The Nigerian National Petroleum Company (NNPC) Ltd has urged the public not to engage in panic buying of petroleum products, as the company has sufficient stock of the products.

Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC in a statement on Tuesday said that the stock of the products would last for the festive period and beyond.

According to Muhammad, the NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country.

Kenyan fish traders say they are stuck with at least 300 tonnes of fish destined for export due to ongoing row between Kampala and Nairobi.
Early last month, officials from the Fisheries Protection Unit (FPU) at the Mpondwe border in Kasese impounded five Kenyan trucks carrying fish destined for DR Congo.
Hassan Ahmad, a fish exporter, at the weekend said he delivered a truckload of salted fish from Lake Turkana in Kenya to Busia-Kenya fish market, but none of his customers are willing to buy.

“Every week, I have been delivering about 12 tonnes of fish to this market, but for the last two weeks, I have not exported any fish to DR Congo because I am not sure of the safety of my goods,” Ahmad said.
He wondered how he will raise money to pay off the driver and the owner of the truck he hired.
According to Hassan Omari, another trader, “it remains unclear if the 300 tonnes of fish will ever be exported,”

According to FPU, the fish impounded last month was immature and from Ugandan lakes, which had been smuggled to Kenya, processed and repackaged for export.
Joyce Ikwaput, the director of Fisheries at the Ministry of Agriculture, Animal Industry and Fisheries, claimed the fish was from Lake Kyoga.
But Omari fears Ugandan authorities might impound whatever fish they intend to export to DR Congo after the Fisheries State minister, Ms Hellen Adoa, said “they will not be pressured to have the fish released.

Godfrey Oundo Ongwabe, the national cross-border trade chairperson in Uganda, said Kampala should have investigated allegations of smuggling immature fish before impounding the fish.
“Uganda should first have investigated and then written a formal report to Kenya rather than moving to impound the fish,” he said.
He further expressed fear that if the matter is not resolved, Nairobi might retaliate by targeting some Ugandan goods sold to Kenyans or goods imported and exported through the Kenyan territory.
David Ogeya, another fish exporter, said the impounding of the fish by one of their major trading partner states was against the EAC protocol on free trade.

Pfizer now expects 2.3 billion dosage deliveries of the Covid-19 vaccine in 2021 for the shots jointly produced with Germany’s BioNTech, up 200 million from its previous forecast in July. That will bring total 2021 revenues for the vaccine to $36 billion, from $33.5 billion.

Pfizer a US-based drugmaker said higher forecast 2021 results reflects the boost from the Covid-19 vaccine, as well as the performance of Pfizer’s broader business.
Recently, US health authorities approved Pfizer’s vaccine for children aged five to 11, paving the way for 28 million young Americans to soon get the jab.

Meanwhile, COVID-19 mRNA Vaccine BNT162b2 is not recommended for children under 12 years; according to Information for UK recipients on Pfizer/BioNTech COVID-19 vaccine (Regulation 174) Updated 28 October 2021 in GOV.UK website.

Shares rallied on the announcement, which comes on the heels of similar earnings releases by Pfizer in May and July that also showed how the vaccine has transformed the company’s financial performance over the last year.
In the most recent quarter, the company’s revenues were $24.1 billion, more than double the level in the year-ago period, with coming from revenues tied to the Covid-19 vaccine.

News report showed earlier in July, when Pfizer said it planned to seek U.S. authorization for a third dose of its COVID-19 vaccine, the Centers for Disease Control and Prevention and the U.S. Food and Drug Administration pushed back, saying Americans do not need a booster shot at this time.
In the statement, the agencies said it is not up to companies alone to decide when a booster shot is needed.
“FDA, CDC, and NIH are engaged in a science-based, rigorous process to consider whether or when a booster might be necessary,” the statement reads. “This process takes into account laboratory data, clinical trial data, and cohort data – which can include data from specific pharmaceutical companies, but does not rely on those data exclusively.”

By September, the U.S. Food and Drug Administration amended the emergency use authorization (EUA) for the Pfizer-BioNTech COVID-19 Vaccine to allow for use of a single booster dose, to be administered.
“Today’s action demonstrates that science and the currently available data continue to guide the FDA’s decision-making for COVID-19 vaccines during this pandemic. After considering the totality of the available scientific evidence and the deliberations of our advisory committee of independent, external experts, the FDA amended the EUA for the Pfizer-BioNTech COVID-19 Vaccine to allow for a booster dose in certain populations such as health care workers, teachers and day care staff, grocery workers and those in homeless shelters or prisons, among others,” said Acting FDA Commissioner Janet Woodcock, M.D.

The FDA considered the data that the vaccine manufacturer submitted, information presented at the VRBPAC meeting, and the committee’s discussion, and has determined that based on the totality of the available scientific evidence, a booster dose of Pfizer-BioNTech COVID-19 Vaccine may be effective in preventing COVID-19 and that the known and potential benefits of a booster dose outweigh the known and potential risks in the populations that the FDA is authorizing for use.

However some experts and scientists have expressed concerns regarding the decision made by the FDA in the meeting that passed the vaccine shot for children aged 5-11, how that the discussions was largely based on benefits rather than risks.
In the meantime, the Manhattan-based pharmaceutical giant has maintained tight levels of secrecy about negotiations with governments over contracts that can determine the fate of populations. The “contracts consistently place Pfizer’s interests before public health imperatives,” said Zain Rizvi, the researcher who wrote the report.
Public Citizen found common themes across contracts, including not only secrecy but also language to block donations of Pfizer doses. Disputes are settled in secret arbitration courts, with Pfizer able to change the terms of key decisions, including delivery dates, and demand public assets as collateral.
Sharon Castillo, a spokeswoman for Pfizer, said that confidentiality clauses were “standard in commercial contracts” and “intended to help build trust between the parties, as well as protect the confidential commercial information exchanged during negotiations and included in final contracts.”

Pfizer a company worth over 210 billion USD has formalized 73 deals for its coronavirus vaccine. According to Transparency International, a London-based advocacy group, only five contracts have been formally published by governments, and these with “significant redactions.”
Public Citizen analyzed an unredacted draft agreement between the company and Albania, as well as unredacted final documents from Brazil, Colombia, the Dominican Republic, Peru and the European Commission. Redacted documents published by Chile, the United States and Britain provide further context, though they are missing key details.
The contract reached with Brazil prohibits the government from making “any public announcement concerning the existence, subject matter or terms of [the] Agreement” or commenting on its relationship with Pfizer without the prior written consent of the company.

In contracts with Brazil, Chile, Colombia, the Dominican Republic and Peru, governments were required to sign a document that says each “expressly and irrevocably waives any right of immunity which either it or its assets may have or acquire in the future.” The first four also were required to waive immunity against “precautionary” seizure of their assets.
Public Citizen found contracts that required governments “‘to indemnify, defend and hold harmless Pfizer’ from and against any and all suits, claims, actions, demands, damages, costs and expenses related to vaccine intellectual property.”(Washington post).

With 3.5 billion doses purchased; Sales could double in 2022, according to projections. How powerful pharmaceutical companies have become over time since the emergence of covid-19, with profiting skyrocketing in a short period of time has become a question that begs for answers.

In 2017 and 2019, Nigeria issued two green bonds worth N10.69 billion and N15 billion respectively, becoming the first African country and the fourth in the world to raise a debt instrument entirely for the purpose of financing sustainable environmental projects.
However, despite the government’s professed commitment to sustainable projects, findings have shown that some of the identified projects implemented under the country’s historic green bond projects within the past four years were poorly executed and are not serving their purposes.

On December 12, 2015, Nigeria alongside 195 other parties endorsed the Paris Agreement pact. Though Nigeria is one of the least emitters, the move re-echoed Nigeria’s readiness to follow the path of low carbon development in order to curb the overhipped impact of climate change in the country by 2030.
The federal government through its ministry of environment rolled out several policies and initiatives in its efforts to implement the Paris Agreement pact.

Green Bonds

The Nigeria Sovereign Green Bond is a financing mechanism to facilitate and assist Nigeria in meeting its Nationally Determined Contribution (NDC) target. It helps the country pursue a low carbon pathway for socio-economic development in line with the Economic Recovery Growth Plan (ERGP). The sovereign green bond presents Nigeria with an opportunity to demonstrate national leadership in the green financing agenda while giving exposure to a new investor base and solidifying the country’s commitment to complying with the Paris Climate Change Agreement.
Eligible Projects were identified from the FG Appropriation. Selected projects met the Green Bond Principles definitions of Climate related activities. Only projects in annual national budget signed by the President are eligible for funding.

Through the long established Inter-ministerial Committee on Climate Change (ICCC) qualifying projects with climate credentials are identified in the budget. To further interrogate the projects green credentials, the Green Bond Program Technical Advisory Team (GBPTAT) is set up under the World Bank funding support to the Green Bond process. The team made up of sector specialists and theme specialists reviews the selected projects in line with the technical, financial, climate, economic and social benefits. The team also ensured that the projects were included in the appropriation act which is the basis that makes them eligible for funding by Federal Government resources in line with guidelines of a sovereign green bond transaction process.
The value of the Nigerian green bonds market has grown to N49.19 billion, recording four issuance in the last three years since the debut issuance by the Federal Government in 2017.

In 2017, the Nigerian Stock Exchange NGX collaborated with the Ministry of Finance and other stakeholders to launch the first Climate Bond Initiative certified sovereign bond valued at N10.69 billion.
This was followed by the N15 billion Series II sovereign green bond in 2019, which recorded a 220 percent subscription rate oversubscribed by N17.93 billion.
The bond was oversubscribed and the proceeds from the issuance is surposed to fund twenty-three (23) eligible projects cutting across 5 (five) NDC sectors from the 2018 FGN’s Appropriation Budget selected and approved through the Inter-ministerial Committee on Climate Change (ICCC). The projects are also implemented by various MDAs, they are the:

Afforestation Programme – under the Federal Ministry of Environment (and its relevant Agencies) .
Renewable Energy Sector – under the Federal Ministry of Power.
Transport sector – under Ministry of Transport & The Federal Capital Territory Administration.
Agriculture sector – under Ministry of Agriculture.
Water sector – under Ministry of Water Resources.
Despite the growth recorded in the equity market the green bond still face daunting challenges in terms of visible development; so far transparency and accountability have been some of the major challenges of the green bond projects in the country.

• Afforestation projects were poorly implemented in Old Oyo National Park despite gulping N30 million from the green bond treasury.
• Renewable energy projects meant to serve over 55,815 students and 3,077 staff members at the Bayero University Kano, fell short of expectations, following the installation of the 7.1 megawatts solar hybrid power plant, launched in September 3, 2019.
  How sustainable is the sustainability plan?
  Nigeria’s infrastructure deficit is estimated at $100 billion annually, which is 189.77% above the 2021 federal budget, projected at $34.51bn. Some of the major challenges of infrastructural development are Poor funding; poor governance; corruption; economic sabotage; poor maintenance culture, strong political will and continuity in governance
  Nigeria’s Debt Management Office (DMO)report in June 2021, said that compared to the Total Public Debt Stock of N32.916 trillion as at December 31, 2020, a marginal increase of 0.58 per cent was recorded in the Debt Stock.
  Further analysis shows that the increase was in the Domestic Debt Stock which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021.
  According to the DMO, the FGN’s share of the domestic debt includes Federal Government bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promissory Notes.
  In order words the green bonds constitutes the increasing domestic debt stock of the country as it were.
  Becoming the first African country and the fourth in the world to raise a debt instrument entirely for the purpose of financing, the so called sustainable environmental projects leaves many questions unanswered as to how far, feasible and sustainable these government plans are towards existing developmental projects, how much more a green development transition.

South Africa’s power utility firm Eskom has warned that it may have to implement load shedding at short notice after experiencing breakdowns at its power stations.
Urging the public to use electricity sparingly, Eskom in a statement said the power system was “severely constrained”.
The country last week experienced week-long outages after Eskom implemented load shedding.

While load shedding had not been implemented, it warned that “load shedding may be required at short notice should any further generation breakdowns occur, or should some of the generating units not return to service as expected”.
Over the past 24 hours, Eskom teams returned a generation unit each at Camden, Kendal and Medupi power stations.
“Over the same period, two generation units, one at Arnot and another at Hendrina, tripped while a unit at Arnot and Lethabo were forced to shutdown.”
Eskom said total breakdowns amounted to 15 852 while planned maintenance was 4 036 of capacity.

The utility reminded customers and the public that load shedding was implemented as a last resort to maintain the stability of the power system.
“We would like again to apologise for the inconvenience cause to the people of South Africa by the constraints.
“Eskom requests the public to continue using electricity sparingly and will communicate promptly should there be any significant changes to the power system,” it said, Total outages currently stand at 15,852 MW, while planned maintenance is 4,036 MW of capacity.

South Africa moved to Phase 4 of the load shedding last week after the latest round of blackouts, with professional services firm PwC estimating that the outages will have a significant impact on the country’s economy and directly result in 350,000 loss of jobs.
Energy Thought Leader CEO Mike Rossouw called Eskom’s situation dire, pushing South Africa past the tipping point.