Business

COUNCIL SEEKS FAO, PARTNERS’ AID IN PROMOTING HEALTHIER SHORELINES

Published

2 years ago

June 30, 2023

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The Food and Agriculture Organisation, FAO, and four other partner agencies have been tasked with leading an initiative to curb land-based pollution of coastal areas and shorelines.

The Global Environment Facility, GEF, council approved the source-to-sea initiative, which will direct up to $115m in grants to clean up coastal areas.

FAO will co-lead the Clean and Healthy Oceans initiative alongside the Asian Development Bank, ADB, the European Bank for Reconstruction and Development, EBRD, and the Development Bank of Latin America, CAF.

The programme will also map land-based sources of ocean pollution and develop solutions that improve both human and ocean health.

Hypoxia caused by pollution from land-based sources, including excessive fertiliser use, untreated wastewater and organic waste, is reducing the amount of oxygen in oceans.

The resulting “dead zones” lack sufficient oxygen to sustain living tissue.

This and other sustainability problems such as ocean acidification, rising sea levels and overfishing are typically exacerbated by climate change.

Value coastal fish species may migrate to areas with higher oxygen levels, while coral reefs may experience mass mortality and marine reproduction rates may decline.

Through policy and regulatory innovation, infrastructure investments, and nature-based solutions, the Clean and Healthy Oceans strategy aims to curb land-based pollution of oceans.

FAO will lead the initiative, managed in a partnership with the United Nations’ Educational, Scientific, and Cultural Agency, UNESCO, and the Intergovernmental Oceanographic Commission.

The programme aims to understand the effects of polluting land-based sources on hypoxia and to apply ocean science to develop solutions that improve both human and marine health.

Executive President of CAF, Sergio Díaz-Granados, said that the initiative reaffirms the multilateral commitment to fight climate change and promote the development of the blue economy.

He emphasised the importance of reinforcing marine ecosystems to prevent overfishing and encourage the development of sustainable fisheries.

The initiative will be implemented under the UN-led Decade of Ocean Science for Sustainable Development.

(NAN)

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

1 week ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

2 weeks ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

2 weeks ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.