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Energy Conservation: A Crucial Process for All

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By Okoko Chidozie Christian

[email protected]; 090215179984

Energy plays the most important role in the economic growth,poverty eradication and security of any nation.

Energy Conservation: A Crucial Process for All

You might be wondering how simple it is in making conscious decision to use less energy.

But, when we lower our energy use; we slow down fossil fuel depletion thereby clean up our environment and save money for ourselves.

However, fossil fuel is a non-renewable source of energy that is created deep down with the earth’s surface over the course of millions of years.

Inevitably, we will run out of them at some point upon reliance as our primary source of energy.

These fossil fuelsnegatively impact the environment when we burn them creating an incredible amount of greenhouse gas emissions such as carbon-dioxide, methane, water vapour, nitrous oxide to mention but a few.

However, these gases such as carbon-dioxide, add up faster than the atmosphere can absorb, then prevents earth from maintaining a stable temperature properly.

For example, coal when burn, leads to carbon-dioxide emission that contributes to global warming, acidic rain, smog and soot which is limited to congenital disabilities, cancer and other severe health-related conditions.

As such, we must begin limiting our energy consumption because the faster we turn through these non-renewables sources; the more time we have to develop alternative energy solutions.

Today, uninterrupted energy supply is an important issue for all countries helping to supply a wide variety of critical loads, in situations of power outage or anomalies of the mains.

The applicability of such system can be found in distributed generation, micro grids and renewable energy systems.

Hence, the future economic growth of any country will crucially depend on the long-term availability of energy from sources that are affordable, efficient and environmentally friendly.

Meanwhile, it is difficult to grasp the amount of energy consumed worldwide.

To illustrate this, the global annual energy consumption corresponds to the energy released from the Hiroshima nuclear bomb energy every four seconds which is about 1.5 x 1013 joules of energy.

Energy remains an important factor in all sectors of any country’s economy;and enhances the provision of basic needs like cooked food, piped water, essential health care services, educational aids, communications, transportation and lots more.

Research reveals that security, climate change, and public health are closely related to energy, but inability to access these energieswill lead to poverty, deprivation and possibly economic decline.

Moreover, energy conservation is a crucial process that everyone should adopt because it helps protect the natural environment and greenhouse gas emission mitigation.

This could be achieved when you apply better ways of using the same amount of available energy to perform more useful work. It will also help in reducing the need for non-renewable source of energy.

Fortunately, we can minimizethese greenhouse gas emissions by reducing the use of energy in our homes.

This simple act of energy conservation can help slow global warming which allows for lower impacts on mental health, injuries and fatalities caused by severe weather; improve air quality and reduce air borne allergens leading to a reduced risk of cardiovascular and respiratory issues.

Conservation of energy can be defined as “the prevention of wasteful energy use”.

For example, turning off the light in room that are not currently occupied, using a programmable thermostat, walking instead of driving among others.

Since energy conservation entails reducing wasteful energy consumption by using fewer energy services, you can agree with me that improved efficiency through technological upgrade, improved operation and maintenance, changing user’s behaviour, monitoring appliances, and providing energy-saving recommendation among others will be a crucial process that everyone should adopt.

Energy crises as essential disruption in economy’s supply of energy resources has deepened in most developing economies due to the rapid exhaustion of non-renewable energy sources such as natural gas, oil and coal among others.

But, there are various reasons behindit such as increased population growth, no renewable resource options,increased in price of products, increased global warming, energy waste and unequal distribution of wealth to mention but a few.

Transition to renewable resources can be one of the best solutions to eliminate world’s reliance on non-renewable resources while improving overall conservation efforts.

According to the Law of Thermodynamics in Physics, “energy is neither created nor destroyed, but merely change forms.”

For example,changing potential energy to kinetic energy, chemical energy to mechanical energy and so forth.

Perhaps, it is easier to talk about what energy allows us to do.The story of energy never ends because energy can never be used up; it is said to be conserved.

 

 

 


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AfriLabs, Korea-Africa Foundation in Strategic Partnership to Boost African Innovation

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African hubs network AfriLabs has signed a memorandum of understanding (MOU) with the Korea-Africa Foundation for a strategic partnership aimed at driving innovation and economic growth across the continent.

AfriLabs is a network organisation that is committed to driving innovation and entrepreneurship on the continent by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem.

Having recently announced the admission of 16 new hubs, AfriLabs now has a network of 478 hubs across 260 cities in 53 African nations.

The Korea-Africa Foundation, meanwhile, aims to serve as a platform for collaboration between the private and public sectors, and to strengthen exchange and cooperation with African countries.

The collaboration between the two aims to bridge the gap between Korean and African startups by leveraging each other’s expertise and resources. This will be achieved through the exchange of insights on youth development, the launch of joint research initiatives, and the fostering of a dynamic ecosystem that cultivates talent and entrepreneurial spirit in both regions.

“At AfriLabs, we are dedicated to unlocking Africa’s full potential and generating wealth through strategic alliances. This partnership with the Korea-Africa Foundation unlocks a treasure trove of opportunities for startups, granting them access to a global network, invaluable resources, and unparalleled industry knowledge.

“Together, we will empower the next generation of African innovators and entrepreneurs, paving the way for sustainable development and a thriving economy,” said Anna Ekeledo, executive director of AfriLabs.


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$750m World Bank Loan:  FG May Reintroduce Telcoms, Gambling Taxes

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Federal government may reintroduce the controversial telecom tax and other fiscal measures to fulfill one of the conditions for The World Bank’s fresh $750 million loan to Nigeria.

$750m World Bank Loan:  FG May Reintroduce Telcoms, Gambling Taxes

Experts have however strongly opposed new taxes, calling them harmful to the sector’s survival and the larger economy.

But The World Bank in programme appraisal document, dated May 17, 2024, on the loan disbursement to Nigeria, said that $750 million loan to Nigeria will support the federal government’s policy reforms.

A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.

Recall that on June 13, Wale Edun, minister of finance and coordinating minister of the economy, announced the approval of two financial support packages by the World Bank valued at $2.25 billion.

The loan consists of $1.5 billion for Nigeria’s reforms for economic stabilisation to enable transformation (RESET) development policy financing program (DPF) and $750 million for Nigeria’s accelerating resource mobilisation reforms (ARMOR) program-for-results (PforR).

In the programme appraisal document, the World Bank said the ARMOR programme contains revenue policy measures such as raising pro-health taxes on tobacco, and alcohol.

The Bretton Woods institution also said the programme contains the introduction of taxes on online betting and gambling, as well as new excise on telecommunication services.

Experts have however warned that these taxes would have severe consequences for investment and the operational viability of telecom companies.

According to them, higher taxes would hinder digitalization efforts, which are crucial for economic growth.

The proposed tax measures, according to the industry, are not only damaging to the telecom sector but also to the broader economy.

 

 


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EFCC, Flutterwave to Establish Cybercrime Centre for Security of Transactions

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Economic and Financial Crimes Commission (EFCC) and Flutterwave, unicorn payments technology company have signed a Memorandum of Understanding (MoU), to establish and a state-of-the-art Cybercrime Research Centre.

EFCC, Flutterwave to Establish Cybercrime Centre for Security of Transactions

Areas of focus of the centre include advanced fraud detection and prevention, policy development, as well as youth empowerment.

The fintech company with fortunes worth over $1bn headquartered in San Francisco with footprints in Nigeria and other African countries said the centre would also provide a “sustainable lifeline to youths across the country”.

To this effect, the Silicon Valley-based company signed a Memorandum of Understanding with the anti-graft agency in Abuja.

Ola Olukoyede, chairman, EFCC; Olugbenga Agboola, founder, Flutterwave; Christopher Gray, director of Federal Bureau of Investigations (FBI); and other senior officials from both the EFCC and the FBI witnessed the signing of the MoU

Specifically, the MoU was signed by Mohammadu Hammajoda, secretary, EFCC and Agboolaof Flutterwave.

Olukoyede said, “This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”

On his part, Agboola said, “This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa.

“We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”

The Cybercrime Research Centre, to be established at the new EFCC Academy in Abuja, would serve as a hub for advanced research, training, and capacity building in the fight against financial crimes.

Areas of focus of the centre include advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement and resource enablement, among other key areas.

“Advanced Fraud Detection and Prevention: Developing and implementing cutting-edge technologies to detect and prevent financial fraud. The centre will offer comprehensive training for law enforcement and industry professionals to combat modern financial crimes effectively.

“Collaborative Research and Policy Development: Engaging in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime. The centre will provide a platform for the exchange of ideas and best practices between the public and private sectors.

“Youth Empowerment and Capacity Building: Providing high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy.

“Technological Advancement and Resource Enablement: Creating a repository of advanced tools, technologies, and resources to support financial crime investigations, including protocols for addressing emerging threats such as cryptocurrency-related crimes,” the statement concluded.

Birthed in 2016 by Agboola, fondly referred to as GB, Flutterwave, with its corporate headquarters in San Francisco and operational head office in Lagos State, grew within a short time, penetrating the African market with customisable payments applications through its unique Application Programming Interface.

 

 


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