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Business

AfDB to fund climate change in Africa with $25billion by 2025 – Adesina

By 2025, AfDB would commit $25billion in climate finance in Africa, as well as other bank’s initiatives.

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AfDB to invest $25 billion in Nigeria, AfCFTA, Akinwunmi Adesina

The African Development Bank (AfDB) is committed to mobilizing the sum of $25 billion in climate finance in Africa by 2025, as well as a number of other initiatives by the bank that would address climate adaptation.

This disclosure was made by the President of African Development Bank (AfDB), Dr. Akinwumi Adesina at a Conference of Montreal fireside chat event, organized by the International Economic Forum of the Americas, themed “A Sustainable Recovery for People and Planet.”

READ: AfDB bows to pressure from U.S, orders an independent probe of Akinwumi Adesina

During the chat event, Adesina was engaged in discussions with Inger Andersen, Under-Secretary-General of the United Nations and Executive Director of the UNEP and was moderated by the President of the International Development Research Centre (IDRC), Jean Lebel.

READ: Africa’s economic growth to drop by 4.1% in 2020, rebound by 5% in 2021 – UN

The discussion focused on three key areas as follows:

  • The current state of affairs with respect to COVID-19 and climate change.
  • Stimulus policies and recovery.
  • The role of the private sector in terms of recovery.

READ:  World Bank’s statement on Africa’s debt status is inaccurate, misleading, AfDB replies

What they are saying

According to Dr. Adesina,

  • “The other way that one can grow back in a way that is climate resilient is by actually providing the countries with facilities that will allow them to insure themselves against exogenous climate shocks.”

READ: AfCTA: Effective implementation to boost Africa’s export by $560 billion

He stated that climate change poses a grave threat to Africans, adding that,

  • “We have to grow differently. We have to have growth that is climate resilient. Adaptation must be at the top of the agenda. The risk of actually dying from hunger is higher than the risk of dying from Covid-19.”

According to Inger Andersen,

  • “Climate change is an existential crisis and one that the planet must face together. The four largest economies account for 55% of emissions, the brunt of the impact will fall on African countries as well as delta and low-lying small economies around the world. Any recovery has to have a degree of solidarity with it.”

READ: Nordic Development Fund extends grant of $8.8 million to African Water Facility

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She discussed how to move away from a linear economy and invest in nature’s infrastructure. She said:

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  • “Companies that jump into circularity, SDG 12, sustainable consumption and production, companies that do that will save money, resources will be more circular, they will leapfrog, they will have a market edge, and they will have a lesser need for resource inputs. We’re seeing it in some sectors –  plastics, textiles, fashion, and food.”

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Business

More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report

The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.

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Cross section of Nigerians

A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.

The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.

Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.

The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.” 

Highlights of the survey include:

  • Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
  • Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
  •  Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.

Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”

Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.

In case you missed it

Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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