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ECA offers crucial insights ahead of COP 28 – unveils policy advice on economic diversification amid crisis

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ECA offers crucial insights ahead of COP 28 - unveils policy advice on economic diversification amid crisis

The Economic Commission for Africa (ECA) has taken a significant step in providing valuable policy advice for promoting economic diversification in times of crisis and uncertainty. The release of the policy report, titled “Exogenous Shocks and Commodity Dependence: How Diversification Can Fuel the Green Economy in Africa,” is timed strategically ahead of the COP 28 summit, aiming to guide policymakers in leveraging natural resources for sustainable industrialization and job creation.

 

The comprehensive analysis leading up to and following the impact of the COVID-19 crisis revealed a notable diversification of Africa’s export basket in 2020, with five countries experiencing substantial changes. However, a closer examination highlights a dual trend, involving a decline in traditional commodities like oil and gas, and a surge in the prominence of gold due to global price spikes. This underscores the persisting risk of continued commodity dependence, particularly in the face of exogenous shocks.

 

Key policy recommendations derived from these findings emphasize the redirection of infrastructure, skills, and investment from the established mining sector towards innovative and transformative activities within mineral value chains. This approach aims to mitigate risks associated with sustained commodity dependence and aligns with ongoing COP28 discussions addressing the ‘green’ minerals boom, which promises new opportunities for mineral producers to enhance value.

 

The release of this policy report serves as a crucial contribution to the global dialogue on sustainable economic development, especially as leaders convene for COP28 to address climate-related challenges and opportunities. The ECA’s insights are poised to influence policy decisions, fostering a more resilient and diversified economic landscape in the wake of global uncertainties.

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EFCC, NUPENG Join forces against oil theft

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The National Union of Petroleum and Natural Gas Workers, (NUPENG)is seeking a collaboration with the Economic and Financial Crimes Commission, (EFCC)to fight the scourge of illegal oil bunkering in the country.

 

 

The President of the Union, William Akporeha made the request when he led members of his executive to the corporate headquarters of the EFCC in Abuja.

 

 

 

Akporeha, who commended the EFCC boss for repositioning the anti-graft agency on the path of professionalism and rule of law, stressed the need to sanitise the oil and gas industry.

 

 

Akporeha itemised some of the challenges involved in the movement of petroleum products across the country, pleading with the EFCC to always come to the aid of truck drivers experiencing difficulties in the course of their works.

 

 

 

In his response, Olukoyede said it is important that major players in the oil and gas sector collaborated with the EFCC to confront the National Economic sabotage in the sector.

 

 

 

He assured members of the union that the Commission would not arrest or detain any truck or driver who did not dabble into shady deals, noting that the process of profiling suspected oil thieves and evaluation of petroleum products involved are often long drawn.

 

 

Olukoyede promises to continue to work with every stakeholder in the oil and gas sector to ensure sanity in their operations.

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Kidnap kingpin, Boderi, feared killed as troops battle terrorists in Kaduna

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Troops of the Nigerian Army operating in 1 Division area of responsibility have neutralised some insurgents and recovered more firearms and ammunition in encounters with the criminals in the General area of Igabi, Giwa and Birnin Gwari Local Government Areas of Kaduna State.

 

A Statement by the Army spokeperson, Major General Onyema Nwachukwu said a notorious terrorist, Boderi, who orchestrated many high profile kidnappings including those of the Yauri school girls, Greenfield University students and the Nigerian Defence Academy attack may have been killed alongside another kingpin, Bodejo in the ambush.

 

The statement said while on a fighting patrol along Maganda-Dausayi – Mugaba axis, troops came under fire from insurgents who employed rustled herds of cattle as shields while they engaged the troops with direct fire. Two of the terrorists were killed in the process and arms as well as other items including 1 Techno phone, 3 Hilux vehicles and motorcycle keys, wraps of substance suspected to be marijuana, tramadol tablets and the sum of 13,200 Naira only, were recovered.

 

Also, during the encounter, some of the rustled livestock used as shield by the insurgents were caught in the crossfire. Troops are still on the trail of the fleeing insurgents and remain resolute on ridding the area of armed violence according to the army.

 

In a separate operation, conducted by troops of 1 Division of the Nigerian Army on Wednesday 22 February 2024, the troops successfully ambushed marauding insurgents along the Bada – Riyawa axis on the Kaduna – Birnin Gwari Road. In the encounter, troops killed 6 insurgents and recovered arms and 19 motorcycles which were destroyed.

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Senate confirms Cardoso Chairman, CBN’s Monetary Policy Committee, 11 others as members

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The Nigerian Senate has confirmed the appointment of Governor of the Central Bank of Nigeria, Olayemi Cardoso, as Chairman of the Monetary Policy Committee alongside eleven others.

 

 

The confirmation follows the adoption of a report of the committee on Banking and other Financial Institutions presented by its chairman Adetokunbo Abiru (APC Lagos East).

 

 

Abiru, in his presentation, said the nominees possess the academic qualifications, technical knowledge and professional experience to be members of the Monetary Policy Committee.

 

 

Abiru further stated that the Senate Committee on Banking did not receive any petition against the nominees.

 

 

He added that the nominees were all cleared by the Nigeria Police Force and the State Security Services and possessed the Code of Conduct Bureau acknowledgment slip.

 

 

 

Other lawmakers in their submission charged the newly confirmed Members of the MPC to come up with proper economic policies to salvage the current situation in the country.

 

 

Those confirmed are CBN Deputy Governors, Mohamed Sani Abdullahi , Bala Bello, Emem Usoro and Philip Ikeazor.

 

 

Others are the Director General, Security and Exchange Commission (SEC), Lamido Yuguda, Permanent Secretary Ministry of Finance, Jafiya Shehu, murtala Sabo Sagagi, Aloysius Uche, Aku Paulin, Mustapha Akinwumi and Bandele Amon.

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