Latest PMI data indicated that the Nigerian private sector continued to recover from the cash crisis in May as access to money improved and business conditions returned to normality.
Output and new orders expanded for the second month running, with the latter increasing at the fastest pace in just over a year. Confidence remained historically subdued, however, meaning that firms continued to operate a cautious approach with regard to hiring.
Input costs rose sharply again, with output prices up accordingly. That said, the rate of selling price inflation eased to the weakest since April 2020. The headline figure derived from the survey is the Stanbic IBTC Bank Purchasing Managers’ Index™ (PMI®).
Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. The headline PMI posted above the 50.0 no-change mark for the second month running in May, following the two-month sequence of decline seen around the worst of the cash crisis in the first quarter of the year.
At 54.0, up from 53.8 in April, the index signaled a solid improvement in business conditions that was the most marked in 2023 so far. With access to cash improving, customer numbers increased, enabling firms to secure greater volumes of new orders in May.
New business was up sharply, with the rate of expansion the fastest since April 2022. Similarly, business activity rose for the second month running, and at a marked pace. Here, the expansion was slightly softer than in April, however.
The activity was up across each of the four broad sectors covered, with growth led by wholesale & retail. Although higher new orders encouraged firms to increase their staffing levels for the first time in four months during May, the rate of job creation was only marginal amid signs that spare capacity remained in the private sector.
The weak pace of employment growth also partly reflected a relatively softer sentiment regarding the year-ahead outlook for activity. Although business expansion plans and predictions of further improvements in new orders supported positive forecasts, confidence dipped and was the second lowest on record.
More positively, firms increased their purchasing activity at a rapid and accelerated pace, with higher input buying helping companies to expand their inventories.
Purchase prices continued to rise sharply, albeit at a slightly softer pace than in the previous survey period. Higher costs for agricultural inputs such as animal feeds, and rising prices for industrial raw materials, were often mentioned.
Staff costs were also up as companies offered higher pay to employees to reflect greater workloads. Although output prices rose markedly in response to higher costs, the pace of inflation eased to the softest in just over three years as some firms offered discounts to stimulate demand.
Gaining weight is a natural part of life, and often factors including age, activity levels, loss of muscle mass, diet, metabolism, and even menstrual cycle can all cause you to gain a few extra pounds.
Fortunately, making the right changes to your daily routine and eating habits can help you shed weight- and keep the weight off long-term.
Below, the fitness experts at Total Shapeshare their 10 top tips for women wanting to lose weight sustainably:
1. Cut back on sugar and carbs
Sugar and carbs are a key part of a weight loss journey and will prevent you from losing weight if too much is consumed.
Spend time identifying the problematic food items in your life and reading labels on the foods you tend to consume. You’d surprised at how much sugar things like canned soup and tomato sauce have in them.
Also, be mindful of the fact that many processed foods labelled low or non-fat often replace it with sugar; which of course will become love handles after you eat it.
The easiest and best way to cut hidden calories out of your life is to buy fresh fruit and vegetables instead of canned ones.
However, it is important to not cut sugar and carbs out altogether, as this can do more harm than good and deprive your body of a balanced nutritional intake.
2. Be smart about saturated fat
Saturated fats have a bad reputation these days, but, low-fat items in the grocery stores are the main culprits to an explosion in obesity rates.
On the store shelves, and animal fats have been traded out for refined sugars and carbohydrates to make up for the lack of taste that occurs when the fat gets taken out.
One thing is sure, cutting out fat from your diet is not the best solution to achieve weight loss.
Therefore, try to keep a more balanced view towards fats by integrating them into your diet in healthy amounts and keep your fats non-artificial, as you will benefit from its advantages.
Experts top tip: Natural animal fats like butter are always better for you than heavily processed items like margarine.
3. Increase your intake of fruit and vegetables
Cutting excess calories doesn’t mean you have to eat less food, and there are many wonderful fruits and vegetables available to help keep you fuller for longer and boost your mood.
Particularly high fiber fruits and vegetables like raspberries, mangos, and leafy greens keep you full longer because they take your body a long time to digest.
Also note, any dark-colored vegetables are generally higher the fiber content.
The best way to alter your eating habits are to make fruits and vegetables convenient for snacking by storing them in easy access portions in your kitchen. Pack combinations like peanut butter and celery for your daily lunch to get a kick of protein with your fiber.
You’ll be amazed how easy it is to double or triple your day plant-based foods intake when you become intentional about it.
4. Try intermittent fasting
Regardless of the state of your weight-loss efforts most people can benefit from a process known as “intermittent fasting”.
Intermittent fasting means that you schedule certain times during the week where you will not eat, no matter what.
By doing this you force the body to make metabolic adjustments and burn through existing adipose tissue – particularly around the midsection – in order to meet your energy needs.
This might seem like a starvation diet at first glance however there is an important difference.
Intermittent fasting is just that: intermittent. You fast for a pre-set length of time and then you resume your normal healthy eating.
Experts top tip: Some people pick one day a week to fast. Others eat their normal healthy foods 5 days in a row and then restrict their calorie intake to 500 – 600 calories per day for 2 days.
Others fast during the day then eat one meal in the evening. Whatever works best for you.
5. Don’t Fall For “Healthy” Labelling
Don’t take the manufacturer’s word on a healthy product. Always read the label and get to know and understand the ingredients.
Ideally, you want to look at the first three ingredients, look for whole foods, avoid labels that begin with refined grains, sugars, or hydrogenated oils, or have an ingredient list multiple lines long
as this suggests it is highly processed.
There are several terms on product labels manufacturers want you to believe are healthy:
Low-fat: This may seem enticing; usually, something else is added, like sugar, and this also means healthy fats are not there either.
Made with whole grains: The amount is minimal if these do not appear in the first three ingredients, and also, even these grains are still starchy, so this should factor in the diet equation, especially a low-carb one.
A low-carb diet is excellent for weight loss; however, there are many highly processed or junk foods that say low-carb on the label so you should stick to whole fruits, vegetables, and grains.
No-added sugar: Some foods are naturally high in sugar, so just because they contain no added sugar doesn’t make them healthy. You may also find added sugar substitutes in these products.
6. Increase your protein intake
Studies show a higher protein diet results in more significant weight loss, fat mass loss, and preservation of lean mass reductions.
A high-protein breakfast can help you feel fuller longer, reducing the number of snacks you consume.
Some great high-protein foods to include in your breakfast include:
Eggs
Turkey bacon
Nut butter
Black beans
Greek yogurt
Protein powder
7. Try to avoid drinking your calories
The calories in drinks add up quickly. Even fruit, when it’s turned into a fruit juice and stripped of its fiber, can lead to blood sugar spikes and lead to weight gain.
A specialty coffee beverage from your favorite shop on your way to work each morning can also be a culprit because of the many calorie-dense ingredients it can come with.
Beer is also full of carbs and calories, and alcohol, in general, is no friend of weight loss as it can encourage junk-food overeating and lead to fatty liver and visceral fat build-up
8. Get rid of the ‘diet mentality’
Often when you have the mindset you are on a ‘diet’, it can make sticking to it more difficult.
Whilst fad diets can be immediately satisfying because you may lose weight quickly, but rarely does this last, and you are back to square one.
You will set yourself up for success when you understand that losing and maintaining a healthy weight is a complete lifestyle change and can take several months.
9. Stay moderately active
Incorporating an exercise routine on top of eating healthy foods and staying hydrated will ensure you keep a calorie deficit, resulting in weight loss.
To keep it fun, try to mix it up, as exercise can be more enjoyable doing something you enjoy.
Aside from a consistent exercise routine, you can also make minor changes that can make a great difference such as:
Taking the stairs
Parking further away
15-minute lunch time workout
10. Stay hydrated
Water is essential for many bodily functions, and drinking more water is one of the best commitments you can make in your weight loss plan.
There is a direct link between hydration and the body’s process of breaking down fat.
Also, if you drink more water before a meal, you are likely to consume fewer calories, helping create a calorie deficit that encourages weight loss.
The recommended daily intake is around 15.5 cups (3.7 liters) of fluids a day for men and about 11.5 cups (2.7 liters) of fluids a day for women.
The What Can We Do Together (WCWDT) initiative by MTN Foundation has put smiles on the faces of millions of Nigerians within the last eight years.
The initiative has helped to foster grassroots community development via cooperative effort across 586 communities in 530 Local Government Areas (LGAs), impacting the lives of close to three million Nigerians.
The initiative launched in 2015 partners with community members across the country to provide much-needed amenities such as, installations of solar-powered boreholes, provision of household items to orphanages, provision of school learning materials, renovation and equipping of Primary Healthcare Centres (PHCs) and set-up of ICT laboratories in public secondary schools.
The WCWDT initiative is unique because it is structured to allow Nigerians to nominate communities to benefit from select projects. The initiative is a testament to the power of collaboration and demonstrates that together, we can make a difference in the lives of those around us.
The first two phases of the campaign saw 400 communities in 347 local government areas benefiting from the initiative, with 40 communities receiving 500KVA transformers and another 40 receiving 650ft boreholes. The first two phases also saw the supply of medical equipment to 80 primary healthcare centers, provision of school furniture sets to 174 schools, and household supplies and equipment to 66 orphanages in different communities in Nigeria.
The third phase of the campaign, launched in 2018, received nominations from over 300,000 communities. During the third phase, the WCWDT initiative focused on providing medical equipment and upgrading Primary Healthcare Centers, installing solar boreholes, and setting up ICT labs with 585 computers in 29 public secondary schools in Nigeria. School learning materials were also provided to over 15,000 pupils in 60 primary schools.
The fourth phase saw the upgrade of 12 Primary Healthcare Centers and supply of medical equipment in collaboration with NCDC and NPHCDA. Nominators for the initiative were drawn from communities in Ekiti, Ondo, FCT, Kano, Ogun, Delta, Rivers, Osun, Lagos, Ogun and Oyo states among several others.
As the fifth phase of the campaign commences, MTN Foundation is calling on well-meaning Nigerians to nominate communities to receive upgraded Primary Healthcare Centers. To nominate a community, nominators are required to text MTN to 421, and respond to subsequent questions free of charge (for MTN subscribers) or visit www.mtn.ng/wcwdt to get started.
Overall, MTN Foundation is dedicated to improving society while generating economic value through its initiatives in the areas of education, infrastructure, and training. Through this initiative, the foundation will continue to support and improve the quality of lives of Nigerians.
As Nigeria’s deposit money banks (DMBs) inform their clients of regulatory requirements for tax clearance certificates for foreign currency transactions, the naira exchange rates on all FX markets somewhat declined.
The naira ended down slightly at N464.67 per US dollar from N464.50 at the Investors’ and Exporters’ foreign exchange window amid the new government initiative to unify the currency rate. Positively, the price of a dollar increased in the parallel market, rising 0.85% to N760 from N766. Forward rates for one month, three months, and one year came to N479.87, N506.00, and 557.74, respectively.
According to Cowry Asset Management Limited, currency rate changes at the forward market show gains of N1.93, N10.22, and N13.00. According to data from the foreign exchange market, the open indicative rate for the dollar on Wednesday ended at N464.10. Before it ended at N464.67 on Wednesday, the highest exchange rate ever seen was N467 to the dollar.
Within days of trade, the Naira fell to 460 to the dollar. On Wednesday, transactions in the official Investors and Exporters window totaled 163.74 million dollars. Nigerian deposit money banks said that clients wishing to purchase personal or business travel expenses would need to have a current tax clearance certificate.
The requirement is extended to all foreign exchange transactions as the Central Bank of Nigeria (CBN) continues to struggle to stabilise the exchange rate. Banks stated that a tax clearance certificate will be required to process, maintenance and upkeeps and medical allowance.
As a result of the new development, banks told customers that they would be required to upload current tax certificate clearance in addition to other documents on the CBN trade monitoring system (TRMS) for form ‘A’ request.
Wednesday saw a decrease in the price of crude oil as investors’ risk appetite was influenced by weaker-than-expected Chinese industrial statistics, but losses were restrained by hope that the US debt ceiling deadlock would be resolved.
Investors appear to be wagering that OPEC and its partners, known as OPEC+, won’t further reduce output when they gather this Sunday for their monthly meeting despite their continued concern over demand. This Sunday’s meeting will take place after the market closes.
The output of OPEC and OPEC+ has decreased by 3.5 million barrels per day since October, which is a significant portion of the daily global consumption of almost 100 million barrels.
However, from $83 before to the October reduction to the present levels, Brent oil prices have decreased. Benchmark Brent crude sold at $73.56 a barrel, down 0.20% from the previous closing price of $73.71 a barrel in the previous trading session on Friday.
West Texas Intermediate (WTI), the American benchmark, was trading at the same time at $69.33 per barrel, down 0.19% from the session’s closing of $69.46 per barrel.
The price of Brent oil decreased more than 4% in the previous trading session as a result of the news that China’s official Purchasing Managers’ Index (PMI) decreased to 48.8 in May from 49.2 in April, according to the National Bureau of Statistics (NBS) on Wednesday.
Since it fell to 47 in December, this is the lowest point. Following the White House and House Speaker Kevin McCarthy’s weekend deal to increase the US debt ceiling, a bipartisan accord is now up for consideration in the House of Representatives with hopes of being enacted on Wednesday.
Investors are now awaiting the production decision of major producers in the OPEC+ group on Sunday. It will be the first ministerial meeting of the group after some OPEC+ countries in April decided to cut output by 1.6 million barrels per day (bpd) on top of their existing cuts of 2 million bpd.
The main problem has been that demand has been falling. China’s rebound from Covid restrictions hasn’t been as strong as some analysts had expected, and economies are sputtering in other parts of the world.
Russia, which is part of OPEC+, has said it is reducing production by 500,000 barrels a day in retaliation for sanctions related to its invasion of Ukraine.
Shipping vessel data tracked by Bloomberg indicate that Russia’s crude production hasn’t fallen off — in fact, it appears to have risen.
That raises the prospect that Saudi Arabia and other major oil players will press Russia to actually reduce production, which itself would be tantamount to a new cut.
RBC Capital Markets analyst Helima Croft doesn’t expect other OPEC members to get into a dispute with Russia over production. The last time that happened, in 2020, a supply glut led to prices dropping fast.
But Croft writes that OPEC has the incentive to cut production more and prop up prices, and she thinks it is more likely than not that they will. The fact that OPEC is meeting in person — as opposed to remotely — is a sign that they are predisposed to make a more active decision, she writes.
It is also clear that the market isn’t betting on that outcome. Eventually, OPEC’s hand may be forced regardless — though it could take even lower prices to force the cartel to get more aggressive.
“The oil market is not pricing in additional OPEC production cuts, but ironically, the lower prices go, the more likely OPEC will be to announce a cut,” writes Raymond James analyst John Freeman.
HP Inc is joining the inaugural GITEX Africa, bringing to the region its robust portfolio of products and services designed to deliver powerful hybrid experiences and workplace equity across all working styles, set ups, and locations. HP’s exhibition of a comprehensive set of innovative hybrid work solutions will be held at Booth 1C-10 in Hall 1 at GITEX Africa, in Morocco.
GITEX Africa – the largest tech event on the continent – aims to accelerate the construction of new tech communities and to help advance the shared goal of amplifying Africa’s digital aspirations and achievements. HP joins this all-inclusive gathering of industry leaders to connect with African stakeholders and customers and to showcase how the company is working to shape the continent’s future through sustainable, inclusive, and tech driven solutions.
“HP’s focus and investment in Africa have always been high and we are even more energized to increase it. Especially in these changing times, we believe in helping our customers and partners to be more competitive, productive, and efficient. The rules of work have completely shifted over the past couple of years, and we have entered a new era of work where the lines between office- and home-based work are now blurred. Our future-ready portfolio of products and services has evolved to reflect this, especially in countries with compromised infrastructure and connectivity,” says Ertug Ayik, Managing Director for Middle East and Africa at HP.
“The work we do in Africa has always had a focus on advancing equity, supporting education, and removing barriers to business for entrepreneurs through technological innovation. GITEX Africa shares all these goals – making our participation at this most prominent tech summit even more pertinent,” says Salah Ouardi, Managing Director Northwest Africa, at HP.
The shift to working flexibly and from various locations has accelerated the need for organizations to scale their network and security capabilities, equaling snap decision making for the deployment of solutions that optimize security and user experience. HP’s Future-Ready portfolio redefines effective collaboration and productivity from commercial PCs, workstations, peripherals, and services that deliver exceptional experiences from anywhere – ushering in the new era of hybrid work.
Identifying and deploying the right collaboration solution to guarantee the best experience remains a core consideration, evidenced by findings from the 2023 HP Wolf Security Hybrid Report. Even though only 22%1 of workers consider themselves ‘thriving’ in hybrid work the majority (90%) of those thrivers believe that access to the right technology and tools leads to a positive work experience. Such findings support the idea that every workplace (regardless of the stage of hybrid work adoption) needs to maximize and transcend obstacles and innovations to ease into – and adapt to the new future of work.
With the normalization of hybrid work, the right digital strategy can enable employees to blend physical and digital work in a manner that best serves the immediate business operating needs and ensures uninterrupted productivity for employees. A software service that can make this a reality is not only a requirement but an undeniable priority.
HP Wolf Protect and Trace with HP Wolf Connect is the world’s first software service that bears such capabilities as locating, locking and erasing a PC remotely, even when it’s turned off or disconnected from the Internet2. Providing a highly resilient and secure connection to remote PCs, Wolf Connect equips IT with the capability to protect sensitive data on the move. IT teams can readily manage a dispersed hybrid workforce – reducing the time and effort needed to resolve support tickets, secure data from loss or theft to mitigate potential breaches and optimize asset management.
Considering the ongoing hybrid work trend, HP’s high-performance printing solutions are designed to help both businesses of all sizes to maximize productivity and minimize disruptions, catering to the demands of modern-day ways of working by offering technologies to boost their productivity and consumers to print sustainably and cost-efficiently.
The all-new HP Color LaserJet series printers are powered by HP’s next generation sustainable toner, which delivers up to 27% reduced energy3 use and up to 78%4 less plastic in the packaging. Based on a recent HP survey5 more than half of the hybrid workers surveyed said that they had missed their office printer more than happy hour or a free lunch and to address the need for a true workplace of the future, the HP LaserJet Managed E800/E700 series, support and inspire a productivity-focused hybrid workforce, with intelligent solutions that can make work flow faster.
The next generation of refillable printers, the HP Smart Tank printers deliver an enhanced user experience with an intuitive and seamless set-up, smart features, and better connectivity -including self-healing Wi-Fi and mobility with Smart App. Made from up to 25%6 recycled plastics, and with an ink refill system that creates more prints with less waste are an ideal option for high-volume print needs where quality is preferred, but sustainability is also valued.
Hybrid work is one of the greatest shifts the workforce has ever experienced but it’s also one of the biggest business challenges of this decade. CIOs are under extraordinary pressure to digitally transform their businesses and overhaul their processes while ensuring their employees are productive and motivated. They need to offer an amazing digital employee experience in a way that doesn’t compromise security and allows for flexibility as their business needs change. With offerings like HP Active Care and HP Proactive Insights, among others, HP Workforce Solutions empower customers to transform the way they work.
With a rich 80-year heritage, HP’s deployment of its Future-Ready Portfolio exemplifies an understanding and appreciation of the future of work. From high end performance to seamless collaboration and productivity between devices and locations, HP is delivering exceptional experiences from anywhere. This is further embodied by HP’s recent joining with UC (Unified Communications) experts Poly, with a focus on hybrid working innovation and even more importantly, meeting equality – to ensure everyone is heard and seen clearly.
HP is showcasing a range of innovative new offerings designed to set up customers for success in the hybrid working eraat Booth 1C-10 in Hall 1 at GITEX Africa 2023.
Make any space minimalistic, modern, and silent with the Logitech Pebble M350 Wireless Mouse, a portable mouse that goes wherever life takes you. The smooth organic shape feels great in your hand and is compact enough to fit easily in your pocket or bag. Thanks to its extra slim design and soft rounded sides, you can work comfortably in a cafe, library, or even a crowded taxi.
You’ll get the same satisfying “click” feel you love with 90 percent less noise. Even the wide rubber scroll wheel glides in silence, disturbing those around you less. Additionally, the minimalist and contemporary look will suit any workstation.
The Logitech Pebble also goes into a battery-saving sleep mode when not in use, keeping it powered for up to 18 months.
Click and scroll in style with the Logitech Pebble M350 Wireless Mouse. Silent clicking and scrolling means you can stay focused without disturbing those around you. Connect the Logitech Pebble the way you want – via either Bluetooth® or the USB receiver. The mouse is available in white, blue or rose color options and can now be purchased from [insert local retailer].
Hyundai Motor Group (the Group) affiliates Hyundai Motor Company and Kia Corporation today jointly announced the renewal of their longstanding partnerships with FIFA through 2030. The renewed agreement welcomes Group subsidiaries Boston Dynamics and Supernal into the fold.
The renewed partnerships will encompass a wide range of prestigious FIFA competitions, including the highly anticipated FIFA Women’s World Cup 2023TM and FIFA World Cup 2026TM, among others. Hyundai and Kia’s support for FIFA has spanned more than two decades, with a new emphasis on the growth and development of the women’s game.
To commemorate the occasion, FIFA and Hyundai Motor Group held a signing ceremony today at its headquarters in Zurich, Switzerland. FIFA President Gianni Infantino joined hands with Hyundai Motor Group President Karl Kim to officially seal the agreement, symbolizing the partners’ shared commitment to make football truly global.
“We are thrilled to continue our longstanding partnerships with Hyundai and Kia. Over the years, they have consistently demonstrated their commitment to supporting FIFA, and we value their dedication to enhancing the overall experience of our tournaments,” said FIFA President Gianni Infantino. “As we enter this new era together, we are excited about the prospects that lie ahead with the addition of Boston Dynamics and Supernal. Together, we will continue to work on uniting the world through football.”
“On behalf of Hyundai Motor Group, we are honored to extend our partnerships with FIFA, reinforcing our longstanding commitment to the world of football,” said Karl Kim, President of Hyundai Motor Group. “As we embark on this renewed collaboration, we look forward to showcasing the capabilities of our mobility solutions and partner brands on a global scale. Together with FIFA, we aim to inspire and unite fans around the world through the power of football.”
As the official mobility partners of FIFA, Hyundai and Kia will continue to play crucial roles in ensuring the smooth and efficient transportation operations at FIFA’s global events and competitions. With the automakers’ extensive global distribution networks, they will provide comprehensive vehicle lineups that will fulfil all transportation requirements for FIFA, enabling seamless movement of teams, officials and staff.
Notably, Group subsidiaries Boston Dynamics and Supernal will join the renewed agreement with FIFA, providing exciting opportunities for the future mobility brands to showcase their respective expertise, technologies and sustainable approach to innovation before a truly global audience. Boston Dynamics is the Group’s primary affiliate in robotics and Supernal is its advanced air mobility unit. Both subsidiaries are key parts of the Group’s transformation into a smart and sustainable mobility solutions provider driven to advance future modes of mobility.
The highly anticipated Lagos Leather Fair (LLF) returns with a bigger and better 2023 edition. The event, which is the largest gathering of leather enthusiasts in Africa, is set to take place between Saturday, 17 th and Sunday, 18 th of June 2023 at the Balmoral Convention Center, Victoria Island, Lagos.
The Lagos Leather Fair is an annual event that brings together designers, manufacturers, suppliers, and consumers of leather products from all over the world. The event provides a platform for participants to showcase their products, network with industry professionals, and learn about the latest trends and innovations in the leather industry.
The LLF2023 themed Staying Ahead – Creativity | Collaboration | Commitment aims to make a lasting impact through the introduction of the LLF Accelerator Programme, an innovative mentoring and development initiative. Six selected leather brands, three specializing in footwear and three in handbags, will receive guidance and support from experienced entrepreneurs who possess valuable industry insights.
The event will feature a range of exciting activities, including engaging conversations, masterclasses, and workshops. Participants will have the opportunity to delve into the techniques of shoemaking, learn about branding fundamentals, understand effective product pricing and positioning, and explore strategies for breaking into global markets.
Additionally, the Fair will host Pitch-A-LeatherBiz, an exciting pitching session where individual brands can present their business ideas to potential investors. In a significant development for LLF, the event will introduce the LLF Awards for the first time. These awards will honor outstanding leather designers, recognizing their excellence and innovation within the industry.
By celebrating the achievements of talented individuals, LLF aims to inspire and motivate others while fostering a culture of excellence within the African leather community. LLF2023 will feature an impressive lineup of exhibitors, each bringing their unique perspectives and craftsmanship to the Fair. Some notable participants include the convener, FemiHandbags, Ethnik Afrika, St’Davids, Joel Lani, Obi Leather, Pere Lei, City Cobbler, Aaboux Luxury Leather, Sole Inspiration, along with a few newcomers such as Nisho Collections, Solely Eko, The17Guys and January by Wande amongst other talented leather designers.
Their presence will undoubtedly add flair and excitement to the event, exploring the vast potential of the African leather industry. The Lagos Leather Fair 2023 is a must-attend event for leather products enthusiasts, buyers, investors, entrepreneurs, and the public and promises to be a memorable event that will line up quality and creative leather products and promote sustainable solutions for the growth and development of the industry.
To stay up to date with the latest conference agenda, speakers, confirmed exhibitors, and more, visit the official Lagos Leather Fair website at https://thelagosleatherfair.com/ or check out our Instagram for up to date posts @lagosleatherfair. Registration is now open and is free at https://thelagosleatherfair.com/register. Don’t miss out on this exceptional opportunity to witness the growth and development of the African leather industry while connecting with industry experts and emerging talents.
The Lagos Leather Fair is an extraordinary platform to provide a platform for collaboration, mentorship, and recognition, solidifying its position as a driving force behind the realization of the untapped potential within the Nigerian and African leather ecosystem. Join us in June for an unforgettable experience that will shape the future of the African leather industry.
Multi-asset broker Exness extended its Exness Fintech Scholarship program in South Africa to reward academic excellence among students in the fields of computer science and applied mathematics.
In partnership with the University of Cape Town (UCT), the oldest and highest-rated university in South Africa, Exness funded the studies of three students, Adam Vere studying for an Honors degree in Computer Science, and Thato Thapo and Sipho Nkele, both studying for a Postgraduate degree in Applied Mathematics.
This is the first time a broker has offered scholarships to university students in South Africa, essentially giving them the opportunity to continue their studies on a post-graduate level. The students were selected on rigorous academic criteria and personal interviews conducted by Exness and UCT. The program aims to provide students with potential in ICT fields the opportunity to advance their academic education and pursue a career in the technology sector.
“We are delighted to award these scholarships to Adam, Thato, and Sipho, three young people who show impeccable talent and potential in Computer Science and Applied Mathematics”, Martin Throrvaldsson, Exness Head of CSR, commented.
“Exness is committed to giving back to the communities it operates in and the Exness Fintech Scholarship program is a prime example of this. Through this program, three deserving students who may not have had the opportunity otherwise will pursue their academic dreams in ICT fields”, Mr. Thorvaldsson continued. “We are looking forward to seeing what these brilliant minds will achieve in the years to come”, he concluded.
“At University of Cape Town, our aim is to “Unleash human potential to create a fair and just society” – in the core academic functions, the cross-cutting responsibilities of transformation and social responsiveness, and the systems that support and sustain UCT’s work. We strive to connect with like-minded visionary partners like Exness to aid us to reach our mission. We are appreciative of this partnership with Exness and we continue to be optimistic to further expand our partner network”, commented Stafford Bomester, Head of Fundraising at University of Cape Town.
It is worth noting the three South African students started the Scholarships in April 2023 and while the Exness Fintech Scholarships program has already awarded scholarships to brilliant students in Cyprus, it will expand to Vietnam, Thailand, and Seychelles in 2023-2024.
Exness is a global multi-asset broker which uses a unique combination of technology and ethics to create a favorable market for traders and raise the industry benchmark. Exness’ ethos and vision revolve around the concept of offering its clients a frictionless trading experience, by bringing to life the financial markets in the way they should be experienced.
Exness’ identity and commitment to the two worlds of technology and ethics, as well as its loyal client base which counts over 500,000 active traders, many of whom are from South Africa and the broader African region, are key drivers of the global brand. Today, Exness records over $3 trillion in monthly trading volume and has set its focus on a strategic expansion to new corners of the world.
The Federal Republic of Nigeria’s newly sworn-in president made history on Monday by becoming the first democratically elected leader to have previously held the offices of governor and senator.
Tinubu was elected to the Lagos West senate seat in 1992. He chaired the Senate Committee on Banking, Finance, Appropriations, and Currency for the 22 months he served in the Senate.
Tinubu was forced to leave the country after the military dictatorship overthrew the third republic because he had fought for the reinstatement of democracy and the election of Moshood Abiola as the new president.
Returning to Nigeria in 1999, Tinubu joined the Justice Forum, a platform for progressives in Lagos, and went on to become one of the key figures in the formation of the Alliance for Democracy. Members of NADECO, Afenifere, and ordinary residents all supported him. This provided him with the support network he required to emerge as the AD’s choice for governor of Lagos State.
In a resounding victory, Tinubu received 814,000 votes to defeat Dapo Sarumi, a candidate for the Peoples Democratic Party, who received 184,000; Nosiru Kekere-Ekun, a candidate for the All Peoples Party, received 122,000 votes. 19 of the 20 local councils were won by Tinubu.
With 8.7 million votes, Tinubu easily trounced his rivals Peter Obi of the Labour Party and Atiku Abubakar of the Peoples Democratic Party in the 2023 presidential elections, which were conducted on February 25. More than the 24 states necessary by the constitution, he received over 25% of the votes cast in 30 states, and on March 1, 2023, the Independent National Electoral Commission proclaimed him the winner.
He was the first former senator to rise to the level of governor before being elected president of Nigeria.
The Gender Bill was approved for second reading by the Senate on Wednesday. The legislation seeks to end all forms of discrimination against women and those with disabilities.
The bill’s author, Senator Biodun Olujimi of Ekiti South, said that if it becomes law, it will inspire women to aim high and realize their full potential.
After several of her coworkers raised concerns that the legislation went against their sociocultural and religious views, Olujimi was urged to remove it in 2021.
According to Olujimi, the “Gender and Equality Opportunities Bill” will guarantee that everyone has the same opportunities.
“The bill aims to put Section 42 of the Federal Republic of Nigeria’s Constitution into effect. The elimination of all types of prejudice against women is another goal, she added.
“It will guarantee that everyone has an equal opportunity to succeed.
You will benefit from this bill because it addresses a number of problems that both men and women in its target demographic face, including those related to land ownership, inheritance, education, employment, and the rising tide of sexual and gender-based violence in both private and public areas of educational institutions.
“The bill further consolidates the senate’s courageous passage of the bill on sexual violence in higher institutions in Nigeria, assuring girls, women, and men of protection from abuse and exploitation in our schools,” She said.
The AIDS Healthcare Foundation and the Keffi Local Government Area in Nasarawa State collaborated on a project on Wednesday to educate children about the stigma associated with menstrual health and the difficulties associated with maintaining it.
Dr. Emmanuel Nwabueze, the Foundation’s medical director in Nigeria, said during a speech at the occasion that the Foundation intended to guarantee that young girls and women had access to quality menstrual pads.
Dr Emmanuel said, “Some of our girls miss school because they are having their period, and some don’t attend to school because their parents can’t afford the supplies”.
“Some of our girls find it difficult to tell their parents what is going on with their bodies. We are here to campaign for menstruation and to inform people that it is clean, not unclean.
Together with the Keffi Ministry of Women Affairs, the Keffi Primary Healthcare Agency, and the LGA, the Foundation established a sanitary pad bank.
The goal of the sanitary pad bank is to continuously supply pads to facilities for girls in and out of the classroom.
Muhammed Baba-Shehu, the Executive Chairman of Keffi LGA, also spoke and praised the Foundation for picking Keffi LGA as one of its program recipients.
We want to engage with the Foundation, and we are assuring that we will try our best to contribute to the pad bank, Baba-Shehu, who was represented by Muhammed Adamu, the Secretary of the LGA, stated.
He promised, “We’ll also look into how we can train our people to make the sanitary pads to help our women and girls.
In addition, Baba-Shehu advised parents, educators, and mentors to help their kids stop the stigma and discrimination attached to the feminine gender when they menstruate and to make sure they practice excellent hygiene.
Aisha Basha, the Keffi LGA’s Counselor for Women Affairs, said that the ministry is charged with imparting knowledge on menstruation health and management to young women and girls.
“We realize that most of our kids are bashful, especially as they approach the reproductive stage, so this is crucial. They prefer to hide and handle the matter alone rather than talking to their parents about menstruation or any other physical changes, she noticed.
“I learned that when I am seeing my period, I should keep my body clean, take my bath, and change my pad on a regular basis,” said one of the participants, an ECWA Government Junior Secondary School student from Keffi, Gift Ibe. I also learned not to be embarrassed about my period and to talk to my parents or teachers at school if I have any problems or am in discomfort.
Lounging on Labadi Beach, browsing the shops on Osu’s Oxford Street, ending the day with a meal in a local chop bar: This is Accra, Ghana’s bustling capital city. It’s also where, in 2018, we opened our first AI research center in Africa.
The center houses research labs that explore how we can use AI to help solve pressing problems affecting millions of people both locally and globally, like mapping buildings in remote locations to provide better electricity. Our local researchers collaborate with research teams across the globe to work on AI-based tools to create change for communities worldwide, including in various countries across Africa.
Here are six AI projects we’re working on, in our Accra research center and beyond, and how we’re hoping they’ll make a difference.
Mapping buildings
Even with satellite imagery, it can be difficult to map buildings in remote locations. When these buildings go unmapped, it can make things like planning infrastructure difficult. Our Open Buildings dataset project, launched by a team in the Accra research center, combines AI with satellite imagery to pinpoint the location of buildings. That helps governments and nonprofit organizations understand the needs of residents and offer assistance. In Uganda, for example, the nonprofit Sunbird AI is using the dataset and working with the Ministry of Energy in Lamwo district to study villages’ electrification needs, and plan potential solutions, such as prioritizing electricity in important areas like commercial centers. And we’re continuing to expand our Open Buildings dataset to see how it can help communities in more areas. In addition to various countries in Africa, the dataset now covers 16 countries in Southeast Asia, including Bangladesh and Thailand.
Forecasting floods
The United Nations has reported that half of the world’s least-developed countries lack adequate early warning systems for disasters, including floods. In West and Central Africa specifically, where flooding can be severe, early warning systems could enable better preparation and potential evacuation. Lifesaving technology, like our Flood Forecasting Initiative, can help residents stay safe and give governments time to prepare. We’re using AI models to predict when and where riverine floods will occur in 80 countries worldwide, including 23 in Africa. Our Flood Hub platform displays the forecasts up to seven days in advance, with detailed inundation maps — showing different water levels predicted in different areas — so people know what to expect where they live.
Locust infestations can have a devastating effect on food crops. Through collaborations with AI-product focused company InstaDeep and the Food and Agriculture Organization (FAO) of the United Nations, our team at the Google AI Center in Ghana is helping to better detect locust outbreaks and enable farmers to implement control measures. The AI Center team is working on building a model that forecasts locust breeding grounds using historical data from the FAO and environmental variables like rainfall and temperature.
Improving maternal health outcomes with ultrasound
Ultrasounds can be crucial for identifying potential complications during pregnancy. In recent years, sensor technology has evolved to make ultrasound devices significantly more portable and affordable. Globally, we have been working on building AI models that can read ultrasound images and provide important information to healthcare workers. In Kenya, for instance, we are partnering with Jacaranda Health to help improve our ultrasound AI technology, with a focus on using handheld ultrasound devices that don’t need to be attached to larger machines. This can help people who aren’t trained to operate traditional ultrasound machines to acquire and interpret ultrasound images and triage high-risk patients, simply by sweeping the handheld probe across the mother’s belly.
Helping people with non-standard speech make their voices heard
We built Project Relate, an Android app that uses AI research, to help people with non-standard speech communicate more easily. After recording 500 phrases, users receive a personalized speech recognition model. Now available for user testing in Ghana, it can transcribe speech into text; use a synthesized voice to repeat what the speaker has said; and engage Google Assistant to complete tasks, such as asking for directions, playing a song or turning on the lights.
Teaching reading to children worldwide
Due in part to the effects of COVID-19, it’s estimated that about two-thirds of 10-year-olds globally are unable to read and understand a simple story. Read Along, Google’s AI-based reading tutor app and website, is helping to increase child literacy. Diya, the in-app reading buddy, listens to the speaker reading aloud, offering support when they struggle, and rewarding them when they do well.
Over the past three years, more than 30 million kids have read more than 120 million stories on Read Along. That progress helps the children, but it also affects their families. For example, one of our Lagos users, William, began using the app when he was 10 years old. He went from being able to read for three minutes at a stretch to reading for 90 minutes at a time. “I am more confident about William’s future because he can read well,” said William’s mom, Martha, “Not just reading well — he now loves to read.” Read Along by Google: Helping children enjoy reading
The Tropical General Investment Group (TGI Group) has become a member of the African Business Coalition for Health. This was announced in a joint press release by both organisations on Monday May 15,2023, 2023 in Lagos, Nigeria.
TGI Group is an international organisation operating in several continents including Africa, Middle East and Asia, owning over a hundred leading brands in a number of emerging markets in key sectors including fast moving consumer goods, agricultural inputs, industrial chemicals, homecare products and pharmaceuticals.
The organisation is a responsible business fully focused on supporting global action on the Sustainable Development Goals. Speaking on TGI Group’s membership into the Coalition, Alhaji Aliko Dangote, Chairman and President, Dangote Industries Limited and Co-Founder of ABCHealth, said that the task to make Africa and Africans healthier rests on everyone. We all have a role to play and for those with resources, mobilizing such resources and making sustainable impact should be a priority in health; ‘There is a vital relationship between health, economic growth and development in Africa.
Healthy populations live longer and are more productive – therefore, improving access to quality health services is an important aspect of development. As a Coalition, ABCHealth is working to make this happen and we are happy that TGI Group has joined our ranks to make our dreams of a healthy Africa a reality.’ Aigboje Aig-Imoukhuede, Co-Founder and Chairman of ABCHealth stated that TGI Group’s entry into the Coalition is a clear indication that the coalition that ABCHealth is building across the continent enables responsible business leaders and philanthropists to have a platform that helps them make sustainable, large scale investments in health that transform African economies and people. He said; “We are confident of the impact this Coalition will bring to bear on the continent.
It is our firm belief that with governments and businesses working together, combining political will with business knowledge, Africa’s health sector can be built to the point where it will deliver affordable health to Africans in an equitable manner.” Group Managing Director of TGI Group, Rahul Savara, in his remarks on the membership stated that the Group has always been a champion of strategic alignments to solve problems, especially in issues bordering existentiality and sustainability. “We are delighted to be joining a strong team of people and businesses who have done a lot for health in Africa in their individual capacities, but also recognize that more can be done as a collective.
We are strong believers in creating local, Africa-centric solutions to African problems. For us to achieve the Africa of our dreams where there is prosperity and growth across board, beaming the spotlight on healthcare is non-negotiable. Businesses have a responsibility to society and philanthropists abound, therefore, a collaboration across the continent is a welcome development”, he said. Mories Atoki, CEO of ABCHealth said; ‘Africa’s healthcare systems demand significant investments to meet the needs of their growing populations, changing patterns of diseases and the internationally-agreed development goals. Thankfully, critical stakeholders in both the private and public sectors across Africa are showing increasing interest in terms of enhancing health outcomes and improving livelihoods. TGI Group joining the Coalition is a deepening oftheir commitment to improving health outcomes and also a strong indicator that businesses understand their roles are partners for development. We use this opportunity to call on more businesses to join our Coalition and to be part of the move to ensuring quality health and healthcare for all Africans.’
The price adjustment for gasoline has now been officially announced by the Nigerian National Petroleum Company (NNPC) Limited. Recall that the business had previously published a new price template that set the per-litre pump price of gasoline in different states between N488 and N555.
Garba Deen Muhammad, the NNPC’s chief corporate communications officer, confirmed the raise in a statement on Wednesday and assured Nigerians that the business will continue to provide them with goods.
“NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities,” the statement reads.
“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.
“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products.
“The company sincerely regrets any inconvenience this development may have caused.
“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth.”
As of right moment, the retail price of petrol from NNPC in Lagos State is N488 per litre. The NNPC is now Nigeria’s only supplier of gasoline as part of its position as an energy security provider, and it is now anticipated that other marketers would adopt the NNPC rates and alter their own pump prices as of today.
According to the pricing pattern, the cost of gasoline in Abuja and other North-Central States including Nasarawa, Plateau, Kwara, Kogi, Benue, and Niger has now increased from between N189 and N194 to N537 per litre.
The cost of PMS was increased for Lagos and other South West States including Oyo, Ogun, Ekiti, Ondo, and Osun from between N184 and N189 per litre to between N488 and N500.
In the South East where states such as Abia, Imo, Anambra, Enugu and Ebonyi, the price was increase from between N184 and N189 per litre to N515 to N520.
Similarly, in the North -West, the price of PMS was raised from N194 per litre to N540 while for the North-East, it moved from N199 to N550 per litre.
The NNPC Ltd had shortly after the announcement by President Bola Tinubu said the decision to remove the subsidy on Premium Motor Spirit (PMS) by the President is a welcome development.
The Group Chief Executive Officer (GCEO) of the NNPC, Mr. Mele Kyari during a press briefing shortly after the pronouncement by President Tinubu said the subsidy burden which has been placed on the NNPC Limited is affecting the company’s cashflow and threatening its sustainability plans due to the federal government’s inability to refund the subsidy claims.
He added that NNPC as a limited liability company cannot continue to bear the burden of subsidy on behalf of the federation if it must deliver dividends to its shareholders and be profitable.
He said, “We welcome the decision of the president to announce the removal of subsidy on PMS and this has been the major challenge for NNPC operations.
“We have been funding subsidy from the cash flow of the NNPC since government is unable to defray the cost of subsidy for the federation. We believe that this will free resources for the NNPC to continue to do the great work that this company is doing for our country and it allows us to continue to function as a commercial entity.”
Kyari assured that the company has over 30 days of PMS storage and supply and appealed to Nigerians not to indulge in panic buying.
He stated further that the company is in discussion with the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to develop a framework of the implementation of the removal of the PMS subsidy as announced by the President.
He further added that the company as the supplier of last resort as mandated by the Petroleum Industry Act (PIA) will continue to ensure availability of PMS and other petroleum products.
Tinubu had in his inaugural speech at the Eagles Square abolished fuel subsidy in Nigeria, saying it is no longer sustainable.
He had said, “On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy. Fuel subsidy is gone.”
The Federal Government had in the last few months been taking steps to stop the payment of fuel subsidy.
In the 2023 budget, the federal government had made provisions of N3.36trn for fuel subsidy payment to cover the first six months of this year.
This is in line with the 18-month extension announced in early 2022 by the government.
The immediate past administration of former President Muhammadu Buhari had set up a Subsidy Removal Committee which comprises the Ministry of Finance, Budget and National Planning, Ministry of Petroleum Resources, Nigerian National Petroleum Company (NNPC) Limited, the downstream and upstream regulators, Central Bank of Nigeria (CBN) and the Chief Economic Adviser to the President.
The 2023 Fiscal Framework and Appropriation Act as well as the Petroleum Industry Act (PIA) have made the provision that government should exit fuel subsidy by June 2023.
Kyari had during the inauguration of Dangote Refinery last week stated that the lingering challenge of Petroleum Motor Spirit subsidies is becoming unbearable as the burden is clearly getting out of the capacity of the state to bear.
He gave the monthly fuel subsidy burden at about N400bn monthly, adding that something needs to be done urgently to stop the spending.
Pan-African e-commerce platform, Jumia Technologies has released its Q1 2023 earnings report, providing insights into its financial performance and growth trajectory.
Jumia’s first quarter 2023 results showcased a significant reduction in losses and a commendable effort towards profitability. The company’s operating loss decreased by a remarkable 54 per cent year-over-year, reaching its lowest quarterly level in over four years at $31 million.
According to Jumia, the substantial reduction in losses can be attributed to its successful cost-reduction initiatives, with all operating costs decreasing sequentially and on a year-over-year basis.
Another highlight of Jumia’s Q1 2023 results is the remarkable 70 per cent reduction in marketing and advertising expenses. This disciplined approach to marketing investments has led to an improvement in marketing efficiency ratios, with sales and advertising expenses per order decreasing by 58 per cent and as a percentage of GMV improving by 451 basis points. Despite the significant cut in marketing expenditures, Jumia still managed to achieve growth in revenue. While overall revenue experienced a slight decline of three per cent year-over-year, it demonstrated a substantial 24 per cent increase on a constant currency basis. Marketplace revenue, particularly commissions, experienced significant growth, increasing by 40 per cent year-over-year. This growth was driven by commission take-rate increases implemented in mid-2022.
Jumia’s ability to reduce marketing expenses while maintaining revenue growth reflects a fundamental shift in their approach to sustainable and cost-effective growth, the report said.
According to the report, fulfillment expenses decreased by 34 per cent year-over-year, aligning with the decline in orders, while fulfilment expenses per order, showed a notable improvement of 20 per cent. Sales and advertising expenses witnessed a remarkable reduction of 69 per cent year-over-year, indicating a more disciplined approach to marketing investments. General and administrative expenses also decreased by 16 per cent year-over-year, reflecting the impact of organisational changes implemented in the fourth quarter of 2022. These cost reduction efforts contributed to an overall operating loss reduction of 54% year-over-year. With a focus on enhancing the fundamentals of the platform and implementing comprehensive cost efficiency measures, Jumia remains on track to achieve long-term growth and profitability.
One of the standout takeaways from Jumia’s Q1 2023 earnings is its gross profit, which reached an impressive $28.6 million, marking a notable five per cent increase compared to the same period last year. Furthermore, the growth was even more substantial, reaching a monumental 24 per cent on a constant currency basis. The gross profit margin as a percentage of GMV improved significantly, rising to 14.4 per cent compared to 10.8 per cent in the same quarter last year. Jumia’s continued focus on driving operational efficiencies and implementing strategic initiatives led to significant year-over-year growth in gross profit, demonstrating Jumia’s ability to deliver value to its stakeholders.
While Jumia reported a total revenue of $46.3 million for Q1 2023, reflecting a marginal decline of three oer cent on a year-over-year basis however, when considering constant currency, the revenue increased by a noteworthy 24 per cent. Further findings showed Jumia’s payment solution, JumiaPay transactions, declined by 38 per cent. Despite the setback, 29 per cent of orders placed on the Jumia platform during the first quarter of 2023 were completed using JumiaPay, the financial report said.
Speaking on what to expect for the rest of the year, the CEO of Jumia, Francis Dufay, stated that the company would be shifting its strategy to pursue a different approach to growth.
The Nigerian National Petrol Company, NNPC, on Wednesday, May 31, 2023, disclosed the official pump prices for petrol across the country.
In a statement signed by NNPC’s Chief Corporate Communications Officer, Garba Deen Muhammad, it was disclosed there-in that while the cost of petrol in Borno State was put at N557 per litre, the prices in Lagos, Abuja, Enugu and Ekiti were outlined as N488 per litre, N537 per litre, N520 per litre, and N500 per litre respectively.
The NNPC, however, explained that it adjusted the petrol pump prices across its retail outlets in line with current market realities.
“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.
“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products.
“The company sincerely regrets any inconvenience this development may have caused.
“We greatly appreciate your continued patronage, support, and understanding during this time of change and growth,” the statement read.
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that the Company’s 80% indirectly owned subsidiary, Accugas Limited, has entered into a Natural Gas Sales and Purchase Agreement (the “NGSPA”) with Amalgamated Oil Company Nigeria Limited (“AMOCON”) for gas produced in the OML 156 sole risk petroleum lease area, for onward sale to its customers.
Accugas focuses on the marketing, processing, distribution and sale of gas to the domestic Nigerian market. In 2022, Accugas processed and transported an average of 145 MMscfpd of gas through its pipeline network, with all gas sourced from Savannah’s 80% indirectly owned Uquo gas field1.
Gas is processed at Accugas’ 200 MMscfpd Uquo central processing facility (“Uquo CPF”) for onward transportation to customers through its c.260km, up to c.600 MMscfpd transportation capacity pipeline network.
The NGSPA with AMOCON represents the first time that Accugas will be supplying gas to its customers that has not been produced from the Uquo gas field. Gas purchased from AMOCON does not require processing by Accugas and therefore does not utilise available capacity at the Uquo CPF.
Under the terms of the NGSPA, Accugas has agreed to purchase up to 20 MMscfpd of gas from AMOCON over the course of the next ten years. The cost of connection to Accugas’ infrastructure has been borne by AMOCON, with the gas being delivered from a new AMOCON-owned 140m pipeline connecting AMOCON’s Early Production Facility (“EPF”) to Accugas’ existing pipeline network.
Under the terms of the NGSPA, all capital expenditure required for the AMOCON EPF-to-Accugas pipeline was borne by AMOCON and Accugas has not incurred any additional capital expenditure in relation to this project. The contract is already operational and gas supply to Accugas has stabilised at approximately 20 MMscfpd.
Andrew Knott, CEO Savannah Energy, said: “Since we announced our intention to acquire our ownership interest in Accugas in 2017, Accugas has recorded six consecutive years of growth in Total Revenues2 at a compound annual growth rate of 21%.
“We are now contracted to supply gas to up to 24% of Nigeria’s thermal power generation capacity (up from 10% at the time of acquisition) as well as key petrochemical and cement factories. We are clearly performing a critical service to the Nigerian economy.
“By providing a commercial route to market for otherwise stranded gas resources, the deal with AMOCON represents a new source of growth for Accugas. This deal has the potential to serve as a template for the commercialisation of other stranded gas resources in South East Nigeria which represents a potentially significant opportunity for Accugas.”
Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, claims the Federal Government (FG) still owes the company ₦2.8 trillion in petrol subsidies.
Kyari told journalists following a meeting with President Bola Tinubu in Abuja on Tuesday that the subsidy payment was no longer sustainable since it prevented the company from supporting its main businesses.
“Today, we are waiting for them to settle up to ₦2.8 trillion of NNPC’s cash flow from the subsidy regime, and we can’t continue to build this,” Kyari added.
According to the GCEO, “we have not received any payment from the federation since the provision of the ₦6 trillion in 2022, and ₦3.7 trillion in 2023.”
Kyari stated that the NNPC paid the petrol subsidy payments from its cash flow, citing the government’s inability to repay the N2.8 trillion spent thus far.
“That means they (the federal government) are unable to pay and we have continued to support this subsidy from the cash flow of the NNPC.
“That is, when we net off our fiscal obligations of taxes and royalties, there is still a balance that we are funding from our cash flow. And that has become very difficult and it is affecting our other operations,” he said.
“We are not able to keep some of the cash to invest in our core businesses. And the end result is that it can be a huge challenge for the company and we have highlighted this severally to the government that they must compensate and pay back NNPC for the money that we have spent on the subsidy.
“So, today the country does not have the money to pay for subsidy. There is an incremental value that will come from it. But it is not an issue of whether you can do it or not because today we cannot afford it and they are not able to pay our bill.
“That comes to how much the federation owes the NNPC now.
“Today, we are waiting for them to settle up to N2.8 trillion of NNPC’s cash flow from the subsidy regime and we cannot continue to build this.”
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