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Nigeria’s commercial capital, Lagos partners stakeholders towards zero carbon emissions

Published

9 months ago

March 20, 2024

The commercial hub of Nigeria, Lagos State, has finalised plans to work with stakeholders to make Lagos carbon-free by 2055.

During the first-ever stakeholders’ meeting in Lagos on Tuesday, the Lagos State Governor, Titilayo Oshodi, Special Advisor on Climate Change and Circular Economy, revealed this.

The state commissioner of the Ministry of Economic Planning and Budget, Mosopefolu George, spoke on behalf of the Lagos State Governor, Babajide Sanwo-Olu, during the event. He stressed the importance of a circular economy and climate change as current realities that necessitate prompt and decisive action.

Last year, Sanwo-Olu stated that to overcome the obstacles in the waste, transportation, and energy sectors, the problems brought about by climate change should be addressed in collaboration with donor organisations.

The governor stressed that Lagos was not isolated from these challenges, “because we are a coastal city and one of the most immediate impacts of climate change is sea-level rise, we are witnessing the increasing impacts of climate change, from extreme weather events to resource scarcity and pollution.”

According to him, the state has the chance to deal with these issues and open the door to a more prosperous and sustainable future for Lagos.

He further revealed that the state can abandon the conventional “take-make-dispose” paradigm and adopt a circular economy that maximises resource efficiency, minimises waste, and encourages environmental responsibility.

“However, this inaugural stakeholders’ session is a testament to our recognition of the need for collective action to achieve the desired outcome.

“By working together, we can unlock the immense potential of the circular economy, create a more resilient and competitive city, and ensure a brighter future for generations to come,” he added.

Related Topics:carbon emissions Featured Lagos Nigeria

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Moroccan annual inflation rises to 0.8% in November

Published

24 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”