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IRENA’s world energy transitions outlook, re-writes energy narrative for a net-zero world

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Change in investments, capital markets, and policies tabled to realise energy transition dividend of 122 million energy jobs by 2050 Accelerating energy transitions on a path to climate safety can grow the world’s economy by 2.4 per cent over the expected growth of current plans within the next decade, a new analysis from the International Renewable Energy Agency (IRENA) shows. The Agency’s 1.5°C pathway foresees the creation of up to 122 million energy-related jobs in 2050, more than double today’s 58 million. Renewable energy alone will account for more than a third of all energy jobs employing 43 million people globally, supporting the post-COVID recovery and long-term economic growth.

IRENA’s World Energy Transitions Outlook sees renewables-based energy systems instigating profound changes that will reverberate across economies and societies. Sharp adjustments in capital flows and a reorientation of investments are necessary to align energy with a positive economic and environmental trajectory. Forward-looking policies can accelerate the transition, mitigate uncertainties, and ensure maximum benefits of the energy transition. The annual investment of USD 4.4 trillion needed on average is high. But it is feasible and equals around 5 per cent of global GDP in 2019.

“This Outlook represents a concrete, practical toolbox to the total reorientation of the global energy system and writes a new and positive energy narrative as the sector undergoes a dynamic transition,” said Francesco La Camera, IRENA’s Director-General. “There is consensus that an energy transition grounded in renewables and efficient technologies is the only way to give us a fighting chance of limiting global warming by 2050 to 1.5°C. As the only realistic option for a climate-safe world, IRENA’s vision has become mainstream.”

“Energy transformation will drive economic transformation,” continued La Camera. “Energy transition is a daunting task but can bring unprecedented new possibilities to revitalise economies and lift people out of poverty. IRENA’s Outlook brings unique value as it also outlines the policy frameworks and financing structures necessary to advance a transition that is just and inclusive. Each country will define what is best for them, but collectively, we must ensure that all countries and regions can realise the benefits of the global energy transition for a resilient and more equitable world. We have the know-how, we have the tools, we need to act, and do so now.”

The next decade will be decisive to achieve the Paris and Sustainable Developments goals. Any delay will drive us in the direction of further warming, with profound and irreversible economic and humanitarian consequences.

Phasing out coal, limiting investments in oil and gas to facilitating a swift decline and a managed transition as well as embracing technology, policy, and market solutions will put the global energy system on track for a 1.5°C pathway. By 2050, a total of USD 33 trillion of additional investment is required into efficiency, renewables, end-use electrification, power grids, flexibility, hydrogen, and innovations. The benefits, however, greatly exceed the costs of investments.

When air pollution, human health, and climate change externalities are factored in, the payback is even higher with every dollar spent on the energy transition adding benefits valued at between USD 2 and USD 5.5, in cumulative terms between USD 61 trillion and USD 164 trillion by the mid-century.

IRENA’s Outlook sees energy transition as a big business opportunity for multiple stakeholders including the private sector, shifting funding from equity to private debt capital. The latter will grow from 44 per cent in 2019 to 57 per cent in 2050, an increase of almost 20 per cent over planned policies. Energy transition technologies will find it easier to obtain affordable long-term debt financing in the coming years, while fossil fuel assets will increasingly be avoided by private financiers and therefore forced to rely on equity financing from retained earnings and new equity issues.

But public financing will remain crucial for a swift, just and inclusive energy transition and to catalyse private finance. In 2019, the public sector provided some USD 450 billion through public equity and lending by development finance institutions. In IRENA’s 1.5°C Scenario, these investments will almost double to some USD 780 billion. Public debt financing will be an important facilitator for other lenders, especially in developing markets.

As markets alone are not likely to move rapidly enough, policymakers must incentivize but also take action to eliminate market distortions that favour fossil fuels and facilitate the necessary changes in funding structures. This will involve phasing out fossil fuel subsidies and changing fiscal systems to reflect the negative environmental, health, and social costs of fossil fuels. Monetary and fiscal policies, including carbon pricing policies, will enhance competitiveness and level the playing field.

Enhanced international cooperation and a comprehensive set of policies will be critical to driving the wider structural shift towards resilient economies and societies. If not well managed, the energy transition risks inequitable outcomes, dual-track development, and an overall slowdown in the progress. Just and integrated policies will remain imperative to realize the full potential of the energy transition.

Today’s policies, finance, and socio-economic analysis complete the outlined technological avenues for a 1.5°C-compatible energy pathway, providing policymakers with a playbook to achieve optimal results from the transition. Launched by energy leaders at the Agency’s Global High-Level Forum on Energy Transition, this Outlooks aims to raise ambition towards UN High-Level Dialogue on Energy and Climate Conference COP26 later this year.

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Abiodun declares state of emergency on flooded Isheri community

…assures residents of permanent solution after comprehensive assessment

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Governor Dapo Abiodun


Ogun State Governor, Prince Dapo Abiodun, on Monday declared state of emergency on the flooded  Isheri community,  in Ifo Local Government Area of the State, as he assured residents of the area quick intervention to save the situation.

The governor added  that a comprehensive assessment that would lead to permanent solution to the menace of  flooding in the affected area  would be conducted very soon.

Prince Abiodun, who stated this while fielding questions from newsmen after inspecting the flooded community, said that his administration is working with the federal government to deal with the situation as an emergency case.

He noted that the time has come to find a lasting solution to the perennial flooding to make the area morw conducive for living.

According to him, the state government will see to the elevation of some roads in the area as parts of the solutions to the problem.

The govenor said: “We will prioritize the works here because I am touched with what I have seen. I will ensure that we immediately begin to see signs of relief as we are stepping this up. The Minister of State for Environment is already aware. The Vice President is already aware and also the president. It will be dealt with as an emergency and we are taking it as such.

“As an emergency, I will like to take it up myself. Please continue to bear with us as we are going to conduct a comprehensive assessment of what we need to do to make this place conducive for living.

“Whatever that assessment comes up with is what we are going to implement. So, we are going to first start with ensuring that we have the required road infrastructure at the appropriate levels.

“So if you now built in such a way that we need to relocate you, we have to do that. Whatever it is that we must do to ensure that place does not persistently experience flood, we will do it. But let us wait for the result of the studies to come back and then we will begin to take that decision as and when the situation arises.”

Addressing residents of Riverview Estate, Governor Abiodun said he has requested for an area survey of the entire estate to identify critical areas that needed immediately intervention.

He assured that the intervention would come through the construction of an elevated road with adequate drainages to mitigate their suffering.

“I want to assure you today, knowing fully well that we are a promise keeping administration, we do not say what we do not mean, my heart goes out to you, it is very unfortunate, I am giving my commitment today, the commissioner for works will come and see what needs to be done.

“We have also engage the Minister of State for the Environment, who fortunately, is from Ogun State and I have already brought this to his attention.

“Before the end of the week, I will also table it before the Vice President and the President as well so that we ensure that this problem gets all the desired attention and consequently gets the desired solution so we can bring this to an end,” he said.

The governor also disclosed that he and the Minister of Water Resources would visit the community in few days time.

“We will also discuss the issue of the Ogun-Osun River Basin Authority and try and interrogate the activities there and understand how their activities affect this community and other communities with respect to the opening and closing of the dam,” he said.

The governor described the environment around the Kara cattle market as an eyesore and not befitting the dreams of a “new Ogun State”.

He said that the market was not conducive for human living and not in tandem with the Sustainable Development Goals and waste disposal.

He, however, acknowledged the area as one of the biggest commercial operation that provide services to a large number of people, even as he assured that government would go into a satisfactory agreement with the market men and women after which a comprehensive beautification of the area would take place.

The Chairman, Riverview Estate, Abayomi Akande, in his remarks, intimated the governor of the suffering residents of the area are going through as a result of the flooding.

He said that there is a need for a panel of inquiry into the operations of Oyan Dam to stop incessant release of water to cause havoc in the State

He applauded the governor for sending miscreants packing from the road, saying residents of the axis have suffered robbery attacks and other criminalities for quite awhile.

Akande urged the state government to think of converting the area into a Government Residential Area (GRA) through Public Private Partnership arrangement to fast track its development.

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MediaTek, Airtel Nigeria intensify collaborative efforts to bolster mobile connectivity in Nigeria

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Airtel’s logo


Lagos, Nigeria – October 12, 2023 – MediaTek, a global leader in semiconductor industry together with Airtel Nigeria, a leading telecommunications service provider, briefed the local media on Thursday on their collaborative efforts, to drive technological advancements and improve mobile connectivity across the nation.
The collaboration introduces MediaTek’s T750-powered Customer Premises Equipment (CPE), a groundbreaking technology that enhances internet connectivity. This advancement allows users to access high-speed 5G networks from the comfort of their homes, opening doors to remote work, gaming, online education, and entertainment streaming like never before.


Speaking during the session, Rami Osman, Director for Corporate Sales and Marketing at MediaTek, Middle East Africa, highlighted MediaTek’s commitment towards expanding its footprint across the Smartphone and Smart Device ecosystem in the Middle East & Africa (MEA) region.
“MediaTek is at the forefront of the global semiconductor industry, and we are proud to lead the way in key sectors like Smartphones, 5G Fixed Wireless Access, Wi-Fi, TV, and AI-IoT. In Nigeria, our collaboration with Airtel Nigeria, revolves around three core areas of focus. In connectivity, we are enhancing high-speed internet access with our advanced chipsets.”


“In the Smartphone domain, we are committed to offering a wider range of premium and flagship devices while supporting the transition from feature phones to smartphones. In the realm of AI-IoT, we are exploring new possibilities and technologies. Thus, this will promote digital inclusion, revolutionize connectivity in Nigeria, and contribute to sustainable development goals,” said Osman.

In addition, he said, “This collaboration aligns seamlessly with our MEA agenda, laying a robust foundation for the future of 5G technology. As we move forward, we are excited to lead in technological progress within this continually evolving region.”


Ismail Olusegun Adeshina, Director, Marketing at Airtel Nigeria, emphasized the importance of the partnership with MediaTek and how it will provide affordable connectivity to Nigerians. He stated, “Our commitment to innovation is evident through our early adoption of 5G technology. We’re proactively investing in this technology to improve connectivity, to tackle coverage and cost challenges, and make 5G devices more accessible across Nigeria”.


MediaTek powers globally recognized brands and remains dedicated to providing state-of-the-art innovations through its latest products and solutions. These offerings span a diverse range, including smartphones, smart devices, automotive technology, satellite connectivity solutions, and next-generation wearables.


MediaTek’s product portfolio includes MediaTek Dimensity for 5G smartphones, MediaTek HelioG series for 4G gaming smartphones, MediaTek Kompanio for arm-based Chromebooks, MediaTek Pentonic for Smart TV technologies, MediaTek Genio for Internet of Things applications, MediaTek Filogic for advanced Wi-Fi 6/6E & Wi-Fi 7 solutions, and MediaTek Dimensity Auto for cutting-edge automotive technologies, among others.
For more information, please visit: https://www.mediatek.com/

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Bigi Brand’s Annual “Watch & Win” Promo Returns with Grand Prizes

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The award-winning Bigi Carbonated Soft Drink brand, a product of Rite Foods Limited, is delighted to unveil her highly-anticipated fourth edition of its “Bigi Watch and Win” promo. Designed exclusively for movie enthusiasts in Lagos and Abuja, this exciting promo offers participants the opportunity to watch their favourite movies and win fantastic prizes.

From September 18, 2023, to November 18, 2023, movie goers can enjoy any film of their choice at Silverbird Cinemas and receive a raffle ticket. These tickets can be redeemed for a chance to win incredible prizes, including laptops, Bigi products, printers, perfumes, and more. The grand prize for this edition is a brand-new car.

The first edition of “Bigi Watch and Win” took place in 2021, and later that same year in December, the Bigi brand held another edition. Since then, it has become an annual tradition, demonstrating Rite Foods Limited’s commitment to rewarding brand loyalty among its valued consumers.

Ms. Biola Aransiola, Assistant Brand Manager for Bigi, expressed her excitement about the fourth edition of the promo, saying, “We’ve partnered with Silverbird Cinemas to enhance people’s movie-going experience. Movie lovers can enjoy any of our 13 Bigi Carbonated Soft Drink flavours while watching their favourite films and stand a chance to win amazing prizes.”

Ms. Aransiola also mentioned that her favourite part is witnessing participants’ reactions when they discover the incredible prizes they have won, particularly the grand prize—a brand-new car. She encourages potential participants to check @getbigi on all social media platforms for the terms and conditions.

Through the “Watch & Win” promo, the Bigi brand accentuates Rite Foods Limited’s dedication to supporting the entertainment industry. The brand continues to sponsor movie premieres, as it has in the past with movies such as “The Prophetess,” “Progressive Tailors Club,” and “Aki and Pawpaw.” Additionally, it has been a consistent sponsor of the popular talent discovery platform, Nigerian Idol, for three consecutive seasons (6, 7, & 8), helping aspiring Nigerian singers achieve their dreams of stardom in the music industry.

The “Watch & Win” promo, combined with other effective marketing initiatives, has earned the Bigi brand numerous awards within its market segment. In 2023, Bigi Cola was honored with the “Best Value for Money” award at the BrandXchange Consumers Value Awards. In 2022, it received the “Fastest Growing Cola Brand of the Year” award at the Marketing Edge Brands and Advertising Excellence Awards in Lagos. The Bigi brand also claimed the “Most Outstanding CSD Brand of the Year” award at the 2021 Brandcom Awards, solidifying its position as a market leader in the beverage industry, outperforming its competitors.

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