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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.
A bill to amend the Corrupt Practices and Other Related Offences Act 2000 has passed its second reading in the House of Representatives.
The bill, which mandates compulsory counselling and training for individuals convicted of corruption-related offences, was sponsored by Kayode Akiolu (APC-Lagos) during plenary on Wednesday.
Leading the debate, Mr Akiolu explained that the bill sought to amend Section 67 of the principal act, introducing new provisions that were not part of the original section.
“These additional provisions, found in subsections 2, 3, and 4 of the amendment bill, require judges and magistrates to not only impose imprisonment and/or fines on those convicted of corruption but also mandate a minimum four-week anti-corruption counselling and training.
“The counselling and training will be designed and delivered by the Anti-Corruption Academy of Nigeria (ACAN) and aims to address the psychological factors related to corrupt behaviour,” Mr Akiolu said.
Mr Akiolu emphasised that the training would help reform convicts by addressing their corrupt tendencies and could even transform them into advocates for anti-corruption efforts.
He added that this approach aligned with the reformative aspect of the criminal justice system, which focused on punishment and rehabilitation.
“As per subsection 4, the bill allows magistrates and judges to order convicts to cover the cost of their counselling and training, preventing additional financial burdens on the government,” the lawmaker noted.
Mr Akiolu further argued that if the bill is passed into law, it would strengthen the country’s fight against corruption.
Given the widespread negative impact of corruption, he urged the House to support the bill for the country’s benefit.
Following the debate, Speaker Tajudeen Abbas referred the bill to the relevant committee for further legislative consideration.
The Judiciary and the Media are key pillars of democracy, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, has said.
Kekere-Ekun made this statement in her address at the 2024 National Conference of the National Association of Judiciary Correspondents (NAJUC).
The CJN was represented by Mr Abdulaziz Olumo, the Secretary of the National Judicial Institute (NJI).
“ The judiciary and the media occupy unique and complementary roles in any democratic society.
“ The judiciary serves as the guardian of justice, equity, and the rule of law, the media acts as the conscience of society, disseminating information, shaping public opinion, and ensuring accountability.
“ Together, these institutions provide checks and balances that strengthen the fabric of democracy,” she said.
Quoting Felix Frankfurter, a former U.S. Supreme Court Justice, she said: free press is not to be preferred to an independent judiciary, nor an independent judiciary to a free press. Neither has primacy over the other; both are indispensable to a free society.”
The CJN said this dynamic interdependence between the judiciary and the media presents opportunities and challenges alike.
“ The media is entrusted with the responsibility of informing the public about judicial activities, the judiciary relies on accurate and ethical reportage to enhance public confidence in its work.
“ However, the inherent power of the media to influence public opinion requires careful management, especially when its focus turns to judicial proceedings.
“ The question posed by Robert J.Cordy, a former Associate Justice of the Massachusetts Supreme Judicial Court, is pertinent here: “What happens when the free press turns its sights on the courts-scrutinizing, sensationalizing, and exposing the frailties of the judiciary while questioning its ethical standards and performance?”
“The media’s capacity to shape narratives and perceptions is undeniable” she said.
Quoting Jim Morrison , she said “Whoever controls the media controls the mind.”
According to her, this underscores the immense responsibility placed on journalists to report truthfully, fairly, and objectively.
“ Unfortunately, the commercialisation of news and external influences have led to the rise of sensationalism-a practice that distorts facts, erodes trust, and undermines the very essence of journalism.
“ Sensationalised headlines, such as the infamous 2016 headline “We raided the houses of ‘corrupt, unholy’ judges, says DSS,” can paint a skewed picture of the judiciary and its officers. Such reporting, often devoid of context, compromises the integrity of the justice system and misleads the public.
“ Closely tied to this is the issue of “trial by media,” where premature and often biased media narratives prejudge cases and infringe on the constitutional rights of individuals” she said.
She added that as Mahatma Gandhi rightly observed, “The sole aim of journalism should be service.” It is imperative for media practitioners to remain steadfast in their commitment to truth and objectivity.
To this end, she advised, the National Association of Judiciary Correspondents to take proactive steps to regulate the activities of its members.
“ This is not merely about enforcing rules but about fostering professionalism and safeguarding the credibility of the media.
“ The judiciary and the media must work as partners in progress.
“ To bridge the gap between these institutions, there is a pressing need for constructive engagement and mutual understanding.
“ Courts can provide the media with guidelines on judicial processes, courtroom decorum, and the nuances of court proceedings.
She noted that globally, courts have adopted initiatives to support the media’s role in reporting judicial matters.
For instance, she said the Supreme Court of Dakota’s media guide outlines protocols for courtroom reporting, while the UK ‘s Media Guidance document provides clarity on access and etiquette for journalists.
“ These examples demonstrate how structured collaboration can enhance the quality of judicial reportage.
“ In Nigeria, we can take a cue from these models by developing a comprehensive media guide tailored to our judicial landscape.
“ This initiative, which would involve inputs from NAJUC and judicial stakeholders, would not only enhance media access to courtrooms but also ensure that judicial activities are accurately and responsibly reported” she said.
She advocated that judiciary correspondents must make deliberate efforts to familiarise themselves with the rules and procedures of the courts.
She added that understanding these frameworks will enable journalists to navigate the complexities of judicial proceedings effectively and responsibly.
“ Training programs such as this conference play a crucial role in equipping judiciary correspondents with the knowledge and skills needed to report judicial matters accurately.
“ The theme of this year’s conference, “The Role of Courts in Enforcement of Judgments,” is both timely and significant, as it addresses an aspect of judicial work that is critical to upholding the rule of law and ensuring justice.
“ I commend NAJUC for its commitment to promoting accountability and transparency through its engagements with the judiciary.
“ As I conclude, I must emphasize the importance of credible journalism in strengthening public trust in the judiciary” she said.
She urged judiciary correspondents to prioritise the pursuit of truth and objectivity, resist undue influences, and remain steadfast in their commitment to ethical standards.
She commended the leadership of NAJUC, under the chairmanship of Mr Kayode Lawal, for its efforts in promoting professionalism among judiciary correspondents.
The Senate has issued an arrest warrant for the Managing Director of Julius Berger Nigeria Plc, Dr Peer Lubasch, to appear before its Committee on Works.
The Tide’s source reports that the warrant was for Lubasch to explain the utilisation of funds appropriated for the reconstruction work on Calabar-Odukpani-Itu highway.
The warrant followed the adoption of a motion sponsored by Sen. Osita Ngwu (PDP- Enugu) and co-sponsored by Sen. Asuquo Ekpenyong (APC-Cross River) and Sen. Mpigi Barinada (PDP- Rivers) at plenary in Abuja, yesterday.
Ngwu, in the motion said, that the senate had mandated the committee on works to conduct investigation into the state of road infrastructure across the country.
He said that in furtherance to the investigative hearings, Julius Berger refused to honour invitations to provide details of its role in the Calabar-Odukpani-Itu highway project, in spite of receiving substantial public funds.
He said that this was worrisome, given the alarming discrepancies in performance among contractors on the project, with specific reference to Julius Berger for failing to meet delivery timelines.
Ngwu said it was the constitutional powers of the National Assembly under Sections 8 and 89 of the 1999 Constitution, as amended, to conduct investigations on any person or organisation responsible for administering public funds.
He said that the powers set out in section 6 of the legislative powers and privileges act empowered the Senate to issue warrants of arrest on persons in contempt of its proceedings.
The Tide source reports that the senate further ruled that President of the Senate, Godswill Akpabio, should sign the warrant, mandating the Julius Berger managing director to appear on a date to be communicated.
Akpabio said that the senate’s decision was in line with its constitutional powers under Section 89 of the 1999 Constitution (as amended).
“This senate will not tolerate the continued disregard of its authority.
“The managing director of Julius Berger must appear before the relevant committee, failing which further actions will be taken as prescribed by the constitution.
“The point of order, which was supported by the majority of the senators, highlighted the importance of upholding the integrity of the legislature.
“The senate committee will submit its findings to the National Assembly after the MD’s appearance.
“If there is any further failure to comply, we shall take the necessary steps to ensure respect for the constitution and the rule of law,” Akpabio said.