By Dipo Olowookere
African leaders have been challenged to look for homegrown solutions and learn from their own experience in order to achieve structural transformation on the continent.
This, according to high-level speakers from the African Development Bank (AfDB), the United Nations Economic Commission for Africa (ECA) and the United Nations Development Programme (UNDP), is key to unlocking Africa’s potential and advancing its prosperity.
Speaking at the 12th African Economic Conference (AEC) held on Monday in Addis Ababa, Ethiopia, Prime Minister of Ethiopia, Mr Hailemariam Desalegn, advocated for strong democratic states with zero tolerance for corruption and mechanisms for wealth-sharing.
“Conferences such as this are important in order to learn from experience and adapt practices to each country’s socio-economic conditions. There are no specific policy templates that work everywhere,” he stressed.
Executive Secretary of ECA, Vera Songwe, called on leaders, economists and policy-makers to “look beyond the standard indicators of good governance.
“There is a growing consensus that African countries require a more conducive governance environment for them to be able to pursue better public policies and ultimately to achieve better outcomes, including structural transformation and inclusive development,” she said.
Célestin Monga, Vice-President, Economic Governance and Knowledge Management, at the African Development Bank, called for greater focus on addressing the economic loss caused by institutional inefficiencies and incompetence.
Monga stressed how corruption endangers economic growth, but pointed to the hidden loss due to lack of strong institutions, noting how difficult it is to address this when people are hungry.
“A lot of governance work has not been very helpful to Africa as it is often seen as a precondition,” Monga continued. “We cannot expect a country with US $300 GDP per capita to have the same governance system as a country with $78,000. You cannot compare Burundi to Switzerland.”
This is why the AfDB is rethinking governance in Africa, Monga said, stressing that good governance is also about learning.
Experts agree that notwithstanding overall improvement in governance especially in human development and political participation, the African region’s performance still lags behind other regions and hampers the successful reorientation of its economic activities.
“Maintaining growth of 5% should be seen as a favourable development. There have been setbacks, but Africa is gradually getting governance right,” said Lamin M. Manneh, Director of the UNDP Regional Service Center for Africa, on behalf of Abdoulaye Mar Dieye, UN Assistant Secretary-General and Director of the UNDP Regional Bureau for Africa.
Co-organized by the African Development Bank (AfDB), the United Nations Development Programme (UNDP) and the United Nations Economic Commission for Africa (ECA) under the theme “Governance for structural transformation”, this year’s conference focuses on the achievement of structural transformation in Africa with an emphasis on developmental governance.
About 500 researchers, policy-makers and development practitioners attended Day 1 of the conference.
The AEC provides an opportunity for participants to assess the impact of current economic and political governance strategies on economic transformation, poverty, inequality and human development in Africa.
Delivering the keynote address, Richard Joseph, Professor at Northwestern University, underscored why bold policy interventions must emanate from Africa.
“In Africa, this is the time for relative autonomy in dealing with policy issues,” he said.
The AEC offers in-depth presentations of policy-oriented research by both established academics and emerging researchers from the continent and beyond, who debate and recommend policy options on how governance in Africa can better support the continent’s structural transformation.
Eaton Calls for Stoppage of Sulphur Hexafluoride Gas
By Adedapo Adesanya
Leading power management company, Eaton Nigeria, has advocated the regulation of sulphur hexafluoride (SF6) gas usage in electrical power distribution networks.
This call was made during the company’s Power & Water Nigeria Exhibition and Conference 2022, an event that connects the Nigerian utility industry.
The event which was organised by Vertex Global services saw the participation of experts and exhibitors from over 20 countries.
The gathering enabled global stakeholders to access engaging technical discussions, on-the-spot assessment of the region’s opportunities in power generation, distribution, renewables, and water & utility sectors; as well as exhibitions from leading local and international suppliers.
During his presentation on the topic, A Call to Action on the ‘dirtiest’ greenhouse gas in clean energy, Mr Charles Iyo, Regional Sales Manager Eaton West Africa said “Sulphur hexafluoride gas which is used in the production of most switchgears remains one of the world’s potent greenhouse gases that adversely affect the environment. 1kg of SF6 is equivalent to 23,500 Kg of CO2 in global warming potential, and each unit of switchgear is estimated to use 2.5 kg of SF6 gas; which makes it devastatingly dangerous to the climate.”
“Government in Africa, especially Nigeria needs to take proactive measures such as implementing new regulations to ban the use of SF6 Gas in switchgear production. Also, regulatory bodies and industry stakeholders need to collaborate and elevate industry practice and policies to implement the use of SF6 free technology thereby creating a safe and sustainable future,” he added.
Mr Iyo further highlighted SF6-free alternatives that could positively combat climate change, saying the adoption of vacuum technology is considered a safe, compact and reliable alternative to SF6 gas in the production of switchgears.
Eaton has been at the forefront of advocating the elimination of SF6 gas globally. The power management company pioneered SF₆ free medium voltage switchgear production in 1960 with Magnefix, a compact solution for distribution system operators.
The various range of SF6 free switchgears are produced with environmentally friendly technology in comparison with the methods used by many other suppliers, which use SF6 as insulation gas.
OVH Energy Rewards Distributors for Outstanding Performance
By Adedapo Adesanya
Leading supplier and distributor of refined petroleum products, OVH Energy Marketing, has rewarded its top-performing lubricant distributors for their outstanding performance at a presentation ceremony held in Lagos.
During the presentation ceremony which happened at Aspamda Market, two qualified distributors who each sold over 1 million litres of lubricants were recognized in line with the management’s commitment to award deserving distributors.
Chucorl Nigeria Limited and Ade De Young Auto Limited, who met and exceeded the set target in the distribution of OLEUM lubricants, were awarded OLEUM branded trucks at the ceremony.
Speaking at the event, the Chief Executive Officer, OVH Energy Marketing, Huub Stokman posited that the ceremony was organized to reward top-performing distributors as well as inspire others through their exemplary feats.
“Our distinctive progress as the leading downstream oil and gas company is built on the commendable dedication and support of our partners as well as the contributions of our staff. I applaud the awardees and other OLEUM distributors for their diligence and resourcefulness in making sure that the OLEUM range of lubricants remains a market leader,” he said.
“Oleum is a product made in Nigeria, by Nigerians, for Nigerians. Our dream is to formulate the best lubricant available in the Nigerian market at a very affordable price. The hard work of our partners continues to contribute immensely to the growth of the organization and for that we are thankful,” he continued.
Commenting at the presentation ceremony, Mr Lateef Adeleke, owner Ade De Young Auto Ltd., an awardee said “I appreciate the company for this initiative to reward distributors with branded trucks. Rewarding deserving distributors with the branded trucks is a thoughtful initiative from OVH Energy Marketing.”
On his part, Mr Oliver Jacob, CEO Chucorl Oil and Gas Limited said “This acknowledgement from OVH Energy Marketing is indeed an incentive to do even more. The trucks will be valuable in strengthening our supply chain and meeting our increasing consumer demand.”
In recent years, OVH Energy Marketing has embarked on diverse empowerment initiatives such as the OLEUM Academy and the Mechanic Oleum Reseller Enterprise Initiative.
OLEUM academy has impacted over 5,000 individuals nationwide through the provision of automotive mechatronics, lubrication, and entrepreneurship training.
The Mechanic Oleum Reseller Enterprise Initiative is an avenue for auto-technicians to boost their income through the sales of lubricants in their workshop.
Capital Market Can Attract Funds to Solve Nigeria’s Infrastructure Deficiency—Yuguda
By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has again emphasised that the current infrastructure deficiency in Nigeria can be solved with the help of the capital market.
While addressing the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja over the weekend, he said all that was needed was for the government to partner with the private sector to bridge the infrastructure gap by approaching the capital market for funding.
“We have a huge infrastructural deficit in the country like insufficient power, lack of good roads among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders.
“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while the government focuses on other issues,” the SEC DG said, appealing to the relevant stakeholders to cooperate with the agency to achieve this goal.
He also said for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence.
Mr Yuguda acknowledged CIS as a key partner in the commission’s regulation of the market, assuring that the SEC would continue to provide the needed support.
“On behalf of the Board and staff. We will give you all possible co-operation you desire to make your job easy. We are here to support this market and make it the market we all desire,” he said.
The SEC boss stated that derivatives trading has commenced for people who want to manage their risk, adding that the SEC is working to increase the literacy of Nigerians so they can take better decisions.
“The future for this country is bright and we have the young population to push it. We can have a much better standard of living than we have now and we hope you will continue to give a lot to the market.
“We are committed to any initiative that will further spur the growth of the capital market. We also have a review of the ISA bill pending at the National Assembly and that bill has a lot that will revitalize this market,” he added.
In his remarks, the President of CIS, Mr Oluwole Adeosun, commended the SEC for the relationship that exists between the Commission and the Institute and thanked the Management for always supporting the organisation.
“Thank you always because you have embraced the institute and made it clear that you desire a very harmonious relationship and we are happy about it.
“You have shown this in your actions since you came into office and we appreciate you for all your efforts, we pray that investors benefit greatly from their investments in the capital market. Thank you for all your support to the CIS Bill,” he said.
The former President of CIS, Mr Olatunde Amolegbe, also thanked the DG for the efforts the management has been making to support the CIS, adding that the institute has been able to function effectively due to the support of the SEC.
Latest News on Business Post
- Naira Now N617/$ at Peer-to-Peer, N605/$1 at Parallel Market June 28, 2022
- Crude Oil Rises as G7 Nations Move to Sanction Russian Energy June 28, 2022
- Nigeria’s Battle Against Cybercrime: Are You Safe? June 28, 2022
- NGX Index Advances by 0.50% as Ecobank, MTN, Others Gain June 28, 2022
- Digital Transformation Solutions for Banking June 27, 2022
- AfDB Establishes African Pharmaceutical Technology Foundation June 27, 2022
- First Bank Woos Female Entrepreneurs with Single-Digit Loans June 27, 2022
- Eaton Calls for Stoppage of Sulphur Hexafluoride Gas June 27, 2022
- OVH Energy Rewards Distributors for Outstanding Performance June 27, 2022
- Unlisted Securities Investors Gain N10bn in One Week June 27, 2022