Business
France, Cross River collaborate on waste-to-electricity project
Cross State Government has sealed an agreement with the French government to convert its wastes to electricity as part of the Governor Ben Ayade-led administration’s actualization of the waste-to-energy policy.
Leader of the team, Ayodeji Okele, who is also Managing Director, Asaju Energy, disclosed the collaboration during a presentation to Ayade in company with a consortium of French companies, comprising Gilles Baquet, GB Consult and Services, Laurent Lambs, Project Manager Serge Experts.
Okele said they were in Calabar to conduct the feasibility studies on the waste management situation in the state.
The feasibility studies followed a recent visit by the French Ambassador to Nigeria, Jerome Pasquier, to the state.
“We have been having a discussion about this project over a year ago with regard to the waste management situation in Cross River State. And we arrived at the idea that we will need to do proper feasibility studies to find out what solution would be best suited and also what solution will be economically viable,” Okele said.
According to the project guidelines, the team is expected to develop a sustainable solution for disposal of municipal waste, both liquid and solid as well as proffer solutions for the generation of electricity from the end products at the end of the day.
Okele and his team had earlier undertaken an inspection tour of the major dump sites at Lemna.
The purpose of the feasibility studies, according to the team, is to have an idea of the technical and financial basis for the project.
“Our feasibility studies will take about six months,” Okele said.
Governor Ayade, while expressing appreciation to the French government for the partnership, charged the consortium to see the project as purely a life-saving intervention, and “not something you can periodise as a research. This is not a research, it is a life-saving intervention mission and that is why you are here. So, if you approach it from that perspective, your concept of time will become more delicate and sensitive.
“I do not believe you need six months to do this feasibility study, you just need to put more effort and more time. And why am I saying this? This is because when you finish your feasibility study, you will end up with a position statement which states that it is a feasible project. Then you go back to the French government to process the actual final milestone which is the actual implementation. So, if it takes you six months for feasibility study, by the time you get the final approval, it will be towards the end of next year and that is not the level of pulse we need.”
Business
Food price, transport fare hike push Nigeria’s inflation to 33.88%
Food price, transport fare hike push Nigeria’s inflation to 33.88%
Rising cost of living based on the increase in food prices and transport fares among others has reflected in the latest inflation figures in Nigeria, put at 33.88 per cent.
Nigeria’s headline inflation rate rose to 33.88 per cent in October 2024, up from 32.7 per cent in September 2024, according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Friday.
Newstrends.ng observes that the Central Bank of Nigeria (CBN) has raised interest rates five times this year in an effort to rein in inflation.
The NBS in its latest report attributed the rise in inflation to increased transportation costs and higher food prices.
On a year-on-year basis, the rate was 6.55 percentage points higher than the 27.33 per cent recorded in October 2023, highlighting a substantial increase in inflation over the past year.
On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64 per cent, representing a 0.12 per cent increase from the 2.52 per cent recorded in September 2024
This indicates that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024.
Aviation
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.
The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.
All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.
A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.
Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.
The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
Business
NNPC achieves 1.8mbpd crude oil production
NNPC achieves 1.8mbpd crude oil production
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).
The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.
“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.
Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.
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He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.
He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.
On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.
NNPC achieves 1.8mbpd crude oil production
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