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COP28: Nigeria Announces Plan to Roll Out 100 Electric Buses

By
Samuel Nwite
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0

In a significant stride towards a sustainable and eco-friendly future, Nigeria’s President Bola Tinubu has announced plans to roll out 100 electric buses during the COP28 climate summit in Dubai.

Described as a “pioneering initiative,” this move aims to substantially reduce Nigeria’s carbon footprint and modernize the nation’s transportation systems.

President Tinubu highlighted the groundbreaking nature of the initiative, emphasizing its role in environmental stewardship and collaboration with the Africa Carbon Market Initiative. The visionary plan is positioned to guide Nigeria towards becoming an investment-friendly destination for carbon market investments.

Acknowledging the imperative of fostering an environment that attracts investments and upholds standardized and sustainable industrial practices, Tinubu expressed the commitment to implementing robust policies and frameworks. These initiatives aim to catalyze the burgeoning growth of the carbon market within Nigeria’s national borders.

”This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments,” presidential spokesman Ajuri Ngelale quoted his principal as saying.

”We recognize the imperative of fostering an environment that not only attracts investment but also upholds standardized and sustainable industrial practices. As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will serve as the catalyst for the burgeoning growth of the carbon market within our national borders.”

To oversee the Nigeria Carbon Market Activation Plan, President Tinubu appointed Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), and Dahiru Salisu, the Director-General of the National Council on Climate Change (NCCC), as co-chairs. This move aligns with broader efforts to position Nigeria and Africa as pioneers in green manufacturing and industrialization.

Tinubu urged other countries on the continent to follow Nigeria’s lead, presenting the nation as a beacon of innovative solutions to climate-related challenges. He challenged nations worldwide to emulate Nigeria’s strides in mapping out sustainable futures, emphasizing the country’s plans for a greener and cleaner economy as an inspirational narrative.

The president emphasized the comprehensive approach rooted in visionary leadership, pragmatic action, and technical partnerships. He positioned Nigeria’s initiatives as poised to become a blueprint for countries aspiring to develop and catalyze their markets for sustainable growth.

“Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth,” the president added.

While Tinubu’s announcement signals a strong commitment to environmental responsibility and positions Nigeria as a leader in embracing innovative solutions for a greener future, concerns remain about the sustainability of the initiative. The concerns emanate from Nigeria’s infrastructural deficiency – particularly in the power sector.

For decades, Nigeria has been grappling with unstable electricity supply – stymieing its economic development. Thus, questions have surrounded the nation’s ability to sustain electric vehicles projects.

Tinubu Presented Box Without Documents for 2024 Appropriation Bill – Nigerian Lawmakers Say

By
Samuel Nwite
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0

Federal lawmakers in Nigeria have raised concerns over the 2024 appropriation bill presentation by President Bola Tinubu, alleging that he submitted an empty box without backup documents during the joint parliamentary session on Wednesday.

Two lawmakers, speaking anonymously to the Peoples Gazette, expressed frustration over the lack of detailed information on the proposed budget, calling it detrimental to the social contract between the parliament, the presidency, and the people of Nigeria.

According to one lawmaker, “No lawmakers can say they have seen what the president presented to the National Assembly on Wednesday.”

“They made us debate the matter yesterday (Thursday) and today (Friday) without showing us the facts and figures of the president’s proposals. This is unfortunate for the federal republic,” he told Peoples Gazette.

Another legislator said that Nigerians should demand transparency and accountability, urging the president to present all details before the National Assembly, which holds the power of appropriation.

“Nigerians should cry out and ask the president and his people when they would tell us what happened to his 2024 budget.

“He needs to present everything before us because we have the power of appropriation as members of the National Assembly,” the lawmaker said.

Both lawmakers spoke anonymously to avoid potential repercussions from the ethics committee of the assembly. One of them cited ties to the president as a reason for not openly commenting on the matter, fearing it could strain relations with the presidency.

Rumor went out on Friday about the incident after Yusuf Galambi, another federal lawmaker, accused President Tinubu of sending empty boxes without the 2024 budget to the National Assembly. In an interview with BBC Hausa Service, Galambi expressed confusion and labeled the situation as deceitful, questioning why the president presented the budget without providing the accompanying documents.

The legislators criticized Senate President Godswill Akpabio and other principal officers for allegedly allowing the president to present an overhead summary without the detailed breakdown traditionally provided in bulky paperwork.

President Tinubu presented a proposed appropriation of N27.6 trillion on September 29 but omitted the detailed breakdown to avoid scrutiny ahead of crucial votes. Lawmakers engaged in debates on Thursday and Friday without having access to the budget details, further deepening their frustration.

This incident comes amid historical challenges in Nigeria’s annual appropriation season, known for controversies and sharp practices.

President Tinubu’s failure to present a budget document to the parliament days after reading from it on live television has sparked serious concerns, drawing parallels to the public ridicule faced by the country in 2016 when a budget document presented by President Muhammadu Buhari was allegedly stolen, leading to a prolonged conflict between the parliament and the presidency.

The 2024 appropriation bill has passed second reading in the House, raising concerns about the diligence and effectiveness of Nigerian lawmakers in fulfilling their oversight responsibilities.

Congrats Tekedia Mini-MBA Edition 12: You’re #Ready2Lead

By
Ndubuisi Ekekwe
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0

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Walmart Becomes The Latest Company to Stop Advertising on X, After Musk Outburst at Advertisers

By
Ojukwu Emmanuel
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0

American multinational retail corporation, Walmart, has become the latest company to stop advertising on X (formerly Twitter).

Announcing this move on Friday, a spokesperson at the company said,

“We aren’t advertising on X, as we have found other platforms to better reach our customers”.

Speaking on Walmart’s decision, the head of operations at X, Joe Benarroch told CNN via a statement that disclosed that brands such as Wlamart and several others who advertise on the micro-blogging platform have continued to garner massive impressions and followers.

In his words,

“Walmart has a wonderful community on X, and with half a billion people on X, every year the platform experienced 15 billion impressions about the holidays alone with more than 50 percent of X users doing most or all of their shopping online”.

Benarroch further added that Walmart’s decision to halt its ads on X, is not a direct result of Musk’s recent outburst, noting that the giant retail company is still active on the platform.

Walmart joins the likes of other big brands such as IBM, Disney, Apple, and Amazon, amongst others, that have paused their advertisement on X.

Recall that earlier this week, while speaking at at the DealBook Summit in New York, X owner, Elon Musk hit hard at brands that have paused advertising on the platform, accusing them of blackmail.

Musk stated that if anybody is going to blackmail him with advertising, they should blackmail him with money instead. He further added that he would not hesitate to call out brands that want to kill the company, for the public to hold them responsible.

While defending his speech, X CEO, Linda Yaccarino said that Musk gave a candid interview at DealBook, noting that X is enabling information independence that is comfortable for some people.

In her words,

“Today Elon Musk gave a wide-ranging and candid interview at Dealbook 2023. He also offered an apology, an explanation, and an explicit point of view about our position. X is enabling information independence that’s uncomfortable for some people. We’re a platform that allows people to make their own decisions.

“And here’s my perspective when it comes to advertising: X is standing at a unique and amazing intersection of Free Speech and Main Street, and the X community is powerful and is here to welcome you. To our partners who believe in our meaningful work. Thank You”

The exit of advertisers on X began when Musk promoted and endorsed anti-Semitic and racist statements on the platform. Things started to go bad when a report from liberal watchdog group Media Matters said that several ads had appeared next to antisemitic posts.

It got worse when Musk commented, “the actual truth” on a post that claimed that Jewish people have a “dialectical hatred” of white people. His inflammatory posts on the microblogging platform, among other things have led to the exit of about 200 big advertisers on the platform.

American journalists Casey Newton, said that every day more brands are waking up to the reality that X is a cesspool. He added that the global town square is now dispersed across many different platforms and increasingly most conversations are taking place elsewhere.

According to reports, if advertisers continue to pause their ads on X, it could cost the company up to $75 million this quarter, which could spell disaster for the company. Musk acknowledged that an extended boycott could bankrupt X, stating that the public would blame the brands for the collapse, rather than put the blame on him.

Meanwhile, X seems to have a new survival plan to stay afloat as advertising revenue continues to decline. A report by the Financial Times disclosed that X is ramping up a new advertising strategy.

As brands continue to exit the platform, the company is looking to turn to small and medium-sized advertisers to generate revenue.

A spokesperson at X said,

“Small and medium businesses are a very significant engine that we have definitely underplayed for a long time”. The spokesperson added that roping in small and medium brands was “always part of the plan” and the company will now go even further with it.

Bitcoin Spot ETF will “unleash tens of thousands of Wall Street Salesmen” – Anthony Scaramucci

By
Paul Ugbede Godwin
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0

Anthony Scaramucci, the founder of SkyBridge Capital and a former White House communications director, has expressed his bullish views on Bitcoin in a recent interview with CNBC. He said that the approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) will “unleash tens of thousands of Wall Street salesmen” who will promote the cryptocurrency to their clients.

Scaramucci argued that Bitcoin is a superior store of value than gold or fiat currencies, and that it has the potential to become a global reserve asset. He said that the current market capitalization of Bitcoin, which is around $1.2 trillion, is only a fraction of the total value of gold, which is estimated at $10 trillion. He also said that Bitcoin has a fixed supply of 21 million coins, unlike fiat currencies that can be printed endlessly by central banks.

He added that the launch of a Bitcoin spot ETF, which would allow investors to buy and hold the actual Bitcoin rather than a derivative product, would increase the demand and liquidity of the cryptocurrency. He said that this would attract more institutional and retail investors, as well as hedge funds and family offices, to invest in Bitcoin. He estimated that “tens of billions” of dollars would flow into Bitcoin as a result of the spot ETF approval.

However, the SEC has repeatedly delayed or rejected applications for a spot ETF, citing concerns over market manipulation, fraud and investor protection. The latest deadline for a decision on the VanEck Bitcoin Trust, one of the most prominent proposals, is November 14, 2023. If the SEC does not approve it by then, it will have to either deny it or initiate a rule change process that could take several months.

So, what would happen to the price of bitcoin if the spot ETF were not approved? There are different scenarios and opinions on this question, but here are some possible outcomes:

The price drops temporarily but recovers quickly. Some analysts believe that the market has already priced in the low probability of a spot ETF approval, and that a rejection would not have a significant impact on the long-term trend of bitcoin. They argue that there are other positive factors supporting the demand and adoption of bitcoin, such as institutional interest, innovation and regulation in other jurisdictions, and the growth of the decentralized finance (DeFi) sector. Moreover, they point out that there are already other types of bitcoin-related products available to investors, such as futures-based ETFs, trusts and funds.

The price drops significantly and stays low for a while. Some analysts believe that a spot ETF rejection would be a major blow to the credibility and confidence of the bitcoin market, and that it would trigger a sell-off among investors who were hoping for a positive outcome.

They argue that a spot ETF would have been a game-changer for the industry, as it would have opened the door to a massive influx of capital from retail and institutional investors who are currently deterred by the complexity and risk of buying and storing bitcoin directly. Moreover, they point out that the lack of a spot ETF could widen the gap between bitcoin and other asset classes, such as stocks and bonds, which have more regulated and diversified investment options.

The price does not change much or increases slightly. Some analysts believe that a spot ETF approval or rejection would not have a major impact on the price of bitcoin, as it is not the main driver of its value. They argue that bitcoin is primarily influenced by its own supply and demand dynamics, which are determined by factors such as its scarcity, security, innovation and network effects.

Moreover, they point out that bitcoin has shown resilience and growth in the past despite regulatory uncertainty and setbacks, and that it has proven to be uncorrelated with other asset classes, making it an attractive hedge against inflation and market volatility.

Scaramucci also commented on the recent volatility of Bitcoin, which dropped from an all-time high of over $69,000 to below $55,000 in a matter of days. He said that this was normal for a new and emerging asset class, and that he was not worried about the short-term price movements. He said that he was focused on the long-term potential of Bitcoin, and that he believed that it would reach $100,000 by the end of 2024.

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