Business
Buhari’s double-barrelled mission to Scotland to attract trillion dollars investments
In a week of the Climate Change Summit in Glasgow, Scotland in the United Kingdom, President Muhammadu Buhari also used the opportunity to voice his deep-rooted desires to boost Nigeria’s National Infrastructure Stock.
Buhari made his feelings known in Glasgow at the COP26 high-level side event on improving global infrastructure hosted by President Joe Biden of the United States, EU Commission President, Von Der Leyen, and the UK Prime Minister, Boris Johnson, on Nov. 2.
According to the Nigerian leader, over 1.5 trillion dollars is needed by Nigeria over 10 years, to achieve an appreciable level of the National Infrastructure Stock.
Buhari, who had earlier delivered his national statement at COP26 Leaders’ Summit in Glasgow, Scotland, on Tuesday, said:
‘‘My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.
‘‘We look forward to working with you in this regard.’’
He also declared that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid in lifting 100 million Nigerians out of poverty by 2030.
‘‘There is a nexus between infrastructure development and the overall economic development of a nation.
‘‘My administration identified this early enough as a major enabler of sustainable economic development and the realisation of other continental and global development aspirations particularly the 2030 Agenda for Sustainable Development Goals.
‘‘On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.”
While delivering his national statement to world leaders, the President pledged that Nigeria would cut its emissions to net-zero by 2060.
He said that attaining national and global climate change goals would require adequate and sustained technical and financial support to developing countries.
According to him, greater effort should be channelled towards assisting developing nations to meet their ‘‘Nationally Determined Contributions (NDCs) commitments through the pledges made by the developed countries to provide at least $100 billion yearly.’’
Buhari noted that easier access to climate finance had become imperative given the COVID-19 pandemic, which battered the economies of developing countries.
‘‘I do not think anyone in Nigeria needs persuading of the need for urgent action on the environment.
‘‘Desertification in the North, floods in the centre, pollution and erosion on the coast are enough evidence.
‘‘For Nigeria, climate change is not about the perils of tomorrow but what is happening today.
”Nigeria is committed to net-zero by 2060.’’
The president had on Nov. 1 at an event, co-hosted by French President Emmanuel Macron, the Prince of Wales, and the Mauritanian President Mohamed Ould Ghazouani maintained that ”Africa’s ambition of restoring over 100 million hectares of the degraded landscape for productive agriculture is achievable”.
The president expressed optimism at the Climate Change Summit, COP26, a side event on the Great Green Wall (GGW).
The Nigerian leader said it was noteworthy that the meeting was tailored towards ameliorating the problems of land degradation, desertification, depletion of the forest ecosystems and biodiversity in Africa.
The president, who was speaking on the theme of the event, “Accelerating land restoration in Africa, the case of the Great Green Wall initiative”, said:
‘‘With all hands on deck and concerted efforts at land restoration by African leaders, I am optimistic that Africa’s ambition of restoring over 100 million hectares of the degraded landscape for productive agriculture is achievable.
‘‘Distinguished ladies and gentlemen, I am pleased to inform you that Nigeria will soon be assuming the leadership of Conference of Heads of State and Government of the Pan African Agency of the Great Green Wall.”
The News Agency of Nigeria (NAN) reports that American billionaire and founder of Amazon, Jeff Bezos, had also on Nov. 1 in Glasgow, Scotland, commended Buhari’s leadership role in restoring degraded lands in the country.
Bezos described the commitment of the Nigerian leader to restore 4 million hectares as exemplary.
Bezos joined Buhari, French President Emmanuel Macron, Prince Charles and the Mauritanian President, Mohamed Ould Ghazouani, at a COP26 side event entitled, “Accelerating land restoration in Africa, the case of the Great Green Wall (GGW) initiative”.
While heaping praises on the Nigerian leader at the event co-hosted by the French President, his Mauritanian counterpart and the Prince of Wales, the Amazon founder said:
“We are fortunate to have President Buhari of Nigeria with us today.
“Nigeria plays a critical role in the restoration movement and has pledged to restore 4 million hectares of degraded lands.
“This kind of ambition coming from Africa’s largest economy underscores just how vital this issue is.”
The Bezos Earth Fund has 10 billion dollars to allocate money to projects fighting climate change.
Before departing for the COP26 in Glasgow, Buhari had commiserated with families who lost loved ones in the 21-storey building that collapsed in Lagos.
Buhari shared the sad moment with the people and Government of Lagos State, calling on emergency institutions, including hospitals, to provide all the necessary support to safeguard the lives of the rescued.
The president had also hosted the national leader of the All Progressives Congress (APC), Sen. Bola Tinubu, at his official residence, State House, Abuja, on Oct. 31.
Speaking to State House correspondents after the closed-door meeting, Tinubu dismissed the insinuation that he was in the presidential villa to discuss politics with the president.
He, however, stated that his Sunday’s mission to the seat of power was to thank Buhari for visiting him when he was recovering from surgery at his residence in London.
He said: ”I came only to thank, first of all, the president for his visit to my residence in London when I was ……after the surgery, and wishing me well, lifting my spirit.
”Indeed, what an exceptional leader will do.
”That’s what I came for and to welcome him back from the trip from Saudi Arabia.
”No politics, just courtesy call, thanking him in a big way, that’s all.”
The president had on Aug. 13 visited the APC chieftain in London.
NAN reports that the president also received a briefing from the Chief of Naval Staff, Rear Admiral Awwal Gambo, at the Presidential Villa on Sunday.
On Nov. 5, Buhari had expressed deep shock and grief over the killing of 69 people in the Niger Republic by insurgents on the country’s common border with Mali and Burkina Fasso.
He said: ”This dastardly and callous attack on innocent people, including a mayor in the Niger Republic, is a disturbing setback to the regional efforts to stem terrorist activities that have caused massive destructions in our countries.”
The president on Nov. 6 also condoled with the government and people of Sierra Leone, following the fuel tanker explosion in Freetown, the country’s capital, where at least 100 people were killed and many injured.
The tragic incident happened late on Friday when a fuel tanker exploded following a collision, and many people rushed to the scene to siphon petrol.
The Nigerian leader said: ”I’m anguished by the unfortunate loss of lives and injury to so many.”
NAN also reports that Vice President Yemi Osinbajo had on Nov. 7 attended the meeting of the Nigeria-Cote d’Ivoire Binational Commission where he signed agreements with Ivorian Prime Minister, Patrick Achi.
The signing of agreements was at the high-level segment of the Second Session of the Nigeria-Cote d’Ivoire Bi-National Commission on Saturday in Abidjan, Cote d’Ivoire.
Osinbajo thanked Achi for his excellent leadership in hosting and co-steering the 2nd session of the Nigeria-Cote d’Ivoire Bi-National Commission to a successful outcome.
He said that Achi’s opening remarks were certainly very important for setting the tone and ensuring that the objectives of the meeting were achieved.
The vice president also expressed gratitude to President Alhassane Ouattara for granting him and his delegation audience earlier and for giving both sides very wise and insightful guidance on how to deepen relations between the two countries.
“The Nigerian delegation on its part is quite happy with the outcomes especially the Agreements that we have signed on this occasion,” he added.
NAN reports that Buhari will this week pay an official visit to Paris, France, to reciprocate an earlier one to Nigeria by the French President, Emmanuel Macron, and also attend the Paris Peace Forum 2021.
The Paris Peace Forum will be the fourth edition to be hosted by the French President.
”It will have Heads of State and Government and CEOs of major multinationals as well as several civil society actors, gathering to advance concrete solutions to the enormous challenges posed by the COVID-19 pandemic and to improve global governance in times of COVID-19.
”The Summit will focus on spurring a more solid and inclusive recovery by addressing the various gaps in global governance, offering initiatives to better tend to the global commons and putting forward new principles of action for the post-COVID world,” the president’s media aide, Malam Garba Shehu, had said in a statement.
He revealed that while the president is in Paris, the Nigerian government would organise the Nigeria-Paris Forum.
According to him, the event is expected to pull a crowd of Nigerian and French investors, government and business leaders, diplomats and the media in the hope of showcasing opportunities on both sides.
Shehu expressed optimism that the event would also bring enlightenment to bearNigeria’s prevailing security, economic and investment criteria.
According to the presidential aide, Buhari is expected back in the country after the engagements.
Business
Businesses count losses amid power outage in Bauchi, Gombe, and Jigawa
Business owners in Bauchi, Gombe and Jigawa are recording losses due to week-long blackout ocassioned by vandalism of the power transmission line in parts of northern Nigeria.
The sudden disruption in electricity supply in the past days, also affected essential services such as water, sanitation, street lighting and healthcare delivery as most hospitals have been operating without light.
Some of the affected businesses including shop keepers, millers and artisans, who spoke while reacting to a survey by the News Agency of Nigeria (NAN), described the situation as “pathetic”.
The survey examined the perennial collapse of national grid and the need for alternative power supply in the country.
Rice millers in Gombe had decried the impact of the erratic power supply on their businesses.
A Miller, Musa Arab, at Nassarawo Industrial Layout in Gombe, said the trend was crippling their operations as they relied on electricity supply from the grid to process paddy.
He said the mills were not operational power outage as they could not afford exorbitant pump prices of petrol or diesel to run their machines.
This, he said, reduced the volume of rice supply to the market and posed serious challenge to food security.
“We must invest in power because it is the biggest determining factor for industries to thrive.
“I have over 20 workers in my mill, and we have 100 mini rice mills here, so you can imagine those who have no jobs for the past 10 days.
“Government must go tough on those responsible for the perennial grid collapse because some persons may be benefitting from it,” he said.
Also, Yusuf Ibrahim said the situation might trigger the already fragile inflation, as prices of local varieties would shot up ocassioned by the diminish supply.
He said that some had jerked up their charges to cover the expenses on diesel thereby affecting rice prices.
A check by NAN at the Gombe Main market showed that a 100 kilogramme of rice was sold for between N120,000 and N160,000, as against N110,000 and N150,000, before the blackout.
Mr Usman Sani, a rice dealer, attributed the hike in price to low supply of the produce to the market in spite of the number harvest recorded this cropping season.
He said the prices had decreased slightly at the onset of the harvest, however, it showed sprawling increase due to power outage.
“The price of rice is already dropping as a result of harvest but the trend reverse since the blackout in the past days “ he said.
Ugochukwu Daniel, a bartender in Bauchi, decried the epileptic power supply in the country, adding that lack of durable energy supply would retard Nigeria’s quest to attain social and economic greatness.
Daniel said that she spent much on fuel to run power generator for refrigrator and lightening the beer parlour, to enable her to keep the business running.
He said that businesses could only thrive in an enabling environment with stable electricity supply, to enhance wealth creation and reduce poverty among Nigerians.
“My trade is about chill drinks and it survives on electricity to operate otherwise you will out of bussiness.
“Without electricity there is nothing you can do, and not only business but about everything. We depend on it,” he said.
Similarly, Samuel Adamu, said the persistent power outage had forced him to patronised charcoal for ironing clothes in spite of its high cost and cumbersome processes.
He said that most cleaners in the area had resorted to fabricated iron charcoal in spite of hike in its prices which suddenly jumped from N5,000 to N15,000.
Adamu said the situation also encouraged division of labour in laundry to cut cost and make some gains.
“Presently, I do wash the cloth, and engage someone for ironing. The charge is N300 per set as against N150”.
While advocated development of renewable energies to enhance power supply in the country, Adamu urged security agencies to entensify efforts towards electrical installations in the country.
In the same vein; Mr Muhammad Adamu, Chairman, Jigawa State House Assembly Commitee on Power and Energy, said the Jigawa Electricity Law 2024, made sound provisions to improve power generation and distribution in the state.
This, he said, was an offshoot of the devaluation brought about by the 5th alteration of the constitution, where removed power from the executive legislative list and to the concurrent list.
“It empowered the state houses of assembly to enact laws on power.
“The committee has also carefully pursued the bill and reviewed its structure and the promise it holds for the state power sector, infrastructure and the overall economy of the state.
“The new law will pave way for the establishment of Jigawa Electricity Commission, to regulate the state’s electricity market,” he said.
According to Adamu, the law will protect residents and investors in the energy sector through ensuring prepaid meter installation and possibility of recouping investor’s funds as well as address vandalism.
“The law will lead to provision of reliable, affordable and sustainable power, essential for development of all sectors of the economy, particularly in rural areas,” Adamu said.
“Vandalism will be over because we pay Kano Electricity Distribution Company (KEDCO) money for powered supplies, but whenever there is problem of damages or broken down transformers, it is either the communities or individuals that pay for the repairs”.
Business
Mercedes urges delay of EU tariffs on Chinese electric vehicles
The head of German luxury carmaker Mercedes-Benz, has called for the European Union to de-escalate the dispute with China over tariffs on electric cars.
“We need more free trade instead of new trade barriers.
“That is why it is important to find a solution that suits both the EU and China,” chief executive Ola Källenius told the Monday edition of Bild newspaper.
“The negotiations for this take time. In order not to jeopardise them, the EU should postpone the enforcement of the planned tariffs,’’ he said.
At the start of the month, a majority of EU countries paved the way for additional tariffs of up to 35.3 per cent on battery-powered electric vehicles imported from China.
Germany, however, voted against the measure amid concerns over retaliatory actions which could hurt the country’s giant car industry.
The European Commission had pressed for extra tariffs after an investigation accused Beijing of subsidising domestic electric car manufacturers, and thus distorting the market in the EU.
But whether the import tariffs would actually come into force at the beginning of November is still up to the commission.
The plans can still be dismissed if Brussels reaches a solution with China at the negotiating table.
Business
ACCI moves to promote business connections, balance work-life
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
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