Former National Security officials warned on Tuesday, October 8, 2024, that Australia is unprepared for the cascading and existential impacts of climate change.
Anthony Albanese, Prime Minister of Australia
The Melbourne-based Australian Security Leaders Climate Group, a coalition of former national security officials, said in a report that the Australian federal government must radically overhaul how it prepares for climate threats.
The report warned that climate change is certain to cause natural disasters to increase in frequency and intensity, which are likely to overwhelm the government’s ability to help communities survive and recover.
“Today, unimaginable new climate extremes confront us: record-breaking droughts and floods, cruel heatwaves, unstoppable bushfires, broken infrastructure, and coastal inundation. Worse is to come,’’ the report said.
Responding adequately to the climate threat is fundamental to the survival of the nation.
The group made 13 recommendations to increase action on climate change and ensured Australia was better prepared.
It called on the government to make faster cuts to Australia’s carbon emissions, to bolster support to countries across the region.
It also called for establish of a new climate threat intelligence unit within the Office of National Intelligence so that global warming risks are factored into security decisions.
The report cited previous climate science that found large parts of northern Australia could become uninhabitable within 30-40 years, threatening military bases, communities and the economy.
The Federal Government of Nigeria has inaugurated the National Task Force (NTF) on the European Union Deforestation Regulation (EUDR).
Sen. Abubakar Kyari, Minister of Agriculture and Food Security
Sen. Abubakar Kyari, Minister of Agriculture and Food Security, stated this while inaugurating the committee on Tuesday, October 8, 2024, in Abuja.
The minister said this was aimed at Nigeria’s compliance with EUDR on free deforestation and free agricultural products.
He said that deforestation and forest degradation were among the main drivers of climate change and biodiversity loss.
Kyari, who is the chairman of the Taskforce, said that the deforestation regulation by the EU entered into force on June 29, 2023, and was given an 18-month implementation period of December 2024.
“According to the EU, the commodities that present the most deforestation risk are timber, soya, palm oil, coffee, cocoa and cattle as well as selected derived products such as chocolate, leather, tires and furniture.
“The EU based on the above emphasised that any company intending to place these commodities in the EU market, or export from EU will be subjected to a set of mandatory due diligence rules.
“Only deforestation-free products not subject to deforestation or forest degradation after Dec.31, 2020 and legal products, according to domestic laws of the country of origin will be allowed into the EU market,” he said.
He said the EU was not only a major trade partner but also the loss of the market due to non-compliance with EUDR presented a great threat to the cocoa, rubber, and soya and timber value chains.
The minister said they constitute 80 per cent, 7 per cent, 7 percent and 5 respectively of the 523 million Euro export trade.
“Fellow NTF members, we have a great task ahead and I believe our cooperation and joint efforts will bring about the desired central national database for traceability/certification.
“Also, forest mapping, legality and due diligence necessary to guarantee evidence of free deforestation and free agricultural products,” he said.
He said that Ghana, one of the world’s largest exporters of cocoa, had already set the ball rolling by mapping 1.2 million farms so far, and could start tracking cocoa beans from farms to ships in November.
“Nigeria cannot be lagging behind; we must therefore make efforts to ensure compliance even as we are determined to exploit other markets outside Europe,” he said.
Kyari underscored the collective efforts needed to meet the EUDR standard.
“As members of the NTF on EUDR, we have an extremely urgent important duty ahead, therefore we can no longer afford to be working in silos,” he said.
He called for unity among all stakeholders including government and private sectors to achieve the set targets.
The House of Representatives has commenced investigation into alleged environmental pollution by Agip Oil (Now Oando Oil Ltd) and Aiteo E&P in host communities in Bayelsa State.
Speaker of the House, Rep. Tajudeen Abass
The investigation was organised by a joint committee on Environment, Petroleum Resources Upstream and Midstream on Tuesday, October 8, 2024, in Abuja.
In his remarks, the Speaker of the House, Rep. Tajudeen Abass, said that the exercise was a fact-finding one.
He said that it was essentially aimed at unravelling specific details about the unwholesome environmental degradation in Nembe, Brass and Southern Ijaw Local Government Areas of Bayelsa.
According to him, the primary concern is to identify those behind these devastations to stem the ugly trend for enhanced socio-economic development of our communities.
“It is widely recognised that both onshore and offshore operations by certain oil companies in parts of the oil-rich Niger-Delta have caused significant and avoidable harm to the environment and the local communities.
“These adverse effects include oil spills, noise pollution, contamination of water sources, and elevated carbon emissions, all of which continue to damage the ecosystem and disrupt the livelihoods of the host communities.
“These adverse impacts have resulted in the destruction of the livelihood of the people and their well-being, health issues, loss of aquatic lives and devastation of our biodiversity.
“Let us be reminded that the 10th House views corporate activities that are in flagrant disregard of global best practices, due process, and established norms with deep concern.
“We cannot stand idly by while the environment suffers due to negligence or greed. It is imperative that oil majors understand that their operations must align with accountability and transparency.
“They must adhere to rules that protect our environment and respect the rights of local communities,” he said.
In his remarks, the Chairman of the Committee, Rep. Pondi Gbabojor (PDP-Delta), said that the panel would consult environmental experts, and relevant government agencies, to have a comprehensive understanding of the situation.
He said that the Managing Directors of both Aiteo E & P Company and Oando Oil Ltd would be required to provide detailed explanations regarding their activities.
He said that it was a collective responsibility to ensure that the operations of oil companies in the country are carried out in a manner that is sustainable, environmentally responsible, and respectful of the rights and welfare of the communities they operate in.
The lawmaker said that the committee is not out to vilify any corporate entity but to ensure accountability, transparency, and adherence to environmental laws and regulations that govern the oil sector in our country.
“We aim to find solutions, hold the responsible parties accountable where necessary, and recommend the appropriate remedial actions.
“The outcome of this hearing will not only affect the immediate communities involved but will also set a precedent for how we approach environmental issues related to industrial activities in the future,” he said.
Gbabojor said that the environment is a common heritage and must be protected for the current and future generations.
The President of Dangote Group, Alhaji Aliko Dangote, on Tuesday, October 8, 2024, said that the Dangote Refinery was constructed without any government incentives.
Dangote Refinery
Dangote made this known during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos.
The Summit has “Making Nigeria a Net Exporter of Petroleum Products” as its theme.
Dangote, who was represented by Mr Ahmed Mansur, Dangote Group, said that there was need for investor incentives to realise country’s vision of becoming a refining hub.
He stressed the importance of ensuring sufficient feedstock availability, while calling for an end to mortgaging crude oil.
“It is unfortunate that while countries like Norway are investing oil proceeds into a future fund, we in Africa are spending our future earnings,” Dangote said.
He also called for prioritising the implementation of domestic crude supply obligations and expanding crude oil production capacity to meet the demands of new refining facilities.
Dangote commended the efforts of President Bola Ahmed Tinubu, highlighting the government’s active steps to accelerate International Oil Companies (IOC) divestments and other initiatives.
Despite being Africa’s largest crude oil producer, Dangote said that Nigeria had long relied on imports to meet its refined petroleum product needs.
He said, “Nigeria is poised to transition from a “net importer” to a “net exporter” of refined products, positioning itself as a significant player in global downstream trade.
“This impending transformation is indicative of our progress as an industry and as a nation. We owe a debt of gratitude to President Tinubu for his unwavering support throughout this journey.”
Dangote also addressed the opportunities in Africa, noting that the continent imports about three million barrels of petroleum products daily, with half of that coming from coastal countries.
He highlighted that these countries produce over 3.4 million barrels of crude oil daily, with imports primarily sourced from Europe, Russia and other regions.
“In 2023 alone, this trade was estimated at approximately $17 billion.
“However, these markets will be better served from Nigeria, reducing logistics costs and allowing countries to purchase their petroleum product requirements just-in-time,” he explained.
He asserted that Nigeria and Africa could achieve self-sufficiency in petroleum products, retaining all economic value locally.
“We have succeeded in cement production, and we can certainly replicate that success in petroleum refining.
Dangote highlighted that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s needs and is ramping up production of PMS to meet domestic demand.
“The refinery has also begun exporting products to markets in Europe, Brazil, the UK, the USA, Singapore, and South Korea.
He acknowledged that global developments in the petroleum sector, particularly in Europe, are likely to disrupt traditional trade flows for refined products in Africa.
“Nigeria is uniquely positioned to capitalize on these opportunities and become a formidable player in the global oil industry.
“As a vibrant exporter of refined products, Nigeria stands to improve its trade balance and generate much-needed foreign currency.
“There is no doubt about Nigeria’s potential as a refining hub; let’s work together to make it a reality,” he added.
In his address, Gov. Babajide Sanwo-Olu of Lagos State urged oil and gas stakeholders to leverage the sector’s immense potential to become a global supplier of refined petroleum products.
The governor was represented by Mr Biodun Ogunleye, Commissioner for Energy and Mineral Resources.
He affirmed the state’s commitment to supporting the vision through initiatives that enhance infrastructure, logistics and regulatory frameworks necessary for investment in energy and refining sectors.
He noted that the Dangote Refinery, located in Lagos, exemplifies the potential that exists when vision meets conducive conditions for success.
“We are at a pivotal moment in Nigeria’s economic journey, where increasing refining capacity is essential for reducing reliance on imports and positioning Nigeria as a significant player in the global energy market.
“This focus on refining will stimulate job creation, enhance foreign exchange earnings and contribute to economic diversification.
“Lagos State is the economic powerhouse of Nigeria, and I recognise the central role it plays in driving the nation’s industrial and energy sectors,” he said.
On Tuesday, October 8, 2024, activists from a broad coalition of community-based organisations, civil society organisations, trade unions, and environmental and social justice groups gathered in Sandton, Johannesburg, to protest against the African Energy Chamber (AEC) and its African Energy Week (AEW) conference.
A protester
The demonstrators marched from Sandton Central Park to the AEC offices, expressing their concerns about fossil fuel exploitation across Africa that leaves frontline communities with polluted environment and much poorer while the transnational corporations laugh to the bank.
Protesters highlighted the AEC’s role in promoting fossil fuel projects like EACOP, which they argue displaces communities and devastates ecosystems in Uganda and Tanzania while providing limited socio-economic benefits for ordinary people. The demonstrators emphasised the need for a just transition to renewable energy that prioritises the interests of African communities and ecosystems.
At the African Energy Chamber office, the protestors presented an open letter endorsed by over 250 African civil society organisations, community-based organisations, social and environmental justice groups, faith-based organisations, and trade unions.
The letter outlined the following key demands:
The immediate cancellation of African Energy Week.
African governments must boycott African Energy Week and cut ties with the African Energy Chamber.
African leaders must reject fossil fuel expansion on the continent and aggressively pursue a just, people-centred transition to renewable energy.
Multinational corporations must pay reparations for environmental and social destruction caused by fossil fuel extraction across the continent.
The protest aimed to draw attention to the long-term environmental and economic consequences of continued fossil fuel investment in Africa, emphasising the potential for renewable energy to drive sustainable development across the continent.
Mametlwe Sebei, President of the General Industries Workers Union of South Africa (GIWUSA), said: “Africa Energy Week represents the united power of big corporate fossil fuel monopolies, to which we must counterpose working class unity, and power. Ultimately only a revolutionary transition would be a just transition which, through working class power will ensure and guarantee a transition to clean renewable energy to meet all our energy needs and on the basis of decent paying jobs.”
Zaki Mamdoo, StopEACOP Campaign Coordinator, said: “We have marched through Africa’s richest square mile, in defiance of the many corporate criminals who call it home, to reject the unholy alliance between finance capital, African governments and the fossil fuel industry. We see the pro-war, pro-fossil fuels and pro-exploitation operations of Ivor Itchikowitz’s Paramount Group; we see the unapologetic violence, destruction and war mongering of American imperialism; the suffocating pollution and devastation caused by Sasol; and the corrupt bolstering of it all by the sinister African Energy Chamber fossil fuel lobby group and its fraudster chairman, NJ Auyk.
“We reject them all and demand that our leaders cut ties with the African Energy Chamber and boycott events where elites plot our demise for their enrichment. African leaders must engage in a process of deep and meaningful consultation with communities, civil society and ordinary people to pursue a developmental path that serves our collective interests for jobs, housing, education, healthcare, adequate nutrition and climate stability.”
The Body mandated by the Paris Agreement to set up a new UN carbon market has agreed mandatory environmental and human rights safeguards early into a five-day meeting in Baku.
Maria AlJishi, Chair of the Supervisory Body
These protections will require those participating in the UN’s Paris Agreement Crediting Mechanism to identify, evaluate, avoid, minimise and mitigate potential risks associated with projects.
The new rules mean environmental and social rights will be protected through a mandatory tool – known as the Sustainable Development Tool – that assesses and monitors project impacts throughout their lifespan.
This move by the Article 6.4 Supervisory Bodycompletes work on a historic set of safeguards and procedures, while earlier this year, they agreed on a procedure that further safeguards human rights by allowing people affected by UN carbon market projects to appeal decisions or file complaints.
“These new mandatory safeguards are a significant step towards ensuring that the UN carbon market we are building contributes to sustainable development without harming people or the environment,” said Maria Al Jishi, Chair of the Supervisory Body responsible for implementing the Paris Agreement Crediting Mechanism. “These safeguards will not remain static – we aim to continue to iterate and strengthen them over time.”
“This work underlines our commitment to environmental and human rights protections in the mechanism, and it’s doubly significant because it’s the first compulsory standard for a UN carbon market, agreed at the UN level,” said Martin Hession, Vice-Chair of the Supervisory Body.
In the coming days, the Supervisory Body is also aiming to finalise two other key documents required for the full operationalisation of the mechanism related to methodological requirements and activities involving removals.
Next steps
The Article 6.4 Supervisory Body has concluded discussions on the Sustainable Development Tool and aims to formally adopt it at the end of their meeting in Baku on Wednesday, October 9, 2024.
The Body will review and update the tool every 18 months, continuously improving it based on feedback from stakeholders and building on safeguards over time.
Further information
The Paris Agreement Crediting Mechanism (also known as Article 6.4) is a carbon crediting mechanism established under the Paris Agreement. It allows countries to raise climate ambition and implement national action plans more affordably. It identifies and encourages opportunities for verifiable emission reductions, attracts funding to implement them, and allows cooperation among countries and other groups to conduct and benefit from these activities.
The Paris Agreement Crediting Mechanism has a Supervisory Body tasked with developing and supervising the requirements and processes needed to operationalise it. This includes developing and/or approving methodologies, registering activities, accrediting third-party verification bodies, and managing the Article 6.4 Registry.
Over the past few weeks, you’ve probably heard somewhere that Earth was going to get a second moon. Well, we can now confirm that Earth now officially has two moons after capturing asteroid 2024 PT5.
The Earth with two moons
On Sunday, September 29, 2024, our planet captured the tiny asteroid named 2024 PT5, turning it into a temporary mini-moon.
This intriguing event was first spotted by astronomers at the Complutense University of Madrid. Richard Binzel, an astronomer at the Massachusetts Institute of Technology (MIT), shared some insights about these celestial visitors.
“These happen with some frequency, but we rarely see them because they’re very small and very hard to detect,” Binzel said. “Only recently has our survey capability reached the point of spotting them routinely.”
Using a powerful telescope located in Sutherland, South Africa, the team from Complutense University detected the small space rock back in August.
What are mini-moons?
What exactly are mini-moons, and how often do they visit us?
Mini-moons like 2024 PT5 are small asteroids that Earth’s gravity grabs for a bit, letting them orbit our planet before they move on.
These little guys usually travel around the sun like other asteroids, but when they get close enough to Earth, our gravitational pull can pull them into a temporary orbit.
They don’t stick around for long — they might hang out for a few weeks or months before breaking free and continuing their journey around the sun.
Scientists find mini-moons really interesting because they give us a chance to study near-Earth objects up close and learn more about how our solar system works.
Journey of 2024 PT5
According to data from NASA’s Jet Propulsion Laboratory Horizons systems, this mini-moon stay will be brief.
The temporary capture started at 3:54 p.m. EDT on September 29, 2024, and will end at 11:43 a.m. EDT on November 25, 2024.
So, where did this little visitor come from?
2024 PT5 is part of the Arjuna asteroid belt — a group of space rocks that follow orbits similar to Earth’s, about 93 million miles from the sun.
Some Arjuna asteroid belt objects can approach Earth at a close range of around 2.8 million miles and at a relatively low velocity of less than 2,200 miles per hour.
“Asteroid 2024 PT5 will not describe a full orbit around Earth. You may say that if a true satellite is like a customer buying goods inside a store, objects like 2024 PT5 are window shoppers,” Carlos de la Fuente Marcos, a professor and mini-moon expert from the Complutense University, explained to Space.com.
Though it might sound extraordinary for Earth to gain a second moon, these gravitational captures are more common than you might think.
Scientists have officially documented two prior “short captures,” which last about a week and are estimated to occur several times per decade. There have also been two rarer “long-capture” events.
After its brief visit, 2024 PT5 will continue its journey around the sun as part of the Arjuna family of asteroids.
It won’t stick around for billions of years like our primary moon, but its fleeting presence is a reminder of the dynamic nature of our cosmic neighborhood.
Not currently visible
Now you might be wondering if you can spot this mini-moon in the night sky. Unfortunately, it’s too small and dim for most of us.
The object is too small and dim for typical amateur telescopes and binoculars. However, the object is well within the brightness range of typical telescopes used by professional astronomers.
A telescope with a diameter of at least 30 inches plus a CCD or CMOS detector is needed to observe this object; a 30-inch telescope and a human eye behind it will not be enough.
Comparing 2024 PT5 to our moon
To put its size into perspective, our moon is about 2,159 miles in diameter. In contrast, 2024 PT5 is believed to be just 37 feet wide. That makes our moon over 300,000 times wider than this tiny asteroid!
What happens next?
As 2024 PT5 continues its journey, we’ll keep our eyes — and telescopes — on the skies. After all, who knows when the next mini-moon might drop by?
Perhaps future technology will allow us to study these fleeting visitors more closely. Maybe one day, we’ll even send missions to them to gather samples or test new spacecraft.
So, for a few weeks, Earth will have a tiny companion circling around it. While it’s here, let’s appreciate the wonders of our ever-changing universe and the surprises it brings our way.
On the second annual commemoration of World Migratory Bird Day 2024 on Saturday, October 12, the international campaign, organised by a network of global partners, has called for urgent and sustained action to protect both migratory birds and the insects they depend on for survival.
Migratory birds
This year’s theme, “Protect Insects, Protect Birds,” emphasises the critical role insects play in the lifecycle of many migratory birds and draws attention to the alarming global decline in insect populations.
The Convention on the Conservation of Migratory Species of Wild Animals (CMS) – a biodiversity treaty of the United Nations and one of the main partners behind the World Migratory Bird Day campaign – prepared the first study of its kind on insect decline and its relevance for migratory species, which it presented at its Fourteenth Session of the Conference of the Parties (COP14) in Samarkand, Uzbekistan.
Insects are essential to the survival of not just migratory birds worldwide, but also bats and fish. Their decline could also have indirect effects by altering ecosystem functions and the habitats therein – such as changing vegetation, which in turn may provide less cover for ground-breeding species or supply less insect-pollinated fruits for frugivorous (fruit-eating) birds.
“Despite variations in magnitude across ecosystems and regions, scientific evidence revealed that without doubt, we face an insect decline on a global scale. This can be measured for example as the losses in total insect biomass or species richness over time,” said Dr David Ott from the German Leibniz Institute for the Analysis of Biodiversity Change (LIB) and one of the authors of the report.
“To deal with the effects of insect decline, we need to understand that species are part of complex, interconnected communities, and that biodiversity is essential for ecosystems to work properly and provide services to humans. The causes of insect decline are also not separate, but a mix of several connected factors,” Ott added.
Key findings of the CMS report include:
The decline in insect biomass, abundance, and diversity poses a major threat to migratory insectivorous species, reducing food availability during migration and other stages of their lifecycles, and endangering many species monitored by CMS.
Land-use change, climate change, and pollution are the main drivers of insect decline worldwide and these drivers are often intertwined and may act simultaneously.
Insects and the migratory species that feed on them are important for ecosystem functioning and provide critical ecosystem services, such as pollination.
There are still gaps in understanding the impacts of insect declines on migratory insectivorous species, with more information needed on the population status and trends for a number of species for both birds and also bats in particular.
A 2020 study published in Science magazine indicates that we are losing approximately 9 per cent of the world’s terrestrial insect population every decade. Insectivorous migratory birds such as swallows, raptors and waterbirds rely on insects and their larvae as essential food sources during their often-long migrations, breeding periods, and when feeding their young.
Many birds also time their migrations to align with peaks in insect abundance. As insect populations (estimated to be two-thirds of all terrestrial species) decrease, these birds face reduced food availability, impacting their ability to survive and reproduce. Beyond their role as a food source and their contributions to maintaining healthy ecosystems, the first-ever State of the World’s Migratory Species report published earlier this year, also emphasised the intrinsic value of insects, underscoring the urgent need to halt their decline.
To address the decrease of insect populations, the CMS report on insect decline recommends:
Putting in place conservation measures to ensure availability of food for migratory species.
Intensifying and supporting insect monitoring efforts and exchange of data.
Engaging in multi-stakeholder efforts to improve habitat diversity and connectivity.
Developing guidelines for the most urgent or prioritized actions identified to address the cascading effects of insect decline.
World Migratory Bird Day 2024
World Migratory Bird Day is an international educational and awareness-raising campaign that promotes conservation efforts for migratory birds and their journeys across borders.
The campaign is organised and coordinated by a global network of partners whose work focuses on the conservation of migratory birds across the world’s various flyways: The Convention on the Conservation of Migratory Species of Wild Animals (CMS), the Agreement on the Conservation of African-Eurasian Migratory Waterbirds (AEWA), the East Asian-Australasian Flyway Partnership (EAAFP) and Environment for the Americas (EFTA).
Celebrated on two days each year (in both May and October) to reflect the cyclical nature of bird migration and the varying peak migration periods in the northern and southern hemispheres, World Migratory Bird Day triggers hundreds of educational events around the world, united by their common goal of raising awareness and advocating for international bird protection.
Each year the campaign features a central theme, prompts action, and coordinates global efforts to safeguard migratory birds and their habitats.
Some examples of actions being encouraged through this year’s campaign include:
Creating laws and regulations to protect insects and migratory birds.
Planting native gardens to create suitable habitats for wildlife.
Reducing habitat destruction linked to property development or landscaping practice.
Educating friends and family about the important role insects play in our ecosystem.
Supporting educational efforts aimed at insect conservation, including promoting their conservation at the community level.
Encouraging local to global action to maintain and restore natural habitats for insects, birds, and other wildlife.
Amy Fraenkel, Executive Secretary of the Convention on Migratory Species (CMS), said: “The alarming decline of insect populations is not just an isolated environmental issue – it is a cascading crisis that affects migratory birds, bats, and entire ecosystems. Without further research, as well as swift, coordinated global action to protect insects and their habitats, we risk losing vital species that are critical to maintaining ecological balance. The stakes are high, and this year’s World Migratory Bird Day serves as a crucial reminder of our shared responsibility to address this growing threat.”
Jacques Trouvilliez, Executive Secretary of the African-Eurasian Waterbird Agreement (AEWA), said: “For most migratory birds, insects are crucial for their survival and for their breeding success. One of the main reasons for the decline of insect populations and subsequently the decline of migratory birds is the intensive use of pesticides. Among the affected birds are the Northern Bald Ibis and the Sociable Lapwing – both AEWA endangered species featured on the global World Migratory Bird Day poster this year. The decline in insects and birds is linked to the decline in biodiversity and is part of the triple planetary crisis which also includes climate change and pollution. By protecting insects, we protect our migratory birds and the global biodiversity.”
Jennifer George, Chief Executive at the East Asian-Australasian Flyway Partnership (EAAFP), said: “Migratory shorebirds have synchronised their breeding season with the boom of insects in the Arctic. Once out of their eggs the chicks grow quickly on the insect feast. With insects declining due to the climate crisis and other factors, protecting insects is a crucial step toward protecting the birds that depend on them for survival. As the time approaches for their migration from their breeding and feasting sites, and in celebration of World Migratory Bird Day, let’s protect these young birds’ energy source – insects – to ensure their successful first migration so they survive into fully grown shorebirds.”
Susan Bonfield, Executive Director of Environment for the Americas (EFTA), said: “On this World Migratory Bird Day, we celebrate the connection between our migratory birds and the insects they rely on. From Cliff Swallows catching insects to hummingbirds feeding them to their young, it’s clear that insects are necessary for the survival of many bird species. We invite you to join us in the mission to ‘Protect Insects to Protect Birds’. Let’s advocate, educate, and unite our voices to champion the preservation of wildlife and habitats! By protecting insects, we not only protect migratory birds, but we strengthen the connections that bind us across borders.”
While Nigerians anticipate reduction in the price of fuel to relieve hardship, Robert Dickerman, Chief Executive Officer of Pinnacle Oil and Gas Limited, has said Dangote’s oil production will not massively lower the price.
Robert Dickerman, Chief Executive Officer of Pinnacle Oil and Gas Limited
According to Dickerman, the root cause of fuel hike in Nigeria is the devaluation of naira in the global market.
He spoke during the Association of Energy Correspondents of Nigeria (NAEC) annual strategic international conference in Lagos.
The oil magnate noted that all crude oil and petroleum products are priced in United States Dollar (USD), all over the world since oil was first drilled in Pennsylvania in 1859.
“When we import products, whether the buyer is NTL or a private marketer, we must pay the global market price, adjusted for quality and location. That price is in dollars and must be paid in dollars. When it is re-sold in Naira by vessel, in bulk in a terminal, by truck at a gantry, or by pump at retail, the market price is the USD price, converted to Naira at the current FX exchange rate, which is currently about N1700.
“Any price below that is the result of Nigerian subsidy. The subsidy represents the difference between the market price and the selling price,” he explained.
Dickerman stated that every drop in the naira raises the cost of anything imported or market priced, whether gasoline, manufactured goods or food.
“We must address the root problem, which is how to restore global confidence in Nigeria’s economy and currency, create foreign investment in jobs and local production, increase tax revenue and achieve fiscal prudence! That is the only way to lower petroleum products prices in naira.”
Speaking on the state of fuel subsidy, the CEO pointed out that Premium Motor Spirit (PMS) is still subsidised by the government using discounted FX through the Nigerian National Petroleum Company Limited (NNPCL).
He said, “Prices at wholesale and retail are still considerably below market. That is why only NTL has been able to import (buy high, sell low) and why only NTL can buy Dangote’s gasoline and pay market price, while reselling at a subsidised price. No marketer would stay in business trying to copy this model.
“Available crude for sale by NNPC has been steadily declining due to production challenges and actions taken to raise short term cash such as crude forward sales and crude collateralised on international loans, but also because of the fiscal constraints of the government, its increasing debt and the need to fund large subsidies such as for PMS and electricity.”
The House of Representatives Committee on Ecological Funds has pledged to address ecological challenges that ravage communities in the country.
Gov Peter Mbah of Enugu State
Chairman, House Committee on Ecological Funds, Aminu Jaji, made the pledge when he led other members to assess the impacts of flooding in some communities in Enugu State on Monday, October 7, 2024.
The communities include Amechi Idodo, Amauzam Amagunze, Ihuokpara and Nkerefi communities in Nkanu East and Mpu, Okpanku, Oduma and Nenwe in Aninri Council Areas.
Jaji explained that they decided to embark on the fact-finding visit to see things for themselves.
He assured that substantial funds would be made available to address the situation.
“We have selected some states. Now, we have seen the level and magnitude of the flooding and other ecological issues that we are here to identify.
“We are equally here to find a lasting solution to most of the ecological issues that we have across the country.
“Before we took over the leadership of this committee, there were so many things that went wrong, and now we are trying to correct the public perceptions regarding the Ecological Fund,” he said.
He also assured that the committee would deviate from the tradition of giving piecemeal to the states to address the challenges.
“Now, we are looking at the real problem. Our assessment here is that the devastation will not only affect the communities but will also have some significant impact on the economy.
“As far as farmlands and the houses are submerged, leading to displacement, there will be a decline in the national security of the country. So, we are trying to see how we can provide remedy to these challenges.
“We will make sure that we provide substantial funds that will cater for such problems,” Jaji added.
Addressing newsmen, the Coordinator, Enugu State Emergency Management Agency (SEMA), Mrs Chinasa Mbah, who accompanied the team, narrated how flooding and other ecological issues had caused devastation in parts of the state.
The coordinator stressed that people in the affected areas were passing through difficulties because their houses and means of livelihood had been destroyed.
She called on the National Emergency Management Agency (NEMA) to swiftly come to the aid of the affected people of the state to ameliorate their pains.
Mbah urged the agency to find lasting solutions to some of the ecological challenges affecting the state.
“The impact of the flood is too high on the Enugu State citizens. When you go to these affected areas, which we visited today, you will discover that the people are actually suffering as a result of the flooding and other ecological issues in the state.
“We need the National Emergency Management Agency, as soon as possible, because the citizens are really affected,” she stated.
