Day: May 13, 2023

An Economist, Dr Biodun Adedipe, has urged the incoming administration to pay more attention to agriculture being the largest contributor to the country’s Gross Domestic Product.

Adedipe, who is a Chief Consultant at B. Adedipe Associates Ltd, made the call on Friday at a virtual conference organised by CMC Connect LLP.

The National Policy Dialogue with the theme: “Setting a Fiscal Policy Agenda For the Bola Tinubu Administration”, was moderated by Mr Yomi Badejo-Okusanya, the Lead Partner at CMC Connect.

He said the incoming administration needed to provide incentives for infrastructure development to encourage all year farming.

According to him, the new administration should encourage large scale farming and linkage with smallholder farmers, adding that agricultural research and development was essential to boost the economy.

Adedipe also advised the incoming president not to come up with a big framework but accommodate the 12 pillars of productivity which included market size, labour market, business dynamism and innovation capability.

Others are: health, product market, ICT adoption, institution, skills, infrastructure, macro economic stability and financial system.

“In improving the ranking and performance of the economy, the incoming administration should also look into payment of taxes, training across borders, enforcing contracts, and protecting minority interests among others.

“We need to aggressively promote export to African countries and also strengthen domestic manufacturing which interrogates the nexus between import and export,” he said.

The chief consultant urged them to look at imported products that could be produced locally, stressing that this would be beneficial for the economy.

Adedipe, however, decried the state of the country’s economy occasioned by poor policy coordination, misplaced priorities, fiscal inefficiency and revenue leakages which discourages productivity.

He said with the inflation rate persistently trending upwards, the Central Bank of Nigeria had to raise the Monetary Policy Rate (MPR).

“Yet the economy was desperate for growth and the big number in Nigeria is food inflation which was at 24.35 per cent in March 2023 rising from 24.13 per cent in December.

“Food security should, therefore, come big in Nigeria’s economic development agenda,” he said.

On education, Adedipe said the incoming government should revamp the school curriculum to support future works in the 21st century and embark on massive capacity building of teachers.

He said that it was necessary to increase funding to improve infrastructure in the educational sector.

Similarly, on universal health care and enhancing life expectancy, he urged the government to redesign the integrated healthcare model and address brain drain in the sector.

“In the financial system, government needs to totally revamp the financial ecosystem, reset system regulation and supervision and accelerate capital market development.

“On Information Communication and Technology (ICT), they should offer incentives for ICT investors and align policies on ICT with the needs of the 21st century digital economy,” he said.

Source: News Agency of Nigeria

The French government is committed to be partner of the Ethiopian government for the implementation of the Long Term Low Emission Development Strategy (LT-LEDS), French Ambassador to Ethiopia, Rémi Maréchaux said.

It is to be recalled that the government of Ethiopia officially launched Long Term Low Emission Development Strategy (LT-LEDS) this week with the view to overcoming climate change related challenges.

The overarching objective of Ethiopia’s LT-LEDS strategy is to help the government of Ethiopia pursue a green growth pathway by keeping its carbon emissions target to net zero by 2050 entailing an increased climate resilience and delivery of multiple economic and social benefits.

The strategy is a key tool in bridging Ethiopia’s sustainable development and climate mitigation and adaptation objective, following a holistic long term planning approach, it is indicated.

In an exclusive interview with ENA, French Ambassador to Ethiopia, Rémi Maréchaux said we have supported the drafting of this strategy and now we intent to be partner of the Ethiopian government for the implementation of the strategy.

He added that the efforts of the Ethiopian government are very important and we are pleased and proud to be able to support the launch of this LD-LEDS strategy that was conducted by the Global Green Growth Institute (GGGI ) with the funding of French government.

“Soon after the Paris conference on climate change and the Paris agreement, Ethiopia was one of the first countries in the world to adopt its national determined contributions strategy. It is important now to develop in detail this strategy though different scenarios and different priorities,” he said.

According to the ambassador, the priority of this study is critical regarding the continuation of the effort to reforestation, so that is one aspect and also the development of electricity for many uses to substitute other sources of energy and then improvement of the efficiency of agriculture sector.

“What is important today is just to acknowledge that Ethiopia is one of the least emission countries with a good energy mix and a lot of renewable energy. It doesn’t mean that in the future, they can be risk depending on the development strategy to see carbon dioxide emissions.”

He noted that the strategy is clear and it is important to have engagement of all for its implementation.

The strategy outlines the priorities for attracting international and private sector financing for green, low-carbon and climate-resilient projects over the near and long term.

The Ethiopian LT-LEDS development process was led by the ministry of planning and development.

The Global Green Growth Institute (GGGI), an international, intergovernmental organization championing the causes of climate change. Green growth and inclusive development provided technical assistance with the fund secured from the Agence Francaise de Development (AFD).

Ethiopia’s LT-LEDS is well aligned with the national long term development objectives and initiatives including the10 year prospective development plans of the country.

When the LT-LEDS is fully implemented, Ethiopia’s GDP will increase by 66 percent compared to the current growth in the coming 35 years.

For Ethiopia, reaching the net-zero emission targets in 2050, the total investment requirements of the LT-LEDS actions is estimated to be at least around 157 billion USD, Ministry of Finance Said.

Source: Ethiopian News Agency

Ethiopian Space Science Society stated that it has been contributing its part in promoting the awareness about space science and enhancing professionals in the field.

The Ethiopian Space Science Society held its 18th General Assembly today in the presence of board members and administrative bodies from various universities.

Board Chairperson of the Society Mesenbet Shenkute explained about the 18 years journey of the society and presented scientific explanations.

The Chairperson also discussed about the performance of the society during the current fiscal year including the encouraging achievements and challenges.

In her explanations, she pointed out that the society is working focusing on education and capacity building activities to create awareness in the field of space science.

Mesenbet also said that efforts are being made to enhance the understanding of the field by providing aerospace related training in order to enhance scientific excellence.

The chairperson mentioned that the society is also working to improve the country’s human resources in the field space science by facilitating scholarship opportunities abroad.

According to Mesenbet, the society will exert efforts to create a prosperous space science community that will shape the future of Ethiopia through space technology development.

Manager of the Ethiopian Space Science Society, Biruk Terefe, said on his part that efforts are being made to promote space science and technology in the country.

Training is being provided to increase the awareness of space science and technology, in particular, he said.

Ethiopian space science society was established in 2004, with 47 founding members.

It is a non-profitable organization constitute of members from Astronomy, Astrophysics, Space Science and technology, and the related field of professionals as well as individual , and institutional members interested in the above fields.

Source: Ethiopian News Agency

The first-ever One African EXPO will be held in Addis Ababa, from May 20–30, 2023 in honor of the celebration of the 60th anniversary of the African Union.

The One Africa Expo 2023 is set to be an unprecedented Business-to-Business (B2B) trade show, created specifically for African governments, private and public business sectors, global companies, and business professionals to showcase their products, services, expertise.

By providing a gateway to the global market, the OAE 2023 presents a unique opportunity to promote bilateral trade between Africa and the world.

This platform offers an exceptional visual experience of Africa, bringing together diverse industries ranging from mobility, cultural diversity, tourism, technology, green initiatives, agro-industries, financial services, and infrastructures, involving all 55 member states.

The One Africa Expo 2023 is a must-attend event for those seeking to explore and expand their business potential in Africa, while also contributing to the development of the continent’s economic success.

Source: Ethiopian News Agency

World Bank disclosed that it is working in partnership with Ethiopian Electric Power to provide electric power to more than 56 million people in Ethiopia.

Ethiopian Electric Power Chief Executive Officer, Eng. Ashebir Balcha urged the bank to intensify its partnership with the Ethiopian Electric Power.

The remarks were made today at a training program organized by the World Bank to modernize the Ethiopian Electric Power institutional capacity and discuss on its strategic plans.

Erik Fernstrom, Practice Manager at the World Bank East Africa Region said the Bank is working in partnership with the Ethiopian Electric Power to provide electric power to more than 56 million people in Ethiopia.

He stressed the need to make efforts in order to address the challenges that might encounter in the efforts to expedite the ongoing works.

According to him, the training will help to bring strategic ideas and enhance partnership.

Ethiopian Electric Power Chief Executive Officer, Eng. Ashebir Balcha has also called up on the bank to continue its support.

During the occasion, the three years plan of Ethiopian Electric Power in the production of electric power, construction of transmission lines and distribution stations has been presented for discussion.

The three days training will discuss on selected topics vital for the effective implementation of the strategies, it was learned.

Source: Ethiopian News Agency