Business

Clean Energy Transition Can’t Succeed Without Workers’ Rights – REAN

Published

6 months ago

March 27, 2025

By Joel Ajayi

The Executive Secretary of the Renewable Energy Association of Nigeria (REAN), Dr. Tosin Akande, has emphasized that a successful clean energy transition is impossible if workers’ rights are neglected.

The energy transition refers to the shift from reliance on fossil fuels to renewable and cleaner energy sources for a more sustainable and environmentally friendly future.

Dr. Akande issued this warning in her goodwill message at the public presentation of the Workers’ Charter of Demand and Stakeholders’ Engagement held on Thursday in Abuja.

She stressed the importance of worker inclusion in the clean energy transition, warning that ignoring labor rights could jeopardize the process.

“A clean energy transition cannot be successful if workers are neglected. We must create mechanisms for reskilling and upskilling, particularly for workers who have spent their careers in the fossil fuel industry,” she stated.

Dr. Akande also highlighted the renewable energy sector’s vast potential for job creation, emphasizing the need for strong policies to prevent unemployment and poor working conditions.

“Without strong policies, many workers could face job losses or poor working conditions,” she warned.

Her goodwill message reinforced the urgent need for collaboration among government, labor unions, and industry stakeholders to ensure that Nigeria’s transition to clean energy is both equitable and sustainable.

Dr. Akande commended Friedrich-Ebert-Stiftung (FES) Nigeria and its partners for their dedication to advocating labor rights amid Nigeria’s energy transition process.

The event, organized by the Institute for Peace and Conflict Resolution (IPCR) in collaboration with FES Nigeria, also marked the launch of the Justice Department Transition Project, which aims to ensure a just and sustainable shift to renewable energy.

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Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

5 days ago

October 2, 2025

The Gleamer

By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

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