FG Okays N53bn For Works, Education, Aviation Ministries

April 27, 2023

Buhari Urges Council To Develop Policies On Climate Change

A total of N52.97 billion was granted by the federal government on Wednesday in Abuja for a number of projects in the ministries of education, works and housing, and aviation. Following this week’s Federal Executive Council meeting, which was held in the council chambers of the Aso Rock Villa in Abuja under the chairmanship of Major General Muhammadu Buhari (ret. ), the various ministries disclosed this to State House Correspondents.

They consist of the building complex housing the National Library of Nigeria’s offices in Abuja, the completion of Phase 2 of the 2.6 km long Uto Bridge in Ikenke, Delta State, and the purchase and installation of radar signaling equipment in nine airports around the country.

The Minister of Information and Culture, Lai Mohamed, who spoke on behalf of his counterpart in the Ministry of Works and Housing, Babatunde Fashola, said, “The first memo presented today was a memo seeking approval for a revised estimated total cost of a contract for the completion of Phase 2 of Uto Bridge, 2.6-kilometer stretch in Ikenke, Delta State.

“The project was awarded in 2006, but we are committed to completing it. So today, the FEC approved the sum of N1.398bn to revise the contract from N4.44bn to N5.84bn, inclusive of 7.5 per cent VAT, to ensure that we’re able to complete this project before we leave.

“Also, the Minister of Works brought approval for the ongoing bypass along the Lagos-Ibadan expressway, but the good thing about this project is that we can very confidently and proudly announce that the Kano-Zaria 137 kilometer and the Zaria-Kaduna, 73 kilometers, will be handed over to us on May 15.”

Mohammed said the Second Niger Bridge and the 116km Lagos-Ibadan expressway with toll gates will be handed over on April 30.

“The Loko-Oweto Bridge is also completed, so also is the Ikom Bridge completed. Our Federal Secretariats in Nasarawa, Awka, Bayelsa and Zamfara State are also completed and the Zuba housing project, 700 apartments, they’re also already for commissioning,” he revealed.

Meanwhile, the Minister of State for Education, Goodluck Opiah, said the Council approved a memo for the revised estimated contract cost to complete the construction of the National Library of Nigeria headquarters building complex in Abuja.

“The revised estimated cost is N32.4bn. This contract was originally awarded in 2006 to Reynolds Construction Company Limited and has undergone further revisions until 2017 when the company presented a request for variation amounting to N78bn, which was considered quite unacceptable by the Federal Ministry of Education.

“Therefore, an ad hoc committee of technical stakeholders was set up to review the variation. After exhaustive review, the cost was brought down to N49.6bn which was acceptable to the contractor. Before then, previous certificates amounting to about N11.9bn had already been earned,” he said

The scope of work for the project includes the construction of a concrete structure consisting of 11 floors, two basement floors and eight upper floors for housing a bookstore, locker rooms, bindery, printing press, restaurants, clinic, changing rooms, exhibition halls, auditorium, cataloguing, general reference areas, legal deposits, office for the administration book stacks, amongst others.

On his part, the Minister of Aviation, Hadi Sirika, said the Council approved a total of N1.97bn for the procurement, installation and commissioning of quadrac voice and data/radar signals recording solutions in Abuja, Akure, Port Harcourt, Calabar, Ibadan, Jos, Sokoto, Yola and Enugu airports and the supply and installation of additional five units of Eastmage liquid explosive detector machines for the Kano, Port Harcourt, Lagos, Kaduna and Enugu airports. Both projects are to be completed in 12 months. The Council also approved the bilateral air service agreement between Nigeria and South Africa, Sirika revealed.

Meanwhile, the Minister of Agriculture and Rural Development, Mohammed Abubakar, said the Council approved the construction of a 10-storey office complex for the ministry in Abuja’s cadastral zone.

Nigerian Breweries Appoints New Chairman, Asue Ighodalo

Dollar To Naira Exchange Rate Today (Thur. April. 27, 2023)

April 27, 2023

Dollar To Naira Exchange Rate Today (Thur. July. 13, 2023)

Dollar to naira, on Thursday, April 27, 2023, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.47 per $1 on Thursday, April 20.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦738 and ₦750 with an average of ₦742.20 in the black market in the state.

It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

NECO Forced To Reschedule Entrance Exam Due To Low Registration

April 26, 2023

The 2023 National Common Entrance Examinations (NCEE) have been rescheduled by the National Examinations Council (NECO) for Saturday, June 3, 2023.

Table of Contents

NECO spokesman Azeez Sani announced the postponing of the exam in a brief statement on Wednesday, basing the decision on the low registration rate.

The examination, which admits candidates to Federal Unity Colleges across the federation, was supposed to begin on Saturday, April 29, as previously announced.

States with low registration, according to Sani, will be given the opportunity to register their candidates for the examination.

He asked all applicants, parents, guardians, schools, and key stakeholders to take note of the revised examination date, while also saying that registration for additional candidates will continue until the new examination date.

NECO’s full statement

NECO RESCHEDULES 2023 NATIONAL COMMON ENTRANCE EXAMINATION (NCEE)

The National Examinations Council (NECO) has rescheduled the 2023 National Common Entrance Examinations (NCEE) which is conducted for admission into Federal Unity Colleges from Saturday 29th April, 2023 to Saturday 3rd June 2023.

The Examination was rescheduled to give States with low registration of candidates the opportunity to register their candidates for the examination.

All candidates, parents, guardians, schools and relevant stakeholders are therefore enjoined to take note of the new date for the examination.

The registration of candidates will continue till the new date of the

examination.

Azeez Sani

Head Information and Public Relations Division

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NDDC, US Firm To Connect All Niger Delta States By Rail

April 26, 2023

In order to develop a railway network that would link the nine states of the Niger Delta area, the Niger Delta Development Commission (NDDC), the US Consulate, and the American company Atlanta Global Resources Inc. (AGRI) have signed a memorandum of agreement.

The event, which took place on Tuesday in Lagos as part of the Commission’s one-day Public Private Partnerships Summit, would furnish locomotives, build railroads, and run them in the oil-producing states of Rivers, Ondo, Edo, Delta, Bayelsa, Akwa Ibom, Cross River, Imo, and Abia.

Dr. Samuel Ogbuku, the managing director/CEO of the NDDC, signed the MOU on behalf of the Commission, together with Mr. Chamberlain Eke, the representative of the US Consulate, and Mr. Tony Akpele, on behalf of the Commission. Work on the preliminary stages of the project, perhaps the biggest in the history of the Commission, is expected to start immediately.

Speaking at the summit, Dr. Ogbuku disclosed that the NDDC was determined to renavigate the process of its intervention in the Niger Delta so that it can achieve its mandate “of facilitating the rapid, even and sustainable development of the Niger Delta into a region that is economically prosperous, socially stable, ecologically regenerative and politically peaceful.”

He stated that the MOU represented a big harvest for the NDDC from the PPP Summit. In his goodwill message at the summit, former NDDC Managing Director, Chief Timi Alaibe, expressed delight at the PPP initiative taken by the new leadership of the Commission.

He said: “This is the first time in 15 years that I am attending an NDDC function. This is because the new board is charting a new course that is impressive.”

He added: “Far back, after the implementation of the Master Plan, we decided on an implementation plan which involved all key stakeholders. We decided that the Master Plan cannot be funded by the government alone. We needed the private sector, that is why I support holding the summit in Lagos, Nigeria’s financial capital. The concept of rewinding and rebirth is sweet to the ears.”

Also speaking during the summit, the former Governor of Edo State, Comrade Adams Oshiomole, commended the NDDC for admitting that it had suffered from goal displacement.

He said: “The NDDC Management and the Board have shown courage by putting the Summit together. The NDDC has our prayers and support. What is missing is not the ideas, but the courage.”

In another goodwill message, the former Managing Director of NIMASA, Dr. Dakuku Peterside, applauded the NDDC Board and Management for striving to leave legacies in the region.

According to him, “the founding fathers of the NDDC intended that the NDDC should be a catalyst for development. The PPP arrangement is a new way of getting good results. There must be a fusion between the private sector and the public sector. It is important to bring in the resources and expertise of the private sector.”

Nigerian Receives Sustainability 2022 Carbon Neutrality Award

MTF Alumni Bag Multiple Nominations At AMVCA

April 26, 2023

MultiChoice Talent Factory Invites Applications For 2023 Cohort

On April 26th, 2023 in JOHANNESBURG, South Africa, Graduates of the entertainment-industry training and talent-development initiate the MultiChoice Talent Factory (MTF) made a major impact at this year’s Africa Magic Viewers’ Choice Awards (AMVCA), with five alumni securing nominations across three categories.

Mvamizi, produced by MTF alumni Wilson Nkya and Philipo Ngonyani, and Frida, produced by Nkya and Jane Moshi, were nominated in the Best Indigenous Language: Swahili and Best Movie East Africa categories at AMVCA 9.

Meanwhile, fellow alumni Orire Nwani were nominated for Best Short Film/Online Video for Love Language at the AMVCAs, and Emmanuel Mwape was nominated for Best Movie Southern Africa for Silver Lining.

The nominations highlight the success of the MTF Academies in educating the next generation of African storytellers and multiplying the impact of entertainment talent on the continent.

Now in its fourth year, MTF has honed the skills of more than 120 emerging TV and Film production professionals in 13 countries across Africa. In turn, the initiative has created an MTF Alumni Network of skilled graduates that now occupy significant roles across the industry.

Directors, producers, sound designers, camera operators, art directors, scriptwriters and editors are all part of this network, using their newfound knowledge to bring African stories to the world.

MTF Director for Africa, Nwabisa Matyumza, has acknowledged the accomplishments of the MTF graduates at the AMVCAs, and commended the programme for the reverberations it is causing across industry and across national economies.

“Well done to all our MTF nominees at the AMVCAs,” she says. “Their success proves how our alumni are part of a continent-wide move to inspire narratives; multiplying the power of African storytelling and keeping viewers and communities informed, entertained and connected.”

MTF East Africa Academy Director Victoria Goro has extended warm congratulations to Wilson Nkya, Philipo Ngonyani and Jane Moshi for their nominations.

“Those two productions – Frida and Mvamizi are both powerful pieces of work,” she says. “It makes us proud to know that they are the work of MTF Alumni. We wish them well for the next stage of the competition.”

The impact of the MTF Academy in the awards and across the industry underscores the Africa-wide power of the programme, delivering well-trained professionals to production houses and TV stations in their respective home countries. Graduates of the programme have also launched documentary series and created award-winning feature films.

“We’re proud to see our people making waves at the AMVCAs,” says MTF Academy West Africa Director Atinuke Babatunde. “It’s more proof of how their work contributes to the creative space and also helps to grow the economy of their countries.”

With MTF alumni now firmly embedded across the African broadcasting industry, an exciting future for television and film production on the continent is assured.

Nwabisa has also congratulated the MTF teams for their role in the successes of MTF programme graduates.

“Our Academy Directors are the heartbeat of our academies and ensure that the quality of our graduates is of a high standard,” she says. “We are extremely proud of the achievements of all our MTF nominees, and how far they have come because of everyone’s hard work in the MTF programme over the years. MTF is making a powerful impact, shaping the future of our industry, and having a multiplier effect across the economies of many African countries. We are proud to see the unique stories they are telling.”

Low-skilled Nigerian Migrants In The US Increase their Income By 1,500% – World Bank

New Forests Bolsters Africa Team With Five Appointments

April 26, 2023

On Wednesday, 26th April 2023, New Forests, a global investment manager of nature-based real assets and natural capital strategies with approximately USA$7 billion of assets under management, announced the appointment of Eva Warigia as Associate Director, Investor Relations, Africa along with four members to New Forests’ Kenya-based team under the leadership of Paul Ohaga, Senior Director, New Forests Africa.

Eva Warigia will be responsible for building relationships with investors focusing on New Forests’ African Forestry Impact Platform (AFIP) which aims to raise up to US$500 million over the next two to three years to help scale sustainable forestry in Sub-Saharan Africa.

Eva joins from the East Africa Private Equity & Venture Capital Association (EAVCA) where she spent six years, most recently as its Chief Executive Officer responsible for supporting business and capital flows into East Africa. Prior to her role at EAVCA, Eva was a senior consultant at Africa Practice, providing consulting and advisory services to clients around financial restructuring, communication, business growth and investor relations.

Kuda Phairah, Associate Director, Operations is responsible for leading New Forests’ Kenya based operations team and providing strategic and technical support to a portfolio of plantation forestry, conservation, and processing investments in Sub-Saharan Africa. He brings over 20 years’ experience in forestry operations, most recently as General Manager of Forestry at York Timbers in South Africa. Kuda joined New Forests in November 2022.

Moses Kimani is New Forests’ Associate Director, Investments and is responsible for the origination and execution of investment transactions in Africa. Most recently Moses worked as an Investment Principal at Phatisa Group, an African private equity fund manager where he led investment activity across East Africa. He joined New Forests in August 2022.

Stephanie Bishop is Associate Director, Environmental and Social for New Forests’ investment program in Africa. Stephaniespent seven years at Miro Forestry and Timber Products where she was Compliance Director responsible for business integrity, along with environmental, health, safety, and social.Prior to this, Stephanie was the Corporate Social Responsibility Manager at Green Resources. She has been active in implementing international compliance standards within Africa and encouraging skill development and gender equality within the forestry space. Stephanie joined New Forests in July 2022.

Sean Lloyd, Manager, Operations supports operations and develops strategies for New Forests’ portfolio companies in Africa, as well as assisting with due diligence efforts and taking the lead on carbon modelling and reporting. Before moving to Kenya in January 2023, Sean spent four years working in New Forests’ Singapore team managing plantation forestry and processing assets for the Asia strategy. Prior to Singapore, Sean was working in New Forests’ Sydney office as an Analyst in the Investment Analytics team.

Paul Ohaga, Senior Director, Africa for New Forests commented, “Africa has growing economies, rising timber demand, and is home to some of world’s most biodiverse forests. Our presence in Africa is part of our overall strategy to consolidate and grow the plantation forests while seeking to support forest conservation, restoration of degraded land and expansion of community-based forestry programs. We’re excited to be building a team of highly skilled and passionate people, who share in our vision of seeing investment in land use and forestry as central to the transition to a sustainable future.”

In October 2022, New Forests announced the first investors in the African Forestry Impact Platform (AFIP), raising an initial US$200million from British International Investment (BII), Norfund and Finnfund.

AFIP will invest in a portfolio of plantation forestry operating companies and related assets in Sub-Saharan Africa, primarily targeting established assets that can be expected to provide stable and predictable cash flows across a diversified set of markets. Drawing on New Forests’ unique approach to sustainability, AFIP will focus on four impact areas: climate change mitigation, biodiversity conservation, gender and diversity, and community and livelihoods.

Nigerians Grumble As MultiChoice Upgrades DStv And GOtv Subscription

6 Things To Watch Out For When Choosing A Forex Broker In Nigeria

April 26, 2023

Forex trading has a daily turnover of trillion dollars, whereas, in countries like Nigeria, its turnover is rising each year. If done right, it can offer a high level of liquidity, which means high demand for easy buying/selling without affecting the prices. You can also benefit from the leverage as it allows you to open a high position with a small amount of money.

For successful forex trading, it’s important to choose the best online forex brokers that working in Nigeria. That’s because these professional individuals can help you to buy/sell currency pairs and benefit from leveraged trading.

Speaking of which, if you’re choosing a forex broker for yourself in Nigeria, watch out for these six things:

Unlicensed Brokers

Probably, one of the most important things to do when selecting a forex broker is to check their license. That’s because forex trading under an unlicensed and non-regulated broker is an illegal act in Nigeria.

As forex trading is regulated by the Central Bank of Nigeria, a broker must meet the requirements to trade on behalf of their customers. They are not allowed to trade with other people’s funds. A regulation under CBN ensures that your interests and money are protected. So, whenever you are choosing a forex broker, keep the unlicensed brokers at bay.

Lack of Live Chat Support

If your forex broker doesn’t offer 24*7 customer assistance, or atleast some sort of chat support, they aren’t worth choosing. Why, you may ask? Well, there are many reasons. First, you may have some queries or doubts, and customer assistance can be a great way to resolve them immediately.

Second, there could be times when you may see the Nigerian forex rates gap depreciates and need assistance, in that case, these chat support are proven helpful. Third, it could be helpful during internet-related issues and so on.

When a forex broker doesn’t offer such support, you may get clueless and helpless in certain situations. So, always choose a forex broker that at least offers live support when the market is open.

No Safety and Reliability

Forex brokers should be safe, secure, and reputed, as these are important aspects to consider when dealing with money. You should keep your funds safe from cyber vulnerabilities, cyber bullies, and fraud. That’s why, if you select a forex broker who’s not trustworthy, you may fall prey to these online threats.

Look for brokers who don’t delay for even a few seconds during trading. Also, check for any funds protection they provide. Generally, a renowned and trustworthy broker would be connected to top-tier banks, so check for that as well. You can further read about their safety in the review section, as it features the real-time experience of traders who took their services. If you find multiple bad reviews, it’s a red flag!

Deposit and Withdrawal Difficulties

A forex broker should ensure smooth and hassle-free money withdrawals and deposits. If they fail to do so, they aren’t worth your time. Imagine you’re in the middle of an interesting trading situation where you need to deposit money, and suddenly things become sluggish. Wouldn’t it be frustrating? That’s why you should always check for the ease of money deposit and withdrawal on a trading platform.

Also, check for their money withdrawal claims. If your forex broker talks about instant withdrawals, but you spend an eternity to receive the money, you shouldn’t go for them.

Higher Stop-out Level

A higher stop-out level is a big no-no in forex trading. For those who don’t know, the stop-out level means the margin where the broker closes one or all of your open positions automatically. If your broker prefers a higher stop-out level, your position may run unless you have nothing in your account. So, beware of brokers with such stop-out levels.

Error-prone Website

If your forex trader has an error-prone website, and they haven’t fixed it even after your complaints, that’s a big turn-off. While occasional maintenance and speed issues are acceptable, this repetitive behavior is not acceptable. Instead, it can make your trading experience more troublesome. Whether it’s managing accounts or logging in, you may face issues everywhere. So, take a quick look at the broker’s website and check for these loopholes.

So, these are the six things you should watch out for you in a forex broker. Note these points and stay safe from the red flags.

Nigeria Should Maximize Immigration For Growth Says World Bank

Malaria Vaccine: NAFDAC To Conduct Clinical Trials

April 26, 2023

Professor Mojisola Adeyeye, Director General of the National Agency for Food and Drug Administration and Control (NAFDAC), has stated that the clearance procedure for the R21/Matrix-M malaria vaccine needed more clinical trials before its full use.

Adeyeye stated on a Wednesday program that improvement in a country’s governance is a role in the persistence of malaria in Africa.

She noted that the availability of the vaccine is critical for transmission prevention, and that NAFDAC will conduct its own tests, trials, and levels of approval.

“The clinical trial will begin within the next six weeks. The RTS,S did not include Nigeria, because from the beginning the effectiveness was 30 percent, so we did not agree to join the clinical trial,” the NAFDAC boss said.

“For the R21, after reading the dossier, I believe Nigeria should join. This is because we have a high probability of success. If something is 75 percent effective from the beginning, then we know they are very likely to be successful. It has 75 percent effectiveness for a malaria vaccine, which is great.”

Adeyeye stated that phase four clinical studies and additional laboratory work would be carried out.

“However, it is not what is written only that we know as the efficacy; we have to check every line of the dossier to ensure that science speaks. This is science-driven. What we did was to have two sets of review,” she said.

“We are going to do phase four clinical trials; it should be tested in our country. We are going to do more observation. This would involve more laboratory works, this cannot be administered until it goes through a testing process in the country before the transmission process.”

Adeyeye claimed that the vaccination focus is mostly on children, not adults, and that this was the limitation of the RTS,S malaria vaccine’s percentage efficacy.

“Even if it is only 30 percent of the children that will not die or the death would be prevented, that will be good enough. But we didn’t take that up as an agency to be part of the trial. This particular R21 had been submitted to WHO and they are going to be doing their own review,” she said.

“NAFDAC approved the R21 vaccine for children under five, specifically for those under three years. NAFDAC tested the second vaccine (RTSS) and was not found effective enough. Nigeria is part of this one, that is R21, we gave provisional approval after a very rigorous approval process.

“The 75 percent, I believe, is a great point or great efficacy to start with in terms of our own people. But the clinical trial will start very soon.

“I have been talking with the manufacturer, with the market authorisation holder in Nigeria. The clinical trial will begin very soon. The experts have suggested younger colleagues in the universities that will be part and parcel of the clinical trial,” she said.

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Nigerian Breweries Appoints New Chairman, Asue Ighodalo

April 26, 2023

Nigerian Breweries Plc has announced that after 17 years of meritorious service, its Chairman, Chief Kolawole B. Jamodu, CFR will retire from the Board and his position as Chairman of the Board with effect from April 30th, 2023.

Chief Jamodu joined the Board on March 1st, 2006, and became Chairman on January 1st, 2008. During his tenure, he played a significant role in the Company’s growth and transformation, that included various acquisitions and mergers between 2011 and 2014.

In line with the Board’s succession plan, the company is pleased to announce the appointment of Mr. Asue Ighodalo as the Non-Executive Chairman effective May 1st, 2023.

Mr. Ighodalo joined the Board on January 1st, 2022. He is a highly experienced lawyer with over 35 years of experience and a leading figure in corporate Nigeria. He currently serves as the chairman of Sterling Bank Plc and Levene Energy Group and sits on the board of Okomu Oil Palm Plc. He is the immediate past Chairman of the Nigerian Economic Summit Group.

The Board expresses its appreciation to Chief Kolawole B. Jamodu for his valuable contributions to the growth and success of the Company during his tenure. The Board also congratulates Mr. Asue Ighodalo on his appointment and wishes him success in his new role.

Effective May 1st, 2023, the Board of Directors of Nigerian Breweries will be composed of the following members: A. Ighodalo – Chairman; H. Essaadi (Dutch) – Managing Director/Chief Executive; Mrs. J. Anammah; Mrs. A.O. Aroyewun; S. Hiemstra (Dutch); Mrs. N.O. Nwuneli, MFR; Mrs. I.M. Omoigui Okauru, MFR; R. Pirmez (Belgian); I.A. Puri; B.A. Wessels Boer (Dutch); Mrs. Y. Yedikardesler (Turkish).

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Funding Disbursed To Boost Vaccine Access In Humanitarian, Fragile Settings

April 26, 2023

Millions of children living in some of the world’s hardest to reach communities are to get access to essential vaccines for the first time, thanks to funding from Gavi, the Vaccine Alliance’s Zero-Dose Immunization Programme (ZIP).

The push to reach ‘zero-dose’ children – those who have not received a single routine vaccine shot – is focused on two regions, the Horn of Africa and the Sahel and specifically in areas where children have traditionally been hard to reach through government programmes.

For the first time, the Gavi funding is being channeled through two international civil society organizations, the International Rescue Committee (IRC) and World Vision (the Sahel) which will in turn build the local partnerships and tailored approaches suitable for their respective regions.

“With millions of children systemically missing out on routine vaccines every year, these targeted investments will help us reach some of the hardest to reach children,” said Thabani Maphosa, Managing Director of Country Programmes Delivery at Gavi.

“The Zero-Dose Immunization Programme is taking on our toughest challenges, working with new partners and new innovations to access communities in humanitarian settings.”

The funding will support a number of projects and pilot programmes – and will also go towards the implementation of a learning agenda to identify and develop the best methods and practices to reach children living in fragile, conflict and cross-border settings.

Some of the projects include:

Permanent and mobile cross-border transit vaccination posts and outreach to insecure areas in Sudan to ensure that children living in areas outside government reach, as well as mobile populations and refugees in border-regions, receive immunisation services;
Leveraging Care Groups in Mali, CAR and Niger to empower communities to equitably reach every beneficiary household and boost demand for immunisation;
Fixed, mobile and extended outreach in Chad and Burkina Faso, complemented with a strategic Reach Every District/Community approach;
Integration of the ZIP project into the national health system using technology information system in Nigeria and Cameroon;
Research in Somalia to better understand health care providers’ perceptions of vaccines and immunisation and gender-related barriers to access;
Engaging community and religious leaders in South Sudan on the importance of vaccination in hard-to-reach areas;
Community dialogues with high-risk communities in Ethiopia, where there is a high prevalence of zero-dose children in remote rural areas, to help communicate and address barriers to immunisation.

“Through the generous funding by Gavi, the Vaccine Alliance, the International Rescue Committee (IRC) lead for Reaching Every Child in Humanitarian Setting (REACH) Consortia has rolled-out immunisation services in conflict, fragile, and cross border settings in the Horn of Africa,” said Shife Demissie, Project Director of the Gavi REACH program, International Rescue Committee.

“Already, 65,000 zero-dose and under-immunised children have received the diphtheria, pertussis, tetanus-containing vaccine (DTP) and over 160,000 children receiving measles-containing vaccine (MCV).

“The IRC is applying innovative approaches in these settings including optimising immunisation service points and context tailored delivery approaches to increase access. These include use of geo-spatial mapping, population data, and IOM’s Displacement Tracking Matrix; combining immunisation with key health and socio-economic services; negotiating humanitarian access for immunisation service provision; and utilising civil society-led models for effective, inclusive vaccination programs.”

“World Vision has extensive experience providing immunization services to communities in humanitarian and fragile settings and plans to reach – through this project – children in hard-to reach areas characterized by chronic armed conflict, climatic shocks, and mobile populations (IDPs, refugees, nomads),” said Chief of Party for Raise4Sahel, Dr Enrique Paz.

“World Vision’s approach to reaching zero-dose children include implementing emergency vaccination strategies, utilizing novel logistics equipment, and integrating Nutrition, WASH, Gender, Interfaith, and demand generation approaches. Led by World Vision, the Raise 4 Sahel Consortium partners will contribute their expertise to support innovative approaches to reaching zero-dose and under-immunised children.”

BizWatch Nigeria recalls that the World Health Organization (WHO), UNICEF, Gavi and The Bill & Melinda Gates Foundation, along with other global and national health partners, announced ‘The Big Catch-up’, a targeted global effort to boost vaccination among children following a decline in vaccination coverage driven by the COVID-19 pandemic.

ZIP will complement these efforts by targeting children that live outside of government reach and who continually miss out on immunisation.

The International Rescue Committee is working closely with Flowminder, IOM, ThinkPlace, and various local organisations and CSOs in Ethiopia, Somalia, South Sudan, and Sudan. World Vision is collaborating with the Africa Christian Health Association (ACHAP), Cameroon Baptist Convention Health Services (CBCHS), Association Evangelique pour la Sante au Tchad (AEST), Christian Health Association of Nigeria (Chan), Food for the Hungry, Dimagi, and Core Group alongside local partners, reaching 93 districts across Chad, Niger, Nigeria, CAR, Cameroon, Mali and Burkina Faso.

Gavi disbursed US$ 9 million in 2022 to fund the inception phase of ZIP, and this week is disbursing an additional US$ 28 million. The US$ 37 million funding is part of a total of US$ 100 million that Gavi has committed to the Zero-Dose Immunization Programme (ZIP).

ZIP falls under Gavi’s US$ 500 million Equity Accelerator Fund, dedicated to reducing the zero-dose burden in lower-income countries by investing in targeted initiatives. The remaining US $ 400 million is currently being channeled to Gavi-implementing countries to sustainably reach zero-dose children with a full range of vaccines through national immunisation programmes.

Reaching zero-dose children and improving routine immunisation coverage in underserved communities is critical as it can often be the first step towards comprehensive primary healthcare, allowing the most vulnerable populations to access essential health services.

‘The Big Catch-up’: WHO, Others Partner To Vaccinate Children

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Lagos Gets Electric Mass Transit Buses From Oando

April 26, 2023

Oando Clean Energy Limited, a member of the Oando Plc group announced the release of Electric mass transit buses for use in Lagos State on Tuesday, 25th April 2023.

In order to facilitate the effective implementation of an electric vehicle infrastructure ecosystem (electric buses, charging stations, and other supporting infrastructure) in the state and the development of a sustainable road transportation system, OCEL, and the Lagos Metropolitan Transport Authority signed a Memorandum of Understanding in 2022.

The organization stated that it obtained the vehicles through a partnership with Yutong, the biggest producer of electric vehicles in the world. In addition to receiving these electric buses, OCEL has also received the spare parts and charging stations required to ensure efficient operation.

Adewale Tinubu, Chairman of OCEL, commented on the development by saying, “Audacity and creativity have always been fundamental values in our journey to transform the future of Nigeria’s energy. This spirit, at the leading edge of pushing Nigeria toward achieving her net-zero targets, is what has brought us to this point today”.

Adewale continued saying, “The introduction of our electric mass transit buses and the creation of an ecosystem for EV infrastructure serves as a reminder that the only way to stay ahead of the curve is to constantly look for ways to advance and be fearless to take risks”.

“.The African proverb, “If you want to go fast, go alone; if you want to go far, go together,” is further supported by this project. Public-Private Partnerships were essential in advancing the project to this point and will be the driving force behind our nationwide expansion. I must applaud the Lagos State Government’s cooperative efforts through LAMATA in completing this project”, He said.

Further commenting Adewale said, “Beginning this project provides us with a platform to demonstrate to other states what is feasible, opens the door for engagements on customized solutions to meet their unique needs, and serves as a template for other organizations looking to foray into sustainable transportation”.

“This is a pivotal moment for Yutong”, says the managing director of Yutong West Africa, Mr. Frank Lee. It is the first time we have delivered electric mass transit buses to Sub-Saharan Africa, and it also marks the beginning of Nigeria’s extensive implementation of an electric-powered public road transportation system”.

Frank expressed himself saying, “We are thrilled to be beginning this journey in collaboration with Oando, a company with a track record of outstanding performance in the energy sector, and we hope to see a quick turnaround in our joint plans to advance all aspects of the nation’s transition to environmentally friendly vehicles, including the development of local capacity through the delivery of, and exposure to, extensive training programs for all stakeholders, from drivers to operators and regulators”.

He further said, “We now supply EVs to customers in the Middle East, Europe, South America, and Asia as a result of our entry into Sub-Saharan Africa. Our electric vehicles are exceptionally well suited for use as a public transportation option in Nigeria because of their cutting-edge technological capabilities and testing for various terrains”.

Additionally, Oando stated that action was consistent with the company’s strategic vision to decarbonize Nigeria’s transportation system and, as a result, improve the socioeconomic impact of travel within the nation.

“This initiative will convert the current ignition mass transit buses to electric, starting in Lagos State and eventually throughout the nation, over seven years and the rollout of over 12,000 buses.

A portion of the statement stated, “In the medium to long term, and consistent with our ambitions, our efforts in sustainable transport will improve air quality, enhance public health, enable the employment of at least 3,000 new drivers and an additional 2,000 workers to support bus maintenance, depot management, etc., as well as estimated economic cost savings of $2.6bn (3.6 per cent of Lagos’s GDP)”.

The organization went on to say that its EV roll-out plan is in line with the Nigeria Energy Transition Plan, specifically supporting the government’s plan for implementing EVs throughout Nigeria and its intention to increase local capacity in the medium term by erecting EV assembly plants.

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NB Plc Criticizes FG’s Proposed Increase In Excise Duty

April 26, 2023

Nigerian Breweries Reports Strong Performance With 84% Increase

The Nigerian Breweries, NB Plc has criticized the federal government’s proposed increase in excise duty on countrywide brewed goods, claiming it would exacerbate current challenges and have an impact on pricing.

The company also outlined some of the socioeconomic issues the new administration will need to deal with, including pressure on inflation, rising interest rates, foreign exchange, forex rates, and the implementation of a cashless policy and the redesign of the naira, among others.

The business outlook for 2023 and beyond depends on the government meeting the current excise roadmap (2022 to 2024), according to Managing Director/CEO of NB, Hans Essaadi, who was speaking at a pre-Annual General Meeting media briefing in Lagos.

Increases in excise taxes that are abrupt and sharp will backfire and eventually damage investor confidence. Increased government revenue is significantly influenced by a stable and predictable excise roadmap.

The expectation that excise duty would be increased, which would likely result in price increases, indicates that 2023 will likely be another difficult year. On this, we are already in communication with the authorities.

In addition, the country has been experiencing a cash shortage due to the difficulties we have been having with foreign exchange. All of these had a significant impact on social and commercial activities, and the brewery industry was not exempt, he claimed.

Regarding the future, Essaadi stated: “Despite this, we are well-positioned to navigate the challenges in the short term so that we can deliver long-term sustainable value to our shareholders.”

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IFC Ranks Guinness Nigeria Among Top Five Companies Promoting Gender Equality

April 26, 2023

The International Finance Corporation (IFC) has ranked Guinness Nigeria Plc. as one of the top five companies in Nigeria with a gender-balanced workforce.

According to an IFC diversity and inclusion assessment, Guinness, Nigeria’s top total beverage company, has excelled with its inclusivity programs in the country’s fast-moving consumer goods (FMCG) industry.

After evaluating the thirty most capitalized companies listed on the Nigeria Exchange Limited, NGS, Guinness Nigeria reached this milestone.

Equileap conducted the evaluation using the Equileap Scorecard.

Guinness Nigeria, the only business among those evaluated to offer 26 weeks (6 months) of fully paid maternity leave and 4 weeks of fully paid paternity leave, was named the Best Company for Parental Leave and was cited in best practices.

The business made the list of the 10% of businesses in the category of Gender Balance in Leadership and Workforce that achieved gender balance at the executive level (40%-60% women or men).

Additionally, Guinness Nigeria was listed among the 40% of businesses that had created 7 out of 8 gender equality policies.

John Musunga, the managing director of Guinness Nigeria Plc, responded to the recognition by highlighting the company’s commitment to the policy of building a truly diverse and inclusive workforce in order to reflect its pride in following strictly to the standards, strategic policies, and the company’s ambition.

“The conditions for us to respect the distinctive contributions each employee makes to the team are established by our values, purpose, and standards. As a business, we treat our employees fairly to demonstrate our opposition to workplace discrimination”, said John.

“Making the top five in the IFC’s assessment of the diversity and inclusion gap demonstrates that there is something Nigeria is doing well” he continued.

By working together with organizations like the World Federation of Advertisers’ Diversity and Inclusion Taskforce and the United Nations Unstereotype Alliance, we are able to grow a sustainable business in our communities.

John noted that “being the only FMCG company in the top five confirms our standards and beliefs in a fair system where no one feels excluded. At Guinness Nigeria Plc, we’ll keep working to raise the bar and improve our achievements in diversity and inclusion”.

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MultiChoice Nigeria Increases Price Of GOtv, DStv Subscriptions

April 26, 2023

MultiChoice Nigeria Increased Price Of GOtv, DStv

MultiChoice Nigeria alerted its consumers via message on Tuesday of an increase in the rates of its DStv and GOtv packages.

The revised tariffs will go into effect on May 1, 2023.

According to MultiChoice, the price increase, which will take effect on May 1, 2023, is due to increased business operating costs.

“Please note that from May 1, your monthly subscription (premium) will be N24,500. To retain your old price of N21,000 for up to 12 months ensure you are active by April 30,” the text message reads.

With the new rate increase, the monthly cost of the Compact+ bouquet would rise to N16,600 from N14,250.

Subscribers to the Compact bouquet will now pay N10,500 instead of N9,000, while those on the Confam package will pay N6,200 instead of N5,300.

Viewers on the DStv Yanga and Padi bouquets would pay N3,500 and N2,500, respectively, as opposed to N2,950 and N2,150 previously.

Meanwhile, GOtv Supa subscribers will now pay N6,400 instead of N5,500, while GOtv Max subscribers will pay N4,850 instead of N4,150.

Furthermore, the GOtv Jolli package price would climb from N2,800 to N3,300, while the GOtv Jinja and GOtv Lite packages will rise from N1,900 to N2,250 and from N900 to N1,100, respectively.

Despite the pricing increases, MultiChoice Nigeria offered a price lock to subscribers who renewed their subscriptions before their expiration dates.

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Nigerians Grumble As MultiChoice Upgrades DStv And GOtv Subscription

April 26, 2023

The increase in DStv and GOtv subscription prices by MultiChoice has angered Nigerians.

In light of rising operating costs, some pay television providers in the nation have adjusted their rates.

Few days after Chinese-owned StarTimes, which operates as a television provider, announced new prices for its packages, MultiChoice Nigeria had previously announced new tariffs.

MultiChoice informed its customers via text messages that the cost of its DSTV and GOTV packages would be increasing by 17%. It specified that the new rates would go into effect on May 1, 2023, and it gave an explanation of why there had been an increase in costs for business operations.

“Dear Customer, Please Note That From May 1, Your Monthly Subscription (Premium) Will Be N24,500,” reads a portion of the message that was sent to the decoders of DStv Premium subscribers. Make sure you are active by April 30 if you want to keep your old price of N21,000 for up to 12 months.

Additionally, under the new system, the monthly cost of the Compact+ bouquet would increase to N16,600 from N14,250. Subscribers to the Compact bouquet would pay N10,500 instead of N9,000 under the new pricing regime, while Confam subscribers would pay N6,200 instead of N5,300.

Instead of paying N2,950 and N2,150, those with DStv Yanga and Padi would pay N3,500 and N2,500, respectively.

Subscribers to the GOtv service would pay N6,400 for the GOtv Supa package as opposed to N5,500, and N4,850 for the GOtv Max package as opposed to N4,150.

Subscribers to GOtv Jolli will begin paying N3,300 instead of N2,800, and the rates for GOtv Jinja and GOtv Lite will also increase from N1,900 to N2,250 and N900 to N1,100, respectively.

MultiChoice Nigeria has, as usual, offered a price lock to customers who renew their subscriptions before the due dates in order to lessen the impact of the price review.

If customers choose to pay monthly before their subscriptions expire, they can pay the old rates for 12 months. Similar to that, it gives subscribers the chance to pay the old rates while still within the year before the new prices take effect.

According to a price comparison by nation, South African DStv Premium subscribers would pay 879 Rands ($48.48 at 18.1 Rand to the dollar), whereas Nigerian DStv Premium subscribers would pay the equivalent of $33.11 (N740 to a dollar).

Nigerian Compact + subscribers will pay a monthly fee of N16,600 ($22.43), whereas South African subscribers will pay 579 Rand ($31.94). It was also discovered that compact customers in Nigeria will pay the equivalent of $14.19 (N10,500).

Kenyan subscribers will pay KES 9,500 ($70.06), KES 5,900 ($43.51), and KES 3,300 ($24.34) for each of the three bouquets, respectively.

However, Nigerians have been vocal about their displeasure with the decision since MultiChoice announced the increase in subscription rates.

Some of the comments are: “I don’t even object to DSTV raising their prices; it’s the stagnant content that irritates me. In addition to football, news, and music, they frequently rerun old documentaries and reality television programs. Also, Showmax requires additional payment”.

“This is completely absurd. Now that they are aware of the struggles of Nigerians, how on earth are they managing? Does anyone know of any DSTV alternatives? They dare to write “Nigeria only” When I am barely making $9,000 a month, I cannot pay $10,000 five hundred.

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Savannah Signs Memorandum Of Agreement With The Government Of Cameroon For The 75 MW Bini A Warak Hydroelectric Project

April 26, 2023

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter is pleased to announce the signing of a Memorandum of Agreement (“MOA”) by Savannah Energy RCM Limited, a wholly owned subsidiary of Savannah, with the Government of the Republic of Cameroon (the “Government”) for the development of the Bini a Warak Hydroelectric Project (the “Bini Project”) located in the northern Adamawa Region of Cameroon.

A signing ceremony was held today in Yaounde, attended by His Excellency Gaston Eloundou Essomba, Minister of Water and Energy for the Republic of Cameroon, His Excellency Dr Christian Dennys-McClure, British High Commissioner to the Republic of Cameroon and Andrew Knott, Chief Executive Officer of Savannah.

The 75 megawatts (“MW”) Bini Project is expected to provide clean, stable and affordable power to Cameroon’s northern region. This is anticipated to support both existing local electricity demand and enable a number of energy-intensive industrial projects, principally in the cement and metallurgy industries, within the region.

The Bini Project is expected to increase current on-grid electricity generation capacity in northern Cameroon by over 50%. There is also the potential for power to be dispatched into Cameroon’s southern electricity grid, upon completion of the interconnection, financed by the World Bank, of the northern and southern electricity networks currently planned by the Government for 2026.

The Bini Project involves the construction of a dam on the Bini River, together with an 82km² reservoir and associated tunnels, powerhouses, substations and a 225 Kilovolt transmission line connecting the Bini Project to Cameroon’s northern electricity grid. It is intended to be developed on an independent power project basis with project sanction expected in 2024 and first power targeted in the 2027 to 2028 window.

Under the terms of the MOA, Savannah plans to supplement existing feasibility studies and work with power industry authorities and development finance institutions to finalise the development, financing and resumption of construction of the Bini Project.

Savannah expects to fund the Bini Project from a combination of its own internally generated cashflows and project-specific debt.

His Excellency, Gaston Eloundou Essomba, the Minister of Water and Energy for the Republic of Cameroon, said:

“The Government is delighted to partner with Savannah Energy in order to deliver clean and affordable electricity to support our industrialisation plans for northern Cameroon. The Bini Project will address the current electricity shortages caused by the hydrology deficit of the Ladgo Dam and reduce the consequent reliance on expensive thermal generated power in the region.

Our partnership with Savannah is in line with our long-term “Vision 2035″ Master Plan for increasing the electrification in the country and the National Strategy for Development 2020-2030. The decision to invest in the Bini Project is a clear indication of the confidence Savannah has in our country’s potential and our legal frameworks for investment. As a government, we will provide all the support needed to enable Savannah to deliver first power from this exciting project in the 2027 to 2028 window.”

His Excellency, Dr Christian Dennys-McClure, British High Commissioner to the Republic of Cameroon, said:

“I am delighted that a British company, Savannah Energy, is making such a substantial investment in renewable energy in Cameroon. Cameroon has plentiful hydropower resources which, through investments like this, can be harnessed to develop the economy and improve the lives of millions of Cameroonians. This is a further example of the United Kingdom’s commitment to Cameroon.”

Andrew Knott, CEO of Savannah Energy, said:

“I am delighted to announce the signing of the Bini a Warak MOA. The Bini Project is expected to provide clean, stable and affordable power to northern Cameroon that will support both households and industrial projects in the region. It is exactly the sort of high developmental economic impact project that our renewable power division is seeking to deliver. I would like to thank the Government of Cameroon and, in particular, His Excellency Gaston Eloundou Essomba Minister of Water and Energy for the strong support we have received in relation to Savannah taking over the development of the Bini Project. We look forward to working with the Government of Cameroon and our intended developmental finance partners as we move this project through the development and construction phases towards the intended first power in 2027 to 2028.

As a company, Savannah is seeking to continue to expand in Cameroon and we will continue to review other potential investment opportunities in the energy and sector. We expect the Bini Project will make a key contribution towards the attainment of Savannah Group’s targeted 1GW of renewable energy projects in motion by the end of 2023.”

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IWD 2023: Olam Agri’s inspiring Gender Equality, Inclusion Initiative

April 26, 2023

The annual International Women’s Day Celebrations (IWD) presents an opportunity to celebrate the impressive achievements of women. It draws attention to women’s economic, social, cultural, and political contributions across communities. It recognises the progress that has been recorded in creating a level playing field for both the male and female genders to advance their careers in whatever industries they choose.

The world over, women’s role in society is fast evolving. More women are going to college, taking up employment outside the home, climbing up the ladder in the workplace, and making significant contributions to the global economy. It is reported that 10 percent of Fortune 500 companies are presently being led by women. Women’s sports are also gaining more traction as seen in the wild celebrations that followed the English Women’s football team’s triumph at the Euro Cup in 2022.

Narrowing this down to Africa, there has been an improvement in women’s participation in the economy and politics. Notably, about 20 percent of the African Union (AU) member states have accomplished a 30 percent women’s representation in parliament. Strategic state administrative roles in finance, defence and foreign affairs, which were usually filled by men, are being occupied by women in some states on the continent. The remarkable leap in the female gender’s socioeconomic participation in Africa is not unattached to the segment’s access to formal education, vocational training, and adoption of technology on a wider scale.

Hence, to commemorate IWD, businesses, governments, and regional and global agencies unfurled their women empowerment credentials as well as spotlighted the women driving change and providing inspiration for others in the category. Olam Agri in Nigeria, a leading agribusiness, chose the commemorative day to demonstrate its commitment to providing opportunities for women to access equal opportunities and positively impact society.

One of the pillars of the agribusiness Seeds for the Future (SFTF) Foundation’s corporate social and sustainability drive is economic empowerment of women. The firm’s women empowerment focus has seen it embark on strategic empowerment programmes comprising equipping women with baking skills, supporting female smallholder farmers with irrigation facilities, and sponsoring women to acquire useful certifications, such as the one offered by National Business and Technical (NABTECH) board to women bakers.

To commemorate the 2023 IWD, the agribusiness chose to fete and celebrate the extraordinary achievements of its female staff members under the ‘Supercharger’ and Globally Reaching Olam Women (GROW) initiatives.

The Olam Agri ‘Supercharger’ initiative is targeted at recognising high-performing staff members who are leveraging their job roles and responsibilities to make meaningful impact on the business. These women are seen as rare breeds who constantly suggest more efficient ways of getting work done, serve as role models, leaders, and coaches, promote positive energy, and demonstrate integrity, accountability, a growth mindset, respect for others and responsiveness at the workplace.

The women who emerged as ‘Superchargers’ for March 2023 and were celebrated as part of the IWD commemoration are Ayotomilola Oyebanji, Uduak Joshua Eyo-Ansa, Oluwakemi Oni Human Resource Managers in the Group’s Animal Feeds’ business, Jimoh Rasheedat, a Microbiologist in the Quality Control unit. These women are growing leaders who have taken up the opportunity availed them to make impactful contributions to the business.

Elated by the recognition, Ayotomilola captured the mood of the three other women superchargers. According to her, “We are so excited to be recognised for our contributions to the business. Olam Agri motivates its staff members to grow. The business is always willing to recognise and celebrate everyone notwithstanding gender. The ‘supercharger’ recognition will inspire me and my colleagues to perform even better in our roles.”

Speaking about the business’ gender equality focus and IWD commemoration, Ashish Pande, the Country Head for Olam Agri in Nigeria, said, “When you empower a woman, you are indirectly empowering a nation. We understand the role of women in achieving growth. We support our women with access to the right tools, capacity-building trainings, and growth opportunities that are necessary to advance their careers and lives.”

“We are proud to have some of the women emerge as superchargers in commemoration of the 2023 International Women’s Day. Superchargers are high-performing staff members who leverage their roles to drive organisational strategy & growth,” he added.

Jaideep Biswas, the Regional Head of Human Resources at Olam Agri, commented, “We prioritise diversity and equal opportunities for all our staff members. Of course, that is one of the reasons we have been recognised as an Employer of Choice by the Top Employer Institute for three consecutive years. It is a delight to see our women thriving in their roles as we provide them with the right tools and environment to make useful contributions to the organisation and advance their careers.”

Olam Agri continues to provide valuable pathways for women to advance their socioeconomic relevance.

Without a doubt, recognising women’s contribution to their sector is vital to inspiring more women to raise their productivity levels. Such recognition holds a huge advantage, and the impact would be felt on the nation’s GDP.

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Nigeria Should Maximize Immigration For Growth Says World Bank

April 26, 2023

April 25th 2023, World Bank urged Nigeria to take action to maximize the economic benefits of the growing “Japa Syndrome” wave of immigration out of the nation.

The World Bank advised Nigeria and other ‘Origin Countries’ to explicitly include labor migration in their development strategies in a report titled, “World Development Report 2023: Migrants, Refugees, and Societies.”

In order to promote development, origin countries should actively manage migration. According to the World Bank, they should explicitly include labor migration in their development strategy.

The World Bank recommended to Nigeria and other Origin Countries to lower remittance costs, facilitate knowledge transfers from their diaspora, develop skills that are in high demand worldwide, reduce the negative effects of “brain drain,” protect their citizens while they are abroad, and assist them when they return.

Countries that welcome immigrants should do so in areas where the skills they bring are in high demand, make it easier for them to integrate, and address any social issues that worry their citizens. Refugees should be allowed to travel, find employment, and use local services wherever they are available.

It stated that, “To turn migration into a powerful force for development, international cooperation is necessary. The compatibility of immigrants’ skills with the needs of their new societies can be improved through bilateral cooperation”.

The World Bank report emphasizes, among other things, how urgent it is to improve migration management.

It also stated that “Policymakers’ objectives should be to protect refugees and lessen the need for displaced movements while enhancing the match between migrant workers’ skills and the demand in destination societies”.

For policymakers, the report offers a framework on how to proceed.

Axel van Trotsenburg, Senior Managing Director of the World Bank, commented saying, “Migration can be a strong force for prosperity and development. It benefits everyone, both in the societies of origin and destination, when it is managed properly.”

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Low-skilled Nigerian Migrants In The US Increase their Income By 1,500% – World Bank

April 26, 2023

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According to data from the World Bank, low-skilled Nigerians who immigrated to the US saw a 1,500% increase in their income.

The World Development Report 2023: Migrants, Refugees, and Societies, which was published on Tuesday and made available online by the World Bank, included this.

According to the report, those who migrated from low-income to high-income countries stood to benefit the most from their decision.

It said, “Migrating from low- to high-income countries offers the greatest potential gains. Results are also influenced by the labor market at the destination.

Gains vary according to a migrant’s skills, gender, age, and language proficiency. Low-skilled workers also see an immense rise in their income, even though high-skilled workers’ gains are greater in total terms than low-skilled workers’ gains.

“For instance, moving to the United States increases the earnings of low-skilled Yemenis and Nigerians by about 15 times. When low-skilled workers relocate from a society with high socioeconomic inequalities to one with fewer inequalities and where the wage gap between low- and high-skilled workers is smaller, they are more likely to experience gains.

The countries with the highest gains for low-skilled migrants are Yemen (over 1,500%), Nigeria (almost 1,500%), and Egypt (over 1000%), according to a graph illustrating the increase.

It was noted that, particularly for low-skilled workers, income increases can occasionally be partially offset by the financial burdens of relocation.

According to the report, “Migrants encounter a range of expenses prior to their departure, from the job information and job matching fees they pay to intermediary agents to legal compliance or documentation fees (for a visa/sponsorship, medical tests, and security clearance), transportation costs, and pre-departure training costs they must pay”.

It further stated that “These expenses are typically paid for by the workers in low-skilled migration, which goes against the concept of equitable hiring. Many low-skilled workers are unable to take advantage of migration opportunities because of these costs, which tend to rise with the length of contracts”.

Furthermore, it was mentioned that Nigeria is a significant migration hub, with 1.7 million emigrants and nearly 1.3 million immigrants calling Nigeria home.

The study also showed that remittance-receiving households in Nigeria invest more in agrochemicals and planting supplies, and their farms produce more.

However, it made note of the fact that in Nigeria, remittance inflows increased by almost 10 times in a single year before falling off, despite the fact that economic fundamentals indicate they should have continued to rise.

The report added that 3.2 million of the 59.1 million IDPs are from Nigeria and nine other nations, making up more than two-thirds of the total.

Despite a drop in fertility from 6.4 to 5.1, it was further noted that Nigeria is expected to increase its population from 213 million to 791 million by the end of the century, overtaking India as the second-most populous nation in the world.

NGX Foreign Transactions Worsen By 53% – Report

Access Bank, UBA, GTCO Record N7.19trn USSD Transactions

April 26, 2023

Access Holdings Plc, United Bank for Africa Plc (UBA), and Guaranty Trust Holding Plc (GTCO), have recorded a combined N7.19 trillion Unstructured Supplementary Service Data (USSD) transactions in 2022.

For GTCO, its USSD transactions dropped to N3.21trillion in 2022, a decline of 22 per cent, while UBA announced N1.56trillion USSD transactions in 2022 from N1.15trillion in 2021.

Access Holdings reported N2.4trillion USSD transactions in 2022, an increase of 26.3 per cent from N1.92 trillion in 2021.

For GTCO, it announced 972 million volume of USSD transactions in 2022, an increase of one per cent from 966.9 million in 2021.

In the year under review, GTCO reported N32.8 trillion mobile banking transactions, an increase of 28 per cent from N25.6trillion in 2021 as volume of mobile banking transactions hits 490.6 million in 2022, a growth of 18 per cent from 414.1 million reported in 2021.

The Group in a statement said, “Increased adoption of electronic banking platforms with strong growth in both volume and value of Mobile Banking.

“28 per cent year-on-year growth in Mobile Banking value grew from N25.8 trillion in 2021 to N32.8 trillion in 2022 on the back of an 18 per cent increase in volume from N414.1 million to N490.6 million from new users on the platforms.”

The report added that transactions on internet banking dropped by six per cent to N2.62 trillion in 2022 from N2.78 trillion in 2021, as volume of internet banking significantly dropped to 8.8 million, 20 per cent below 11.1millin reported in 2021.

“The value of internet banking transactions declined but remained strong at N2.62 trillion, ”the Group explained.

Investigation revealed that the Group announced N23.2 billion income from electronic -banking transactions in 2022 from N21.08 billion in 2021, while commission on touch points dropped to N2.25 billion in 2022 from N2.48 billion reported in 2021.