By Femi Ogunshola

Mr Sam Onuigbo, Chairman of the North East Development Commission’s (NEDC) Security, Special Interventions, and Climate Change Governing Board, has lauded Nigeria’s strides in energy transition and climate legislation.

Onuigbo, a former lawmaker representing, Ikwuano/Umuahia North and South of Abia State in the House of Representatives, made this known on the sidelines of Africa Climate Forum Conference on Friday in Abuja.

The theme of the conference is: “Parliamentary Dialogue on Powering the Future: Financing Energy Transition for Sustainable Progress.”

Onuigbo emphasized the critical role of financing the energy transition to ensure sustainable progress within the current climate context.

The former lawmaker stressed the significance of shifting from traditional energy sources to renewables, such as wind, solar, and hydropower.

According to him, the transition is not only essential for economic growth but also imperative for productivity and achieving sustainable development goals.

He said: “The 9th National Assembly has made significant strides in climate-related legislation.

”These include amending the 1999 Constitution to move electricity from the Exclusive List to the Concurrent List and passing the Climate Change Act.

”The Climate Change Act, which became effective in 2021, provides a framework for mainstreaming climate change actions.”

According to him, the Act sets a target for achieving net-zero greenhouse gas emissions between 2050 and 2070 and establishes a Climate Change Fund.

Onuigbo emphasised the need to integrate climate change into Nigeria’s educational curriculum, adding that this forward-thinking provision aimed to raise awareness.

He added that it would also prepare future generations to address environmental challenges effectively.

The NEDC top shot noted that the electricity Act, has decentralised and de-monopolised the entire energy value chain, promoting competition, renewable energy utilization and state electricity markets.

He added that several states had already passed their own State Electricity Laws.

Onuibo also lauded President Bola Tinubu’s commitment to improving electricity accessibility and affordability, adding that this was evident through his quick assent to the Electricity Act.

“His goals include stimulating renewable energy development, improving rural access to electricity and establishing the Rural Electrification Fund,” he addeed.(NAN)www.nannews.ng
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Edited by Mark Longyen/Maureen Atuonwu

By Ikenna Uwadileke

The Nigerian Association of Small and Medium Enterprises (NASME) says it is committing a N2billion empowerment fund to revolutionise the Micro, Small and Medium Enterprises (MSMEs) sector.

The National President of the association, Dr Abdulrashid Yerima, said this in a media briefing on Friday in Abuja heralding the 2023 West Africa SME Exhibition scheduled for Oct. 26 to Oct. 28.

Yerima said that the ‘MSME 4.0 Program and Empowerment Funds’ were designed to help MSMEs leverage the opportunities and benefits of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA).

According to him, adopting digital technologies and solutions can improve the performance of SMEs, market position and adaptability in the changing world.

“Under the theme MSME 4.0: Enhancing Productivity, Competitiveness, Resilience, and Sustainability in an Era of Digital Transformation, this program is poised to bring about significant positive change for MSMEs and the nation as a whole.

“In recognition of the evolving digital landscape and the need for our MSMEs to thrive in this digital age, NASME in collaboration with a coalition of partners is proud to unveil the MSME 4.0 Program and Empowerment Fund.

“NASME is committing one billion Naira towards a Youth Empowerment Fund and another one billion Naira towards a Women Empowerment Fund.

“These funds are designed to foster entrepreneurship and generate one million employment opportunities, significantly contributing to our national economic growth,’’ he said.

While projecting that the exhibition would harness the potential of the AfCFTA, Yerima said that it would promote trade, foster economic development, and create opportunities for businesses across West Africa.

He added, “Our shared objectives for this event include job creation, income generation, poverty reduction, increased GDP, improved competitiveness of MSMEs, enhanced trade within the sub-region and the structural transformation of West Africa’s economy.

According to him, the launch of the programme and empowerment fund will take place at the exhibition.

Yerima said that the programme would offer training, mentoring, networking, access to markets and finance and other support services to the participating MSMEs.

Earlier, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, represented by the Chief Industrial Officer in the ministry, Mr Esther Ajibola, reiterated its commitment to support the growth of MSMEs in the country.

Similarly, Dr Olawale Fasanya, the Director-General of Small and Medium Enterprises Development Agency (SMEDAN), represented by Mr Monday Ewans, Director of Enterprises Development in SMEDAN, Fasanya, emphasised the need to embrace digital technologies and solutions that can improve businesses.

“The agency is also committed to continue to support the MSMEs to overcome the challenges they face.

“We are aware that MSME are confronted with the issues of lack of finance, poor infrastructure, inappropriate legislation, competitiveness, lack of managerial skills among others.

“SMEDAN is committed to help MSMEs tackle the challenges, reduce poverty and create jobs,’’ Fasanya said. (NAN)

Edited by Bashir Rabe Mani

By Chiazo Ogbolu

The Standards Organisation of Nigeria (SON) says it is reviewing its Act to ensure peddlers of life threatening materials are jailed and not fined.

The Director General of SON, Malam Farouk Salim, said this on Thursday in Lagos during the destruction of materials seized by the organisation.

Salim said the peddlers are economic saboteurs that kill industries and people who innocently buy the products.

“In the last National Assembly, we went to them to review our act to make sure that peddlers of life threatening materials are jailed and not just fined.

“They have passed the law but unfortunately did not get the opportunity for the president to sign it into law.

“So, it is back in the National Assembly and hopefully very soon it will be with the president.

“I am sure the president will sign that amendment and those individuals selling threatening items will be jailed immediately they are caught,” he said.

The SON boss said that some of the products to be destroyed are by the orders of the court.

Salim said that the agency also seized some tyres, which were not fit for use while some that were were ne but were stuffed with other used ones.

“As a result, the tyres lost their integrity and are dangerous to the society, while the ones looking new are used tyres, which were pressed and polished to look new.

“The fakers of the motor oil lubricants intercepted in Calabar used popular products so our Nigerian lubricant manufacturers that are successful have to contain with individuals trying to copy their product.

“Nobody copies a product that is not successful; the only problem is the copying is a bad one.

“The product you are seeing behind does not belong to that popular company. It was being copied and they were taken to court, convicted and the court gave us the permission to confiscate the product and destroy them,” he said.

Salim pointed out that Nigerian cable industry are successful and good and they help the organisation to identify the fake ones.

He said that SON, sometimes, uses their intelligence to fish out the people because their activities were affecting the economy of the country.

“Due to the policy on local content, we need to make sure that our indigenous companies are protected.

“These cables are supposed to be copper but they are either iron or copper coated, when used in building, it gets hot and causes fire,” he said.

On the value of the products, the SON director general said that it run into billions of naira, adding that they would keep seizing the products to force the perpetrators to stop.

“To your eyes, these products don’t look nice but an unscrupulous person can take them, clean it up and send to the market and make billions of naira from it.

“The seized items are safe in this environment as the place is monitored by police and civil defence 24 hours,” he said. (NAN)(www.nannews.ng)

Edited by Chidi Opara/Olawunmi Ashafa

By Lucy Ogalu

Some stakeholders have emphasised on the need for Africa to tackle debt issues to enable the continent to fix its increasing climate issues.

They spoke in an opinion piece “If You Want Our Countries to Address Climate Change, First Pause Our Debts” featured in The New York Times.

The stakeholders included Kenya’s President William Ruto, African Development Bank (AfDB) President, Akinwumi Adesina, Moussa Mahamat, Chairman African Union Commission, and Patrick Verkooijen, Chief Executive Officer, The Rotterdam-based Global Center on Adaptation.

They said: “Of the 52 low- and middle – income countries that have defaulted on their debts or have come close to it in the last three years, 23 are in Africa.

“The continent’s debt burden is skyrocketing as a result of factors beyond its control.

“The aftershocks of the pandemic, rising fuel and food

prices, higher interest rates and climate catastrophes that weaken our economies and sap our ability to repay creditors.

“ As a result of rising interest rates, Africa’s debt repayments will surge to 62 billion dollars this year, up 35 per cent from 2022.”

According to the stakeholders, Africa is now paying more in debt servicing than the estimated 50 billion dollars a year the Global Center on Adaptation says it needs to invest in climate resilience.

They said rather than addressing climate crises, Africa was borrowing at a cost up to eight times higher than the rich world to rebuild after climate catastrophes.

The stakeholders said this was why Africa urgently needs a pause in debt repayments, so that it could prepare for a world of ever greater climate extremes.

They expressed the hope that the on-going Annual Meetings of the International Monetary Fund (IMF), and the World Bank in Marrakesh, Morocco would help address some challenges faced by the continent.

“ In fairness, the World Bank and the IMF now recognise that climate change is a threat to economic and financial stability, and they are changing their lending policies in response.

“But much more needs to be done and we are running out of time to do so,” they said.

According to them, this week’s meeting in Marrakesh is an opportunity to start transforming proposals into actions.

They said: “Africa called for a 10-year moratorium on interest payments on foreign debt to give the world’s most vulnerable countries the space to invest.

“In climate resilience and other pressing needs, such as health and education. And we need a more imaginative use for debt relief.

“We need a speedier process that will quickly provide effective relief for the 52 countries that have defaulted or are at risk of it.

“We are not pretending this will be easy, creditors must all agree, and there are thousands of them.”

The stakeholders reiterated Africa’s commitment to adapt to the consequences of climate change that are not of its making.

“But it cannot adapt alone. The financing gap is enormous and so are the continent’s needs.

“Africa wants to work with the rest of the world to achieve solutions. With its young population, vast renewable energy and mineral resources and large tracts of uncultivated arable land.

“The continent is more important to future global prosperity than ever before.

“Making global finance responsive to Africa’s climate needs is one of the ways to ensure that Africa succeeds, bringing benefits to the whole world,” they said.

The stakeholders quoted António Guterres, UN Secretary-General, as calling on the IMF to use the international reserve asset to support Africa’s course.

“IMF should rechanneled 100 billion dollars a year in special drawing rights, an international reserve asset, to pay for investments in sustainable development and climate action on the continent,” they said.(NAN)

Edited by Joseph Edeh

By Taiye Olayemi

Goge Africa, a tourism and cultural media brand, has commended Sterling Bank for supporting the tourism sector over the years.

Its Managing Director, Nneka Isaac-Moses, gave the commendation in a statement in Lagos.

She said Sterling Bank invested N5 billion intervention fund for tourism practitioners in the 2020, during the lockdown, when the industry was at a crossroad.

Isaac-Moses described the intervention as a game-changer as provided support to numerous practitioners in the industry, while developing the growth and development of tourism in Nigeria.

She emphasised the significance of having a financial institution take the lead in advancing the discourse on tourism sector.

“ Having a financial institution lead the discourse on tourism in Nigeria, is the new chapter for tourism success story in the most populous black nation.

“ Cross-sectoral collaboration is essential for tourism and economic development in Nigeria.

“ Sterling Bank entered the industry at a time when the tourism business was at the crossroads.”

She said that the global impact of COVID-19, the general economic downturn, increasing travel costs within Africa.

” And specific challenges in Nigeria such as, lack of access to tourism spots, security concerns, inadequate infrastructure and enabling environment had demoralised industry practitioners, especially tour operators.

“ Moreover, the government’s focus on oil has resulted in inadequate attention to tourism, leading corporates and financial institutions to view tourism in Nigeria as a non-viable venture.”

Isaac-Moses noted that Sterling Bank’s intervention gave hope to tourism practitioners, encouraged more people to enter the tourism space and motivated tourism practitioners to structure their businesses to meet the requirements for accessing support from the bank.

She said other financial institutions began to take a closer look at tourism as a potential investment opportunity.

“ When we launched Goge Africa in 1999, it was a significant challenge to capture the attention of corporate entities.

“ Financial institutions, in particular, seemed uninterested in our endeavors. Therefore, we cannot overstate our excitement regarding the recent developments in our industry.

“ We extend our heartfelt gratitude to Mr Abubakar Suleiman, the esteemed Managing Director at Sterling Bank, for his visionary guidance.

“ We appreciate his belief in the immense potential of tourism to bridge communities, celebrate diverse cultures, and drive sustainable economic growth,” she said. (NAN) (nannews.ng).

Edited by Olawunmi Ashafa

By Rukayat Moisemhe

Otunba Francis Meshioye, President, Manufacturers Association of Nigeria (MAN), has charged government to make comprehensive and concerted efforts to overtake the binding constraints limiting local production.

Meshioye gave this charge at the MAN 51st Annual General Meeting (AGM) news conference on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the AGM scheduled for Oct. 17 to Oct. 19, 2023 has the theme: “Setting the Agenda for Competitive Manufacturing Under the AFCFTA: What Nigeria Needs To Do.”

According to the MAN president, the event’s theme was couched with deep reflection over the growth trajectory of the manufacturing sector in Nigeria and Africa.

“Focus must be on the role of the manufacturing sector in the actualisation of the AfCFTA and the integration of the African economy as envisioned in the Agenda 2063: ‘The Africa We Want.’

“Currently, the cost of manufacturing is daily rising owing to scarce and unavailable manufacturing inputs that continue to shrink profitability and threaten the existence of the critical sector of the economy,” he said.

Meshioye noted that more worrisome was the fact that the sector that should propel job creation, productivity, and economic growth was enmeshed in series of challenges that constantly limited its contribution to the Gross Domestic Product (GDP).

“Such challenges as epileptic power supply, insecurity, inadequate infrastructure, shortage of foreign exchange and naira depreciation are prevailing issues that are impacting negatively on the sector.

“Government must seek to attract foreign investment that will bring about a reduction in the foreign exchange chase and ensure sufficient foreign exchange inflow that the country clearly requires.

“With a new administration steering the seat of governance, it is pertinent that all hands must be on deck to achieve a vibrant economy that can compete favourably.

“To start with, government needs to prioritise investment in infrastructure and power, combat insecurity and corruption as well as introduce incentive policies that will make domestic production more attractive than the importation of finished products,” he said.

The MAN president emphasised the need for the AfCFTA window to be maximised in such a way that products manufactured in Nigeria would be preferred in terms of quality and pricing.

He noted that until the country addressed the binding constraints that made local products uncompetitive, the benefit of a continental market might end up being a mirage for the largest economy in Africa.

“In the face of these shortcomings, we remain resilient and committed to our collaborative advocacy approach, as we strive towards the attainment of practical ease in doing business.

“We seek an atmosphere that supports favourable competition with our counterparts in other countries, particularly within the continent,” Meshioye said.

He said the association’s commitment to addressing the challenges from where the shoe really pinched informed the choice of guest speaker for the 3rd Adeola Odutola Annual Lecture.

“Our distinguished Guest Speaker is Nigeria’s former Minister of Finance and Chairman of the Economic Management Team from 2010 to 2011, Olusegun Aganga.

“Our goal is to brainstorm at the AGM, dwelling on the theme for the purpose of suggesting a policy direction for the new government.

“To give a typical rundown of this year’s event, the programme will as usual run for three days at the Lagos Oriental Hotel, Victoria Island, Lagos with an exhibition, AGM and lecture.

“For the manufacturing sector to become competitive, we must all not rest on our oars until we can boast of a sector that guarantees the sustainability of the economy and improvement in the standard of living of majority of the citizens,” he said. (NAN)(www.nannews.ng)

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Edited by Christiana Fadare