Concentrix and Webhelp Complete Combination, Creating a Diversified Global CX Leader, Well-Positioned for Growth

Chris Caldwell

CEO of Concentrix + Webhelp

NEWARK, Calif., Sept. 25, 2023 (GLOBE NEWSWIRE) — Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience (CX) services and technologies, today announced it has closed its combination with Webhelp and the integration of the two companies is underway. While the combined company finalizes its permanent name, it will operate under the trade name Concentrix + Webhelp.

This combination further positions Concentrix + Webhelp as a global CX leader, with an expanded breadth of generative AI solutions, digital capabilities, and high-value services. It also strengthens its end-to-end CX value proposition, with one of the most robust, well-balanced global footprints in the industry to help the world’s best brands transform customer experiences and achieve their business goals.

“I am excited to embark on this new journey together and believe that, with our combined strengths, we are uniquely positioned to redefine the industry and design, build and run the future of CX for our amazing and valued clients. I want to thank our game-changers around the world who have made this possible. I am truly honored to work with such a diverse and talented team,” said Chris Caldwell, CEO of Concentrix + Webhelp.

The company also welcomes two new members to the Board of Directors, Olivier Duha and Nicolas Gheysens. Olivier is an entrepreneur, philanthropist, co-founder, and former CEO of Webhelp and will serve as Vice Chair of the Board. Nicolas is a Partner at Groupe Bruxelles Lambert (“GBL”), the company’s largest shareholder following the Concentrix + Webhelp combination, and brings with him a wealth of investment and board experience, backing the growth of large and successful businesses across Europe.

“We are fortunate to add such strong skill sets with deep background in the customer experience industry to our Board. With the addition of Olivier and Nicolas, we expand our international expertise in leading large, complex multinational companies on a successful path for growth,” said Kathryn Marinello, Concentrix Chair of the Board.

This combination is a milestone moment, bringing together two recognized market leaders with complementary cultures, footprint, capabilities, and vision for growth across more than 70 countries. At closing, the transaction was valued at approximately $4 billion, including net debt.

About Concentrix + Webhelp
Hi, we’re a leading global provider of customer experience (CX) solutions and technology. We create game-changing customer journeys for some of the world’s best brands, and the ones that are changing the world as we know it. Every day, we Design, Build and Run CX that helps brands grow across the world and into the future. Whether it’s a specific solution or the whole end-to-end journey — we’ve got it covered. We’re the strategic thinkers who design brand-defining experiences. The tech geeks who build smarter solutions. And the operational experts who run it all and make it work seamlessly. Across 70+ countries and six continents, we provide services across key industry verticals including technology & consumer electronics; retail, travel & ecommerce; banking, financial services & insurance; healthcare; communications & media; automotive; and energy & public sector. Concentrix Corporation (NASDAQ: CNXC) operating under the trade name Concentrix + Webhelp. Location: virtually everywhere. Visit concentrix.com to learn more.

Safe Harbor Statement
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, but are not limited to, statements regarding the integration of the Concentrix and the Webhelp businesses, the strengths and differentiation of the combined businesses, our positioning in the industry, and statements that include words such as believe, expect, may, will, provide, could and should and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things: risks related to the ability to successfully integrate the Concentrix and Webhelp businesses; our ability to realize estimated cost savings, synergies or other anticipated benefits of the combination, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the combination on relationships with clients and other third parties; risks related to general economic conditions, including consumer demand, interest rates, inflation, supply chains and the effects of the conflict in Ukraine; cyberattacks on our or our clients’ networks and information technology systems; the failure of our staff and contractors to adhere to our and our clients’ controls and processes; the inability to protect personal and proprietary information; the inability to execute on our digital CX strategy; the loss of key personnel or the inability to attract and retain staff with the skills and expertise needed for our business; increases in the cost of labor; the effects of the COVID-19 pandemic and other communicable diseases, natural disasters, adverse weather conditions or public health crises; geopolitical, economic and climate- or weather-related risks in regions with a significant concentration of the our operations; the inability to successfully identify, complete and integrate strategic acquisitions or investments; competitive conditions in our industry and consolidation of our competitors; higher than expected tax liabilities; the demand for CX solutions and technology; variability in demand by our clients or the early termination of our client contracts; the level of business activity of our clients and the market acceptance and performance of their products and services; currency exchange rate fluctuations; the operability of our communication services and information technology systems and networks; changes in law, regulations or regulatory guidance; damage to our reputation through the actions or inactions of third parties; investigative or legal actions; and other factors contained in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2022 filed with the Securities and Exchange Commission and subsequent SEC filings. We do not undertake a duty to update forward-looking statements, which speak only as of the date on which they are made.

Copyright 2023 Concentrix Corporation
All rights reserved. Concentrix, Webhelp, Concentrix + Webhelp, the Concentrix and Webhelp logos, and all other Concentrix company, product and services names and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Concentrix and the Concentrix logo Reg. U.S. Pat. & Tm. Off. and applicable non-U.S. jurisdictions. Other names and marks are the property of their respective owners.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5f66a659-481a-4e4e-809d-72dcadc4c2b2

Investor Contact:
David Stein
Investor Relations
Concentrix Corporation
+1-513-703-9306
david.stein@concentrix.com

Media Contact:
Debbie Gonzalez
Marketing & Communications
Concentrix Corporation
media@concentrix.com

GlobeNewswire Distribution ID 8927595

Angolan Head of State congratulates Guinea Bissau on independence anniversary

President João Lourenço has congratulated the people and the president of Guinea Bissau on occasion of that west African country’s 50th independence anniversary, marked on Sunday (24).

On a message, which ANGOP has had access to, João Lourenço wrote “I have the honour, on behalf of the Angolan Executive and on my own behalf, to congratulate the Guinean people, government and Your Excellency on the day that marks the 50th independence anniversary of the Republic of Guinea Bissau”.

He reiterated the Angolan government’s willingness to work with the Guinean authorities, so that together they can explore all the paths that can lead to the strengthening of the bilateral co-operation, for the benefit of the two peoples.

“Please do accept, Excellency, the expression of my wishes for personal well-being and prosperity for the Guinean people”, stressed the Angolan Head of State.

On 24 September 1973 the then commander and chairman of Guinea Bissau’s People’s National Assembly, João Bernardo Vieira, proclaimed this West African country’s National Independence, in Madina de Boé.

On the occasion, Guinea Bissau – just like other Portuguese-speaking African countries – was engaged in armed struggle against the colonial power, Portugal, through the PAIGCV (African Party for the Independence of Guinea and Cabo Verde).

Source: Angola Press News Agency

Over 30 diamond stones seized

At least 37 diamond stones of various carats have been seized by the Criminal Investigation Service in eastern Lunda Norte province,the local National Police spokesperson Domingos Muanafumo said Monday.

The Police spokesperson stressed that the diamonds were seized during a micro-operation aimed at combating illicit diamond trafficking and fuel smuggling.

The officer said that the operation took place in areas where there are several illegal diamond mining exploitation and along the border with the Democratic Republic of Congo (DRC).

Without revealing the number of citizens involved in the crime and detained, The Police spokesperson said that during the operation at least 1,575 liters of smuggled fuel were seized.

The spokesperson added that during the operation, 699 citizens from the DRC were arrested for attempting to enter national territory illegally at the border posts in several municipalities

Source: Angola Press News Agency

NGO advances business opportunities for women in Abuja IDP camp

An interest group, Hope Raisers Global Foundation (HRGF), on Sunday, commenced a move to advance the growth of women-led businesses in underserved communities.

The group, in partnership with Tech Herfrica and Onome Food Market, also an NGO, began the training at Durumi, Abuja camp of internally-displaced persons (IDPs).

Founder of HRGF, Mrs Angonimi David-Imeh, said that the move was aimed at giving the marginalised women in-depth financial management training as well as empowering and equipping them with essential skills.

David-Imeh said that the training was all about transforming women who were in the trade and agricultural sectors.

According to her, the initiative represents a crucial step, following a previous project that laid the foundation for digital empowerment among women in underserved communities.

She said that digital literacy training had earlier been provided to 50 women, adding that 26 of them were equipped with mobile devices to enhance their engagement in agriculture and trade.

David-Imeh stated that the initial training uncovered a stark reality, stressing that none of the women possessed the skills required to calculate their business sales, profits and losses.

“This knowledge gap perpetuated a cycle of poverty and hindered business growth.

“The initial training included comprehensive digital literacy and fundamental financial management concepts,” she said.

David-Imeh further stated that in previous trainings, participants were taught how to calculate business capital inputs, determine sales profits and losses and keep accurate financial records.

She said that the training was conducted in Hausa language to ensure accessibility, while each participant received a notebook to facilitate book keeping and reinforce their new knowledge.

“The impact of this training was nothing short of remarkable 100 per cent of the women now possess the ability to calculate their income and expenses accurately.

“All participants can effectively determine profit and loss. A unanimous eagerness among the women to initiate book keeping for their businesses has been expressed.

“Confidence has surged among participants in maintaining proper financial records,” she added.

According to David-Imeh, the group’s concern regarding writing in English has also been addressed, with women affirming their abilities to write in their local languages.

She said that in order to foster sustainability, local clusters and champions had been established to facilitate the training and guidance of other women in the community.

The HRGF founder stated that the approach would promote knowledge sharing and continuous learning within the IDP community.

She said that one of the women who exhibited significant potential for business growth received financial support to scale her business.

David-Imeh said that the support was expected to increase her income by at least 50 per cent and further validate the effectiveness of the approach and training given to the women.

According to her, the initiative underscores the importance of digital and financial literacy to the empowerment of low-income women.

She maintained that this kind of systematic approach was what the country needed to bring more women out of poverty. (NAN)

Source: News Agency of Nigeria

FCT is open to investors – Minister of State

The Minister of State for Federal Capital Territory (FCT), Dr Mariya Mahmoud, says the federal capital, Abuja, is open to foreign investors.

Mahmoud stated this at the close of the Africa International Trade Exhibition Summit in Midtown, New York, United States of America.

The minister said in a statement signed by Ms Freda Aideyan, Assistant Director of Information, Office of the Minister of State, in Abuja on Sunday, that the summit provided an opportunity to attract investors to FCT.

The minister, who represented the FCT Minister, Mr Nyesom Wike, at the event, assured investors that the FCT Administration would develop economic policies and programmes that would create a conducive business environment for investors.

She listed agriculture, tourism, infrastructure development, transportation, healthcare, waste management and hospitality industry as critical areas for investment in the FCT.

The minister also called for huge investment in affordable housing, noting that the FCT Administration is determined to improve the socio-economic status of the masses in line with the renewed hope agenda of the present administration.

She explained that the participation of FCTA in the investment summit has opened more opportunities for Foreign Direct Investment (FDI).

Mahmoud added that the Abuja Investment Company Limited and Abuja Infrastructure Investment Centre would be driving the initiative for easy implementation.

“The summit offered us the opportunity to present investment opportunities in the FCT, particularly agriculture.

“It was a platform to call on our people, especially the people in diaspora to come on board and assist us to tackle the issue of food insecurity.

“We also have tourism, infrastructure development, transportation, healthcare, waste management and hospitality industry.

“All these are areas that people can come and invest in, and we really need collaboration and public partnership because without collaboration; without partnership, we cannot achieve what we want to achieve,” the minister said. (NAN)

Source: News Agency of Nigeria

Gusau varsity abduction: Senate seeks immediate rescue of female students

The Senate has called for the mmediate rescue of abducted female students of Federal University in Gusau, Zamfara by yet to be identified bandits.

NAN reports that the police said on Friday, at about 0250hrs, suspected bandits, riding on about 50 motorcycles, armed with sophisticated weapons invaded three students’ rented apartments in Sabon Gida Village near the Federal University Gusau and kidnapped an unspecified number of students.

The Chairman Senate Committee on the Army, Sen. Abdulaziz Yar’ Adua made the call in a statement in Abuja on Monday.

He said rescuing the innocent female students from captivity of the bandits , must be the topmost priority of the country now .

Yar’Adua decried that the scourge of banditry and insurgency by criminal elements in the country with attendant abduction of law abiding citizens was a serious dent on image of the country and collective conscience of Nigerians .

“This is a moment that demands swift and decisive action. We cannot underestimate the trauma and anguish that these young girls and their families are experiencing right now.

” It is our duty as leaders to prioritize their safety and well-being above all else”, he said .

He said that the Nigerian Army and other security agencies , must be well equipped and positioned , to stop the menace already threatening the nation’s unity , peace and progress .

” The recent kidnapping of more than 24 innocent school students of Federal University of Gusau, Nigeria, particularly the young girls, is not just another unfortunate incident but a clear indication that the insecurity plaguing our country has reached alarming levels.

“We can no longer stand idle and allow our nation’s future to be continually threatened.

“I call upon all stakeholders in government, from the executive to the legislative, and the judiciary, to immediately divert our attention to this heinous attack and ensure the safe rescue of our young daughters.

” Furthermore, let us use this unfortunate incident as a wake-up call the Nigerian government must intensify its efforts in curbing the escalating insecurity that has permeated our land.

“We cannot continue to allow bandits, insurgents, and criminal elements to terrorize our communities, disrupt the educations of our children, and instil fear in the hearts of law-abiding citizens.

“As the head of the committee on the Nigerian Army in the National Assembly, I pledge to lend my unwavering voice, support, and resources to this cause.

“We must bolster our security forces, equip them with the necessary tools, provide adequate training, and enhance intelligence gathering mechanisms to counter these threats effectively.

“We must ensure that the Nigerian Army and other security agencies have the capabilities to rescue these kidnapped students without delay”. (NAN)

Source: News Agency of Nigeria

Zamfara abduction: Matawalle assures of safe return of students

The Minister of State for Defence, Dr Bello Matawalle, has assured that the abducted female students of the Federal University in Gusau will be rescued and returned safely to their respective homes.

This is contained in a statement by Mr Hope Attari, Acting Director of Press and Public Relations, of the ministry.

The minister who condemned the abduction of the students, extended his heartfelt sympathy to the parents, academic community and entire residents of Zamfara for the tragic incident.

“I share in your pain and strongly condemn this reprehensible act carried out by suspected bandits.

“I therefore call on the nation’s dedicated security forces to intensify efforts and deploy every available resources to secure the safe return of the abducted students.

“All hands must be on deck in securing the release of the abducted students,” he said

He added that as part of President Bola Ahmed Tinibu’s eight point agenda of strengthening national security for peace and prosperity, the ministry would secure the release of the abducted students.

Matawalle said that the air and ground components of the military have already been massively deployed within Zamfara as every measure would be taken to protect the lives and property of all Nigerians.

He further assured residents of the state of the Federal Government’s commitment to providing security for lives and property of all her citizens.

Source: News Agency of Nigeria

AMCOW wants stronger systems to close sanitation gaps

The African Ministers Council on Water (AMCOW) on Monday called on African countries to strengthen systems that would improve access to sanitation services for the people sustainably.

AMCOW’s Executive Secretary, Dr Rashid Mbaziira, made the call in an interview with the News Agency of Nigeria (NAN) in Abuja.

The executive secretary said AMCOW would continue to promote the implementation and utilisation of the African Sanitation Policy Guidelines (ASPG) in member countries.

He said the ASPG was formulated using standards from global best practices, saying it’s adoption would ensure safely managed sanitation services for the populace.

He said Nigeria had been a major partner in AMCOW’s activities, saying more efforts were needed to close the huge sanitation gaps in the country.

Mbaziira noted the crucial importance of having a functioning system and stakeholders’ partnership, saying this would strengthen enabling environment for scaling up sanitation and hygiene services.

He said having a stand-alone sanitation and hygiene policy in the country was important and should be encouraged by all, adding that AMCOW would continue to work to see its acceptance.

“It would be a huge achievement for us if our host country Nigeria is utilising the ASPG being developed by a body that it has supported to such a great length, to also strengthen the enabling environment for sanitation and hygiene services provision.

“So for us, it’s one of those things that we really are very keen to see take place, and we would like to render or contribute in any way we can to see to it that there is a sanitation and hygiene policy, whether stand-alone or contributing to other sectors.

“One that can enable the achievement of safely-managed sanitation for Nigeria, and for Nigerians, so it’s something that we are passionate about, and if we can promote it, by all means, appropriate, we should be able to do that”.

He said aligning sanitation policies in African countries in line with the ASPG would give it a legal backing for prioritisation and institutionalisation for continuity.

“So, now, the linkage to that is that we are recognising the global commitments that we have on SDG six or anything, we are recognising the Ngor commitments as we spoke about, those are continental commitments.

“And we are also recognising the cultural elements that are associated with some of the practices that we do, the norms that we have, and now putting them together in this group may have things and we’re saying that these are the elements, If your sanitation policy follows these elements, it should be able to assure safely managed sanitation in the African context”.

He congratulated the appointment of the two ministers in the Federal Ministry of Water Resources and Sanitation, saying their efforts to scale up hygiene practices was laudable and should be recognised by all.

He said AMCOW would continue to support their mission and mandate towards improving the water resources and sanitation sector of the country, saying the partnership was not only in Nigeria but at the continental level.

He said Nigeria’s position as the only permanent member of AMCOW’s Executive Committee recognised the country’s role in leadership of the organisation, adding that it ensured continuity and alignment of goals in a sustainable manner.

The executive secretary said the upcoming 7th Africa Sanitation and Hygiene conference (AfricaSan7) in Swakopmund, Namibia, was an opportunity to call all actors to action and a reflection in seeking options for safely managed sanitation services.

He said the AfricaSan7 was initiated to provide a platform for technical and political dialogue with governments and stakeholders to identify and share knowledge to address the sanitation and hygiene challenges in Africa.

“And of course, we also have to appreciate that a lot is going on, maybe not as appreciated as it should be, and we need to put that positive narrative out as well, Not everything on sanitation and hygiene in Africa is bad.

“But maybe sometimes this is lost in certain messages, we need to get that message clearly that a lot is being done by our partners or investors, we need to celebrate that.

“And that should give us the impetus to also look into the things that are challenging for us to be able to do now and find the solutions that are working elsewhere that can be adapted to different circumstances in order to achieve the greater goal”.

Mbaziira said there was need to look at the upcoming AfricaSan7 as a moment of reflection and call to action to track progress for meeting the sustainable development goals six.

He stressed that the conference will facilitate the assessment of progress by member states in meeting their sanitation and hygiene commitments, as outlined in the 2023 AfricaSan Ngor report.

He however welcomed all intending participants to enjoy the beautiful city of Swakopmund, saying it would be an opportunity to explore the UNESCO World Heritage Site.

NAN reports that the AfricaSan7 Conference, billed to hold from Nov. 6 to Nov. 11 in Swakopmund, Namibia.

The theme of the AfricaSan7 is :” ‘Strengthening Systems and Partnerships for Accelerated Action on Safely Managed Sanitation and Hygiene’. (NAN)

Source: News Agency of Nigeria

Reps c’ttee set to lay report of NNPC acquisition of OVH Energy

The House of Representatives ad hoc committee investigating alleged fraudulent acquisition of OVH Energy by the Nigerian National Petroleum Corporation (NNPC) Ltd is set to present its report to the House.

This is contained in a statement by the Chairman of the ad hoc Committee, Rep. Hassan Nalaraba, who spoke after the oversight function/facility tour of OVH Energy assets acquired by NNPCL in Lagos State.

Nalaraba assured Nigerians that the committee’s report would reflect its findings and recommendations.

Some of the assets inspected by the committee according to him include: Storage facilities located at Apapa Terminal 1, Ikeja Aviation Terminal, Parking Store/Warehouse located in Apapa,

Others are the ASPM Jetty at Admiralty Channel, among others.

He said some of the assets seen by the committee are: 6 million litre for AGO, 23 million litre storage for PMS, ATK, among others

He also listed storage Tanks, former OVH head office, 17 million litre Lubricant Blending Kettle located within the lubricant Plant, Jetty, among others.

He quoted Mr Dipo Makinde, who conducted members round the facilities as informing informed them that NNPC retail had Drum Production Plant in Kaduna State.

Makinde reiterated the resolve towards gaining more from the value chain, with the expectation of growing dividends up to 80 per cent that would go into the Federation Account.

He assured members of the committee that NNPC retail is gradually drawing down on the usage of Oando brand.

He also assured the committee that necessary measures had been put in place to ensure safety of all the equipment within the plants.

Source: News Agency of Nigeria

Nigeria’s annual upstream CAPEX drops to $6bn- NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s total annual upstream capital expenditure decreased from 27 billion dollars in 2014 to less than six billion dollars in 2022.

The Chief Executive of NUPRC, Mr Gbenga Komolafe, revealed this on the sideline of the World Petroleum Congress (WPC) in Calgary, Canada.

Komolafe, represented by the Executive Commissioner, Mr Kelechi Ofoegbu, the figure represented a 74 per cent decrease in its capital expenditure (CAPEX).

He attributed the decline in CAPEX to several factors, while emphasising that regulatory uncertainty, significantly impacted investment in Nigeria’s oil and gas industry.

Komolafe further said that prevalent in the years preceding the enactment of the Petroleum Industry Act (PIA) also affected investment in the industry.

The News Agency of Nigeria (NAN) reports that the event was jointly organised by Cabtree Consulting, the Gas Aggregation Company of Nigeria (GACN) and CarbonAi x-rayed.

The topic was “Nigeria and Canada: Collaborating to Decarbonise Nigeria’s Oil and Gas Sector”.

He said other factors are de-funding of fossil fuel development occasioned by energy transition and the global call for decarbonisation.

According to him, most International Oil Companies (IOCs) deprioritised Nigeria in their portfolios which led to the redirection of CAPEX to other countries.

This, he noted, was with attendant dwindling investment in Nigeria’s upstream sector.

‘‘This under-investment impacted negatively on the country’s rig count. On average, Nigeria had seventeen (17) active oil rigs in 2019 representing one of the highest counts in the African continent as at then.

“The average rig count declined to eleven in 2020, seven in 2021, 10 in 2022, but recently grew to as high as 31 by August 2023, a positive signal of new investments trickling into the country.

“The relatively high crude oil prices may have also attributed to the increase in activities in the petroleum upstream sector.

“We also see this as a reflection of investors’ acceptance of the PIA and its effective implementation by the regulator.

“The projected outlook over the next few years looks promising, and as the regulator in the oil and gas upstream sector.

“We would leverage on this opportunity by doing all that is necessary to attract more investments and revamp the Nigerian upstream sector, ’’ he said.

The NUPRC boss added that the PIA has repositioned the Nigerian petroleum sector by creating efficient and effective governing institutions, with clear and separate roles for the industry.

According to him, it has also provide for enabling transparency, accountability, and fostering a business environment conducive for petroleum operations.

He explained that since the enactment of the PIA, the Commission had gone ahead to develop 24 priority regulations which would give meaning and intent to the spirit of the PIA, and create a predictable regulatory environment for operators and other stakeholders.

On energy transition, he maintained that the need for oil and gas producers to embrace the reality of green transition and take strategic position to leverage the opportunities presented by the unfolding era had become more pressing.

‘‘With Nigeria’s huge gas reserves of 208.83 TCF and a potential for an increase to about 220 TCF within the next ten (10) years, Nigeria has adopted natural gas as our transition fuel in our stride at developing cleaner fuels and staying on track with our net zero emission commitment of 2050.

“Unfolding event has equally shown that natural gas is our destination fuel, with a projection that gas will form a significant part of energy mix for Nigeria by year 2030 and beyond.

“In recognition of this, Government has designed the Decade of Gas programme to ensure that gas actually play a role to lift us from the challenges that confront us in order to drive industrial development,’’ Komolafe explained.

Earlier, the Chief Upstream Investment Officer, NNPC Upstream Investment Management Services(NUIMS), Mr Bala Wunti, said reaching net zero would require improvements to the enabling environment.

Wunti said as well as robust project preparation and tapping different sources of finance in a coordinated manner,taking into account each country’s context whether developed or developing.

He said in his presentation titled, ‘‘Decarbonising Nigeria’s Oil and Gas’’.

Wunti was represented by the Asset Manager, Group PSC(Production Sharing Contract), NUIMS NNPC Ltd., Mr Justus Derefaka, hinted that pursuing a net-zero emissions pathway comes at a very high price tag.

He added that gas use for power would need to increase to meetrising electricity demand until 2030.

‘‘Delivering Nigeria’s current NDC requires strong gas uptake across the economy, including 80 per cent of cars being powered by Compressed Natural Gas(CNG) and 50 per cent of the population using Liquified Petroleum Gas(LPG) for cooking by 2050.

NAN also reports that the five-day conference has the theme: “Energy Transition: The Path to Net Zero”.

The 24th WPC has recorded no fewer than 15,000 visitors from over 100 countries, 5,000 delegates and over 200 national and international exhibitors.

Source: News Agency of Nigeria