News
ECOWAS Takes Decision On Single Currency
The aspirations of the West African Monetary Zones (WAMZ) to adopt a single currency across member states have encountered significant hurdles, with the timeline for realization extending further than initially anticipated.
The Director-General of the West African Monetary Institute (WAMI), Olorunsola Olofeso, revealed this development during the 51st meeting of the Convergence Council of WAMZ held in Abuja over the weekend.
According to Dr. Olofeso, the key convergence indicators, critical benchmarks that member states must meet to achieve the monetary union, have seen a notable decline.
This setback raises concerns about the feasibility of introducing a unified currency soon, a goal that has been part of the region’s economic integration efforts for years.
The quest for a single currency is aimed at fostering economic stability, enhancing trade, and facilitating seamless transactions across West Africa.
However, the varying economic policies, inflation rates, and fiscal deficits among the member states have posed considerable challenges to achieving these convergence criteria.
The meeting in Abuja brought together finance ministers, central bank governors, and other stakeholders from the WAMZ member states to assess progress and strategize on overcoming the existing challenges.
He said, “The assessment of Member States’ performance reveals that as at the end of June 2023, all WAMZ Member States failed to meet all the four primary convergence criteria. The zone’s performance score declined to 29.2 per cent, compared to 41.7 per cent during the same period in 2022.”
“The medium-term projections on macroeconomic convergence, as indicated by the multi-year national macroeconomic convergence and stability programmes of the Member States, suggest that none of the WAMZ Member States will meet all the four primary convergence criteria on a sustainable basis for the remaining three consecutive years (2024-2026) of the convergence phase of the ECOWAS Single Currency Roadmap (2021-2027).”
While presenting the report of the Committee of Governors of WAMZ, Chairman of the Committee and Central Bank governor, Olayemi Cardoso, said the Committee of Governors have directed the DG to present to it a periodic comprehensive macroeconomic and status of convergence report at the WAMZ Statutory meetings, commencing at the mid-year 2024.
Speaking further, Cardoso added that the Committee of governors have “Directed WAMI to update its database to reflect current and reliable statistics for policy analysis; and also convene periodic seminars on topical issues of relevance that seek to provide solutions to macroeconomic policy issues of the member states.”
News
NCCC Convenes One-day National Consultative Workshop on Progress in Implementing NDCs
BY AKUDORO GLORIA
The National Council on Climate Change (NCCC), convened a one-day National Consultative Workshop to assess Nigeria’s progress in the implementing of its Nationally Determined Contributions (NDCs).
Declaring the workshop open at Barcelona Hotel, Abuja, the Director General of NCCC, Dr. Nkiruka Maduekwe, said the workshop is part of the country’s broader effort to review and enhance its climate commitments.
NDCs are major aspects of the Paris Agreement that represent the actions countries plan to undertake to address climate change. Nigeria had in 2015 submitted its first NDC and the revised in 2021, demonstrating further its commitment to its unconditional contribution of reducing emissions by 20 per cent relative to business-as-usual (BUA) by 2030, and increasing its conditional target from 45 per cent to 47 per cent.
However, in a statement on Thursday by the Agency’s Head, Press and Public Relations Unit, Ahmed Lawan Danbazau, Dr. Maduekwe highlighted the ongoing engagements with relevant partners in relations to Nigeria’s NDCs
“We have put out calls to the NDCs like the Foreign, Commonwealth and Development Office (FCDO) who are already supporting the national stocktake by engaging consultants for this crucial project.” She said.
Dr. Maduekwe acknowledged growing interest from other development partners in supporting Nigeria’s energy transition, renewable energy solutions, and visibility studies, adding that the Council has received tremendous support, in areas such as energy transition and renewable energy corridors, which present numerous opportunities for Nigeria,
She stressed the significance of capacity building to the success of the project even as she acknowledged support from the United Nations Environment Programme (UNEP) and the Climate Promise initiative, which made it possible for the recent intensive workshop for all Ministries, Departments, and Agencies (MDAs) on climate financing.
Emphasizing on the importance of the Council understanding of climate finance in access the necessary funds to achieve the NDCs, Dr. Maduekwe stressed also the cruciality of involving seasoned climate negotiators in Nigeria’s preparations for the upcoming COP29.
“Climate negotiation is a career pathway, not a one-off event. COP29 is all about negotiation, and we are committed to building the capacity of our negotiators to ensure that Nigeria’s position is well-protected,” said the DG.
Earlier, the Minister of Youth Development, Dr. Jamila Ibram Bio, said the Ministry aim to have successfully planted 20 million trees across the country by 203, while stating the Ministry’s commitment in ensuring each corps member plants at least 10 trees within their service year, and with approximately 400,000 corps members annually, this translates to 4 million trees to be planted each year.
Also speaking, Economic Officer representing the US Embassy, Mr. Bryan Luton, who highlighted the fruitful discussions held during the inaugural US-Nigeria Binational Commission in April, 2024, where climate and energy issues were the key focus, emphasized the active involvement of various US government agencies, including the US Department of Energy, the US Agency for International Development (USAID), and the State Department Energy Bureau, in supporting Nigeria’s efforts.
In his contribution, Hon. Sam Onuigbo, Chairman, Member of (South East), Governing Board of North East Development Commission, highlighted the need for a comprehensive assessment of the country’s NDCs implementation progress and the identification of areas for improvement.
News
NCCC Convenes One-day National Consultative Workshop on Progress in Implementing NDCs
AKUDORO GLORIA
The National Council on Climate Change (NCCC), convened a one-day National Consultative Workshop to assess Nigeria’s progress in the implementing of its Nationally Determined Contributions (NDCs).
Declaring the workshop open at Barcelona Hotel, Abuja, the Director General of NCCC, Dr. Nkiruka Maduekwe, said the workshop is part of the country’s broader effort to review and enhance its climate commitments.
NDCs are major aspects of the Paris Agreement that represent the actions countries plan to undertake to address climate change. Nigeria had in 2015 submitted its first NDC and the revised in 2021, demonstrating further its commitment to its unconditional contribution of reducing emissions by 20 per cent relative to business-as-usual (BUA) by 2030, and increasing its conditional target from 45 per cent to 47 per cent.
However, in a statement on Thursday by the Agency’s Head, Press and Public Relations Unit, Ahmed Lawan Danbazau, Dr. Maduekwe highlighted the ongoing engagements with relevant partners in relations to Nigeria’s NDCs.
“We have put out calls to the NDCs like the Foreign, Commonwealth and Development Office (FCDO) who are already supporting the national stocktake by engaging consultants for this crucial project.” She said.
Dr. Maduekwe acknowledged growing interest from other development partners in supporting Nigeria’s energy transition, renewable energy solutions, and visibility studies, adding that the Council has received tremendous support, in areas such as energy transition and renewable energy corridors, which present numerous opportunities for Nigeria,
She stressed the significance of capacity building to the success of the project even as she acknowledged support from the United Nations Environment Programme (UNEP) and the Climate Promise initiative, which made it possible for the recent intensive workshop for all Ministries, Departments, and Agencies (MDAs) on climate financing.
Emphasizing on the importance of the Council understanding of climate finance in access the necessary funds to achieve the NDCs, Dr. Maduekwe stressed also the cruciality of involving seasoned climate negotiators in Nigeria’s preparations for the upcoming COP29.
“Climate negotiation is a career pathway, not a one-off event. COP29 is all about negotiation, and we are committed to building the capacity of our negotiators to ensure that Nigeria’s position is well-protected,” said the DG.
Earlier, the Minister of Youth Development, Dr. Jamila Ibram Bio, said the Ministry aim to have successfully planted 20 million trees across the country by 203, while stating the Ministry’s commitment in ensuring each corps member plants at least 10 trees within their service year, and with approximately 400,000 corps members annually, this translates to 4 million trees to be planted each year.
Also speaking, Economic Officer representing the US Embassy, Mr. Bryan Luton, who highlighted the fruitful discussions held during the inaugural US-Nigeria Binational Commission in April, 2024, where climate and energy issues were the key focus, emphasized the active involvement of various US government agencies, including the US Department of Energy, the US Agency for International Development (USAID), and the State Department Energy Bureau, in supporting Nigeria’s efforts.
In his contribution, Hon. Sam Onuigbo, Chairman, Member of (South East), Governing Board of North East Development Commission, highlighted the need for a comprehensive assessment of the country’s NDCs implementation progress and the identification of areas for improvement.
News
Vice president inaugurates NDPHC new management board
BY AKUDORO GLORIA
Vice President Kashim Shettima on Thursday inaugurated the new management board of the Niger Delta Power Holding Company (NDPHC).
Shettima inaugurated the NDPHC new management board at the Conference Hall of the State House Abuja and charged to bring in their wealth of experience to bear.
Recalled that the President, Bola Ahmed Tinubu, had in August approved the appointment of a new management team for the Company.
The new Management members are Jennifer Adighije (Managing Director/Chief Executive Officer), Abdullahi Kassim (Executive Director, Generation), and Bello Babayo Bello, (Executive Director, Networks).
The rest are Emmmanuel Umeoji, Executive Director (Corporate Services), Omololu Agoro, Executive Director (Finance & Accounts), Omoregie Ogbeide-Ihama, Executive Director (Strategy & Commercial), and Barrister Steven Andzenge, Executive Director (Legal Services).
Those present during the Inauguration are Governor Hope Uzodimma of Imo State, who represents the South East region on the Board and the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi.
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