Business
FG Inaugurates Technical Sub-Committe On Naira-Based Crude Sales To Local Refineries
Joel Ajayi
In a significant step towards enhancing Nigeria’s refining capacity so as to promote economic growth and development of the country, the Federal Government has inaugurated the Technical Sub-Committee tasked with developing the framework for the sale of crude oil to local refineries in Naira.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while inaugurating the Committee today in his office in Abuja, stated that the initiative, aligns with the presidential directive, aimed at revolutionizing the energy sector by reducing reliance on crude oil exports and fostering local expertise.
The inauguration took place following a stakeholders meeting where government officials and representatives of local refineries, including the Dangote Refinery, gathered to discuss the implementation of this strategic directive.
The committee, which includes the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji as well as representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has the critical role of crafting a robust template that will ensure the successful implementation of the initiative.
In his remarks during the inauguration, HM Edun emphasised that this initiative is part of a broader strategy to position Nigeria as a refining hub, which will significantly boost the economy through the reduction of reliance on crude oil exports and fostering local expertise in the energy sector.
While commending the members of the committee for their dedication and anticipated contributions, the Minister urged them to work diligently in order to meet the expectations set by the presidential directive.
He reiterated that the ultimate goal is to transform Nigeria’s energy sector into one that is self-reliant and globally competitive.
With the inauguration of the Technical Sub-Committee, under the leadership of HM Edun, Nigeria is poised to witness a transformative shift in its energy landscape, especially with the task on the Committee to craft a robust framework for Naira-based crude sales, paving the way for a self-reliant and globally competitive energy sector.
As the nation embarks on this strategic journey, the ultimate goal of boosting economic growth, reducing poverty, and enhancing refining capacity is within reach.
Thus, the Committee’s diligent work will be instrumental in unlocking Nigeria’s full potential, and their contributions will be pivotal in shaping a brighter future for generations to come.
Business
Climate Change: GIZ Lead Efforts To Boost Collaboration In Africa
Mariam Sanni
The German Agency for International Cooperatives ,GIZ has intensify efforts on climate change by announcing the formation of Association of Africa Climate Adaptation Business Network (AACABN) to foster collaboration among African businesses dedicated to climate adaptation.
Dr. Denis Mujibi of Usomi (Usomi) expressed gratitude to the German government, GIZ, and all stakeholders for their support.
He is the first cohort to establish such an association that is also aimed to build on the program’s momentum on climate adaptation.
The association selected Suleiman Dikwa (Green Sahara Nigeria) as Chairman and Dr. Denis Mujibi (Usomi) as Secretary. The Steering Committee comprises four members: Greg Ikwe (Oklan Best Limited), Elizabeth Mbogo (Nazava), Ibukunoluwa Animashaun (FutuX Agri-consult Ltd), and Greg Ikwe (Oklan Best Limited).
GIZ has endorsed this initiative, recognizing its strategic alignment with their objectives to sustain support for climate adaptation businesses and facilitate investment in the sector.
The establishment of AACABN marks a significant step towards creating a unified network of climate adaptation enterprises across Africa, poised to drive meaningful change and innovation.
Similarly , the two-year program, organized by GIZ, aimed at enhancing business modeling and financial linkages for climate adaptation, has successfully come to a close.
The intensive program engaged 13 select African companies from Kenya and Nigeria, with the final segment held at a summer camp in Feldafing, Germany.
The initiative focused on developing sustainable business models, measuring impact, and preparing companies for investment readiness in the climate adaptation sector. Participants underwent diverse training modules tailored to address various sectors, including:Agriculture, Forestry, Climate-smart technologies , Infrastructure, Irrigation, Water, among others .
Through this program, participants gained valuable insights and skills to refine their business approaches and adapt to evolving climate challenges.
During the closing ceremony, the African Climate Adaptation Business Network was formally established,
The Program Head Denise Engel praised the program’s achievements in promoting peer learning and enhancing business models to attract investments.
Inaugural Members of PrivABoo: Arctic, Infrastructure, Botanic Treasures, CoFarms
Ecocycle,FutuX Agri-consult Ltd, Green Sahara, IrriHub, MajiAgri, Nazava,Oklan Best Limited,Peal, Agro., Usomi, Utooni, and White Gold Camel Milk
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