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Oriental News 2024 Summit: Muda Yusuf Speaks On Nigeria’s Path To Green Economy Transition

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The Chief Executive Officer, of the Center For The Promotion of Private Enterprise, Dr. Muda Yusuf would drive discussion on Nigeria’s policy direction to establishing pathway towards economic recovery in line with global green economy initiative.

Yusuf, a renowned economist and former Director General, DG, of the Lagos Chamber of Commerce and Industry, LCCI, is the chairman of the 3rd National Conference being put together by Oriental News Nigeria, coming up on July 25th, 2024, at Radisson Blue GRA Ikeja, Lagos by 9am.

In recent years, economies all around the world have been experiencing a protracted slowdown driven by structural, global, and cyclical factors. Economic strategies that have been implemented to tackle recession and achieve rapid economic development have endangered sustainable growth by contributing to environmental degradation, global warming, and other negative repercussions.

Changing the paradigm to a green economy will boost natural capital stocks, safeguard the environment, and ensure social justice by providing practical tools and approaches to achieve sustainable growth while reducing environmental risks and ecological scarcities.

A transition to a green economy, however, faces challenges such as a lack of an appropriate policy framework, inadequate capital expenditure, varying levels of development, and resource endowments.

Therefore, for green sustainable development, newer business models, strategic changes and innovation in the use of resources, responsible and cleaner business practices, and green technologies are needed.

Above issues will form part of discussion to be spearheaded by Yusuf, who will further highlight challenges and how to accelerate the process.

Also, the Ag. Managing Director and Chief Executive Officer, MD/CEO of the Rural Electrification Agency, REA, Abba Abubakar Aliyu, will be addressing key energy professionals and other government officials on the Agency’s current drive towards delivering clean and reliable electricity across Nigeria.

Aliyu, who has confirmed his participation at the conference will take audience through World Bank approved Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project

At the event also, the Director General, D-G of the Securities and Exchange Commission, SEC, Dr. Emomotimi Agama, would be x-raying key policies and options available in the country’s drive to strengthen her national economy while aligning with global push towards promoting green economy.

All of these will be the high point at the 3rd National Conference.

Oriental News Nigeria a leading digital media platform would gather key policy makers, Government and non Governmental Organisations, industry experts in Nigeria’s financial sector to the conference which revolves around Nigeria’s Green Economy Initiative.

The theme of the 2024 Conference: ” Green Economy, Sustainable Growth and Infrastructure Transformation” considers various options available for Nigeria to sustain economic development and growth.

ALSO READ: SEC D-G To Speak On Nigeria’s Green Economy, Infrastructure Transformation At Oriental News’ Summit

Sub-themes of the conference include, Green Finance, marketing, and supply chain, Strategies and Policies for a green economy, Renewable energy  and Ecosystem for a green economy and Digital economy Entrepreneurship.

Agama, who has confirmed his attendance, expressed the belief that opportunities in terms of green economy are linked to the enormous possibilities for sustainable agriculture, renewable energy, ecotourism, and coastal development.

Also, other stakeholders have highlighted that Nigeria’s commitment to harnessing its natural resource potential could make the country a pioneer in promoting green economy development, hence the choice of the theme of the conference.

The conference is segmented into two main broad areas, with the opening programme to address the key thematic topic through the guest speakers intervention and chairmans remarks with comments from participants which centers around the conference theme.

The second segment is round-table discussion through wider engagement by select professionals to discuss the main theme and sub-themes of the conference.

The conference will draw together and engage researchers, eminent practitioners, and policymakers from across the country who will form part of the plenary (Round-Table) session that will deliberate on the latest findings on practices and policies for a green economy and sustainable growth through strategic change and identify priorities for action by stakeholders to pursue the most promising policies and practices.

The conference will also serve as a venue where academic peers may exchange information, share experiences, collaborate, and develop management answers to pressing business issues.

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NEWS

JUST IN: Civil Servants To See Wage Increase As Committee Finalizes Implementation Date

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The Committee on Consequential Adjustments in Salaries for Civil Servants has confirmed that the newly approved minimum wage will be implemented starting July 29, 2024.

This was disclosed in a Memorandum of Understanding (MoU) issued at the conclusion of the committee’s meeting in Abuja on Friday.

Read Also: NLC Accuses Tinubu Of Sabotaging Minimum Wage With Fuel Hike

The MoU reads, “The National Salaries, Incomes, and Wages Commission (NSIWC) will prepare and release the necessary salary templates for other consolidated salary structures. The implementation date for the new wage will take effect from July 29, 2024.”

The committee, comprising 16 members, was set up to oversee the execution of the National Minimum Wage Act of 2024. This legislation raised the country’s minimum wage from ₦30,000 to ₦70,000.

Among its key responsibilities, the committee is tasked with negotiating salary adjustments across various sectors and developing a template for implementing the newly approved wage structure.

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NEWS

Fuel Price Hike: Energy Analyst Adeoye Reveals Who Bears The Subsidy Costs

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With the pump price of Premium Motor Spirit (PMS) popular in the streets as petrol, hovering around approximately N1000-N1300 per litre, concerns are mounting about the viability of fuel subsidies in Nigeria.

Energy policy analyst, Adeyemi Adeoye, has underscored the critical role of the Nigerian National Petroleum Company Limited (NNPC Ltd) in this issue, shedding light on who bears the subsidy costs.

He shared his views on TVC News on Friday.

Biztellers reports that the pump price of petrol has risen from below N200/litre at at May 29, 2023 to around N1300/litre as at September 20, 2024, with little variations depending the part of Nigeria, consumers are buying from.

Read More: Fuel Pricing Should Serve Public Interest, Not Profit — Yemi Adeoye

He stated, “Only the NNPC can engage in negotiations of this nature. Their partnership with the Dangote Refinery gives them leverage to negotiate from a position of strength.”

Adeoye highlighted that while the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other marketers lack significant influence over prices, the Dangote Refinery prioritizes profitability.

According to him, this makes the NNPC’s negotiations vital, as they are legally required by the Petroleum Industry Act to ensure fuel availability across the country and prevent long queues at gas stations.

Adeoye said, “It is only NNPC that could have gone into that type of negotiation because NNPC is coming to the table from a position of strength because they have a partnership with the Dangote Refinery, and they have other businesses they are supplying crude to, so they can come and say, ‘Look, this has to be this way.’

“The IPMAN and the other marketers cannot do that because Dangote is a profit-making organization; it is not a charity organization. So, the only thing that is important to the Dangote Refinery is to make a profit, which is the same thing that is important to any business.

“So, the NNPC went into these negotiations because it also understands that it is the last resort. In terms of fuel distribution in the country, NNPC is mandated by the Petroleum Industry Act to make sure that there are no queues in the country. So, even if they don’t want to do it, the law mandates NNPC as the supplier, the last resort, to make sure that there is petroleum product across Nigeria.

“That negotiation is such that NNPC took all the calculations in and said, ‘This is a fair pricing that we know we can withstand.’

“Because what NNPC was paying out, which you might call a subsidy or under-recovery, NNPC was paying the difference on behalf of the government, which is under the directive of the president, who has also said he wants to see this situation totally resolved.

“That was why he directed the NNPC to make sure that crude oil to the Dangote Refinery is sold in Naira, because NNPC produces the crude in dollars, and it has to be sold to the Dangote Refinery in Naira, which is good faith.” he added

 

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International News

Ukraine Bans Telegram For Officials Over Security Risks

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Ukraine has implemented restrictions on Telegram for government, military, and security personnel, citing national security threats associated with the app, founded by Russian-born Pavel Durov.

The National Security and Defence Council announced in a statement on it’s Facebook page that these limitations will affect all government agencies, military units, and critical infrastructure facilities.

The council emphasized that this measure is essential for protecting national security.

Read Also: Russia Frustrates Ukraine’s Largest Drone Strikes On Moscow

It reads, “The National Security and Defence Council decided to restrict the use of Telegram in government agencies, military formations and critical infrastructure facilities. It is a “matter of national security.”

 

 

 

 

More to follow…………. 

 

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