Author: Lucy Nwachukwu

Business
By Lucy Ogalue
Abuja, June 19, 2024 (NAN) The Presidential Enabling Business Environment Council (PEBEC), says it has concluded its 120-day Regulatory Reform Accelerator Action Plan, which will significantly improve Nigeria’s business environment.

The Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole, said the reforms concentrated on eight key indicators, including reviewing and updating service level agreements.

Oduwole said others are transparency reforms, efficiency reforms, entry and exit (Airport) reforms, port operations reforms, national single window project facilitation, agro-export reforms, and manufacturing for export reforms.

The News Agency of Nigeria (NAN) reports that the initiative is a 90-day programme, which started on Feb. 20 and terminated on May 20.

NAN also reports that the Vice President and Chair of PEBEC, Kassim Shettima, granted a 30-day extension period to enable Ministries, Departments and Agencies (MDAS) to intensify their reform efforts.

According to Oduwole, this is due to the sub-optimal performance of Ministries, MDAs and the sluggish completion of reform.

The extension period ends at midnight on June 19.

“These reforms operationalise earlier codified provisions in the Business Facilitation Act 2022 and directly impact the productivity and competitiveness of Nigeria’s economy.

“With the success of this final sprint, vice-president Shettima is set to host the inaugural PEBEC Townhall Meeting on June 28.

“This is where the results of the Accelerator and deepening the PEBEC’s regulatory reform mandate will be discussed.”

She said the successful implementation of these reforms marks a significant step towards making Nigeria a more business-friendly environment.

According to Oduwole, the event will bring together PEBEC Members, heads of over 50 federal government agencies and their reform teams, representatives of the organised private sector, and other stakeholders.

”PEBEC was established in July 2016 to oversee interventions to enhance Nigeria’s business climate. The council is crucial to President Bola Tinubu’s 8-point renewed hope agenda,” she said.

She said the third cohort of the council, inaugurated in November 2023, comprises 24 members from various levels and arms of government.

Oduwole said with these reforms, PEBEC aims to elevate Nigeria’s global business rankings, attract foreign investments, and drive sustainable economic growth. (NAN) (www.nannews.ng)
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Stakeholders at the ARSO General Assembly in Abuja on Wednesday.

 

Trade

By Lucy Ogalue

Abuja, June 19, 2024 (NAN) Stakeholders at the ongoing 30th General Assembly of the African Organisation for Standardisation have called for standardisation in promoting sustainable development, innovation, and export-oriented manufacturing across Africa.

The stakeholders said this on Wednesday in Abuja at the ongoing 30th General Assembly of the African Organisation for Standardisation (ARSO).

According to them, such measure will facilitate trade in the African region.

The News Agency of Nigeria (NAN) reports that the theme of the programme is  “Educate an African Fit for the 21st Century, Building a Quality Culture: One Market, One Standard.”

The Minister of Industry, Trade and Investment, Doris Anite, said a symbiotic relationship existed between education, sustainable development, industrialisation, and trade in the 21st century.

The minister was represented by her Permanent Secretary, Nura Rimi.

According to Anite, the ministry considers these essential for economic efficiency, trade facilitation, and tackling developmental challenges.

She said standardisation was a strategic pillar for governments, stakeholders, and the standardisation community.

“The theme points out the need to equip the African youth with relevant skills and SMEs with innovative tendencies needed for the 21st Africa’s Industrial Development and Integration Agenda.

“As provided under the African Continental Free Trade Area (AfCFTA), it is necessary to create awareness of the role of standardisation in sustainable development to catch up with the rest of the world.

“Standards shape our everyday lives, drive economic efficiency, facilitate trade and are the fulcrum for tackling the challenges of moving towards a more sustainable and resilient development model,” she said.

The minister called for enhanced synergy and collaboration among African nations and ARSO member states to implement the AfCFTA agreement effectively.

She reiterated the Nigerian government’s goal to rejuvenate the economy through innovative strategies in alignment with President Bola Tinubu’s Renewed Hope Agenda, with standardisation playing a key role.

She urged delegates to leverage on the platform to foster greater political commitment and strategic partnership to effectively implement AfCFTA and the African Union’s 2024 Year of Education.

Earlier, the Director-General, Standard Organisation of Nigeria (SON), Dr Ifeanyi Okeke, said it was important to address the enormous challenges hindering progress on the continent.

Okeke called for concerted efforts to equip African youth with the cognitive skills and knowledge necessary to navigate and succeed in an increasingly complex global landscape.

“Standardisation is not merely about setting guidelines; it is about fostering a quality culture that permeates every aspect of our lives.

“Stakeholders must re-commit and work collaboratively to address challenges such as out-of-school children and learning poverty rates.

“Our task is daunting yet achievable with concerted efforts and innovative approaches through the application of available technologies,” he said.

Mr Zubairu Abdullahi, representing the Minister of Education, Tahir Mamman, said the ministry would introduce standardisation courses in its curriculum.

According to him, this is a way of ensuring the standard of products and will also help raise consumer awareness in the country through education.

Meanwhile, the President of ARSO, Prof. Alexander Dodoo, called on African countries to use trade standards and collaborate to change the narrative for Africa.

“We have to create African solutions for African problems. If not, quality education will be meaningless.

” Our biggest challenge is our jobs; our youths are going across borders in the new slave trade because we have not created meaningful jobs for them.

“We owe it to ourselves as leaders to confront the African reality and forge a way for progress,” he said.

NAN reports that the event was attended by government officials and  key stakeholders in the sector  on the continent. (NAN) (www.nannews.ng)

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Economy
By Lucy Ogalue
Abuja, June 17, 2024 (NAN) An Entrepreneur, Mr Innocent Ogu, says manufacturing and commercialisation are critical to driving Nigeria’s economic growth.

Ogu, the President, African Legacy International, told the News Agency of Nigeria (NAN) in Abuja that his organisation was committed to fostering economic development through strategic initiatives.

He said one of such efforts was the upcoming 2024 Industrial and Commercial Expo, designed to catalyse technology transfer among stakeholders in the sector.

According to Ogu, the 2nd edition of the Expo, themed “Driving the Nigerian Economy to the Global Markets Level,” is scheduled to take place from August 21 to August 23 in Abuja.

He said various measures had been taken to ensure the event’s success, including the participation of more than 300 exhibitors and about 10,000 attendees.

“The event will feature high-level Government to Business meetings, and we expect about 300 exhibitors from different countries.

“Delegates will have the chance to meet local and international manufacturers, brands, and suppliers from various countries .

“The counries include China, South Korea, India, Pakistan, the Philippines, Indonesia, Thailand, Brazil, Poland, the Netherlands, South Africa, Egypt, and many others,” he said.

Ogu encouraged local manufacturers to showcase their products and engage with international producers, promoting an exchange of ideas and fostering business collaborations.

According to him, such interactions can significantly benefit Nigerian businesses by exposing them to global markets.

He expressed optimism that the programme would drive the Nigerian economy toward global market competitiveness.

“The Expo aims to provide Nigerians with the opportunity to compete on an international level, offering greater value for their goods and services.

“Local exhibitors are expected to gain enhanced visibility and appreciation for their participation, while international exhibitors will find direct end users for their products and services.

“The projected 10,000 visitors expected at the event highlights its potential impact on both local and international business communities.

“The 2024 Industrial and Commercial Expo represents a significant step towards economic growth and development in Nigeria.

“It will showcase the nation’s potential to engage with the global market and foster valuable business connections,”he Ogu said. (NAN)(www.nannews.ng)
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Greetings

By Lucy Ogalue

Abuja, June 16, 2024 (NAN) Mr Emeka Obegolu, the President, Abuja Chamber of Commerce and Industry (ACCI), has felicitated Muslim faithful on the occasion of the 2024 Eid-el Kabir celebration.

Obegolu urged Muslim faithful to use the season to uphold the country in prayers for economic development, peace, and unity.

The News Agency of Nigeria (NAN) reports that the Eid is a significant feast of sacrifice and the most important celebration in the Muslim calendar.

It celebrates the willingness of the Prophet Ibrahim to sacrifice his son Ishmael, in submission to Allah’s command before he was stopped by Allah.

Obegolu said that the festival was a season that signified joy, peace, and prosperity.

“As we keep praying for the country, God will help us to surmount our weaknesses and build a great nation that will be the envy of other nations and attract investors,” Obegolu said.

He urged Nigerians to shun issues that could cause religious disharmony and violence, urging all to work together in unity.

He also called on Nigerians to keep faith in the country and intensify prayers, while hoping that  government would overcome the current challenges. (NAN)(www.nannews.ng)
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Nigeria

By Lucy Ogalue

Abuja, June 16, 2024 (NAN) The Nigeria Export Processing Zones Authority (NEPZA), is intensifying efforts to retain businesses in Nigeria amid foreign exchange constraints and unreliable power supply.

The Managing Director of NEPZA, Olufemi Ogunyemi told the News Agency of Nigeria (NAN) that it was supporting businesses within its free trade zones and enclaves.

“We are witnessing an unfortunate trend where companies are relocating due to issues like foreign exchange access and power supply.

“To mitigate these challenges, NEPZA is actively involved in providing power generation solutions tailored to the needs of businesses operating within its zones.

“This initiative aims to reduce production costs and incentivise companies to maintain operations in Nigeria. We offer a range of incentives designed to attract and retain foreign direct investment.

“These incentives include customs duty waivers, tax breaks, and deferred payments to the government at the start-up phase of businesses,’’ he said.

According to the managing director, the investors, upon getting the incentives, are also expected to give back to society in the form of a Corporate Social Responsibility (CSR).

“Now, on the flip side, like I said, its a handshake, so we give, and then we take. Therefore, NEPZA requests from these foreign direct investors that they employ Nigerians.

“They train Nigerians on skilled, semi-skilled, even sometimes up to professional level. These are statutory requirements that are part of this handshake.

“And on top of that, there is something people call CSR but I call it Community Social Regeneration. I think that is a more accurate description.

“And it is part of the requirements we have on all these investors,’’ he said.

According to Ogunyemi, the authority operates as a one-stop shop for investors, streamlining interactions with government agencies to enhance the ease of doing business within NEPZA zones.

He said over the years,  this directive had not been followed but he would during his tenure ensure its implementation for the interest of the investors and the country at large.

The managing director expressed optimism about Nigeria’s potential to attract and sustain foreign investments in spite of global economic fluctuations.

He also expressed NEPZA’s commitment to leveraging incentives and streamlined processes to foster business retention and economic growth in the country.(NAN) (www.nannews.ng)

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Debt

By Lucy Ogalue

Abuja, June 15, 2024 (NAN) The African Development Bank’s (AfDB) African Development Institute (ADI), has inaugurated a programme, the African Debt Managers’ Initiative Network (ADMIN), to provide home-grown solutions to Africa’s debt challenges.

A statement issued by AfDB on Saturday in Abuja, said the inauguration and first peer-learning event took place in Addis Ababa.

The News Agency of Nigeria (NAN) reports that the theme of the event was: “Developing and Deepening Domestic Debt Markets in Africa. “

AfDB’s Director, Mr Coulibaly Abdoulaye said the network would provide tailored and homegrown solutions to the continent’s debt challenges.

According to Abdoulaye, the network will also strengthen the debt management’s capacity of African countries’ officials and institutions to rapidly resolve the debt challenges faced by these countries.

He said it would restore macroeconomic stability and support inclusive growth, as well as promoting the exchange of experiences among debt managers in regional member countries.

Meanwhile, ADI’s Director, Eric Ogunleye, said the growing financing needs for infrastructure development, poverty reduction, mitigating climate change, and tackling insecurity were driving African countries to increase their borrowings.

Ogunleye said the listed challenge was also increasing debt vulnerability on the continent.

He said rising debt vulnerability and weak debt management capacity on the continent had continued to worsen macroeconomic outcomes and hamper effective policy responses to shocks, and exacerbating debt distress in some countries.

“There is, therefore, a growing need to strengthen debt management capacity in African countries.

“As of April 30, about 13 countries out of the 38 African countries with debt sustainability assessment data are at high risk of debt distress and six are already in debt distress

“A larger share of African debt is now owed to external bondholders and creditors outside the Paris Club who deal directly with debtor countries.

“This high-cost debt imposes a significant burden of debt servicing on African countries averaging 18 per cent of total government revenue, he said.

According to him, the meeting underscores ways in which the continent can develop cheaper and more stable sources of debt financing for its many development needs.

He said the discussions focused on sound debt management frameworks, networking, and peer learning to support the development and deepening of domestic debt markets in Africa to promote debt sustainability.

The statement also said a former Director of Debt Management at South Africa’s National Treasury, Johan Krynauw, encouraged African countries to work more closely together to promote knowledge sharing and support each other on debt management issues.

“In recent years, there have been many institutional initiatives from outside the continent to help African countries.

“The question is always why it did not work, and why we still have public finance and debt management problems today?.

“Africa has reached a stage where it has enough skills, knowledge, and experience to determine what works for its countries.Context matters and we need to find solutions to local problems.

“That is one of the reasons the initiative was created for public debt managers in Africa to work together,” Krynauw said.

Also, Jean Naka, the Director of Research and Strategy at the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange of the West African Monetary Union, underlined the importance of domestic markets.

“Debt vulnerability remains a major challenge for African countries, especially in achieving development goals such as the United Nations Sustainable Development Goals and the African Union’s Agenda 2063.

.“However, the development of the African domestic debt market is one way to better address the situation,” he said.

The session was attended by debt managers and heads of debt management offices in Africa, capital market operators, commercial bankers, and regulators, including securities and exchange commissions and central banks.

They shared practical ways to develop and deepen domestic debt markets on the continent and offered lessons for countries that had either nascent or no domestic debt markets to consider how to develop or deepen them. (NAN)(www.nannews.ng)

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Gas

By Lucy Ogalue

Abuja, June 14, 2024 (NAN) Mr NJ Ayuk, the Executive Chairman, African Energy Chamber, says finance is critical to implementing domestic gas on the continent.

Ayuk said this while virtually presenting a keynote address at the ongoing Two-Day 2024 African Gas Innovation Summit (AGIS) on Friday in Abuja.

“If we must make domestic gas work in Africa, we must start looking at how we finance that.

“All African utilities except the ones in Seychelles, Mauritius and Morocco are bankrupt. They are not making money. We just have to take a big step on where we are.

“Most of the gas off-takers in Europe are European utilities. Our utilities in Africa are not able to be gas off-takers.

“I think we need to start driving how we can fix our utilities, but also how we take up our energy infrastructure,’’ he said.

According to Ayuk, having gas is not enough without being able to drive that gas through a sustainable, well-built infrastructure on the continent.

“The continent needs infrastructure to drive gas around Africa.

“And then we need to take care of our energy poverty issues, clean cooking issues and even manufacturing and development.

“There is so much need on this continent at the present moment; flaring, steel issues, and domestic gas can pave the way for us to solve that. But we also need to think a little bit differently.

“And I urge participants in this conference to play that role in thinking differently.”

He said it was a shame that the Nigerian gas demonetisation on the flaring project stalled and urged it to be ramped back up because Africa moves when Nigeria moves. When Nigeria talks, Africa talks.

“There is no need to have so many projects stuck in the hands of bureaucrats and regulators that stifle free markets, ingenuity, and innovation.

“Innovation goes when you get all these entrepreneurs out there thinking about big ideas, and then they try to find solutions and deal with a very difficult environment to get financing.

|”And you bring that financing, and the bureaucrats, some of them unelected, get to sit on those projects and kill it. We are killing our prosperity.

“So I want to urge this conference that we deal with those issues around fast-tracking approvals, streamlining the permitting process, and getting our people to move,’’ he said.

Ayuk urged government officials, regulators, and policymakers to avoid putting more roadblocks to domestic gas development and streamline and move very quickly for the continent’s benefit.

He restated the importance of incentivising domestic gas and making it bankable, as bankability was key to driving the project.

Ayuk said: “we need to look at those above-ground risk issues that have really stopped domestic gas across Africa. You want gas to go around Africa, but people can not get visas to go around Africa.

“That is something we will lead in our discussions with the AU in July. Travelling across this continent is easier for someone with a British or American passport.

“Some of the Nigerian or Senegalese passports or Ghanaian passports cannot travel across Africa because of our roadblocks among ourselves.

“So there are a lot of barriers to issues, but as we drive up this discussion, we should not forget that our above-ground risk issues are killing us when it comes to domestic gas.”

According to the AEC boss, a free and structured market is very important, but an enabling environment is even more essential today regarding domestic gas development.

“So, let us push Nigeria. Let us make our pride in Nigeria and Africa a real success so that we can have a country like Nigeria and a continent called Africa that we deserve and expect. “

The News Agency of Nigeria (NAN) reports that the two-day summit has as its theme “ Igniting the Future: Driving Sustainability in Africa’s Energy Landscape through Gas Technology and Innovation.

The programme, which started on June 13, brought together stakeholders and partners from across the continent and will end on June 14. (NAN)(www.nannews.ng)

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Energy

By Lucy Ogalue

Abuja, June 14, 2024 (NAN) The Group Managing Director of UTM Offshore Ltd., Mr Julius Rone, says policy inconsistency and insecurity are some of the major challenges hindering the growth of Nigeria’s energy sector.

Rone, represented by Mr George Amara, member of his Project Technical Team, said this on Friday at the ongoing 2024 African Gas Innovation Summit (AGIS) in Abuja.

The News Agency of Nigeria (NAN) reports that the stakeholder spoke at a panel discussion titled: “Solving Africa’s Gas Development and Utilisation Challenges through Domestication of Innovation”.

According to Rone, innovation and technology are also driving the migration of youths on the continent, especially to Nigeria.

“And why are they leaving the country? Maybe the environment is not favourable for research and development.

“So we need to see how we can even partner with Nigerians abroad and break the barriers everywhere to see how they can even work with us globally.

“Now we are in the era of technology, and people can work wherever they are. So, we need to see how we can get into this developmental pattern related to innovation and technology.”

The managing director said the issue of policy framework also posed a major challenge because there was inconsistency in our policies in the country.

“So these are areas I feel we have to improve. If we improve the policies, let there be stability. We recently read why Total is putting about six billion dollars in Angola, not Nigeria.

“One of the key things they mentioned is the inconsistency of policy and security. Therefore, these are key things, like a monster killing the business in Nigeria, even as they are divesting.

“No investor or businessman will want to put money where you cannot get anything.

“So the local investors will even hold back or put in money where they are not sure they will get it back. And at the end of the day, it shows in our data,’’ he said.

The managing director, however, said the essence of the meeting was not to dwell on things that were bedevilling us but to chart a way forward.

He called for collaborative effort among stakeholders to ensure that the purpose of the meeting was achieved.

Representing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Ahmed Mungadi said it was crucial to enhance gas utilisation efficiency in Nigeria and the continent.

Mungadi said there was an urgent need for efficiency in gas utilisation as Nigeria aims to accelerate the use of its gas resources.

“It is important that we immediately at this stage, try to optimise the efficiency of our utilisation.

“If we take certain volumes of gas, say a million tonnes of gas, and produce electricity, it is possible that half of that gas will have been used to produce the same amount of electricity or other gas products.

“This underscores the need for developing mechanisms that allow for more effective use of gas resources, ensuring that Nigeria maximises the benefits from its finite gas reserves.”

According to him, efficiency in gas utilisation also has significant implications for households and industrial consumers.

Addressing the role of the academia and research institutions in supporting innovation, Mungadi said stakeholder engagement, as stipulated by the Petroleum Industry Act (PIA), was crucial.

“The PIA has stipulated that regulators should conduct stakeholders engagement whenever they make any policy or law.

“The academia, however, should be an integral part of these engagements to provide solutions for present and future challenges.”

Mungadi said it was also important to leverage existing government institutions such as the Petroleum Development Trust Fund (PTDF), to foster academia-industry collaboration.

According to him, this collaborative effort is crucial for developing regulatory frameworks that support innovation in the gas sector.

Also, speaking, Dr Emeka Okwuso, the Chairman Oliserv Ltd, represented by the Managing Director Frazmes, Chuka Eze, said security was one of the big issues in developing and utilising gas on the continent.

“Today, gas pipeline facilities are sabotaged. So, we have to introduce technology and adapt it from the perspective of solving our security challenges.

“And we have to be collaborative about it. What we have found in the industry is that each organisation has a solution; we are not synergising together; we need synergy to get a harmonistic solution.

“For me, the issue has to be handled harmoniously for us to realise the potential,’’ he said. (NAN)  (www.nannews.ng)

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Energy

By Lucy Ogalue

Abuja, June 13, 2024 (NAN): Stakeholders say technological innovation, substantial investments, and effective policy frameworks are critical to securing Africa’s sustainable energy future.

The stakeholders spoke at the Africa Gas Innovation Summit (AGIS) 2024, held in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that the summit’s theme is “Igniting the Future: Driving Sustainability in Africa’s Energy Landscape through Gas Technology and Innovation”.

Mr Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, said technology and innovation played a pivotal role in reshaping Africa’s energy sector.

Mr Olalekan Ogunleye, the Executive Vice-President Gas, Power and New Energy, NNPC Ltd, represented Kyari.

“There is no doubt that technology and innovation remain key levers for growth and development, as can be seen in the drastic transformation of our industry,” Kyari said.

He elaborated on NNPC’s strategic focus on research and technological advancements, underscoring the establishment of a dedicated entity for research, technology, and innovation (RTI).

He said; “the NNPC’s initiatives have led to significant progress, particularly in seismic mapping and multivariate analysis for evaluating source rock potential.

“Indeed, today, the RTI is the hub of the NNPC due to the great emphasis on research and innovation.

“I am urging the participants to embrace the challenge of providing customised solutions aligned with the priorities of the African energy sector.’’

Kyari expressed NNPC’s commitment to leveraging gas technology and innovation to enhance sustainability in Africa’s energy landscape.

“NNPC is pleased and proud to have this veritable summit join it in its quest to ignite the future and increase sustainability in Africa’s energy landscape,” he said.

Similarly, Madam Amina Benkhadra, the  Director-General of Morocco’s National Office of Hydrocarbons and Mines (ONHYM), said there was an urgent need for major investments and innovative technologies to address Africa’s escalating energy demands.

“To unlock Africa’s energy future, we must develop major infrastructure projects and mobilise international investments.

“And the continent has strong potential in driving sustainable growth through gas and renewable energy.”

According to Benkhadra, Africa will require over 100 billion dollars annually in the power sector by 2030, with total investments reaching up to” three trillion dollars by 2050 to satisfy its increasing electricity demand.

The ONHYM director-general said gas remained the backbone of the global energy transition.

She recalled the African Atlantic Project, a strategic gas pipeline initiative that Morocco and Nigeria inaugurated as a key effort towards enhancing energy security and economic integration across West Africa.

Benkhadra then restated the importance of cooperation on the continent to ensure sustainability in Africa’s energy landscape.

“We must develop specific cooperation between African countries and other stakeholders worldwide.

“There is a need for deeper regional cooperation and public-private partnerships to drive investment on the continent.

“Morocco is committed to strengthening energy partnerships across Africa. We are dedicated to increasing and reinforcing our specific cooperation with all the African Sub-Saharan countries, especially in West Africa,” Benkhadra said.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, represented by his Permanent Secretary, Nicholas Ella, said effective policy frameworks and capacity building were crucial in fostering a thriving African gas sector.

“Our policies must be forward-looking, adaptable, and inclusive. They should address the unique challenges and opportunities of the African context.

“Such policies are essential for promoting transparency, accountability, and the equitable distribution of benefits within the gas sector,’’ he said.

According to the minister, there is a need for a skilled and knowledgeable workforce in the sector.

“Capacity building must be at the forefront of our agenda. This involves investing in education and training programmes, promoting technical and vocational education, and fostering a culture of continuous learning and professional development.

“The role of entrepreneurship and innovation is also underscored, with a call for support for entrepreneurs developing sustainable business models within the gas sector.

“By aligning our policies with global sustainability goals, we can position Africa as a leader in the global transition to a low-carbon economy,” Ekpo said.

The minister lauded the Africa Gas Innovation Summit 2024 as a significant milestone in the journey towards a sustainable energy future.b

” By embracing gas technology and innovation, shaping effective policy frameworks, unlocking financing avenues, nurturing capacity building, and cultivating entrepreneurship, we can ignite the future and drive sustainability in Africa’s energy landscape.’’

The Summit Chairman, Olalekan Ogunleye, said technology and innovation were key to exploring the resources that would enable Africa to transition to gas.

He said: “let us key to this, not just for economic or global trends but for our community and development.

“So our quest should be supported, and we (NNPC and Nigeria) will support every effort Africa makes to ensure we explore this resource.

“Innovation and technology require huge funding, but we can source this by embarking on a short-mid-long term plan.

“And I am optimistic that this summit will provide an opportunity to synergies on how we can explore these resources, and I hope we find direction to this at the end of the day.’’

NAN reports that the two-day summit was attended by government officials, partners, and key stakeholders in the energy sector on the continent. (NAN)(www.nannews.ng)

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ECA strengthening financial systems for devt in Africa, says official

Development

By Lucy Ogalue

Abuja, June 13, 2024 (NAN): The Economic Commission for Africa (ECA) is taking significant steps to strengthen public finance systems in Africa to ensure sustainable development.

The ECA said in a statement that it organised a workshop on Integrated National Financing Frameworks (INFFs) for experts and stakeholders from across Africa in Addis Ababa to ensure this.

The News Agency of Nigeria (NAN) reports that the two-day workshop aims to strategise on mobilising and utilising financial resources to achieve Africa’s Sustainable Development Goals (SDGs).

The INFFs are designed to strengthen public and private financing for sustainable development.

They align financing policies with national development plans, fostering collaboration between the public and private sectors. Africa is at the forefront of this initiative, with over 40 governments embracing the approach.

The Director of Macroeconomics and Governance Division at the ECA, Zuzana Schwidsowski, called for immediate action on the initiative.

“We are entering an era of poly-crises, characterised by multiple shocks, including pandemics, climate change, and economic and financial stresses.

“These challenges jeopardise our progress in sustainable development.

The need to raise financial resources to accelerate SDG implementation is more urgent now, given that we are less than seven years from attaining Agenda 2030,” she said.

Schwidsowski said the severe financing gap is estimated to range from 200 billion dollars to 1.3 trillion dollars annually, as detailed in the ECA’s Economic Report on Africa 2020.

She said the importance of domestic resource mobilisation and the role of INFFs in integrating national plans with available resources could not be overemphasised.

“The workshop aims to strengthen the capacities of officials and stakeholders to develop effective financing strategies, promote knowledge-sharing, and generate regional dialogue on public finance trends and issues affecting INFF implementation.

“Serving as a crucial platform for sharing experiences and planning future actions, the insights gained will be essential for the Fourth International Conference on Financing for Development in Spain in 2025.

“This workshop will be a rewarding experience for each participant, creating a space for knowledge sharing and learning.

“We are keen to deepen our partnerships to tap into the full potential of domestic resource mobilisation to achieve Agenda 2030 and the AU’s Agenda 2063,” Schwidsowski said.

In a video message, Shari Spiegel, the Director of Financing for Sustainable Development Office at United Nations Department of Economic and Social Affairs (UNDESA) underscored the critical role of domestic public finance.

Spiegel said: “Robust and resilient fiscal systems can contribute to alleviating poverty, reducing inequalities, and supporting economic growth.

“However, significant challenges remain, including unmet tax potential and the impacts of globalisation and digitalisation.

“The recent establishment of a UN Ad Hoc Committee to develop a draft framework for international tax cooperation is a historic step towards a fair and effective international tax system,’’ she said.

Also speaking, Maxwell Gomera, the Director of the United Nations Development Programme (UNDP) Africa Sustainable Finance Hub provided a compelling perspective on the role of INFFs in transforming African economies.

Gomera said: “with limited resources for necessary growth in many African countries, INFFs ensure that all available resources are effectively mobilised, allocated, and used where they are most needed.

“INFFs help align public finance with national development priorities, enhance revenue collection, and improve spending efficiency.”

Meanwhile, Rumbidzai Manhando, Programme Coordinator for the African Union Financial Institutions, restated the AUC’s dedication to strengthening public and private financing for sustainable development.

She said: “INFFs offer a comprehensive approach to mobilising and utilising financial resources. By integrating public and private financing, we can develop cohesive strategies that align with our development goals.”(NAN)(www.nannews.ng)

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