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Business News

FG, Finland partner to explore $5.4 trillion circular economy 

The FGN and the Embassy of Finland in Nigeria are considering exploring the opportunities in the circular economy estimated to worth $5.4 trillion.

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FG, Finland partner to explore $5.4 trillion worth circular economy 

The Federal Government of Nigeria and the Embassy of Finland in Nigeria are considering exploring the opportunities in the circular economy estimated to worth $5.4 trillion by the World Economic Forum.

What is Circular economy? It means an economic system aimed at eliminating waste and the continual use of resources. It employs reuse, sharing, repair, refurbishment, remanufacturing and recycling to create a close-loop system, minimising the use of resource inputs and the creation of waste, pollution and carbon emissions.

Benefits: The circular economy aims to keep products, equipment and infrastructure in use for longer, thus improving the productivity of these resources. All ‘waste’ should become ‘food’ for another process: either a by-product or recovered resource for another industrial process, or as regenerative resources for nature, e.g. compost. This regenerative approach is in contrast to the traditional linear economy which has a ‘take, make, dispose’ model of production.

[READ MORE: Nigeria to benefit from UNIDO’s $60 million investment in trade, others]

At the first Finland-Nigeria Business Lunch on Circular Economy in Lagos, the Senior Lead, Business Development, Sitra (Finnish Innovation Fund), Jyri Arponen, explained that Sitra and Nordic innovation had initiated a programme of circular business models in the Nordic manufacturing industry aimed at GHdeveloping collaborative pilots across industry ecosystems to encourage a successful transition to a circular economy, critical for innovation and continued economic growth.

He said, “The shift to a circular economy requires strategic goals spanning the whole of society, as presented in the road map. Road map lists those measures that need to be taken to implement the change in the national economy to which stakeholders have already committed themselves.”  

FG, Finland partner to explore $5.4 trillion worth circular economy 

Chief Executive Officer, Nigeria Climate Innovation Centre, Bankole Oloruntoba, described the centre as a special purpose centre designed by the World Bank with the support of the Nigerian government to lead the growth of a viable green economy in Nigeria.

He noted that many developed countries like Finland had built tremendous capacity and business experience in managing high-yield circular economy.

He said, “Data development, which formed the critical resource for making sustainable decisions for all stakeholders in the circular economy, would be required by the government, academia, innovators and enterprises. 

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“We are still building the framework of this alternative economy so the opportunities abound from learning from experienced economies to providing soft-landing services for circular businesses from Finland. The immense circular business opportunities cannot be adequately estimated as data is still yet to be developed.”  

[READ ALSO: How Nigeria can finance its budget deficit without loans – BPE boss]

The Group Chief Sustainability Officer, Dangote Industries Limited, Dr Ndidi Nnoli, shared the sustainability journey of Dangote in Africa with participants, saying most of the wastes generated by the company were being used in agro-sacks production.

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She stated that the circular economy was a critical part of sustainability, stressing that more awareness was required on the impact and business opportunities in sustainable development.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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