NSIA Signs MoU With NCCC On Management Of National Carbon Registry, Emission Reduction

…Releases Development Impact Report

The Nigeria Sovereign Investment Authority, manager of Nigeria’s sovereign wealth fund and the National Council on Climate Change, Nigeria’s implementing entity for climate action, on Monday signed a Memorandum of Understanding.

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The MoU emphasizes the urgency of immediate and ambitious action to address climate risks and enables the attainment of the shared objectives between the NSIA and NCCC.

It also serves to allow the signing parties to further explore potential areas of collaboration which include the development of a climate change framework to provide guidelines for regulating emissions in Nigeria, the implementation of a carbon emissions trading mechanism in Nigeria and the management of a national carbon registry as well as a Climate Change Fund.

As part of the agreement signing ceremony, the Authority released its Impact Report, which outlines the progress made toward the attainment of the Authority’s developmental and socio-economic impact as of 2021.

Speaking about the agreement, the Managing Director and Chief Executive Officer of the NSIA, Mr. Aminu Umar-Sadiq said a core pillar of the Authority’s Environmental, Social and Governance strategy is to actively build strategic partnerships with relevant organizations to support climate change actions and Nigeria’s energy transition ambitions of achieving net zero emissions by 2060.

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He said, “The agreement with our partner, NCCC is one of the strategic steps we are taking to meet our social impact goals and sustainability commitments.

“NSIA’s maiden Impact Report highlights the Authority’s development agenda and impact over several years of operations as well as the Authority’s efforts to safeguard the environment and address relevant climate-related risks and opportunities in line best practice.”

In his remarks, Dr. Salisu Dahiru, the Director General of the National Council on Climate Change (NCCC), said that the partnership is a bold signal to the global audience that the government of Nigeria is serious about its climate commitments.

He said, “By committing resources from its sovereign wealth fund to support climate action and an inclusive green economic growth, Nigeria is investing in its future, especially in a vastly decarbonizing world. This partnership between two of Nigeria’s flagship institutions is expected to catalyze private finance to accelerate Nigeria’s ambitious climate and national development agenda.”

The DG commends the transformational leadership of President Muhammadu Buhari by demonstrating executive ownership of Nigeria’s climate policies through the Climate Change Act of 2021, the establishment of the National Council on Climate Change and the commitment toward a net zero economy by 2060.

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He called upon Nigerians to embrace the opportunities offered by climate change to build a resilient economy and improve the adaptive capacities of our communities to extreme weather events, now and in the future.

NSIA Signs MoU With NCCC On Management Of National Carbon Registry, Emission Reduction

Some of the highlights from the NSIA 2021 Impact Report are the creation of over 500,000 direct and indirect jobs through various initiatives and projects, supported over 230,000 farmers through various agri-projects across the country with over 68 per cent of the primary beneficiaries being women and recorded significant progress on 3 high-priority national road projects which have a combined road length of 515.4km.
The NSIA also continued to set standards in oncology (cancer) and diagnostics services in Nigeria with NSIA’s healthcare interventions through the medical centres of excellence located in Lagos, Kano and Umuahia.

The two diagnostics centres located in Kano and Umuahia have served nearly 300,000 patients while the cancer centre in Lagos held over 150,000 chemotherapy sessions to cater to cancer patients.

NSIA Signs MoU With NCCC On Management Of National Carbon Registry, Emission Reduction

The NSIA also commenced field work on site of 10MW solar farm in Kumbotso, Kano State (now completed in 2023), sustained trajectory on Diversity, Equity, and Inclusion. Maintained gender and ethnic pay equity and achieved growth in female workforce to roughly 36.3 per cent of total full-time employees across grade levels amongst other achievements.

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It also launched the NSIA Graduate Analyst Programme to build capabilities within the country in the areas of Asset Management, Infrastructure Project Management, Portfolio Management & Reporting, Finance, Treasury Management and Risk. A total of 36 Nigerian professionals benefitted from the first programme.

NSIA Signs MoU With NCCC On Management Of National Carbon Registry, Emission Reduction
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