The International Facility Management Association (IFMA) Nigeria Lagos Chapter will co-host an event on “Delivering Effective and Sustainable FM in the Built Environment” at Big 5 Construct Nigeria, Nigeria’s largest construction industry event.
The event will be held on Thursday, 7th September, at the Landmark Event Centre in Lagos.
The event will feature a panel of seasoned speakers from leading organizations in the facility management industry, namely, Mr. Segun Adebayo, the Immediate Past President, IFMA Lagos, Nigeria Chapter; Professor Modupe Omirin, Dean of Environmental Sciences, University of Lagos; Engr. Silas Ofoegbu, Member Faculty, IFMA Nigeria Lagos Chapter and ESV Stephen Ola Jagun, the first African Fellow of the International Facility Management Association (IFMA).
The speakers will discuss the latest trends and technologies in sustainable facility management, as well as the challenges and opportunities facing the industry.
“We are excited to co-host this event with Big 5 Construct Nigeria,” said ESV Lekan Akinwumi, President of the IFMA Nigeria Lagos Chapter. “This event is important for professionals within the built industry.
“They will be exposed to how to optimally maintain in an efficient, safe, and sustainable manner so that they may assist to improve the efficiency, productivity, and profitability of businesses and organizations.
“The event is a great opportunity to learn about the latest sustainable facility management trends and to network with other industry professionals.”
In the past, IFMA Nigeria Lagos Chapter has collaborated with various institutions in championing notable causes within the built environment; some of these are, the Federal Ministry of Works and Housing, Lagos State Technical and Vocational Education Board (LASTVEB); Lagos State Safety Commission (LSC); Lagos State Infrastructure Asset Management Agency (LASIAMA) and the University of Lagos.
The Nigeria Medical Association (NMA) called on President Bola Tinubu on Sunday to take immediate emergency steps to combat flooding in the country before it wreaks havoc on households.
The President of the NMA, Uche Rowland Ojinmah, made this appeal while speaking to reporters in Owerri after their National Executive Council (NEC) meeting.
The NMA stated that a replay of the last flood incident in the country, in which homes and citizens were displaced, would be unacceptable. As a result, governments should begin implementing all steps immediately.
He said: “We thank President Bola Tinubu for their huge confidence in the medical profession by populating the Federal Executive Council (FEC), with medical professionals. We are certain these our ambassadors at the FEC will excel.
“We congratulate our colleagues. Especially, the minister of health Professor Ali Pate, and his minister of state for health. We call on other health professionals to sheath the swords because NMA, under my leadership is keen on building a progressive consensus for a better health sector.
“We call on the government to activate emergency preparedness against flooding. The rains have been heavy. The signs of flooding are visible. The state governments especially in the flood prone areas should be active.
“Disilt the drainages. Remove barricades from flood drains. We advise Nigerians living or close to low lands which are prone to floods to move to higher grounds while pleading government at all levels to assist these citizens in relocating.
“We need to make hay while the sun shines. So that we don’t tell the stories we were told last year this year again.
“While we thank the government of Nigeria for the recent upward review of our consolidated salaries medical structure. But we need to point out that the agreement that was implemented from the 1st of June, was finalized on the 25 of May 2023. Which preceded the fuel subsidy removal and attendant fuel subsidy escalation.
“NEC has directed her national officers to demand from the dear government a new demand for the upward review of her allowances. While waiting for the new minimum wage and consequential adjustment which we call on the government to implement seamlessly. We would not want to start arguing about that anymore.”
“The NEC quickly called on the government to reel out palliative for Nigerians with attendant inflation of food prices. We all know what things are like in our market today. We believe between June and September palliative should have been rolled out.
“We insist that palliative should go to Nigerians and not be stored in warehouses. Let it be targeted to reach the common man so that the common man will survive.
“NEC calls the on government to ramp up efforts in stamping out widespread insecurity as a panacea to economic recovery and medical brain drain. Insecurity is an issue we cannot deny it.
“NEC directs the NMA, Cross River state, to sustain the demand for the abduction of our colleague Ekanem Philip-Ephraim, and we call on the Cross River government to redouble her effort towards securing the release of our colleague that has been in captivity for more than one month now.
“We plead with the abductors to have mercy on that grandmother. We pray to God to bring her back safely in one piece,” NMA said.
Last week, the naira traded at N740.38 after an invisible hand increased FX supply in the Investors and Exporters window. Despite the fact that the Nigerian National Petroleum Corporation Limited’s $3 billion loan from the African Export-Import Bank had delayed, the exchange rate had recovered.
However, when the global oil market boomed, multinational oil corporations’ sales increased foreign currency availability via the Investors and Exporters FX window, resulting in substantially lower demand per US dollar.
According to several FX analysts, the apex bank increased supplies following a $331 million deposit into Nigeria’s external reserves last week. Crude oil prices increased by 10.6 million barrels in August, following an unexpected fall in US stocks.
Also, production cuts by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) overshadowed concerns of weaker demand due to stalling economic recovery, especially in China. As such, the average Brent crude oil price rose 6.9% in August to $84.64 barrel per litre, according to global market data tracked by analysts.
Consequently, Nigeria’s FX reserves recorded the first accretion after sixteen consecutive weeks of decline, as the gross FX reserves increased by USD 224.39 million to close at USD 33.95 billion. The total volume of US dollars transacted or total turnover at the Investors and Exporters window decreased by 12.1% to USD367.47 million up till Thursday, as trades were consummated within the N701.00 – N800.00.
In the forward market, the naira forward rates for one month contracts deprecated by 0.1% to N791.85, 3-month contracts dropped by 0.3% to NGN812.06 and 6-month contracts weakened by 0.6% to N842.73. The one-year contracts forward rate also plunged by 1.2% to N907.97 per US dollar.
In the parallel market, the local currency depreciated to N918 from N915 at the beginning of the week due to rising demand for invincible users. Some FX traders believe that the exchange rate gain at the official market was driven by improved foreign exchange supply from the CBN via the Investors and Exporters (I&E) window.
They also saw the possibility of slower demand for the US dollar at the official market, leading to increased pressure at the parallel market and speculation about potential CBN-led Naira devaluation.
Elsewhere at the FMDQ Securities Exchange (SE) FX Futures Contract Market, the local currency was downbeat against the US dollar across contract tenors. At the FMDQ Securities Exchange (SE) FX Futures Contract Market, the value of the open contract declined 11.3% to US$5.6 billion in August 2023.
Analysts said this was partially due to the muted interest in the available open contracts, and on the other hand, the settlement of the $708.5 million August 30, 2023 contract which matured during the month.
In September, Afrinvest said it expects the Naira to trade within a similar band across market segments as forex imbalance lingers on the back of weak FX reserves and sustained high demand in the parallel market. Elsewhere, the price of the Nigerian Bonny Light crude oil closed positive on Friday at $91.80 from last week’s $88 per barrel despite the likelihood for Saudi Arabia and Russia to deepen production cuts.
Cowry Research anticipates the naira to trade in the positive band to show further appreciation at the various FX markets barring any distortions while the apex bank maintains its interventions to shore up the naira value.
“While we understand that the NNPC’s crude repayment facility with the African Export-Import (AFREXIM) bank may have been put on hold, we highlight that there have been no further positive news flows regarding other measures to stem the slide of the naira.
“The preceding, in addition to the lingering low crude oil production and foreign investors remaining on the sidelines, are expected to weigh on FX supply in the near term.
“Consequently, we expect FX liquidity constraints to linger in the short term, ensuring the local currency pressures remain intact”, investment market analysts at Cordros Capital said in an update.
The Nigerian Exchange (NGX) increased by N1.4 trillion in August, owing to robust purchasing emotions across tickers. The Nigerian Exchange All-Share index increased 3.44% to 66.548.99 points, the highest level since March 2008.
Following the amount of the gain announced on the local exchange, the year-to-date return closed at 30% in August. According to the statistics office, the monthly return on the local bourse was 29.8%, well ahead of the yearly inflation rate of 24.08%.
According to Afrinvest’s market update, the rise was fueled by a persistent hunt for gains, which was fueled by market-stimulating corporate measures and dividend payments.
Surprisingly, following a strong 3.44% rise in August, equities investors began the new month in a more bullish manner, with the benchmark index of the local market gaining for another week, achieving a 3.00% increase week on week. Despite lower overall market gains and momentum, the Nigerian Exchange All-Share Index (ASI) reached a fresh all-time high of 67,527.19 points.
As a consequence, the overall market capitalization of listed stocks increased by 3.00% week on week, reaching a notable N36.95 trillion compared to the previous week’s value of N35.88 trillion. Thus, equity investors have earned N1.08 trillion, bringing the year-to-date return to 31.76%, highlighting the Nigerian market’s outstanding resilience in the face of current global uncertainty.
On sector performance, the Consumer Goods sector emerged as the leading gainer this week with +7.58% and was followed by the oil & gas, banking, industrial and Insurance sectors.
The breakdown showed that the oil and gas index rose by +5.38%, the banking index advanced by 5.11% while industrial stock got 2.00% push-up and the insurance sector rose 0.80%. Key market players such as NAHCO, DANGSUGAR, SEPLAT, MBENEFIT, and LASACO have significantly contributed to these sectoral gains.
Trading activity was heavy last week volumes and value spiked, according to data from the Nigerian Exchange. Trading activity levels mirrored the market’s broad gauge, as the total trading volume and value grew by 38.5% and 12.0% week on week respectively.
Meanwhile, the weekly deals registered a 30.72% increase, reaching a total of 40,736 deals. The average traded volume witnessed a robust surge of 38.48%, settling at 2.51 billion units. The weekly average value surged 12.01%, measuring N32.82 billion in contrast to the preceding week’s figure of N29.29 billion.
NAHCO, led the charge with a remarkable surge of 42%, closely trailed by ABCTRANS at 40%, and DANGSUGAR at 27%. Conversely, MAYBAKER dropped by 12%, while LINKASSURE and ELLAHLAKES went down by 10% and 7% due to adverse price movements.
Cowry Asset stockbrokers said they anticipate that the market sentiment will remain mixed due to ongoing portfolio realignments. They said this will be influenced by a combination of bargain hunting and uncertainty regarding future money market yields, particularly in light of the upcoming earnings reports from first-tier banks and the continuation of sectoral rotation.
In its market update, stock analysts at Cordros Capital said they anticipate mixed sentiments in the week ahead, as investors continue to cherry-pick fundamentally sound stocks based on recent corporate actions. However, traders acknowledge the possibility of profit-taking activities on stocks that have experienced notable appreciation in recent weeks.
Betta Edu, the minister of humanitarian affairs and poverty alleviation, says plans are in the works to modify the N-Power initiative in order to accommodate more beneficiaries and ensure fast stipend payment.
The N-Power program is a youth-development programme that promotes entrepreneurship.
The minister said in an Abuja statement on Sunday that the initiative will be restarted with a’renewed hope’ idea.
“We will change the modalities so that people will get their delayed stipends, include more people, and relaunch it with a renewed hope concept,” Rasheed Zubair, special adviser, media and publicity, quoted Edu as saying.
She stated that the ministry intends to construct humanitarian centres in each of the country’s 774 local government districts.
She stated that the construction of the hubs will be a long-term goal toward reducing poverty in Nigeria.
Edu stated that the hubs will house domestic commodities that would be supplied at lower prices to Nigerians.
She stated that the ministry would send workers to all LGAs to get feedback, in addition to digitally tracking the palliatives.
According to Edu, the computerized tracking of the palliatives is intended to determine the time, location, home, and individuals to whom they are supplied.
”This is to ensure transparent and effective disbursement of palliatives; we also plan to bring on board independent monitors to ensure the relief materials reached those in need,” the minister said.
“Under my watch, the ministry will address poverty through Job creation, cash transfer to poor Nigerians.
“We will ensure engagement with the Nutrition Department, the establishment of Micro Small and Medium Enterprise and provision of stimulus to their business.”
She told Nigerians that she will respond quickly to the humanitarian catastrophe in the country.
“Nigerians should be assured that all existing empowerment schemes within the National Investment Programme will be restructured to effectively cover more people,” she stated.
Edu informed Nigerians that President Bola Tinubu has massive economic plans in place to address their short and long-term demands.
For the second year in a row, the 16th Headies Award was held in Atlanta, Georgia on Sunday, September 3, 2023.
Since its debut in 2006, the Headies has played a significant role in documenting the advancements made in the Nigerian music business through its award, which has now become the most prestigious honor in Nigerian music.
Rema, a Mavin artist, was the top winner of the night, taking home three awards. His statement about the revival of Nigerian music was also a highlight of the evening.
Asake took home two awards, including the prestigious Next Rated Award, and Burna Boy won Afrobeat Single of the Year and Best R&B Song.
Here is the full winners list.
BEST RAP SINGLE
‘Declan Rice’ by ODUMODUBLVCK
BEST MALE VOCAL PERFORMANCE
‘Kpe Paso’ by Wande Coal
BEST ALTERNATIVE SONG
‘Tinko Tinko’ by Obong Jayar
BEST VIDEO DIRECTOR
‘Calm Down’ by Director K (Rema)
BEST RAP ALBUM
‘Young Preacher‘ by Blaqbonez
LYRICIST ON THE ROLL
‘Flytalk Only’ by Payper Corleone
PRODUCER OF THE YEAR
‘Abracadabra’by Rexxie
BEST MALE ARTIST
Rema
ROOKIE OF THE YEAR
ODUMODUBLVCK
BEST INSPIRATIONAL SONG
‘Eze Ebube’ by Neon Adejo
AFROBEATS SINGLE OF THE YEAR
‘Last Last’ by Burna Boy
SPECIAL RECOGNITION’
Sound Sultan
DIGITAL ARTIST OF THE YEAR
‘Calm Down’ by Rema
BEST STREET HIP-HOP ARTISTE
‘Chance (Na Ham)’ by Seyi Vibez
NEXT-RATED
Asake
ALBUM OF THE YEAR
‘Mr. Money With The Vibe’ by Asake
BEST COLLABORATION
‘Who’s Your Guy Remix’ by Spyro, Tiwa Savage
AFRICAN ARTISTE OF THE YEAR
Rema (Nigeria)
BEST WEST AFRICAN ARTISTE OF THE YEAR
Black Sherif (Ghana)
BEST R&B Album
‘The Brother’s Keeper’ by Chike
INTERNATIONAL ARTISTE OF THE YEAR
Selena Gomez
BEST RECORDING OF THE YEAR
‘Soweto’ by Victony, Tempoe
BEST VOCAL PERFORMANCE (FEMALE)
In Between by Waje
BEST CENTRAL AFRICAN ARTISTE OF THE YEAR
Libianca (Cameroon)
HEADIES VIEWERS’ CHOICE
‘Soweto’ by Victony
BEST EAST AFRICAN ARTISTE OF THE YEAR
Diamond Platinumz (Tanzania)
BEST NORTH AFRICAN ARTISTE OF THE YEAR
El Grande Toto (Morocco)
SONGWRITER OF THE YEAR
‘Loyal’ by Simi Kosoko, Goodsfavour Chidozie, Kosoko Adekunle, Marcel Akunwata
According to the British Deputy High Commissioner, Jonny Baxter, Nigeria’s exports to the United Kingdom (UK) increased by around 74% in one year, from 1.9 billion to 3.3 billion British pounds by the end of June 2023.
In an interview with the News Agency of Nigeria in Lagos, Baxter mentioned the amount when discussing the volume of commerce between the two nations. He said that the amount was 1.4 billion pounds more than the previous year’s total.
“The overall trade figures, which includes imports and exports is 7.6 billion pounds and of that, 4.3 billion are made up of UK products that are imported into Nigeria, and that figure has gone up a 1 billion pounds if you compare with the figure of the year before.
“The rest of the 3.3 billion are Nigerian exports into the UK, and this has gone up by 1.4 billion so the increase in Nigeria’s export into the UK has been much more fast and this is great news.
“It shows that Nigeria is producing goods and services that people in the UK want to buy and they are being bought and purchased from Nigeria,” he said.
He noted that the introduction of Developing Countries Trading Scheme (DCTS) has further strengthened trade relations between both countries “The UK is committed to creating the best conditions possible for trade to continue to strengthen and in June this year, we started a new programme called DCTS.
“It is a global scheme covering all developing countries in the region of 65 countries and Nigeria in particular benefits from that.
“What it does is that it allows more and more goods into the UK by reduced tariffs or no tariffs at all and for Nigeria, 99 percent of what Nigerians export to the UK in goods and service is tariffs-free.
“This means that it is cheaper for people in the UK to buy those Nigerian goods and therefore are going to be more popular and it is a great thing for Nigeria to benefit from,” he said.
Baxter revealed that both countries were exploiting ways to address some barriers and hindrances of trading between both countries. He said that in April 2024, UK would host an African Investment Summit which would serve as a platform for Nigerian Companies to meet British investors.
“ In April next year, the UK is hosting an African investment summit and Nigeria would be a big player as it is an opportunity for Nigerian companies to pitch to British companies for investments, contracts, imports and exports
“As part of that, there would be a special side event on Nigeria creatives as I think in the past, maybe people haven’t focused so much on the creative industry as part of the economy.
“Nigeria is such a classic place where the creatives are so important and they have produced a lot of money and wealth and indeed, I think it is an increasing area for Nigeria’s economy, and it is brilliant that the African Investment Summit would have this side event,” he said.
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group reported profit before tax of ₦327.4billion, representing an increase of 217.1% over ₦103.2billion recorded in the corresponding period ended June 2022. The Group’s loan book (net) increased by 22.8% from ₦1.89trillion recorded as at December 2022 to ₦2.32trillion in June 2023, while deposit liabilities grew by 37.0% from ₦4.61trillion in December 2022 to ₦6.32trillion in June 2023.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦8.5trillion and ₦1.2 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 24.7%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.6% in June 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at 3.7% from 0.6% in December 2022 owing to worsening macros which caused significant increase in ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Our half year audited results reflect the strong business fundamentals underpinning the GTCO franchise, the quality of our past decisions in future proofing our balance sheet for challenging times, and the sound practices that guide our day-to-day operations. Despite the challenges in the business environment, notably inflationary pressures and exchange rate fluctuations, we are starting to see the gains in the transformation of our businesses following our transition to a Holding Company structure. Improved profitability and a solid performance across key metrics reflect efficiencies and justify the investments we continue to make in technology, product development, and our people.”
He further said; “We recognise the impact prevailing economic and market conditions have on people and livelihoods and we remain committed to seeking better outcomes for our customers by ensuring that our products and service offerings support our customers and their businesses through their evolving realities, whilst also taking every opportunity to optimise stakeholder value.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 61.4%, Pre-Tax Return on Assets (ROAA) of 8.8%, Full Impact Capital Adequacy Ratio (CAR) of 24.7% and Cost to Income ratio of 27.7%.
GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.
The Lagos State Government (LASG) issued a new flood warning on Sunday, warning citizens to brace themselves for floods in September.
The Ogun-Osun River Basin Authority released an updated 2023 Water Releases Forecast for Flood Control.
In a statement by the Permanent Secretary, Office of Drainage Services and Water Resources, Lekan Shodeinde, the affected catchment areas include:
Alagbole
Meiran
Maidan
Kara
Isheri-Olowora
Agiliti
Owode-Onirin
Owode-Elede
Agboyi I
Agboyi II
Ajegunle
Itowolo
Majidun
Ibeshe
Baiyeku
Lekki-Ajah
Shodeinde stated that the state government’s top priority is the safety of residents’ lives and property, urging residents and property owners in the listed areas to be prepared to move upland if the water level rises and shows signs of flooding, as is recommended for all residents across the state.
He explained that the total amount of rain recorded from January to August 2023 (1,128.6mm) is higher than that recorded from January to August 2021 (713.4mm) and 2022 (848.1mm).
According to the permanent secretary, a total of 968.6mm was recorded as the amount of rainfall for the 12 months of 2021, as well as a total of 1,140 mm for the 12 months of 2022, while in the first 8 months of 2023, a quantum of 1,128.6mm has already been recorded, implying that when the remaining four months in the year are factored in, a very high intensity of rainfall would be recorded for the entire year.
“When some of the other figures released by the Ogun-Osun River Basin Authority is further scrutinized for volume of water spilled, it shows that for the 12 months of 2021, 1,102mcm was spilled, while for the 12 months of 2022, a total of 1,475.6 mcm was spilled, while in the first eight months of this year, a total of 1,393,1mcm has already been spilled by the River Basin Authority pointing in the direction that more water will be released when factored with the remaining four months in 2023,” Shodeinde said.
According to the Permanent Secretary, rising water levels in all tributaries, including the Oyan Dam, are one of the contributing factors to the possibility of flooding in the Ogun River’s downstream flow.
He emphasized that the same holds true for all of the canals and rivers that discharge into the lagoon and may experience tidal lock and flow back due to high water levels that impede discharges, resulting in flash floods.
Shodeinde went on to say that the alert was necessary because much water is expected in September 2023, in addition to the heavy downpours that are usually associated with the months of September and December every year along the Ogun River Basin, and other related predictions and warnings from Nigeria Metrological Services (NIMET), Nigeria Hydrological Services (NIHSA), National Emergency Management Agency (NEMA), and other related agencies.
The Lagos State government has urged locals not to cross the Blue Rail line’s track, which is slated to begin full commercial operations on Monday.
Gboyega Akosile, Chief Press Secretary to Governor Babajide Sanwo-Olu, issued the warning in a tweet. The rail line is electrified, thus citizens should use the overhead bridges.
“Dear Lagosians, please be reminded as we kick off the commercial operations of the Lagos Blue Line Rail transport on Monday, that the rail line is electrified. Don’t cross the rail lines because it is dangerous.
“Use the overhead bridges that have been provided by the government. Thank you,” he wrote.
Dear Lagosians, please be reminded as we kick off the commercial operations of the Lagos Blue Line Rail transport on Monday, that the rail line is electrified. Don’t cross the rail lines because it is dangerous. Use the overhead bridges that have provided by Govt. Thank you. pic.twitter.com/U9t0cRIIhs
In a video clip accompanying Akosile’s tweet, the General Manager of Lagos Metropolitan Area Transport Authority, Abimbola Akinajo, voiced concern over the rate at which people cut fences on the Blue Rail and dash across it.
“With regards to the operations of the Blue Line in particular, we all know that we have publicised that the Blue Line is going to be an electrified rail system. If you want to cross from one side to the other, you must use the overhead bridges.
“This is a necessity for all of us to understand and we have fenced all along the alignment for the Blue Line to ensure that people do not cross it. But what we see time and again is that people go there and they cut the fences and they run across.
“We have bothered to put pedestrian crossings; there is access for people with physical challenges, and therefore we have no reason to cross the track. So we just ask that people respect this and respect the rails because if we don’t, we will find ourselves in a very dire straits, ” she said.
The first section of the rail line connects Marina to Mile 2 and has five stations in Marina, National Theatre, Iganmu, Alaba, and Orile.
President Bola Tinubu will travel to New Delhi, India, on Monday for the G-20 Leaders’ Summit, according to his spokesman, Ajuri Ngelale.
Ngelale said in a statement on Sunday that the President will leave Abuja for the summit in India at the invitation of Indian Prime Minister Narendra Modi.
“On the sidelines of the Summit, the President will participate in and deliver keynote addresses at both the Nigeria-India Presidential Roundtable and the Nigeria-India Business Conference,” the statement partly read.
Leading industrialists from India’s private sector, Nigerian industrialists, and top government officials from both countries are anticipated to attend the executive roundtable.
“The President aims to leverage this platform to attract global capital and promote increased foreign direct investments in key labour-intensive sectors of Nigeria’s economy for job creation and revenue expansion.
“Moreover, he will use this opportunity to highlight Nigeria’s attractiveness as an investment destination, specifically outlining his cross-sectoral reform plan as encapsulated by the Renewed Hope Agenda,” Ngelale said.
The Nigerian leader is slated to present Nigeria’s perspective on the subject ‘One Earth-One Family-One Future’ at the G20 Summit, with a focus on the global unity required to overcome the challenges facing humanity and the planet.
“While Nigeria’s membership of the G-20 is desirable, the government has embarked on wide-ranging consultations with a view to ascertaining the benefits and risks of membership.
“Once consultations are concluded, the government will decide whether or not to apply to join as appropriate. The participation of President Tinubu at the G-20 Summit in India is, in part, in furtherance of this objective.”
The President will travel to India with Yusuf Tuggar, Minister of Foreign Affairs; Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Doris Uzoka-Anite, Minister of Industry, Trade, and Investment.
“President Tinubu will return to Nigeria immediately following the conclusion of the Summit,” said the statement.
The ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) is proud to announce that it will be organizing the 8th edition of the ECOWAS Sustainable Energy Forum (ESEF) 2023, scheduled to take place in the city of Praia – Cabo Verde, on October 12 and 13, under the auspices of the office of the prime-minister of Cabo Verde.
During the last years, ESEF has established itself as the premier energy event in West Africa, attracting a wide range of stakeholders from around the world. This year’s theme focuses on promoting sustainable energy in the region, and will bring together key stakeholders, including policymakers, industry leaders, and world-renowned experts to deliberate on pressing energy challenges and opportunities in the region. By fostering collaboration among these stakeholders, the Forum aims to ensure comprehensive and well-rounded discussions that lead to actionable outcomes.
Among the different objectives of the Forum, the following can be highlighted:
Foster concrete progress in the attainment of the region’s sustainable energy targets;
Showcase and facilitate investment opportunities in the region’s sustainable energy sector;
Provide a platform for networking and improving the policy and regulatory landscape for private sector investment through engagement between ECOWAS policy makers, regional and international private sector players, and financial institutions.
ESEF is a pivotal event aimed at advancing sustainable energy solutions and catalyzing socio-economic development across the West African region.
The Forum is organized in parallel with the West Africa Energy Transition Week, featuring the 4th edition of the International Renewable Energy and Energy Efficiency Fair of Cabo Verde (FIEREE), taking place from October 12 – 14, 2023, organized by the Ministry of Industry, Commerce and Energy of Cabo Verde (MICE).
Quota-related decisions made at OPEC’s 35th meeting last June in Vienna delivered a call to action for African member states to step up production through the remainder of the year and into 2024.
Many of OPEC’s African member states had been struggling to produce enough crude to meet the targets set for them last year. As a result, they found themselves accepting even lower quotas this year.
Decisions regarding production cuts for African members Algeria, Angola, Congo, Equatorial Guinea, Gabon, and Nigeria are summarized in the African Energy Chamber’s (AEC) newly released outlook report, “The State of African Energy Q2 2023.”
Our report also notes easing of the civil unrest that resulted in the exclusion of member state Libya from OPEC cuts for the time being.
OPEC’s meeting, which included OPEC+ oil-exporting countries as well, resulted in a Declaration of Cooperation that delays further cuts to production targets until 2024 and continues voluntary cuts by nine member states until the end of 2023. Algeria and Gabon are the two African members among those volunteers.
The 2024 Targets and Expected African Production
OPEC’s signed declaration calls for a significantly lower cumulative production target for African member states: about 4.33 million barrels per day (MMbbls/d) of crude oil.
A look at the targets of OPEC’s two leading African oil producers — Nigeria and Angola — shows considerable reductions from the 2023 quotas set at the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM). Nigeria’s 2024 target, 1.38 (MMbbls/d), represents a reduction of 360,000 barrels per day (bpd), and Angola’s quota went down by 175,000 bpd to 1.28 MMbbls/d.
Despite these reduced quotas, it is not anticipated that either country will reach theirs in 2024; Nigeria is expected to hit 95% of its target, Angola 75%. Nigeria, although estimated to be capable of producing 2.2 MMbbls/d, has faced challenges such as oil theft, sabotage, and technical issues. Angola, despite increased oil and gas activity in 2023, has still strained in recent months to produce more than 1.1 MMbbls/d, far short of its current 1.46 MMbbls/d target from OPEC.
Congo is also expected to fall short of its production target, at about 10% less than allowed, while Equatorial Guinea and Gabon will likely produce slightly over their target numbers of 70,000 bpd and 177,000 bpd respectively, avoiding compliance as in the past. Of the members in sub-Saharan Africa, only Gabon has achieved its target this year.
Algeria in the north is another high achiever, with production capacity that exceeds its 2024 OPEC target of 959,000 bpd. It has agreed to cut output by 96,000 bpd to comply. Meanwhile, its next-door neighbor, Libya, achieved an average of 1.26 MMbbls/d for 2023 after recovering from drastic production outages during 2022 civil disturbances. OPEC cuts for 2024 have not been set for Libya, allowing the country to use oil reserves to assist with reconstruction efforts.
Crude production in several African nations has been stymied by lack of adequate investment, political unrest, and technical issues associated with older wells.
Following an assessment of the Declaration of Cooperation by IHS, Wood Mackenzie, and Rystad Energy, the 2024 targets for Nigeria and Congo may be revised based on their anticipated levels of production.
Strategies for a Better-Than-Expected 2024 and Beyond
The delayed OPEC production cuts clearly showcase an urgent need for African countries to up their current production numbers and prove that higher quotas are warranted, which would also increase African negotiating sway at future meetings.
The possibility of target modification “to equal the average production that can be achieved in 2024,” particularly for Congo and Nigeria, was raised in a June OPEC announcement that followed the meeting. Angola was also mentioned as having production plans “subject to verification…before the end of 2024.”
Acknowledging both the opportunity and the urgency, the head of geopolitics for London-based research firm Energy Aspects, Richard Bronze, stated that the deal “certainly creates an incentive for these three countries (Angola, Congo, and Nigeria) to try and demonstrate they can raise production before year-end, but we think they are unlikely to be able to manage it.”
The time is now for African OPEC members to prove that they can achieve the higher output capability that warrants higher baselines.
The calls for government action that I and the AEC have stressed in recent years are more urgent than ever: African governments need to create the kind of positive, enabling climate that will encourage greater exploration and production. Good financial policies will help in that effort, as will ethical, transparent, and efficient governance.
Prioritizing speedy adoption and execution of measures to achieve these goals will bring what is most needed to boost African production numbers — increased interest from international oil companies and investors.
A united effort to awaken more investor interest in African oil should start now, as should cooperation among African members to present a more unified voice when the 36th OPEC meeting is held in November, 2023. The OPEC – Africa Roundtable at the African Energy Week in Cape Town, will ensure Africa specific issues are addressed and as well as global energy security issues.
As S&P Global noted, this strategy would be “taking a page from their Middle East counterparts, who typically align their positions before contentious negotiations through pre-meeting consultations.”
I encourage Africa’s member nations to do what it takes to increase investment, production, and their influence at the OPEC table. You are stronger together.
Nigeria’s vast hydrocarbon resources, encompassing 200 trillion cubic feet of natural gas and 37 billion barrels of oil reserves, represent a significant opportunity for the nation to optimize revenue generation, expand energy accessibility and drive industrialization, all while fostering employment creation and infrastructure development.
Despite its status as one of Africa’s largest crude oil producers, Nigeria has experienced a decline in production across legacy fields, and as such, is inviting foreign investors and project developers to join the promising market, thereby triggering an energy transformation in Nigeria.
Pivotal to bolstering Nigeria’s oil production and ensuring the sustainability of the energy market are dedicated and seasoned industry leaders and policymakers. Specifically, Sen. Heineken Lokpobiri, Nigeria’s Minister of State for Oil, represents an instrumental figurehead in the country with a commitment to driving the country into a new era of energy and economic prosperity. During the continent’s biggest energy gathering, African Energy Week (AEW) – scheduled for October 16-20 in Cape Town – Sen. Lokpobiri will deliver a keynote address on the role Nigerian energy is poised to play in making energy poverty history in Africa.
Representing Africa’s premier energy event, AEW 2023 takes place under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets,’ and aligns closely with Sen. Lokpobiri’s objectives for Nigeria’s energy sector. During the event, Sen. Lokpobiri will engage in high-level panel discussions and exclusive networking sessions centered on Nigeria’s promising hydrocarbons opportunities. Sen. Lokpobiri will also lead Invest in Nigeria Energies at AEW 2023, connecting capital and technology to Nigerian projects.
Having been appointed Nigeria’s Minister of State for Oil by President Bola Ahmed Tinubu in 2023, Sen. Lokpobiri is dedicated to revitalizing the nation’s energy production. Leveraging a strong track record of spearheading dialogue and deals around sustainable development, Sen. Lokpobiri, who previously served as Nigeria’s Minister of State for Agriculture and Rural Development from 2015 to 2019, brings valuable experience to the AEW 2023 conference. His leadership will play a pivotal role in attracting new investors, strengthening existing partnerships with global energy stakeholders, and addressing critical industry challenges.
On the back of the Petroleum Industry Act, implemented in 2021 to catalyze industry growth, Sen. Lokpobiri brings a drive to bolster the competitiveness of the nation’s oil sector. His leadership aims to elevate production, expand domestic capacity, and ultimately accelerate Nigeria’s economic development. Currently, a number of projects are underway in the country that aim to position it as a regional hub. Upstream projects include field developments such as OML 13, Bongo North Field, Preowei Field, JK Field, HD Field and many more. Downstream, the 650,000 barrel per day Dangote Oil Refinery came online this year while projects such as the Trans-Niger Oil Pipeline and many more are poised to strengthen domestic refining capacity and regional distribution.
With an ambitious goal of lifting 86 million citizens out of energy poverty by efficiently exploiting domestic resources, Sen. Lokpobiri is well-positioned to spearhead the nation’s energy renaissance. As Nigeria aspires to become a top-ten global destination for energy investment, his stewardship will enhance the country’s appeal to international investors. Between 2023 and 2027, Nigeria is set to dominate Africa’s project portfolio, accounting for 23% of planned projects set to begin operations. Under Sen. Lokpobiri’s leadership, Nigeria’s pursuit of economic diversification through oil-generated revenue is set to be usher in tangible results, while his participation at AEW 2023 will increase this project lineup considerably as new investment flows into the market.
“Nigeria’s oil resources not only represent an opportunity for the country to address its energy security concerns and economic diversification agenda but a chance to consolidate Africa’s position as an energy powerhouse. Sen. Heineken Lokpobiri is well positioned to lead Nigeria into a new era of industry expansion. Under his leadership, the country is on course to attract new investors, boost production in marginal fields, unlock new reserves and enhance revenue generation while alleviating issues such as theft and ageing infrastructure,” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber (AEC).
AEW is the AEC’s interactive exhibition and networking event uniting African energy stakeholders, driving industry growth and development, and promoting Africa as the destination for African-focused events. For more information about sponsorship, attendance, and partnership opportunities, visit www.AECWeek.com.
The African Export-Import Bank (Afreximbank) has signed an MOU with the United Arab Emirates (UAE) Trade Center, to promote the TRADAR Club solution in the market.
The Cooperation Agreement, signed between Afreximbank and the UAE Trade Center on the sidelines of the Intra-African Trade Fair (IATF2023) Press Conference and B2B Meetings in Dubai United Arab Emirates (UAE), provides for the two institutions to commence harmonisation of their efforts in various areas of collaboration to support the TRADAR Club objectives.
The agreement was signed by Ms. Lizanne Case, Head of Trade Intelligence Solutions on behalf of Afreximbank, while Mr. Walid Hareb AlFalahi, Chief Executive of the UAE Trade Center signed for his organisation.
The Afreximbank TRADAR Club, launched recently as a prestigious member-driven network, empowers international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory services.
It delivers innovative digital tools and networking opportunities, helping its members to discover new markets; grow their businesses; save time; access dedicated expert support; post and respond to new business opportunities; network; meet business/trading partners; and more.
To propagate the solution in the market, Afreximbank is establishing strong relationships with a wide variety of partners. Under the terms of the cooperation agreement with the UAE Trade Center, the two institutions will collaborate in such areas as inter-institutional cooperation; provision of business-oriented information to facilitate trade and investment; business matchmaking; grants; technical assistance; and capacity building, among others.
The agreement is expected to facilitate greater interaction by allowing for the sharing of ideas and discussion of common problems for the purpose of improving relationships and cooperation among members.
TRADAR Club will serve as an information pool assisting the exchange of reliable trade information, trade policies, customer databases, research reports, expert analysis, directories of African investment information, rules and regulations, general updates on statistics, business data and investment incentives, among others. TRADAR Club members will also be invited to trade and investment missions and exhibitions.
Likely to represent a 600 trillion cubic feet (tcf) gas market, Nigeria’s investment opportunities in this field are unparalleled, offering foreign financiers and project developers the chance to make high returns while driving the sustainable growth of Nigeria’s energy industry.
Under frameworks such as the Petroleum Industry Act (PIA) and the Decade of Gas initiative, Nigeria has established itself as a highly attractive investment opportunity.
During the African Energy Week (AEW) 2023 conference and exhibition – taking place at the Cape Town International Convention Center from October 16-20 -, the country’s Minister of State for Gas Hon. Ekperikpe Ekpo will provide insight into the numerous investment opportunities emerging across Nigeria’s gas market. From upstream exploration to downstream processing to distribution and power generation, Hon. Ekpo joins AEW 2023 with the aim of connecting foreign capital with Nigerian gas projects. Hon. Ekpo joins Nigeria’s Minister of State for Oil Sen. Heineken Lokpobiri at the event this October, and will lead sessions such as Invest in Nigeria Energies.
Nigeria’s strategic position in close proximity to high demand regional markets, largely untapped gas resources and recent regulatory reform agenda have further enhanced its attractiveness as an investment destination. Under the Decade of Gas initiative – an ambitious government program launched in 2021 that aims to advance gas development and utilization by 2030 – the country is paving the way for a series of large-scale project developments. Additionally, in 2022, the government identified 20 critical gas projects under the PIA, all of which require foreign investment to get off the ground.
Nigeria already represents a major gas player in Africa. In the short term, the African Energy Chamber’s (AEC) Q2, 2023 Outlook, the State of African Energy, shows that the country, alongside Algeria and Egypt, is expected to drive the majority of natural gas supply in Africa (80%). Output is largely driven by the Nigeria Liquefied Natural Gas (LNG) project, which has been operating for 20 years. The project is being expanded with the addition of a seventh train, poised to increase national output from 22 million to 30 million tons per annum by 2027. The project showcases the potential for billion-dollar gas endeavors in Nigeria. However, supply concerns further underscore the need to invest in gas-related exploration.
While Nigeria’s proven natural gas reserves are currently measured at 200 tcf, ongoing exploration efforts are bound to increase this figure to 600 tcf. Upstream projects currently underway include the Okpokunou/Tuomo West Cluster Development; Hi Field; HA field; the Gbaran Nodal Compression project and many more. These developments barely scratch the surface of Nigeria’s upstream gas prospects, however. Downstream, the Decade of Gas initiative places specific focus on gas-related infrastructure, and is poised to unlock new opportunities for regional energy security and sustainable growth. Kicking off with the 614km Ajaokuta-Kaduna-Kano gas pipeline – connecting southern gas fields with central Nigeria – the initiative calls for the development of LNG and Liquefied Petroleum Gas facilities, incentivizing the commercialization of gas flares, the development of gas-based industrial bases and investment into power generation projects. This, in turn, has opened up significant opportunities for foreign investors and project developers. AEW 2023 will connect potential players with the country’s gas opportunities.
“Stepping into the role as Minister of State for Gas in Nigeria, Hon. Ekpo is poised to play an instrumental part in accelerating the pace at which investment is made in the country. His commitment to engaging with regional and foreign players will yield tangible results for the country while his dedication to leveraging policy and public-private partnerships will usher in a new era of project developments in Nigeria’s gas market. Nigeria is well positioned to become the global gas hub of the future, and with the drive of leaders such as Hon. Ekpo, the country is on track to achieve this objective,” states NJ Ayuk, Executive Chairman of the AEC.
During AEW 2023, Hon. Ekpo will engage in and lead various panel discussions and investor forums under efforts to attract new investment to the Nigerian gas market. As the biggest gathering of energy stakeholders on the continent, AEW 2023 plays an integral part in connecting capital with African projects, and with Hon. Ekpo’s participation, Nigeria is set to witness a wave of industry-advancing deals signed.
AEW is the AEC’s interactive exhibition and networking event uniting African energy stakeholders, driving industry growth and development, and promoting Africa as the destination for African-focused events. For more information about sponsorship, attendance, and partnership opportunities, visit www.AECWeek.com.
In a bid to bolster the entrepreneurial spirit, the Zambian operations of Pan-African creative agency, X3M Ideas is launching a national competition to showcase, promote, and offer funding to start-ups and MSMEs.
The competition tagged ‘X-Pitchathon’ which began on August 29, 2023, in Lusaka, is part of the activities earmarked to mark the fifth anniversary of X3M Ideas’ operations in Zambia.
Since its launch in 2018, X3M Ideas Zambia has amassed a sizable clientele and received awards like Beefeater Pink’s Most Innovative Pernod Ricard Brand in South Central Africa. The X-Pitchathon, an initiative of X3M Ideas Zambia, aims to help Zambian startups under five years old.
Beyond the celebrations, the X-Pitchathon by X3M Ideas was created to strengthen the capacity of business owners to access platforms, funding, and other resources they need to develop and market their innovations and ventures.
The competition is expected to create opportunities for networking and in recognition. To qualify for the competition, all participants are required to be Zambians, not less than 18 years old, with a start-up or an early-stage business. In addition, all participants should have a working business model, prototype or minimum viable product (MVP).
With the goal of impacting Zambia’s economic growth as well as Africa’s development, X-Pitchathon will give participants a well-organised setting where they can pitch their creative concepts to a panel of judges made up of investors, experts, and business leaders.
The Managing Director, of X3M Ideas Zambia, Adenike Odutola, explains why this competition was conceived.
“X-Pitchathon was created as a tech solution to solve some of the lingering challenges associated with owning businesses in Africa, particularly Zambia. Like many young entrepreneurs across the continent, many Zambian business owners lack access to funding opportunities, value-driven partnerships, and investor networks. At X3M Ideas Zambia, we believe that this competition is a giant step towards building a stronger economy in Africa.”
The competition requires a detailed online registration and the submission of support documents stated on www.xpitchathon.com. Entries for the competition opened on August 29, 2023, and will close on September 29, 2023, with the final pitch slated for November 1, 2023. The grand prize to be won is worth over K1,000,000, including a K50,000 cash prize, K850,000 worth of marketing, and K100,000 worth of business tools, while the Purpose Category – winner gets K30,000 in funding.
Speaking on the initiative, the Founder and CEO of X3M Ideas, Steve Babaeko, says: “At X3M Ideas, we are very committed to helping start-ups, MSMEs, and innovators find their X by connecting them to opportunities, potential investors, and resources for growth. X-Pitchathon is a brilliant opportunity for new and emerging brands to find their unique voices and visibility in the African market.”
X3M Ideas Zambia began operations on August 29th, 2018, and the parent company, X3M Ideas Nigeria, is a market leader and a disruptor in the advertising landscape. The creators of Good Reports named X3M Ideas as one of the top 40 global agencies in 2023. Additionally, the firm received 18 awards at the 2023 Pitcher Awards, and most recently, it made history by becoming the first Nigerian firm to receive the prestigious Cannes Lions Awards. The firm has since begun operations in Zambia, Congo Brazzaville, and Kenya, with further plans to expand across Africa and the Middle East.
Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, is pleased to announce that it has reached a monumental milestone by successfully crossing the ₦1 trillion asset under management threshold.
This accomplishment serves as a testament to Stanbic IBTC Asset Management’s dedication to innovation, nurturing client relationships, and fostering investment prosperity.
While expressing her delight at the achievement, Busola Jejelowo, Chief Executive, Stanbic IBTC Asset Management, attributes the remarkable achievement to the unwavering trust and support of its clientele, partners and stakeholders.
“This milestone is a tribute to our clients who have entrusted us with their financial goals. Their belief in our capabilities has fueled our journey and their success stories are the true measure of our achievement.
“For us, the real win is that we have achieved our mission – to empower our clients, to help them achieve their dreams, and to support them to create a legacy of financial prosperity – this is the true prize.”
Busola went on to express appreciation to the clientele of the organisation. “I want to extend my profound gratitude to our esteemed clients. From the bottom of our hearts, thank you for choosing us as your preferred financial partner.
“Your partnership has been the cornerstone of our journey and our commitment to your investment prosperity and dreams has always been and will continue to be our driving force.”
The Chief Executive also reiterated the company’s commitment to excellent service delivery to its clients. She said; “as Stanbic IBTC Asset Management moves forward, it will continue to innovate, deploy cutting-edge investment strategies, and provide tailored investment solutions that evolve in tandem with our clients’ needs.”
The Governor of Enugu State, Peter Mbah, has stated that his administration’s programs and policies are aimed at giving possibilities for young people in the state and putting an end to the japa syndrome.
In an interview on the sidelines of the Enugu State Investment Roundtable, organized by the state government in Enugu on Friday, the governor stated that his administration wants to guarantee that people stay in the state and “rather japa their skills around the globe.
“A whole lot of these programmes and the discussions we are having about bringing in private sector investment, they are all targeted at benefitting our young people. We have a generation of skilful people in Enugu; I mean our literacy rate in Enugu is over 90 per cent.
“Again, through our policies we want to rubbish the japa syndrome. We want to ensure that our people stay here and japa their skills across the globe, what they are going to be moving around the globe will be their digital skills,” Mbah said.
He went on to say that while the world is moving at such a breakneck speed these days, “we also recognize that we need to ensure that our young people are prepared for the emerging future.”
“So, we understand that the skill set that they need to thrive in this emerging future is completely different from what was required some 20, 30 years ago.
“What that means is even in our social sector we are deliberate in terms of the skill set we expose this young people to.”
The governor described Friday’s event as one aimed at assuring the investing community that Enugu is truly the future investment destination, adding that the government wants to achieve investment closing during the diaspora and investment summit in the first quarter of next year.
“In our pipeline, we have an investment potential of $2 billion and we are expecting to have a closure of that figure by the first quarter of next year,” he said.
Mbah also stated that he identified insecurity as one of the key obstacles of the government’s efforts to attract investors, which guided his decision to address the issue head-on, adding that the state is now one of the safest in Nigeria for business.
President Bola Tinubu pledged his unflinching support on Friday for a collaboration between the Federal Ministry of Health’s National Eye Health Programme and the Peek Vision Foundation to distribute over five million pairs of spectacles to Nigerians with vision problems.
According to Ajuri Ngelale, Special Adviser to the President on Media and Publicity, President Tinubu declared the Federal Government’s support during a courtesy visit by Prof. Andrew Bastawrous, Founder and CEO of Peek Vision Foundation and Co-Founder of the Vision Catalyst Fund, on Friday.
Ngelale pointed out that as the President made a vow on behalf of the Federal Government, he remembered his initial engagement in eye health.
“My first experience was with my mother of blessed memory. She was ill and she could not recognise me. When I intervened, she was treated and given a pair of glasses.
“The next question she asked me was: ‘I have you, and you are able to do this for me. What about those other women and their children who may not have somebody like you to intervene for them?’
“So I made a promise to her that I will pursue the mass provision of eye care vigorously and that I would provide free eye screenings and surgeries to people because of that question my mother asked me and because of her passion to see others healed.
“We eventually impacted the eye health of millions of people in Lagos, and you could see their joy over the immediate sight enhancements when they were given a pair of glasses,” the President fondly recalled.
President Tinubu voiced concern over the more than 24 million Nigerians who suffer from varied degrees of vision impairment, emphasizing the urgent need for improved eye health services.
“We must act now because sight and vision is critical to economic development and growth,” the President said, recalling his visionary “Jigi Bola” programme, which was initiated during his tenure as the Executive Governor of Lagos State in 2001 and provided free eye screenings and surgeries to Lagosians while setting a new precedent for proactive eye care initiatives in West Africa.
“I am in support of this initiative, and I will encourage the mobilisation of further commitment to see this through and to reach vulnerable people all across our country. Some parents may not pay attention to this, but I will, because I am touched,” the President concluded.
Expressing his commitment to the cause, Prof. Bastawrous said, “Good vision unlocks human potential. It improves earning, learning, and wellness for individuals, communities, and countries.”
The Peek Foundation CEO shared his own story about the transformative potential of vision care, saying, “When I was 12, my teachers told me I was clumsy and lazy, but the results of an eye exam revealed I had very poor vision.”
“And when I put on a pair of glasses, I saw the leaves on a tree for the first time, and my life completely changed and two weeks later, I was using my first pair of free eyeglasses and I saw stars clearly for the first time.
“My grades improved, and the trajectory of my life completely changed, all because of a very cheap intervention that is 700 years old. Had that not happened, I would not be standing in front of you today. I would not be a professor, and I would not be involved in the work I am doing because sight gives opportunity.”
