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Global Oil Sector Needs $12.6t Investment, Says OPEC

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Global Oil Sector Needs $12.6t Investment, Says OPEC
OPEC Secretary-General, Dr. Mohammad Barkindo

The Organisation of Petroleum Exporting Countries (OPEC) says the global oil sector needs about  US$ 12.6-trillion investment to enable it to contribute to achieving future global oil demand.

The OPEC Secretary-General, Dr. Mohammad Barkindo, disclosed this at the Virtual  11th IEA-IEF-OPEC Symposium on Energy Outlooks on Wednesday.

“The global primary energy demand is forecast to continue growing in the medium and long term, rising by a hefty 25 percent by 2045.

Read Also: OPEC Sees Oil Outlook For 1st Half Of 2021 Full Of Downside Risks

“Oil will remain the largest contributor to the energy mix in 2045 at 28 percent.

“To meet this future demand, the global oil sector will need a cumulative investment of US$ 12.6 trillion in the upstream, midstream, and downstream through to 2045.

“These investments are essential for both producers and consumers,’’ he said.

Read ALso: UAE May Withdraw From OPEC+ Over Tension With Saudi Arabia, Russia

According to him, underinvestment remains one of the greatest challenges for the industry and has been exacerbated by the COVID-19 pandemic.

He noted that over the course of 2020, investments declined by 30 percent, adding that there was the need to work towards creating an investment-friendly climate.

“There is a common thread linking the cooperation between our Organizations; the “Declaration of Cooperation (DoC) actions to restore market stability and the producer-consumer dialogue.

Read Also: OPEC Sees Oil Outlook For 1st Half Of 2021 Full Of Downside Risks

“It is something deeply ingrained in OPEC’s raison d’etre.

“In our fast-changing and unpredictable world, we seek to contribute to greater stability, more predictability, and enhanced transparency,’’ the OPEC Scribe said.

He further noted that the organization constantly seeks to improve its capacity, believing that this would help to build a better future that would serve the interests of generations of producers and consumers.

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Ogunbanjo, Onyema Congratulate New DG, WTO, Okonjo-Iweala

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Ogunbanjo, Onyema Congratulate New DG, WTO, Okonjo-Iweala

The President of the National Council, The Nigerian Stock Exchange (NSE or The Exchange), Otunba Abimbola Ogunbanjo, and the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON, are pleased to congratulate Dr. Ngozi Okonjo-Iweala on her recent appointment as the Director-General of the World Trade Organisation (WTO).

In expressing his delight over the appointment, Otunba Ogunbanjo stated, “I am truly elated   to applaud Dr. Ngozi Okonjo-Iweala on this momentous occasion of her emergence as the Director-General, WTO. A woman of extraordinary firsts, she has worked tirelessly over the years to deliver exceptional results in her capacity as a global finance expert, an economist and an international development professional. With Dr. Okonjo-Iweala at the helm of affairs, I am confident of a swift and collaborative response to critical issues of global concern – including the COVID-19 pandemic – that will set the global economy firmly on the path of recovery.”

READ ALSO: Global Oncology Appoints NSE Council President, Ogunbanjo, As Global Ambassador

Otunba Ogunbanjo has also expressed support for Dr. Okonjo-Iweala in recognition of the work to be done at a time when trade protectionism and unilateralism are spreading around the world. “The Exchange believes strongly in the efficacy of multilateralism evidenced by its local and international partnerships. We, therefore pledge our support to the work of the WTO led by Dr. Okonjo-Iweala and will continue to explore innovative ways to remain an open, professional and vibrant exchange connecting Nigeria, Africa and the world,” he added.

READ ALSO: COVID-19 Vaccines To Be Delivered To Nigeria -Okonjo-Iweala

On his part, Mr. Onyema commented thus, “It is with great pleasure that I join the rest of the world to celebrate Dr. Ngozi Okonjo-Iweala who continues to shatter glass ceilings in her impressive career. To be the first African and the first woman to lead the WTO is no small feat and she continues to make the entire African continent proud. As a renowned economist and finance expert, she has consistently applied her unrivalled expertise in various capacities to drive key reforms and promote sustainable growth both at home and abroad, and I am confident that she will thrive in her new role.”

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Nigerian Breweries Declares N337bn Revenue For 2020

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Nigerian Breweries Declares N337bn Revenue For 2020

Nigerian Breweries Plc has declared a revenue of N337.01 billion for the financial year ended Dec. 31, 2020.

The revenue represented an increase of 4.3 per cent compared with N323 billion recorded in the corresponding period of 2019.

The company disclosed this in its audited financial statement to newsmen signed by its Legal Director/ Secretary, Mr Uaboi Agbebaku, on Monday, in Lagos.

He said that the company posted a profit after tax of N7.52 billion during the review period against N16.1 billion achieved in the comparative period of 2019.

Agbebaku said that the board of directors would be recommending to the shareholders at the forthcoming Annual General Meeting (AGM) a total dividend of N7.52 billion.

“Recall that the company had earlier in 2020, paid an interim dividend of N1.99 billion which translated to 25k per share.

“The final proposed dividend of N5.52 billion at 69k per share will be payable to shareholders upon approval on April 23,” he said.

Agbebaku said that only qualifying shareholders whose names appear on the company’s Register of Members at the close of business on March 10 would be paid the final dividend.

“Directors would also be recommending to shareholders for their approval at the forthcoming AGM, a right of election for qualifying shareholders to receive new ordinary shares in the company as against the final dividend in cash,” he added.

According to Agbebaku, the board of directors expressed confidence in the company’s position to continue to deliver return on investment to shareholders.

He added that the company remained committed to not only keeping its balance sheet strong but ensuring that the health, safety and welfare of its employees, customers and partners were protected.

Agbebaku noted that the company made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the federal and seven state governments COVID-19 Task Forces Relief Funds.

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Deadline to Apply for the Tony Elumelu Foundation Entrepreneurship Programme Fast Approaching

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Deadline to Apply for the Tony Elumelu Foundation Entrepreneurship Programme Fast Approaching

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), Africa’s leading philanthropy empowering African entrepreneurs is accepting applications now on www.TEFConnect.com for its 2021 TEF Entrepreneurship Programme. With the deadline fast approaching, this year’s intervention which includes $5000 funding, mentoring and training for each selected business, prioritizes the economic recovery of young African entrepreneurs following the severe impacts of the Covid-19 pandemic.

To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower over 3,500 young African entrepreneurs.

The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme. Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.

READ ALSO: TIME’s World Most Influential People: How Dangote Nominated Elumelu

CEO of the Tony Elumelu Foundation, Ifeyinwa Ugochukwu stated;

“The Tony Elumelu Foundation now more than ever is demonstrating our commitment to unleashing the potential of young African entrepreneurs, the key to Africa’s long-term economic transformation. The pandemic has created challenges across the continent, but we know that with the Tony Elumelu Foundation’s tried and tested Programme, we can execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.”

The Tony Elumelu Foundation’s $100million Entrepreneurship Programme, launched in 2015 to empower 10,000 entrepreneurs over 10 years, is now entering its 7th year and has empowered to date, over 9,000 young African entrepreneurs from 54 African countries. Prospective applicants should apply on the digital networking hub for African entrepreneurs, www.TEFConnect.com.

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