News Express
2023-12-08 09:33:38.0
COP28 Sets Goal to Boost Clean Energy, Phase Out Fossil Fuels
A Raft of Initiatives is emerging and getting launched at the ongoing U.N. climate summit, COP28, in Dubai aimed at boosting clean energy and reducing the world’s dependence on fossil fuels, details rolling out of the event show. One of the most widely supported initiatives is expected to lead to a cut in the share of fossil fuels in global energy production, and reduce the greenhouse gas emissions that are driving climate change. Wide support for the initiative is bolstered by its ambitious goal of tripling the world’s renewable energy capacity by 2030 leading to a huge cut in fossil fuels’ contribution to the world’s energy mix. The pledge to triple renewable energy capacity by 2030 was just one of many initiatives that have emerged at the COP28 summit aimed at decarbonising the energy sector and meeting the goal of net-zero greenhouse gas emissions by 2050. One of the key commitments was made by the European Union, the United States, and the UAE, which pledged to phase out unabated coal power by expanding the use of nuclear power, reducing methane emissions, and ending investment in new coal power plants
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2023-11-15 02:40:50.0
AfDB, Partners Burnish Africa as Next Frontier for Global Investors
Africa’s economic landscape as the next frontier for global investments was on song for three days last week in Marrakech, Morocco, where the African Development Bank (AfDB) led by President Akinwumi Adesina of Nigeria, and its development partners successfully showcased the continent’s value chains to international investors, attracting more than 1000 delegates to what is now globally recognised as a go-to annual event for serious financial deals closure, the Africa Investment Forum (AIF) Market Days. To underscore its now global attraction and success, this year’s AIF’s Market Days had no fewer than 80 Japanese companies including at least 50 business leaders, entrepreneurs and investors among the over 1000 delegates in attendance
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2023-11-10 02:12:11.0
Nigeria’s Energy Transition Shows Distinct Gaps, Lacks Readiness Framework
Nigeria’s Energy Transition Plan with a 2060 target could be really challenged by the need for a clear development policy approach. Early distinct gaps noticeable in the NETP programme include a lack of holistic legal framework; no incentives for transition to clean energy; absence of disincentives for the use of dirty energy; and centralisation of energy provision in Nigeria, according to a report by the Nigerian Economic Summit Group.
The federal government, though, had only this year enacted the energy decentralisation law. If properly administered, Nigeria stands to gain from the energy transition, which will offer an excellent opportunity to address its energy poverty by leveraging abundant renewable energy sources. However in the short to medium term, the country will lose significant revenues because of its over-dependence on fossil fuels. However, the NETP projects 340,000 jobs to be created in 2030 and 840,000 by 2060
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2023-10-30 01:59:25.0
Foreign Investors Avoids Nigeria’s Oil Region States as FDIs Move South
Foreign investors appear to be carefully avoiding Nigeria’s oil and gas-rich states, also called the Niger Delta region, as data from the National Bureau of Statistics (NBS) on assessment of foreign direct inflows into the nation’s sub-nationals in Q2 of 2022 show that the region’s states were among 32 subnationals which attracted zero dollar foreign inflow since Q2 of 2015.
Additionally, the region, between 2015 and 2022, ranks among the least accessed in terms of foreign capital inflow (foreign direct investment (FDI). For example, another NBS data showed that the region received only 0.51% of the entire Nigeria FDI inflow between 2013 and Q1 of 2020. The region, which once held huge chunks of Nigeria’s FDI inflows in the 1970s and 1980s, barely received $474.13 million out of the $92.28 billion total inflow into Nigeria in the seven-year period.
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2023-10-23 03:03:38.0
Analysts See Boost for Economy, Consumers in Microinsurance
Despite the challenges facing the Nigerian insurance market, microinsurance offers unique and exciting opportunities for both insurers and consumers, as well as the general economy, with its potential to reach millions of people excluded from traditional insurance products and other financial windows of the economy, multiple industry analysts have told Business a.m. The Nigerian market is rapidly expanding, with innovative new products and distribution models. For insurers, this represents an untapped market with significant growth potential, while for consumers, it offers a way to access much needed protection from financial hardship.
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2023-10-16 03:34:37.0
Global Banking In Best Performance Since 2007
Global Banking Posted its best performance in the last 18 months since 2007 on the back of sharp increases in interest rates in many advanced economies, including a 500-basis-point rise in the United States, a world review of the banking sector by global management consulting firm McKinsey, has shown.
McKinsey’s just published “Global Banking Annual Review 2023: The Great Banking Transition”, found that on average global banking saw “long-awaited improvement in net interest margins” enabled by higher interest rates which boosted profits by about $280 billion in 2022, lifting return on equity by 12 per cent in the same year with a projection that this will post higher at 13 per cent at the end of 2023.
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2023-10-09 10:33:03.0
African Banks Maintain Resilience amid Difficulty
A new report by the European Investment Bank (EIB) based on a 2023 survey of Banking in Africa has found that banks on the continent have continued to show resilience despite operating in what the EIB described as “ a difficult environment.”
The report titled “Uncertain Times, Resilient Banks: African Finance at a Crossroads” released under the EIB’s eighth annual Investment in Africa report and covering the continent’s banking system, found that banking in Africa continues to show resilience and a desire to support private sector development despite operating in a tough environment.
Key banking indicators, such as capital ratios, profitability and non-performing loans, have not deteriorated despite the challenges the region is facing,” the EIB report noted.
This resilience, according to the report, may rightly be attributed initially to pandemic support measures to bolster the continent’s banking system, but it said such measures have been wound down, and that “most key bank metrics remain solid.”
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2023-09-18 10:27:35.0
AU’s G20 Membership Signals Redesign of Global Trade, Finance, Investment Architecture
The Group Of The World’s 20 Leading Economies has admitted the African Union (AU) as a permanent member, a development termed by many as a “later than never” acknowledgement of Africa’s relevance on the global stage.
Until now, South Africa was the bloc’s only G20 member and the AU had advocated for full membership for seven years in its quest to gain meaningful roles among the global bodies and also accord the 55 member states access to reforms in the global financial system such as the World Bank which had hitherto played a passive role in cushioning Africa’s debt profile.
The AU’s G20 membership which was granted following a concession at the 18th G20 heads of state and government summit in New Delhi, India, is expected to see Africa get investment and political interest from a new generation of global powers beyond the U.S. and the continent’s former European colonists.
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2023-09-11 12:42:52.0
High-Interest Rate Causing Debt Distress in Emerging Economies
The Combination Of Aggressive interest-rate hikes in developed countries, lack of sufficient affordable capital from the World Bank and a failure to consider and address the spillover effects are creating costly spillback economic consequences on low-middle income countries already at high risk of debt distress, a new analysis from One Campaign says.
The international, non-profit advocacy and campaigning organisation that fights extreme poverty, particularly in developing countries, finds that ‘rich countries’ actions to control domestic inflation through rises in interest rates are creating unsustainable economic realities for low-and low-middle-income countries.
The high interest rates, it explained, are gradually locking emerging economies out of low-cost financing options creating an increasingly divergent global economy and exacerbating an already dangerous debt crisis.
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2023-09-04 12:19:28.0
Analysts, Observers Turn Up Nose to Nigeria’s Latest Employment Data
After Over Two Years Of anticipation from the Nigerian populace, the National Bureau of Statistics eventually published Nigeria’s labour statistics, considered an official analysis of the employment level of Africa’s most populous country.
Prior to the report, economic and finance experts had difficulty assessing the real-time data on the nature of the labour market and how to measure the impact of government policies and numerous pledges to create jobs.
But from the country’s grim economic realities, it was as clear as crystal that the country was facing a dire risk of high unemployment. In fact, the International Labour Organisation had in January 2023, expressed worry that “current monetary tightening to fight inflation could overshoot, potentially leading to high levels of unemployment.”
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