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GIZ, LASG Partner To Grow Circular Economy
The German Agency for International Corporation (GIZ) is collaborating with the Lagos State Government to promote circular economy by boosting the activities of Micro Small and Medium Scale Enterprises (MSMEs).
Chief Executive Officer, Nigeria Climate Innovation Centre, Mr Bankole Oloruntoba, said the strategic collaboration was to proffer innovative solutions to the various challenges facing Lagos State.
The Tide’s source reports that Oloruntoba made the assertion at the circular Lagos Challenge Grand Finale, held in Lagos.
A circular economy is “a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible”.
The source reports that the Circular project was launched by the Lagos State Government with the support of the GIZ.
Oloruntoba said about 1000 applications were received in January from individuals who wanted to take part in the innovation challenge before being reduced to 12 after two stages of screening.
The CEO added that the dynamism of Lagos also contributed to the fact that the innovation challenge is holding in Lagos, adding that whatever innovation carried out would serve as a model to other states.
“The will and passion to demonstrate innovation led to the journey that brought us here. The aim is to create dynamic growth economy in Lagos.
“We welcome you all and thank you for being here, working with us to find an alternative in solving problems in Lagos.” he said.
Mrs Toyin Odutola, an Assistant Director who represented the Lagos State Commissioner for Environment, Mr Tunji Bello, said the State Government would continue supporting innovative ideas.
“Lagos State Government is interested in circularity of the state. We want to make sure all our recyclables are recycled and wastes effectively managed.
“We implore anyone with innovative ideas to share with the state government which is always ready to make the environment more habitable.” she said.
Jennifer Seydel, representative of GIZ Nigeria said the Circular Lagos Challenge seeks to grow the market for circular economy businesses in ways that benefit producers, consumers, and communities across Lagos.
She said circular businesses are also expected to reap the monetary benefits, stimulate local economic growth and create meaningful job opportunities.
The source gathered that Circular Lagos is organized as bottom up initiative, which focuses on experimenting with small-scale projects with a view to learn from practice.
It also aimed at building institutional capabilities and develop an engaged and committed network of Circular Economy professionals in Lagos.
For the challenge, circular businesses submitted innovative solutions that can fundamentally change the way people design, change and use the things they need.
The winners of the most promising innovation undergo an incubation programme where they receive educational input and introduced to circular economy tools such as entrepreneurship, finance and policy.
Their application is developed to pilotable prototypes of solutions.
The challenge is guided by Circular market leaders that have urgent business needs and an interest to support entrepreneurs from ideation to project implementation.
The sponsors include BASF Sweepsmart, Coca-Cola & Growing Businesses Foundation, Nigerian Breweries, Food and Beverage Recycling Alliance and NGN.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter