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COP27: Nigeria Pushes For $400bn ETP Funding …Caps Loss, Damage Cost At $1trn
The Federal Government has said that it was pushing for $400billion commitments from developed countries and partners on climate change to finance its Energy Transition Plan (ETP).
Implementable negotiations continued, yesterday, at Sharm El-Sheikh, Egypt, venue of the global conference on climate change otherwise known as COP27.
Minister of Environment, Mohammed Abdullahi, disclosed this on the sideline of the annual global event.
Abdullahi, who led the Nigeria delegation to the climate change conference, said that the country expected very positive affirmative commitment when it came to funding to mitigate the challenge arising from climate change effect.
“We expect very positive affirmative commitment from partners and developed countries. We intend to push that in our discourse and engagement virtually with every party and our partners.
“It depends on which sector we are talking about. If it is ETP, we are looking at $400billion. If it is loss and damage, we are looking much more than that because it affects the entire developing countries.
“When it comes to other specifics like our efforts in the Sahel to do with the Great Green Wall, we are looking towards €18.5billion that was pledged by President (Emmanuel) Macron (of France) under the One Planet Summit.
“So, it depends on the specifics. Funding naturally will focus on specific thematic areas,” the minister said.
The leader of the delegation, however, noted that Nigeria would not just abandon oil and gas under the global energy transition demand.
“We are not abandoning oil and gas; that is why we have the energy transition plan. The energy transition plan envisages first and foremost that fossil fuels, Nigerian gas will be transition energy between now and 2035.
“In other word, in between this period that we are relying on our oil and gas industry, we are also developing pari-passu, an independent energy transition that is aimed at reaching renewable; and majorly also, providing infrastructure for mini solar grids.
“So, what we are doing essentially is not just that we are abandoning our oil and gas, but we have to have a plan that considers all garments of energy available to the country.”
On compensation for loss and damage arising from the climate change impact, Abdullahi explained that it was an agenda of the developing countries and not Nigeria alone.
“We are looking at loss and damage as a developing countries agenda and not Nigeria alone. What is happening in most part of developing countries is an outcome of industrialisation, and the use negatively of the industrial priorities at the detriment of African country as well as the developing.
“So, we are saying loss and damage, they should bear the quantum of this damage we are going through. They should bear the financial burden so that they can mitigate what we are going through.
“So, we are looking at between $500billion to $1trillion to support developing countries to face the challenges of loss and damage.
“So, this recent flooding you see in Nigeria and other parts of the continent is as a result of the activities that are not related to any African countries,” he said.
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.
Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.
He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.
“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.
He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.
The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”
Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.
He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.
“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.
The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.
Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.
Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.
Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.
Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.
“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.
He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.
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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare
The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.
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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.
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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.
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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.
?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.
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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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