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Stop overfishing or we’ll buy elsewhere, top UK fish firm warns European states

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Stop overfishing or we’ll buy elsewhere, top UK fish firm warns European states

The UK’s largest seafood processor is threatening to stop sourcing fish from the north-east Atlantic unless coastal states, including the UK and countries in the EU, reach a suitable agreement on managing populations this month.

Young’s Seafood has joined Tesco, Co-op, Princes, Aldi, Asda, Waitrose, Marks & Spencer and other retailers and suppliers in calling for urgent action from ministers to manage populations of mackerel, herring and blue whiting more sustainably.

For more than a decade, states fishing in the north-east Atlantic have been unable to agree quotas in line with sustainable limits set by scientists. The result has been a decline of all three populations. In total, catches have exceeded sustainable limits by 4.8m tonnes since 2015.

The crisis has led all three fisheries to lose their sustainable certification from the Marine Stewardship Council.

Young’s said disputes over catch quotas between coastal states including Norway, Iceland, Russia and the Faroe Islands, were “risking the health” of valuable fish populations and “driving businesses to speak up” on the issue.

The company has written to mackerel-fishing countries, which are meeting in London this week to agree shared stock management for the three species, urging them to “put aside national interests” and agree to sustainable measures. It calls for following scientific advice, adopting long-term management plans and employing dispute-resolution mechanisms.

“Young’s considers that the unilateral setting of quotas is an unacceptable threat to shared-stock fisheries and that the coastal states involved in these fisheries should support securing an agreement on total allowable catches in line with ICES [International Council for the Exploration of the Sea] advice and strive for a long-term science-based management agreement,” the company said in a statement.

The company is a founding member of the North Atlantic Pelagic Advocacy group (Napa), a coalition of 50 retailers and suppliers representing nearly €250bn (£210bn) in purchasing power, set up after MSC certification was lost for mackerel in 2019.

This year alone, quotas for mackerel, Atlanto-Scandian herring and blue whiting in the north-east Atlantic have been set above scientifically advised limits by 41%, 35% and 25% respectively.

Dr Tom Pickerell, a marine biologist at Napa, said: “We are taking too much out each year. We are not yet in the position where they are overfished, but we are heading that way if things don’t change.”

The climate crisis has resulted in shifts in the distribution of the fish populations and each country has set its own unilateral quotas in their own self interests.

Rupert Howes, chief executive of the Marine Stewardship Council, said: “The most worrying thing is the stocks are trending down and that’s why they lost the MSC certification. There is a growing voice from the market, which is saying this needs to be resolved.”

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Nigeria begins sales of Crude Oil in Naira

Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.

This milestone, announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, marks a new chapter in the nation’s economic strategy.

Effective from October 1, 2024, the Federal Executive Council (FEC) directive to trade crude oil and petroleum products in Naira was implemented following a key meeting of the Implementation Committee.

The meeting included prominent stakeholders, such as the Minister of State for Petroleum (Oil), the Special Advisers to the President on Revenue and Energy, executives from the Nigerian National Petroleum Company (NNPC), and top representatives of the Dangote Group. The Group Chief Executive Officer (GCEO) of NNPC and its Chief Financial Officer (CFO) were also in attendance, underscoring the initiative’s national significance.

The strategic policy, championed by the Bola Ahmed Tinubu-led administration, is expected to reshape Nigeria’s economy.

By denominating oil sales in Naira, the country aims to bolster economic growth, enhance stability, and promote self-sufficiency.

The move is seen as a crucial step toward reducing dependency on foreign currencies, positioning Nigeria for long-term success amidst the ever-changing dynamics of global markets.

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Electricity Tariff hike: Nigeria’s discos collect N887bn as revenue

Revenue of electricity distribution companies in Nigeria increased to N887.86 billion in the first seven months of 2024 amid an electricity tariff hike.

This is according to the analysis of Nigerian Electricity Regulatory Commission data on Discos’ commercial performance for the seven months of 2024.

The data showed that out of N1.14 trillion electricity bill issued by Discos to customers, the companies recorded 79.7 percent collection efficiency which stood at N887.86bn in the period under review.

A breakdown of the bill collection by Discos from January to July 2024 includes N95bn, N97bn, N100.44bn, N142.92bn, N191.65bn, N150.86bn and N162.14bn which amounted to N887.86 billion.

Further analysis showed that during the corresponding period in 2023, the companies issued bills totaling N797.18 billion, while they managed to collect N604.15 billion.

This surge in revenue collection is not unconnected to the hike in electricity tariff in April from N66 per kilowatt-hour to N225.

Recall that amid the call for the electricity tariff hike reversal, it was reviewed downward to 206.68 per kilowatt-hour, but was reviewed upward to N209 per kilowatt-hour thereafter.

Though the electricity tariff hike was introduced for customers getting at least 20 hours of power supply, Nigerians have lamented the burden occasioned by the tariff.

The energy cost pain has been exacerbated as Discos migrate more consumers to Band A feeders.

The Minister of Power, Adebayo Adelabu, however, insisted that Nigeria’s electricity tariff is among the cheapest within African countries.

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FG unveils seven CNG conversion centres in Ekiti

The Presidential Compressed Natural Gas Initiative (P-CNGi) has unveiled seven centres where commercial transporters can convert their petrol to CNG-powered vehicles in Ekiti.

The Program Director of P-CNGi, Michael Oluwagbemi who spoke during the official unveiling of the centres and handing over of 15 CNG-powered buses to government in Ado-Ekiti, Ekiti State capital at the weekend, urged commercial transporters in the state to visit the centers to convert their vehicle free of charge.

He explained that the CNG initiative is cheaper, more convenient, and safer compared to petrol, noting that the administration of President Bola Tinubu is determined to energize the economy through the initiative which he said would create jobs and enhance sustainable development.

Oluwagbemi disclosed that the administration is targeting one million vehicle conversions to CNG by 2027, saying that no fewer than 125 centres have been opened across the country.

He listed the new centres in Ekiti state to include, Femoyo centres, Beijing Universal Limited, ABJ oil and gas, Bovas Company, and NADDC training center in the state capital.

The program director said that the 15 buses donated would be deployed for inter and intra-state transportation towards achieving about 40 percent reduction in the transportation cost and ultimately reduced hike in food items.

According to him, ” the government of President Bola Tinubu through the presidential CNG initiative is committed to ensuring they(transporters) use this for their vehicles because it is cheaper, cleaner and more importantly it is safer and more reliable.

” This is a compressed natural gas, it is not the same you use in your kitchen to cook. It is lighter and stored in a bulletproof container. It is also the fact it is produced in Nigeria and what the president said is that instead of us to continue to import poverty and export jobs. He said will need to look inward and use what God has given us.

” It is about job creation, it is about reducing the cost of transportation and ensuring economic development by moving away from subsidy payment where we were making the few richer.

” This is a more sensible and reliable path for Nigeria in terms of our energy sector, and that is what the president is doing with this initiative.”

Speaking, the state governor, Biodun Oyebanji commended the federal government for the initiative, adding that the state would support the programme towards ensuring that more vehicle owners embrace the CNG conversion.

The governor who was represented by the commissioner for Infrastructure and Public Utilities, Professor Mobolaji Aluko explained that the CNG conversion initiative would help in generating employment opportunities and economic development in line with his shared prosperity agenda for the state.

The state chairman of National Union of Road Transport Workers(NURTW) Joseph Falope and his counterpart in Road Transport Employers Association of Nigeria(RTEAN) Sunday Adeola, expressed delight over the initiative, assuring the government that members of their respective unions would take their vehicles for conversion to CNG.

On his part, the Chief Executive Officer of the National Automotive Design and Development Council (NADDC), Joseph Osanipin said the council has trained no fewer than 45 technicians across the state on how to convert petrol vehicles to CNG-powered vehicles.

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