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Forums reiterate commitment to Africa’s energy future

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Emphasizing Africa’s Position on Natural Gas: The African Energy Chamber (AEC) and Gas Exporting Countries Forum’s (GECF) Collaboratively Commit to Africa’s Energy Future
With the GECF introducing a critical discussion on the role of natural gas at the 4th edition of the Workshop on the Promotion of Natural Gas Demand, African Energy Week in Cape Town will expand on dialogue, emphasizing the African position on energy transition and gas.

JOHANNESBURG, South Africa, September 30, 2021 — Global debate on natural gas and its place in the world’s future energy sector has taken the world by storm, with dialogue dominated by environmentalists calling for the sudden end to the utilization of the resource and developed countries favoring renewable energy investment and developments.

Yet, the African position within global dialogue is often negated, and the continent’s needs and resources rejected due to unilateral decisions to abandon fossil fuels.

With developed countries granted the opportunity to utilize natural resources to drive development, Africa should be allowed to do the same, and thus, while keeping in mind the current climate crisis, the continent and its stakeholders are committed to exploiting its significant natural gas resources to drive socio-economic growth in a clean, and increasingly sustainable way.

Speaking at the Gas Exporting Countries Forum’s (GECF) 4th edition of the Workshop on the Promotion of Natural Gas Demand on Wednesday the 29th of September, NJ Ayuk, Executive Chairman of the African Energy Chamber outlined the African position on natural gas.

With the virtual workshop comprising a discussion on how natural gas can serve as a catalyst, not just for enhanced socio-economic growth, but for the global transition to cleaner sources of fuel, Ayuk emphasized the value of the resource for Africa, with natural gas serving as a key driver of the continent’s economic development.

Africa faces challenges that the developed world does not. With over 600 million people lacking access to electricity, and 900 million without access to clean cooking, the continent desperately requires accelerated energy sector growth to meet rising demand and lift millions out of poverty. Natural gas offers the best solution, with its considerably cleaner processes, increasing availability, and attainable technology positioning the resource as Africa’s saving grace.

“If Africa had discovered natural gas before crude oil, we would have been able to develop faster than we have already seen. We need to make our voices heard and they need to be heard now, tomorrow and in the future. We need to tell African stories about how gas will change our future and how it will change our continent. With 600 million plus people without access to electricity, energy poverty is real. It is not just a catch phrase,” stated Ayuk.

Meanwhile, with significant resources across the continent awaiting exploitation and development, Africa has the potential to establish energy security and independence for years to come, reducing the continent’s reliance on foreign aid and accelerating socio-economic growth. However, in order for the continent to realize national growth objectives, a collaborative and integrated approach to resource monetization is required, and both the GECF and the upcoming African Energy Week 2021 (AEW) in Cape Town recognize, and will promote this trend, driving Africa’s energy future.

“I think the GECF, with its focus and engagement, will not only shape GECF member states but the entire African continent and world at large. Gone are the days when we have to rely on aid in Africa. We have massive gas resources that can drive development and reshape our economies, and when we talk about a just transition, Africa needs gas,” continued Ayuk.

“The African continent is blessed with so many natural resources as well as great people – which is actually the most important part. Electricity is fundamental to how modern society and economies grow. We have two problems in Africa: the access problem and the availability problem. About 50% of African countries electricity output is 50% less than demand. With over 600 trillion cubic feet of proven natural reserves in Africa, this presents a clean option to address the continent’s power deficit,” stated Akinwole Omoboriowo II, Chairman of the Board of Directors, Genesis Energy Holding.

Within his keynote speech at the GECF workshop, Ayuk emphasized that the continent is positioning itself for enhanced natural gas-directed investment and development, establishing an enabling environment in response to increasing international pressures.

“We are making a lot of changes across the African continent. Nigeria, for example, has passed the Petroleum Industry Bill and despite taking 20 years, it is better late than never. The Bill will drive a lot of incentives and investment into natural gas in the country,” stated Ayuk.

Also speaking at the GECF workshop, Mr Mallam Mele Kolo Kyari, Group Managing Director of the Nigerian National Petroleum Corporation, provided further insight into Nigeria’s natural gas potential, emphasizing how the PIB is enhancing gas monetization and investment. According to Kyari, “Nigeria has over 200 trillion cubic feet of reserves and the PIB has opened Nigeria up to investments in natural gas. The regional market is huge, and Nigeria has a role to play, while paying attention to greenhouse gas emissions.”

By incentivizing natural gas developments, resource-rich nations are actively pursuing the creation of domestic gas markets, with the resource offering critical opportunities for economic, infrastructural, and social growth.

“Look at Mozambique. Mozambique has gone from nothing to potentially being the third largest natural gas producer in the world. How dare we look at them and tell them to leave it in the ground. What gas can do for Mozambique, as well as the 600 million without access in Africa is what we should be looking at. With natural gas, we see hope, especially with our young people. These young people will be able to work in a gas driven economy and find a hope and a future in Africa. Let us come back to reality, let us be driven by science and driven by hope that we can use our resources,” added Ayuk.

Emphasizing the role of natural gas in Africa, and providing African stakeholders with the opportunity to not only engage in, but drive the conversation on natural gas in Africa’s energy future, AEW 2021 is committed to driving energy sector growth as well as the transition to cleaner sources of fuel. With GECF Secretary General H.E. Yury Sentyurin coming to Cape Town in November to drive a strong discussion on the role of gas, both the AEC and GECF are reaffirming their commitment to Africa’s position in global dialogue.

“We need a strong commitment to curb greenhouse gas emissions. As Africans, we are connected to our environment. We have an obligation to our environment. The AEC is going to be a partner and stand shoulder to shoulder with [the GECF]. The GECF have not just talked to us, but they have talked with us, and this dialogue is going to bring us to a promised land with natural gas driving our future,” concluded Ayuk.

AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.

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Exchange Rate

Dollar to naira exchange rate today 14 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 14 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.79 and sold at ₦414.79, making an average of  ₦414.29 for $1 on Thursday January 13.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.15 on Wednesday January 12, and closed at ₦416.50 on Tuesday January 11. This amount to () per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦172.99m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Friday January 14, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Business & Economy

Nigeria suspends cooking gas export

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Nigeria will no longer export cooking gas and will channel the procuct 100 percent to domestic market, the Nigeria LNG Limited announced on Thursday.

The board of directors had approved the supply of 100 per cent of the Liquefied Petroleum 3pGas (butane and propane) produced by the company to the Nigerian market.

The NLNG said in a statement that it would prioritise the domestic market for 100 per cent of its butane (cooking gas) production.

The Managing Director and Chief Executive Officer, NLNG, Dr Philip Mshelbila, said the announcement marked the company’s strong commitment to the continued growth of the domestic LPG market and its passion to increase utilisation of one of the most versatile energy sources in the world.

He said, “Committing 100 per cent of our LPG supply is a major milestone in our journey of domestic gas supply. We supplied our first butane cargo into the domestic market in 2007, which helped to develop over the years the LPG industry in Nigeria from less than 50,000 tonnes to over 1 million tonnes market size annually by the end of 2020.

“In 2021, we increased our LPG supply commitment from 350,000 metric tonnes (or 28 million 12.5kg cylinders) to actual delivery of 400,000 metric tonnes (or 32 million 12.5kg cylinders) thereby directing most of our production into the domestic market.

“But this was not enough for NLNG, hence this commitment to do all that we possibly can and supply 100 per cent of our LPG production to the domestic market.”

According to Mshelbila, gas, as the cleanest of the fossil fuels, has become an essential energy source to be reckoned with during this energy transition period.

He said, “Other countries are revolutionising their energy industry to cut down on carbon emissions drastically. Nigeria should not be left out in this drive, considering its abundant gas resources.

“Gas is essential for life and living at the moment, because it can support everything we will need to develop our economy and create better living standards for Nigerians. We need to change the narrative, and NLNG is being pragmatic about it.”

“Nigeria LNG Limited supplied LPG both to the Nigerian and international markets before now. With the decision of the Board of Directors, all of the company’s LPG production will be delivered to the domestic market.”

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Exchange Rate

Dollar to naira exchange rate today 12 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 12 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.44 and sold at ₦414.44, making an average of  ₦413.94 for $1 on Tuesday January 11.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.25 on Monday January 10, and closed at ₦416.00 on Friday January 7. This amount to 0.06 per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Current turnover at the forex market stands at ₦104.92m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Wednesday January 12, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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