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Nigeria to Benefit from US$500 million Development Plan

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Nigeria to Benefit from US$500 million Development Plan

By: Michael Mike

Nigeria is one of the country to benefit from a Memorandum of Understanding (MoU) signed for the co-financing of up to US$500 million of debt transactions to facilitate long-term sustainable development across developing economies and low-income countries in Africa, Asia, and the Caribbean.

The MoU was signed between British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor with Amsterdam-based ILX Management (ILX), an SDG and Climate-Focused Emerging Market Private Debt Fund.

According to a statement jointly signed by Clare Murray of British International Investment and Simone Boes of ILX Management, BII and ILX will invest across a broad range of sectors including renewable energy, infrastructure, financial services, manufacturing and agribusiness to increase the flow of capital into impactful businesses and projects.

The statement added that this new partnership will enable both parties to leverage each other’s expertise and provide additional financial firepower across Africa, Asia and the Caribbean. ILX and BII will share information on prospective projects, emerging technologies, and financial innovation. They will also establish a roadmap to mobilise private sector capital, specifically focusing on providing institutional investors with greater access to high-impact private debt investment opportunities in scalable businesses driving productive, sustainable and inclusive growth.

CEO, BII, Nick O’Donohoe said: “This partnership has been driven by our shared view of the need to invest to meet the SDGs. It furthers our ambition to create new job opportunities in developing economies and will provide private credit to help bridge the finance gap faced by many businesses. This asset class remains nascent, comprising of just 3 per cent of private credit globally, and is the natural next step for allocators of global private credit.”

CEO, ILX Management B.V., Manfred Schepers, said “ILX has already received over US$1 billion in commitments from leading Dutch pension funds and is currently raising a successor fund for a targeted US$ 2 billion commitments from European pension funds. Working with BII, together we will increase financial capacity for project finance, financial services debt and private sector debt across Africa, Asia and the Caribbean. We have a strong track record of investing alongside the leading Multilateral Development Banks and other Development Finance Institutions in climate, and SDG-targeted projects across emerging economies globally and look forward to the opportunities this partnership will bring.”

UK Minister for Development and Africa, Andrew Mitchell, on his part said “This MoU with ILX is an example of British International Investment’s pioneering approach to mobilising the private finance needed to deliver the UN Sustainable Development Goals. I am proud that FCDO provided early-stage funding to ILX, which went on to secure over US$1 billion in commitments to its first investment fund.

This new partnership will mobilise up to US$500m of additional finance for low-income countries across Africa, Asia, and the Caribbean, improving access to renewable energy and quality infrastructure and helping businesses to thrive.”

Nigeria to Benefit from US$500 million Development Plan

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Herders attack in Monguno kills teenager, injures another

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Herders attack in Monguno kills teenager, injures another

By: Zagazola Makama

A teenager was killed and another person injured in an attack by suspected herders at Kawuram Bush in Monguno Local Government Area of Borno State.

Zagazola learnt that the incident occurred at about 5:00 a.m. when herders allegedly moved their cattle into a farm belonging to Alhaji Kaumi Monguno and others, grazing on food crops. When the farmers tried to chase the cattle away, the herders reportedly attacked them with machetes and other weapons.

The victims were identified as Ali Goni, 15, who was fatally injured, and Modu Suri, 25, who sustained a bow-and-arrow wound to his left leg and is receiving treatment at General Hospital Monguno.

A combined team of the troops of Operation HADIN KAI,police tactical squads, Civilian Joint Task Force (CJTF), and hunters visited the scene, photographed the site, and evacuated the victims. The corpse of the deceased was released to his family for burial according to Islamic rites.

Sources said efforts are ongoing to apprehend the perpetrators in collaboration with local herders’ groups and community leaders.

Herders attack in Monguno kills teenager, injures another

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NGO Asks FG to Use Carbon Credits to Fund Renewable Energy

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NGO Asks FG to Use Carbon Credits to Fund Renewable Energy

By: Michael Mike

A Non-Governmental Organisation (NGO), Vectar Energy has said carbon credits could be the solution to the funding of the nation’s renewable energy plan,

Nigeria is in urgent need of about $40 billion to meet its energy gap, this Vector Energy advised the federal government to tap into carbon credits to fund renewable energy as a solution to the perennial power problem in the country.

Nigeria officially launched its Carbon Market Activation Plan (CMAP) in February 2024 and a supporting policy, the Nigeria Carbon Market Activation Policy (NCMAP), in September 2024, which outlines the strategy to unlock an estimated $2.5 billion market by 2030.

The plan is supported by an inter-governmental committee inaugurated by Vice President Kashim Shettima and aims to accelerate green growth, standardize its carbon market ecosystem, and facilitate international trading under the Paris Agreement

The Founder of Vectar Energy, Deborah Fadeyi, told journalists in Abuja at the maiden EcoWise multi-stakeholder forum under the theme: “Trust, Scale, Impact: Unlocking climate finance through carbon credits for Solar in Nigeria”, that there is an essential need for sustainable solutions through converting solar data into real capital via accelerating climate finance and clean energy in Nigeria .

She said: “access to electricity had become a burden, particularly with not less than 8.6 million Nigerians unable to access electricity, amidst power supply.

Fadeyi noted that: “When we go to COP events, we pretty much ask for aid to be able to build climate resilience, which is one key thing for us as a country.

“Having to build climate resilience through access to electricity, not just for day-to-day, but for sustainable industrialisation, then we realise that aids don’t work.

“The conversation of aids doesn’t work. So how about we trade something? This is where carbon credits come in. If we strive to deploy low-carbon renewable projects, is there a way for us to get concessions from that?

“To be able to finance more renewable energy projects, more solar projects, there is a mechanism for that, it is called the Clean Development Mechanisms.”

She explained further, “such mechanisms could bolster Nigeria’s ability to convert solar data or any sort of low-carbon or renewable green energy data into carbon credits.

“Also that carbon credit is sold to corporate buyers such as Amazon, Microsoft, to be able to showcase their net zero confidence as the world progresses to net zero by 2050.”

Speaking at the occasion, the Ambassador of Israel to Nigeria, Michael Freeman, represented by Thelma Agada, the B-Technology Project Manager, commended Vectar Energy to be the result of the partnership between Nigeria and Israel through the establishment of the Innovate Hub.

The envoy said Nigeria has everything it takes to lead Africa’s clean energy transformation through vast sunlight, abundant natural resources and most importantly, a young, talented, determined population.

“The challenge and the opportunity lies in connecting innovation to implementation and ideas to investment. This forum is exactly the kind of platform that makes such connections possible.

“This brings together government, private sector, academia and development partners, the four pillars that most work hand-in-hand if we can and will achieve the lasting impact.”

Freeman said: “Let me also assure you that Israel stands ready to partner with you on this journey, whether it is through technology transfer, capacity building or joint ventures in renewable energy infrastructure.”

On her part, the Vice President, Renewable Energy Association of Nigeria, Damilola Asaleye, commended the launch of the EcoWise platform by Vectar Energy, to be innovative platform that is needed currently in Nigeria and Africa at large.

She described EcoWise as a platform that is locally built by a Nigerian to bolster sustainable solutions in the renewable energy sector and to enable Africans to have access to climate finance.

She said: “We can have access to environmental finance and then, we can turn all the data from our solar installations right now in Nigeria, we can turn this into revenue through the climate credits.

“I am glad that a private sector, organisation is actually taking the bull by the horn to implement this climate finance platform right now, whereby we can convert climate, environmental data into revenue.

“We do not have to wait for the government for everything to be done. We private sector owners too need to step up to the game and ensure that we have data credibility,” Asaleye said.

Highpoint of the event was EcoWise technical paper launch, virtual presentations on: Nigeria’s solar ambition, empowering people for climate resilient energy access and financing the solar transition.

NGO Asks FG to Use Carbon Credits to Fund Renewable Energy

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Why Governor Zulum Directs Immediate Investigation into MURIC’s Claims of Hijab Harassment in Maiduguri Hospitals

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Why Governor Zulum Directs Immediate Investigation into MURIC’s Claims of Hijab Harassment in Maiduguri Hospitals

By: Bodunrin Kayode

Borno State Governor Babagana Zulum has directed the commissioner of health, Baba Malam Gana, to investigate the allegations of harassment meted out to some health workers who wore hijabs to work in some government hospitals.

In a directive issued on Thursday through his spokesman, Dauda Iliya, Prof. Zulum asked the Commissioner of Health and Human Services, Professor Baba Mallam Gana, to undertake an immediate and thorough investigation to ascertain the veracity of the claims of harassment flying around the online space.

The governor expressed deep worries over the statement by the Muslim Rights Concern (MURIC) alleging the harassment of Muslim women for wearing hijab in some hospitals in Maiduguri.

He noted that while the government is “not aware of any official report or complaint’ regarding such incidents, his administration has taken the allegations with the utmost seriousness.

The statement noted that Zulum reiterated his administration’s commitment to protecting the religious rights and dignity of all citizens, particularly that of women.

He stated that Borno State, being a predominantly Muslim society, holds hijab in high esteem, and any form of harassment against those who choose to wear it is unacceptable and will not be tolerated.

“The welfare and rights of our citizens, especially our mothers, wives, and daughters, are paramount. We have zero tolerance for any form of discrimination or harassment.

“While we have no prior record of such complaints, we are not taking these allegations lightly. This investigation will be swift and transparent. If any wrongdoing is found, appropriate disciplinary action will be taken immediately,” Zulum assured.

Zulum urged the public, and specifically individuals who have experienced such treatment, to come forward and assist in the investigation with credible information to ensure a fair and just outcome.

“I assure the public that the Borno State government under my leadership will not tolerate any action that unjustly targets or humiliates any segment of our society,” he concludes.

MURIC had reported that three government hospitals in Maiduguri, the Borno State Capital, were accused of harassing Muslim women who wear Islamic garments.

Those they mentioned were the Maiduguri General Hospital, Umaru Shehu Hospital, and the University of Maiduguri Teaching Hospital (UMTH).

MURIC levelled the allegation in a statement titled ‘Maiduguri Hospitals Harassing Muslim Women’ in a press release, which was signed by the group’s Executive Director, Professor Ishaq Akintola, and circulated among newsmen on Thursday.

Removal of hijab for security checks

MURIC had alleged that the security officials were fond of asking some women with suspicious body architecture to remove the veil so that they could see what they were carrying underneath before entering the hospital, where they could replace the hijab.

“Hiding under the prevailing atmosphere of insecurity in the state, the security details at the gates of the three hospitals are in the habit of ordering Muslim women who wear niqabs (Islamic veils) to remove them completely as they approach the gates until they enter the hospitals’ premises.” It had posited.

At the height of the insurgency, most of the suicide bombers who were nabbed before they exploded the IEDs on them were found to have hidden such explosives in between their breasts and private parts before wearing the hijab and approaching their victims.

Whenever the insurgents wire them like that, they direct them to approach heavily crowded places where they detonate such explosives, leaving very high casualties at most times.

Why Governor Zulum Directs Immediate Investigation into MURIC’s Claims of Hijab Harassment in Maiduguri Hospitals

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