Month: June 2024

The terminology ‘Green industrial economy’ does not resonate with many Nigerians, particularly because the country presently, at best, is a green industrial upstart.

The country is confronted with a myriad of climate-related challenges, stemming from the encroachment of rising sea levels on coastal regions to devastating floods impacting agriculture and displacing communities, carbon emissions and pollution, among others.

President Bola Tinubu acknowledges persistent hurdles due to conflicts in Europe and the Middle East, affecting energy and food security, impeding cooperation from wealthier nations to support sustainability efforts in less developed economies.

The Federal Government , therefore, seeks strategic partnerships and increased investments, and actively pursues private capital and support from international initiatives including the Climate Finance Leadership Initiative and global infrastructure programmes.

The question agitating the minds of many discerning individuals now is can the Federal
Government achieve growth in employment and income, driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services?.

The good news is that experts believe that this is achievable and Nigeria can, indeed, become a green industrial powerhouse in the foreseeable future.

But for that to happen, Prof. Chukwumerije Okereke, Professor in Global Governance and Public Policy, University of Bristol, says Nigeria will have to scale up climate finance.

He says the Federal Government must as a matter of necessity establish a clear policy framework or strengthen the existing one.

Okereke says Nigeria can also create incentive for renewable energy, efficient use of green infrastructure development and the strengthening of the mechanism of governance to ensure transparency, accountability and the efficient use of climate finance.

A
ccording to him, there is also the need to develop financial instruments tailored to local needs such as green bonds that can attract domestic and foreign investors.

Okereke, who is also an expert in Climate Justice, Green Growth, Climate Policy and Low Carbon Development in Africa, said that the government could leverage public funds to attract private investment.

‘One of the ways to do this is to de-risk an investment so that private sector investors can put their money there with a guarantee that if anything happens, government will come to their aid,’ he said.

The don says the government can also identify and prioritise sectors that have the highest potential for climate impact and economic development.

He advises the government to strengthen partnerships by fostering strong collaboration between government and international donors and NGOs.

The don notes that if the country is to get it right in attracting climate finance, it has to put its house in order.

‘The government should make sure that the
right people are appointed; those who know what they are doing. They should not be playing politics in this sector.

‘The international partners know when we are serious and when we are not serious,’ Okereke adds.

Also, Ms Helen Brume, Director for Project Finance and Assets Based Finance at Afreximbank, says that to attract climate finance to the country, the government must put in place appropriate regulatory framework that allows investors to recoup their investments in a sustainable way.

Brume says political stability and appropriate infrastructure are required to attract investors into the climate finance ecosystem.

For the Executive Director of Climate Action Africa, Ms Grace Mbah, the ability to prepare bankable projects is needed to attract climate finance.

According to her, Nigeria has been trying to access the Green Climate Funds (GCF) for a couple of years, adding that some of the procedures are strict because they want their funds to really meet their target.

To become a green industrial powe
rhouse, Mr Taiwo Adewole, an Environmental Consultant, agrees that the Federation Government must encourage and scale up private sector investment for climate and nature.

He says there is a need to shift capital investment in linear economy and encourage circular economy through private sector mobilisation.

‘Another step is collaboration and partnership with international institutions.

‘The new mechanisms expected to be put in place to achieve transparency and innovative application of available resources are the steps the government is taking already.

‘This is by setting up the Presidential Committee on Climate Change and various appointments related to climate finance.

‘If the committee is given a free hand to operate, it would attract investment capital from the public or private, national or international, bilateral or multilateral,’ he said.

He adds that the Climate Finance Committee should not just be on paper but practical and attract higher rating for the country.

As part of the new mechanism t
o fast track the Federal Government’s climate initiatives, President Bola Tinubu appointed Chief Ajuri Ngelale, as the Special Presidential Envoy on Climate Action (SPEC), and followed it up with the establishment of the Presidential Committee on Climate Change.

Ngelale, who has hit the ground running, believes that through cooperation between Nigeria and international partners, Nigeria can become a green industrial powerhouse over the next ten years.

Ngelale had a productive meeting with the U.S. Head of Delegation to the United Nations Climate Conference and Principal Deputy Special Envoy for Climate, Ms. Sue Biniaz, in Bonn, Germany, in June.

‘We shared views concerning tangible next steps to be taken toward leveraging large-scale climate financing instruments to drive Nigeria’s green industrial agenda in the years ahead.

‘We have much work to do in the form of putting in place new mechanisms to achieve a truly transparent and innovative application of available resources to meet our objective of attra
cting new and de-risked investment capital from around the world.

‘I am confident that we have the team to deliver on this for the country. One step at a time,’ Ngelale said.

He had said the U.S. Principal Deputy Special Envoy for Climate was joined in the meeting by Mr Trigg Talley, who serves as the Managing Director for Negotiations and Director for the U.S. State Department’s Office of Global Change.

Indeed, the Federal Government is not taking the climate action lightly. During the COP28 World Climate Action Summit in Dubai, President Tinubu reiterated the far-reaching implications of climate change on the West Africa’s most pressing issues.

The President has also demonstrated his commitment to reinvigorating a cleaner and more resilient nation.

Nigeria’s proactive stance toward a greener global landscape was underscored by the launch of the Carbon Market Initiative, a testament to its dedication to sustainability.

The country’s participation in the African Carbon Market Initiative further reinforc
es its commitment towards environmental responsibility, showcasing a readiness to engage in global climate solutions.

President Tinubu emphasises the imperative for partnerships to foster a green economy in Africa.

Leveraging resources like the EU’s Global Gateway programme and the US Build Back Better World initiative is critical for sustainable development and global market access.

Advocating for fairness and cooperation, President Tinubu urges developed nations to honour their commitments, especially contributing to the Loss and Damage Fund and the 100 billion dollars annual climate financing pledge.

With appropriate partnerships, collaboration, investments, and initiatives already in place, Nigeria is certainly on its way to becoming a notable green industrial nation.

Source: News Agency of Nigeria

The Minister of Defence, Alhaji Mohammed Badaru, has reiterated the Federal Government’s commitment to harnessing the full potential of the nation’s maritime resources for economic prosperity.

Badaru said this in Abuja on Friday at the commemoration of the 2024 World Hydrography Day, organised by the Nigerian Navy (NN).

The News Agency of Nigeria (NAN) reports that the theme of the event titled ‘Hydrographic Information-Enhancing Safety, Efficiency and Sustainability in Marine Activities’.

The minister commended the Nigerian Navy for her instrumental role in laying the foundation for Nigeria’s national hydrographic services capacity.

According to him, it is on record that for decades, the Nigerian Navy Hydrographic office has worked tirelessly to develop our hydrographic capability, ensuring the safety of navigation and contribution to the national security.

He said that the creation of the National Hydrographic Agency was to build upon that solid foundation and expand Nigeria’s capability to meet evolv
ing needs of the nation’s maritime sector.

‘Under the visionary leadership of President Bola Tinubu, we are committed to harnessing the full potential of our maritime resources and opportunities to take Nigeria out of the present economic doldrums to birth a diversified economy for sustainable growth and development,’ he said.

He emphasised the importance of hydrographic information for enhancing maritime safety by providing accurate and up to date information to vessels to navigate the nation’s waters safely.

He also said that it would help vessels avoid hazards and reduce the risks of accidents.

He added that this was particularly crucial in Nigeria where the nation’s ports where busy shipping lines and offshore oil and gas were vital to the economy.

According to him, by providing detailed hydrographic data, the national hydrographic agency will help ensure that our maritime activities are conducted safely and efficiently.

‘Moreover, the National Radiographic Agency will play a critical role in promot
ing environmental sustainability as we strive to balance economic growth and environmental protection.

‘Hydrographic information will guide our efforts to manage maritime resources sustainably, monitor coastal erosion and mitigate the impacts of climate change.’

Badaru said that the strategic significance of the National Hydrocarbon Agency extended beyond safety and sustainability.

According to him, the agency will enhance the efficiency of Nigerian maritime operations, which will lead to reduce operational costs, increase competitiveness and new economic opportunities.

He assured the agency that the Federal Government would continue to invest in the development of Nigeria’s national hydrographic capacity in areas such as the acquisition of state of the art survey technologies, building skilled workforce and fostering international partnerships.

The Chief of Naval Staff (CNS), Vice Adm. Emmanuel Ogalla, said the navy had made several attempts at domestic charts for Nigerian waters.

Ogalla said that the
effort was in realisation of the fact that hydrography was actually a public good, just like construction of roads.

According to him, you really cannot quantify the impact it will have in terms of value and that is why enormous resources are required.

He added that the navy and other agencies in the maritime domain had made tremendous effort towards fulfilling their roles of providing the information required to produce nautical charts and other aids to navigation and safety of mariners.

‘We have charts covering Nigerian waters and most of these charts were based on information obtained by the British when they were here along the line.

‘We have had several other improvements on those charts, particularly in the past 10 to 15 years.

‘But we still noticed serious gaps when it comes to surveying in our waters and that gap is not only in Nigerian waters, it’s the whole of Africa, particularly West Africa’, he said.

The CNS explained that the Africa integrated multi strategy recognised that the eradication
of poverty in Africa depended on the ability of African nations to exploit the resources in the marine environment.

According to him, it is projected that the marine environment (the blue economy), is the vital ways we can propel ourselves out of poverty.

‘we are gradually moving towards having all our charts produced in Nigeria, not only charts, but caribbean graphic information generally.

‘And these include notices to mariners and all other aspects of arbitrary things that are required to improve safety on our waters’.

The Hydrographer of the Federation, Rear Adm. Ayodeji Olugbode, said Nigeria’s advancement in hydrography has laid a solid foundation for the nation’s progress.

Olugbode said that the Federal Government’s investment had bolstered navy’s capacity as a nation to conduct comprehensive surveys of the nation’s territorial waters up to the extremities of its exclusive economic zone.

These vessels, according to him, are not just assets; they are symbols of sovereignty and our unwavering commit
ment to maritime safety and operational excellence.

‘What we have achieved this year will include the launching of a revised national charting scheme, the maiden edition of our catalogue of Nigerian charts, and a chart of the approaches to Lagos harbor.

‘All of these were achieved within the first half of this year, even though some of these works commenced even before I came into office.

‘The conduct of surveys in Nigeria speaks volumes of a long standing commitment in the field of hydrography, but our progress does not end here.

‘Looking ahead, capacity building remains a top priority and we are committed to equipping our hydrographers with the best training and resources, ensuring that they are well prepared to meet challenges of the future,’ Olugbode said.

According to him, technologies and innovative methodologies will continue to drive efforts to produce high quality hydrographic data that is crucial to maritime success.

Source: News Agency of Nigeria

The Federal Government says it is committed to ensuring that its relations with the EU continues to evolve by actively promoting partnership in all facets of their cooperation.

The Minister of Budget and Economic Planning, Atiku Bagudu, communicated this at a reception held on Friday in Abuja to receive the 11 EU ambassadors to West Africa who arrived from Brussels.

The News Agency of Nigeria (NAN) reports that the ambassadors were received by Ms Samuela Isopi, the EU Ambassador to Nigeria and ECOWAS at her residence in Abuja.

Speaking to the guests, Bagudu, reiterated Nigeria’s commitment to advancing regional cooperation in areas of rule of law, democracy, climate change, migration, amongst others to make life better for the citizenry.

The Minister of Youth Development, Dr Jamila Ibrahim, said that President Bola Tinubu’s administration was committed to empowering young people with the view of making them the catalysts for economic development in the country.

She said that one the approved laudable po
licies and initiatives to be implemented by the administration was 30 per cent inclusion of youths in government.

‘The launch of the presidential initiative on youth enterprise clusters to make young people the drivers of the economy and improve their access to finances is commendable,’ she said.

Earlier, Isopi said that the essence of the gathering was to foster partnerships and strengthen ties.

NAN reports that the 11 ambassadors are expected to hold series of meetings with the Nigerian government and communities during their visit.

Source: News Agency of Nigeria

Experts have called for the adoption of good regulatory governance principles to tackle the implications of overlapping regulatory functions on business operations and the manufacturing sector.

They made the call on Thursday in Lagos at the Manufacturers Association of Nigeria (MAN), Ikeja branch, 2024 Chief Executive Officers (CEOs) breakfast meeting.

The News Agency of Nigeria NAN reports that the meeting had as its theme: ‘Harmonising Regulatory Compliance: The Impact of Overlapping Regulatory Function on Business Operations’.

Dr Muda Yusuf, Founder, Centre for the Promotion of Private Enterprises(CPPE), said the call was particularly important as this was not the best of times for manufacturers and investors in the economy.

Yusuf stated that regulatory risk was one of the biggest risks that businesses had to cope with in the Nigerian economy.

This, he noted, could manifest as overlapping regulatory regimes, too many regulations, sporadic and frequent regulatory changes and absence of dispute resolut
ion mechanism between businesses and the regulators.

‘There are several cases of overlapping regulatory functions creating challenges for manufacturers and its impact is with respect to cost, irritation and distraction of having to attend to numerous agencies of government.

‘Because manufacturing business is long term, regulatory risk is a major source of worry for manufacturers as manufacturers do not have the luxury of switching easily from one product line to another.

‘Hence, the need for regulatory risk needs to be kept to the barest minimum,’ he said.

The CPPE boss also stressed the urgent need to harmonise the applicable exchange rate for the computation of import duty.

He said the import prohibition of 41 items by the former Central Bank of Nigeria (CBN), Godwin Emefiele, was a classic case of overlapping and conflicting functions of the CBN and fiscal authorities on trade.

Yusuf noted that while the policy lasted, it created a lot of confusion in the international trade ecosystem as items that w
ere on the CBN import prohibition list were not on the fiscal policy prohibition list.

He stressed that the regulator’s purpose and regulatory objectives should be clearly defined and communicated to the regulator, the regulated, and the general public.

‘Governance arrangements for regulators should promote efficiency, effectiveness and integrity.

‘Stakeholders should be able to predict, with a high degree of confidence, what decision a regulator is likely to make in particular circumstances.

‘Regulators should engage systematically with stakeholders through transparent, formal mechanisms that guard against ‘regulatory capture’ by one or more stakeholders.

‘Also, regulators should be accountable to the government and parliament, the regulated entities, and the general public for their decisions and use of resources,’ he said.

President, MAN, Otunba Francis Meshioye, said that while regulations were essential for safety and quality, the overlapping and sometimes contradictory regulations increased operat
ional costs and ultimately hindered business growth.

He noted that Nigeria’s regulatory landscape was characterised by a multitude of agencies, each with its own set of rules and requirements.

Meshioye said that though the intention behind these regulations was often to protect the public interest, ensure compliance, and promote industrial standards, the lack of coordination and harmonisation among regulatory bodies created bottlenecks to businesses.

‘These bottlenecks have adverse effects such as operational inefficiencies, increased compliance costs, delayed production, uncertainty and risks.

‘It is pertinent to note that the need for harmonisation of regulations is not about reducing standards or compromising on safety and quality but about creating a more coherent, predictable, and business-friendly regulatory environment,’ he said.

Elder Robert Ugbaja, Chairman, MAN Ikeja Branch, underscored the importance of collaborative efforts in addressing regulatory challenges and driving positive change.

Ugb
aja called for the development of practical strategies that promote regulatory harmonisation that had the potential to unlock the full capacities of Nigerian businesses and industries.

Source: News Agency of Nigeria

A Non-Governmental Organisation (NGO), the Tabitha-Abimbola Foundation, says providing hope to indigent and disadvantaged Nigerians should not be a task for government alone.

The Founder, Mrs Abimbola Agbebiyi, noted that many citizens across various communities were in search of hope, which could be provided by well-meaning Nigerians ,both at home and abroad.

She said that her foundation was created out of the need to support those in need.

According to her, the foundation started out officially on June 25, 2023 ,and will commemorate its first anniversary on July 10.

The NGO would be re-launched and an office unveiled on the the anniversary , with the theme: ‘Inspiring hope, Transforming lives’, she said in a statement on Thursday.

Agbebiyi said that the foundation had the vision to combat the scourge of poverty that had continued to limit the potential of women (widows, single mothers).owing to lack of access to resources.

She said that the re-launch and the unveiling of office in Ikeja ,Lagos, would
give the foundation a platform to share its vision, introduce initiatives and provide opportunities for collaboration and engagements.

‘Our desire is to bring these women out of devastating situations through our various economic empowerment initiatives.

‘Our mission is to create a world where these persons ,regardless of their background or circumstances ,can have access to essential resources and support.

‘We look for a world where women can make significant contributions in the home and in the society at large.

‘Driven by this passion, we are not just committed to upholding the principles of charity and social justice in our work, but also strive to make these positive impacts by promoting education and healthcare access in underserved communities.

‘One family at a time, until our impact is felt across Nigeria and beyond its shores,’ Agbebiyi said.

The founder said that the foundation was dedicated to helping the poor with special focus on indigent women and less privileged children in the society.

She added: ‘With determination as our driving force, we embarked on a journey of transformation.

‘As a steadfast advocate for change, we have partnered with corporate organisations and individuals to rewrite the story of the marginalised, nurturing a future built on sustainable development.’

Speaking further on the birth of the organisation , Agbebiyi said that the foundation started with project L.E.A.R.N- (A Street to School Initiative).

‘What began as a passion to provide support for indigent women in local communities is slowly evolving into a multi-faceted empowerment and endowment initiative which has continued to expand.

‘At inception, the foundation embarked on a mission to empower indigent women with the resources they need to reach their full potential.

‘But it is taking a step further by delving into uplifting children from economically disadvantaged backgrounds by offering them not only free education, but also providing them with educational materials to aid learning.’she said

According to
her, with reports of school age children roaming the streets increasing at an alarming rate , the foundation decided to join hands with government to bring down the scary number.

‘We are full aware of the various factors responsible for this; from insecurity to poverty, ignorance, gender inequality, religious and cultural influences among others.

‘Our goal is to give the needed educational support to out-of-school children and disadvantaged young people.

‘Every child deserves education in a clean and safe environment. This is our unwavering commitment to their educational journey.

‘In the last 12 months, The TABITHA-ABIMBOLA Foundation has written an inspiring story of impact. Spurred by the testimonies of transformation of lives and guided by our unwavering dedication to humanity.

‘We have touched the lives of women and children, wiping away their tears and putting smiles on their faces,’ she said.

Agbebiyi said that with ‘Project Feed’ ,the foundation had fed many families through the distribution of
food items with the recent one tagged ‘iléyá food pack’

She said that it was carried out in collaboration with the office of the Senior Special Assistant to the President on Community Engagement (South-West), Miss Moremi Ojudu.

Source: News Agency of Nigeria

The 2024 World Intelligence Expo (WIE) commenced on June 20th in Tianjin. Themed ‘Intelligence: Expansive Development Space, Sustainable Growth Driver,’ the expo was co-hosted by the people’s governments of Tianjin and Chongqing municipalities.

Chinese President Xi Jinping sent a congratulatory letter to the expo, pointing out that AI, as an important driving force for a new round sci-tech revolution and industrial transformation, will have a far-reaching impact on global economic and social development and human civilization progress. In his letter, Xi also noted that China has attached great importance to the development of AI, actively driven the deep integration of the Internet, big data and AI with real economy to cultivate and build the intelligent industry, accelerate the development of new quality productivity, and provide new momentum for high-quality development.

Chen Min’er, secretary of the CPC Tianjin Committee, addressed the opening ceremony of the expo. Wan Gang, chairman of China Associatio
n for Science and Technology, delivered the keynote speech. Hu Henghua, mayor of Chongqing; Wu Zhaohui, vice president of Chinese Academy of Sciences; Liu Liehong, head of the National Data Administration; Long Teng, vice minister of the Ministry of Science and Technology; and Shan Zhongde, vice minister of the Ministry of Industry and Information Technology, addressed the expo, respectively. Tianjin Mayor Zhang Gong presided over the opening ceremony.

In his speech, Chen Min’er pointed out that Tianjin has been adhering to sci-tech innovation and industrial innovation at the same time, actively propelling exploration and practical applications in the realm of AI, and accelerating the development of new quality productivity to better empower its high-quality development and living. Chen added, ‘Leading sci-tech innovation with intelligence, Tianjin will rev up the Rand D and application of some key core technologies, vigorously develop the sci-tech service sector, streamline the supply and demand channels fo
r sci-tech achievements, boost sci-tech and innovation parks to improve their quality and efficiency, and accelerate the inter-sector application of AI to help innovation and breakthroughs in the fields of life science, low-carbon technology, and future research.

According to Hu Henghua, Chongqing is speeding up in digital industrialization and industrial digitization to build itself into a new digital economy highland. The 2025 World Intelligence Expo is scheduled to be held in Chongqing. Hu invited everyone to delineate a new AI landscape together, share golden opportunities during the digitization of Chongqing, and co-build a promising future in the AI era.

Wu Zhaohui suggested strengthening the inter-discipline cooperation to consolidate the AI research foundation, enriching AI scenarios with applets, and deepening industry-institute interactions to build an AI innovation ecosystem.

Zeng Yi, chairman of China Electronics Corporation; Chen Zhongyue, chairman of China Unicom; Yang Yuanqing, chairman and
CEO of Lenovo; and Zhou Hongyi, founder of Qihoo 360 delivered speeches.

Source: News Agency of Nigeria