The Foundation for Partnership Initiatives in the Niger Delta (PIND) recently participated in the launch events for Serendib Capital’s new offices in Port Harcourt and Warri, Delta State. The launch represents a significant milestone in the collaboration between PIND and Serendib Capital, emphasizing their shared commitment to advancing environmental and socio-economic development in Nigeria’s Niger Delta.
A major highlight was the signing of a 30-year Memorandum of Understanding (MoU) between the Rivers State Government, Serendib Capital, Eight Versa, and PIND. This agreement begins a pioneering mangrove restoration and conservation project covering 240,000 hectares of seagrass and adjacent mangroves. The initiative aims to establish itself as the world’s largest blue carbon project by integrating mangrove restoration, seagrass conservation, sustainable agriculture, and biochar production.
The Delta AZURE program, a vital component of this larger effort, seeks to address the severe degradation of Nigeria’s mangrove forests, the largest in Africa and the third-largest globally. The initiative will focus on halting the deforestation of 170,000 hectares through afforestation, reforestation, and revegetation. This conservation effort is crucial, given that the Niger Delta has lost approximately 40% of its mangrove forest between 1996 and 2016, translating to over $65 million in value.
Maximus Uchechukwu Nwafor, Commissioner for Energy and Natural Resources in Rivers State, highlighted the project’s benefits, including increased revenue for the state and improved environmental protection. He urged Serendib Capital’s Managing Director to provide detailed plans, including security and logistical support, to ensure the project’s success.
Rafat Rizvi, CEO of Serendib Capital, discussed the collaboration’s transformative potential. He explained that the project aims to deliver significant environmental and socio-economic benefits, setting a global benchmark for future mangrove restoration projects. Rizvi emphasized the critical role of Nigeria’s mangroves in supporting biodiversity, preventing floods, protecting coastlines, and sequestering carbon. He also noted that the conservation project would generate carbon credits, provide alternative income sources for local communities, and contribute to the global fight against climate change.
The commissioning of Serendib Capital’s first office in Nigeria by His Excellency RT. HON. (ELDER) Sheriff F.O. Oborevwori, on July 30, 2024, underscores the organization’s commitment to the MoU’s objectives. As Serendib expands its operations into Rivers State, the partnership with PIND and other stakeholders reflects a shared dedication to preserving Nigeria’s vital mangrove ecosystems and promoting sustainable development.