Lagos, Nigeria: Leading telecommunications service provider, Airtel Nigeria, has announced the appointment of two directors to join its executive leadership team.
The company named Kemi Ariyo as the new Director of Information and Technology and Harmanpreet Singh Dhillon as Director of Network Transformation and Planning.
According to Airtel, both appointments are set to bring about a new era of innovation and growth within the business.
Speaking on the recent appointments, Chief Executive Officer, Airtel Nigeria, Carl Cruz, said the notably experienced Kemi Ariyo will play a pivotal role in driving Airtel Nigeria’s digital transformation efforts and the company is pleased to elevate an excellent female leader within its ranks to the position.
On his part, Cruz stated that Mr. Harmanpreet will spearhead the telecom giant’s network transformation initiatives, geared towards strengthening its infrastructure and ensuring steady services for subscribers.
“We are thrilled to welcome Kemi and Harmanpreet on board. Their in-depth expertise and experience will be invaluable in driving our technological transformation and delivering exceptional experiences to our over 60 million users. We are confident that, with their experience and expertise, Airtel will continue to innovate and stay ahead while developing cutting-edge solutions to meet the evolving needs of our customers,” Cruz said.
Harmanpreet Singh Dhillon, the company revealed, brings an impressive background experience of over 23 years in the telecommunications industry and a passion for driving technological advancements.
Previously, he had served in various capacities across different organizations, including Vodafone, Nokia, Huawei, and was Chief Technology Officer at One Airtel in Karnataka, India, where he was responsible for leading the technology strategy, forecasting, expansion, operations, cost optimization, and capex planning for the networks team.
Kemi Ariyo also brings years of cross-industry and cross-continental career experience across the IT value-chain with a track record of providing technical solutions geared towards service efficiency, customer experience, and business profitability.
Her contribution to Airtel started from her days as a Business Operations Analyst, under the management service at IBM, where she moved into several leadership roles until she fully joined Airtel in 2017.
Recall that Airtel recently completed the first batch of staff promotions for its financial year 2023/24. This promotion cycle saw the elevation of no fewer than 20 employees into senior leadership roles, out of whom three were women, and one out of these women was elevated to a vice president position.
Airtel Nigeria Appoints Kemi Ariyo And Dhillon Hermanpreet As Directors
Greenwood House School Announces Maiden Edition Of Annual Parent’s Conference
Greenwood House School, a dynamic nursery and primary school in Lagos, has announced its plans to host the maiden edition of an annual parent’s conference.
Themed “Navigating the Complexities of Parenthood”, the conference scheduled for Monday, 18th September 2023 at Civic Center, is set to provide an essential platform for key stakeholders to discourse and collaborate on ways to better connect with the younger generation in line with the changes to society.
The upcoming conference works in tangent with GHS’s mission which is to work together with parents to reach the full potential of their wards educationally, morally, and socially – in a more conducive environment.
The event will feature key speakers from various sectors including psychologists, paediatricians, key opinion leaders, family-centric influencers, and IT experts all to discuss enrichment and intervention strategies to support students, highlight issues affecting their learning and growth, and analyze the intricacies of parenting the most globally connected generation.
Mrs Folasade Adefisayo, Commissioner of Education, Lagos State, will be in attendance as a special guest, alongside Mrs Olajumoke Adenowo, an award-winning architect and founder of Awesome Treasures Foundation, a UN-recognised faith-based NGO, as the keynote speaker.
Speaking about the upcoming conference, Dr Ekua Abudu, Founder of Greenwood House School, said, “The world is ever-changing and parenting has become more challenging than ever before. Our children, through technology, have unregulated access to a world beyond their fingertips.
A world where we cannot effectively control what they are exposed to, and where they are fed content and lifestyle ill-compatible with our family values. As a result, we as parents and adults have to come together and explore new ways to better parent the next generation – Generation Alpha. This is what the parent’s conference is all about – all stakeholders working together to transform parenthood.”
The event will be moderated by Nicole Chikwe and Jayne Augoye (Fabmum), both prominent parenting influencers in the digital space, and will feature panel sessions concerning key topics including:
• Communication
• Technology and social media
• Early Years Foundation Stage (EYFS)
• Confronting Bullying, and
• Identifying and addressing antisocial behaviour
The parent’s conference by Greenwood House School is set to be a platform for parents, guardians, and other stakeholders to learn better ways of parenting, thereby raising value-driven children which will in turn translate into healthier families and a better society.
Sustainability Report 2022: Building A Future-Fit, Resilient Interplex
Specialist in advanced design and manufacturing of customized connectors and high precision product solutions, Interplex has released its Sustainability Report 2022. Key highlights of the report include energy-efficient LED lighting and the reduction of single-use plastic.
The report details the company’s progress toward its environmental, social, and governance (ESG) ambitions, commitments, and targets. Interplex once again earns the EcoVadis platinum rating, placing it among the top 1% of the companies assessed. Interplex has also been recognized at the Asia Sustainability Reporting Awards 2022.
“Our commitment is to maintain our position as a leader in interconnect solutions by embedding sustainability in everything we do,” says Interplex Group Chief Executive Officer, Alessandro Perrotta. “In 2022, we revitalized our sustainability approach to focus on six strategic pillars that prioritize driving innovation, quality excellence, environmental stewardship, people excellence, sustainable procurement, and good governance.”
“At Interplex, our sustainability strategy is focused on delivering measurable positive value for our stakeholders,” adds Interplex Chief Sustainability Officer Nantha Kumar Chandran. “This positive value is achieved by adopting measures that emphasize minimizing our environmental impact.”
By the end of 2022, 89% of the company’s manufacturing facilities had obtained ISO 14001:2015 certification for environmental management systems. In addition, the company switched to energy-efficient LED lighting in 97% of its facilities. Since 2019, Interplex has lowered its overall CO₂ intensity by 9.7%. By reducing single-use plastic the company has eliminated approximately 2.15 tons of plastic waste every year: an improvement of 85%.
As a WASH Pledge signatory, Interplex remains committed to implementing and supporting access to safe water, sanitation, and hygiene. Its drive to conserve water has resulted in a 43% reduction in water usage from the 2019 base year, maintaining its CDP Water B rating.
The health and safety of employees and contractors remain a top priority for Interplex. In FY2022, the company reduced injury incidents by 23% compared to FY2021. During the same period, 42.9% of our locations had zero injuries.
In the pursuit of long-term, sustainable business growth, Interplex believes that adopting a principles-based approach and adhering to high standards of ethics and integrity are fundamental. The company’s code of conduct along with supporting policies and measures continues to guide its actions within its operations and how it interacts with customers, suppliers, business partners, and all stakeholders.
Water And Juice Debate: Which Is Better For The Body?
In a world where health-conscious choices dominate our daily routines, the debate over what we should drink to maintain our well-being has become increasingly significant.
On one side, we have the timeless and ever-reliable option of water, while on the other, we have the tantalizing allure of fruit juices. It’s a battle that has been raging for years, and it’s time to dive deep into the water and juice debate to discover which is truly better for the body.
The Clear Champion: Water
Water, the elixir of life, has been cherished by civilizations for centuries. It’s an essential component of our existence, making up roughly 60% of our body weight. Let’s explore why it’s the go-to beverage for many health enthusiasts.
- Hydration: Water is unmatched when it comes to hydration. It’s readily absorbed by the body, quenching your thirst and helping maintain bodily functions like temperature regulation, digestion, and circulation. Adequate hydration is essential for overall health.
- Calorie-Free: Water is a calorie-free beverage, making it an ideal choice for those watching their weight. Unlike many juices, water won’t contribute to unwanted calorie intake.
- Teeth and Gum Health: Water doesn’t contain acids or sugars that can harm your teeth and gums, a problem often associated with sugary juices.
- Versatility: Water can be consumed in its purest form or infused with fruits, herbs, or vegetables to add a hint of flavor without the added sugars and calories found in many juices.
- Cost-Effective: It’s widely available and economical, making it accessible to all.
The Tempting Contender: Fruit Juice
Fruit juices, often marketed as a natural and healthy choice, present an appealing alternative to water. However, they come with their own set of considerations.
- Nutrient Content: Fruit juices can be rich in essential vitamins and minerals, such as vitamin C and potassium, depending on the fruit used. These nutrients are beneficial for overall health.
- Antioxidants: Some juices, like pomegranate and blueberry, are packed with antioxidants that may help fight inflammation and reduce the risk of chronic diseases.
- Flavor: The taste of fruit juice can be incredibly enjoyable, making it easier for some to stay hydrated.
- Energy Boost: The natural sugars in fruit juices can provide a quick energy boost, which can be advantageous before or after physical activities.
- Variety: The wide array of available flavors allows for versatility and experimentation.
However, it’s important to consider the downsides:
- Sugar Content: Many commercial fruit juices are loaded with added sugars, which can contribute to weight gain and dental issues. Even 100% fruit juices contain natural sugars that can add up quickly.
- Calories: Fruit juices can be calorie-dense, especially in larger servings.
- Lack of Fiber: Unlike whole fruits, juices often lack dietary fiber, which plays a crucial role in digestion and satiety.
- Digestive Issues: Excessive fruit juice consumption can lead to digestive discomfort for some individuals, due to the high sugar content.
The Verdict
While both water and fruit juice have their merits, it’s clear that water emerges as the undisputed champion when it comes to hydration and overall health. It’s essential for maintaining bodily functions, calorie-free, and readily available. When you need to quench your thirst and stay hydrated, water is the ultimate choice.
Fruit juice, on the other hand, can provide some essential nutrients and antioxidants, but it should be consumed in moderation due to its potential for high sugar and calorie content. If you opt for fruit juice, consider diluting it with water to reduce its sugar concentration.
In the end, the water and juice debate can be summed up by emphasizing moderation and balance. Water should be your primary source of hydration, while fruit juice can be enjoyed occasionally as a flavorful treat, as long as you’re mindful of its sugar and calorie content. Ultimately, the key to a healthy beverage choice is understanding your individual needs and making informed decisions that align with your health and wellness goals.
Hundreds Ride The Lagos Blue Line As Commercial Operations Begin
Governor Babajide Olusola Sanwo-Olu of Lagos State led hundreds of Lagosians, consisting of members of the public, the media, and other sectoral stakeholders to herald the commencement of commercial passenger operations of the first phase of the Lagos Blue Line rail services today, Monday, September 4, 2023, with a train ride from the iconic Marina train station to the Mile 2 terminal station.
The Lagos Blue Line is one of the six identified Rail routes in the Lagos Rail Mass Transit (LRMT) Masterplan designed to alleviate challenges of mass transit across the city of Lagos. It would be recalled that the electricity powered high-speed metro train system was commissioned by former President Muhammadu Buhari on January 24, 2022, while the Lagos Metropolitan Area Transport Authority (LAMATA), through its Managing Director, Engineer Abimbola Akinajo, had announced the much-awaited take-off of passenger operations at a press conference on Wednesday, August 30, 2023.
The Governor, who attended the milestone occasion along with the Deputy Governor, Obafemi Hamzat; the First Lady, Dr. (Mrs.) Ibijoke Sanwo-Olu, and other dignitaries in the State expressed excitement over the commencement of the Blue Line rail saying, “It’s been a wonderful experience personally for me this morning, and for almost all the 500 passengers”.
Governor Sanwo-Olu assured Lagosians of maximum security, safety, and convenience on the train. “As you can see, the whole place is well secured. There are men of the Nigerian Police, there are Neighourhood Watch. And they also have private security operatives that are all there. The stations are clean, and we are all good to go. With your Cowry Card you are good to go. So, let’s go out there and get our Cowry Card and top it up so we can enjoy integrated urban mass transportation system that we have talked about”, he urged Lagosians.
Passengers are only allowed to get on the train with the Cowry Card or the LASSRA Identification Card. The Governor further announced a reduction in the fare on the train to N375 from the actual N750 fare for a complete trip along the first phase. This is with respect to the 50 percent discount subsidy palliative from the Lagos State Government to ease the burden of rising cost of living on Lagos residents.
The Governor also charged Lagosians to be safety conscious and conduct themselves with utmost care around the infrastructure, noting that the train tracks are electrified and therefore should not be crossed for any reason, neither for buying nor selling purposes.
Governor Sanwo-Olu took the opportunity to provide update to Lagosians on the first phase of the Red Line, another route of the LRMT running from Agbado to Oyingbo. “The Red Line is about 95 percent ready, and when it gets to 100 percent, we will commission it. We are certain that before the end of the year, we will commission the Red Line”, he said.
“By the end of this month we will start commissioning the bridges: Ikeja-Along Bridge, Oyingbo Bridge, Yaba Bridge, Mushin Bridge, Ayoola-Coker Bridge. We will start opening the bridges for vehicular movement”, he disclosed.
Three trains are available for the Blue Line operations now, with each having a capacity to move 1,000 passengers per trip and an estimated combined total of 150,000 passengers daily.
Daily services on the first phase of the Blue Line will start from 6:30 am for the Mile-2 to Marina trip, and 7:03 am for the return. With stops at the Alaba, Iganmu, and National Theatre stations, the 13-km stretch takes less than 30 minutes on the Lagos Blue Line.
BT Partners With SAP To Transform Carbon Emissions Visibility
SAP SE and BT Group today announce a visionary new partnership to show how carbon accounting could be standardised by piloting the recently launched SAP Sustainability Data Exchange (SDX).
SAP SDX enables BT Group to collect, trace and share carbon data across its own supplier base, providing unparalleled visibility into the carbon footprint of its products and services. BT can then share this information directly with business customers when they purchase products through SAP Business Network. Furthermore, BT can complement this with data-driven insights from its Digital Carbon Calculator and Carbon Network Dashboard to help customers optimise their own IT for both carbon and energy.
Key to BT’s Group’s decision to select SAP SDX was its adherence to the carbon data interoperability standards set by the Partnership for Carbon Transparency (PACT), hosted by the World Business Council for Sustainable Development (WBCSD). This means that global and UK business customers do not have to implement their own carbon accounting platforms to calculate, collate and share emissions data. Instead, they simply request it through SAP SDX for their BT products and services.
BT Group is the first UK organisation to adopt this process, sending a strong signal of intent to standardise sustainability reporting across global value chains, tackle Scope 3 emissions and drive environmental progress. This will also contribute to the delivery of the BT Group Manifesto pledge to help customers avoid 60 million tonnes of carbon dioxide emissions by 2030.
Sarwar Khan, Global Head of Digital Sustainability, Business, BT Group, said: “Typically, value chain emissions represent a greater proportion of a business’ carbon footprint than operational emissions. Tracking, measuring and acting on these and bringing more suppliers and partners on the journey will not just accelerate net-zero targets, but set a new precedent for sustainability reporting. Collaboration fuels progress and access to data is fundamental to getting it right.”
“The lack of standardisation in sustainability reporting has been a roadblock to progress for too long” commented Ryan Poggi, Managing Director of SAP UKI. “This creates confusion and an inability to validate real change. Our partnership with BT gives us an opportunity to refresh the guidelines and offers a blueprint for a universal standard in sustainability reporting. The aim is to create an environment for organisations to transparently tackle global challenges together.”
SAP SDX merges granular and accurate carbon data with financial transactions on the SAP Green Ledger. It provides businesses with unmatched insights into their environmental footprint and standardises how to communicate learnings and action across value chains. In adopting SAP SDX, BT Group can request product-level carbon data from key suppliers, support smaller partners to calculate their carbon footprint and securely share and standardise this information across its value chain. To build scale, BT Group is working with key partner Cisco to deploy SDX to receive product carbon data for core network devices, simplify and secure data exchange with business customers backed by its global connectivity services, and boost traceability.
Top 7 Reasons To Invest In The Nigerian Stock Market Early
In the hustling streets of Lagos, Nigeria, a new generation is emerging—one that is eager to break free from the financial constraints of the past and seize opportunities to build wealth.
Among the many avenues available, one stands out as a beacon of promise: the Nigerian Stock Market. While some may be hesitant, there are compelling reasons why young Nigerians should consider taking their first steps into the world of investing sooner rather than later.
- Compound Interest: The Power of Starting Early
Take for instance two friends, Tunde and Chika. Tunde starts investing in the Nigerian Stock Market at the age of 25, while Chika delays until she’s 35. Tunde consistently invests a modest sum each month, while Chika invests a larger amount to catch up. Despite Chika’s efforts, Tunde will likely end up with a significantly larger portfolio thanks to the magic of compound interest. By starting early, Tunde allows his investments to grow exponentially over time, ultimately reaping the rewards of his patience and discipline.
- Diversification and Risk Mitigation
The Nigerian Stock Market offers a wide array of investment options across various sectors, including finance, telecommunications, energy, and consumer goods. Young investors have the luxury of diversifying their portfolios to spread risk. Diversification helps protect against potential losses in any one stock or sector, making it a crucial strategy for long-term success. By investing in a mix of industries, young investors can create a well-balanced portfolio that can weather market fluctuations.
- Wealth Creation and Financial Independence
As young Nigerians strive for financial independence, the stock market provides an avenue for them to generate wealth. Investing in profitable companies allows individuals to participate in their success and share in the profits. Over time, these investments can grow into substantial assets, providing a source of passive income and financial stability. With prudent planning and disciplined investing, young people can work towards a brighter financial future.
- Access to Professional Expertise
The Nigerian Stock Market is supported by a network of financial institutions, brokers, and experts who can provide guidance and advice to young investors. Whether you’re a novice or experienced investor, there are resources available to help you make informed decisions. Seeking professional assistance can significantly improve your investment strategies and increase your chances of success.
- Supporting Economic Growth
Investing in the Nigerian Stock Market also contributes to the nation’s economic growth. By channeling funds into the market, young investors play a vital role in financing businesses and infrastructure development. This, in turn, stimulates economic activities, creates jobs, and fosters prosperity for the entire country.
- Adaptability and Technology
The Nigerian Stock Market has evolved with the times, embracing technology and offering online trading platforms that make it easier than ever for young investors to get started. You can buy and sell stocks from the comfort of your home, using mobile apps or web platforms. This accessibility makes it convenient for young individuals to participate in the market, even with busy schedules.
- Learning and Personal Growth
Investing in stocks is a continuous learning process. Young investors can gain valuable knowledge about financial markets, economics, and decision-making through their investment journeys. It encourages financial discipline, patience, and critical thinking skills. These skills are not only beneficial for managing investments but also for personal growth and decision-making in other aspects of life.
In conclusion, investing in the Nigerian Stock Market at a young age is a smart and forward-thinking choice. It empowers young Nigerians to build wealth, achieve financial independence, and contribute to the nation’s economic growth. With access to resources, professional expertise, and a commitment to disciplined investing, the youth of Nigeria can pave the way for a brighter and more prosperous future. So, don’t wait; start investing today, and watch your financial future flourish.
COP28 UAE Announces Largest Global Convening Of Business & Philanthropy Leaders Around Climate And Nature
The COP28 Presidency will host the Business & Philanthropy Climate Forum (BPCF) on December 1 and 2, held concurrently with the world leaders World Climate Action Summit. This CEO-level Forum will mobilize global business leaders and philanthropists to progress action in line with the COP28 Presidential Action Agenda to advance cross-sectoral progress around net zero and nature positive goals.
This first of a kind multi-stakeholder engagement strategy for climate and nature is driven by the UAE’s ambition to host a truly inclusive climate conference that marshals full and broad support with engagement from all regions of the world. The Forum will converge business and philanthropy leaders, along with policy makers, to ensure co-creation, collaboration, and acceleration to unlock solutions and drive bolder results.
Hosting the Forum in parallel with the Heads of State level World Climate Action Summit, the COP28 Presidency is determined to close the gaps between policy and practice, and accelerate climate action through cross-sectoral partnerships and collaboration.
Prominent leaders from business and philanthropy will gather at the forum, bringing their expertise and resources to deliver tangible climate and nature solutions at a global scale.
The Forum will address key climate priorities related to the COP28 Action Agenda, which includes fast-tracking a just and orderly energy transition; fixing climate finance; putting nature, lives and livelihoods at the heart of climate action; and underpinning everything with full inclusivity.
COP28 President-Designate Dr. Sultan Al Jaber said, “To disrupt business as usual and fix climate finance we need action from everyone. We are committed to underpinning everything at COP28 with full inclusivity and we want to bring together key stakeholders to work on collective solutions. That is why I am hosting the Business & Philanthropy Climate Forum to deliver concrete outcomes from the private and philanthropic sectors that can be presented at the highest levels of COP28. Businesses and philanthropists must play leading roles in meeting net zero pathways and delivering sustainable development and at COP28 they will have a platform to do so.”
The Forum will be chaired by the COP28 Special Representative for Business & Philanthropy, Badr Jafar, a businessman and philanthropy advocate, who also serves on the COP28 Advisory Committee.
Badr Jafar said, “The private sector holds the greatest promise to accelerate the accomplishment of our climate and nature global goals, which is why COP28 will ensure business and philanthropy are embraced as critical partners. The Business & Philanthropy Climate Forum provides this enabling platform for action, breaking down silos between sectors and connecting stakeholders from all regions of the world around game-changing outcomes underpinned by the COP28 Action Agenda. This is what is needed to deliver scalable solutions that can positively transform the lives of billions of people.”
COP28 will see the conclusion of the Global Stocktake, outlining gaps in implementation under the Paris Agreement. The COP28 Action Agenda is purposefully designed to accelerate implementation across each of the major workstreams. This includes mitigating emissions through a tripling of clean energy capacities and sectoral decarbonization. It also includes support to strengthen resilience and boost adaptation efforts by focusing on key sectors impacted by climate change, including health systems, food and water, nature and ecosystems, cities, and relief and recovery.
Aligned with the COP28 Action Agenda, Forum attendees will look at targeted solutions for accelerating technology transfer, de-risking green investments, enabling effective investment for nature conservation, developing ‘greenshots’ for large-scale catalytic action, enabling climate SMEs and startups, and investing in resilience for the most vulnerable, amongst other essential private sector outcomes.
The Forum is set to engage over 500 CEOs and philanthropists for a 90-minute flagship session on December 1 in the COP28 Blue Zone. Held under the theme of ‘Synergizing Business and Philanthropy: A New Paradigm for Climate & Nature Action’, this session will focus on how best to mobilize the experience and resources of the private sector to deliver meaningful action and unlock greater flows of private financing for the Global South.
The Forum will then move to the Green Zone Conference Center for afternoon sessions on December 1, under the theme of ‘Business & Philanthropy as Game Changers: Setting the Stage for Action’. Participants will gather for full-day sessions on December 2 at the Green Zone Conference Center on ‘Forging Pathways to Green Growth’.
The Forum will be held at the beginning of the two-week COP28 program that runs from 30 November to 12 December. The two-week agenda for COP28 was developed in consultation with stakeholders from around the world in a six-week open consultation – the first such approach taken by a COP Presidency.
COP28 Special Representative for Business & Philanthropy, Badr Jafar is CEO of Crescent Enterprises and is actively involved with a diverse range of organizations and initiatives focused on social entrepreneurship, international development, humanitarian aid, strategic philanthropy and corporate governance.
Notes to Editors COP28 UAE:
• COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
• As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
• The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.”
• The Business & Philanthropy Climate Forum is COP28’s private sector engagement platform to convene and engage business leaders and philanthropists from around the world.
African Oil Production Encounters Multiple Challenges In Second Quarter 2023, Remains Resilient
Africa plays a vital role in the global oil market, with its producing nations contributing around 8% of total global supply. However, the second quarter of 2023 has seen numerous production challenges.
From unplanned outages to maintenance activities, a plethora of events and circumstances contributed to a slight decrease in Africa’s oil and condensate production during this period.
The African Energy Chamber (AEC) explores the production decline in our newly released report, “The State of African Energy: 2Q 2023 Outlook.” It notes that between January and May of this year, Africa lost approximately 180,000 barrels per day (bdp) of production due to unplanned outages, while planned maintenance activities shaved off an additional 83,000 bpd.
Nigeria’s Ongoing Struggle
At the heart of Africa’s oil production decline lies Nigeria, a heavyweight in the continent’s oil sector. The nation faced a series of unplanned outages during the first five months of this year, losing around 165,000 bpd.
One of the main causes of Nigeria’s production decline was force majeures implemented because of such issues as pipeline blasts, rampant crude theft, illegal connections on existing pipelines, fire incidents, and industrial disputes. In addition, some terminals have not been operating at full capacity, leading to additional outages and declines in production. To make matters even worse, maintenance activities on fields flowing the Forcados, Usan, and Abo crude streams had an additional impact on Nigeria’s output in 2023.
This is not the first time Nigeria’s oil production has been impacted by security issues. It will be critical,going forward, for energy industry stakeholders and government leaders to cooperate to find sustainable solutions that protect Nigeria’s infrastructure and prevent more product outages.
Balancing Production with Sustainability
Maintenance activities are necessary for sustaining production levels and ensuring the longevity of oil infrastructure. However, in Africa, maintenance efforts too often lead to declines in production. Much like Nigeria, Angola, another significant contributor to the continent’s oil supply, experienced a modest production outage due to maintenance activities at the Dalia and Kizomba development hubs, leading to a 30,000-bpd production loss.
No further maintenance activities have been announced for the second half of 2023, therefore, apart from regulatory cuts, no outages are expected.
That being said, African states must attempt to strike the right balance between production and essential maintenance activities to ensure the resilience of their oil and condensates production.
OPEC Targets and Voluntary Cuts
OPEC production targets and voluntary cuts have further complicated Africa’s oil production endeavors. Algeria stands as the only African OPEC member nation with a production capacity above the OPEC target in 2023. Algeria’s compliance with the cuts, which totaled 64,000 bpd in the first half of 2023, showcases the nation’s commitment to supporting the stability of global oil markets.
These cuts, though intended to stabilize prices, have presented challenges for countries like Nigeria and Libya, where internal factors like civil struggles have already disrupted oil production. The heavy production outages in Nigeria, for instance, have resulted in the country’s output being dragged down below the OPEC targets. Angola, Congo, and Gabon are also expected to see 100% compliance with OPEC targets during 2024 as their oil and condensate production is already less than OPEC targets.
Libya’s Shifting Landscape
This isn’t to say that there haven’t been signs of promise and growth this quarter. After a year of volatile production in Libya last year, marked by multiple production outages due to civil unrest, the country’s oil production seems to be stabilizing.
Earlier this month, Libya’s National Oil Corporation announced that international oil companies Eni (Italy) and BP (United Kingdom) had notified it about lifting force majeure and resuming activities in several onshore and offshore blocks.
Libya also is preparing to launch an oil and gas tender — its first in 17 years — in 2024. And the country is now claiming it can raise oil production from about 1.2 million bpd (to as much as 3 million bpd in the next several years.
Navigating Uncertainty
Assuming no more unplanned outages take place this year, we’re estimating that average output for this period will be approximately 6.66 bpd, and Africa’s annual output still will exceed last year’s flows by about 50,000 bpd.
However, the challenges faced by Africa’s oil sector during the second quarter of 2023 must be the impetus for comprehensive measures to minimize further outages. Yes, some situations are beyond anyone’s control, but African nations must focus on addressing the vulnerabilities in their oil infrastructure and enhancing security measures to curb issues like crude theft and illegal pipeline connections.
Investments in new technology and innovation, made possible through collaborations with international oil companies, can help reduce unplanned outages as well and support more efficient maintenance activities. By adopting predictive maintenance techniques, countries can proactively address outage issues before they lead to output disruptions.
By NJ Ayuk
Oshoala Nominated For Women’s 2023 Ballon d’Or Award
For the second year in a row, Super Falcons star Asisat Oshoala has been nominated for the 2023 Ballon d’Or women’s player of the year award.
Oshoala continued to establish herself as the finest African player by becoming the first female African player to be nominated for the Ballon d’Or in 2022, placing 16th out of the 30 players shortlisted.
The Super Falcons star, the reigning Africa women’s player of the year, scored 21 goals in just 28 games to lead FC Barcelona to the 2022/23 Spanish league title and was the Spanish club’s top-scorer with 27 goals in all competitions.
The 28-year-old played a key role in Barcelona retaining their domestic crown and winning the UEFA Women’s Champions League.
Oshoala, a five-time African Player of the Year award winner, made history in the 2023 FIFA Women’s World Cup in Australia and New Zealand by becoming the first Nigerian and first female African player to score in three different FIFA World Cups. She has already scored 31 goals and three times won the Women’s African Cup of Nations with the Super Falcons.
2023 Women’s Ballon d’Or full list
- Asisat Oshoala – Barcelona/Nigeria
- Alba Redondo – Levante Union Deportiva/Spain
- Kadidiatou Diani – Lyon/France
- Rachel Daly – Aston Villa/England
- Linda Caicedo – Real Madrid/Colombia
- Fridolina Rolfo – Barcelona/Sweden
- Olga Carmona – Real Madrid/Spain
- Amanda Ilestedt – Arsenal/Sweden
- Hayley Raso – Real Madrid/Australia
- Georgia Stanway – Bayern Munich/England
- Sophia Smith – Portland Thorns/USA
- Hinata Miyazawa – Manchester United/Japan
- Salma Paralluelo – Barcelona/Spain
- Lena Oberdorf – Wolfsburg/Germany
- Millie Bright – Chelsea/England
- Daphne van Domselaar – Aston Villa/Netherlands
- Sam Kerr – Chelsea/Australia
- Patricia Guijarro – Barcelona/Spain
- Ewa Pajor – Wolfsburg/Poland
- Debinha – Kansas City/Brazil
- Guro Reiten – Chelsea/Norway
- Yui Hasegawa – Manchester City/Japan
- Aitana Bonmati – Barcelona/Spain
- Jill Roord – Manchester City/Netherlands
- Alexandria Popp – Wolfsburg/Germany
- Katie McCabe – Arsenal/Ireland
- Mary Earps – Manchester United/England
- Wendie Renard – Lyon/France
- Mapi Leon – Barcelona/Spain
- Khadija Shaw – Manchester City/Jamaica
Osimhen, Messi Nominated For 2023 Balloon d’Or 2023, See Full List
The full list for one of the most prestigious football awards, Ballon d’Or has been released for the year 2023 and Nigeria’s own Victor Osimhen is on the list.
The Ballon d’Or, often regarded as the sport’s most prestigious honor, is given to the best footballer from the previous season.
Gabriel Hanot, a former France footballer and journalist, created the Ballon d’Or award, which was first presented in 1956.
Osimhen scored 25 league goals last season, beating out Inter Milan’s Lautaro Martinez and AC Milan’s Rafael Leao to be named Serie A’s Best Striker.
He also assisted the club in reaching the UEFA Champions League quarter-finals and securing a place to the postponed 2023 Africa Cup of Nations (AFCON).
The achievement made the 24-year-old footballer the first African to top the Serie A scorers’ chart.
With this performance, he also beat George Weah’s record for the most goals scored by an African in the Italian league.
Lionel Messi has won the Ballon d’Or seven times thus far.
The winner for this year will be announced at a ceremony on October 30, 2023.
Ballon d’Or 2023 nominees
- Victor Osimhen – Napoli/Nigeria
- André Onana – Manchester United/Cameroon
- Josko Gvardiol – Manchester City/Croatia
- Karim Benzema – Al Ittihad/France
- Jamal Musiala – Bayern Munich/Germany
- Mohamed Salah – Liverpool/Egypt
- Jude Bellingham – Real Madrid/England
- Bukayo Saka – Arsenal/England
- Randal Kolo Muani – Paris Saint-Germain/France
- Kevin De Bruyne – Manchester City/Belgium
- Bernardo Silva – Manchester City/Portugal
- Emiliano Martínez – Aston Villa/Argentina
- Khvicha Kvaratskhelia – Napoli/Georgia
- Rúben Dias – Manchester City/Portugal
- Nicolo Barella – Inter Milan/Italy
- Erling Haaland – Manchester City/Norway
- Yassine Bounou – Al Hilal/Morocco
- Martin Ødegaard – Arsenal/Norway
- Julián Álvarez – Manchester City/Argentina
- Ilkay Gündogan – Barcelona/Germany
- Vinícius Júnior – Real Madrid/Brazil
- Lionel Messi – Inter Miami/Argentina
- Rodri – Manchester City/Spain
- Lautaro Martínez – Inter Milan/Argentina
- Antoine Griezmann – Atletico Madrid/France
- Robert Lewandowski – Barcelona/Poland
- Kylian Mbappé – Paris Saint-Germain/France
- Kim Min-jae – Napoli/South Korea
- Luka Modric – Real Madrid/Croatia
- Harry Kane – Bayern Munich/England
Nigeria US Dollar Bond Yield Increases Over Selloffs
In the international debt capital market, the average yield on Nigeria’s US dollar denominated bond climbed midweek as market fears spurred selloffs ahead of the presidential election tribunal’s final verdict.
Due to economic worries, international investors have been selling Nigerian assets, causing the market price of the Eurobond to fall just as the yield curve continues to trend upward, signaling rising interest rates.
According to financial analysts, Fitch Ratings’ recent assessment on the Central Bank of Nigeria’s (CBN) transparency difficulties about the country’s genuine external reserves position would raise interest rate expenses if the government needed to make eurobond calls. According to Fitch, Nigeria’s lower foreign reserves indicate external risk and policy problems for the country.
While the CBN certified report improved openness, the rating agency observed that there are still loopholes, making it impossible to establish Nigeria’s foreign reserves level. Fitch rates Nigeria’s foreign exchange reserves as having a transparency problem.
Fear dominated trading operations on Nigeria’s US dollar bond in the eurobond market, forcing financing costs higher, while fixed securities investors used election-related events to change their portfolio plans.
The electoral tribunal formally confirmed Nigerian President Bola Tinubu’s election victory, removing the activation of further burden on economic activities in the midst of suffering private sector activities. In the local bond market, FGN bond values remained stable for most maturities, with the average secondary market yield closing flat at 13.69%, according to Cowry Asset Management Limited.
Asset managers said notably, the 10-year, 20-year, and 30-year debts held steady at 14.33%, 14.97%, and 15.35%, respectively over lull activities in the market.
FGN Eurobonds remained bearish for most maturities tracked, with the average secondary market yield closing higher at 11.25%. Despite a broken economic position, analysts believe that reforms would drive buying momentum across the market as Nigeria keeps an eye on reform.
The 10-year US treasury yield rose 0.022 percentage points to 4.289%. The price fell as the yield jumped up for three consecutive trading days Treasury yields jumped to among the highest levels of this year on Wednesday after data showed the U.S. economy’s services sector continued to expand in August.
Global Voice Group’s Whitepaper Spotlights Critical Need For Actionable Data In Africa
In the past five years, Africa experienced a remarkable surge in financial transaction digitization, notably with Mobile Money transactions growing over 600%. According to a new whitepaper by Global Voice Group (GVG), implementing effective monitoring solutions in the mobile money sector across Africa’s emerging economies will significantly impact Africa’s economic future.
The whitepaper, titled “Data-Driven Transparency and Compliance in the Digital Financial Ecosystem in Africa,” extensively examines the adoption of new technologies and the incorporation of global, regional, and national policies with a particular emphasis on mobile money, financial inclusion, data governance, and their impact on African economies. Serving as a regulatory technology (RegTech) solutions guide, it offers a roadmap for seamlessly integrating technologies into current compliance frameworks, providing valuable insights into the future of regulatory compliance in the digital age.
Edouard Docteur, the Chief Delivery Officer at GVG explains, “With the massive increase in digitization, African governments must ensure the implementation of effective monitoring solutions in the mobile money sector. The whitepaper highlights how governments in Africa must invest in regulatory frameworks and leverage technology to ensure compliance, streamline taxation processes, protect end-users’ data, improve Know-Your-Customer (KYC) procedures, and mitigate risks associated with money laundering, financial terrorism, and scams”.
The whitepaper notes that there are only 82 data centres in Africa compared to thousands in Europe and United States. This represents only 1 percent of the global data centre market, while the continent houses 17 percent of the global population, with only 36 out of 54 African countries having put in place some data protection laws or regulations. The current data protection and sovereignty requirements would require increasing the current numbers of data centres to at least 700 across the continent.
The whitepaper highlights Mobile Money’s impact on local economies and provides insights into data acquisition to boost financial inclusion and governance. Emerging countries like Congo, Ghana, and Rwanda adopt data-driven approaches to tackle fraud, money laundering, and revenue leakages.
“By exploring this emerging trend, decision-makers, regulators, and industry experts will gain a deeper understanding of the challenges and opportunities associated with harnessing data to drive positive change and foster economic growth.” noted Edouard Docteur, during the release of the whitepaper.
GVG drives innovation and shapes the future of tech-driven regulatory compliance, as a RegTech pioneer. Their whitepaper emphasizes knowledge sharing and collaboration across industries, governments, regulators, and tech providers.
Naira Drops 3.57% As Forex Sales Increases To $65m
According to FMDQ statistics, the Nigerian naira dropped 3.57% to increased foreign currency demand at the Investors and Exporters window. The amount of US dollar transactions at the official window increased on Wednesday as producers and importers reported increasing FX demand.
The spot currency rate was N771.59 per US dollar, according to FX statistics, as inflows into the official window are threatened despite increased crude oil prices on the global market. On Tuesday, the currency rate was N744.97 per greenback.
According to FMDQ data, the open indicative rate ended at N766.67 per dollar on Wednesday. According to analysts, the highest spot exchange rate recorded throughout the day’s trade was N799.90 to the dollar.
The naira sold for as low as 705 to the greenback within the day’s trading, according to FX traders notes. On Wednesday, a total of 65.30 million dollars was traded at the investors and exporters window. The sum translated to an increase of about 3% when compared with a total of 63.60 million dollars traded at the investors and exporters window on Tuesday.
In the parallel market, the naira exchange rate depreciated by 0.54% to N925 as demand for Invisibles by FX users increased. In a report, Fitch flagged the Central Bank of Nigeria’s (CBN) audited report on Nigeria’s net external reserves for transparency issues.
Fitch Flags Nigeria’s FX Reserves for Transparency Issue
At the close of business yesterday, the total balance in external reserves tracked below $34 billion amidst rising FX obligations. Last week, there were inflows into external reserves, which some analysts attributed to surging crude oil prices – especially Nigeria’s grade.
Crude oil prices rose in afternoon trading, with Brent crude up 0.31% to $90 per barrel and West Texas Intermediate (WTI) crude up 0.56% to $87 per barrel due to supply tight.
Traders assessed the impact of extended output cuts by Saudi Arabia and Russia against growing global energy demand concerns.
Scammers Entice Apple Lovers With Sale Of iPhone 15 Ahead Of Official Launch
In anticipation of the imminent release of Apple’s iPhone 15, Kaspersky experts have uncovered a range of scams that exploit the excitement surrounding this event.
These scams encompass various fraudulent schemes, each carrying distinct risks for unsuspecting consumers, including potential data leaks and financial losses.
In one prevalent deceptive maneuver, scammers entice users with the chance to purchase the iPhone 15 ahead of its official launch. This scheme capitalises on users’ eagerness to be among the first to possess Apple’s latest device.
Such a scam typically unfolds as follows: scammers claim they can provide pre-release iPhones and promise users the opportunity to acquire them, often at an attractive price. To secure their ‘exclusive’ purchase, victims are required to make an upfront payment or divulge their financial information.
Additionally, users are asked to provide personal identification details such as their name, address, and phone number. Following the submission of payment, the scammers vanish, leaving victims without the promised iPhone and deprived of their funds. Beyond the financial risks, this scam also raises significant privacy concerns, as the pilfered data may potentially be sold on the Dark Market.
Another scam presents participants with the chance to win the new iPhone 15, provided they pay a nominal upfront fee. The typical progression of this scheme unfolds as follows: users are drawn in by the allure of a free iPhone 15, perfectly complementing their anticipation for the impending release.
To enter the giveaway, participants are instructed to pay a small fee, often disguised as a “processing” or “registration” fee. After the payment participants receive nothing in return. The promised iPhone remains elusive, resulting in financial losses for those involved.
“In the digital age, scammers are constantly adapting and exploiting our excitement for the latest tech trends. It’s crucial for consumers to stay vigilant, verify offers, and safeguard their personal information. Remember, if something seems too good to be true, it often is,” comments Tatyana Kulikova, security expert at Kaspersky.
To avoid falling victim to such scams
Verify the source
Ensure you are dealing with reputable and authorised sellers, especially for pre-release purchases.
Avoid upfront payments
Exercise caution with offers demanding upfront payments for giveaways or pre-release products.
Use official channels
Rely on Apple’s official website or authorised retailers for genuine purchases.
Check reviews
Before making any online purchases, research the seller and review customer feedback.
Enable Two-Factor Authentication (2FA)
Safeguard your online accounts, especially those linked to payment methods, with 2FA.
Use a security solution
An automated security solution, like Kaspersky Premium, will protect you from all known and unknown scams.
Stay informed
Stay current on common scams and cybersecurity best practices.
Bybit Unveils Powerful Passive Income Solutions For Crypto Investors
Bybit, the world’s third most visited crypto exchange, has released a lucrative suite of passive income products for new users.
To help investors weather tough market conditions, Bybit is offering new users an exclusive 7-day Fixed Term USDT Savings Product with an impressive 15% APR. The yield is doubled at the end of the period with extra bonuses paid in USDT making a total APR of 30%.
This program enhances Bybit’s powerful passive income products, which include savings-style products with high APYs for digital assets. Additionally, there are intermediate-level products such as Dual Asset mining where, every Friday, VIP-level deals are open to all.
Secondly, Bybit has thrown open the door to its exclusive VIP tiers for 50% less than usual. VIP access is now available for new users who deposit $25,000 or more during the campaign period — and they will also be eligible for the VIP-only Fund Pool with a rate of 4.5% APR. This pool also doubles interest accrued at the end of the 30-day period giving a total 9% APR return for new VIPs.
This product comes on the back of Bybit recently revamping its VIP and PRO tiers, lowering its taker fee rates while increasing the maker fee rates to beat rival crypto exchanges. Bybit is currently offering unparalleled value to VIP and PRO clients.
Finally, users who invite friends to join this campaign will earn a 5 USDT bonus reward for each referee. Users can earn up to 100 USDT in bonus rewards for a maximum of 20 eligible referees.
“Bybit was built in the 2018 bear market and we are building even more intensively this time,” said Ben Zhou, co-founder and CEO. “To help to our loyal community and users enhance their returns during the current bear market, we are revamping Bybit Earn with simple, safe opportunities to earn yield while waiting for the next bull run.”
New Partnership Working On Solutions To Combat African Animal Trypanosomiasis
The Bill and Melinda Gates Foundation, the UK Government Foreign Commonwealth and Development Office, Boehringer Ingelheim and GALVmed announce the creation of a new partnership to work on solutions to combat African animal trypanosomiasis (AAT).
AAT is a disease of vertebrate animals affecting cattle, water buffalo, sheep, goats, horses, pigs, dogs, and other species. AAT is caused by the protozoan parasites Trypanosoma congolense, Trypanosoma vivax and, to a lesser extent, Trypanosoma brucei brucei, and is a major problem in Africa where it is mainly spread by tse-tse flies (Glossina spp.). Infection by Trypanosoma vivax also occurs in northern South America where it is transmitted by biting flies such as stable flies (Stomoxys) and horseflies (Tabanids), and it has more recently been reported in the Middle East.
Infectious parasites enter the bloodstream of the host animal and multiply causing fever, weakness, lethargy, and anaemia which lead to weight loss, reduced fertility and milk production, and may result in death.
In Africa, AAT is estimated to threaten more than 50 million cattle1 in known tse-tse endemic areas. However, as many as 90 million cattle2 are threatened if cattle outside the tse-tse belt—potentially at risk because of cattle movements, transhumance and mechanical transmission of T. vivax by biting flies—are also considered. AAT is estimated to kill as many as 3 million cattle2 annually. Losses directly attributed to reduced meat and milk production as well as the cost of treatment and tse-tse control are estimated to be more than USD 1 billion annually3. Losses in agricultural gross domestic product in all affected areas in Africa are believed to be around USD 4.5 billion annually4.
Thanks to strong collaborations, great progress has been made in the control of African human trypanosomiasis which is targeted for elimination by the World Health Organization (WHO) (WHO, 2020a)5. In contrast, control of AAT has been limited. AAT is complex and more challenging to control than human trypanosomiasis for many reasons including the diversity of host species, parasites and vector flies involved, and reservoirs of infection in wildlife. Existing control tools are considered to be inadequate: there are no vaccines, no cost-effective pen-side diagnostic tools, and drugs currently used to treat AAT are associated with problems of counterfeiting and drug resistance. In addition, most countries in which AAT occurs are developing countries, with limited resources to monitor and control endemic livestock diseases. The newly announced partnership between The Bill and Melinda Gates Foundation, the UK Government Foreign Commonwealth and Development Office, Boehringer Ingelheim and GALVmed aims to develop and make available a new solution to address AAT.
The Bill and Melinda Gates Foundation, the UK Government Foreign Commonwealth and Development Office, Boehringer Ingelheim and GALVmed will conduct research and collaborate with other academic and international projects to promote and develop solutions to address AAT. Development of new veterinary products takes many years. It is a complex process, and the partnership has much work to do before it can declare that it has a highly prospective new solution and what a likely launch date would be. The partnership’s aspiration is to be able to launch a new solution for AAT before 2030.
Bold Visions And Solid Pledges: Global Leaders Unite At Africa Climate Summit To Put Continent At Heart Of Fight Against Climate Change
World leaders on the second day of the inaugural Africa Climate Summit in the Kenyan capital Nairobi have pledged their support to position the continent at the epicentre of the fight against climate change, urging greater consideration for Africa’s needs.
The historic three-day event, hosted by the government of Kenya and the African Union, which kicked off on Monday, has mobilised heads of state and government, international organisations, non-governmental organisations, civil society as well as hundreds of African youths to discuss ways to deliver innovative green growth and climate finance solutions. Much of the conversation have focused on climate adaptation, which is widely viewed as the biggest pressing priority for Africa.
Kenya’s President William Ruto said Africa’s youthfulness was “precisely the attribute that inspired African leaders to imagine a future where Africa steps onto the stage as an economic and industrial power, an effective and positive actor in the global arena”.
Ruto listed several reasons why the continent is well placed to lead in tackling climate change. “Africa is the continent with 60% of the world’s renewable energy assets, including solar, wind, geothermal and hydropower. Africa is projected to have 40% of the world’s workforce by 2100. We have two-thirds of the world’s uncultivated arable land that can transform smart agriculture into the production store of the world. We have the largest carbon sequestration infrastructure in the world,” Ruto said.
Joining President Ruto were UN Secretary-General António Guterres, President of the European Commission Ursula von der Leyen, African Union Commission Chairperson Moussa Faki Mahamat, United States Special Envoy for Climate John Kerry, African Development Bank President Akinwumi A. Adesina, and several African leaders. Faki urged for reform of the global financial architecture to meet Africa’s needs of at least $1.3 billion a year to meet the sustainable development goals by 2030.
Guterres stressed Africans bore the brunt of the worst of climate change despite having produced negligible carbon emissions. He stressed that “developed countries must present a clear and credible roadmap to double adaptation finance by 2025 as a first step toward devoting half of all climate finance to adaptation”.
Guterres urged participants to think big. “First, we need far greater climate ambition, with countries hitting fast forward and massively accelerating action to limit temperature rises and impacts. The largest emitters must lead the charge, in line with the Climate Solidarity Pact (https://apo-opa.info/3LeOoqh) and Climate Action Acceleration Agenda the UN chief said.
Adesina commended Ruto for his leadership in organising the summit. “The Africa Climate Summit will shape the future pathway of Africa’s development,” he said. Adesina said responses to the climate emergency were needed at several levels. At the global level, he called on wealthy nations to meet their commitments to provide $100 billion annually in climate finance. Also, “the global climate financial architecture must be changed to prioritise the needs of Africa,” he said. “At the national level we must accelerate actions on climate adaptation. That is why the African Development Bank has committed to providing $25 billion toward climate financing by 2025,” he said.
Adesina said the African Development Bank together with the Global Centre on Adaptation had launched the African Adaptation Acceleration Program (AAAP), the largest such initiative in the world. The Bank is implementing a $20 billion initiative, Desert to Power, to harness the power of solar and deliver electricity to 250 million people, he said. “We must power every home every school and every hospital.”
Offering Europe as an ally in efforts to close Africa’s climate investment gaps, Von Der Leyen said it was “time to move from words to action.” “We want to partner with you to create local value chains, to create good jobs here in Africa.” “We want to invest in skills for local workers, this is crucial for the young people because the stronger you are as suppliers, the more Europe will diversify its supply chains toward Africa. And the more we both will de-risk our economies. It’s a clear win-win.”
President Sahle-Work Zewde of Ethiopia said her government was working to achieve net zero emissions in building climate resilient development by 2050. “Ethiopia is also investing in green energy projects, such as hydroelectric wind solar and the geothermal sectors, as well as promoting modern rural cooking technologies.”
Tanzania’s President Samia Suluhu Hassan called for a special fund to be set up that would stipulate what percentage of financing pledged by advanced countries would be set aside for Africa as opposed to “blanket pledges.”
Barbados Prime Minister Mia Mottley addressed the plenary via video feed. She linked the Africa Summit to the Bridgetown initiative to reform the global financial system so the world can better respond to current and future crises. “We must work together from the African continent to the Caribbean. This is a time when political will matched by the recognition of our reality will make all the difference in the world,” she said.
The Africa Climate Summit is expected to produce the joint Nairobi Declaration, that will set out the continent’s position on climate finance and green growth. The declaration is also expected to call for the establishment of a global carbon tax system as a path to expand climate finance and incentivise countries to cut emissions.
Already, the Africa Climate Summit has resulted in major financial pledges. COP28 President Sultan Al Jaber committed $4.5 billion on behalf of the United Arab Emirates to assist African countries in expediting clean-energy initiatives. Al Jaber said he expected the $4.5 billion to catalyse “at least an additional $12.5 billion from multilateral public and private sources.” “It is our ambition that this will… jumpstart a pipeline of bankable clean energy projects in this important continent,” Al Jaber said.
Special Envoy Kerry announced the Biden administration would contribute $3 billion annually for adaptation as part of the PREPARE initiative. He also announced an additional $30 million to bolster climate resilient food security efforts across Africa.
The first $20 million would be for the African Adaptation initiative for its Food Security Accelerator. “$10 million will go to the Climate Resilience Adaptation Finance and Technology Transfer Facility to scale technology so we can advance adaptation efforts like cold chain storage to help maintain the quality and safety of food from the farms all the way to the homes of people,” Kerry said.
India Pledges $3bn Investment In Nigeria’s Steel Industry
Nigerian President Bola Tinubu has successfully enticed Indian businessmen to spend $3 billion in the steel sector, boosting the country’s economic development record.
According to a statement made in Abuja on Wednesday by Mr Abdullahi Haruna, Special Assistant, Media and Publicity to Minister of Steel Development, Prince Shauib Audu.
“In a historic move that promises to bolster Nigeria’s steel industry, President Tinubu has successfully attracted a monumental $3 billion investment pledge from Indian investors,” the president said during the Nigeria-India business roundtable in India.
“This achievement was met with applause and commendation from the minister.
“Jindal Steel and Power Limited, one of India’s foremost private steel producers, made this momentous commitment to invest $3 billion in iron ore processing and steel development in Nigeria.
“The announcement came after extensive discussions between the president and the leadership of Jindal Steel and Power Limited on the sidelines of the G-20 Summit in New Delhi, India,” he said.
Audu expressed his jubilation at the development, adding that the pledge was a game-changer that would revitalise and transform the nation’s steel industry.
He appreciated Tinubu for his exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector.
“Furthermore, this news comes on a day when the presidential tribunal upheld the election of the president.
“As the country eagerly anticipates the positive impact of this massive investment, it marks a pivotal moment in Nigeria’s industrial growth and economic development,” he said.
NGX Investors Lose N26bn To Profit-Taking In Stock
Midweek, equity investors on the Nigerian Exchange (NGX) lost more than N26 billion as the stock market flipped owing to profit-taking in the consumer goods and banking sectors.
Following a strong start to the day, the Nigerian Exchange saw late profit-taking on DANGSUGAR (-4.8%) and GTCO (-1.8%). Dangote Sugar’s selling rallies disrupted days of purchasing momentum that greeted the company’s merger deal with NASCON and Dangote Rice Limited.
As a result, the year-to-date return has slowed to 33.24%, still well ahead of the annual inflation rate of 24.08%. The Nigerian Exchange All-Share Index declined 48.40 basis points today, or -0.07%, to settle at 68,286.28.
According to stockbrokers, market activity was down today, with total volume and total value traded for the day falling by -32.12% and -46.30%, respectively. Atlass Portfolios Limited said in its market update that 378.65 million units worth $5,482.94 million were moved in 7,671 transactions.
OANDO was the most traded stock by volume, contributing for 22.07% of total transaction activity. The oil business was followed on the volume chart by UBA (9.41%), TRANSCORP (7.04%), ACCESSCORP (4.90%), and OMATEK (4.16%).
Ticker: DANGCEM was the most traded stock in terms of value, accounting for 12.93% of all transactions on the exchange. GUINEAINS led the advancers’ leaderboard with a price increase of 10%, trailed by BETAGLAS (9.91%), CAVERTON (+9.84%), OANDO (+9.70%), CWG (+9.09%), and twenty-seven others.
Twenty stocks depreciated, where VITAFOAM was the top loser, with a price depreciation of -10.00%, to close at ₦22.50. VERITASKAP (-7.69%), DANGSUGAR (-4.79%), INTBREW (-4.35%), GTCO (-1.77%), and UNITYBNK (-1.54%) also dipped in price.
Despite the profit-taking activities that spooked the exchange, market breadth closed positive, recording 32 gainers and 20 losers.
In addition, the market sector performance closed positive, as three of the five major market sectors were up. The Insurance sector (+0.43%) was followed by the Banking sector (+0.27%), and the Industrial sector (+0.17), while the Consumer goods sector was down by -0.82%. The Oil and gas closed unchanged.
Overall, equities market capitalisation lost ₦26.48 billion, representing a decline of -0.07%, to close at ₦37,373.578 trillion from ₦37,400.05 yesterday.