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Nigeria VP Osinbajo Urges Developed Countries to Commit to Funding Africa’s Energy Transition

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By Derrick Bangura

Nigeria’s Vice President, Prof. Yemi Osinbajo has tasked developed nations to commit to fully funding Africa’s energy transition.

Osinbajo made the call in an article he penned in The Economist magazine titled: “Yemi Osinbajo on the Hypocrisy of Rich Countries’ Climate Policies,” in which he argued that Nigeria required $400 billion of new investment above business-as-usual spending to meet its net-zero target.
He also stated that that Africa was not a threat to the global climate targets, adding that LNG should be recognised as a clean cooking alternative.

Osinbajo wrote: “First, developed nations should commit to funding, in full, Africa’s energy transition. This is both a moral imperative and an environmental necessity.
“We estimate that Nigeria requires $400 billion of new investment above business-as-usual spending to meet its net-zero pledge. A green energy package, akin to South Africa’s, should offer at least $10 billion per year over the next two decades. Investments would cover not only new renewable generation projects, but also transmission infrastructure, smart grids, data management systems, storage capacity, electric vehicles, clean cooking, and the costs of integrating new distributed energy systems.”

He noted that a promising step was announced last year in Scotland at COP26, the annual UN climate talks, when South Africa received a $8.5 billion package to accelerate its energy transition, and argued that, “it is high time to extend that kind of support to the rest of the continent.

“Now is the ideal time to reset global policy so as to bolster Africa’s plans for producing clean energy. Wealthy countries have contributed the most to climate change, and they cannot demand more stringent actions than they will commit to themselves.”

He also pointed out that the world would not be able to tackle collective challenges if poor nations are treated as second class, or their aspirations ignored.

Osinbajo insisted that instead of viewing Africa’s emergence as a threat to be blocked, the continent should be seen as a tremendous opportunity, since the challenge for the continent was to transition to net-zero emissions while at the same time building sustainable power systems to drive development and economic opportunity.

He added that The EU’s recent decision to label natural gas and nuclear power as green investments recognised a critical truth that, “different countries will follow different paths in the energy transition. If this is true for Europe, it’s even truer for diverse African nations.”

According to him, after enduring colonialism, decades of unfair economic practices and COVID-19 vaccine apartheid, Africa, “cannot accept regressive climate policy as another injustice. Tackling the dual crises of poverty and climate change can only succeed if all countries play their fair part–and all of humanity is lifted up together.

“Though solar will provide most of our power in the future, we still need natural gas for base load power and balance. We insist that liquefied petroleum gas (LPG) be included as a clean cooking alternative to save the lives of our women and girls and to protect our own natural environment.

“Europe says it needs a decade more of gas investment to meet its 2050 climate targets. Africa—with our greater challenges—should have at least two more decades in order to meet our climate targets.”

The vice president argued strongly that the Nigerian government remained committed to universal energy access, adding that all Nigerians deserved to enjoy the benefits of modern energy that are taken for granted in the rich world.

“We should aim to generate a national average power output of at least 1,000 kilowatt-hours per person which, combined with population growth, means that by 2050 we will need to generate 15 times more electricity than we do today. That ambitious goal will require vast resources,” he said.

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).

The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.

Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.

The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.

Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan's Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.

Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.

“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”

He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.

Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.

In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”

He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.

Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.

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Shettima Warns Media Against Romanticising National Challenges

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Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.

Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.

“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”

The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.

Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.

“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.

The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.

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