International
BOI, AFD Sign €2.5m Grant Agreement
BOI, AFD Sign €2.5m Grant Agreement
By: Michael Mike
Bank of Industry (BOI) and the French Development Agency (AFD) have signed a grant agreement for €2.5 million delegated by the Green Climate Fund (GCF) which will further their partnership to fight climate change in Nigeria.
A statement on Thursday by the French Embassy in Nigeria, said France having committed more than €1.5 billion to the Green Climate Fund since 2019, it was only natural that the meeting took place at the French Embassy under the primary patronage of the French Ambassador to Nigeria and ECOWAS.
Earlier on August 23rd, 2022, BOI and AFD have signed a €100m credit-line for the expansion of green finance in Nigeria. This was approved under AFD’s Transforming Financial Systems for Climate (TFSC) Programme with the Green Climate Fund (GCF), a USD650 million-Programme developed in 17 countries for 100% climate investment projects.
The TFSC Programme focuses on financing investments that contribute to climate change mitigation or adaptation, specifically projects focused on renewable energy, low carbon and efficient energy generation, climate smart agriculture technologies, clean urban transportation and others.
With the BoI and AFD understanding the importance of mainstreaming Climate Finance within BOI’s strategy and operations; therefore, the grant agreement sets up a technical assistance scheme for BoI.
According to the statement, the objective is to build the capacity of BoI, thereby providing tools for effective identification and development of eligible bankable climate-related projects as well as improving the readiness of the bank’s customers to implement green practices in their operations.
The statement added that in this context, the implementation of the Environment and Social Governance framework provided for in the credit agreement will be an important part of the technical assistant mandate.
Managing Director/Chief Executive Officer, Bank of Industry, Mr. Olukayode Pitan, at the grant agreement signing ceremony, said: “Given the serious threat that climate change poses to equitable and sustainable development in Nigeria, it is critical for us at BOI to take the lead in mobilizing capital for green and sustainable investment. In addition to the line of credit, the € 2.5m Technical Assistance funds will support capacity building for BOI and its customers, thereby enabling the scaling of current efforts by BOI towards climate change mitigation and adaptation. This will contribute significantly to reducing Nigeria’s carbon foot print.
“With specific reference to Gender Equality, the technical assistant will support BOI in the development and implementation of professional gender equality and gender lens investing policies”
Country Director for AFD, Mr. Xavier Muron bearing in mind the Paris Agreement, recognized BoI’s commitment to embed sustainability in its business practices to drive strategic social, economic and environmental impact in the communities the Bank serves.
Needless to say that for BoI, a key financial actor supporting the country’s goal to reach carbon neutrality, having a strong technical assistance to build its climate finance strategy is paramount,
Pitan acknowledged the dedication of AFD, the GCF and its strategic partners to ensure a smooth and efficient implementation of this deal.
He said: “BOI welcomes its partnership with the AFD and GCF as it continues to implement President Muhammadu Buhari’s policies with respect to climate finance. We commend the professional approach adopted by these partners in delivering this technical assistance package. We are confident it will enhance BOI and its customers’ capacity and readiness for climate finance. We believe this is the beginning of a long and mutually beneficial relationship.”
Meanwhile, Muron appreciated the strong relationship BoI and AFD have been building and looks forward to further support the BoI in its activities towards achieving the SDGs.
BOI, AFD Sign €2.5m Grant Agreement
International
Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises
Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises
By: Michael Mike
Nigeria should expect more Indian investment in Nigeria with the growth in over 200 companies presently operating in the country and increase in the present investment of over $27 billion in the nation’s economy by Indian interest, the Indian government has assured.
Addressing the media on Sunday in Abuja on the fallout from the visit of Indian Prime Minister, Narendra Modi to the country, the Secretary of Economic Relations at India’s Ministry of External Affairs, Dammu Ravi, said: “While Indian companies are very strong in the traditional areas of manufacturing in Nigeria, with more than 200 companies having invested $27 billion in the economy here, there are new areas that are being identified, which include, as we discussed, the agriculture part of it, particularly lentils and other things which are being considered as a possibility. Then irrigation services, seed, hybrid seed development, research and development on good seeds, climate-resistant seeds and other things are being considered so that that area can also come into focus between the two countries.
“So we talked about mining, we talked about various issues pertaining to small and medium enterprises, the skill development part of it.
“Already we have some experts who have been training for more than six months in SMEDAN over here, entrepreneurial development skills. And also through the Indian Technical and Economic Cooperation where we have been sending people to India for skill development, that also came into focus. So we would be considering all these things too, we are diversify the areas of our cooperation in trade and economic relations, as well as to strengthen our trade cooperation.”
He also revealed that India is interested in further investment in Nigeria’s oil and gas industry, stating that: “There was a very good concentration of topic on oil and gas investment. Some Indian companies are already working on the CNG areas, which is the focus area of the President also. There are companies which are working in CNG city-wide network as well as setting up the outlets for CNG over here. CNG kits are being also sent over here so that it can be put in the cars and vehicles to use the CNG.”
He noted that on pharmaceuticals and medicine, there are nearly $4 billion of investment by Indian companies in the pharmaceutical sector here in Nigeria, and there is already existing eye hospitals of India in Abuja and Lagos, as well as another multi-speciality hospital.
He said: “I can also tell you that there is going to be a bigger hospital, a 300-bed hospital that has come up in Abuja, which will be open very shortly with expert doctors and technicians and others from India with modern technology. So that hospital chain would also be expanding itself into other geopolitical areas too.”
He said India, in agreement with Nigeria, looks forward to the reform of the United Nations Security Council, stating that there is urgent need to update the global governance structure to reflect current realities.
He noted that the existing structure, established in 1945, no longer meets the needs of the modern world and that significant changes are required.
Ravi highlighted the shared stance of India and Nigeria in advocating for a more inclusive Security Council, pointing out that both nations represent the interests of the Global South, which remains underrepresented in international decision-making.
He insisted that: “The world has changed significantly since the establishment of the UN, but the Security Council’s structure has not evolved accordingly.
“Nigeria and India are on the same page on the need for reform. We have to keep working on that in different forums to sensitise the countries on the need for our positions.”
The call for reform came as part of a broader effort by developing nations to secure a greater voice in global governance.
Ravi underscored the importance of unity among countries in the Global South, including major players like India and Nigeria, to advocate effectively for changes in the UNSC’s composition.
The UNSC currently has 15 members, including five permanent members with veto power: the United States, Russia, China, the United Kingdom, and France.
However, despite having 54 member states in the UN, Africa lacks permanent representation.
The US recently proposed expanding the council to include two permanent seats for African countries, with Nigeria, South Africa, and Egypt emerging as leading contenders due to their economic and political influence.
According to Ravi, the key to successful reform lies in collective action.
He noted that countries from the Global South, which have experienced significant political and economic growth over the past few decades, should have a more substantial role in international decision-making.
He said, “We need to build this understanding that there is a need for the UN reform and that is the fundamental. The reform is necessary and it has to be done quickly.”
Addressing the question of African representation, Ravi acknowledged that Africa has its own consensus on the need for reform.
However, he pointed out the complexity of aligning the positions of various African nations with those of other countries advocating for change, such as India.
Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises
International
STRUGGLE FOR PALESTINIAN STATEHOOD AS THE DEFINING LIMINAL MOMENT OF OUR TIME
STRUGGLE FOR PALESTINIAN STATEHOOD AS THE DEFINING LIMINAL MOMENT OF OUR TIME
By: Yusuf Maitama Tuggar
A liminal moment is a time of realization that the way things are is no longer sustainable, yet the way thing will become is yet to happen. In other words, a liminal moment is a period of transition. The quest of Palestinians for statehood and the right to exist is going through a transition period in which the world is awakening to the fact that Israeli occupation of Gaza and the West Bank and the institutionalised system of segregation used to administer the territories is neither tenable nor sustainable. Although the violence and carnage being meted out to the Palestinians appears at first glance to strengthen the hands of the Israeli government and provides opportunity for settlers to expand territorial ambitions, a closer examination reveals it to be a pyrrhic victory. The resolve of the innocent civilians on the receiving end is only getting stronger, determined to avert another Nakba, the term referring to the exodus that followed the 1948 partitioning that created the state of Israel. Many Palestinians lost their homes in the event, never to return again. Families still clutch on to the keys of their houses as mementos of a mistake passed down from one generation to another, that must never be repeated again. The struggle for Palestinian statehood is the liminal moment of our time.
When it comes to standing up against injustice and racial discrimination, Nigeria has maintained an admirable consistency. We deployed resources and energy over three decades towards the liberation of Angola, Mozambique, Zimbabwe, Namibia and Apartheid South Africa. Nigeria follows the dictum of International Relations guru Hans Morgenthau of making ethical foreign policy behaviour an integral part of its state objective. President Bola Tinubu continued this tradition when he spoke out equably for an end to the violence in Palestine and Lebanon during the Arab-OIC Extraordinary Summit in Riyadh on 11th of November 2024, calling for the actual implementation of the two-state solution that has been the subject of several UN Resolutions, dating back to Resolutions 242 and 338 of 1967. President Tinubu’s intervention was considered by other countries in attendance as providing the missing mechanism when he suggested the creation of a secretariat to monitor implementation of the Summit’s resolutions and provide regular reports to the leadership, until peace is achieved. This was unanimously adopted as a late addition to the draft resolution and hailed as a departure from previous ones that lacked implementation mechanisms.
President Tinubu has remained deeply concerned by the human suffering in Gaza, especially of children and women. For this reason, Nigeria worked with Red Cross officials and employed its diplomatic channels to facilitate the evacuation of sick and injured children to Egypt, UAE and Jordan. Today three-year-old Alaa Madhon, nine-month-old Salma Chagu of Khan Yunus, another three-month-old baby Alaa and baby Suhail are all alive with the help of Nigeria’s back channel diplomatic efforts. In his speech, President Tinubu reminded the world that the conflict did not begin on October 7th, contrary to media reporting that often gives the impression that the Hamas attack and kidnapping of civilians was the casus belli that justified Israeli aggression and discounting the daily aggression meted out to Palestinians living under the apartheid system in Gaza and the West Bank. He candidly challenged leaders by stating it was not enough to issue empty condemnations and although a countries in a rules-based international order had the right to self-defence, they had to take into account the proportionality of violence they applied, especially on innocent civilians. President Tinubu pointed out that an entire civilian population cannot be dismissed as collateral, in meting out revenge for October 7th. The contradiction of justifying the Israeli aggression against innocent civilians within the context of a rules based international law and order is that the whole point of international law is to rule out revenge. Justice is antithetical to revenge.
Those who attempt to give religious colouration to standing up for what is right and just betray a lack of understanding of the Palestinian quest for statehood. Some of the most prominent figures in that struggle have been Christians; academic Edward Said, PLFP founder George Habash, political activist Hanan Ashrawi are among the recognisable names. And within the state of Israel exist Arabs that are Muslim, Christian and Druze. The Republic of South Africa that instituted a genocide case against Israel in the International Court of Justice is 82% Christian. The nationhood journey of South Africa and the struggle against apartheid make it the most morally appropriate nation to file such a case against Israel where a similar apartheid system confines over 2.2 million people in an open-air prison called Gaza. Like South African Bantustans or homelands, those living within require passes to move around, their fundamental human rights restricted. So South Africans can identify more easily with the plight of the Palestinians as non-citizens on their own land.
But Nigeria can also identify with such a system and share the pain because of our own journey to nationhood. Apartheid was simply an extreme form of indirect rule. The system designed by Lord Lugard and Jan Smuts to answer the native question was to segregate a black majority, creating Sabon Garis and Zangos that restricted movement and mingling among the owners of the land. Black people were not allowed to venture into the Government Reservation Areas (GRAs) of Ikoyi in Lagos and Nasarawa in Kano, else one would be arrested for “wandering”. Late Ibrahim Gusau (who later became a Minister in the first republic) was punished by the colonial authorities for being found in Sabon Gari, with a copy of the West African Pilot, published by anti-colonial agitator Nnamdi Azikiwe. It was therefore not surprising that after gaining independence, Nigeria’s foreign policy maintained a proclivity for standing up against discrimination and injustice. Apart from supporting liberation movements to free others from the colonial choke hold, Nigeria refused to sell oil to Apartheid South Africa and penalised businesses that dealt with racist regimes on the continent. The Balewa government lobbied for the expulsion of South Africa from the Commonwealth and set up the National Committee Against Apartheid across the country, the Gowon government helped strengthen the United Nations Committee Against Apartheid and pushed for recognition of Guinea Bissau and Cape Verde as independent states, the Murtala/Obasanjo administration created the Southern Africa Relief Fund (SAFR) or Mandela tax as it was popularly known, and the Shagari government engineered the Lancaster House Conference that paved the way for Zimbabwe’s independence. President Tinubu continues this noble tradition by standing up for the actualisation of the two-state solution.
Nigeria’s diversity gives it an advantage on the world stage in consensus building through the hard work of conversation and virtues of principled compromise. Though this may be taken for granted at home because it comes naturally to us, it remains an uncommon trait abroad much admired by others. It is a gift that we must continue to tap into in our share political project both at home and abroad.
Yusuf M Tuggar
Minister of Foreign Affairs
Federal Republic of Nigeria
International
Nigeria Congratulates Trump on Election as US President
Nigeria Congratulates Trump on Election as US President
By: Michael Mike
The Nigerian government has congratulated the Republican candidate in the United States of America presidential election, Donald Trump for his victory at the poll.
The Nigerian government in a statement on Wednesday signed by the spokesperson of the Ministry of Foreign Affairs, Amb. Eche Abu-Obe wish the 45th president who has been elected by the reason of the election as the 47th president great success.
The statement read: “Federal Republic of Nigeria wishes to congratulate incoming President Donald Trump on his victory as the next President of the United States of America.
“Nigeria wishes the 47th President of the United States of America great success in steering the affairs of the country and further assures of continued support and cooperation in matters of international peace and security.
“The Federal Republic of Nigeria applauds the Democratic contestant, Kamala Harris, for her efforts and contributions during her tenure as the Vice President of the United States of America.
“In the same vein, Nigeria also applauds outgoing President, Joe Biden, for his leadership and service to the American people.”
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