Economy
6th World Hydropower Conference Holds in Addis Ababa
By Dipo Olowookere
The 6th World Hydropower Congress (WHC), a multi-stakeholder forum bringing together leaders and specialists with hydropower-related responsibilities from government, industry, finance, United Nations agencies, academia and civil society, is to take place in Addis Ababa, Ethiopia, from May 9-11, 2017.
Organised by the International Hydropower Association (IHA) with the support of the Economic Commission for Africa (ECA), the African Union Commission (AUC) and other partners, this high-level event will chart the course for hydropower development and operation over the next 10 years, aiming to ensure reliable and resilient water and energy systems in the world and to spur sustainable development for all.
The biennial conference, which is coming to Africa for the first time, will emphasise environmental and social aspects to look into during hydroelectric project planning stages, and a commitment to better hydro in an age when resource management is more important than ever.
Acting ECA Executive Secretary Abdalla Hamdok says the ECA is delighted to co-organise the congress and offer a platform to accelerate the much-needed deployment of renewable energy across Africa.
“Achieving the African Union’s Agenda 2063 and fulfilling the Sustainable Development Goals will require that we demand more from an energy source that has historically been linked to economic growth on the continent,” said Mr Hamdok.
Ensuring universal access to affordable, reliable and modern energy services as called for in goal 7 of the SDGs will only be possible in a better-connected world, one where synergies and partnerships are sought among a large number of stakeholders, he added.
Richard Taylor, Chief Executive of IHA said the congress brings together a diversity of perspectives and examines how initiatives from governments, businesses, finance and civil society can converge to help deliver better hydropower and ultimately better development for all.
“Hydropower’s role is a dynamic that calls for an integrated approach, with a strongly connected sector, and a high level of collaboration,” he said.
Mr Taylor stressed that with the right commitments, better hydropower will play an even greater role in delivering modern energy and water services in the world.
Ethiopia’s Minister of Water, Irrigation and Electricity, Seleshi Bekele, says his country is the ideal host for the congress as hydropower is its major energy source.
“Ethiopia aims to transform lives by creating economic and social opportunities through access to energy, enabling industrialisation, managing water supply and enhancing agricultural productivity,” he said.
World Bank Group Vice President for Sustainable Development, Laura Tuck, says without secure power, development efforts the world over are at risk.
“Our mission at the World Bank Group is to help eliminate extreme poverty and boost shared prosperity. We can only achieve these goals if our clients have universal access to electricity and to a secure and stable power supply,” she said.
The Chair of the Global Energy Interconnection Development and Cooperation Organization (GEIDCO), Liu Zhenya of China, says accelerating the implementation of global energy interconnections will promote the development, allocation and utilisation of large-scale clean energy, like hydro, wind and solar power.
“It will also provide a new platform, create opportunities, and inject energy into Africa’s economic takeoff,” said Mr Zhenya.
The event seeks to build on a previous meeting held in 2015 in Beijing by bringing together leaders and specialists to examine how initiatives of governments, businesses, finances, civil society and academia can advance sustainable development.
Hydropower’s role as a global energy source cannot be overstated, with hydro supplying 70 percent of the world’s renewable energy to more than a billion people in 152 countries.
By Adedapo Adesanya
Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.
According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.
The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.
He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.
“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.
“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”
He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.
Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.
He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.
He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).
According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.
The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.
The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.
On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021
Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.
By Adedapo Adesanya
The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.
In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.
SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.
”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.
“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.
“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.
The commission added that CMOs desiring to make enquiries or get support to complete the process should contact [email protected].
The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.
It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.
The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.
By Adedapo Adesanya
The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.
Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.
In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.
Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.
Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.
FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.
However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN