News
African Govts Should Explore Natural Capital To Finance SDGs -AfDB
Africa must use all its comparative advantages to mobilise the resources it needs to finance its sustainable development ambitions.
The African Development Bank (AfDB) Group made the call in a statement on its website, yesterday.
The statement reported the Organisation for Economic Co-operation and Development (OECD) as saying that since 2010, Africa’s official development assistance declined to its lowest level of 34 billion dollars in 2022.
It said the continent’s access to international capital markets remained constrained and costly due to investors’ perceptions of high risk.
However, it said the continent was not short of options as it could draw immense potential of natural capital, including fresh water, forests and extensive mineral deposits to attract investment and accelerate economic growth.
“This is what the Annual Meetings of the AfDB scheduled to take place from May 22 to 26 in Sharm El Sheikh, Egypt, intend to demonstrate,’’ it stated.
According to the statement, about 30per cent of global mineral reserves is in Africa, including 60per cent of world cobalt reserves and 90per cent of platinum-group metals.
It further said the continent contributed substantially to the world’s annual production of six key minerals.
“This includes 80 per cent of platinum, 77 per cent of cobalt, 51 per cent of manganese, 46 per cent of diamonds, 39 per cent of chromium and 22 per cent of gold.
“Africa holds seven per cent of the world’s natural gas and oil reserves, has more than 60 per cent of undeveloped arable land, and is home to 13 per cent of the world’s population.
“Sixty per cent of its people are under 25 years of age, the youngest population in the world.
“About 75 per cent of African countries have maritime access, offering significant opportunities in the blue economy, which has a global potential of an estimated 1.5 trillion dollars if sustainably managed,’’ it said.
The statement said hundreds of internationally listed junior mining companies over the years had mobilised considerable capital by promoting the value of their exploration or extraction licenses for African deposits on markets.
According to the statement, governments have often failed to harness this natural potential to mobilise resources.
It further explained that hundreds of millions of people exploited natural capital in an ad hoc manner; for instance, in the charcoal industry, which relied on an economic model of deforestation.
However, it said some countries were effectively taking advantage of natural capital. Morocco, for example, had established huge solar and wind energy plants.
“ In 2022, British renewable energy company Xlinks announced the construction of a 3800-kilometre submarine cable to allow the UK to take advantage of this energy.
“Egypt harnesses the Nile River and the Suez Canal in various ways.
“The country also has the Benban solar photovoltaic power plant, inaugurated in 2018, contributing to increasing the renewable energy output to 42 per cent of the total by 2035.
“Benban is expected to reduce carbon dioxide emissions by two million tonnes annually.
“When running at full capacity, it will generate 3.8 terawatt-hours of electricity per year, equivalent to 90 per cent of the electricity produced by Aswan High Dam,’’ it said.
The statement said AfDB’s annual meetings would feature discussions of how Africa’s natural capital could be an important financing vehicle for the continent’s climate change adaptation.
It would also feature mitigation actions, Africa’s green growth ambitions, and its private sector investment.
It said the discussions would feature climate change and natural capital experts, African ministers, and Bank governors.
“In addition to discussions about local content and value addition, the dialogue will also focus on trade and regional integration, infrastructure, finance and investment policies; human capital and skills development; and technology upgrading.
“In September 2021, AfDB inaugurated a new initiative to integrate natural capital into development financing in Africa.
“The meetings in Sharm El Sheikh thus provide an opportunity to review this project and its first achievements.
“The meeting also provides a platform for the host country, Egypt, to share its successes in tapping its maritime and freshwater assets,’’ the statement said.
The Rivers State Chief judge, Justice Simeon Chibuzor Amadi has granted pardon to six inmates standing awaiting trial at the Port Harcourt maximum correctional center.
The six lucky inmates granted pardon on Tuesday by the state Chief Judge included Nwekeala Chizoba, Samuel Emmanuel, Aniete Kelvin, Ebube Fubara and Goddey Okpara who were on awaiting trial as murder suspects and have all spent between 10 years to seven years in the custody without a proper information filed against them in the court.
Justice Amadi during a special gaol delivery exercise last Tuesday at the Port Harcourt Maximum Correctional Centre opined that the special gaol delivery was part of activities lined up to commomerate the 2024/2025 legal year in the State and restated the commitment of the state judiciary in decongesting the correctional centre and ensuring that those inmates who are not supposed to be there are removed from the custody.
The state chief judge stressed the need for all stakeholders to work together to build a society that supports rehabilitation and gives a second chance to anyone or group of people who have fallen short of the expectation of the law and have been punished accordingly.
He stressed that the National Judicial Council(NJC) encourages judges to pay more attention to criminal matters to enable them to decongests the correctional facilities, noting that since his assumption into office, his administration has been able to reduce the number of inmates in Nigerian Correctional Centres and the Port Harcourt Correctional Centre in particular, to less than 2,000 as against the over 4,000 inmates previously in the faculty.
According to him, “as they release the deserving inmates, they affirm their commitment to justice, compassion and rule of law but that they must not forget the fundamental principles of justice delivery system which is truth and fairness, integrity and equality before the law.”
I encourage you all the released inmates to return to your families and become better citizens. You must not engage in action that will return you all back to prison. Let me say that while the judges show empathy to you all, it does not absolved individuals from being held accountable for actions against individuals, corporate organisations and state which the law frowns at, ”he stated
The Chief Judge thereafter stood down the exercise to enable the DPP to intervene to case files following the fact that majority of the persons listed to benefit from the exercise are facing murder charges and adjourned to a date that will come before December.
Earlier in his goodwill message, the outgoing state Comptroller of Nigerian Correctional Centre, Port Harcourt, Felix Lawrence, who was recently promoted to the rank of Assistant Controller General, commended the state judiciary led by Chief Judge, Justice Simeon Chibuzor Amadi for their continuous effort aimed at ensuring justice and decongesting the facilities.
Other activities lined up for the event included special church service at St Paul’s Cathedral , Anglican Communion, Rebisi Port Harcourt, inspection of guard of honour by the state Chief Judge mounted by officers of the Nigerian police and a special court session held at the ceremonial court hall.
By: AkujobiAmadi
The Director General of Rivers State Bureau on Public Procurement (RBoPP), Dr. Ine Briggs, has explained that the Sir Siminalayi Fubara administration plans to enforce transparency in governance through public procurement.
Speaking at a one-day Public Procurement Enlightenment workshop organised in collaboration with the State Local Government Service Commission for newly elected chairmen, vice chairmen, secretaries and leaders of legislative assemblies, Dr. Briggs said it is key for grassroot development.
She stated that the Sir. Fubara administration plans to reduce wastage and at same time infuse efficiency in public expenditure.
The RSoPP DG said the local government political office holders remain key drivers in the new vision hence the workshop is to arm them with knowledge on how to execute projects in tandem with needs of the people.
“ Your role in the prudent management of public resources is, therefore, not just administrative it’s the cornerstone of delivering the dividends of democracy. Every procurement decision you make must reflect a commitment to fairness, transparency and accountability” Dr. Briggs submitted.
One of the key goals of the administration she further reminded the participants was to use their offices to foster economic growth through public procurement.
She warned that the law establishing the agency empowers it to penalise defaulters, but that what is more important is voluntary compliance to the laws.
In addition to that, she said urged the local government council leaders that champion the practice and implementation of public procurement law.
On his part, Acting Chairman of Local Government Service Commission, Pastor GoodLife Ben Iduoku averred that the aim of the workshop is to arm key stakeholders in the local government system to generate new ideas, innovation and strategies in tandem with government policies and programmes.
The workshop dealt on various topics on procurement planning, methods, Understanding Bid Process, including types of Construction Contracts and law.
Some participants were awarded excellence and meritorious awards as part of the programme.
By: Kevin Nengia
The 19th anniversary of the National Association of Proprietors of Private Schools (NAPPS), Rivers State Chapter, recently ended in Port Harcourt in grand style, with participants from various schools including proprietors, the academia, civil society groups and top government functionaries charting the way forward for educational improvement.
The 19th NAPPS anniversary christened, ‘Innovation and Adaptation: Transforming Challenges Into Opportunities’ was held at Casoni Hotels, Port Harcourt.
In his remarks, the Chairman of the Rivers State Chapter of the association, Dr. Jaja Adafe Sunday expressed gratitude to the members and executives for their untiring efforts towards the achievements of the body.
He sought the intervention of government on the lingering crisis on the economy as it is affecting the running of schools.
He decried high cost of things including fuel and raw materials which has adversely affected the running of schools and payment of teachers.
Dr. Sunday hinted that the current economic situation in the nation is biting hard on the operations of schools, saying inflation, removal of fuel subsidy, fuel scarcity, poor electricity supply, tariffs and lack of government grants are some of the challenges faced by schools, and urged the members to brace up to the challenges, as it is the panacea to building a brighter future.
Guest speakers from the health sector and the academia thrilled the gathering on the essence of basic education which they said is the key to national development.
Former Dean of the Ignatius Ajuru University of Education, Professor Azuru and the Chief Medical Director of Meridian Hospitals, Dr. Odo Iyke were some notable guest speakers who delivered lectures at the occasion.
Some distinguished proprietors also got special recognitions and awards.
The 19th anniversary cake was cut by the Rivers State NAPPS Chairman with representatives of the state government assisting.