Development

UN Secretary-General Antonio Guterres and other officials have called for a reform of the structure of the United Nations Security Council (UNSC) to grant Africa a permanent seat. During a high-level Security Council debate, Guterres emphasized that the UNSC’s current structure does not reflect today’s global realities, noting that Africa, with over a billion people, deserves a permanent voice on peace and security matters. Currently, the UNSC consists of five permanent members with veto power and 10 non-permanent seats, three of which are allocated to African states. Guterres’s call was echoed by the United Nations General Assembly President Dennis Francis and Sierra Leone’s President Julius Maada Bio. According to Francis, Africa’s lack of a permanent seat on the Security Council offends the principles of equity and inclusion. Bio, for his part, called for Africa to have two permanent and two additional non-permanent seats on the council. Source: AL JAZEERA

Nigerian refineries, including the Dangote Refinery, have increased their crude oil demand for the second half of 2024 to 597,700 barrels per day (bpd), up from 483,000 bpd in the first half. This development comes amidst supply shortages, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) managing to secure only 177,777 bpd in the first half of the year, which was insufficient for the refineries’ demands. The NUPRC’s inability to meet the Dangote Refinery’s demands has led to tensions between both entities, with the refinery accusing the commission of not enforcing laws that require oil producers to prioritize domestic refiners. In response, the NUPRC stated that operational challenges are responsible for oil producers’ failure to meet demand. The commission also said that forcing producers to increase domestic supply could lead to breaches of existing contracts. Source: BUSINESS INSIDER