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Tag: NCIC

  • China, NCIC partnership to boost investment in Nigeria

    China, NCIC partnership to boost investment in Nigeria

    The China International Business and Development Corporation (CIBDC) yesterday signed a strategic partnership agreement with some firms to strengthen and improve the eligibility of the companies to access investments in projects and develop the country’s economic sectors.

    The agreement was facilitated by the Nigeria-China Investment Club (NCIC). Through this partnership, CIBDC will fast track investment by supporting the firms in accessing the resources they need to grow, create jobs and drive long term economic growth.

    In his brief remark during the event held at the Kings Court in Ikeja GRA, Lagos, the president of the Nigeria-China Investment Club (NCIC), Dr. Chidi Ulelu, explained that the  signing of agreement was the first phase of the strategic collaboration and investment on development projects in the critical sectors of the Nigerian economy which China is more than ready to support.

    ‘’NCIC is powered by NCIBD. We have millions of entities backed by the China government. Our objective is to attract investment opportunities from China to Nigeria in various sectors such as health, education, agriculture, banking, among others.

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    ‘’Everyone that signs an agreement becomes a member of the club automatically and by November, all the firms or people whose projects have been approved will visit China to consummate the agreement.

    “In addition, we are offering 30 to 50 percent reduction in prices of goods and items from China through the entities involved in our club.

    “We need you (CIDC) to build capacity, because we need to re-invent Nigeria and we have been more than impressed with your sincerity of purpose and initiatives toward providing strategic investment that can aid growth and advancement in the projects approved notable sectors of Nigeria’s economy, ” Ulelu said.

    HFZ Group is involved in the Itowolo Smart City project in Ikorodu, Lagos, the 2,000 electric buses and Eko Ferry projects.

    On the other hand, CIBDC Group is behind the Lagos-Abuja Rail project and the construction of the 4th Mainland Bridge in Lagos.

    Responding, the Chairman of HFZ, Chief Remi Folorunsho said that he was more than happy about with NCIBD on strategic investment partnership saying: ‘’ We are going to work with you hence we are signing the agreement today. There is no regret”.

    In his words, the chairman of CIBDC, Chief Kenny Martins said: “We are also nation builders just like China.

    I am impressed with your capability and capacity to work for the growth of investment with a view to building legacy projects in Nigeria.’’

    In her speech, the chairperson of CIBDC, Sarah Lee said: “We are here to work in concert with our partners to collaborate not only on project investment but also to help in developing  medical treatment,  electricity infrastructure, education , agriculture digitization, shelter through eco-friendly building materials among others.

    ‘’Also, we are bringing almost the entire companies in China to build trust and teach people with skills to become entrepreneurs,’’ she added.

  • NCIC champions recycling

    NCIC champions recycling

    The Nigeria Climate Innovation Center (NCIC) in a new report tagged: “Positioning Plastic Waste Recycling as an Inclusive Catalyst for Unlocking a Sustainable Circular Economy in Nigeria” is pioneering the charge for a sustainable solution to plastic waste management in the country. NCIC advocates for a shift towards a circular economy as a more viable alternative to the green taxation model proposed by the government for single-use plastics.

    The Chief Operating Officer (COO), NCIC, Adamu Garba NCIC who unveiled the report to the media in Lagos yesterday, said plastic waste has become a critical environmental concern in Nigeria, Africa’s most populous country adding that rapid population growth and urbanisation have exacerbated the issue, with plastic waste posing a serious threat to public health, ecosystems, and the overall well-being of Nigerians.

    The traditional approach of green taxes, which use financial disincentives to curb environmentally harmful practices, is gaining traction. However, the NCIC argues that green taxes, while offering a regulatory mechanism, have limitations.

    The organisation proposes a circular economy model that prioritizes resource efficiency, reuse, and recycling. This approach, according to Adamu focuses on three pillars – designing products for recyclability, establishing efficient collection and recycling infrastructure and driving markets for recycled materials.

    According to Adamu, by implementing these three pillars, the NCIC’s circular economy model offers a holistic approach to plastic waste management in Nigeria. “It not only addresses the environmental concerns associated with plastic pollution but also unlocks economic opportunities through job creation in waste collection, sorting, and recycling sectors. Additionally, it fosters a more sustainable and resource-efficient future for the country” he said.

    The NCIC’s proposed model takes a holistic approach, focusing on three key areas, as explained by Adamu. First, it prioritizes designing products with recyclability in mind. This involves using materials that can be easily reprocessed and creating products that are designed for disassembly.

    Second, the model emphasizes building a robust collection and recycling infrastructure. This includes establishing convenient drop-off points and partnering with waste management companies to ensure efficient collection and processing of plastic waste.

    Finally, the model aims to create a market for recycled materials. This can be achieved through government incentives for using recycled content and promoting research into new products made from recycled plastics.

    Adamu expressed optimism about the model’s potential, highlighting its multifaceted benefits.

    “The circular economy can address environmental concerns by reducing plastic pollution and conserving resources,” he explains. “More importantly, it can stimulate economic growth by creating jobs in the waste management sector and attracting investment in recycling infrastructure.”

    He noted that the model also promotes social well-being by improving public health and empowering communities through waste management initiatives. This innovative approach presents a promising path towards a more sustainable future for Nigeria.

    The NCIC report emphasised the need for a shift in behaviour, noting that public education campaigns and promoting alternatives to single-use plastics are crucial to reducing overall waste generation. It also underscored the importance of supporting community-led initiatives that empower local populations to participate in waste management solutions.

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    Beyond behavioural change, the report explored the economic potential of a circular economy for plastic waste. It noted that the recycling market holds significant promise for job creation, reduced waste management costs, and the development of new markets for recycled materials.

    The NCIC, in addition said its poised to showcase existing successful circular economy projects in Nigeria, demonstrating the model’s viability. This, it outlined, inspires further investment in the sector, creating a win-win situation for both the environment and the economy.

    The climate change solution providers also argued that a circular economy offers a more sustainable solution compared to a green tax on plastic use. It said green taxes, while potentially incentivizing reduced consumption, lack a long-term vision and could disproportionately impact vulnerable communities adding, “In contrast, a circular economy fosters job creation, economic diversification, and environmental benefits.”

    The NCIC report serves as a call to action for stakeholders across all sectors. Policymakers, businesses, communities, and individuals all have a role to play in transitioning Nigeria towards a more sustainable future. The report provides a roadmap for achieving this goal, outlining steps towards a future where plastic waste becomes a resource, not a burden.