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Economy & Politics

How N400 billion ecological funding can save Nigeria’s coastline

The waves of current from the ocean have become more violent, eroding the nation’s coastline which poses a serious threat.

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How N400 billion ecological funding can save Nigeria’s coastline

With the higher rainfalls predicted for the year 2020, states in Nigeria may have to worry about something more serious than a flood – the erosion of the coastlines.

According to Mr Kabiru Abdullahi, Lagos State Commissioner for Water Front Infrastructure Development, the waves of currents from the ocean have become more violent, eroding the nation’s coastline and compounding environmental degradation, and flooding.

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This development is already posing serious threats to several parts of Lagos state, which is known to be a coastal city.

According to NAN, the state government had already constructed 18 groins to wade off the violent currents from the oceans, but Abdullahi admitted that given the current situation, there is a need to construct at least 60 more groins.

These groins, he explained, would act as breakers, trapping sand from moving down the beaches.

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(READ MORE:Lagos State conducts social media poll on whether to lock down or not.)

What can N400 billion do to save the situation

Coastline erosion is a seasonal problem which will always occur when there is a rise in sea level, as is expected during the rainy season. If the government does not armour the shorelines with seawalls, jetties and groins, there could be more property and land losses.

How N400 billion ecological funding can save Nigeria’s coastline

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According to the commissioner, N400 billion would be just enough to construct groins to cover another 60 kilometres in addition to the 7.2 kilometres done so far.

“On the Eko Atlantic City Project, so far, 18 groins have been constructed at 400 metres intervals covering a distance of about. We still have about 60 kilometres to go which is estimated to cost about N400 Billion,” he said.

The Ecological fund is an intervention fund set up by the Federal Government to address the various environmental challenges in communities across the country, but interestingly, the Lagos state government has not accessed any ecological fund on this project so far.

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(READ MORE:Fourth Mainland Bridge to begin before December)

Lagos state budget for 2020 was put at N1.17 trillion with environment getting N66.586 billion of the sum. With this sum, there is no way the ministry of environment can take on the task of funding a N400 billion project on coastline and shoreline protection, and this is only one of the numerous environmental challenges the state has to deal with. The state budget has even been reviewed downwards in view of the COVID-19 induced economic challenges.

Illegal dredging activities and land reclamation for urban development are also creating serious environmental issues for Lagos and left on its own, and without intervention funding from the federal government, the coastline situation could be left to deteriorate even further with the onset of the rain

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As the commissioner suggested, the federal government might want to consider allocating some of the “recently released tranche of Abacha loot of about $313 million” for this purpose, as it no doubt qualifies as a critical infrastructure for the country.

 

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Patricia

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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Economy & Politics

AFCFTA is a powerful tool for Africa’s economic integration – ECA

The pandemic has given African an opportunity to review its poor healthcare infrastructure,

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AFCFTA is a powerful tool for Africa’s economic integration –ECA

The Executive Secretary of the UN Economic Commission for Africa (ECA)Ms Vera Songwe, said the African Continental Free Trade Area (AFCFTA) is a powerful tool to accelerate regional and economic integration in Africa. 

The statement was made during a virtual panel by the African Union marking the Africa Integration for the Continental Free Trade Agreement. 

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She urged that Continental Free Trade Agreement would be Africa’s Marshall plan. Adding that nobody could have predicted the deep effects of the economic crisis on the continent.

“We need to talk about Africa and the AfCFTA. Our Marshall Plan is the AfCFTA. The AfCFTA is our plan, so let us take it and run with it.

 “The Marshall Plan for Europe was about 160 per cent of their GDP traded to bring back growth after the war,” she said. 

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She added that implementation of the AFCFTA, would help the continent have control of its economic future. She added that the UN Economic Commission for Africa forecasts African GDP would decline by 3.2% to -2.8% in 2020 due to the effects of the pandemic. 

(READ MORE: COVID-19: Take-off of Africa Free Trade Zone “AFCFTA” Postponed)

She stressed the need for a continental financial system integration to implement a mutual system of financial stability for sub-Saharan monetary cooperation, while also urging that Africa builds on progress made from implementing The Afreximbank Exchange Facility. 

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 “We need to ensure that as we build the AfCFTA and trade integration, we begin to build stronger, much more robust monetary and fiscal systems that can ensure that as a continent we actually can work with each other in a more effective way,” Songwe said. 

She also urged that the pandemic has given Africa an opportunity to review its poor healthcare infrastructure, citing countries like South Africa, Ethiopia and Morocco developing new healthcare systems. 

Songwe was joined on the panel by Mr Mukhisa Kituyi, Secretary-General of UNCTAD and Mr Benedict Okey Oramah, the President of the African Export-Import Bank (Afreximbank), Mr Wamkele Mene, first Secretary-General of the AfCFTA; Mr Chileshe Mpundu Kapwepwe, Secretary-General COMESA; and Paolo Gomes of AfroChampions. 

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The panelist jointly agreed that the economic crisis due to COVID-19 was an opportunity for Africa to learn lessons on the needs for Industrial developments by producing its own pharmaceutical industry.

Patricia
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Economy & Politics

Tax debt payments extended to August 31- FIRS

Tax debtors are to liquidate their outstanding tax liabilities on or before August 31.

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7.5% VAT: Implementation to begin Feb 1 – FG, FIRS redeploys 50 directors in massive shakeup ,FIRS moves to stop tax evasion with newly launched intelligence system , FIRS boss, Nami discloses why FIRS failed to meet revenue target under Fowler, FIRS to scale up tax compliance with new policies , FIRS tighten noose on deduction of stamp duty, CIT, others , Nigerians will now pay N50 stamp duty on electronic receipts – FIRS, Tax debt payments extended to August 31- FIRS

The Federal Inland Revenue Service (FIRS) announced it on Wednesday that it has extended the waiver of penalty and interest window on tax debts owned by businesses and individuals from June 30 to August 31, 2020.

In a statement by the Director Communications and Liaison Department, Mr Abdullahi Ahmad. The Executive Chairman of FIRS, Mr Muhammad Nami said the extension is a sequel to palliative measures set up by the FIRS to help businesses and individuals deal with the effects of the Covid-19 pandemic on the economy.

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READ MORE: FIRS to deploy new technology in tax collection, as MDAs refuse to pay 7.5% tax

“The latest extension applies to tax audit, tax investigation and desk review assessments, approved installment payment plans under Voluntary Assets and Income Declaration Scheme yet to be fully liquidated,” he said.

He added that there would not be any extension after the August 31 due date.

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READ MORE: Nigeria Joins Canada, Thailand and others in taxing digital companies

He urged tax debtors to liquidate their outstanding tax liabilities on or before August 31 in order to partake in the waiver of accumulated interests and penalties.

Nami also advised all businesses and individuals who fall under the waivers to contact their nearest FIRS Regional Debt Management Office and tax controllers for further enquiries.

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Economy & Politics

African Union will accelerate industrialization in order to beat COVID-19

AU is planning on improving industrial output through the establishment of the regional value chain.

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Cyril Ramaphosa, Africa Union to accelerate industrialization to beat Covid-19

The African Union says it will accelerate its industrial development drive and improve supply chains needed for Africa’s trade and logistic growth to overcome the pandemic.

In a statement by the chairman of the AU and South Africa’s President, Cyril Ramaphosa, the AU is planning on improving industrial output through the establishment of a regional value chain with the aid of private sector stakeholders. The statement commemorating Africa Integration Day was co-signed by AU Commission Chairman Moussa Faki Mahamat and Mahamadou Issoufou, the president of Niger.

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President Ramaphosa added that the African free trade area is the best tool that can help the continent speed up its regional economic integration to battle the effects of the pandemic. He added that the creation of a free trade area is “defragmenting Africa to put behind us the history of small uncompetitive markets that have thwarted our efforts to achieve inclusive sustainable development for the benefit of our people.”

The African Continental Free Trade Area agreement was signed last year and was meant to commence this year in July but the COVID-19 pandemic has delayed the negotiations for tariff concessions for trade in goods; a date has not yet been announced to resume negotiations.

READ MORE: China exempts some African countries from debt repayment

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When fully ratified and operational by 2030, the ACFTA would be the largest free trade area by land area, servicing a potential of 1.2 billion people and with combined GDP of $2.5 trillion. Of the 54 nations that have signed the agreement, only 28 have ratified it so far. Nigeria is one of the countries yet to ratify over worries of “dumping”. Internal trade in Africa is just 15% compared to Europe’s 70% and Asia’s 58%. The ACFTA when fully ratified will reduce tariffs on goods by 90% and help promote investment and movement of goods, people and capital in the continent.

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