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GIZ, LASG partners to grow circular economy



Lagos State Governor Babajide Sanwo-Olu


The German Agency for International Corporation (GIZ) is collaborating with the Lagos State Government to promote circular economy by boosting the activities of Micro Small and Medium Scale Enterprises (MSMEs).

The Chief Executive Officer, Nigeria Climate Innovation Centre, Mr Bankole Oloruntoba said that the strategic collaboration was to proffer innovative solutions to the various challenges facing Lagos State.

The News Agency of Nigeria (NAN) reports that Oloruntoba made the assertion at the circular Lagos Challenge Grand Finale, held on Wednesday in Lagos.

A circular economy is “a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible”.

NAN reports that the Circular project was launched by the Lagos State government with the support of the GIZ.

Oloruntoba said about 1,000 applications were received in January from individuals who wanted to take part in the innovation challenge before being reduced to 12 after two stages of screening.

The CEO added that the dynamism of Lagos also contributed to the fact that the innovation challenge is holding in Lagos, adding that whatever innovation carried out would serve as a model to other states.

“The will and passion to demonstrate innovation led to the journey that brought us here. The aim is to create dynamic growth economy in Lagos.

“We welcome you all and thank you for being here, working with us to find an alternative in solving problems in Lagos.” he said.

Mrs Toyin Odutola, an Assistant Director who represented the Lagos State Commissioner for Environment, Mr Tunji Bello, said the state government would continue supporting innovative ideas.

“Lagos State Government is interested in circularity of the state. We want to make sure all our recyclables are recycled and wastes effectively managed.

“We implore anyone with innovative ideas to share with the state government which is always ready to make the environment more habitable.” she said.

Jennifer Seydel,  representative of GIZ Nigeria said the Circular Lagos Challenge seeks to grow the market for circular economy businesses in ways that benefit producers, consumers, and communities across Lagos.

She said circular businesses are also expected to reap the monetary benefits, stimulate local economic growth and create meaningful job opportunities.

NAN gathered that Circular Lagos is organized as bottom up initiative, which focuses on experimenting with small-scale projects with a view to learn from practice.

It also aimed at building institutional capabilities and develop an engaged and committed network of Circular Economy professionals in Lagos.

For the challenge, circular businesses submitted innovative solutions that can fundamentally change the way people design, change and use the things they need.

The winners of the most promising innovation undergo an incubation programme where they receive educational input and introduced to circular economy tools such as entrepreneurship, finance and policy.

Their application is developed to pilotable prototypes of solutions.

The challenge is guided by Circular market leaders that have urgent business needs and an interest to support entrepreneurs from ideation to project implementation.

The sponsors include BASF Sweepsmart, Coca-Cola & Growing Businesses Foundation, Nigerian Breweries, Food and Beverage Recycling Alliance and NGN.

The winners of the Circular Lagos Challenge will transition to LOOP Lab and receive support to develop their ideas into business plans to receive grant funding.


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Business & Economy

ECOWAS Trade Promotion Organisation re-elects Dr. Ezra, as president



Dr. Ezra Yakusak - MD/CEO NEPC

Dr. Ezra Yakusak, the Executive Director/CEO of Nigerian Export Promotion Council (NEPC), has been reelected as the President of ECOWAS Trade Promotion Organisations (TPOs) Network in Accra Ghana.

Dr. Yakusat, will serve another One-year tenure and will lead 15 other member ECOWAS countries in driving trade within the sub-region.

His re-election is also in line with Article 11 of the ECOWAS TPO Network. The ECOWAS Trade Promotion Organization is a network of all Trade Promotion Organizations in West Africa established by the decisions of Council of Ministers at the Ordinary Session.

Nigeria became the pioneer president in April 2021. Dr. Yakusat, became the president following the expiration of the tenure of Mr. Awolowo as ED/ CEO of NEPC.

A statement by the council said the re-election of Dr. Ezra was at the end of 2nd Annual General Meeting of the Network held at Alisa hotel, Accra, Ghana from 19th – 20th May, 2022.

He was re-elected along with the vice president, Mr. Ben Guy Mbangue from Cote’ D’ivoire.

The duo constitute the Executive Bureau of the Network and the tenure expires after one year. All members present unanimously re-elected the President and Vice President respectively.

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Business & Economy

World Bank projects Nigeria’s Diaspora remittances to increase in 2022




World Bank has projected Nigeria’s Diaspora remittance inflow to increase to $29bn in 2022 because of higher food prices and the continued adoption of official bank channels.

The bank said, migrants from the country are likely to send more money home to help with the hike in the prices of staples.

A report titled, ‘Migration and Development Brief (May 2022): A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on the global governance of migration and remittance flows,’ the bank stated that remittance flows to low and middle-income countries are expected to increase by 4.2 per cent to $630bn in 2022.

It said: “With risks weighted to the downside, there are several factors that support a view for continued—though more moderate—7.1 per cent gain inflows to Sub-Saharan Africa in 2022.

“Momentum for the use of official channels in Nigeria should sustain an uptrend in the year, within flows reaching $21bn.

“Though economic activity is likely to ease in the United States and Europe, fundamentals remain positive for continued gains in remittance flows to the remainder of Africa, as the influence of ‘altruistic’ motivations that were demonstrated in Africa and South Asia during the peak pandemic years will likely carry over to the period of sharp increases in staple food prices.”

The global bank further said remittance inflow to Sub-Saharan Africa was $49bn in 2021, with Nigerian contributing $19.2bn to the total inflow, adding that the use of informal channels to transfer money to the region caused a 28 per cent reduction in inflows in 2020.

“In 2022, remittance inflows are projected to grow by 7.1 per cent driven by continued shift to the use of official channels in Nigeria and higher food prices – migrants will likely send more money to home countries that are now suffering extraordinary increases in prices of staples,” the bank said.

The World Bank stated that the Naira-4-Dollar policy, which was an attempt to return remittance to formal channels, of the Central Bank of Nigeria helped boost inflows by 11.2 per cent in 2021, adding that the stabilisation of the naira against the dollar within a range of 410-415 per dollar over the last year also contributed to the pickup in recorded inflows.

It noted that the increased stability of the Naira and increased use of the e-Naira would help boost the nation’s chances of achieving $21bn in remittance for 2022.

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Business & Economy

Double trouble for Ahmed Idris: arrested by EFCC, suspended by Minister



Ahmed Idris - Account General of the Federation

The Accountant General of the Federation, Ahmed Idris has been directed to proceed on indefinite suspension over alleged laundering of N80 billion.

Idris, was suspended on Wednesday by Zainab Ahmed, the Minister of Finance, Budget and National Planning.

In a letter dated May 18, 2022, the minister said the suspension “without pay” was to allow for “proper and unhindered investigation” in line with public service rules.

Ahmed Idris, was on Monday arrested by the Economic and Financial Crime Commission (EFCC). over alleged diversion and laundering of N80 billion.

Wilson Uwajaren, Head of Media and Public Information of the EFCC, stated that verified intelligence reports showed that Idris raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.

Uwujaren added that the funds were laundered through real estate investments in Kano and in Abuja.

According to EFCC, Idris was arrested after he failed to honour invitations by the Commission to respond to issues connected to the fraudulent acts.

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