Articles

Application of the Delayed Royalty Framework for Onshore Petroleum Investment in Nigeria Using the 1993 Production Sharing Contract

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The 1993 production sharing contract (PSC) in Nigeria specifies different royalty rates for oil and gas investment. The royalty rates were fixed. This makes the fiscal arrangement to be regressive in nature. Royalty rate of 20% is to be paid for onshore investment using the 1993 PSC. Hence, there is a need to make the fiscal arrangement progressive. The delayed royalty framework was incorporated into the1993 PSC as a progressive measure to make it dynamic. Two economic models were developed using spreadsheet technique to evaluate the impact of the delayed royalty framework on onshore petroleum investment. The 1993 PSC fiscal framework was used to develop the economic models. The delayed royalty framework was incorporated into one of the models. The delay in royalty payment hinged on the payout period of the investment. It was observed that the delayed royalty framework increased the contractor’s revenue during the period of low oil price. Thus, increasing the sustainability of the investment during period of low oil price.

Recent Trends in Sustainable Textiles and Apparel Production

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Human life is sustainable with food, cloth, and shelter as a basic need. The global textile industry is bound to be huge, as it fulfills the second basic requirement of human. In recent years ecological issues have become more important in the textile and apparel industry, an industry known as a polluting industry despite having a natural and environmentally friendly base. Every textile item releases toxic substances that are harmful to the environment. The traditional textile industry consumes large amounts of natural resources and pollutes the environment by involving a huge amount of toxic chemical substances during the production and wet treatment processes. Sustainability has become an essential attribute of today’s textile industry. The process of transforming the textile industry into a more sustainable one is very sensitive, needs a lot of knowledge, skills, and commitment. This paper reviews the importance, recent trends, and role of governing bodies in sustainable textile production.