Connect with us

Broadcasting

Climate Finance: The Urgency of Climate Action in Nigeria

Published

on

Kindly share this post

By Grace Oluchi Mbah, Co-Founder and Executive Director, Climate Action Africa

Nigeria, Africa’s most populous nation, is facing a critical challenge: climate change. The country is highly vulnerable to the devastating impacts of a warming planet, including extreme weather events like floods and droughts, rising sea levels, and ecological disruptions. These changes threaten not only Nigeria’s environment but also its economic growth, social development, and overall well being.

There was a time when we could reasonably predict the weather in Nigeria. Rainy and dry seasons arrived at specific periods in the year, allowing for preparation, especially among rural farmers. By monitoring the seasons, farmers could cultivate crops and achieve bountiful harvests.

Nigeria’s rainy seasons have changed. Once a land of consistent rain, the country now experiences more intense downpours followed by longer dry periods. This disrupts agricultural production, leading to food insecurity. Floods caused by heavy rains destroy crops and infrastructure, displacing communities. Since September 2022, the worst floods in a decade have affected 3.2 million people across Nigeria, of whom an estimated 60 percent are children. Anambra, Bayelsa, Cross River, and Jigawa States have seen the highest numbers of displaced persons.

In Northern Nigeria, conflict may have continued to drive population displacement, disrupt livelihood activities, and restrict market access. However, the region’s suffering intensifies due to its particular vulnerability to droughts caused by rising temperatures and reduced rainfall. Lake Chad, a vital source of water for millions, is shrinking at an alarming rate. Since the 1960s, the lake has shrunk by around 90%. This recession of water is a result of both reduced precipitation induced by climate change and the development of modern irrigation systems for agriculture, alongside the increasing human demand for freshwater.

Coastal cities like Lagos face the risk of inundation due to rising sea levels. This saltwater intrusion contaminates freshwater sources and threatens coastal ecosystems. Erosion caused by rising sea levels destroys infrastructure and can displace populations. If global warming exceeds 2°C, Lagos State is predicted to see a 90cm rise in sea level by 2100.

Some other current climate change issues in Nigeria include frequent and intense heat waves, deforestation, overgrazing, and extreme weather events that contribute to land degradation. There is no doubt that Nigeria faces a real climate change challenge. It is imperative that the government and other stakeholders put in place mitigation and adaptation projects, such as developing renewable energy sources and reducing emissions, as well as adaptation efforts, including building resilient infrastructure and fostering community resilience, to curb climate change challenges in Nigeria.

A solution to Nigeria’s rising climate change challenge is climate finance. Climate finance refers to local, national and transnational financing that is drawn from public, private and alternative sources of financing that seeks to support mitigation and adaptation actions that will address climate change. Climate finance plays a critical role in empowering developing nations like Nigeria to combat climate change. It provides the much-needed resources to implement mitigation and adaptation strategies that safeguard the environment and bolster climate resilience.

While Nigeria has ambitious climate goals enshrined in its Nationally Determined Contributions (NDCs) – a pledge under the Paris Agreement to reduce greenhouse gas emissions –  achieving them hinges on a crucial factor: climate finance.

Climate finance serves as a crucial instrument for Nigeria to confront its climate change challenges. It encompasses various funding sources, that includes, multilateral aid in form of grants and concessional loans provided by developed countries and international organizations. Investments from banks, insurers, and asset managers in climate-smart projects that emanate as private sector investment and carbon pricing mechanisms which are revenue generated from carbon taxes or emissions trading schemes.

By effectively deploying climate finance, Nigeria can invest in renewable energy sources like solar and wind power which can lessen reliance on fossil fuels and reduce greenhouse gas emissions. Funds can be directed towards strengthening infrastructure to withstand extreme weather events, developing climate-resistant crop varieties, and improving early warning systems. Support for the adoption of sustainable agricultural practices that enhance food security and reduce deforestation can also be achieved.

The Funding Gap and the Urgency for Action

Nigeria’s current climate finance scenario paints a concerning picture. Estimates suggest the country receives around $1.9 billion annually, a far cry from the estimated $17.7 billion required to meet its NDC targets by 2030. This significant funding gap translates to a lack of resources for crucial climate action initiatives.

The consequences of inaction are dire. Studies by the Department for International Development (DFID) indicate that climate change could cost Nigeria between 6% and 30% of its GDP by 2050. This economic strain, coupled with environmental degradation and social upheaval, could significantly destabilize the nation.

Bridging the climate finance gap necessitates a multi-pronged approach involving various stakeholders:

  • Public Sector: The Nigerian government must prioritize climate finance allocation within its budget. Innovative mechanisms like carbon taxes and green bonds can be explored to generate additional revenue for climate projects.

  • Private Sector: The private sector has a vital role to play. Banks and financial institutions need to develop financial products that incentivize investments in low-carbon and climate-resilient technologies. Additionally, corporations should factor climate risk into their decision-making processes and invest in sustainable practices.

  • International Community: Developed nations have a responsibility to support developing countries like Nigeria in their climate efforts. Fulfilling pledges made under international agreements like the Green Climate Fund is crucial.

Despite the challenges, there are positive developments on the Nigerian climate finance landscape. In November 2021, The Climate Change bill was signed into law by President Buhari in order to provide Nigeria with a legal framework for climate action, fostering transparency and accountability in climate finance management. Nigeria also issued sovereign green bonds to finance renewable energy projects, demonstrating a commitment to sustainable development.

Nigeria’s climate action journey will require sustained efforts and strategic partnerships. Some key areas for focus are:

  • Enhancing Transparency and Accountability:  Clear reporting mechanisms and robust governance structures are essential to ensure that climate funds are used effectively and efficiently.

  • Capacity Building:  Building domestic expertise in climate finance management is crucial. Training programs and knowledge-sharing initiatives can equip stakeholders with the necessary skills to navigate the complexities of climate finance.

  • Unlocking Private Sector Investment:  Creating an attractive environment for private sector investment in climate solutions, through policy incentives and de-risking mechanisms, is essential.

Climate change is an existential threat to Nigeria, but it also presents an opportunity for transformation. By mobilizing adequate climate finance, Nigeria can build a low-carbon and climate-resilient future. This will require a collective effort from the government, private sector, and international community. With decisive action and innovative solutions, Nigeria can not only safeguard its environment but also  secure a sustainable and prosperous future for its citizens


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Broadcasting

CNN African Voices Playmakers Profiles Wendy Shay

Published

on

Kindly share this post

This week’s edition of Glo-sponsored CNN African Voices Playmakers will feature Ghanaian singer, songwriter and musical innovator, Wendy Asiamah Addo, popularly called Wendy Shay.

Shay will delight viewers with the story of her journey to the top of her career as well as  her impact in her non-profit social engagements on the 30-minute magazine programme.

Born on February 20, 1996, Shay is a former nurse and midwife. She  plays a unique music style, which is a  blend of Afrobeats, highlife, and hiplife genres. Her hit albums include  “Uber Driver” and “Africa Money.”

She has performed at several events including Miss Ghana 2018 Finals, RTP Awards Africa 2018, BF Suma Ghana Connect 18 concert. In December 2019, she also performed at Ghana’s Afronation Music Festival.

Shay is brand ambassador for the Youth Employment Agency (YEA) in Ghana,  and has won the Best New Artiste of the Year at the Ghana-Naija Showbiz Awards amongst others.

An interesting time awaits viewers on the programme which will be aired  at  8.30 a.m. on Saturday. The edition will be repeated the same Saturday  at 12.00 p.m., on Sunday at 4.30 a.m. and  7.00 p.m. More repeats come on Monday at 4.00 a.m., on Saturday next week  at 8.30 a.m.,  12.00 p.m., and  on Sunday at 4.30 a.m. and 7.00 p.m. and at 4.00 a.m. on Monday.

 


Kindly share this post
Continue Reading

Broadcasting

Empowering small businesses in Africa through digital communication solutions

Published

on

Kindly share this post

By Abiola Ibrahim; Account Executive – Infobip

The African small business landscape is brimming with potential. From active markets to innovative entrepreneurs, the continent represents a vibrant hub of economic activity. Yet, in this dynamic environment, standing out and reaching customers can be a challenge.

Abiola Ibrahim

This is where digital communication steps in as a powerful tool for unlocking growth. By harnessing digital communication, these enterprises can amplify their brand presence, engage with their target audience effectively, and drive sustainable development.

Embracing mobile technology and data analytics

Mobile technology has emerged as an important tool for enhancing communication efforts and connecting with target audiences across Africa. According to GSMA Intelligence, mobile connectivity is playing a significant role in driving socioeconomic progress in Sub-Saharan Africa. Businesses can capitalise on this trend by adopting mobile-based communication strategies to reach and engage with their customers. For example, leveraging SMS marketing campaigns or developing mobile apps tailored to local preferences can enhance customer engagement and drive business growth.

Harnessing the power of data analytics, businesses can optimise their strategies, refine their messaging, and drive meaningful interactions to stay ahead of the competition. By embracing mobile technology and data analytics, small businesses can create a strong foundation for their digital communication efforts.

Personalisation and customer-centric approach

In an era dominated by personalised experiences, small businesses must tailor their communication efforts to resonate with individual preferences. This is more than just reaching customers; it is about engaging them in a conversation tailored specifically to their needs and desires. This involves a multifaceted approach, integrating various elements such as video content, storytelling, SEO optimisation, and community building into their strategies. Through video content, businesses can visually showcase their products or services, providing a more immersive and engaging experience for their audience. Unlike the traditional marketing storytelling, often perceived as one-way communication with customers, businesses who wish to build deeper relationships with their customers need to create conversational experiences. These experiences enable personalised, two-way communication that goes beyond simply using customer’s first name. They humanise the brand, making each interaction feel tailored to the individual customer and demonstrating that the company understands their preferences, from product choices to preferred communication channels.

Strategic use of digital communication solutions

Some small businesses have attained success by being strategic with their digital communication activities. They collect and store data using Customer Data platforms and use flow building solutions to trigger event-based conversations with customers on their preferred channels. This approach enables businesses to automate communication towards their target audience, ensuring the delivery of relevant and personalised messaging. Such strategies have been adopted by different organisations across various sectors to encourage purchases by customers who have abandoned their virtual carts, automate customer loyalty reward programs, set up efficient account signup and verification processes, and send automated reminders to customers to take certain actions.

Establishing a strong brand presence and maximising limited resources

Establishing a strong brand presence is vital for small businesses aiming to differentiate themselves in the market. Focusing on elements such as production, place, people, promotion, and process, businesses can define their unique value proposition and resonate with their target audience. Engaging in local connectivity and community engagement further strengthens brand authenticity, fosters trust, and fuels organic growth.

Small businesses often operate with limited budgets and resources, making it essential to adopt a strategic approach to digital communication campaigns. By setting attainable goals, leveraging technology, and prioritising audience insights, businesses can optimise their investments and maximise returns. Embracing AI-powered tools for content creation, targeted advertising and data-driven decision-making, can help unlock the full potential of digital communication.

Future opportunities and innovation

Looking ahead, the future of digital communication for small businesses in Africa is filled with opportunities for innovation and growth. As AI continues to reshape the marketing landscape, businesses can harness its capabilities to drive personalised experiences, automate processes, and explore new avenues for engagement. By staying agile, adaptive, and forward-thinking, small businesses can position themselves as industry leaders and capitalise on emerging trends to drive sustainable growth and prosperity.

As small businesses continue to evolve and adapt to changing market dynamics, their ability to effectively communicate will be instrumental in redefining entrepreneurship in Africa, shaping a prosperous future for themselves and their communities. Understanding what clients want is more important than ever, as it helps build stronger connections and fosters customers loyalty. Effective communication that delivers the best results involves knowing the right time and place to engage with customers. These preferences are discovered by analysing customer data and setting up events that make the communication most relevant to them.

In summary, the growth journey begins with building a community, getting to know your customers by collecting and analysing data, sending relevant information at the right time, and creating conversational experiences rather than talking at your customers.


Kindly share this post
Continue Reading

Broadcasting

Subscription Hike: CCPT “Erred in Law”, Multichoice Claims in Appeals against N150m Fine

Published

on

Kindly share this post

Multichoice Nigeria has appealed the ruling of the Competition and Consumer Protection Tribunal (CCPT) which imposed a fine of N150 million and “free monthly subscription order” on it.

Subscription Hike: CCPT “Erred in Law”, Multichoice Claims in Appeals against N150m Fine

The Pay TV company, in an appeal filed before the Court of Appeal sitting in Abuja is also highlighting reasons the ruling of the CCPT should be set aside by the appellate court.

This is contained in MultiChoice’s notice of appeal seeking the Court of Appeal to hold that the Tribunal “erred in law.”

MultiChoice’s eight grounds of notice of appeal argued that the members of the Tribunal erred in several areas of law.

Here under are the reasons listed by Multichoice in praying the court to set aside the fine imposed by the CCPT.

Multichoice argued that the Tribunal imposed a fine on it without allowing its legal team to explain itself regarding the price hike.

The Pay TV insisted that the Tribunal should not have presided over a complaint that has not be decided by the Federal Competition & Consumer Protection Council.

A similar Case has been decided before.

Multichoice emphasised that the issue of its price hike had been determined by the Tribunal before, thereby barring its panel from presiding over the same issues in alleged violation of legal procedures.

The tribunal imposed penalties not sought by the lawyer.

Multichoice pointed out that the lawyer did not ask for a N150 million penalty and a one-month free subscription fine against it.

It was also of the view that the Tribunal acted in such a manner without hearing from all of its subscribers.

The tribunal imposed a huge fine based on personal claims.

The firm also stressed that the Tribunal erroneously imposed a huge fine on it while leveraging on a lawyer’s personal issues with his subscription package.

The tribunal imposed a fine in a hurry.

Multichoice also accuses the Tribunal of not hearing all the pending applications for, and against its price hike, before imposing such fines on it.

The tribunal cannot regulate prices.

Multichoice maintained that a tribunal cannot preside over issues of price increase.

Multichoice did not disobey the Tribunal.

Multichoice reiterated to the Court of Appeal that a party cannot be said to have disobeyed an order of court when it has filed an application challenging the powers of the court to preside over a matter.

“An order setting aside the ruling and Orders of the Hon. Tribunal delivered on the 7th June 2024,” Multichoice appealed.

The CCPT has said it  would review the reasons identified by Multichoice, noting that the agency could involve regulatory bodies such as the National Broadcasting Commission (NBC).

 

 

 


Kindly share this post
Continue Reading

Trending