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Business

AfDB to assist West African countries deliver on carbon emission reductions

The AfDB will financially support West African countries to meet NDCs targets under the Paris climate accord.

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Akinwunmi Adesina, Afdb, Africa’s GDP could fall by 3.4% in 2020 if COVID-19 continues – AFDB

The African Development Bank (AfDB) is strongly committed towards extending financial support to the West African countries in meeting their Nationally Determined Contributions (NDCs) targets under the Paris climate accord.

According to the press release by the bank, this support involves the bank underwriting to prepare concept notes that would explore the use of internationally transferable mitigation outcomes (ITMOs) in selected West African countries.

According to Gareth Phillips, Manager of Climate and Environment Finance at the African Development Bank:

“This intervention will put in place a robust platform, including processes, procedures and structures that will ensure real and practical participation of the West African sub-region in the use of ITMOs to deliver some of their NDC aspirations. It will form the basis for the replication of these activities in other African countries.

READ: AfDB, Afreximbank and FCI partner to support emerging factoring firms in Africa

What you should know

  • The project is financed through the African Climate Technology and Finance Center and Network (ACTFCN), a Bank-managed initiative that draws on funds from the GEF Trust Fund and the Special Climate Change Fund.
  • ACTFCN aims to support sub-Saharan African member countries in scaling-up the deployment of low-carbon and climate-resilient technologies for climate change mitigation and adaptation.
  • This initiative is expected to assist the governments in developing the requisite technical capacity and institutional infrastructure that would enable the private sector to access new sources of climate finance as well as promote new financing mechanisms for energy efficiency and mitigation projects.
  • The ITMOs promote low carbon technologies and accelerate the implementation of projects and programs for energy efficiency projects. The process involves the implementation of an approved project that reduces greenhouse gas emissions and creates mitigation outcomes utilizing approved accounting procedures.
  • The Paris agreement permits the use of markets for the transfer of ITMOs between countries to meet the commitments contained in their NDCs.
  • According to the Press release, “The project will also leverage the active engagement of several West African countries in climate negotiations, particularly around Article 6 of the Paris accord, and the activities of the West African Alliance for Carbon Markets and Climate Finance (the West African Alliance or WAA), which provide the opportunity to expand the reach of carbon pricing to enable full implementation of NDCs”.

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

School kidnappings: Military and the Police will continue to go after kidnappers – Buhari

The President has assured Nigerians that the military and the police will continue to go after kidnappers.

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President Muhammadu Buhari stated that the Federal Government is working hard to bring an end to the recent incident of mass school kidnappings in Northwestern Nigeria and urges the Military and the Police will continue to go after kidnappers.

The President disclosed this in a statement on Tuesday morning , reacting to news of the release of schoolgirls kidnapped in Zamfara State.

I join the affected families and the people of Zamfara State in welcoming and celebrating the release of the abducted students of GGSS Jangebe.

This news bring overwhelming joy. I am pleased that their ordeal has come to a happy end without any incident,” Buhari said.

Buhari added that the FG needs the support of local communities to bring an end to school kidnappings by terrorists, and urges the authorities to keep going after them.

We are working hard to bring an end to these grim and heartbreaking incidents of kidnapping. The Military and the Police will continue to go after kidnappers. They need the support of local communities in terms of human intelligence that can help nip criminal plans in the bud,” he said.

What you should know 

  • Nairametrics reported today that The Governor of Zamfara State, Dr. Bello Matawalle stated the kidnapped schoolgirls of the Girls Secondary School, Jangebe, have been released after being kidnapped last week.

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Business

US supports appointment of new service chiefs, affirms close ties with Nigeria

The US Government has endorsed President Buhari’s appointment of ex-military service chiefs.

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The United States Government has expressed its support for the recent appointment of military service chiefs by President Muhammadu Buhari.

The new appointments are expected to bring new approaches to combating terrorism in the northeast and provide national security across the country.

According to a statement signed by the spokesperson for the US Department of States, Ned Price, this disclosure was made by the new US Secretary of State, Antony J. Blinken, during a phone call conversation with Nigeria’s Minister for Foreign Affairs, Geoffrey Onyeama, on Monday, March 1, 2021.

He also acknowledged the threats that violent extremists posed to Nigeria and regional security as a whole.

READ: President Biden revokes Trump’s ban for green card applicants in US

While highlighting the importance that the United States placed on its relationship with Nigeria, Secretary Blinken outlined a holistic approach to the US-Nigeria partnership based on their shared values of democracy, respect for human rights and robust people-to-people relations.

The statement said that as part of efforts to ensure a good relationship with Nigeria, Blinken referred to President Biden’s revocation of immigrant visa restrictions on Nigeria as an affirmation of the close ties between Americans and Nigerians.

He also reiterated the support of the United States for Dr Ngozi Okonjo Iweala as the new Director-General of the World Trade Organization (WTO).

Talking about the conversation with his US counterpart, Geoffrey Onyema expressed his delight at the discussion which covered a broad range of bilateral and multilateral issues.

READ: FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

He said, “Very glad to re-engage, through a very nice phone call with US Secretary of State, Secretary Blinken. We covered a broad range of bilateral and multilateral issues and look forward to increased cooperation.”

On his part, Secretary Blinken said, “Delighted to speak with Foreign Affairs Minister, Geoffrey Onyema. We deeply value our bilateral relationship with Nigeria and look forward to rejuvenating our partnership based on shared values of democracy, respect for human rights, and robust people-to-people relations.”

What this means

This appears to be a renewed partnership and bilateral relationship between the United States and Nigeria, which seemed to have suffered some setbacks during the Trump administration.

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This was clearly evident in visa restrictions on Nigeria and the refusal of the last US administration to support the confirmation of Nigeria’s Ngozi Okonjo-Iweala as the Director-General of the WTO despite the unanimous support of member states.

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