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Nigeria pursuing climate-smart practices for food security — Tinubu

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President Bola Tinubu on Wednesday reaffirmed his administration’s commitment to implementing climate-smart agricultural practices to bolster food security and reduce environmental impacts.

He said such initiatives stem Nigeria’s recognition of its responsibility to lead a just energy transition and sustainable development in Africa.

Tinubu said this during his address at the ongoing Abu Dhabi Sustainability Week held in the capital city of the United Arab Emirates.

In his 12-minute discourse titled ‘Climate Imperatives into Economic Prosperity, bridging Africa’s Global Energy Future,’ the President emphasised the need for international cooperation to achieve sustainable development and mitigate climate change impacts.

Acknowledging Nigeria’s status as Africa’s most populous nation and one of its largest economies, President Tinubu underscored its responsibility to demonstrate leadership in addressing climate issues.

He posited, “To succeed, we must innovate, collaborate, and decide decisively to collaborate as a global community.

As Africa’s most populous nation and one of its largest economies, Nigeria recognizes its responsibility to demonstrate the required leadership on these matters.

“We have embraced the vision of sustainability and that alliance of global aspiration while addressing the local realities.

Our efforts are anchored on three pillars: energy transition, climate resilience, and sustainable development.

“In my administration, we recognise this problem. From inception, we have recognised the importance of reducing carbon emissions and a just transition to clean and renewable Energy, promoting environmental sustainability and economic growth energy transition.

”Addressing the specifics of Nigeria’s energy transition plan, he stated that Nigeria is employing climate-smart agricultural practices to bolster food security while reducing environmental impacts.

“Nigeria is implementing climate-smart agricultural practices to enhance food security while reducing environmental impacts.

“The government has approved several development policies, such as the national clean cooking gas policy, which aims to promote a clean energy environment and its benefit and socioeconomic development in our region,” said Tinubu.

He opined that adopting modern, eco-friendly agricultural techniques is essential for protecting local communities from the adverse effects of climate change.

Describing these measures as pillars of Nigeria’s sustainable development strategy, he stressed that the country’s path forward involves responsibly reducing carbon emissions while advancing economic growth and ensuring social equity.

Like many nations, he said Nigeria is diversifying its energy sources and reducing its reliance on fossil fuels.

This transition to cleaner alternatives anchors the country’s national development strategy and aligns with a commitment to achieve net-zero emissions by 2060.

Nigeria is developing infrastructure for compressed natural gas and electric vehicles to support these goals. He noted that the government has also invested in responsibly exploring solid minerals and critical metals essential for advancing the green energy transition.

His words, “Dear delegates and excellencies, our energy transition plan, like many nations, is aimed at diversifying energy sources and reducing our dependency on fossil fuel, prioritising the transition to cleaner energy sources as a cornerstone of our national development strategy.

“Nigeria is committed to achieving a net zero emission by 2060 in line with global climate objectives; we are developing the infrastructure to utilise compressed natural gas and electric vehicles.

”He said development policies, such as the National Clean Cooking Gas Policy, are designed to promote clean energy, environmental benefits, and socioeconomic development in the region.

Emphasising inclusivity, he highlighted efforts to ensure policies promote equity and social justice, leaving no one behind.

The President also acknowledged Nigeria’s environmental challenges—including deforestation, desertification, coastal erosion, flooding, pollution, and other harmful consequences of climate change—and cited the shrinking Lake Chad as a stark example.

“Lake Chad continues to shrink every year, and the livelihood of people continues to be threatened. Our government is working with local communities to implement solutions to get these effects and help us build resilience in the face of environmental challenges.

“For resources to promote a green economy in Africa, we must focus on integrating sustainable practices in all sectors of our economy.

“These investments are capital intensive in nature, and they required international support from partner countries, including national organisations, developmental partners, and individuals who shared our vision of a sustainable, prosperous, and equitable future must be included,” said Tinubu.

President Tinubu also noted that Nigeria became the first African country to fund green projects through Sovereign Green Bond issuances—its third issuance is underway—and he invited investors to collaborate further.

He explained, “Nigeria became the first country in Africa to initiate funding for green projects through green bond proceeds, the third issuance of which is currently in progress; we urge investors to partner with us.

“In this regard, our government remains committed to providing an enabling environment for businesses to thrive, and harnessing technology and innovation is key to driving sustainable development.

”The President emphasised that technological innovation is vital for advancing sustainable development, citing Nigeria’s growing adoption of new technologies in clean energy, water conservation, land restoration, waste management, and the circular economy.

“We agree that Nigeria is increasingly embracing new technologies like clean energy, water, conservation, land and forest restoration, waste management, and circular economy.

“We partner with global leaders and are harnessing the power of technology. We are finding new and innovative ways to address our environmental challenges.

“We have arable agricultural lands for advanced technological farming, including the brighter future for artificial intelligence,” the Nigerian leader noted.

Through global partnerships and the strategic use of technology, he said Nigeria seeks innovative ways to address environmental challenges and secure a brighter future, including AI-driven agricultural practices.

On global collaboration, he reminded attendees that environmental challenges are shared worldwide.

Practical solutions, he argued, require collective action grounded in mutual respect and a shared vision of the future.

Nigeria believes sustainable development is not merely a domestic challenge but a global imperative.

Tinubu urged the international community to strengthen cooperation at regional and global levels to meet the Sustainable Development Goals and lessen the impact of climate change.

In closing, President Tinubu reflected on the lasting impression of the children who, on the first day of the event, waved the UAE flag in a call for all to protect the planet for future generations.

He expressed hope that this image would serve as a reminder of the responsibility to build a sustainable world for the children and generations yet to come.

The Nigerian leader also expressed profound gratitude to the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, for the invitation to Abu Dhabi Sustainability Week.

The meeting drew world leaders together to collectively exchange views and perspectives on addressing global challenges.

Aside from President Tinubu, other leaders attending the summit are Italian Prime Minister Georgia Melon; President of Rwanda Paul Kagame; Prime Minister of Malaysia Anwar Ibrahim; Prime Minister of New Zealand Christopher Luxon; and Prime Minister of Finland, Petteri Orpo, among others.

Business

Beyond GDP, UNCTAD to launch new economic indicators for measuring countries prosperity

Accordingly , a High-Level Expert Group on Beyond GDP, mandated by the UN’s landmark Pact for the Future has been tasked with developing recommendations for a set of universally relevant indicators that countries can own and use to guide policy.

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Photo: UNCTAD Secretary-General Rebeca Grynspan. Credit: UNCTAD

UN Trade and Development (UNCTAD) says a new metrics for measuring countries progress beyond GDP, will be launched during the upcoming UN General Assembly in the spring of 2026.

Accordingly , a High-Level Expert Group on Beyond GDP, mandated by the UN’s landmark Pact for the Future has been tasked with developing recommendations for a set of universally relevant indicators that countries can own and use to guide policy.

UNCTAD serves as co-secretariat to the “Beyond GDP” expert group, alongside other entities including the Executive Office of the UN Secretary-General, the UN Department of Economic and Social Affairs and the UN Development Programme.

This initiative stems from the urgent need for measures of progress that enable more balanced and integrated pursuit of sustainable development.

GDP does not capture progress in well-being, equity, inclusiveness or sustainability – and it was designed as a measure of economic activity.

“Our approach will emphasize how better well-being and its drivers, such as health, social capital and the quality of the environment, are not only good for societal welfare but also contribute in an integral way to economic prosperity,” the interim report argues.

The “Beyond GDP” agenda, increasingly gaining traction among UN member countries, is about complementing traditional economic measures, rather than replacing them.

To do so, five principles are important.

First, countries need to look at more than GDP to gauge material well-being more accurately.Second, it takes more than income to capture all aspects of well-being.

Third, when addressing inequality and exclusion it’s necessary to look beyond average figures.

Fourth, the need to think in the long term, to ensure economic, environmental, social and institutional sustainability for future generations.

In addition, well-being is interconnected across countries in today’s world.

This makes cooperation all the more crucial, in setting global norms of measurement, unlimited to specific countries or regions.

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Business

Flutterwave buys Mono for $40 million

Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.

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• Flutterwave Nigeria HQ, Lagos

Flutterwave, Africa’s largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million.

The acquisition brings together two major fintech infrastructure players as Flutterwave looks to strengthen its payments stack with open banking, data, and identity capabilities.

Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.

The transaction allows Mono’s investors to at least recoup their capital, with some early backers reportedly recording returns of up to 20x.

(Nairametrics)

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Venezuela: Crude prices edge lower following Maduro’s overthrow

CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.

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• An oil-themed mural in Caracas, Venezuela

Crude oil prices edged lower Sunday, as the overthrow of President Nicolas Maduro by the Trump administration has cast deep uncertainty over oil-rich Venezuela.

Venezuela, a founding member of OPEC, sits on the largest proven crude oil reserves in the world at 303 billion barrels or about 17% of the global total, according to the U.S. Energy Information Administration.

CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.

President Donald Trump made it clear Saturday that U.S. investment in Venezuela’s oil sector is a key objective of the regime change operation that ousted Maduro.

“We’re going to have our huge United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure,” Trump said in a press conference from his Mar-a-Lago residence in Palm Beach, Florida.

The president said Saturday that the U.S. embargo of Venezuelan oil remains in place.

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