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ENERGY TRANSITION: IS NIGERIA PREPARED for the PARADIGM SHIFT? •SHELL’S OVER 270 STAFF & 900 CONTRACTORS KNOW FATE JULY END AS MASS SACK LOOMS Energy JUNE 2021

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ENERGY TRANSITION: IS NIGERIA PREPARED for the PARADIGM SHIFT? •SHELL’S OVER 270 STAFF & 900 CONTRACTORS KNOW FATE JULY END AS MASS SACK LOOMS Energy JUNE 2021 NLNG TRAIN 7: ENHANCING DEEP BLUE PROJECT: NIGERIA’S NCDMB DRIVING IN-COUNTRY NIGERIA’S ECONOMY, SAVING MASTERSTROKE AGAINST PIRACY VALUE CREATION, CAPACITY AND THE ENVIRONMENT CAPABILITY GROWTH www.tbiafrica.com JUNE 2021 VOL.4 NO.2 N1000, $25, £10 ISSN: 2736-0210 ENERGY TRANSITION: IS NIGERIA PREPARED FOR THE PARADIGM SHIFT? •SHELL’S OVER 270 STAFF & 900 CONTRACTORS KNOW FATE JULY END AS MASS SACK LOOMS Energy JUNE 2021 2 Energy JUNE 2021 Editor’s Note users electronically. One company presently present, Nigeria has raised over N362bil- does this in Nigeria. The firm had developed lion through the issuance of three rounds a solution that allows companies, agents, of Ijarah Sukuk to finance road infrastruc- distributors and vendors to top up airtime ture across the six geo-political zones. accounts of their members of staff or cus- Moreover, the finance sector also talks tomers with any payment denomination on on how the CBN has granted Lotus Bank any of Glo, Airtel, Etisalat and MTN. Licence to commence non-interest This edition tells that since inception in 2010, banking in the country, and explains how the implementation of the Act has resulted Emefiele’s 7 years in office has helped CBN in 35 per cent of in-country value retention catalyse Nigeria’s economic recovery. compared to the less than five per cent value Similarly, the Agri-biz speaks on the pa- retention before the NOGICD Act. rameters of Utilising sustainable practices “Before the Act, we had annual spend of to enhance productivity of smallholder $20 billion with little or nothing retained women farmers, as studies have shown in-country. Today, I can confidently say that that small scale farmers, with less than two DR. NJIDEKA KELLEY we spend over $6 billion in-country annually. hectares of land under cropping, are the “We have two world-class pipe mills and five ones producing the larger percentage of o sooner did world jubilate that the impressive pipe coating yards. About 40 per food consumed by Nigerians. dreaded COVID-19 Pandemic vaccine cent of marine vessels used in the oil and gas The agri-biz corroborates the contribu- has been discovered and the world N industry are owned by Nigerians. We have tions of Solidaridad West Africa – Nigeria, leaders procured it for its citizenry, one four (4) active dry-docking facilities in Port a solution-oriented Civil Society Organisa- would have thought that the story is over. Harcourt, Onne, and Lagos. In cable manu- tion that inaugurated a Multi-Stakeholder Surprisingly, the second and third wave facturing, all cables required in the oil and gas Platform (MSP) for Sustainable Climate surfaced which deadlier than the first. sector are all manufactured in-country. Smart Oil Palm production among com- Nevertheless, the global economy is In the finance sector the World Bank stated munities in Kogi. gradually bouncing back, as various that Nigeria can implement economic and More so, the Senior Climate Specialist, governments across the globe released revenue reforms which would raise the Africa and County Technical Lead, Nigeria, funds to lubricate the various sectors country’s revenue to N10 trillion in 3 years Dr Sam Ogallah, who inaugurated the of the economy that creates jobs and and raise tax to GDP ratio to seven per platform in Lokoja, said the effort was utilities which invariably cushions the cent. Senior Public Sector Specialist at the part of the National Initiative on Sustain- attendant effects experienced during the World Bank on Domestic Revenue Mobil- able Climate Smart Oil Palm Smallholder lock-down. isation, Mr Rajul Awasthi, expressed that (NISCOPS) project. Moreover, TBI Africa will keep advising in the long term, reform of the tax system Consequently, the Inspiring story of 31-year all to continue to observe all laid-down will be a necessity to stimulate post-pan- old building N2.5bn largest rice mill in safety rules. demic investment and economic growth as policy reforms with revenue growth Kaduna was told. Falau is a young man with In this edition, the energy sector speaks enhancement are needed for Nigeria to a mission to establish Kaduna’s largest rice on how the role of the Nigerian Content increase revenue generations. mill. He is already positioned to achieve this Development and Monitoring Board dream before the end of the year. (NCDMB) is putting Nigeria on global He explained that as Nigeria tries to build In the transportation, fascinating detailed map as a country with the requisite back better after the COVID-19 crisis, the story of Deep Blue project: Nigeria’s master- personnel decked in the right skillsets, approach to revenue mobilisation needs stroke against piracy was told. capacities and capabilities that can to be more strategic, not just taxing more, compete in part of the world. In view of but taxing better; not just how much to While in the real sector, the need for full the outstanding records by the Board, collect, but how to collect, what to collect, implementation of AfCFTA was analysed. and from whom. stakeholders in the oil and gas sector These, among other reports, are assem- have hailed the broad specializations and Awasthi harped that Internally Generat- bled in this edition and will certainly make depth of Nigerian Content initiatives under ed Revenues (IGR) should be intensified delightful reading to you - our readers. Keep the leadership of the Executive Secretary as efforts are needed to improve States’ a date with us every month. of the NCDMB, Engr. Simbi Kesiye Wabote. collection of PIT and other taxes such To them, Wabote who is still on the saddle as the property tax, while the Federal with the core mandate to create in-country Government should address policy and value through viable and robust strategic compliance gaps in VAT as Nigeria has development of capacity and capabilities much greater revenue potential from VAT has performed creditably. than currently achieved, as citing that the It also speaks on how Electronic Vouch- total additional VAT potential could be N3.1 trillion or more. er Distribution (e-Pin distribution) has Dr. Njideka Kelley is also the owner and become a secure end-to-end prepay He elucidated that one of the success Principal Consultant of system, enabling mobile operators to stories of the Islamic Finance Market in New Generation Consulting LLc, supply airtime to corporate, distributors, Nigeria since 2014 has been the Sukuk 10101 Fondren Road dealers, agents and through to the end bond issuance in the nation, noting that at Suite 353, Houston Texas 77076 3 CONTENTS JUNE 2021 NCDMB DRIVING IN-COUNTRY NLNG TRAIN 7: ENHANCING DEEP BLUE PROJECT: NIGERIA’S NCDMB DRIVING IN-COUNTRY NIGERIA’S ECONOMY, SAVING MASTERSTROKE AGAINST PIRACY VALUE CREATION, CAPACITY AND VALUE CREATION, CAPACITY AND THE ENVIRONMENT CAPABILITY GROWTH CAPABILITY GROWTH 11 NLNG TRAIN 7: ENHANCING NIGERIA’S ECONOMY, SAVING www.tbiafrica.com THE ENVIRONMENT 18 JUNE 2021 VOL.4 NO.2 N1000, $25, £10 ISSN: 2736-0210 ENERGY TRANSITION: IS NIGERIA PREPARED FOR THE PARADIGM SHIFT? •SHELL’S OVER 270 STAFF & 900 CONTRACTORS KNOW FATE JULY END AS MASS SACK LOOMS CONSEQUENCES OF UNFRIENDLY BUSINESS ENVIRONMENT ON NIGERIA’S INTERNATIONAL TRADE 25 STAKEHOLDERS LIST INVESTMENT OPPORTUNITIES IN NON-INTEREST CAPITAL MARKET ECOSYSTEM 31 DEEP BLUE PROJECT: NIGERIA’S WAYS GOVERNMENT POLICIES CAN ATTRACT FDI MASTERSTROKE AGAINST PIRACY 50 40 56 THE NEED FOR FULL RAILWAY TO CURB N140B WEEKLY IMPLEMENTATION OF AFCFTA UTILISING SUSTAINABLE PRACTICES LOSS TO GRIDLOCK AT LAGOS PORTS 36 TO ENHANCE PRODUCTIVITY OF 48 SMALLHOLDER WOMEN FARMERS PRINTED AND PUBLISHED BY: Syndicate Publications Limited (RC: 1368510) #1, Alhaji Shomade Alley Street, Obanikoro, Lagos Website: www.tbiafrica.com. Email: [email protected] Office Tel: 07089620095 EDITOR: Dr. Njideka Kelley, +17182194957, 07086167905. GRAPHIC ARTIST: Imekan Augustus 4 COVER JUNE 2021 Timipre Sylva, Minister of State, Petroleum Sarki Auwalu, Director, DPR Mele Kyari, NNPC GMD ENERGY TRANSITION: IS NIGERIA PREPARED FOR THE PARADIGM SHIFT? •SHELL’S OVER 270 STAFF & 900 CONTRACTORS KNOW FATE JULY END AS MASS SACK LOOMS Energy transition - the trend in global energy space, is sweeping through the oil majors with more funds increasing allocated to renewable energy. Although aimed at a more habitable global environment with minimal greenhouse gas emissions, the energy transition policy has its drawbacks – job losses. For most of the developing economies that are still heavily dependent on fossil fuels for income and to drive their energy needs, the transition is another difficult journey to embark on. EMEKA UGWUANYI takes holistic look at the programme and reports. 5 COVER STORY JUNE 2021 Ben Van Beurden Chad Holliday nergy transition, according to energy production and consumption to “The International Energy Agency (IEA) S&P Global’s ESG Solutions, refers renewable energy sources. Switching forecasts the world’s total renewable- Eto the global energy sector’s from nonrenewable energy sources based power capacity to increase 50 shift from fossil-based systems of like oil, natural gas, and coal to per cent between 2019 and 2024. In energy production and consumption renewable energy is made possible response to this shift, utilities have - including oil, natural gas and coal, to by technological advancements and begun a rapid energy transition away renewable energy sources like wind and a societal push toward sustainability. from coal. While some market observers solar, as well as lithium-ion batteries. Spurred by structural, permanent expect that transition to slow, pressure changes to energy supply, demand, and is mounting on power generators to To the Solutions firm, the increasing prices, the energy transition also aims retire existing assets that depend on penetration of renewable energy into to reduce energy-related greenhouse coal supplies and build out other forms the energy supply mix, the onset of gas emissions through various forms of of power generation.
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