Sahara Group Set To Reduce Carbon Emission, Installs Wind Turbines At Egbin
Sahara Group has expressed commitment to prevent yearly estimated emission of 35,793,360g of CO2 through the installation of wind turbines at the Egbin Power Plc.
Director, Governance and Sustainability, Sahara Group, Ejiro Gray, noted that the project aligns with Egbin’s sustainability goals geared towards reducing the Plant’s carbon footprint and contributing to a cleaner, greener future.
She said, “By harnessing wind energy instead of relying on conventional power sources, the project promises sustainable reduction in carbon emissions."
The US Department of Energy explained that wind energy produces approximately 11 grams of CO2 per kilowatt-hour (g CO2/kWh) of electricity generated. In contrast, traditional sources like coal emit about 980 g CO2/kWh, while natural gas emits roughly 465 g CO2/kWh.
Gray noted that, “Using the operational potential of the 15 wind turbines installed at Egbin Power, we would reduce an estimated 35,793,360g of CO2 annually."
Also, she said the success of this wind turbine project at Egbin Power would serve as a blueprint for implementing similar renewable energy solutions across Sahara Group’s other businesses in Africa, Asia, Europe, and the Middle East.
According to her, “Replicating this model could ultimately propel Sahara Group’s sustainability efforts, reduce operational costs, and strengthen our commitment to environmental stewardship. The lessons learned from this project could inform future renewable energy initiatives within the Sahara Group."
Similarly, Egbin Power’s Chief Executive Officer, Mokhtar Bounour stated that the expected reduction in carbon emissions underscores the project’s crucial role in mitigating climate change and promoting environmental sustainability.
He said, “The installation of the wind turbines exemplifies Egbin’s commitment to adopting clean energy solutions and aligning with global efforts to combat greenhouse gas emissions. The project will ensure uninterrupted powering of our security architecture with clean energy while ensuring safety, seamless and efficient operations."
Bounour further explained that a robust maintenance plan would be implemented to ensure the hitch-free functioning of the wind turbines and associated equipment.
Nigerian Fellowship trains SME operators on global market skills
An education have been presented to enterpreneurs in small and mediu-scale enterprises (SMEs) teaching the skills to reach global market audience.
The Nigerian Fellowship of Evangelical Students Alumni Association (NIFESAF) Lagos State chapter conducted training for its members in SME value chain during the 4th edition of its Business Career Exhibition held in Lagos recently.
While speaking at the event, the Chairman of the Global Body— Nigerian Fellowship of Evangelical Students (NIFES) ESUT Alumni Fellowship, Mr. Fred Nnadike, noted that the essence of the business exhibition was to support and build a community of excellent Christians who would be role models in their respective careers.
Nnadike said, “We want to encourage what we produce and link our entrepreneurs to the global space. SMEs are indispensable for economic growth and development.
“The government across the board should do something urgently to revive the economy by making the environment conducive for businesses to thrive."
On his part, the Lagos State Chapter Chairman of the Fellowship, Mr Henry Nnadike, expressed that the leadership of NIFESAF has often reminded the government that MSMEs are still the engine room of every strong economy, and any government that neglects them does that at its peril.
According to him, “Government must address multiple taxation, epileptic power supply, dilapidated road network, and general scorching economic environment.
“The government must be transparent in its reforms and interventions. Besides, we need informed ideas, programmes, and policies that must be designed by best brains.
“The government should learn to put the interest of the masses above their personal interest for posterity sake."
The Vice Chairman of NIFESAF, Lagos Chapter, Mrs. Chika Idalah-Allison, also urged the state and Federal Government to partner with NIFESAF and related organisations that are poised in promoting skills and craftsmanship, particularly for youths.
She said, “Government should partner with organisations promoting skills acquisition, innovation, human capital development, and creative industry. In NIFESAF, we are under the mandate to support every entrepreneur under our umbrella even beyond."
Rewane: FG should address institutional bottlenecks for sustainable maritime growth
The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has urged the federal government to tackle institutional challenges to realise stable and sustainable growth in the maritime sector.
Rewane explained the significance of addressing corruption, enhancing integrity and improving transparency, particularly at ports and terminals, to foster investors’ confidence in the sector.
While speaking yesterday at the second Maritime Breakfast meeting organised by the Nigerian Maritime Law Association (NMLA) in Lagos, Rewane advised on the harmonisation of maritime activities and vigilant implementation monitoring.
He further pointed out several challenges facing the maritime sector, including inadequate financial support, inconsistent government policies, insufficient port infrastructure and the dominance of foreign companies in cargo transportation.
Also, he explained the impact of rising customs duties on operational costs for importers and exporters. Highlighting the economic dependence on import and export volumes amidst exchange rate volatility, Rewane mentioned that Nigerian seaports handle approximately 95 percent of vehicular means in international trade.
The President of NMLA, Funke Agbor, expressed that the maritime industry growth is link to overall economic advancement through effective leadership, policies, and strong institutions.
She explained the importance of a robust institution in sustaining growth and development, highlighting the challenges posed by foreign exchange volatility and port inefficiency on importation levels.
AfDB ready to boost Africa role in transforming global financial architecture
In Africa, building a global financial architecture is fair to all, and seeking a greater role of countries in the continent in the reform process will be top of discussion at this year’s Annual General Meeting of the African Development Bank (AfBD) Group to be held in Kenya from May 27 to 31, 2024.
This was disclosed on Wednesday, at a virtual press conference ahead of the meeting addressed by the Secretary-General, Prof. Vincent Nmehielle, and Chief Economist and Vice President for Economic Governance and Knowledge Management, Kevin Urama, the bank laid the plans for the regional meeting themed “Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture’.
They expressed that the events would offer a blueprint on which the bank and other multilateral development banks (MDBs) can respond better and faster to scale up resources for the continent’s sustainable development agenda.
Nmehielle noted that the bank’s governors would engage with the President, Dr. Akinwumi Adesina, on options for development partners to respond to the call to work better together to significantly scale up resources for sustainable development.
Representatives of the bank stressed that the coming AGM follows the tradition – bringing African leaders and development partners to engage and commit to agreed terms.
The Secretary-General told a correspondent, “Despite a sustained economic growth over the past two decades, Africa’s economic transformation remains incomplete…The knowledge events will, therefore, explore how best to fast-track structural transformation across the continent. The events will also address the importance of a reconfigured global financial architecture as an engine for structural transformation."
Further highlighting on some of the key knowledge events to be held during the meetings structured around its theme, Urama stated that the Presidential Dialogue would bring heads of state and governors together to take stock of measures and reforms not only in a retrospective manner but also as a basis to realign new thoughts and action plans.
He said, “In all our research we have found that financing has been a major constraint of accelerated transformation on the continent." Urama added that an event on measuring the green wealth of the continent would unpack “how Africa’s natural resources could drive the transformation of the continent even better than in previous years”.
Also he said, “In 2024 we see the continent growing around 4 per cent – much higher than the global average. Over 15 countries were even higher at five per cent," adding that Africa is a key participant in the ongoing dialogue around global architectural reforms.
EnterpriseNGR set up financial centres in three African countries
A member-led professional advocacy group, EnterpriseNGR, has signed a Memorandum of Understanding to expand the Africa Roundtable of Financial Centres – a chapter of the World Alliance of International Financial Centres, in Mauritius, Morocco and Rwanda.
The recently signed MoU, in Mauritius, brought together EnterpriseNGR, the Economic Development Board of Mauritius, Casablanca Finance City Authority, and Rwanda Finance Limited to foster collaboration, promote investment opportunities, and drive sustainable development within the financial centres of its member countries and Africa at large.ort the exchange of best practices between members, enhance visibility regionally
According to a statement from EnterpriseNGR on Thursday, it was joining forces with the three countries to specifically pursue five key objectives, such as: “Jointly strengthen the competitiveness of financial centres in Africa. Collaborate through projects, research papers, communiques, and events to position the African Continent, demonstrate the myriad of investment opportunities, and showcase the role that financial centres play within the African Continent.
“Conduct joint initiatives to supp and internationally, and provide African financial centres with a unified voice regionally and internationally. Facilitate the development of dialogue with major financial centres outside the African Continent and build communication channels with African institutions, including regulators and policymakers, as well as African financial services industry associations, and advocate for regulatory coordination amongst members of the Africa Roundtable to promote cross-border investments and financial services.”
While speaking on this collaboration, the Chairperson of the Africa Roundtable, Mr Ken Poonoosamy, noted that, “The signing of the Memorandum of Understanding for the Africa Roundtable of the WAIFC represents a pivotal stride in fostering synergy among financial hubs within the African sphere, with the shared objective of catalysing economic advancement across the continent.”
Similarly, the Chief Executive Officer of EnterpriseNGR, Ms Obi Ibekwe, represented by the Director of Policy & Public Affairs, Mr Lami Adekola, applauded the development.
“It is a historic achievement, and EnterpriseNGR fully endorses the Africa Roundtable of the WAIFC and is excited for the immense opportunities it represents for Nigeria and the African continent. Our collaboration with the four African countries promises to bolster financial competitiveness on the Continent and amplify Africa’s global presence. We will leverage this Roundtable to unlock the full potential of African financial centres to drive prosperity and development for our nations and beyond," she said.
EnterpriseNGR became a member of WAIFC in 2023 during the WAIFC board meeting hosted by TheCityUK in London.