FG sets up team for $2.5 billion carbon market
• Foreign reserves hit $39.12b
• CBN says bank recapitalisation will support $1tr economy
The Federal Government has set up a committee for carbon market activation plan to position the country at the forefront of creating a robust and sustainable $2.5 billion carbon market.
On his part, Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said that Nigeria’s foreign reserves have risen to $39.12 billion as of October 11, 2024, about 12.74 per cent increase from $34.70 billion at the end of June 2024.
He also said the banks’ recapitalisation policy prompted banks to strengthen their financial positions, a process expected to result in a more robust and resilient banking sector by March 2026, which is expected to support the $1 trillion economy by 2030.
Vice President Kashim Shetima made this disclosure, yesterday, at the opening of the 2024 edition of African Climate Forum in Abuja. He said other actions Nigeria had taken include the enactment of Climate Change Act of 2021 to achieve low greenhouse gas (GHG) emissions and sustainable green growth.
The theme of the ACF 2024 is ‘Africa’s Climate Future: Pathways from Dependence to Leadership’.
Represented by the Special Adviser to the President on NEC and Climate Change, Miss Rukaiya el-Rufai, the Vice President informed that the government also set up a Presidential Committee on Climate Action and Green Economic Solutions to oversee and coordinate all climate-related policies and programmes, ensuring that Nigeria remains focused on its goals for green economic development.
He said, “Despite these interventions, we know that none of our efforts will yield optimal outcomes unless we collectively agree that climate change is not a topic for idle debate, but is a manifest threat to our existence.
“So, today, I reiterate an open call across our dear continent to all governments, civil society organisations, the private sector and the development community to join hands. Only through a unified front can we create an all-inclusive approach to achieve the Sustainable Development Goals (SDGs) and deliver lasting social impact.”
In his welcome address, the Director General of Global Centre for Law, Business and Economy (GCLBE), Prof. George Nwangwu, said The Africa Climate Forum 2024 came at a crucial time the continent must seize the opportunity to lead in sustainable development.
He added, “We are excited to gather diverse stakeholders to address our shared climate challenges and drive actionable solutions that will benefit not just Africa, but the world.”
According to him, the second edition of the forum, coming after the overwhelming success of the inaugural forum last year, promises to be a landmark event, bringing together key stakeholders from across the continent and beyond to discuss and address critical issues related to Africa’s climate future.
CARDOSO said the growth was driven largely by foreign capital inflows, receipts from crude oil-related taxes and third party, while outlining the apex bank’s plans to address the spiralling inflation in the country.
The CBN boss stated these while addressing the House of Representatives Committee on Banking on policy measures and strategies to address domestic macroeconomic challenges.
On the macroeconomic performance in 2024, he said projections indicate a growth rate of 3.2 per cent and 3.3 per cent for 2024 and 2025 respectively, adding that Nigeria was projected to maintain a more robust 4.3 per cent growth rate. He said the non-oil sector maintained strong performance, contributing 94.30 per cent to the Gross Domestic Product (GDP) with a steady 2.80 per cent growth rate.
According to him, the oil sector’s growth rate has almost doubled to 10.15 per cent in Q2 2024 from 5.70 per cent in Q1 2024, due mainly to improved security surveillance, which resulted in increased production of crude oil and natural gas.
The services sector, he said, continues to be the primary economic driver, contributing 58.76 per cent to GDP with a robust growth rate of 3.79 per cent.
Similarly, he said the industrial sector showed remarkable improvement, with its growth rate surging to 3.53 per cent from 0.31 per cent.
He pointed out that the contribution of agriculture to total GDP also increased. In addition, the growth rate of the sector rose to 1.41 per cent from a negative territory of -0.90, indicating a substantial turnaround in productivity.
To combat inflation, the governor said they had fully reverted to orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.
The CBN boss also said the capital market responded positively to their policies, with the All-Share Index and market capitalisation sustaining positive gains, reflecting renewed investor confidence.
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