27.2 C
Lagos
Sunday, May 4, 2025
Home Blog Page 128

Managing living amid economic challenges as 2024 winds down

0

As the curtain falls on 2024, taking stock in retrospect of what the year has been like, the wins, the loss and everything in between ought to be guides for managing further lifestyles.

Wale Edun
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun

Critics note that although a number of people have shown how resilient, frugal and courageous they could be in the face of social and economic challenges, it does not mean that they have not been affected adversely by the global economic challenges that have drastically affected the country’s economy.

With the staggering economic challenges, everyone is looking for a way out, and a lot of families can’t be with their loved ones, critics note further.

According to them, the coming celebration of yuletide and new year which usually bonds family and loved ones, might be also affected.

“This will probably be the most boring Christmas for me,” says Mrs. Edith Orji, a resident of Lagos, noting that she will the yuletide alone because her husband had travelled out of the country for better economic situations.

“When someone who has three shops, decides to travel for greener pasture, you know it is really tough. We are doing well but these days nothing seems to be working.

“I’m honestly not looking forward to celebrating the yuletide as it will have been with my husband; he has yet to find his feet and we may not be able to send gifts to our families in the village,’’ she said.

For Mrs Alarape Lawrence, also a resident of Lagos, the reality of the social-economic situation in the country has normalised family living far away from their loved ones.

“Back in our days, Christmas used to be a family fun affair, that’s when everyone came around, cousins, nieces, nephews and other distances relatives converge to create memories.

“But these days, everyone is looking for a way out of this country either through school or work, in our days once you are done with school you come back home. Our daughter came for Christmas; it was a joyous occasion for us all.

“No amount of money can take the place of physical presence, as Africans, that’s what makes us unique, I know economically everyone is struggling, but at the end of the day, family is important,’’ she said.

Mrs. Kamiye Sanni, a 65-year-old widow, also said that the reality of losing a loved one “hits harder during the festive period such as Christmas.

“It’s going to be like a regular sad day for someone that is dealing with grief; this year has tested me the most, hoping for a better new life ahead.

“In my circle of life, a lot of people I know are dealing with a lot, as we are living life is happening to us, we all need to be kind to one another.”

But optimists insist that as long as we are alive, citizens should pray and hope for the best, while sowing the seed of love, kindness and peace.

Perceptive observers insist that with the persistent increase in food items and cost of transportation, among others, citizens should be worried about living.

However, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the government would strengthen the foreign exchange market and the economy.

He said that the government would also raise raising revenue by looking at other sources of investment funding, attracting investment funds and equity funds.

Similarly, President Bola Tinubu has promised that his administration would ensure significant reduction in cost of living across the country, especially as it concerns food costs.

Concerned citizens have also noted that although the Federal Government has taken some measures to ameliorate the hardship in the country, the impacts are not felt much.

The measures included upward review of the minimum wage in the country, subsidised food items and inputs supply to farmers to boost food production in the country.

Irrespective of these measures, economists advise the citizens to invest during economic downturns.

They advise further that diversification, focusing on stable companies, and dollar-cost averaging can help manage risk.

They call on families to rely on home-cooked meals, utilise public transportation in most occasions, reduce social activities and buy food stuff in bulk, among others.

By Aderonke Ojediran, News Agency of Nigeria (NAN)

Import licence: Dangote Refinery seeks to amend suit against NNPC, others 

0

The Dangote Petroleum Refinery and Petrochemicals FZE has sought to amend its suit against the Nigerian National Petroleum Company Limited (NNPCL) and others.

Dangote Refinery
Dangote Refinery

The plea to amend the suit followed an application by the NNPCL before Justice Inyang Ekwo of a Federal High Court in Abuja, urging the court to strike out the case for being incompetent.

Dangote Refinery had sued Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigeria National Petroleum Corporation Limited (NNPCL) as 1st and 2nd defendants.

Also listed as 3rd to 7th defendants respectively in the originating summons, marked: FHC/ABJ/CS/1324/2024 and dated Sept. 6, are AYM Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited.

The oil company, through its lawyer, Ogwu Onoja, prayed the court to nullify import licences issued by NMDPRA to the NNPCL and the five other companies for the purpose of importing refined petroleum products.

The company (plaintiff) also prayed the court to declare that NMDPRA was in violation of Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing licenses for the importation of petroleum products.

It stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.

It equally sought a N100 billion in damages against NMDPRA for allegedly continuing to issue import licences to NNPCL and the five companies for importing petroleum products.

But the NNPCL (2nd defendant), in its preliminary objection dated and filed Nov. 15, urged the court to strike out the suit.

It argued that the Nigeria National Petroleum Corporation Limited (NNPC) sued by the refinery was non-existent entity.

The company, through its lawyer, Kehinde Ogunwumiju, said the Nigerian National Petroleum Company Limited (NNPCL), being its registered name with the Corporate Affairs Commission, is not one and the same with the 2nd defendant sued by the plaintiff.

It further argued that the court lacked jurisdiction over the 2nd defendant sued as Nigeria National Petroleum Corporation Limited (NNPC).

“A simple search on the CAC website shows that there is no entity called ‘Nigeria National Petroleum Corporation Limited (NNPC),’” the 2nd defendant said.

The NNPCL, therefore, said that the 2nd defendant, as sued by the refinery in the instant suit, is not a competent party or a juristic person, urging the court to strike out its name or the suit in its entirety.

Meanwhile, the Dangote Refinery, in a motion on notice dated Nov. 25 but filed Nov. 28 by Onoja, sought an order, granting leave to the company to amend its originating summons in accordance with the rules of the court.

The refinery, in a copy of the motion sighted by NAN on Monday, said this would allow it to correct the name of the 2nd defendant to read; “Nigerian National Petroleum  Company Limited,” instead of “Nigeria National Petroleum Corporation Limited (NNPC)” earlier listed.

In the affidavit in support of the motion deposed to by Vincent Sani, a litigation clerk in the law firm of Onoja, he said he was informed by one of their lawyers, Innocent Adoo, on Nov. 25 that after the filing of the originating processes in the suit, he observed that the 2nd defendant’s name was erroneously spelt, hence, the need for the amendment.

Sani averred that the said amendment had become necessary in order for the record of the court to bear the proper description of the 2nd defendant (NNPCL) as a party in the suit.

The litigation clerk said that the NNPCL was yet to be served with the said originating processes sought to be amended.

According to him, the proposed amended originating summons, affidavit in support and written address, are hereby exhibited and marked as “Exhibit A.”

Sani, who averred that the defendants/respondents would not be prejudiced if the application is granted, said that justice would be better served if their plea is considered.

However, the proposed originating summons, filed on Nov. 28 and dated Sept. 6, seek the same reliefs with the earlier filed by the refinery.

It will be recalled that three oil marketers had also prayed the court to dismiss suit.

The oil marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024 filed on Nov. 5 in response to Dangote Refinery’s originating summons, told Justice Ekwo that granting that application would spell doom for the country’s oil sector.

According to them, the plan to monopolise the oil sector is a recipe for disaster in the country.

The three marketers: AYM Shafa Limited, A. A. Rano Limited and Matrix Petroleum Services Limited, in their response, said the plaintiff did not produce adequate petroleum products for the daily consumption of Nigerians.

Besides, they argued that there was nothing placed before the court to prove the contrary.

Justice Ekwo had fixed Jan. 20, 2025, for report of settlement or service.

By Taiye Agbaje

Three-quarters of Earth’s land became permanently drier in last three decades – UN

Even as dramatic water-related disasters such as floods and storms intensified in some parts of the world, more than three-quarters of Earth’s land became permanently drier in recent decades, UN scientists have warned in a stark new analysis released on Monday, December 9, 2024.

Drought
Drought

Some 77.6% of Earth’s land experienced drier conditions during the three decades leading up to 2020 compared to the previous 30-year period, according to the landmark report from the UN Convention to Combat Desertification (UNCCD).

Over the same period, drylands expanded by about 4.3 million km2 – an area nearly a third larger than India, the world’s 7th largest country – and now cover 40.6% of all land on Earth (excluding Antarctica).

In recent decades some 7.6% of global lands – an area larger than Canada – were pushed across aridity thresholds (i.e. from non-drylands to drylands, or from less arid dryland classes to more arid classes).

Most of these areas have transitioned from humid landscapes to drylands, with dire implications for agriculture, ecosystems, and the people living there.

And the research warns that, if the world fails to curb greenhouse gas emissions, another 3% of the world’s humid areas will become drylands by the end of this century.

In high greenhouse gas emissions scenarios, expanding drylands are forecast across the Midwestern United States, central Mexico, northern Venezuela, north-eastern Brazil, south-eastern Argentina, the entire Mediterranean Region, the Black Sea coast, large parts of southern Africa, and southern Australia.

The report, “The Global Threat of Drying Lands: Regional and global aridity trends and future projections”, was launched at the 16th conference of UNCCD’s nearly 200 Parties in Riyadh, Saudi Arabia (COP16), the largest UN land conference to date, and the first UNCCD COP to be held in the Middle East, a region profoundly affected by impacts from aridity.

“This analysis finally dispels an uncertainty that has long surrounded global drying trends,” says Ibrahim Thiaw, UNCCD Executive Secretary. “For the first time, the aridity crisis has been documented with scientific clarity, revealing an existential threat affecting billions around the globe.”

“Unlike droughts – temporary periods of low rainfall – aridity represents a permanent, unrelenting transformation,” he adds. “Droughts end. When an area’s climate becomes drier, however, the ability to return to previous conditions is lost. The drier climates now affecting vast lands across the globe will not return to how they were, and this change is redefining life on Earth.”

The report by UNCCD Science-Policy Interface (SPI) – the UN body for assessing the science of land degradation and drought – points to human-caused climate change as the primary driver of this shift. Greenhouse gas emissions from electricity generation, transport, industry and land use changes warm the planet and other human activities warm the planet and affect rainfall, evaporation and plant life, creating the conditions that increase aridity.

The report offers a comprehensive roadmap for tackling aridity, emphasising both mitigation and adaptation.

UNCCD Chief Scientist, Barron Orr, said: “For decades, the world’s scientists have signalled that our growing greenhouse gas emissions are behind global warming. Now, for the first time, a UN scientific body is warning that burning fossil fuels is causing permanent drying across much of the world, too – with potentially catastrophic impacts affecting access to water that could push people and nature even closer to disastrous tipping points. As large tracts of the world’s land become more arid, the consequences of inaction grow increasingly dire, and adaptation is no longer optional – it is imperative.”

Nichole Barger, Chair, UNCCD Science-Policy Interface, said: “Without concerted efforts, billions face a future marked by hunger, displacement, and economic decline. Yet, by embracing innovative solutions and fostering global solidarity, humanity can rise to meet this challenge. The question is not whether we have the tools to respond – it is whether we have the will to act.”

Sergio Vicente-Serrano, co-lead author of the report and an aridity expert with Spain’s Pyrenean Institute of Ecology, said: “The report’s clarity is a wake-up call for policymakers: tackling aridity demands more than just science – it requires a diversity of perspectives and knowledge systems. By weaving Indigenous and local knowledge with cutting-edge data, we can craft stronger, smarter strategies to slow aridity’s advance, mitigate its impacts and thrive in a drying world.”

Narcisa Pricope, co-lead author, professor of geosciences and associate vice president for research at Mississippi State University, USA, said; “This report underscores the critical need to address aridity as a defining global challenge of our time. By uniting diverse expertise and leveraging breakthrough technologies, we are not just measuring change – we are crafting a roadmap for resilience. Tackling aridity demands a collaborative vision that integrates innovation, adaptive solutions, and a commitment to securing a sustainable future for all.”

Andrea Toreti, co-lead author and senior scientist, European Commission’s Joint Research Centre, said: “The timeliness of this report cannot be overstated. Rising aridity will reshape the global landscape, challenging traditional ways of life and forcing societies to reimagine their relationship with land and water. As with climate change and biodiversity loss, addressing aridity requires coordinated international action and an unwavering commitment to sustainable development.”

NBMA lists responsive measures to detection of XEC COVID-19

0

The National Biosafety Management Agency (NBMA) has disclosed that a new variant of the COVID-19 virus, known as XEC, was recently detected in some countries and that, currently, there are no confirmed cases of the XEC variant in Nigeria.

Dr Agnes Asagbra
Dr Agnes Asagbra, Director-General, NBMA

While the country remains free of this new variant, the NBMA says that it is committed to taking all necessary precautions to safeguard public health and prevent its potential spread into the country.

As part of its ongoing efforts to ensure Nigeria remains protected from emerging biosecurity threats, the agency says it is working closely with relevant stakeholders to monitor and assess the situation.

“Proactive measures, including heightened surveillance at borders, airports, and other points of entry, are being implemented to detect any potential cases promptly. Additionally, we will continue to reinforce our national vaccination and public health response strategies,” the agency disclosed in a statement made available to EnviroNews.

Considering this development, the NBMA is issuing the following public advisory to ensure continued safety:

• Stay Informed: Please rely on trusted health authorities for accurate information regarding COVID-19 and any emerging variants. Misinformation can lead to confusion and jeopardize public health efforts.
• Adhere to Preventive Measures: Continue to practice the preventive measures that have helped curb the spread of COVID-19, including wearing masks(N45), practicing good hand hygiene, maintaining physical distancing where possible, and ensuring proper ventilation in indoor spaces.
• Get Vaccinated: We strongly encourage all eligible individuals to get vaccinated and receive booster shots. Vaccination remains one of the most effective means of preventing severe illness and complications from COVID-19.
• Monitor Symptoms: If you experience any symptoms of COVID-19, such as fever, cough, shortness of breath, or loss of taste or smell, seek medical attention immediately and follow the guidance provided by local health authorities.
• Cooperate with Health Authorities: In the event of any suspected or confirmed cases of the XEC variant, we urge the public to cooperate fully with health authorities in reporting cases and adhering to quarantine and isolation guidelines.

The NBMA adds that it prioritises biosecurity and biosafety and is committed to protecting Nigeria from any potential threats to public health.

“We will continue to provide updates as necessary and ensure that all measures are in place to respond swiftly to any developments. We call on all Nigerians to remain vigilant, adhere to public health guidelines, and trust in the collective efforts of our national health infrastructure in safeguarding the wellbeing of all citizens,” notes the NBMA.

Maiden African Plenary of IPBES addresses global biodiversity crisis

0

Representatives of almost 150 governments are on Tuesday, December 10, 2024, starting a week-long meeting with some of the world’s leading scientific experts on biodiversity in Windhoek, Namibia, to tackle a range of challenges related to biodiversity loss and the degradation of nature’s contributions to people around the world.

David Obura
David Obura, first Chair of IPBES from Africa

The 11th session of the Plenary of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (#IPBES11) will be the first ever meeting in Africa of the global body tasked with presenting decision-makers with the best-available science and expertise, to inform policy and action on nature.

“As the first Chair of IPBES from Africa, it is wonderful to also have the opportunity to conduct the first ever session of the IPBES Plenary on African soil,” said Dr. David Obura (Kenya).

“#IPBES11 is tremendously important to inform and help shape policy and actions that support biodiversity and just, sustainable futures for people and nature across the world. I would particularly like to thank H.E. President Nangolo Mbumba and all the people of Namibia for their remarkable hospitality and generosity in hosting the IPBES Plenary,” added Obura.

Addressing delegates in person about the importance of the meeting, Namibian Minister of Environment, Forestry and Tourism, Pohamba Shifeta, remarked: “Let IPBES-11 be a turning point where science, policy, and global collaboration come together to secure a future where biodiversity thrives, and humanity flourishes alongside each other. The findings of the IPBES Nexus and Transformative Change Reports highlight the urgent need for integrated, cross-sectoral approaches. Namibia calls on all stakeholders to strengthen international cooperation, increase financial and technical support for biodiversity-rich nations, and prioritise the inclusion of local communities in conservation strategies.”

Among the most important agenda items for the 11th session of the IPBES Plenary will be the consideration by the member States of two landmark new IPBES assessment reports.
The IPBES Nexus Assessment explores the interlinkages and interconnections between crises in biodiversity, water, food, health and climate change – and will offer decision-makers a wide range of options for action across all of these challenges together, rather than in separate single-issue silos, which will also support just and sustainable outcomes across these crises.

The IPBES Transformative Change Assessment focuses on the underlying drivers of biodiversity loss and the kind of system-wide changes needed to conserve and restore biodiversity for a more just and sustainable world.

The Plenary will also consider approving the scope of a vital new assessment – the Second Global Assessment of Biodiversity and Ecosystem Services – a follow-up to the seminal 2019 IPBES Global Assessment, which alerted the world to the fact that a million species of plants and animals now face extinction.

31 fatalities as ‘undiagnosed disease’ breaks out in DR Congo

0

Between October 24 and December 5, 2024, Panzi health zone in Kwango Province of Democratic Republic of the Congo (DRC) recorded 406 cases of an undiagnosed disease with symptoms of fever, headache, cough, runny nose and body ache, disclosed the World Health Organisation (WHO), adding that all severe cases were reported to be severely malnourished.

Tedros Ghebreyesus
Dr. Tedros Adhanom Ghebreyesus, Director-General, World Health Organisation (WHO)

Among the cases, 31 deaths have been registered, disclosed WHO, pointing out that the majority of cases reported are among children, particularly those under five years of age.

“The area is rural and remote, with access further hindered by the ongoing rainy season. Reaching it from Kinshasa by road takes an estimated 48 hours. These challenges, coupled with limited diagnostics in the region, have delayed the identification of the underlying cause. Rapid response teams have been deployed to identify the cause of the outbreak and strengthen the response.”

According to the WHO, the teams are collecting samples for laboratory testing, providing a more detailed clinical characterisation of the detected cases, investigating the transmission dynamics, and actively searching for additional cases, both within health facilities and at the community level.

“The teams are also aiding with the treatment of patients, risk communication and community engagement. Given the clinical presentation and symptoms reported, and a number of associated deaths, acute pneumonia, influenza, COVID-19, measles and malaria are being considered as potential causal factors with malnutrition as a contributing factor.

“Malaria is a common disease in this area, and it may be causing or contributing to the cases. Laboratory tests are underway to determine the exact cause. At this stage, it is also possible that more than one disease is contributing to the cases and deaths.”

Campaigners commence flagship Africa Week for Mercury-Free Dentistry

3

The World Alliance for Mercury-Free Dentistry (WAFMD) will on Monday, December 9, 2024, kick off a week-long flagship Africa Week for Mercury-Free Dentistry. It is themed: “Implementing the Children’s Amendment in Africa/Developing economies (COP 4.2)”.

Dental amalgam
President, World Alliance for Mercury Free Dentistry, Charlie Brown, in the company of officials and NGO leaders at a forum

Part of the decisions during COP4.2 include no dental (mercury) amalgam for pregnant or breastfeeding women, children from 1 to 6 years and women of childbearing age (15-39 years).

In a statement issued ahead of the week-long event which holds from December 9 to 13, 2024, in several African countries including Nigeria, Kenya, Ivory Coast, Sierra Leone, Ghana, and Tanzania, among others, Chairman and Founder, Dentists Committee for a Mercury Free Africa, Prof. Godwin Toyin Arotiba, said Africa should not be a dumping ground for dental amalgam, and African countries have poor resources and technology to manage mercury wastes.

He pointed that the African dentist desires to practice 21st Century mercury-free dentistry (minimum intervention Dentistry – MID) and not 19th century tooth destructive “drill and fill” dentistry (which is not evidence based).

“While 21st century dentistry aims to keep all teeth and oral tissue healthy and functional for life, drill and fill dentistry often results in toothless ‘grandpa’ smile in old age with poor oral and general health outcome,” Prof. Aritoba added.

President of the US-based World Alliance for Mercury-Free Dentistry, Charlie Brown, during a recent visit to Abuja, Nigeria, disclosed that the organisation has activities in 23 African countries that all started after the Abuja Declaration of 2014 which became a prototype for the whole world on phase down of dental amalgam.

He went further, “The Abuja Declaration became the prototype for the whole world. After the Abuja Declaration, we did the Dakar Declaration, for Asia for mercury-free dentistry, the Declaration for Latin America, the Chicago Declaration for mercury-free dentistry in the United States. Then the Bonn Declaration.

“All these came from the Abuja Declaration because it just sounds governmental, it sounds official. It really was just eight of us in the room. We had the West African group, Dominique Bally from Ivory Coast, along with people from Benin, Senegal, Ghana, off course Nigeria and Tanzania. Everybody was so excited. So, the Abuja meeting actually started the campaign in East Africa too.

“Abuja Declaration is what those of us see as a vision Africa should have. Did we know what we were doing? Not yet. Did we have a plan? No, not yet. We had a vision and that was the Abuja Declaration,” he said.

NiMet forecasts three-day haziness, cloudiness across Nigeria

0

The Nigerian Meteorological Agency (NiMet) has predicted hazy and cloudy weather activities from Monday, December 9 to Wednesday, December 11, 2024, across the country.

cloudy weather
Cloudy weather

NiMet’s weather outlook released on Sunday, December 8, in Abuja, envisaged the North and North central regions of the country to experience dust haze with visibility range of 1km to 5km.

It anticipated localised visibility of less than 1,000m throughout the forecast period.

According to it, the hazy atmosphere with patches of clouds is anticipated over southern region of the country during the forecast period.

“On Tuesday, the North and North central regions of the country are expected to experience dust haze with visibility range of 1km to 5km and localised visibility of less than 1,000m throughout the forecast period.

“In the South, early morning mist or fog patches are expected over the coastal region. However, sunny skies with patches of clouds should prevail over the inland and the coastal states during the later in the day.

“On Wednesday, good visibility dust haze is expected during the forecast period in the northern region. In the North Central region, dust haze with moderate visibility of 1km to 5km is expected during forecast period.

According to NiMet, in the southern region, early morning mist or fog patches are expected over the coastal region with few clouds in a hazy atmosphere over the inland States.

The agency predicted slim prospects of thunderstorms over parts of Cross River, Bayelsa, Lagos and Akwa Ibom  later in the day.

NiMet urged the public to take necessary precaution as dust particles are in suspense.

“People with asthmatic health condition and other respiratory issues should be cautious of the
present weather condition. Adhere to safety advisories issued by relevant authorities.

“Airline operators are advised to get airport-specific weather reports (flight documentation) from NiMet for effective planning in their operations.

“Residents are advised to stay informed through weather updates from NiMet. Visit our website
www.nimet.gov.ng,” it said.

By Gabriel Agbeja

Environmental degradation: NCF calls for synergy, plants 5,000 mangrove seedlings

0

The Nigerian Conservation Foundation (NCF) has called for synergy among stakeholders to fight environmental degradation, as it planted 5,000 mangroves around the National Theatre in Lagos.

Joseph Onoja
Dr. Joseph Onoja

Its Director-General, Dr Joseph Onoja, made the call while speaking with journalists at the sidelines of the foundation’s Annual Green Ball event held at the Muson Centre, Lagos.

Onoja said the green ball was used to create awareness and seek support for nature and environmental issues.

“As we always say, we cannot do it alone as NCF. We do it with all our partners coming together and also call for more people to join us as we work for nature and the environment, so the environment will eventually work for us,” he said.

According to him, strategic partnerships are critical to actualising NCF’s goal of promoting green recovery, fighting climate change, and preserving biodiversity.

Onoja said this year, the NCF would focus on the Rio Conventions – United Nations Convention on Biological Diversity (CBD), United Nations Framework Convention on Climate Change (UNFCCC), and United Nations Convention to Combat Desertification (UNCCD).

“We want all of them to come together to create that synergy so that the resources that can be used to take care of one can also be used to take care of all.

“We don’t want the situation whereby, while you are combating one, you are exacerbating another one.

“For instance, you don’t want to be combating climate change while at the same time, creating biodiversity loss, deforestation and so on,” he said.

Onoja emphasised that the UNCCD seeks to protect livelihoods in arid and semi-arid regions, prevent forced migration caused by land degradation and contribute to achieving food security and ecosystem resilience.

“For instance, last year we looked at mangrove restoration. Mangrove restoration ties into what we call our Green Recovery Nigeria programme, which is ongoing.

“So this year, we have planted over 20,000 mangroves in communities along the coastal region.

“Even here in Lagos, we are working with the National Theatre to restore the mangrove in the wetlands there.

“In that area alone, we planted over 5,000 mangrove seedlings,” he said.

Highlighting the significance of the National Theatre wetlands, Onoja said the wetlands are valuable for flood protection, recreation, and aesthetics.

“This is why that place is very important. So we work very closely with the Bankers Committee, who are working on renovating the National Theatre to ensure that the mangrove ecosystem there is restored,” Onoja said.

The director-general said the event was also to raise funds for different NCF environmental programmes, commending partners who had been supporting the foundation’s work.

Similarly, Justice Bukola Adebiyi, Chairman of NCF’s National Executive Council (NEC), said the event had been impactful over the years, assisting in promoting conservation issues and raising funds for projects.

She urged everyone to take climate change seriously, while also advising the protection of the environment.

By Henry Oladele

COP29: Side event explores Nigeria’s NDCs implementation, climate finance

0

Nigeria’s progress in implementing its Nationally Determined Contributions (NDCs) and how to effectively channel climate finance to meet these targets were the major points of discussion at a side event hosted by Natural Eco Capital in collaboration with the Special Presidential Envoy on Climate Change and the Director General/CEO of the National Council on Climate Change Secretariat during COP29 in Baku, Azerbaijan.

COP29
Dr. Eugene Itua, CEO of Natural Eco Capital (left), posing a question to one of the panelists during the event on Climate Actions and Finance Flow: Meeting Nigeria’s Needs at COP29, Baku

The event brought together experts and stakeholders to discuss the critical intersection of climate action and finance in advancing Nigeria’s sustainable development goals.

Key topics included sustainable financing mechanisms, climate governance, and private sector engagement in driving Nigeria’s climate resilience and regional development. Government officials, climate finance experts, development finance institutions, and private sector representatives discussed the successes, challenges, and opportunities in mobilising resources for sustainable development.

The session commenced with a welcome address by Dr. Nkiruka Maduekwe, Special Presidential Envoy on Climate Change and Director General of the National Council on Climate Change (NCCC), who emphasised the importance of integrating climate action with financial strategies to ensure holistic and sustainable progress. Dr. Maduekwe’s insights set the tone for a day of engaging and informative discussions.

Professor Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank (AfDB), in a keynote address highlighted the bank’s role in supporting Nigeria’s climate goals and the broader impact of green growth strategies on regional development.

His presentation delved into Nigeria’s climate goals, the supportive role of the AfDB and other Multilateral Development Banks (MDBs), and the transformative potential of green growth strategies on regional development. He emphasised the opportunities in aggregating support for increased climate finance, identifying strategies for mobilising resources, and promoting best practices and innovative financial instruments.

In his conclusion, he generated recommendations for policymakers and international organisations, stressing that, in discussing the carbon market, emphasis must be laid on investment rather than offsetting with the natural resources in the country.

The panel discussions featured:

• Mr. Andrei Chicherin, Climate Finance Director at Evercity UG, shared strategies and mechanisms for mobilising climate finance.
• Dr. Mohammad Khokhar, Chairman & CEO of PK2100, Silicon Valley, provided insights on meeting the diverse needs of climate action through international cooperation and partnerships.
• Dr. Jubril Adeojo, Climate Finance expert at Natural Eco Capital & SMEFUNDS, assessed the specific climate finance needs for achieving Nigeria’s NDCs and optimising existing mechanisms.
• Dr. Bala Yusuf Yunusa, Senior Technical Adviser OSSAP-SDGs, Nigeria.

The session and discussions were moderated by Dr. Eugene Itua, CEO of Natural Eco Capital, who explored the topics related to climate finance and actions necessary to meet Nigeria’s needs. He highlighted the commitments and actions required from various stakeholders to enhance climate finance and action in Nigeria.

The side event also featured the presence of the Development Bank of Nigeria’s CEO, Dr. Tony Okpanachi, who announced to the audience the official signing of the accreditation of the bank with the Global Climate Fund (GCF), the world’s largest climate fund that accelerates transformative climate action in developing countries through a country-owned partnership approach and uses flexible financing solutions and climate investment expertise.

This positions the bank as the first financial institution in Nigeria to be accredited by GCF, a journey the bank commenced three years ago. It is noteworthy that the Development Bank of Nigeria is just seven years old and stands out amongst its peers in relation to its sustainability journey.

The event concluded with photo and networking sessions, allowing participants to engage directly with the panelists.

×