Month: October 2023

Civil Society Groups on Monday in Abuja deliberated on ways for adaptation and mitigation of the effects of climate change on the agriculture sector.

They spoke with the News Agency of Nigeria (NAN) during a four -day inaugural conference on Accelerating Agricultural Adaptation in Africa which commenced from Oct. 16 to Oct. 19.

Dr Augustine Njamnshi, Chairman of Political and Technical Committee, Pan African Climate Justice Alliance (PACJA) Board urged all stakeholders to put adaptation at the centre of all discussions.

“Adaptation remains key for the whole continent. Our people are really suffering from the impact of climate change.

“Climate action can be in two phases; either by mitigation reducing the green house gas emissions or by adaptation.

“Coping with the situation that has been caused by climate change is very important,” Njamnshi said.

He added that unfortunately climate finance has been mitigation sentric and this leaves Africa in a very jeopardised situation.

Njamnshi called for strong proactive policies and actions on agriculture to adapt to climate change.

The chairman urged Nigeria as a country to take the issue of adaptation seriously, not only in Africa but also at the international level saying that in Africa adaptation is key.

Rep. Sam Onuigbo, a Parliamentarian, sponsor of Nigeria Climate Change Act 2021 said that agriculture is one of the pillars of development.

“The north-east itself is an agrarian area, north-east constitutes one third of the land mass of the entire nation but we also know that even though agriculture is the mainstay of their economy they are threatened by the devastating effects of climate change,” Onuigbo said.

The Parliamentarian said that climate change has caused drought, desertification, drying up of the Lake Chad, forced migration.

“When people lose their livelihoods they look elsewhere for their survival. Forced migration which now fuels insecurity and insurgence demands an holistic approach.

“The north- east development commission is not just going to do the reconstruction of buildings, they are also going to handle the physical security and the human security which has to do with the well-being of the people,” Onuigbo assured.

Prof. Ibrahim Choji, Board Chairman Climate and Sustainable Development Network (CSDevnet) said that the conference was looking at the effects of climate change which is increasing daily on agriculture.

“Agriculture we all know is the mainstay of Africans where over 70 per cent depend on.

“It is a source of livelihood, it is a source of products for industries on which many depend on.

“So with the increasing threat of climate change to the sector we decided as civil society organisations to come together with stakeholders within Africa to rescue this sector,” Choji said. (NAN) (www.nannews.ng)

Source: News Agency of Nigeria

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, says domestic revenue mobilisation is a critical component of Nigeria’s long-term path to sustainable development finance.

Edun said this in Marrakech at the World Bank/International Monetary Fund (IMF) Annual Meetings.

He said that the notion was the outcome of the various discussions the Nigeria delegation to the meetings had with institutions such as the International Monetary and Finance Committee (IMFC), the International Finance Corporation, the Islamic Development Bank and the British Government.

The News Agency of Nigeria (NAN) reports that the Nigerian delegation at the meeting also included the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and the Permanent Secretary, Federal Ministry of Finance, Okokon Udo.

It also included the Director-General of Debt Management Office, Patience Oniha.

Edun emphasised the need for a robust framework that would enhance global liquidity for the purpose of settling balance of payments, fiscal crises and reducing the cost of borrowings.

He commended the G20 Roadmap, which provided a global framework on crypto assets regulation and supervision and urged that the implementation should be left with the Central Banks.

“In addition, during various plenary and bilateral meetings including World Bank, IFC, ERBD and International banks, we were encouraged that our reform efforts are being globally acknowledged and applauded.

“The reforms are widely recognised as capable of putting Nigeria on the path to economic recovery.

“We emphasised access to investment capital, particularly from the private sector and at a large scale; as well as the need to support private sector development,” he said.

He said that the aim of the Nigerian delegation was to secure the best bilateral and multilateral agreements that would directly impact the livelihoods of Nigerians.

“As I speak with you here today in Marrakech, I am fully aware of the difficulties our people are facing back home. Our key priority remains providing a better life for all Nigerians.

“This has already been outlined in President Bola Tinubu’s eight priority areas,” he said.

He listed the priority areas as driving inclusivity, creating jobs, tackling poverty, promoting food security, improving access to capital, improving security, ensuring fairness and rule of law, and discouraging corruption.

According to Edun, Nigeria’s economic story, though nuanced, is still directly tied to the economic story of Sub-Saharan Africa and more broadly to the economic story playing out around the world.

“At this week’s meeting, the IMF announced that for the second successive year, regional economic output will fall to 3.3 per cent in 2023 from four per cent in 2022.

“Global growth is projected to fall from 3.5 per cent in 2022 to 3.1 per cent in 2023 and 2024.

“Economic growth remains slow and uneven overall, and this is due to a series of unprecedented shocks, significant conflicts in numerous locations globally and slow international demand following the COVID-19 pandemic.

“These have resulted in sustained high interest rates to tackle soaring inflation, high borrowing costs, which make debt unaffordable, and investment challenging,” he said.

He said that the Nigerian economy was not immune to these global headwinds and the overall geo-political fragmentations.

The minister said that fiscal consolidation remained the preferred policy option for many countries, so that buffers could be built after long years of stimulus.

“Food and energy insecurity risks, rising poverty and inequality are key concerns, especially in low-income countries.

“At the IMFC meeting where I represented 22 Sub-Saharan countries, I highlighted that higher interest rates have amplified debt service burdens and capital flow reversals.

“I urged for continued multilateral cooperation to tackle debt challenges, which supports the G20 common framework and the Global Sovereign Debt Roundtable,” he said.

He urged the World Bank to remain focused on the twin goals of poverty eradication and shared prosperity, while enhancing its operating and financing models.

This according to him is so it can cope with increasing trans-border and global challenges and avoid needless trade-offs.(NAN) (www.nannews.ng)

Source: News Agency of Nigeria

President Bola Tinubu will not go above statutory limits in obtaining budget support facilities from the Central Bank of Nigeria (CBN) through the Ways and Means Advances.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said this in Marrakech, at the ongoing World Bank/International Monetary Fund (IMF) Annual Meetings.

He said that Tinubu was committed to “keeping with the spirit and the letter” of autonomy of the CBN.

The News Agency of Nigeria (NAN) reports that stakeholders and financial experts had criticised former President Muhammadu Buhari for worsening the country’s debt burden.

By obtaining more than N22.7 trillion in Ways and Means Advances from the apex bank.

Edun, however, said that the country was discussing with the World Bank for a 1.5 billion dollars budget support.

“The World Bank is the number one development bank that helps developing countries to fund their projects and programmes.

“We are happy that the funding will come in soon. World Bank money is the cheapest, ” he said.

The minister said that the government was also concerned about financing.

“About one trillion dollars is needed to meet the target of climate change globally. These is a climate financing fund which is relatively cheap.

“There is also a commitment to help Africa and the third world with climate transition because they are not responsible for climate change in any substantial way.

“One of the ways to help them is through climate financing and we will be looking at green bond and more climate financing options, ” he said. (NAN)(www.nannews.ng)

Source: News Agency of Nigeria

A Political Analyst, Mr Vincent Uba has urged Nigerian politicians to learn lessons from the popular television reality show, Big Brother Naija (BBNaija) and translate it to the political scenario.

Uba, who is the National Coordinator of No Alternative to Tinubu 2023 (NATT 2023), spoke with the News Agency of Nigeria (NAN) on Saturday following negative criticisms that usually trail the show every season.

He said rather than focus on negativity, Nigerians especially the politicians should pay attention to the integrity of the votes for the housemates.

“The irony is that those who condemn the Big Brother Naija show do heinous things far more than what they condemn about the show in their private and secret lives.

“Truth be said, the show has always portrayed integrity in their affairs all through the duration.

“The organisers usually make sure that the housemates voted for by the public are the actual winners, as against the political scenario where people are always in the habit of wanting to manipulate and subvert the will of the people during elections.

“Critics should hide their faces in shame and stop castigating the BBNaija show, which has shown example and the way in making sure that the wish of the masses counts.

“Some lecturers, employers of labour, top management personnel and heads of agencies who allegedly subject their victims to all manner of vices like sex, bribery, etc, before passing exams, employment/job placement, promotion, etc, should learn from the BBN show.

“Organisers of the show conduct the affairs in a free, fair, just and transparent way to announce winners without resorting to nepotism, tribalism, favouritism and other discriminatory tendencies,” Uba said.

According to him, those who are quick to condemn the housemates for exhibiting conducts that bother on their bodies and dresses, should be concerned about their own actions first.

“We should stop attempting to remove the logs in someone’s eyes when there are big logs in ours; we should stop throwing stones at others when we live in glass houses.

“Is it not said that “those who want to go to equity must go with clean hands”. In Nigeria, we engage in all manner of corruption and cheating and still think we have moral scruples to condemn others.

He, therefore urged those in positions of authority to see the positive of the show and emulate it for the betterment of the society.

Uba noted that the show had helped to fashion and develop skills in some of the housemates and also made some of them popular, entrepreneurs and employers of labour.

Source: News Agency of Nigeria

The Lagos State Government has said that the traffic diversion plan for the re-construction of Thomas Ajufo inwards Sheraton Link Bridge axis will last for four weeks.

The Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, made this known in a statement in Lagos on Sunday.

He said that diversion, due to ongoing construction of the Opebi Link Bridge, would start from Oct. 16.

Osiyemi said that alternative routes would be available to motorists and other road users during the diversion period.

”Motorists heading towards Opebi Road will be allowed to use one side of the Opebi Road Carriageway as the construction requires the second lane to be closed.

”Also, motorists heading towards Mobolaji Bank Anthony Way from Allen Avenue/Toyin Street will make use of Toyin Street via Ola Ayinde Street to connect Ikeja Under Bridge and continue their journeys,” he said.

He advised motorists to obey traffic signs and the directive of relevant traffic management authorities to ensure a continuous flow of traffic.

Source: News Agency of Nigeria