such negative profiling by the media that makes us believe that the anti-open grazing laws being intended to be promulgated by the southern states are not laws stopping open grazing, but I believe these laws are laws against Fulanis living in the southern part of the country.
“The Northern governors must be up and doing and they must also begin to open discussions with their southern counterparts for them to put their heads together and come up with a solution that can work for both the north and the south,” he said.
“Respecting the fundamental human rights of the pastoralists as citizens. Their right to movement, their right to pray, their right to trade, their right to liberty.”
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