Feature/OPED
Access Bank’s Contributions in Africa’s Transition to a Low Carbon Economy
Africa is facing a growing challenge of managing its waste and natural resources in a sustainable way. The current traditional linear economic model, characterized by a “take, make, dispose” pattern that is extracting, consuming, and disposing of materials, is inefficient, wasteful, and harmful to the environment and human health.
According to the World Bank, Africa generated 174 million tonnes of waste in 2016, and this is expected to increase to 516 million tonnes by 2050. Only 4% of this waste is recycled, compared to 44% in Europe and 35% in China.
A circular economy, which aims to keep materials in use for as long as possible and minimize waste and pollution, could offer a viable alternative that would enhance Africa’s social, economic, and environmental well-being.
The Ellen MacArthur Foundation estimates that a circular economy could generate $1.8 trillion of value for Africa by 2030, creating 4.5 million new jobs and reducing greenhouse gas emissions by 25%.
However, despite the potential benefits of a circular economy, many challenges and barriers hinder its implementation in Africa. One of the major problems is the lack of adequate infrastructure and regulation for waste management and recycling.
Most African countries lack formal systems for collecting, sorting, and processing waste, resulting in large amounts of waste being dumped or burned, posing serious health and environmental risks.
According to the Global Waste Management Outlook, only 19% of Africa’s urban population has access to controlled waste disposal services, and only 4% of the waste is treated to reduce its environmental impact.
Moreover, there is a lack of clear policies and incentives to support circular practices, such as extended producer responsibility, eco-labeling, and green procurement. Without a supportive regulatory framework, companies and consumers have little motivation to adopt circular behaviours and preferences.
For instance, only 12 African countries have implemented bans or levies on single-use plastic bags, which are a major source of plastic pollution.
Another problem is the limited awareness and knowledge of the circular economy concept and its benefits among stakeholders. Many businesses, consumers, and policymakers are unaware of the opportunities and advantages of shifting to a circular model, such as cost savings, resource efficiency, innovation, and competitiveness.
A survey by the African Circular Economy Network found that only 58% of African businesses are familiar with the circular economy, and only 24% have implemented circular practices in their operations. Similarly, a study by the African Development Bank revealed that only 35% of African consumers are willing to pay more for products that are environmentally friendly or have a longer lifespan.
Additionally, there is a lack of capacity and skills to implement circular solutions, such as eco-design, repair, remanufacturing, and recycling. These require technical expertise, financial resources, and access to markets that are often lacking in the African context.
Therefore, there is a need for more education, training, and awareness-raising initiatives to foster a culture of circularity and sustainability in Africa.
Nigeria is one of the most populous and fastest-growing countries in Africa, with a population of over 200 million and a GDP growth rate of 2.3% in 2019. However, it is also one of the most wasteful and polluting countries, generating about 32 million tonnes of solid waste annually, of which only 20% is collected and 10% is recycled. The rest is either dumped in open landfills, burned, or littered in the streets, waterways, and oceans. This poses serious threats to the environment, public health, and the economy, as waste management costs account for 20-30% of municipal budgets.
Moreover, Nigeria is highly dependent on the import of raw materials and finished products, which exposes it to price volatility, foreign exchange fluctuations, and trade restrictions. A circular economy could offer a solution to these challenges, by reducing waste generation, increasing resource efficiency, and creating value from waste.
In Lagos, the government has taken to support the circular economy through the launch of the Blue Box program, an initiative to improve waste collection and sorting at the household level, by providing blue boxes to residents for separating recyclable materials, such as paper, plastic, metal, and glass, from other waste.
The program also involves the establishment of sorting hubs, where the recyclable materials are further sorted and processed, and the engagement of waste aggregators and recyclers, who buy and transport the recyclables to recycling plants. The program aims to increase the recycling rate in Lagos from 10% to 50%, create 500,000 direct and indirect jobs, and reduce the environmental and health impacts of waste mismanagement.
Besides Lagos, other states in Nigeria have also implemented or planned to implement similar programs to promote the circular economy. For example, Ogun state has partnered with a private company to set up a waste-to-wealth project, which converts organic waste into biogas and organic fertilizer.
Kaduna state has launched a waste management and recycling scheme, which provides waste collection bins and vehicles, and trains youth and women on waste sorting and recycling.
Delta State has initiated a plastic waste management project, which aims to collect and recycle plastic waste into useful products, such as furniture, tiles, and roofing sheets.
These programs not only help to reduce waste generation and disposal but also create income and employment opportunities for the local communities.
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has issued guidelines and standards for the management of various types of waste, such as electronic waste, hazardous waste, and medical waste. The agency has also enforced the Extended Producer Responsibility (EPR) policy, which requires producers and importers of certain products, such as batteries, tyres, and plastic bottles, to take responsibility for the collection and recycling of their end-of-life products.
Furthermore, the government has introduced incentives and subsidies for waste management and recycling activities, such as tax waivers, low-interest loans, and grants. These measures aim to create a conducive environment for the growth and development of the circular economy in Nigeria.
In addition, the government has supported the circular economy in Nigeria by raising awareness and education among the public and the private sector.
The government has organized campaigns and events, such as World Environment Day, Clean Nigeria Day, and National Recycling Day, to sensitize the people to the benefits and practices of the circular economy.
The government has also collaborated with various stakeholders, such as civil society organizations, academic institutions, and industry associations, to provide training and capacity building on waste management and recycling.
Moreover, the government has encouraged innovation and research on the circular economy, by supporting the development and adoption of new technologies and solutions, such as biodegradable packaging, waste-to-energy systems, and circular design. These efforts aim to foster a culture of environmental responsibility and sustainability in Nigerian society.
Access Bank is one of the leading financial institutions in Africa, with a vision to become the world’s most respected African bank. As part of its sustainability strategy, Access Bank is committed to supporting the transition to a circular economy, by providing financing, advisory, and capacity-building services to circular businesses and initiatives. Some of the actions that Access Bank is taking to support the circular economy include:
Access Bank contributes to the development of a circular economy policy and framework for Nigeria, as a member of the Nigerian Circular Economy Working Group (NCEWG), which will guide the nation’s operations and investments in the circular economy.
The policy and framework developed will outline the objectives, principles, criteria, and indicators for supporting circular businesses and initiatives, as well as the internal circular practices, such as paperless banking, green procurement, and waste management, that Nigeria will adopt. The policy and framework will also align with the national and international standards and regulations on the circular economy, such as the IFC’s Performance Standards and the UN Sustainable Development Goals (SDGs).
Access Bank through the ACT Foundation supported the Lagos Business School (LBS) in the development of the Leadership Programme for Sustainable Waste Management (LPSWM) in 2019, an initiative to drive Nigeria‘s transition to the circular economy and create sustainable communities by bringing participants who work in the waste management sector or run their own waste focused initiatives and social enterprises.
The programme is a leadership and enterprise capacity-building platform for youth empowerment in mitigating the environmental and health implications of improper waste management; and improving the operational and financial viability of waste management businesses.
Over the years of its existence, the programme has delivered the needed information and tools to structure and effectively run a viable enterprise, execute initiatives, projects and formulate better policies,
Access Holdings in partnership with HACEY launched the Zero Carbon Africa Impact Program, a project that aims to guide and empower Africa’s youth to harness climate action as both a catalyst for sustainable business and an instrument for environmental preservation.
The program has multifaceted objectives to nurture climate action leaders and foster climate-resilient communities. The program is empowering more than 700 emerging leaders with comprehensive knowledge of climate action while strengthening the capacities of youth networks across 6 sub-Saharan countries (Nigeria, South Africa, Kenya, Ghana, Rwanda and Zambia) to monitor net-zero plans’ implementation, and steadfastly contribute to national and regional net-zero targets.
Through a 12-week immersive journey, the program continues to impart knowledge, transfer skills, and ignite a lasting commitment to a sustainable and green Africa. The program’s cornerstone, the Capacity Building Masterclass, delves into the nuances of climate change and its interplay with sectors such as human rights, urban planning, global public health, sustainable investing, and more.
This knowledge repository serves as a bedrock for informed decision-making, driving the implementation of impactful climate interventions across communities. At the time of this report, the program in its fifth week has completed four high-yield courses relating to Climate Science, Global Energy, Sustainable investing and Climate change mitigation.
The Zero Carbon Africa Impact Program envisions a future led by empowered quality young leaders, and thriving green and blue economies. With a projected outcome of over 700 exceptional young leaders, 35,000 community advocates, and 28 impactful climate action projects, the program cements its role as a catalyst for transformation, heralding a new era of sustainable prosperity for Africa.
By Blaise Udunze
When the federal government approved the write-off of about $1.42 billion and N5.57 trillion in legacy debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account, it was rightly described as a landmark decision. After years of disputes, reconciliations, and contested figures, Nigeria’s most important revenue institution was, at least on paper, given a cleaner slate.
The approval, contained in a report prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the last year November meeting of the Federation Account Allocation Committee (FAAC), effectively wiped out 96 percent of NNPC’s dollar-denominated obligations and 88 percent of its naira liabilities accumulated up to December 31, 2024. It resolved long-standing balances arising from crude oil liftings, joint venture royalties, production-sharing contracts, and related arrangements.
Judging it critically, the decision carries both promise and peril, but can be viewed from the perspective of a country desperate to restore confidence in public finance management. It offers an opportunity to reset relationships, clean up accounting records, and move forward under the Petroleum Industry Act (PIA). Yet, it also exposes deep structural weaknesses in Nigeria’s oil revenue governance, weaknesses that, if left unaddressed, could turn today’s debt relief into tomorrow’s fiscal regret.
Context matters. The debt write-off comes not during a period of revenue abundance, but at a time when Nigeria’s upstream revenue performance is under severe strain. According to the same NUPRC document, the commission missed its approved monthly revenue target for November 2025 by N544.76 billion, collecting only N660.04 billion against a projected N1.204 trillion.
Royalty receipts, the backbone of upstream revenue, tell an even starker story. It is alarming that against an approved monthly royalty projection of N1.144 trillion, only N605.26 billion was collected, leaving a shortfall of N538.92 billion. Cumulatively, by the end of November 2025, the revenue gap stood at N5.65 trillion, with royalty collections alone falling short by N5.63 trillion. These figures underscore how fragile Nigeria’s fiscal position remains, even as trillions of naira in historical obligations are being written off.
To be fair, the debts forgiven were not incurred overnight. They are the product of years of disputed remittances, lacking transparent accounting practices, and overlapping institutional roles, particularly under the pre-PIA regime. As petroleum economist Prof. Wumi Iledare has repeatedly observed, the former Nigerian National Petroleum Corporation combined regulatory, commercial, and operational functions, making revenue reconciliation cumbersome and frequently contested.
That legacy continues to haunt the system, as witnessed with the ongoing dispute between NNPC Ltd and Periscope Consulting, the audit firm engaged by the Nigeria Governors’ Forum, over an alleged $42.37 billion under-remittance between 2011 and 2017, which illustrates how unresolved the past remains. Though NNPC insists all revenues were properly accounted for as claimed, Periscope maintains that significant gaps persist, forcing FAAC to mandate yet another reconciliation exercise. This recurring pattern of audits, counterclaims, and stalemates has weakened trust in the federation revenue system and eroded confidence among states that depend on oil proceeds for survival.
Crucially, the debt write-off does not mean NNPC has turned a corner financially. Statutory obligations incurred between January and October 2025 remain on the books, amounting to about $56.8 million and N1.02 trillion. Although part of the dollar component was recovered during the period under review, the accumulation of new liabilities so soon after reconciliation raises uncomfortable questions about whether old habits are being replaced with genuine fiscal discipline.
More troubling still is what NNPC’s own audited financial statements reveal about its internal financial health. Despite recording a profit after tax of N5.4 trillion on revenues of N45.1 trillion in 2024, the company’s inter-company debts ballooned to N30.3 trillion, representing a 70 per cent increase within a single year. This is not debt owed to external creditors but largely obligations between NNPC and its subsidiaries, effectively the company owing itself.
Records show that of 32 subsidiaries, only eight are debt-free, and the rest, particularly the refineries, trading arms, and gas infrastructure units, remain heavily indebted to the parent company. There was a recurring cycle where profitable units subsidise chronically underperforming ones, and accountability steadily erodes because cash that should fund maintenance, expansion, and efficiency improvements is instead trapped in internal receivables.
The refineries offer a stark illustration whereby the Port Harcourt Refining Company alone owed N4.22 trillion in 2024, more than double its 2023 figure, while Kaduna and Warri refineries followed closely, with debts of N2.39 trillion and N2.06 trillion respectively. Despite the repeated failed turnaround maintenance with many years of rehabilitation spending, none have operated sustainably at commercially viable levels. Their continued dependence on financial support from the parent company highlights the cost of postponing difficult restructuring decisions.
And, for this reason, international observers have long warned about these structural weaknesses. One of the critics, the World Bank, has repeatedly flagged NNPC as a major source of revenue leakages. It further noted that the persistent gaps between reported earnings and actual remittances to the Federation Account. Even after the removal of petrol subsidies, the bank observed that NNPC remitted only about 50 per cent of the revenue gains, using the rest to offset past arrears. Such practices, while perhaps defensible in internal cash management terms, undermine fiscal transparency and weaken Nigeria’s macroeconomic credibility.
This is why the central issue is not the debt write-off itself, but what follows it because debt forgiveness is not reform. Without firm safeguards, it risks entrenching the very behaviours that created the problem in the first place. As Prof. Omowumi Iledare has warned, the scale and pace of the inter-company debt build-up represent a governance test rather than a mere accounting anomaly. Allowing subsidiaries to operate indefinitely without settling obligations is incompatible with the idea of a commercially driven national oil company.
The fact remains that if NNPC wants to function as a true commercial holding company under the PIA, it must enforce strict settlement timelines, restructure or divest non-viable subsidiaries, while clearly separating legacy debts from new obligations. With this, it holds subsidiary leadership accountable for cash flow and profitability. Independent, real-time audits and transparent reporting must become routine features of governance, not emergency responses triggered by controversy.
There is also a broader national implication. At a time when Nigerians are being asked to accept higher taxes, reduced subsidies, and fiscal tightening, large-scale debt write-offs without visible accountability risk undermining the legitimacy of the entire revenue system. Citizens cannot be expected to bear heavier burdens while systemic inefficiencies in the country’s most strategic sector persist.
Of a truth, the cancellation of NNPC’s legacy debts could mark a turning point in Nigeria’s fiscal governance, but only if it is not treated as its conclusion but the beginning of reform.
If discipline, transparency, and commercial accountability follow, the decision may yet help reposition NNPC as a profitable, credible, and PIA-compliant institution. If not, today’s clean slate will simply defer the reckoning until the next reconciliation, the next audit dispute, and the next fiscal crisis.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
By Dr Austin Orette
The grandiosity of Nigerians when they discuss events and situations can be very funny. If the leaders use this kind of creativity in proffering solutions, we may be able to solve some of the problems that plague Nigeria perennially.
There seems to be a sublime affectation for new lingos when the system is being set to punish Nigerians. It is a kind of Orwellian speak.
Recently, there was no electricity throughout the country. The usual culprit and government spoke; people came out to tell us the power failure was due to the collapse of the National grid. Does it really matter what is collapsing? This is just an attempt by some government bureaucrats to sound intelligent.
Intelligence is becoming a borrowed commodity from the IMF or World Bank. What does it mean when you tell Nigerians that the national grid collapsed? Is that supposed to be a reassurance, or it is said to give the assurance that they know something about the anemic electricity, and we should get used to the darkness. This is a language that is vague and beckons the consumer to stop complaining. Does that statement mean anything to Nigerians who pay bills and don’t see the electricity they paid for? If they see it, it comes with an irregular voltage that destroys their newly purchased appliances. Just tell or stay quiet like in the past.
Telling us that a grid collapse is a lie. We have no national grid. Do these people know how silly their language sounds? Nigeria produces less than 10,000 megawatts of electricity for a population of 200 million people. How do you permutate this to give constant electricity to 200 million people? It is an insult to call this low output a national grid. What is so national about using a generator to supply electricity to 200 million people? It is simple mathematics. If you calculate this to the minute, it should not surprise you that every Nigerian will receive electricity for the duration of the blink of an eye. They are paying for total darkness, and someone is telling them they have an electricity grid.
If you can call the 10,000-megawatt national grid collapsed, it means you don’t have the mind set to solve the electricity problem in Nigeria.
To put it in perspective is to understand the basic fact that the electrical output of Nigeria is pre-industrial. Without acknowledging this fact, we will never find solutions as every mediocre will come and confuse Nigeria with lingos that make them sound important.
It is very shameful for those in the know to always use grandiose language to obfuscate the real issues.
South Africa with a population of sixty million produces about 200,000 megawatts of electricity daily. Nigeria produces less than 10,000 megawatts. Why South Africa makes it easy to lift the poor from poverty, Nigeria is trying to tax the poor into poverty.
The architects of the new tax plan saw the poor as rich because they could afford a generator.
A non-existent subsidy was removed, and the price of fuel went through the roof. Now the government says they are rich. What will they get in return for this tax extraction? Why do successive Nigerian governments always think the best way to develop Nigeria is to slap the poor into poverty? What are the avenues for upward mobility when youth corps members are suddenly seen as rich taxpayers? Do these people know how difficult it is to start a business in Nigeria?
After all the rigmarole from Abuja to my village, I cannot get a government certificate without a-shake down from government bureaucrats and area boys. The government that is so unfriendly to business wants to tax my non-existing businesses. Are these people in their right state of mind? Why do they think that taxing the poor is their best revenue plan? A plan like this can only come from a group of people who have no inkling of what Nigerians are going through. People can’t eat and the government is asking them to share their meager rations with potbellied people in Abuja.
Teach the people how to fish, then you can share in their harvest. If an individual does what the government is doing to Nigerians, it will be called robbery, and the individual will be in prison. When the government taxes people, there is a reciprocal exchange. What is being done in Nigeria does not represent fair exchange.
Nigerians have never gotten anything good from their government except individual wealth that is doled out in Abuja for the selected few.
The question is, will Nigerians have a good electricity supply? NO. Will they have security of persons and properties? No. Will they have improved health care? NO. Will there be good roads? No. Will they have good schools and good education? No.
Taxation is not good governance. A policy like this should never be rushed without adequate studies. Once again, our legislators have let us down. They have never shown the people the reason they were elected and to be re-elected. They are not playing their roles as the watchdog and representatives of the people. Anyone who voted for this tax bill deserves to lose their positions as Senators and Members of the House of Representatives.
We are not in a military regime anymore. Nigerians must start learning how to exercise their franchise. This taxation issue must be litigated at the ballot box. The members of the National Assembly have shown by their assent that they don’t represent the people.
In a normal democracy, taxation without representation should never be tolerated. They must be voted out of office. We have a responsibility and duty to use our voting power to fight unjust laws. Taxation without representation is unjust. Those voted into power will never respect the citizens until the citizens learn to punish errant politicians by voting them out of office. This responsibility is sacred and must be exercised with diligence.
Dr Austin Orette writes from Houston, Texas
For many Nigerian families, GOtv has become more than a television service. It is part of the daily routine. It is what people unwind with after a long day, what keeps children entertained on quiet weekend mornings, and what brings households together during football matches, movie nights, and festive celebrations. Over the years, GOtv has blended naturally into these everyday moments, shaping the way Nigerians enjoy entertainment at home.
Here are some of the reasons GOtv continues to stand out.
1. Local Content That Feels Like Home
Nigerians love stories that reflect their lives, and GOtv delivers this consistently. With Africa Magic, ROK, and other local channels, viewers enjoy Nollywood movies, relatable dramas, reality shows, and lifestyle programming that speak their language. These are familiar faces, familiar stories, and familiar experiences. GOtv understands the value of cultural connection and continues to invest in the content viewers care about.
2. Affordable Packages That Work for Real Families
GOtv has built its reputation on affordability. With packages designed for different budgets, families can enjoy quality entertainment without financial pressure. Some of the affordable packages on GOtv include GOtv Jinja, GOtv Jolli, GOtv Max, GOtv Supa, GOtv Supa Plus. This balance of good content at a comfortable price is a major reason GOtv remains a trusted household name across Nigeria.
3. A Channel Lineup That Has Something for Everyone
The beauty of GOtv is its range. Children enjoy their cartoons and animated shows, parents relax with movies and telenovelas, sports lovers stay connected to live games and highlights, and music and lifestyle channels keep the energy lively. Whether it is catching up on the news, finding something light after work, or choosing a family movie for the weekend, GOtv fits naturally into everyday Nigerian life.
4. Programming That Matches Our Daily Rhythm
GOtv understands the way Nigerians watch television. Weeknights come with easy to follow entertainment, weekends offer longer movies and marathons, and festive seasons arrive with special programming that brings everyone together. The schedule is practical, familiar, and aligned with the pace of Nigerian homes.
5. Easy Access Across the Country
From major cities to smaller communities, GOtv remains reliable and easy to use. Installation is straightforward, navigation is simple for both adults and children, and the service works seamlessly across the country. Even when life gets busy, GOtv makes it easy to stay connected, subscribers can pay and reconnect instantly without long processes or penalties, picking up right where they left off.
With relatable content, pocket-friendly pricing, and a channel lineup built around real Nigerian lifestyles, GOtv has earned its place in homes across the country. As the entertainment landscape evolves, GOtv continues to grow with its viewers, shaping how Nigerians watch, share, and enjoy moments together every day.
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