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Access Bank’s Contributions in Africa’s Transition to a Low Carbon Economy

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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.

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Nigeria’s Bold Strides Towards a Sustainable Future

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Alex Oware YP4T

By Alex Oware

President Bola Tinubu has firmly established Nigeria as a proactive and visionary leader in the global pursuit of climate action and sustainable development. Recognising that environmental stewardship is intrinsically linked to economic prosperity, his administration has moved beyond viewing climate change as a mere ecological concern, positioning it instead as a pivotal economic opportunity ripe for exploration and investment.

President Tinubu’s emphatic pronouncements at the 2025 Abu Dhabi Sustainability Week and during a high-level virtual dialogue underscored Nigeria’s unwavering commitment to international collaboration, emphasising the critical need for a unified global response to the escalating climate crisis. He astutely highlighted that the realisation of a truly sustainable future necessitates robust global interconnectedness and a shared sense of responsibility amongst all nations.

Nigeria’s comprehensive strategy for tackling the multifaceted challenges of climate change rests upon three fundamental pillars: a decisive shift towards clean energy transition, the building of robust climate resilience, and an overarching commitment to sustainable development. To translate these core principles into tangible realities, the current administration is actively implementing a range of key initiatives designed to wean the nation off its reliance on traditional fossil fuels.

A significant aspect of this endeavor involves the substantial expansion of infrastructure to support the widespread adoption of Compressed Natural Gas (CNG) and electric vehicles. Simultaneously, the government is strategically focusing on harnessing Nigeria’s abundant solid mineral resources to provide crucial materials for the burgeoning green energy sector.

Complementing these efforts are the implementation of climate-smart agricultural practices, aimed at simultaneously enhancing national food security and minimising detrimental environmental impacts.

Furthermore, the newly introduced National Clean Cooking Policy seeks to promote clean energy solutions at the household level, promising significant environmental, health, and socio-economic benefits for Nigerian citizens.

These ambitious endeavors are meticulously designed to deliver palpable value and positive impact directly to the lives of Nigerians. The diversification of energy sources holds the promise of cleaner air and a significantly healthier environment for communities across the nation.

The active promotion of CNG as a viable alternative fuel is strategically aimed at mitigating the economic and social hardships that have arisen from the removal of fuel subsidies, offering a more affordable and sustainable energy option for transportation and domestic use. The widespread adoption of climate-smart agriculture is paramount for bolstering food security, ensuring a stable and reliable food supply, and safeguarding vulnerable local communities from the increasingly severe adverse effects of climate change, such as droughts and floods.

Moreover, the deliberate expansion of the green energy sector is projected to generate a wealth of new employment opportunities and empower local entrepreneurs, particularly in rural communities that are gaining access to reliable and sustainable electricity for the first time.

In a demonstrably bold move that underscores the administration’s commitment to these overarching goals, President Tinubu’s government has put forward a significant N10 billion solar power project specifically for the Aso Rock Presidential Villa. This ambitious initiative is presented as a crucial step towards establishing a more sustainable and dependable energy future for the entire nation, starting from the highest levels of governance.

Proponents of the project persuasively argue that it aligns seamlessly with global best practices, drawing parallels with the increasing adoption of solar energy in key government institutions worldwide. The Energy Commission of Nigeria (ECN) has vigorously defended the project, asserting that it is fully in line with President Tinubu’s broader reforms aimed at fundamentally transforming Nigeria’s energy landscape and decisively tackling the persistent and crippling energy debt crisis.

The ECN further emphasises that solar energy offers inherent efficiency, provides a crucial shield for Nigerians against the volatility of rising tariffs on conventional energy sources, and has the potential to significantly ease the immense pressure currently burdening the national electricity grid.

While the project has understandably sparked public debate and scrutiny regarding its substantial cost and prioritisation in the face of other pressing national needs, the government strategically positions it as an innovative approach that demonstrates leadership by example and a profound commitment to integrating clean energy solutions at the very apex of Nigerian governance.

Beyond these crucial domestic initiatives, President Tinubu has actively and strategically sought robust international collaboration and support for Africa’s complex transition towards a green economy, fully acknowledging that the necessary investments are inherently capital-intensive.

Nigeria has already demonstrated commendable leadership on the continental stage by being the first African nation to successfully launch Sovereign Green Bonds, specifically designed to finance environmentally sustainable projects across various sectors.

Furthermore, the country is actively in the process of developing a comprehensive Global Climate Change Investment Fund, with the primary aim of attracting substantial further investment in critical green infrastructure and innovative clean energy initiatives.

Nigeria remains steadfast in its commitment to achieving net-zero greenhouse gas emissions by the ambitious target year of 2060 and is actively engaged in the crucial process of updating its Nationally Determined Contributions (NDCs) under the esteemed UN Framework Convention on Climate Change.

The recent finalisation of the Nigeria Carbon Market Activation Policy in March 2025 is projected to unlock a substantial potential of up to $2.5 billion in valuable carbon credit investments by the pivotal year of 2030. This influx of capital is expected to further bolster climate-aligned economic growth and create new avenues for sustainable development.

Moreover, Nigeria is actively collaborating with various United Nations agencies to develop a comprehensive guideline for a just transition towards a fully decarbonised economy. This crucial collaboration ensures that the inevitable shift towards clean energy and climate-resilient solutions is implemented in a manner that leaves no community or economic sector behind, prioritising the creation of green jobs, the development of essential skills, and comprehensive capacity-building initiatives across the nation.

President Tinubu’s overarching strategy underscores a holistic and integrated approach that seamlessly weaves climate action into Nigeria’s broader development agenda, recognising it not as a separate concern but as a fundamental strategic imperative for sustained economic growth and comprehensive national transformation.

By diligently pursuing these comprehensive and interconnected strategies, Nigeria aims not only to effectively address the urgent and pressing challenges posed by climate change but also to unlock significant and lasting economic and social benefits for all its citizens, paving a clear and sustainable pathway towards a resilient, equitable, and prosperous future for generations to come.

Alex Oware is the Regional Director for YP4T

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Navigating the Maze: Solutions for Nigeria’s Flourishing Foodtech Industry

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Diana Tenebe food security challenges in Nigeria

By Diana Tenebe

Nigeria’s foodtech sector holds immense promise to transform our nation’s food production, distribution, and consumption systems. However, this burgeoning industry currently navigates a complex maze of challenges that could significantly hinder its progress.

While innovation and entrepreneurial drive are abundant, a confluence of infrastructural deficits, economic headwinds, technological disparities, and logistical complexities casts a shadow on the sector’s long-term viability.

Understanding and addressing these multifaceted hurdles is paramount for foodtech companies aspiring to thrive and contribute meaningfully to Nigeria’s food security.

One of the most significant impediments to the foodtech sector’s advancement is Nigeria’s persistent infrastructural weaknesses. The unreliable power supply, a well-known constraint for businesses nationwide, directly threatens food preservation, increasing spoilage risks and driving up operational costs for companies reliant on refrigeration and consistent processing.

Similarly, the often-deteriorated state of our road networks complicates logistics and transportation, hindering the efficient movement of goods from farms to consumers and across the supply chain.

Furthermore, limited access to clean water exacerbates operational challenges, particularly for maintaining food processing and hygiene standards. Collectively, these infrastructural shortcomings inflate operational expenses and introduce vulnerabilities throughout the food supply chain.

Economic constraints add another layer of intricacy. Fluctuations in currency exchange rates create instability in pricing and procurement, especially for businesses dealing with imported technologies or ingredients. Persistent inflation erodes consumer purchasing power and increases the cost of essential inputs, squeezing profit margins for startups.

Moreover, limited access to credit and investment capital makes it difficult for emerging foodtech companies to secure the necessary funding to invest in crucial technology, infrastructure, and expansion efforts. This financial constraint can stifle innovation and prevent promising ventures from reaching their full potential.

The digital divide also poses a unique challenge for foodtech companies aiming to leverage online platforms and digital solutions. While mobile phone usage is widespread in Nigeria, disparities in digital literacy and access to reliable internet connectivity can restrict the widespread adoption of online food ordering and delivery services, particularly in rural and underserved communities. This necessitates creative and inclusive strategies to bridge the digital gap and reach a broader consumer base.

Inefficiencies within the supply chain represent a critical bottleneck in the Nigerian food system. Fragmented agricultural supply chains, characterised by numerous intermediaries and a lack of transparency, contribute to alarmingly high post-harvest losses.

Inadequate storage facilities and inefficient transportation infrastructure further compound these issues, leading to significant waste and price volatility. Addressing these systemic weaknesses is crucial for ensuring a stable and affordable food supply for all Nigerians.

Navigating Nigeria’s regulatory landscape can also be a daunting task for foodtech businesses. The presence of multiple regulatory agencies, coupled with often bureaucratic and time-consuming processes for obtaining licenses and permits, can create significant hurdles for startups. Clear, consistent, and streamlined processes within the regulatory framework are essential to foster a more enabling environment for innovation and growth.

Building consumer trust and acceptance for new food technologies requires overcoming inherent skepticism and unfamiliarity. Concerns regarding food safety, quality, and the security of online transactions can hinder the adoption of novel food products and digital platforms. Transparent communication, robust quality control measures, and consistent consumer engagement are vital for building confidence and fostering widespread acceptance.

Finally, a notable talent gap exists within the Nigerian foodtech ecosystem. A shortage of professionals possessing specialised skills in food science, technology, business management, and logistics can limit the growth and innovation capacity of companies in this sector. Addressing this skills deficit through targeted training and development initiatives is crucial for long-term success.

Despite these significant challenges, promising pathways forward can be forged through innovative and context-specific approaches. Investing in localised infrastructure solutions, such as independent power generation and efficient localised logistics networks, can mitigate the impact of broader infrastructural deficiencies.

Exploring diverse funding avenues beyond traditional banking, including angel investors, government grants, crowdfunding, and revenue-based financing, can alleviate financial constraints.

Adapting to the digital divide by leveraging basic mobile technology and employing offline strategies like local agent networks can expand reach and inclusivity. Building resilient supply chains through direct farmer relationships, investing in aggregation centres, and utilising technology for farm management offer tangible solutions to logistical inefficiencies.

Proactive engagement with regulatory bodies and advocating for clearer, more supportive policies are crucial for navigating the regulatory landscape effectively. Building consumer trust necessitates transparent sourcing practices, clear communication about product benefits and safety, and active engagement with consumer feedback.

Finally, investing in talent development through collaborations with educational institutions and in-house training programs can bridge the critical skills gap.

Foodstuff Store is emerging as a business with a clear vision to directly confront several of these challenges. We are actively developing a decentralised network of businesses supported by strategically located distribution hubs across target states. This approach will directly address the limitations imposed by poor road networks, ensuring more localised access to our food products.

Furthermore, the establishment of regional storage facilities, including a state-of-the-art solar-powered cold storage, directly tackles infrastructural deficiencies related to food preservation and ensuring a consistent supply.

Foodstuff Store’s ambition for end-to-end management of the food supply chain, encompassing in-house production, direct sourcing, advanced storage solutions, and efficient distribution, offers a powerful solution to existing supply chain inefficiencies.

This integrated approach promises enhanced quality control, significant reductions in post-harvest losses, and a more reliable supply of both perishable and non-perishable goods for our customers.

Our aspiration to become the “Amazon for Food Products” is a clear and ambitious goal underpinned by a technology-driven approach to all aspects of our operational management. Foodstuff Store’s vision underscores a business model strategically designed to overcome significant hurdles within the Nigerian foodtech sector, offering a beacon of potential and a pathway to a more secure and efficient food system in a challenging yet remarkably promising landscape.

By Diana Tenebe is the Chief Operating Officer of Foodstuff Store

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President’s Katsina State Visit Exposes Disconnect from People’s Needs

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tinubu in katsina

By Abba Dukawa

The recent visit by the President Bola Tinubu to Katsina State has sparked concerns about the disconnect between the government’s priorities and the people’s needs. The visit exposed the hypocritical approach to the need of their people, states and the northern Nigeria as whole. The quality of leadership in the region has been questioned, with allegations of self serving  interest, ineptitude, and a lack of vision.

This is in spite of the fact that northern Nigeria as a whole faces numerous challenges that threaten its stability and development. Some of the key issues include insecurity, poverty, education, economic hardship, inequality and social and cultural challenges. The visit has been seen as an opportunity missed to engage with the state’s residents, listen to their concerns, and chart a way forward for development.

While the visit was marked by displays of pageantry and entertainment, the state’s pressing issues such as insecurity, poverty, and economic hardship, seemed to take a backseat.  Critics argue that the government’s focus on superficial events rather than addressing the root causes of the state’s challenges is a clear indication of a disconnect from the people’s needs.

The introduction of Rarara’s wife to the President by the Katsina State Governor, contravening cultural and religious norms, raise questions about leaders’ priorities and values.

Current leaders in the north seem more focused on personal interests and political survival than advocating for the northern Nigeria improvement.

Regardless of the challenges in the region the Governors  keep  praise for the President’s economic reforms, notwithstanding the region’s struggles, is concerning. economic reforms should lift people out of poverty, create jobs, and stimulate growth. If not yielding tangible benefits, they need reevaluation.

The north needs leaders prioritizing regional development and working towards a brighter future. Leaders understanding our region’s problems and committed to tackling them head-on are crucial. It’s time for a shift in approach, prioritizing people’s needs over personal interests.

As we move forward, we must demand more from our leaders. We need leaders who will stand up for the north and work tirelessly to find solutions. Anything less is a disservice to the region and its people.

We need leaders who cultivate a culture of good governance, prioritizing accountability and transparency to address insecurity and promote development.

The north needs a visionary leaders who prioritize all citizens’ needs, regardless of tribe or religion, are crucial for unity and stability.

Leaders who accelerate economic development, create jobs, and provide essential services like education and healthcare can reduce poverty and insecurity.

We require leaders who will combat corruption and promote social justice, reducing inequality and fostering stability.

In northern Nigeria, effective security reforms are necessary, including modernizing security agencies, enhancing intelligence gathering, and addressing insecurity’s root causes to ensure public safety.

To bridge the gap between the government and the people, there is a need for leaders who understand the intricacies of the state’s problems and are committed to tackling them head-on. By prioritizing the people’s needs and working towards sustainable development, the government can build trust and foster a sense of ownership among its citizens

May God guide Nigeria towards true development and prosperity.

Dukawa, a concerned Nigerian, can be reached at abbahydukawa@gmail.com

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