Business
Climate Change: Nigeria To Inaugurate Green Bond
Acting President, Prof. Yemi Osinbajo has said that the Federal Government was making arrangements to inaugurate the first African Sovereign Green Bond to address climate change and environmental projects.
Osinbajo said this at the Green Bonds Capital Market & Investors Conference organised by the Federal Ministry of Environment and the Debt Management Office (DMO) at the Nigerian Stock Exchange (NSE) office in Lagos, Thursday.
Green Bonds are debt instruments tied to environmental projects to address climate change.
He said that the Federal Government under the Green Bonds initiative would give N20 billion under the first tranche before the end of the first quarter through the nation’s bourse.
Osinbajo, who described the initiative as a new addition to the market funding portfolio, stated that the proceeds would be used to fight climate change.
He said that climate change had led to more natural disasters, thereby impacting negatively on food, water and energy supply.
The acting President said that the initiative would also provide an opportunity to deepen the capital market as well as tackle poverty.
According to Osinbajo, the bond issuance will support the Federal Government’s shift to non-oil base assets for project financing for economic growth and development.
He said that the proceeds of the bonds would be used for environmental projects such as renewable energy micro-utilities in three communities estimated at N10 billion.
Besides, he said it would as well provide an average of 33KW of power through solar technology.
Osinbajo noted that power had posed a major challenge in the nation’s universities, adding that 37 federal universities and seven teaching hospitals would benefit from the Energizing Education Programme (EEP).
He stated that the EEP project estimated to cost 213 million dollars would provide119 mega watts of power in 37 universities using off grid solar technology.
According to him, Nigerians should embrace the bond initiative, the first in Africa to benefit from its higher yields. Osinbajo, who commended the ministries of Finance and Environment for the foresight in putting the bonds together, said the initiative would attract more private sector participation to the market.
Also speaking, Mrs Amina Mohammed, Minister of Environment, said that the project was in line with the Federal Government’s sustainable development initiative borne in September 2016.
Mohammed said the government, under its recovery growth plan initiative, identified Green Bonds as a vehicle that could be used to drive the economy in terms of environmental projects funding.
She said that the bonds if properly harnessed would create new jobs, open new investment avenues for the country as well as ensure creative thinking.
Mohammed stated that the proceeds would be invested in critical social-economic and environmental sectors that would impact on the lives of common Nigerians.
She said that the domestic investors needed to rally round the issuance to ensure its success in order to support government diversification agenda.
The minister said that the bond’s proceeds would be managed by DMO.
Mr Babatunde Fashola, Minister of Power, Works and Housing, said that the initiative was borne based on extensive consultation.
Fashola said that the DMO would determine the amount that would be used for all projects earmarked under the Green Bonds.
He said that Nigeria was working toward achieving 30 per cent in renewable energy by 2030, adding that Solar Unit Distribution Programme (SUDIP) project was estimated to cost N1.3 billion.
According to him, the units in aggregate from the project will provide up to 12mws of power, creating 6,000 jobs and impacting at least 60,000 persons.
Business
NASS Engages Agric Minister On Food Crisis
The National Assembly through its joint committee on Agriculture Production Services and Rural Development has engaged the Minister of Agriculture and Food Security, Senator Abubakar Kyari on an urgent solution to food inflation bedeviling the country.
The committee chaired by Senator Saliu Mustapha (APC Kwara Central), at an interface with the Minister, interrogated him on plans being put in place to arrest high cost of food prices in the country and make it affordable and available to the poor masses.
In his response, the Minister said the Federal Government has commenced distribution of 42,000 metric tonnes of grains to some focal points of state capitals nationwide.
“We have received directive and approval from Mr. President to distribute for immediate impact 42,000 metric tons of assorted grains free of charge to the Nigerian population.
“This was received in mid-February, as we are speaking, we have a record of the distribution being carried out, but I will want to plead with the honorable house and distinguished senators that some of the movements can’t be made public but a lot of states have started receiving their grains.
“We are distributing to state capitals in the first instance as you all are aware of the risk involved in the vandalism of foodstuff so we are working with the office of the national security adviser and other national security agencies.
“Furthermore, 58,500 metric tonnes of milled rice from mega rice millers will also be released into the market for stabilisation”, he said.
Speaking with newsmen shortly after the interactive session, Senator Mustapha expressed satisfaction with the steps being taken by the federal government.
He said: “From our interactive session, we are on the other side of the parliament; we are fully in the picture of what is happening, we are convinced that the steps being taken by the federal government are in the right direction.
“All we did again is to further emphasise on the need for certain things to be done on time, I think from this collaborative approach by the grace of God, Nigerians will have a better feel of the government policy on food security”.
Business
Obj Harps On Cheap Credit, Policy Consistency For Food Production
Nigeria’s former President, Olusegun Obasanjo, has called on the government to provide cheap credit and ensure policy consistency to enable farmers increase food production in the country.
The former President made the call as food inflation and nutrition security concerns grow in Africa’s most populous country.
Obasanjo’s made the call at the 9th Agrofood & Plastprintpack conference in Lagos recently, where he said farmers in the country were yearning for consistency in policy and single-digit interest loans to drive growth in the sector and attain food security.
“Policy sustainability and predictability is what farmers want. It helps them to plan. Availability of finance is also what farmers want. They cannot survive on the double digital interest rate”, Obasanjo, who is also a farmer, said at the conference.
According to him, food and nutrition security start with availability, then affordability by ensuring that everyone who needs food can get it.
He noted that food was one of the major imperatives in life, adding that “there cannot be food without agriculture and agribusiness”.
Obasanjo further stressed the importance of agriculture in changing the fortunes of the economy, with attendant exponential gains by way of earnings, employment, food security and other spin-offs.
He noted that agriculture must be made attractive to the country’s teeming youth population, saying this would address the rising unemployment, worsening insecurity and youth migration through the Mediterranean.
“We have to make agriculture attractive to the youths. We have to think within and outside the box to make it attractive to the youths so they are willing to get their hands dirty and feet wet”, he advised.
He continued that “Part of the security issue is owing to our inability to get them engaged. The need for agro-food and agribusiness is for food security, employment, wealth creation and income generation, particularly foreign exchange”.
Speaking also, Wouter Plom, the ambassador of the Kingdom of the Netherlands, said his country had faced challenges similar to those Nigeria confronts – feeding a growing population with limited resources.
He said as partners with a joint vision, the Netherlands and Nigeria recognise that the agricultural sector was one of the prominent drivers for economic growth.
He noted that the Netherlands has further strengthened its partnership with Nigeria to boost the agriculture sector in three main areas- economic growth, improved diets and youth employment.
The ambassador noted that all the challenges in driving growth through the sector, improving diets and tackling unemployment can be addressed when food production is efficient.
Paul Maerz, Managing Director of Fairtrade Messe, said with more investment in agro-food & plastprintpack solutions, products and technologies, brighter days were ahead for Nigeria’s agriculture.
Business
Abuja Farmers, Others Lose N12bn To Ginger Disease
The Federal Government, has confirmed the outbreak of ginger blight epidemic in four States in Nigeria, saying ginger farmers have lost over N12 billion due to the disease.
The government disclosed this at the inauguration of the National Ginger Blight Epidemic Control Taskforce in Abuja, revealing that the fungal disease had inflicted significant damage on ginger farms in Kaduna, Nassarawa Plateau and the Federal Capital Territory.
The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the blight had caused billions of naira in losses, impacting not only the livelihoods of farmers, but also Nigeria’s position as the world’s second-largest ginger producer.
“Our preliminary estimates suggested that affected farmers in southern Kaduna lost over N12bn.
“Furthermore, considering that over 85 per cent of Nigeria’s ginger cultivation occurs in this region, we can safely assume a substantial loss of cultivated land, potentially exceeding 70 per cent of total land”, he stated.
Abdullahi, however, stated that the Federal Government through the National Agricultural Development Fund would launch a N1.6bn recovery package for affected farmers in ginger-producing areas.
He said the ginger blight epidemic served as a stark reminder of the importance of preparedness in safeguarding agricultural resources, adding that by investing in research, extension services and farmer support systems, “we can build a more sustainable future for our agricultural sector”.
On his part, the Chairman of the task force committee, Abubakar Abdullahi, said there was no doubt that the blight on ginger had negatively affected the Gross Domestic Product earnings from this subsector.
“It is of necessity and great urgency that various subcommittees are put in place to forestall these negative effects”, he stated.
Abdullahi assured the minister of the commitment of the team to salvage the situation, as he pleaded with the minister to give the committee the power to co-opt members that would add value to the task force to discharge their duties efficiently and effectively.
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