Business
African Ministers and Experts Spotlight Efforts to Incorporate Natural Wealth Accounting in Development Planning
NAIROBI – Wealth accounting and the valuation of ecosystem services are critical to Africa’s future growth, as the continent undergoes unprecedented development.
Projections point, for example, to broad-based acceleration in growth in Sub-Saharan Africa to around 5.5 per cent in 2013-2014, reflecting robust domestic demand and increased investment in export-oriented sectors as the main economic drivers, according to the IMF World Outlook 2013.
Achieving long term development and poverty alleviation in Africa relies on the sustainable and optimal management of the natural resource base.
Natural capital is a critical asset, especially for low-income countries, where it makes up around 36 per cent of total wealth, according to recent World Bank estimates.
The international conference on “Valuation and Accounting of Natural Capital for Green Economy (VANTAGE)” in Africa – taking place in Nairobi on 3 and 4 December 2013 – brings together African ministers, renowned economists, scientists and development experts to review and recommend policy action towards incorporating the valuation of natural resources and ecosystems services in development planning and accounting.
UN Under-Secretary General and UNEP Executive Director, Achim Steiner, said, “Natural accounting and valuation is not a fringe activity, but a cornerstone of the wealth of nations upon which sustainable, equitable and prosperous societies will be built.”
“Africa stands to be a key player in the framing of a landscape of more intelligent management of the natural world – because Africa still has many of the resources that elsewhere in the world are increasingly in short supply. Sustainably managed resources can benefit and grow Africa domestically and globally while becoming a beacon of profiting from its rich and abundant nature-based assets,” said Mr. Steiner.
“The time has now come to ensure that by 2015 – when the UN’s Millennium Development Goals transcend into the Sustainable Development Goals – the global community has the strategies and the policies in place to ensure that nature is fully integrated into economies everywhere in a convincing way that leaves no margin of doubt in the minds of governments, business and wider society that a transition towards an inclusive Green Economy is not just about reforming and retooling energy infrastructure to new patterns of mobility – but is predicated on a new and fundamental relationship between economy and the ‘soft infrastructure’ of nature and its true wealth and value to us all”, he added.
As of 2005, half of Africa’s most biologically rich terrestrial areas lost more than 50 per cent of their area due to cultivation, degradation or urbanisation.
In Kenya, for example, deforestation stripped the country’s economy of an estimated US $68 million in 2010, dwarfing the economic benefits gained from industries such as forestry and logging.
According to the World Bank, Africa’s population is expected to increase by approximately 800 million people by 2040.
This projected increase will put even more pressure on the continent’s natural resources.
“This year marked the celebration of the 50th Anniversary of the Organization of African Unity predecessor to the African Union with a new vision, Africa’s ‘Agenda 2063′ which charts the continent’s trajectory to prosperity,” said Tumusiime Rhoda Peace, Commissioner of the Department of Rural Economy and Agriculture of the African Union Commission.
She added: “Natural resources are a critical asset to many African communities and nations who depend almost entirely on ecosystems for their survival and economic development. Knowing the value of our natural capital does not only contribute to the optimal use of our resources but also makes it possible to resolve trade offs across time and space. The VANTAGE initiative is exactly what we need in this continent. This will pave the path for effective and efficient use of natural capital.”
Innovative wealth indicators
Recent years have seen a growing recognition that a new system of resource valuation and accounting is urgently needed, in particular to help countries more accurately assess the wealth and wellbeing of their populations.
In May 2012, 10 African countries, along with various public and private organizations, adopted the Gaborone Declaration, which outlines a set of concrete principles and development goals that include valuing natural capital in the development planning process.
One month later, the Rio+20 Summit outcome document, The Future We Want – endorsed by more than 190 countries – called for broader measures of progress to complement conventional indices, such as GDP.
Released alongside the Rio conference, the Inclusive Wealth Report 2012 – published jointly by UNEP and the United Nations University’s International Human Dimensions Programme on Global Environmental Change (UHU-IHDP) – provided a rethink of traditional economic and development yardsticks. It introduced a new indicator, known as the Inclusive Wealth Index (IWI), which is aimed at revealing the true state of a nation’s wealth and the sustainability of its growth, beyond GDP.
For example, if measured by GDP, the economies of China, the United States, Brazil and South Africa grew by 422 percent, 37 percent, 31 percent, and 24 percent respectively between 1990 and 2008. However, when assessed by the IWI, the Chinese and Brazilian economies only increased by 45 percent and 18 percent. The United States’ grew by just 13 percent, while South Africa’s actually decreased by 1 percent.
In fact, a full 25 percent of the countries studied by the report showed a positive trend when measured by GDP per capita and by the Human Development Index (HDI) were found to have a negative IWI per capita. The primary driver of this difference in performance was those countries’ declines in natural capital.
Valuing ecosystems
Other recent studies have also explored the benefits of placing a value on critical natural resources.
A 2011 UNEP report entitled, Putting Ecosystem Management in the Vision of Africa’s Development, focuses specifically on ecosystems and ecosystem services – which include the multitude of resources and processes that are supplied by ecosystems, from the production of food and water, to the control of climate and disease, to water cycling and crop pollination.
According to the report, growth accounting without explicit valuation of ecosystem services is an incomplete analytical framework
It finds that there is an urgent need to increase national awareness of the role of ecosystem services in the development process and to work towards relevant legislation and institutional reforms.
Ecosystems serve a myriad of purposes in both the earth’s natural processes and in human life, and contribute significantly to a nation’s wealth. Without full valuation of less-tangible benefits from ecosystems, their exploitation will remain unsustainable and degradation inevitable.
Some examples of the potential economic value of ecosystems are:
• Forestry in Tanzania is officially close to 2.3 percent of GDP, however research suggests that if the wider benefits are factored in, the real contribution is over 4 percent of GDP.
• Emerging research suggests that the contribution of the value of forests to the GDP of Uganda is around US $136 million, which amounts to about 4 percent of GDP.
An estimated 486,000 work opportunities were created in South Africa in environmental rehabilitation programmes since 1995. In addition, 85,000 jobs were created through formal conservation of protected areas in game ranching and ecotourism. “Decoupling” resource consumption and economic growth
Placing a value on natural resources also demands a rethink of the traditional links between resource use and economic prosperity – separating environmental “bads” from economic “goods”.
By 2050, humanity could devour an estimated 140 billion tonnes of minerals, ores, fossil fuels and biomass per year – three times its current appetite – unless the economic growth rate is “decoupled” from the rate of natural resource consumption.
According to a UNEP report entitled, Decoupling natural resource use and environmental impacts from economic growth, technologies that have helped humanity extract ever-greater quantities of natural resources must be redirected to more efficient ways of using them.
Some improvements have been seen. Over the past century, pollution controls and other measures have reduced the environmental impacts of economic growth. And, thanks to innovations in manufacturing, product design and energy use – aided by the rising number of people living more efficient lifestyles in cities – the global economy has grown faster than resource consumption growth.
However, the report notes that those improvements have been relative. In absolute terms, total resource use grew eight-fold, from 6 billion tonnes in 1900 to 49 billion tonnes in 2000. It stresses that more remains to be done to reduce resource consumption while meeting the development needs of an equitable and sustainable society.
Deforestation in Kenya: a case study in natural resource accounting
In Kenya, recent economic valuations of the country’s forests have catalyzed a response to conserve and rehabilitate that vast natural resource.
Deforestation deprived Kenya’s economy of an estimated 5.8 billion shillings (US $68 million) in 2010, far outstripping the roughly 1.3 billion shillings injected from forestry and logging each year, according to a joint report by the Kenya Forest Service (KFS) and UNEP.
The Role and Contribution of Montane Forests and Related Ecosystem Services to the Kenyan Economy, released in 2012, points out that the contribution of forests is undervalued by some 2.5 per cent, putting the estimate of its annual contribution to GDP at around 3.6 percent.
Between 2000 and 2010, deforestation of the country’s water towers amounted to an estimated 50,000 hectares, leading to a reduced water availability of approximately 62 million cubic metres per year. This has also affected Kenya’s economy, which is vulnerable to inflation spikes during periods of drought.
In response, the Kenyan government is now working to rehabilitate the water towers, in particular the Mau Forest Complex. Between 2011 and late 2012, more than 21,000 hectares of forestland were repossessed and some 10,000 hectares were rehabilitated. A number of programmes and activities also were launched to improve the livelihoods of communities living in and adjacent to the forests.
Modupe Asudo
Sahara Group, a leading global energy and infrastructure conglomerate, has commissioned MT Asharami Ghana, a 40,000‑cubic‑metre Liquefied Petroleum Gas (LPG) carrier, expanding its fleet capacity, while strengthening Ghana’s clean energy supply chain and LPG distribution network.
The dual‑fuel vessel improves operational efficiency, enhances supply reliability, and supports lower‑emission LPG logistics as consumption grows across Ghana and the wider sub‑region.
Ghanaian President Mahama and Sahara Executive Directors
Speaking at the commissioning in Ulsan, South Korea, President John Dramani Mahama described the vessel as “a significant milestone in strengthening the infrastructure that underpins the global LPG supply chain,” noting that expanded shipping capacity is critical to improving supply security, reliability and efficiency for countries that rely partly on LPG imports.
He commended Sahara Group, WAGL Energy and all partners involved for their “leadership, technical expertise and strategic foresight,” adding that the project reflects “the power of partnership” in advancing safe, efficient, and responsible energy distribution.
President Mahama wished the MT Asharami Ghana safe sails, expressing confidence that the vessel would inspire further investment and collaboration across Africa’s energy value chain.
According to Wale Ajibade, Executive Director, Sahara Group, the vessel supports Ghana’s clean energy ambitions through integrated infrastructure.
“MT Asharami Ghana is more than a vessel; it is part of a deliberate strategy to strengthen LPG supply security and support Ghana’s clean energy ambitions. It secures an additional 25,000-Metric-tonne stock security for the Ghana economy, alongside the soon to be commissioned 6000-metric-tonee of 12.000-metric-tonne land storage in Tema,” he said.
With the addition of Asharami Ghana, Sahara Group’s LPG carrier fleet now comprises six delivered vessels with a combined capacity of 202,000 cubic metres. Supported by partnerships with WAGL Energy, NNPC Limited and other stakeholders, an additional 270,000 cubic metres of capacity is under construction and due for delivery by September 2028.
Temitope Shonubi, Executive Director, Sahara Group, said Asharami Ghana is part of Sahara’s integrated LPG infrastructure strategy spanning shipping, storage, and downstream distribution globally, including the development of a 12,000‑metric‑tonne land‑based LPG storage terminal in Tema, with a 6,000‑metric‑tonne first phase scheduled for completion in May 2026.
He thanked Yaa Serwaa Alifo, MD of Asharami Ghana, for her resilience and insistence to dedicate a ship of “this magnitude solely to the Ghana Market and its landlocked neighbours.”
Ghana is targeting LPG adoption of 50 per cent of households by 2030, up from about 30 per cent today. Sahara’s investments will support clean energy access for more than 35 million people, while strengthening Ghana’s role in regional LPG trade to neighbouring and landlocked West African markets.
The commissioning comes in Sahara Group’s 30th anniversary year, guided by the Sahara Beyond XXX milestone, underscoring Sahara’s focus on building an enduring enterprise that delivers responsible growth, shared prosperity and long‑term impact across its markets.
Business
NGX Group, IFC, CSCS and WIMBIZ Convene Leaders to Advance Gender Equality at 2026 Ring the Bell Ceremony
The Nigerian Exchange Group Plc (NGX Group), in collaboration with Central Securities Clearing System Plc (CSCS) and Women in Management, Business and Public Service (WIMBIZ), convened leaders from across the public and private sectors to commemorate International Women’s Day 2026 through the global Ring the Bell for Gender Equality initiative.
Aligned with the UN Women theme “Rights, Justice, Action – For All Women and Girls,” the event, held during the Nigerian Exchange Closing Gong Ceremony, served as a call for sustained action to advance gender equality and expand women’s participation in economic leadership.
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Delivering the welcome address, Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, emphasized the critical role capital markets must play in shaping inclusive economic growth. “Capital markets are powerful engines for economic transformation. When women participate fully as leaders, entrepreneurs, and investors, markets become stronger, deeper, and more resilient. At NGX Group, we remain committed to advancing policies, partnerships, and platforms that expand opportunities for women and accelerate inclusive prosperity,” he said.
Delivering special remarks, Honourable Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, commended NGX Group and its partners for advancing gender inclusion through the initiative. “I congratulate NGX Group and its partners for sustaining this important global movement and for championing gender equality within our financial ecosystem. Together, let us continue to open the doors of opportunity so the next generation of women can lead with confidence and help transform our world,” she said.
Chioma Uzodimma, First Lady of Imo State, called for collective action to expand opportunities for women and girls. “As we sound the NGX Gong today, let it symbolize our shared pledge to protect every girl child, expand opportunities for every woman, and build an inclusive economy where every woman and girl can flourish,” she said.
Jude Chiemeka, Chief Executive Officer of Nigerian Exchange, emphasized the importance of broadening women’s participation in the capital market ecosystem. “When more women participate in the market as investors and professionals, we deepen the market and strengthen the foundation for sustainable growth,” he said.
Speaking on the role of development finance institutions in advancing gender inclusion, Claude Owona, Regional Industry Manager for Financial Institutions at the International Finance Corporation (IFC) for Central Africa and Anglophone West Africa, emphasized the economic benefits of gender equality. “When women and men participate equally in the economy, our societies function better and our economies become more prosperous,” she said.
Media entrepreneur and founder of EbonyLife Media, Mo Abudu, encouraged women to pursue their ambitions with clarity and confidence. “For me, it comes down to four things, purpose, passion, progress, and power. Find your purpose, let passion fuel your journey, stay consistent even when challenges arise, and most importantly, stand firmly in your power. Do not shrink,” she said.
Award-winning actor and filmmaker Funke Akindele urged women to pursue their ambitions with discipline and courage. “To every woman out there, you can do it. But beyond the words, we must put in the hard work, build structure into our businesses, and do things the right way. It takes courage to take the first step even when you’re not ready, courage to stay consistent when no one is clapping, and courage to hold firmly to your vision,” she said.
The Ring the Bell for Gender Equality ceremony celebrated the contributions of women to Nigeria’s capital markets and the broader economy while reinforcing the need for sustained action to close gender gaps in leadership, finance, and opportunity.
The 2026 edition was organized in collaboration with global partners including the International Finance Corporation (IFC), UN Women, the World Federation of Exchanges (WFE), the United Nations Global Compact, and the Sustainable Stock Exchanges Initiative (SSEI).
The event also featured the participation of female board members of NGX Group of companies, Ojinika Olaghere, Fatima Wali-Abdulrahman, Lilian Olubi, Ummahani Ahmad Amin, Amina Mohammed, and Fiona Ahime, alongside key ecosystem leaders including Onome Komolafe, Divisional Head, Business Services and Client Experience, CSCS Plc; Jumoke Olaniyan, Group Chief Strategy Officer, NGX Group; Uto Ukpanah, Chairperson, UN Global Compact Network Nigeria; and Mrs. Omowumi Akingbohungbe, Executive Director, WIMBIZ.
As the closing gong sounded, stakeholders echoed a common message: advancing gender equality requires more than dialogue. It requires sustained collaboration, deliberate action, and a collective commitment across governments, institutions, and markets to expand opportunities for women and girls.
Through initiatives such as Ring the Bell for Gender Equality, NGX Group and its partners continue to champion inclusive markets, recognizing that empowering women is essential to building stronger capital markets and a more resilient economy.
Modupe ASUDO
The Nigerian Content Development and Monitoring Board has reiterated its commitment to advancing gender inclusion and sustainable capacity development in Nigeria’s oil and gas industry, spotlighting a $20m Women in Oil and Gas Intervention Fund.
The Board made this known at the 3rd edition of the Diversity Sector Working Group’s Women in Oil and Gas Conference and Mentorship Programme, held on March 3, 2026, at Eko Hotels and Suites, Lagos.
The conference, organised in collaboration with the Nigerian Content Consultative Forum, was themed ‘Breaking Barriers, Shaping the Future’, with a strong focus on building bridges and empowering women for a sustainable energy future.
Delivering his goodwill message, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, described women’s empowerment as a strategic lever for strengthening Nigeria’s energy ecosystem, particularly at a time the global industry was undergoing profound structural change.
He explained that the sector’s navigation of energy transition, rapid technological innovation and rising sustainability expectations increasingly requires broader perspectives, adaptive leadership and inclusive participation to remain competitive and resilient.
Represented by the General Manager Midstream PCAD, Ms. Lekoma Phimia, the Executive Secretary framed inclusion not as social advocacy but as sound economics, stressing that diversity consistently delivers measurable performance outcomes across industries.
“Inclusive organisations are more innovative, more resilient and more profitable. When women thrive, industries thrive. When women lead, economies grow. When women are empowered, communities prosper,” he stated.
To illustrate this point, the Executive Secretary referenced the leadership impact of Ms. Oritsemeyiwa Eyesan, Executive Chairman of the Nigerian Upstream Petroleum Regulatory Commission, describing her tenure as clear evidence of women’s capacity to drive sector-wide transformation at the highest levels.
According to him, such leadership exemplifies how competence and inclusion are helping to steer the industry through a period of accelerated change.
While acknowledging the progress recorded, Ogbe observed that systemic barriers had continued to limit the full participation of women across segments of the oil and gas value chain, stressing that addressing the constraints requires deliberate, structured and sustained interventions.
At the centre of NCDMB’s empowerment showcase, the Executive Secretary highlighted the Women in Oil and Gas Intervention Fund, a landmark $20m initiative established in partnership with the Nigerian Export-Import Bank to provide affordable financing exclusively to women-owned businesses operating within Nigeria’s oil and gas sector.
He explained that the fund offers single-digit interest rate loans with repayment tenors of up to three years, targeted at eligible companies with approved industry contracts. According to him, the initiative is designed to accelerate local capacity and enable women entrepreneurs to transition from peripheral participation to ownership and leadership across the oil and gas value chain.
Ogbe further disclosed that a complementary intervention, implemented in partnership with the Bank of Industry, extends structured business training and additional access to capital to women-owned enterprises. He noted that many beneficiaries have expanded from small service providers into competitive vendors now supporting major oil and gas operators nationwide, particularly in logistics and marine services, safety equipment supply and environmental management — segments where female entrepreneurs have historically faced limited access to financing.
Beyond financing, the Executive Secretary highlighted NCDMB-supported skills development programmes executed in collaboration with institutions such as the Petroleum Training Institute and accredited industrial training centres in Rivers and Bayelsa states. He cited the training of women in welding and fabrication, noting that many graduates are employed in fabrication yards and contribute directly to major oil and gas projects.
“These women are earning dignified livelihoods, breaking stereotypes and inspiring a new generation,” Ogbe said, emphasising that collaboration remains critical to scaling impact, citing partnerships with financial institutions, development partners, training institutions and industry stakeholders.
He commended the NCCF Diversity Sector Working Group for sustaining advocacy and dialogue on inclusion. “We must move beyond inclusion towards leadership — more women in technical leadership roles, executive positions and industry boards,” he added.
In her remarks, the Chairman of NCCF Diversity Sector Working Group, Dr Alero Onosode, described the conference as a celebration of progress, leadership and possibility, noting that NCDMB’s sponsorship reflects its strong institutional commitment to inclusion and shared prosperity. She observed that convening the conference in March — International Women’s Day month — was symbolic, coming at a time of renewed activity and reform across Nigeria’s oil and gas industry.
“Alongside this momentum, we are seeing the rise of women into visible and influential leadership roles — regulators, CEOs, directors, engineers and policymakers shaping strategy and transforming spaces that were once dominated by a single voice,” Onosode said.
She explained that the conference theme challenged stakeholders to move from representation to impact, urging deliberate collaboration across sectors, generations and perspectives.
“Building bridges means women and men working together, turning diversity into strength and collaboration into results,” she stated, calling on industry leaders to prioritise mentorship, sponsorship and intentional partnerships.
The conference concluded with a renewed call for inclusive capacity development, with NCDMB reaffirming its commitment to empowering women, strengthening Nigerian content and ensuring that Nigeria’s energy future is sustainable, inclusive and economically transformative.
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