NEWS
UN Group Identifies $1.5trn Blue Opportunities In Niger Delta, Expert Raises Environmental Concerns
The United Nations Global Compact has called the attention of all and sundry to some blue investment opportunities that can be harnessed in Niger Delta, Nigeria that surpass $1.5 trillion in 2022.
This is said to come at a time the Nigeria Blue Economy Stakeholders step up engagements through the Niger Delta Blue Economy Investment Forum to change the dynamics of the crude oil-dependent region to a new future that is green and sustainable with practical projects.
In a statement on Thursday, signed by Segun Adeleye, President/CEO of World Stage Limited and Chairman/Founder, SAFFGLIA.
In his presentation at the Niger Delta Blue Economy Investment Forum held at Monty Suites and Golf Resort, Uyo, Akwa Ibom State capital from November 15-17, 2022, Mr. Erik Giercksky of the UN Global Compact Sustainable Ocean Business Action Platform said, while green bonds clearly address climate and environmental issues, the blue bond can relate to all Sustainable Development Goals (SDGs), reflecting the diversity of factors relevant for sustainable ocean business including fair labor conditions, climate change, waste reduction, and gender equity.
“Using a blue label can show stewardship, in terms of emission reduction in the ocean, but also in ways that may not be fully expressed in a green instrument,” he said.
At the three-day forum organized by Alfe City Institution in collaboration with the Ministry of Niger Delta Affairs, Giercksky who addressed the forum virtually from newly York-listed benefits for a blue bond which can be issued by sovereign countries, multilateral development banks, banks, large and medium-size companies to include enhance the credibility of sustainability strategy; improve the diversity of investor base; create opportunities for larger and longer-term financing; potential improved financing costs; reputation benefits; and internal benefits.
The theme of the forum hosted by the Akwa Ibom State government and supported by the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and National Inland Waterways Authority (NIWA) is ‘Preparing for a Future Less Reliant on Crude Oil’.
Giercksky said the United Nations Global Compact Ocean CFO Task Force in collaboration with ADB Blue Bond Incubator is available to support the private sector to issue blue bonds through the provision of thought leadership; share corporate learning to teach and inspire potential issuers; showcase corporate commitment to the blue economy on the global stage; technical assistance; understand blue bond options, challenges, and benefits; define company’s blue bond framework and secure external verification; Identify assets, projects & KPIs eligible for blue bond proceeds; and Assistance in de-risking, structuring, and issuing the blue bond.
In a presentation titled ‘The Niger Delta Endemic Environment: Challenges and the way forward, Mr. Hilary Efanga, a researcher and Senior Lecturer with the Maritime Academy of Nigeria, Oron identified oil spillage/gas flaring and other forms of pollution as some of the major negative impacts on Niger Delta citizens, the environment and its economy, particularly the blue economy that must be urgently addressed for the blue economy to thrive.
“Central to the poor state of affairs is the largely obsolete laws and regulations in the Nigerian oil industry which have been outpaced by the prevailing technology for crude oil development and use,” he said.
“There is therefore an urgent need to review the existing oil industry laws and create new ones.
“The new laws to be promulgated must be relevant to the current state of affairs and strictly enforced to deal with every aspect of the industry, and very importantly, oil spillage and gas flaring.
“The communities in the Niger Delta region have become the recipient of environmental degradation. Government’s failure to implement appropriate policies to ameliorate the devastating region has exacerbated the phenomenon. Therefore a comprehensive or holistic approach is necessary to address the social and economic predicaments of the people living in the Niger Delta region.”
Calling on the Nigerian government to learn a lesson from how other countries effectively managed spill cases and adopt the same as in the case of the Exxon Valdez Oil Spill and Prestige oil spill disasters, the researcher said, “The cause of oil spill can lead to a very disastrous situation as such should be treated as a national emergency by the Nigerian government whenever it occurs. Not just because this is the case in other regions, but because it is the responsibility of the government to protect its environment.
“The government needs to provide effective capacity building at all levels by training personnel and acquiring basic oil spill response assets and equipment so as to be able to manage and control oil spills.
“Nigeria seems to depend largely on foreign experts for spill management; this approach may not add local content value. Therefore, the country should embark on the expansion of local knowledge of spill management through technology knowledge transfer.
“The government should develop a comprehensive spill management program with the integration of a modern national spill contingency plan and provision of the modern response equipment in readiness to combat any spill.
“Effective public and private sector partnerships are crucial to deal with the occurrence of oil spills in Nigeria with the government playing a major role.”
As for the private companies, he said they are not blameless, as they had not demonstrated commendable corporate social responsibilities in either their operations or their relationship with host communities regarding the effects of their activities on the environment.
“For decades of operations in the Niger Delta, the oil companies have not been significantly involved in the development of the host communities which is the reason for the grievances between parties. Therefore, with the provision of the new PIA, the government should establish an effective monitoring mechanism to ensure that the host communities receive optimal benefits this time,” he said.
“The oil organization should have free emergency national numbers in place this way the habitants in the region can call when there is an event of an oil spill and also when any individual is seen digging near a pipeline route.
“The Nigerian government must be proactive in both regards to controlling oil pollution, management, and biodiversity conservation by enforcing existing regulations, laws, and policies in place, this can be achieved by enormous political support – the determination to enforce the regulations and strengthening the judiciary system, especially in oil spill-related cases.”
Mr. Soji Adeleye, the Chief Executive of Alfe City Institution in his opening remarks listed the objectives of the Niger Delta Blue Economy Investment Forum to include Advanced the national discussion on the imperative of a Blue Economy in Nigeria through practical demonstration of actual projects at the state level; Provide the platform for an individual state to exhibit their Blue Economy projects for both local and international investors; Create a mechanism for peer review amongst the state to encourage open competition; Create a database for the states to serve as a repository of information about development in the blue economy sphere; Establish thriving open source information for investment information on the Blue Economy in the region; Above all, construct a demonstrable tapestry for the youth of the Niger Delta Region of a world of opportunities that would challenge their creativity, entrepreneurial skill in contrast to a culture of entitlement and deprivation.
Adeleye, a member of the Expanded Partnership Committee on Sustainable Blue Economy chaired by Vice President Yemi Osinbajo (SAN) said, “The Blue Economy solution calls for decongestion of Lagos; to reduce the pressure on the Apapa port by encouraging the construction of new sea ports along the coast that can serve the other parts of the country.
“There should be at least 27 functional ports of varying sizes serving a growing population that is rapidly approaching a quarter of a billion people. The case for the construction of new sets of seaports along the Nigeria Atlantic Coast which these littoral states are ready to undertake is overwhelming.”
The expectations of the investment forum include that the Niger Delta region should have a clearer understanding of its role in the success of a Nigerian Blue Economy; Each state should have a broader knowledge of its potential and comparative advantage in the facilitation of the Blue Economy; The youth and people of the Niger Delta Region, should after this forum be more optimistic about the future; Local and international investors should have a clear sight of the enormous investment opportunities available to them at the region; The development and outcome of the Niger Delta Investment Forum should accelerate the national discuss on this concept and help a quick articulation of the required policy formulation and legislation passage.
It will be recalled that major stakeholders in Nigeria’s blue economy had at a three-day ‘The Nigeria Blue Economy Stakeholders Conference’ in Lagos between February 15-17, 2022 made a case for the urgent formulation of National Policy on Blue Economy to harness the immense potential in the ocean ecosystem.
NEWS
Moghalu Prescribes Good Governance As Panacea To Ethnic Agitation
The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.
In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’
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The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.
He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.
Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.
“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.
“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt Chairman By Police
The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.