Wednesday, 26 October 2016

Lagos Emerges Fifth Largest Economy in Africa


Governor Akinwunmi Ambode
Lagos State has emerged as the fifth largest economy in Africa, consequent upon which, Governor Akinwunmi Ambode, disclosed that his administration is in the process of setting up an Economic Management Team, EMT, comprising distinguished individuals from the private sector and the public sector to manage and improve the feat.

Ambode spoke on Tuesday at the Lagos House in Ikeja when he received a delegation from the Nigerian-British Chamber of Commerce on courtesy visit.


He promised that his government would explore synergy with private sector with the view to catapult the State into a true global city-state in the true sense of the word.


Ambode said:
“Very soon we would be setting up what we would refer to as an Economic Management Team to drive the fifth largest economy, because that’s the way we need to envision ourself and this Economic Management Team will involve nominees from the Chambers and other people in the private sector so that we can collaborate because majorly this economy is driven by the private sector."

“Our duty is to create an enabling environment and fuse all that together."
“I think that synergy can just catapult Lagos into that global city-state that we want it to be.”
 
The governor explained that his decision to come up with the Office of Oversees Affairs and Investment, otherwise known as Lagos Global, was part of efforts at encouraging investment in Lagos both from within and outside, among many other initiatives of the present administration.

Reuben Abati Allegedly Implicates Journalists in Arms Deal Largesse


According to latest reports, Reuben Abati who was detained by an anti-graft agency Economic and Financial Crimes Commission is said to have begin to confess his reported financial infraction.
 
Reuben Abati
 
Sahara Reporters wrote that Dr. Reuben Abati, the former Media Adviser to ex President Goodluck Ebele Jonathan has admitted to corruptly benefiting from the arms deal largesse of $2.1 billion involving the former National Security Adviser, Colonel Sambo Dasuki (Rtd).
 
Mr. Abati was detained on Monday evening by the EFCC after honouring the invitation of the anti-graft body to clarify a sum of N50 million that was linked to his office as obtained from the Office of the National Security Adviser, ONSA.
 
Mr. Abati on being severely grilled by investigators reportedly confessed to sharing N50 million among journalists in the form of gifts during the festivity periods of Christmas and Sallah to assumably launder the image of Jonathan.
 

UNFCCC unveils online platform to watch Cop22 proceedings

UN Sec General
 The secretariat of the UN Framework Convention on Climate Change (UNFCCC) has  announced a new online platform to allow observers to watch key parts of the global social media conversation around the UN Climate Change Conference in Marrakech, Morocco (COP 22, 7 - 18 November).

The corresponding widget is ready for download free of charge and embedded on websites of news media, bloggers and all interested organizations.

The platform, dubbed UN Climate Talks LIVE, produced in collaboration with KPMG, will go live on 7 November and will provide live information until the end of the conference on 18 November.

The site will display real-time data on the global Twitter conversation about COP 22.

 It will gather and visualize worldwide tweets, showing visitors the top Tweeters, key trends in the conversation as they happen and insightful analytics.

In 2015, UN Climate Talks LIVE for the UN Climate Change Conference in Paris (COP 21) attracted over 1.2 million visitors and analyzed more than 3.5 million Tweets.

Ahead COP22: CSOs told to be ‘eye of the nation’


As Nigeria rounds up preparations for the 22nd Session of the Conference of the Parties (COP22) to the United Nations Framework Convention on Climate Change (UNFCCC) scheduled to commence in two weeks’ time in Marrakech, Morocco, civil society organisations (CSOs) have been advised on their role at the two-week global summit.
Representatives of CSOs at the meeting
Representatives of CSOs at the meeting
At a daylong session in Abuja on Monday that featured a Pre-COP22 Strategic Meeting and Launch of the Nigeria Labour Congress’ (NLC) Climate Change Policy document, Nigeria’s erstwhile climate chief, Dr Samuel Adejuwon, told participants that their role is to pay close attention to details and be the eye of their country delegation in every session they cover.
He advised the civil society players to always pass thorough and privileged information to their country delegation that may help influence decisions at the COP, which will also feature the 12th Session of the Conference of the Parties serving as the Meeting of the Parties to the Kyoto Protocol (CMP12) and the 1st Session of the Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA1).
While commending Samuel Onuigbo, Chairman, House of representatives Committee on Climate Change, for his commitment and support for his work so, Dr Adejuwon however pointed out that it would yield no result without the support of the efforts of the overall National Assembly (NASS). He said that the support of the NASS is needed to help fund the implementation of the Intended Nationally Determined Contribution (INDC) as, according to him, inadequate funding might forestall its execution.
Adejuwon demanded: “How are you looking into making laws that will help Nigeria transit to green economy even with technology and expertise import? How will you ensure funding for CSOs and carry them along in all the processes of your work? When will the Climate Change Commission Bill be passed into law? Are you factoring in gender balance in all your works?”
Onuigbo’s reply: “We have done a lot of work since I was appointed into this position in November 2015 and we have been able to establish that all MDAs (ministries, departments and agencies) can be held accountable for what they do to the environment and how they comply with international conventions to which Nigeria is party to.
“We were able to identify impacted ministries and explain to them why they are under the oversight of the NASS Committee on Climate Change. We will continue to do a lot of work that will allow the ease of implementation for the Paris Agreement. The Climate Change Commission Bill was scuttled when it got to the stage for assent for some unknown reasons, but we are working on a new one now. We will work to make provisions for interactive session in our budget to encourage this kind of forum.
The legislator lauded the President’s commitment to climate change, which he said has been obvious but capped by the recent signing of the Paris Agreement in New York. He promised that the House would continue to do its best to support work on climate change and commended the NLC for its efforts.
Citing the drying up of Lake Chad as a typical and current example of how devastating climate change can be, he urged all to change and join the effort to mitigate the effects of climate change.
Environment rights activist, Nnimmo Bassey, faulted the Paris Agreement, saying it allows countries to pledge to what they can do, and not what they must do.
Speaking during the launch of the NLC Climate Change Policy document, he stressed that now is time for all to fight for a “green labour revolution”. He urged the NLC to help cut emissions at source through innovative projects and policies.
He adds: “COP21 was a failure because the things mentioned were things they could do, and not what they should or must do. Paris Agreement has given room for more carbon offset.
“Those who have taken 80% of carbon budget are still putting carbon into the system. This is the basis of climate injustice.
“On gas flaring, the Nigerian government has refused to the counterpart funding and that has stalled implementation of many initiatives including stopping gas flaring as they are the major shareholders in the impacting companies.
“I advise CSOs: support your country’s position but be critical, look beyond the ordinary words and know the underlying reason for everything.”
Tracing the genesis of the Climate Change Policy, Hauwa Mustapha of the NLC said: “It wasn’t until 2015 that the NLC started serious engagement on climate change and started out with a study on workers’ knowledge of climate change and how they relate to it.
“The study revealed that workers, though aware of climate change, could not immediately relate it to their daily activities. The policy document is expected to give us a guide towards more action.”
She decried the poor conditions of work environment of most places in Nigeria with workers being unaware of the impact on their health and environment.

By Olumide Idowu

Green bonds could rise to over $80bn in 2016

Moody’s Investors Service says that global green bonds volume reached another peak during the three months ended September 30, with the strongest quarterly issuance yet of $26.1 billion, while the amount for all of 2016 could rise to over $80 billion.
Henry Shilling, Moody's Senior Vice President. He says says that global green bonds volume reached another peak during the three months ended September 30
Henry Shilling, Moody’s Senior Vice President. He says says that global green bonds volume reached another peak during the three months ended September 30
“The volume for the third quarter pushed green bond issuance for the first nine months of the year to $63.2 billion, an increase of 132% from the $27.2 billion issued a year ago,” says Henry Shilling, a Moody’s Senior Vice President. “Moreover, volume for the first nine months also strongly eclipsed the total of $42.4 billion issued during all of 2015, which was previously the record for annual green bond issuance.”
“Should the issuance levels seen in the third quarter be sustained through the end of the year, which is likely, given early issuance indicators during the first three weeks of the fourth quarter, the global market stands ready to achieve well over $80 billion in issuance and may approach $100 billion for the year,” says Shilling.
In addition, although renewable energy and energy efficiency remain projects of choice, the value of third-quarter issuance dropped in these categories to below 50%. By contrast, allocations to clean transportation, waste management, sustainable waste management and clean water and/or drinking water ticked up, strongly diversifying use of proceeds in the third quarter.
Moody’s conclusions were contained in its just-released quarterly report on green bond issuance, “Green Bonds – Global Record Quarterly Issuance Again in Q3 2016; Full Year Poised to Exceed $80 Billion”.
Benefiting from robust offerings from Chinese financial institutions in particular, full-year issuance could exceed $80 billion and, in doing so, would be within striking distance of doubling issuance in one year that was otherwise achieved over a period of the previous nine years, according to Moody’s.
While still small in absolute terms, this development reinforces a signaling of an acceleration in the momentum of a trend to acknowledge and address climate change that is also echoed in the speed with which the Paris Agreement on climate change went into force.
Significant issuance from Chinese banks marked a return of the pattern observed in the first quarter of 2016 and contributed to China accounting for 44% of global issuance. Financial institutions more generally contributed to 48% of issuance. Beyond China, supranationals and Mexico ranked second and third with 16% and 8% of global issuance, respectively.
During the third quarter, the number of issuers and transactions declined slightly, while the average transaction size increased. A total of 50 distinct issuers came to market with 77 transactions, a slight decline from the second quarter’s 54 issuers and 81 transactions. Average transaction size increased during the third quarter, averaging approximately $337 million per transaction.
The credit quality of green bonds also fell entirely within the investment-grade category. Ratings were distributed across the range, with 33% rated Aaa, 3.8% rated Aa1- Aa3, 42% rated A1-A3 and 21.6% rated Baa1. None of the issuances rated by Moody’s fell into the non-investment grade space.

Businesses begin shift to low carbon, raise revenue


Global corporations have begun the transition to a low-carbon economy and some are already capitalising on the opportunities this affords, whilst a large number risk being left behind through lack of long-term planning and inertia, according to analysis released on Tuesday by CDP, the not-for-profit global environmental data platform.
Chief executive officer of CDP, Paul Simpson
Chief executive officer of CDP, Paul Simpson
CDP’s report, “Out of the starting blocks: Tracking progress on corporate climate action”, produced in partnership with We Mean Business, presents carbon emissions and climate change mitigation data from 1,089 companies, disclosed to CDP at the request of 827 institutional investors with assets of $100 trillion. These companies – which represent some of the world’s most significant in terms of market capitalisation and environmental impact – account for 12% of total global greenhouse gas emissions.
With entry into force of the Paris Agreement on climate change confirming the shift to a low-carbon economy, CDP will show how business action is stacking up against the world’s new climate goals by tracking this group of companies in subsequent annual reports.
This year’s report, which sets the baseline, shows that the low-carbon transition can bring high returns. Over a five-year period, 62 companies have succeeded in cutting their emissions by 10% or more while increasing their revenue by the same margin. Collectively, revenue has increased by 29% and emissions reduced by 26% amongst this group, while the rest of the companies in the sample saw a 6% decrease in revenue alongside a 6% rise in emissions.
The group includes:
  • Host Hotels & Resorts Inc. The US real estate company saw revenue growth of 22% over five years alongside a 23% drop in emissions, with overall emissions intensity falling by 37%. The company has a science based target in place to reduce its scope 1 and 2 emissions on an emissions-per-square-foot basis 28% by 2020 from a 2008 base-year;
  • SCA: The Swedish consumer goods company and pulp and paper manufacturer reduced its emissions by 32% while increasing revenue by 19%, achieving a 42% drop in emissions intensity. The company is reducing annual costs by €5 million thanks to a new biofuel-powered kiln at one of its mills;
  • Wipro: The Indian IT company saw growth of 15% over a five-year period alongside a 24% drop in emissions, with overall emissions intensity falling by 33%. The company has introduced new virtualisation technologies across its servers, resulting in huge annual energy savings.
Companies are one of the key actors in enabling the global economy to achieve its climate goals and the report reveals that 85% of businesses already have at least one target in place to reduce their greenhouse gas emissions. However, these targets are lacking in long-term ambition, with just 14% of companies having set goals for 2030 or beyond. Moreover, just a small proportion of companies in the sample (9%) have committed to aligning their targets with the latest climate science for a 2˚C pathway.
Achieving their current targets would take the companies in the sample one quarter of the way to the level that their emissions should drop to in order to be consistent with keeping global warming below 2 degrees.
CDP’s chief executive officer, Paul Simpson, says: “This baseline-setting report uses data related to companies’ activities pre-Paris Agreement; it shows that while many are already on the right path, there is still a large gap to close. With hundreds of companies already disclosing to CDP that they anticipate substantive changes to their business resulting from the Paris deal, we expect to see a shift to longer-term, more science-based targets in future years.”
“As investors look to reduce risk by shifting investments to less carbon intensive infrastructure, the spotlight will shine more intensely on corporate actions. There is still all to play for in the race to seize the opportunities from this transition.”
We Mean Business’ chief executive officer, Nigel Topping, said: “We Mean Business is delighted to partner with CDP on this report, that sets the baseline for corporate action to combat climate change. We know that global business is instrumental in creating a below 2˚C world; this report shows that some companies are already reaping the business benefits of early action on climate.
“Future editions of this report will be the tool for the We Mean Business coalition to track how companies are capitalising on the low-carbon transition, and bringing the global economy ever closer to its climate goals.”
Some of the largest companies in the world by market capitalisation are notably absent from the analysis, having declined to respond to CDP’s investor-backed disclosure request. CDP will track a group of over 700 non-disclosing companies to monitor if they begin to engage with the process in future years and help investors assess their exposure to unrevealed risk. The three biggest companies by market capitalisation that failed to disclose this year are Berkshire Hathaway, Facebook and Amazon.
With the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures (TCFD) due to publish its recommendations for consultation later this year, pressure on companies to disclose how climate change is likely to impact their business is expected to grow.
Alongside the report, CDP launches its 2016 Climate A List which comprises those companies identified as A grade for their actions in the 2015 reporting year to mitigate climate change. Following an independent assessment against CDP’s scoring methodology, 193 companies have made the list, which features brands from around the world such as Colgate Palmolive Company, Sony and Wipro.

How behavioural change can protect Nigeria’s wildlife


Nigeria’s wildlife reserve is facing threat of depletion due to continued illegal hunting and smuggling, thus denying the country huge revenue in tourism, as well as putting exotic flora and fauna at risk of extinction.
Species of the gorillas are found only in Nigeria and Cameroon forests are at risk of extinction, as Nigeria's wildlife is threatened.  Photo credit: Christophe Courteau / NPL, via Minden Pictures
Species of the gorillas found only in Nigeria and Cameroon forests are at risk of extinction, as Nigeria’s wildlife is threatened. Photo credit: Christophe Courteau / NPL, via Minden Pictures

Lamenting the extent of damage on Nigeria’s wildlife, the Lagos Office of the Federal Ministry of Environment said in a recent publication: “The booming illegal trade in wildlife products is eroding the earth’s precious biodiversity, robbing us of our natural heritage and pushing whole species towards extinction, as well as undermining economies, fueling organised crime and feeding corruption and insecurity across the globe.”

Poachers with sophisticated weapons are said to have managed to enter protected areas and sanctuaries, killing even endangered animals like the African wild dogs, cheetah, giraffe, and antelopes.
Also threatened are the Cross River gorilla, the drill, and a number of smaller guenons that are found only in Nigeria and Cameroon forests.

No fewer than 100,000 elephants are believed to have been killed by poachers within the African continent in the last three years and many of them in Nigeria.

The use of wildlife body parts in making expensive fashion materials and accessories, such as jewelries, shoes, belts, bracelets, bags and others, is one major reason for the large wildlife trade, which is considered the fourth most lucrative global crime after drugs, human and arms, with annual trade value of between $5 billion and $20 billion, based on the publication by the Nigeria Ministry of Environment.

To check this ugly trend in Nigeria, experts say, the masses should not only guard their forests and government protected areas in their communities against poachers, but also go a step further by rejecting fashion accessories that are made of body parts of wild plants and animals.

Director Forestry Department of the Federal Ministry of Environment, Dr. Elizabeth Ekhibewele, who regretted that visits to important wildlife spots revealed extensive depletion of wild animals, which she said signaled a great loss to the government and the communities. According to her, such parks and sanctuaries used to flourish with assorted exotic organisms such as zebra, elephants, and gorillas.

“We visited a wildlife park and I wept. It was virtually empty. Poachers go to the bush, they kill all animals. They kill pregnant elephants, kill young elephants. They go to the bush, they kill any mammal. They are not thinking of the future. As far as they are concerned, it is the money,” she lamented.

Stressing that illegal wild life traffickers succeed because they have collaborators in the affected communities, Dr. Ekhibewele further explained that the Nigerian government is not completely banning trade on wildlife, but wants it to be done in a sustainable manner that benefits everybody.

“We are not saying that wildlife should not be traded on at all, we say let it be done in a sustainable manner. Wild life trade must be managed; it must be governed. When the trade is legal, it must follow the procedure. Even in your house, if you want to sell something, you don’t sell everything. You select the good ones and leave the rest. That is also applicable to wildlife. Otherwise you just wake up one day and observe that the organisms have all gone into extinction.
“The forests and its wild animals and plants do not belong to us. We inherited them. We should also not destroy them to benefit our children, grandchildren and great grandchildren. That is the awareness we are creating.”

Pride in the choice of fashion fabrics and accessories especially by among young and averagely aged women, is pointed as a setback to the fight against illegal trade in endangered species.

These women as well as some fashionable men can go to any length to ensure their outfits outshine those of others at occasions.

To achieve their aim, they go for very expensive necklaces like those made of ivory from elephant, as well as shoes and others that are made of the scales of crocodiles and other wild animals.

A young woman, Mary Williams, who works in a government establishment, parades an animal skinned bag, worth over N500,000.

She said, “I just like looking good. Some of these things, I buy them abroad. They cost a fortune in Nigerian shops, if at all you will see them. Though it is expensive, you just need it to compliment your status.”

However, given the hardship in the country, most of the “big ladies”, reportedly go for fashion materials and accessories, made from refined animal materials.

“Original leathers are very expensive, so most women go for bags and shoes that are made of refined animal
skins and parts. But, if there is money, I personally would go for the original leather. But I just make do with what is available,” remarked Mrs. Ifeyinwa Ojiego, a Lagos resident.

A campaigner on wildlife protection, said that young people, especially ladies, should begin to overlook bags, belt, shoes and others, that are made of wildlife skins and scales, to discourage the producers of such accessories.

“For the young ladies who want to be Miss Nigeria, Miss Universe and others, you don’t have to wear leathers of crocodile skin before you are beautiful and important. The Nigerian fabrics like the Ankara look very astonishing and can be designed into different styles, good enough for the best occasion in the world.”

The campaigner stated that the time has come for all to start acting to protect wildlife, not just by making speeches at workshops and seminars.

Her words: “It is time to take the right decision. Not just to say no illegal wild life trade only by speech but taking little action.

“For the children, there are basic actions that you can take. Start as little as caring for the environment where you are. If they bring the kind of bush meat that is on the verge of extinction, reject it. For the regulatory bodies, they have the mandate to work and push so that there is no longer illegal trafficking of wild life.”

Many others believe that it is high time that Nigerian masses showed greater commitment in their support towards protecting the country’s wildlife reserve.

They said this support is needed now more than ever before that the country has launched a new national re-orientation campaign called “Change begins with me” which, among other things, enjoins every Nigerian to show utmost patriotism to his or her fatherland, to check criminality, corruption and build the economy.

The patronage of fashion materials that are made from skins of goats, cows and other domestic animals, is required from the masses to accelerate growth of the manufacturing sector and at the same time protect endangered animals.

According to the chairman, Nigeria Tanners Council, NTC Alhaji Lawan Sule Garo, Nigeria has among the highest quality hides and skin in the world, especially, the skin-red leather made from goats. He said all that is needed is government support to take the industry to the next level.

“There is a need for government to encourage both local and foreign investors to establish manufacturing companies that would be readily available to use processed leather to produce high quality goods such as shoes, bags and belts, which are imported from Europe and North America.

“We have reached the peak in manufacturing top leather. We can compete with developed countries. What we need now is go to the next level, and that is production of shoes, belts, bags and other products using leather as raw material. Tannery industry remains one of the oldest industries in Nigeria and has continued to generate employment for old and young, particularly, in the north-west part of Nigeria. Currently, Kano State has about 20 functional tannery firms, the largest and most efficient industry, with over 25,000 employed.”

Chief Executive Officer, Nigerian Export Promotion Council (NEPC), Segun Awolowo, who also called for government support to fully develop the country’s leather industry, had announced that Nigeria exports hide and skin worth $800 million annually.

“Even with its touted climb in the economy’s ladder as Nigeria’s second foreign exchange earner, the leather industry still faces enormous challenge. There is the need for the Federal Government to inject adequate resources to stabilise the sector as well provide an enabling environment for manufacturers and investors in the industry to thrive,” he said.

Though majority of Nigeria’s hides and skins tend to come from cow and goat, wild animals and plants are reportedly being killed for their skins and they include crocodile, buffalo, elephant and zebra, all prohibited by the Convention for International Trade on Endangered Species of Fauna and Flora (CITES), that the country is signatory to.

Attitudinal change towards embracing locally-made goods and services should be adopted. Skins from goats which are sustainable should be promoted, through grants to farmers and to investors to build world-class tannery and leather industries.

By Innocent Onoh