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Nigeria’s Path to Net Zero Using Green, Blue Economy & Forestry

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By Tony Obiechina

On Friday, 9th September 2022, the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Finance, Budget and National Planning held a pre- 28th Nigerian Economic Summit (#NES28) event with the theme “Roadmap to Nigeria’s COP: A Pragmatic Path to Net Zero Using the Green Economy, Blue Economy & Forestry.

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In her welcome remarks, a Board member of the NESG, Ms Ndidi Nwuneli, said that following the Kyoto Protocol, Nigeria developed a policy document for climate activities in 2012 titled the National Climate Change Policy Response and Strategy, which was later revised to define a new framework to guide the country’s response to the developmental challenges of climate change.

“Africa accounts for 6 percent of global energy consumption, and climate change significantly affects the environment and economy, especially in Africa. However, Africa emits less than 4 percent of greenhouse gas emissions, but the continent seems to be receiving the brunt of the effect of climate change through flooding, severe storms, drought, and others,” she stated.

Furthermore, Ms Nwuneli noted the importance of securing a pragmatic path to NET zero and addressing the energy transition path to Net zero. She reiterated the importance of tracking Nigeria’s commitment e country meets up to her end of the bargain, considering the current food crises and the link between climate and food production. 

In her goodwill message, Dr Magdalene Ajani, Permanent Secretary, Federal Ministry of Transportation, stated that it was essential to mitigate the impact of climate change and Nigeria has not determined a sectoral action plan, and it is imperative to utilise resources, time and opportunity. Construction and energy infrastructure. 

Achieving net zero will require prioritised funding. She said that the vision behind Nigeria’s transport policy is to provide fast, efficient services that will reduce greenhouse emissions through developing policies and provide links between different modes to promote intermodalism for transportation. 

Dr Ajani revealed that the ministry of transportation is encouraging states to exhibit green innovations, enforcement of compliance and road transport sanitisation through an actionable roadmap to achieve net zero using the green economy, blue economy and forestry.

Dr Anthony Nyong, Director of Climate Change and Green Growth Department African Development Bank (Climate Change), said that Nigeria can address its NetZero mission by utilising Climate change & Green Economy, Blue Economy and Forestry to achieve its objective. 

He noted that this can be accomplished by transitioning to more efficient energy sources that focus on industrialisation via scaling up the use of gas and blue hydrogen in the short to medium term and ultimately transitioning to green hydrogen as the primary industrial fuel by 2060.

On his part, founder and CEO of AO Blue Economy & Energy Consulting, Mr Adekola Oyenuga, said that domestic and international climate change policies and deliberate steps towards energy transition have grown in leaps since the establishment of the United Nations Framework Convention on Climate Change (UNFCCC) in 1992.

 He stated that there is a need for Nigeria to take complementary actions needed to tackle ocean plastics that threaten all life; therefore, plastics manufacturers, civil society organisations, coastal dwellers and the need for government regulatory agencies to collaborate to minimise and control plastics use.

The director Centre for Climate Change & Development, Professor Chukwumerije Okereke, said that there is a need to understand the seriousness of climate change as it severely impacts the Nigerian economy. He reiterated the need for Nigeria to leverage existing models to develop a system of energy use and storage needed to boost the trajectory of the transition to NetZero.

Director-general and CEO of National Environmental Standards and Regulations Enforcement Agency (NESREA), Professor Aliyu Jauro, stated that NESREA issues permits and guidelines for emissions to ensure they don’t exceed limits, including environmental auditing to ensure they are environmentally friendly. 

He noted that another way to achieve NetZero is via the blue economy, which is expanding in terms of viability, needs and opportunities. He reiterated the need for Nigeria to reach NetZero by targeting natural capital development in mangroves and building projects to deliver sustainable livelihoods in communities while utilising the available energy transition plan – based on the abundance of gas or bioenergy- to support energy needs for industries.  

Mr Bankole Oloruntoba, CEO of Nigeria Climate Innovation Centre (NCIC), said that Nigeria has only extracted a fraction of her tourist space, saying that there is a need for considerable advocacy through incorporating indigenous knowledge and awareness creation to reduce water pollution.

 Furthermore, he stated that using renewable energy to transition to NetZero and the Energy transition plan seeks to deliver 100% power in some sectors like EVs, and eventually, LPG cooking will be scaled to 80% by 2060. Therefore, it is crucial to focus on energy for industrialization by 2030 whilst also preparing for blue hydrogen and, ultimately Green hydrogen and EV in the medium to long term. 

BUSINESS

My Vision to Simplify Payments in Nigeria with Innovative Solutions – Shema

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By Raphael Atuu,  Abuja
The Chief Executive Officer of  Wireless Pay,  Chonedu Shema Emmanuel has said  his vision is to simplify payments in Nigeria with innovative solutions through  his wireless banking platform.
Mr Sharma stated this during an interview with Daily Assets correspondent in his office in Abuja recently.


“I have launched one of Nigeria’s Leading payment platforms, ensuring seamless and efficient financial transactions online, the app is a subsidiary of Wired Banking Africa and collaborates with Asset Matrix MFB to deliver secure and efficient payment solutions.

“My company has  an app with key features like NFC tap-to-pay for softPOS, enabling merchants to effortlessly receive card payments, and an alternative USSD option for customers who prefer to pay with USSD codes.
Virtual accounts are also available for those who prefer transfers, and merchants can request physical cards for transactions with an impressive 99.9% uptime.”
Mr Shena added that his vision for the future of Wireless Pay includes sustained growth, expanded services, and becoming a trusted industry leader in payment processing, contributing to financial inclusion across different regions.
 While advising the public to take advantage of  wireless pay ‘s high  features, secure infrastructure, and global accessibility, to transact business, the company is set to capture the business market.
 The CEO maintained that the company is  registered as Wireless Pay Technologies Limited in Nigeria, the US, and the UK,  with a physical office in Abuja, and an entity under WOBILO Africa Limited, Wired Banking Africa, and Corporate Permit and Consultants Limited, further establishing its credibility and commitment to providing reliable payment solutions.
“It has  a collaboration with Asset Matrix MFB to ensure seamless integration and efficient services, the founder stressed that the platform offers transparent pricing, with card transactions capped at 0.5% up to 100 naira and USSD collections capped at 1.3% up to 1,300 naira. Withdrawals and bank transfers incur a flat fee ranging between 15-20 naira.”

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Afreximbank Closes $282m India-Focused Club Deal

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By Tony Obiechina, Abuja
The African Export-Import Bank (Afreximbank) has announced the successful completion of a first-of-its-kind India-focussed club deal for US$282.00 million.
Initiated for the exclusive participation of Indian lenders, and arranged by Bank of Africa UK PLC, the primary syndicated club deal saw participation from Indian lenders through their overseas branches and subsidiaries in the Dubai International Financial Centre in the United Arab Emirates, Singapore and Mauritius.


The facility, which was backed by six participating banks and financial institutions, including five that joined as first-time lenders to Afreximbank, helping the Bank achieve its objective of diversifying its funding sources, carries a three-year tenor.

At a commemorative event held in Dubai, U.A.E., to mark the conclusion of the deal, Haytham ElMaayergi, Executive Vice President at Afreximbank, said that the conclusion of the initiative represented a major milestone for the Bank as it sought to fulfil the key objectives of its funding programme.
Highlighting the importance of investing in, and for, Africa, Mr. ElMaayergi said: “this facility will help Afreximbank to continue to play a major role in the development of intra-African trade and trade between Africa and the rest of the world, particularly with India.
It is a testament to the rapid growth in Africa’s economic relationship with India and is evidence of Afreximbank’s growing ability to harness resources into Africa and to fund trade finance related investments that would have a positive impact on trade between Africa and India.”
Chandi Mwenebungu, Director and Group Treasurer of Afreximbank, reviewing the Bank’s vision for Africa, said that its funding objectives included achieving the diversification of its liability book by geography, investor type and tenor.
Also addressing guests at the event were Said Adren, CEO of Bank of Africa UK PLC, who thanked the lenders for their participation, and Zineb Tamtaoui, General Manager of Bank of Africa, Dubai Branch, who expressed appreciation for the opportunity to put together “a landmark deal that would be a stepping stone to many India-focused club deals going forward.”

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CBN Unveils New Minimum Capital Requirements For Banks

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Gives Them 24 months To Recapitalise

By Tony Obiechina, Abuja 

 Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.

 

Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Mrs.

Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.
 

Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively. 

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026

According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.   

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. 

It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.  

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.

The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024. 

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. 

However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. 

The CBN also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.  

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