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Green Economy ‘ll Create Greater Prosperity for Investors – Agama
By Tony Obiechina, Abuja
Stakeholders, intermediaries, issuers, investors, and regulators have been enjoined to take advantage of the enormous resources and potential of sustainable finance to build a green climate resilient economy in Nigeria and create greater prosperity for investors and Nigerians.
This was stated by Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama during a capacity building workshop for capital market operators on Green Finance in Lagos yesterday. The workshop is part of an ongoing capacity building initiative administered by the African Development Bank Group and financed by the Capital Market Development Trust Fund (CMDTF) of the Bank.The SEC DG represented by Executive Commissioner Operations SEC, Mr. Bola Ajomale, emphasised that the Commission is steadfast in its commitment to champion sustainable finance initiatives as the Rules on Green Bonds have already facilitated a couple of sovereign issues and multiple corporate issues.Agama said, “The Federal Government through the Debt Management Office (DMO) has led the way in Africa in this regard by issuing the first sovereign green bond in December 2017. It has since followed up with another N15bn issuance in June 2019 specifically to fund renewable energy, afforestation and transportation.”The Commission also approved two green bond issues by North South Power Services Ltd and Access Bank Plc worth N8.56bn and N15bn respectively to finance various infrastructural projects in the power, water and agriculture sectors of the Nigerian economy. The onus therefore lies with all of us distinguished ladies and gentlemen to continue to expand these issuances by locating a need and fashioning appropriate sustainable financing products to meet themThe SEC DG disclosed that the Commission continues to strongly support and champion efforts to deliver coordinated and coherent policy advice, capacity building and regulatory support to leverage actions across a broad spectrum of sectors to build the momentum for a green economy, which could bring socially inclusive and environmentally sound economic transformation.Agama said the workshop presents an opportunity to stakeholders in the capital market to enrich the discussion on Green Finance and more importantly, take concerted action on issues relating to climate change and sustainability.According to him, “The United Nations Environment Program (UNEP) defines a green economy as low carbon, resource efficient and socially inclusive economy. An economy where growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy resource efficiency, and prevention of loss biodiversity and ecosystem services.”Climate change, as we all know, is one of the major risks threatening the well-being of mankind. Since the Paris Agreement was reached in December 2015, international efforts in combating climate change have gathered enormous momentum. According to the IMF, in the past four decades, we have witnessed the warmest years on record and the number of natural disasters more than doubled in that same time frame.”The SEC DG said embracing green finance remains a critical approach to addressing these challenges adding that it is crucial to involve key stakeholders in conversations that promote green finance.”We are at a pivotal moment where we can shape the future of our investment practices to align with environmental, social, and governance (ESG) principles. Transitioning to a green economy is crucial for the sustainable development of Nigeria.”The primary objective of the workshop is to provide capacity building for capital market operators and stakeholders to enhance knowledge and understanding of green finance, promote collaboration and networking among stakeholders, support regulatory compliance with SEC Rules, and facilitate the funding of innovative, environmentally friendly projects that will drive sustainable economic growth.”He expressed excitement at the promising trend of sustainability-themed funds gaining prominence, especially in developed countries, saying this reflects a growing global adoption of green finance criteria within the investment community, and notably, green finance performance has shown a strong correlation with overall financial performance.Agama urged stakeholders, intermediaries, issuers, investors, and regulators, to support this transition through their business activities by directing financial flows towards more sustainable and climate-friendly solutions, divesting from unsustainable practices, setting standards and frameworks, and integrating green finance into investment decisions and practices.In his remarks, Executive Director, Climate Transition Limited Mr. Olumide Lala said that Climate change is real adding that the transition to a green economy is essential for Nigeria’s sustainable development, and green finance is a critical component of this transition.”It is not just about the impact on a world that is far from us, it is here with us. The message today is for us to invest in assets, infrastructure assets that are climate efficient.”If you look around today, the impact of climate is upon us, it’s affecting our food security, it’s affecting our way of life. It is even affecting our country’s security as people are moving from place to place in search of a better life” he stated.Lala said the desertification of the Sahara is impeding the world, as people are moving towards the south, water resources is being compromised and there is climate risk associated with the financial investments people make.”There is the need to reduce emission, essentially the message today is change. The regulator is here trying to reassure investors that the governance structure is there to ensure the safety of the money they are investing. The governance structure is constantly being enhanced in line with global values.”We see this as a market development opportunity to educate the market on the benefits as well as the risks. But more importantly, how do you change the risks into opportunities? As the market changes and as we develop more opportunities for those coming behind us,” he added.
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BOI Restates Commitment to Local Manufacturing, Job Creation
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Managing Director of the Bank of Industry (BOI), Mr Olasupo Olusi has reaffirmed the bank’s commitment to supporting local manufacturing in Nigeria.Olusi said this when he visited the GU Ebeco facility and inspected ongoing projects at the Nisa Medical and Zeberced Group at the Idu Industrial Layout, Abuja yesterday.
He expressed delight at the progress made so far at the various facilities while commending the chief executives of the organisations, urging them to do more. During the visit to the GU Ebeco, the BOI boss emphasised the importance of job creation and the need for their products to proudly bear the “Made in Nigeria” label.Olusi praised GU Ebeco’s progress over the past seven years, applauding its expansion into a national enterprise with over 1,500 employees and several facilities across the country.“I am very happy with the fact that BOI has supported this enterprise for the last seven years. It is wonderful to see that it has grown.“It employs 1,500 staff, and operates a national distribution system. We are proud of the significant role GU Ebeco is playing in the Nigerian manufacturing landscape,” he said.The BOI boss also commended the loan repayment performance of the company saying it had taken multiple facilities from the BOI. He encouraged other young entrepreneurs to stay focused, while assuring them of BOI’s commitment to supporting them and Nigeria’s industrialisation efforts.Responding Mr Ebere Uzozie, Managing Director of GU Ebeco, expressed his appreciation for the continued support from the BOI.“We are grateful for the Bank of Industry’s backing. Their loans have helped us expand and create lasting change. We now have 34 facilities, and we are debt-free.” We are optimistic the visit will mark a new chapter for the company, and will ensure further growth and partnerships that will contribute to Nigeria’s industrial future,” Uzozie said.at the Zeberced Group, its Managing Director, Mr Aydin Kurt, said that Nigeria had lots of potential and could be the future of the world.While acknowledging the country’s potential in industrialisation, he emphasised the importance of producing locally in Nigeria rather than relying on imports.Kurt also appealed for more collaboration with the BOI to promote industrialisation, create jobs and help grow the economy.“I cannot do it alone. we have to come together and create a synergy to attract different investors to come and also invest in this country.“This is our vision we have a lot to share with you, and thank you once again for visiting our corporations,” he said.Responding, the BOI managing director said that the bank was keen on infrastructure and committed to supporting industrious infrastructure.“This project is very important to us and a critical objective for the county and, in that spirit, we have decided that we will continue to support the proliferation of industrial parts across the nation.Why yours is so unique is because it has a plan for Micro Small and Medium Enterprises (MSMEs) which is very important.“We have a mandate to support that particular segment of our economy because they are the ones that champion job creation and most of the growth of the economy is attributed to them,” Olusi said.The BOI boss thanked Zeberced Group for the opportunity while commending the groups’ vision, energy and optimism to carry the project forward.“We look forward to our partnership. Like I said, we all want to be parts and parcel of this project, we have already given you some money to implement it, and we will see how we can do more.“As you expand we will support, but you have to also show us the job creation numbers, and make sure your goods are branded made in Nigeria,” he said.The News Agency of Nigeria reports that GU Ebeco is a furniture company while Zeberced is a construction company. NANCOVER
FRSC Unveils App to Mitigate Road Crashes Impact
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By Tony Obiechina, Abuja
Federal Road Safety Corps (FRSC) has unveiled an app to boost efficiency and mitigate the impact of road accidents in the country.Speaking at the event yesterday in Abuja, the Secretary to the Government of the Federation (SGF), George Akume explained that the app was designed to digitalize FRSC operations for effective traffic management.
The SGF who described the current rate of accidents as a great concern to the present administration, urged the FRSC management to involve stakeholders in the implementation of the app to monitor motorists and curb the excesses of FRSC officers and personnel. The Chairman, House Committee on Road Safety, Abiodun Adeshida said the National Assembly was ready to review the 2007 Federal Road Safety Corps Act for more efficient service delivery.The Kenyan Ambassador to Nigeria, Isaac Parashina said African countries have a lot to learn from the FRSC’s experience in addressing the high rate of road crashes across the continent.According to the him, Africans must come together and provide homegrown solutions to address road safety challenges.In his welcome remarks, the Corps Marshal FRSC, Shehu Mohammed stated that the innovation was part of efforts to align with the Renewed Hope Agenda of President Bola Tinubu’s administration on the use of the new technology to strengthen the commitment of road users and enhancing road safety operations.Mohammed said the corps would embark on aggressive sensitization in all motor parks and town hall meetings for stakeholders to key into the new technology.The Director-General of the Federal Radio Corporation of Nigeria (FRCN), Dr. Mohammed Bulama expressed confidence that the new technology would bring sanity to Nigerian roads.Dr Bulama commended FRSC management for the new operational initiative and pledged FRCN’s continued support to every program to reduce death and enhance economic activities in the country.The Acting President, National Union of Road Transport Workers (NURTW), Isa Ore said leaders in the transport sector would contribute to the success of the application in saving lives on the highway.Other stakeholders in the transport sector promised to support FRSC in enforcing traffic laws and protect lives and property on Nigerian roads.COVER
Lokpobiri Meets Shettima, Denies Involvement in Petrol Price Hike
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By David Torough, Abuja
Minister of State (Oil) Petroleum Resources Heineken Lokpobiri yesterday denied that the Federal Government is responsible for the Tuesday increase in the price of petrol, saying it is a function of deregulation.The latest hike in the price of petrol has pushed up transport fares by over 50 percent in major cities across Nigeria.
The increase implemented by the Nigerian National Petroleum Company (NNPCL) Retail Management ranges from N855 to N897 per litre, depending on the location from the previous N568-N617. Independent marketers have adjusted their prices to between N930 and N1,200 per litre of petrol.The minister denied FG’s involvement while addressing State House correspondents after a meeting with Vice President Kashim Shettima in Abuja.Shettima had summoned Lokpobiri along with the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari and the National Security Adviser Malam Nuhu Ribadu over the recent hike in the price of petrol.Lokpobiri said, “This sector is deregulated. And we believe that with the availability of products, the price will find its level.“What is important is that the product is available in the country. Between now and weekend, there will be availability of the product across the length and breadth of the country.“We believe that by the time there is availability of the product across the country, the price itself will stabilise.”Mr Ogbugo Ukoha, Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said regulatory efforts were geared toward stabilising supply of petrol in the country, which he said would impact positively on stability of price.Okuoha said, “The objective of the regulator is to ensure that there’s increased operating hours from all loading depots; vessels are being cleared promptly and extended hours where safety can permit truck outs as well.“More importantly also is the reinforcement of the support being given to local refinancing, because with increased production there will be higher supply, which will stabilise the price.”Despite making its product available, the Federal Government has not started lifting petrol from the Dangote Refinery.Yesterday, Dangote Group refuted the claim in the media that NNPCL is currently lifting petrol from its refinery and selling at N897 per litre.A statement signed by the Group Chief Branding and Communications Officer, Dangote Group, Anthony Chiejina said the company has not yet finalised any contract with NNPCL.The statement entitled, “NNPC yet to lift our petrol” reads, “Our attention has been drawn to a headline “NNPC lifts Dangote Petrol, sells at N897 per litre” published in the BusinessDay Newspapers of Wednesday, 4 September 2024.“We would like to state that NNPCL has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPCL.“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter.“We are guaranteeing Nigerians of exceptionally high quality petroleum products that will be readily available all over the country.”