NAIJA NEWS
The Federal Government has listed the gains of attending the ongoing 28th edition of the Conference of Parties (COP28) Climate Summit in Dubai, the United Arab Emirates (UAE).
The Minister of Information and National Orientation, Mohammed Idris, made this known in a statement on Monday following the controversy that greeted the huge number of Nigerian delegates to the summit.
Idris said Nigeria has a significant stake in climate action, and the nation’s active and robust participation at the COP Summit is not unwarranted.
The minister said the event presents an array of investment and partnership opportunities for the various sectors affected by climate change, and Nigeria is already benefiting from its ongoing participation.
He, therefore, assured Nigerians that President Tinubu and other officials on the federal government delegation were in Dubai for serious business, not a jamboree.
Below are the investment and partnership opportunities gotten by Nigeria’s participation in Dubai
1. Nigeria and Germany signed an accelerated performance agreement to expedite the implementation of the Presidential Power Initiative (PPI) to improve Nigeria’s electricity supply.
The agreement was signed by Kenny Anuwe, the Managing Director and CEO of FGN Power Company, and Ms Nadja Haakansson, Siemens Energy’s Senior Vice President and Managing Director for Africa, at a ceremony witnessed by President Tinubu and Chancellor Scholz.
2. President Tinubu hosted a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and the Electric Buses Rollout Programme on the margins of the COP28 climate summit.
The Electric Buses program is only the first step in a series of innovative, clean, modern, and sustainable initiatives across diverse sectors, all aimed at simultaneously addressing climate change-related challenges, reducing carbon footprint, modernizing infrastructure systems, and positioning Nigeria as an attractive destination for global investments.
3. The President unveiled the Nigeria Carbon Market Activation Plan, co-chaired by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, and the Director-General of the National Council on Climate Change (NCCC), Dr. Dahiru Salisu.
4. Nigeria stands to benefit from the Loss and Damage Fund established during COP-27 in Egypt and formally operationalized at the opening plenary of COP-28 in Dubai. The Fund will provide substantial non-debt financing to support countries most affected by the impact of climate change. Hundreds of millions of dollars have already been pledged as contributions to the Fund.