General News
IFC, World Bank to Help Nigeria Pave the Way for Domestic Carbon Storage
The International Finance Corporation (IFC) and the World Bank have begun to work with the Government of Nigeria to develop a domestic market for carbon capture, utilization, and storage for industrial emissions – an area that could accelerate the energy transition and help Nigeria reach its emissions targets.
The initiative will produce a nationwide atlas of CO2 emissions sources and potential sites for underground sequestration. IFC will work with the government to identify the most promising sectors and private companies that can pilot new technologies for capturing, using, and storing carbon.
In parallel, the World Bank will collaborate with the Nigerian Government to outline policies and regulations that can accelerate the technologies’ uptake while helping the local CCUS industry meet international standards. The project is funded by the World Bank’s CCS Trust Fund under the Energy Sector Management Assistance Program (ESMAP). The Trust Fund is supported by the Governments of the United Kingdom and Norway.
“The Federal Government, through the Office of the Vice President, is excited to work with the World Bank Group towards developing and implementing Carbon Capture, Utilisation, and Storage (CCUS) as part of the country’s pathways to accelerate energy transition by 2060,” said the Office of the Vice President of the Federal Government of Nigeria.
“The country believes that with the World Bank Group’s support and partnership with Nigeria, it’s only a matter of time before CCUS becomes an important force in global technology, innovation policy for climate action and deep decarbonization, especially for hard-to-abate-sectors.”
“If we can combine carbon capture with a decisive push on renewables, countries like Nigeria could be poised for a real breakthrough,” said Vivek Pathak, IFC’s Global Head for Climate Change. “For developing countries, imagine what a game-changer a financially-viable carbon capture industry could be.”
In 2021, Nigeria’s updated Nationally Determined Contribution (NDC) set a target of at least 20% and up to 47% reduction of greenhouse gases compared to business as usual by 2030. Capturing carbon, which could help reduce emissions across a range of sectors, has become a key element of the government’s climate plan.
In addition, the West African country is likely to have significant space for geological carbon storage, in part due to the widespread availability of depleted oil and gas fields. Their potential will be mapped using government and industry data. The project will also use geological surveys and closely examine the issue of obtaining the rights to conduct the sequestration.
IFC will work closely with local industries throughout the process. The engagement will not support the development of carbon capture, utilization, and storage in association with fossil fuel production.
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
The Standards Organisation of Nigeria (SON) says it is intensifying efforts to standardise locally manufactured products, including Made-in-Aba brands, in order to enhance both local and international acceptance.
Aharanwa Chuks, Director of Region (South East), SON, communicated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Chuks said through the Mandatory Conformity Assessment Programme (MANCAP), SON ensured that all Nigerian-made products conformed to the relevant Nigerian Industrial Standards (NIS).
According to him, MANCAP involves direct engagement with manufacturers to certify that their products meet established quality benchmarks.
“This process includes inspecting production facilities, sampling products and testing them against NIS requirements.
“Successful compliance results in the issuance of the MANCAP certification, signifying adherence to quality standards.
“In Aba, SON has been proactive in educating manufacturers about standardization.’’
The director said SON also conducted stakeholder interactions; gathering manufacturers from various sectors to provide guidance on producing goods that met both local and international standards.
“For instance, leather manufacturers in Aba have been sensitized on standardization practices to enhance the global competitiveness of their products.
“Manufacturers are encouraged to collaborate with SON to obtain MANCAP certification, ensuring their products are not only marketable within Nigeria but also competitive internationally.
“This initiative aims to boost consumer confidence and promote the acceptance of Made-in-Aba products globally,” Chuks said.
Operatives of the Economic and Financial Crimes Commission (EFCC), has busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.
They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.
The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.
They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.
The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.
Items recovered from the suspects include phones, computers and other electronic gadgets.
They will be charged to court as soon as investigations are concluded.
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