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Africa50 invests in infrastructure worth $6.6bn in 6 years- AfDB

African Development Bank (AfDB) says Africa50 has invested over 6.6 billion dollars in critical infrastructure in its six years of operation.

The AfDB’s President, Dr Akinwumi Adesina, said this in a statement released at the Africa50 Infra Forum and General Shareholders Meeting in Lome, Togo.

Africa50 is an investment platform established by African governments and the AfDB to mobilise financing for mega infrastructure projects with significant development impact.

The AfDB’s president chairs the Africa50 Board of Directors.

According to the statement, the fund is the first private vehicle infrastructure platform inaugurated by Africa50.

“It will catalyse further investment flows to invest in the development of critical infrastructure across the African continent.”

Adesina said Africa50 was rapidly playing a strategic role in closing Africa’s infrastructure financing gap, from energy to transport and logistics to digital infrastructure.

Adesina said: “Africa50 is doing amazing work as an institution, developing projects to bankability and financing projects.

”At the heart of our work is to help close the 68 to 108 billion dollars annual infrastructure financing gap for Africa.”

On financial resources for Africa’s development needs, Adesina said the reallocation of International Monetary Fund Special Drawing Rights (SDRs) meant more funding to support all the regional development banks in Africa as well as Africa50.

He said that the resources would unlock additional resources to finance climate change mitigation and adaptation, infrastructure for agriculture, transport, digital, airports, water and sanitation, education, as well as health.

The AfDB boss said the added resources would support African countries like Togo, where AfDB had invested heavily and was the largest development partner supporting the country’s agricultural sector.

Adesina said the bank invested more than 32 million dollars to support inclusive growth in the sector, helping to reduce the importation of key food commodities like rice, maize, and soybeans.

Speaking at the Africa50 Infrastructure Acceleration Fund signing event, Adesina said the time to change the investment narrative on Africa, was now.

” It is remarkable and unprecedented to have 17 African institutions participating in such a transforming initiative to invest in an African infrastructure fund.

”With the Fund, we are positioning the Africa50 Group to play a lead role in helping to tap into the more than 98 trillion dollars of global assets under management.

”The African Development Bank is investing 20 million dollars in equity in the African Infrastructure Acceleration Fund,” he said.

According to the president, there is much that can be done to close Africa’s infrastructure gap.

Adesina said: “Since most of Africa’s infrastructure is yet to be built, there is an excellent opportunity to build it green and to green the existing infrastructure.

“Africa’s future is green, so let’s green all of Africa’s infrastructure. Together we will make the continent the centre of green infrastructure in the world.

”Africa50, AfDB and our partners will make this a reality.

”Africa50 has attracted support from across Africa and today has 31 African countries as shareholders and three African institutional investors,” he said.

Togolese president, Faure Gnassingbé, said, there was a huge need for infrastructure across the continent, saying” this is indeed a condition for development”.

Gnassingbé said without roads, bridges, airports, hospitals, schools, power, communication networks, and water supply, there was indeed no possible development in Africa.

The President said infrastructure issues laid at the heart of his country’s development roadmap.

“Togo has assets, but to take advantage of them, we need to invest in infrastructure.

“The public sector finances more than 90 per cent of infrastructure investment, but public spending will not be enough, the involvement of the private sector is essential.

”Projects must be bankable to appeal to private investors and without a stable and consistent regulatory environment, it will not be possible to attract private capital,” Gnassingbé said.

Africa50 Chief Executive Officer (CEO) Alain Ebobissé said his institution was ready to take on the challenge of creating the infrastructure needed to grow the African continent.

“For instance, with the support of the AfDB, Africa50 has developed the first programme of asset recycling in Africa.

“And today we are happy to welcome Togo, Gambia, and Zimbabwe as the first countries to join this programme with emblematic assets.

”Asset recycling is an innovative initiative for governments to monetise existing infrastructure assets through a concession to the private sector with funds received being reinvested in other priority projects,”Ebobissé said.

The chief executive officer explained that Africa50’s investment over six years covered 21 national and regional infrastructure projects in 22 countries.

“We understand the expectations of the African population. This is why we must act with a real sense of urgency,” Ebobissé added.

The Togolese President, Faure Gnassingbé and some prominent African and global institutional investors, among others, attended event.

Some investors also used the opportunity of the meeting to sign subscription agreements and letters of intent to commit funds to the 500 million dollars African Infrastructure Acceleration Fund.

07/05/2023
Electronic Cars: NNPCL to install charging ports at gas stations nationwide

The Nigerian National Petroleum Company Limited (NNPCL) has said it plans to install charging ports at its gas stations around the country for the charging of electric vehicles.

Managing Director of NNPC New Energy Ltd, Kanayochukwu Odoe who disclosed this in the Company’s quarterly publication, stated that the business will invest in electric vehicles to suit local demand.

Commenting on the plans of the oil firm in promoting the use of electric vehicles in Nigeria, Odoe said: “There are two things we are looking at. There is a start-up from Maiduguri that is into renewables and electric vehicles. It’s a Nigerian start-up.

“We are currently discussing with them to expand their capacity to meet local demand in Nigeria. It’s something I believe we should invest in not just because it’s our own, but also because they are doing something that hasn’t been done before, at least, in this part of the world. So, when we invest in the company, we can have a foothold in the electric vehicles market.

“The next part will be how to provide access to charging ports for the electric vehicles. We have NNPC Retail stations scattered around Nigeria, we are currently having a discussion on how to install charging points in the stations to serve electric vehicles. These are some of the things we are doing in that area.”

Odoe said it was looking at embarking on solar projects to supply power to the masses, especially in areas where the services of power distribution companies were in short supply.

“We are looking particularly at disadvantaged areas where the services of the electricity distribution companies are not present. We want to bridge that gap.

“Now, when we supply solar power to those disadvantaged areas, we will charge electricity bills. That’s something different that we are bringing on board that hasn’t been done before.

“On the second aspect of the policy, we are now charting a proper cause to streamline ways to meet our global obligations as stipulated in the treaties and conventions that the government has committed to,” he stated.

07/04/2023
Nigeria’s equity market records N672bn loss

The domestic equity market on Tuesday returned to a bearish run, shedding N672 billion following losses recorded by some medium and large stocks.

The market capitalisation of listed equities decreased by 1.99 percent to N33.059 trillion from N33.731 trillion reported the previous day.

The NGX All Share Index also depreciated by 1234.20 basis points to 60715.04 points from 61949.24 points traded the previous day.

An analysis of the investment showed that Chi Plc led the gainers table during the day, gaining 10 percent to close at N0.99 per share, Eterna Plc followed with a gain of 9.96 percent to close at N25.40 per unit, Chams Plc added 9.88 percent to close at N0.89 per unit, ETranzact added 9.87 percent to close at N7.79 per share, Skyways Aviation Handling also gained 9.87 percent to close at N12.25 per share.

On the contrary, Lasaco Insurance recorded the highest loss, shedding 13.86 percent to close at N2.30 per unit, PZ Cusson trailed with a drop of 10 percent to close at N20.70 per unit, Wema Bank Plc dipped by 9.98 percent to close at N5.32 per share, BuaCement dipped by 9.86 percent to close at N83.15 per unit, Transcorp declined by 9.84 percent to close at N3.48 per shares.

The volume of trades declined by 98 million, representing 8.13 percent as investors traded 1.107 billion shares valued at N12.209 billion to 12194 deals against 1.205 billion shares valued at N14.039 billion exchanged hands the previous day in 12128 deals

Transactions on the shares of FCMB group led activity chart in the market with 180.750 million shares valued at N981.471 million, Sterling Bank followed with an account of 107.535 million shares cost N411.132 million, Transnational Corporation of Nigeria exchanged 105.870 million shares worth N381.006 million, United Bank for Africa traded 87.326 million shares cost N1.115 billion, AccessCorp traded 77.845 million shares cost N1.343 billion.

07/04/2023
Smartphone data consumption to surge in Nigeria– Ericsson

Data consumption is expected to surge in Nigeria and other Sub-Saharan African countries by 2028.

This would be driven by smartphone traffic, which would witness a four-time increase to hit 19 GB per month in 2028, according to Ericsson Mobility Report (June 2023).

It said, “Sub-Saharan Africa is forecast to be the region with the highest growth in total mobile data traffic, rising by 37 percent annually between 2022 and 2028 as service providers across the continent continue to invest in 4G networks and migrate customers from 2G and 3G.

“This increase in data traffic will primarily be driven by a four times increase in smartphone traffic in the period, with average data per active smartphone settling at 19 GB per month in 2028.”

As of the end of 2022, the average monthly mobile data usage per smartphone was 4.7 GB in the region.

The growth in mobile traffic was expected to be driven by an uptake in 5G, which would drive video streaming consumption. By 2028, video streaming would be responsible for 80 percent of all mobile data consumption,” the report stated.

Ericsson noted, “However, if adoption is stronger than expected, data traffic could increase significantly more than currently anticipated toward the end of the forecast period, particularly in the uplink.

“Currently, video traffic is estimated to account for 71 percent of all mobile data traffic, and this share is forecast to increase to 80 percent in 2028. Populous markets that launch 5G early are likely to lead in terms of traffic growth over the forecast period. 5G’s share of mobile data traffic was 15 percent at the end of 2022, an increase from 9 percent at the end of 2021.

07/04/2023
Inactive lines will be lost after one year, NCC warns subscribers

New guidelines proposed by the Nigerian Communications Commission (NCC) will see telephone subscribers lose their lines if it is inactive for one year.

The guidelines, which were published by the Commission, are part of efforts by the NCC to improve service delivery by telecommunications companies (telcos).

The commission said, “Subscribers may lose their numbers within a year if they do not use it”.

“A subscriber’s line may be deactivated if it has not been used within six months, for a Revenue Generating Event (RGE), and If the situation persists for another six months, the subscriber may lose their number, except for a network-related fault inhibiting an RGE.”

“Deduction of line rental charge is regarded by RGE,” it said.

To recover their lines, the Commission said subscribers must provide “proof of good reason for absence and is at liberty to request for line parking.”

The commission said the publication was in accordance with section 57 of the NCC Act to allow stakeholders to make contributions to the policy.

The new NCC guidelines, titled, ‘Draft Quality of Service Business Rules’, stipulate the minimum quality and standards of service, associated measurements, and key performance indicators for measuring the quality of service.

According to the document, telcos are to attend to customers within 30 minutes upon arrival at any of their service centres across the country.

“For customer care centres, waiting time to be physically attended to by relevant staff at customer care centres is 30 minutes. The licensee shall provide means of measuring the waiting time, starting from the time of arrival at the premises,” the document reads.

The commission also said telcos must ensure that customers can speak to a customer care representative within five minutes when they call a telco’s helpline.

“Lines should not be more than three times; maximum number of rings before a call is answered by either an IVR machine or a live agent should not be more than five; and where a customer decides to speak to a live agent, the maximum duration allowable on the queue/IVR should be 5 minutes before answer,” NCC said.

“In exceptional cases where a live agent may be unavailable within five minutes to answer the call, a customer should be given an option to hang up to be called back within a maximum time of 30 minutes.

“Customer care lines that can be accessed through 21 free access numbers and if 1 number then it should accommodate multiple other network calls at the same time.”

On credit alert while on call, telcos are expected to send “a single short-beep to the call initiator 2 minutes, and at 30 seconds to termination of the ongoing call”.

It added that “low credit announcement to be played while the call is being originated in a situation where the call cannot last up to 30 seconds.”

07/04/2023
CBN sensitizes Gombe stakeholders on new payment systems, economic policies

*Cautions against Naira abuse, counterfeiting

The Central Bank of Nigeria (CBN) on Tuesday, sensitised stakeholders in Gombe on its policies and interventions toward boosting economic development in the country.

The sensitisation was held at the International Conference Centre in Lafiyawo community of Akko Local Government Area of Gombe.

The Director, Corporate Communications Department, CBN Directorate Headquarters Abuja, Dr Isa Abdulmumin in his presentation, said the CBN had made a lot of efforts toward stimulating businesses across the country.

This is to ensure economic empowerment for the country and citizens.

Abdulmumin said the objective of the engagement was to sensitise members of the public on how the apex bank’s interventions could grow businesses in the state and to contribute to Nigeria economy.

Represented by Mr Esu Imo, an Assistant Director, Corporate Communications Department, CBN Directorate Headquarters, Abuja, Abdulmumin said the bank remained committed to supporting businesses and promoting diversification through various interventions in key sectors of the economy.

The director also said part of the engagement was to solicit the support and co-operation of key stakeholders to partake in CBN’s mission to return Nigeria to the path of greatness.

According to him, as a critical stakeholder in economic development, the CBN seeks collaboration with the people to contribute toward achieving a well-diversified and prosperous economy.

“I wish to crave your indulgence to be attentive as we sensitise you on the various modern payment infrastructures for ease of business transactions.

“We will also enlighten you on your rights and responsibilities as it relates to your relationship with your banks; among others,” he said.

While restating the commitment of the CBN to ensuring availability of naira notes, Isa, however, urged participants to see Naira as a critical symbol of national identity.

“Respect and keep it clean; do not spray, hawk, mutilate or counterfeit the Naira,” he warned, adding that it is an offence to abuse the Naira.

In his opening speech, the Branch Controller, CBN Gombe State office, Mr Shehu Goringo said the primary objective of the fair was to sensitise the people about the CBN initiatives.

Represented by Mr Abdullahi Baba-Isa, Head, CBN’s Development and Finance Office, Gombe State, Goringo said the CBN would leverage the engagement to harness expertise of the diverse participants toward finding common solutions to economic challenges of the country.

Goringo expressed optimism that the outcome of the engagement would help achieve financial literacy and inclusiveness and would contribute to employment creation, while building a sustainable economy.

Presentations were made on consumer rights protection and how best to keep the Naira clean and CBN’s efforts to make Naira available to the public.

Also, participants were enlightened on recent innovations in the Nigerian payment system, recent development in the foreign exchange as well as the eNaira.

The sensitisation also featured a question-and-answer session for with the CBN officials.

07/04/2023
Equity market continues bullish run, gains N534bn

Nigeria’s equity market on Monday appreciated by N534 billion as an investment in the shares of United Bank of Africa, FCMB, Access Bank and others lifted the market activity

The market capitalization of listed equities increased by 1.60 percent to N33.731 trillion from N33.197 trillion reported the previous day.

The NGX All Share Index also increased by 980.97 basis points to 61949.24 points from 60968.27 points traded on Friday.

A review of the investment during the day showed that JapaulGold, UPL, and Fidelity Bank led the gainers’ table gaining 10 percent each to close at N0.77 percent, N2.75, and N7.70 percent respectively, Meyer Paint and Eterna Plc also increased by 10 percent each to close at N23.10 per share.

On the contrary, Triple G topped the losers’ chart during the day, shedding 9.87 percent to close at N3.38 percent each, Cornerstone Insurance and NSL Tech trailed with a loss of 9.09 percent each to close at N1.00 and N0.30 per unit respectively. ABC Transport fell by 6.82 percent to close at N0.41 per share, Julius Berger was down by 3.23 percent to close at N30.00 per share.

Volume of trades increased by 20.692 million, representing 20.73 percent as investors traded 1.205 billion shares valued at N14.039 billion in 12128 deals against 998.080 million shares valued at N15.956 billion in 10580 deals.

Transactions in the shares of FCMB group was the toast of investor during the account for 173.808 million shares valued at N930.697 million, United Bank for Africa followed with an account of 160.673 million shares worth N2.119 billion, Access Corp traded132.518 million shares valued at N2.383 billion, Jaiz Bank exchanged 80.637 million shares worth N138.392 million while Transnational Corporation of Nigeria Plc sold a total of 74.963 million shares cost N285.247 million.

07/03/2023
Tax Audit: FCT-IRS, CITN train 200 officers

The Federal Capital Territory Internal Revenue Service (FCT-IRS) in collaboration with the Chartered Institute of Taxation of Nigeria (CITN) is training another batch of 200 personnel.

This is contained in a statement issued by Mr. Mustapha Sumaila, the FCT-IRS Head of Corporate Communications, in Abuja.

Sumaila said the training, which was focused on Tax Audit and Investigation, was conducted in line with the mandate of the service.

According to him, FCT-IRS is established to ensure a steady increase in revenue generation in the FCT.

The Acting Chairman of FCT-IRS, Mr. Haruna Abdullahi, according to Sumaila, said capacity building remained a priority.

Abdullahi said he would do everything possible to uphold it as it is one of the core objectives of the service.

He said the training could not have come at a better time, adding that efforts are geared at harmonizing all revenue sources.

He further said all would be done to centralise collection to the FCT-IRS, stressing that there is a need to have a skilled and equipped workforce to drive the process.

The acting chairman said the training would bring the total of trained personnel to 400, adding that 200 personnel were trained in 2022.

Abdullahi said tax officials required technical and verbal skills to effectively audit and interact with taxpayers, especially high-network individuals, and politically exposed persons.

“The responsibility of the service is critical to the success of the FCT administration.

“As such, skillful tax men are needed to rapidly grow the tax net especially now that expectations are high on revenue generating agencies,” he said.

The Director, Human Capital Management and Development, FCT-IRS, Mr Umar Jada, said the service would continue to partner with professional bodies like CITN.

He said FCT-IRS always prioritised training and retraining of staff to improve service delivery, and achieve set goals and objectives of the service.

07/03/2023
Real Sector Facility: CBN disburses N25.6bn intervention

The Central Bank of Nigeria (CBN) has disbursed the sum of N25.6 billion to eight new real sector projects in manufacturing packaging, pharmaceuticals, plastic, and cosmetic products under its N1.0 trillion Real Sector Facility (RST).

The apex regulator said that the cumulative disbursements under the RSF currently stand at N2.56 trillion allocated to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects.

The recent data from CBN also showed that under the 100 for 100 Policy on Production and Productivity (PPP), the Bank
distributed a total of N13.81 billion to three projects in the manufacturing sector.

This brings the cumulative disbursement under the facility to N173.31 billion, disbursing to 81 projects comprising 45 manufacturing, 23 agriculture, 5 healthcare, and 8 services sector projects with an estimated 23,343 direct jobs created.

The CBN in a recent report stated that under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital,
and operational expenditure of distribution companies (Discos), the Bank has disbursed N11.82 billion to ease liquidity constraints and support the recovery of legacy debt. Under the scheme so far, the Bank has disbursed a cumulative sum of N254.39 billion.
Meanwhile, available data and forecasts for key macroeconomic indicators in the Nigerian economy, suggest that the economy will continue on a moderate recovery path through 2023 as legacy headwinds linger. These include insecurity in food-producing areas; the high cost of energy and the rising cost of debt servicing.

07/02/2023
Hold Shell accountable for Rivers’ oil spills, Oilwatch tells HYPREP

Oilwatch Africa has called on the Hydrocarbons Pollution Remediation Project (HYPREP) to hold Shell Petroleum Company for recent oil spills in Rivers State.

Oilwatch Africa is a civil society organization with a focus on the environment.

According to a statement recently in Abuja by the CSO’s, Media and Communication Lead, Miss Kome Odhomor, two major oil spills within a week in Rivers State, is an indication that oil companies are yet to show seriousness about ensuring maintaining their facilities.

“It is quite alarming that rather than remediating the harms, more investments are being made to expand the areas of threat. New investments in the fossil fuels sector and incessant new oil spills threaten to push the world into climate catastrophe and expose the wrongheaded pathway taken by nations when they gather at COPs for climate negotiations.

“One oil spill was reported from a pipeline owned by Shell in Eteo community on June 13, 2023, while another occurred at Eleme Local Government Area of Rivers State on Sunday, June 18, 2023, in Oke-Olebo stream which is the only source of fresh water for the community,” the statement reads.

A member of the Oilwatch steering committee, Nnimmo Bassey, reacting to the spill said “We have always advocated for a cleaner environment and we charge the Hydrocarbons Pollution Remediation Project (HYPREP) to take into account the new oil spills that threaten to derail the ongoing cleanup process. Steps should be taken to ensure accountability by offending parties”.

Oilwatch Africa Coordinator Salome Nduta expressed dissatisfaction over the action of oil companies in Nigeria and across Africa.

He said, “Recently at the just concluded Africa Energy Summit held in the UK, it showed that Africa is not just a geographical location but it is also a cow that should be milked dry for the gains of her captors. Polluters should be held accountable for loss and damage inflicted on communities in Africa”.

Oilwatch Africa called on the Nigerian government to take charge and ensure the proper clean-up of polluted sites as well as payment of compensation for damages suffered. “As a group, we further charge all African governments to invest in renewable energy taking into consideration the true cost of extraction which is causing more harm than good to her peoples,” the group said.

07/02/2023