NEWS AGENCY OF NIGERIA
L-R: Vice Chancellor, Pan-Atlantic University, Prof. Enase Okonedo; Founder/Chief Executive Officer, The Chair Centre Group, Mr Ibukun Awosika; Director, Lagos Business School, Family Business Initiative, Dr Okey Nwuke and Dean, LBS, Prof. Chris Ogbechie, during the LBS inaugural Family Business Conference in Lagos

School dean, others advocate measures to safeguard family businesses

36 total views today

By Rukayat Moisemhe

The Dean, Lagos Business School (LBS), Prof. Chris Ogbechie, has highlighted the need for tailored support geared towards ensuring the longevity and continued success of family businesses.

Ogbechie made the call in Lagos on Wednesday in a communique of a programme organised to assess and guard against data which showed that 70 per cent of family businesses die after the first generation.

According to the LBS dean, only 30 per cent of family businesses survive beyond the first generation, though family businesses all over the world are faced with unique challenges.

This development, he said inspired the LBS to come up with an initiative to foster conversations surrounding the peculiar challenges faced by family-owned enterprises.

“In spite of their contributions, statistics show that only about 30 per cent of Nigerian family businesses survive past the first generation (research by the Nigerian Exchange Ltd. on family businesses).

“This highlights the critical need for tailored support to ensure their longevity and continued success.

“These statistics underscore the resilience and enduring legacy of family businesses in our society.

“However, they also highlight the need for continuous learning and adaptation to ensure sustained success in an ever-changing business landscape,” he said.

In her remarks, Founder, Chair Centre Group, Mrs Ibukun Awosika, emphasised the need for a family business to articulate its vision clearly.

She noted that the survival of family businesses across generations was primarily dependent on structures built to enable the business to outlive the founding fathers.

Awosika urged family businesses pioneers to allow successors to run with their ideas without necessarily being bugged by pre-existing templates of their predecessors.

“What is the vision in the mind of the person who started the business and what is the vision as the business undergoes the process of transition?

“A lot of times, we do not have clarity on why we started the business in the first place.

“Is it just to make money? Is it to provide for our family? Is it to keep our family name in the public eye? Or is it to build an institution that will create value across time? This is because your actions depend on your vision,” she said.

Awosika also stated the need for family businesses to embrace the right values to stand the test of time.

She said that for family businesses ran by spouses, it was important for one person to make the needed sacrifices to strike a balance between running the business and running the home.

Director, Family Business Initiative, Dr Okey Nwuke, noted that many family businesses had collapsed owing to a vast array of issues.

Nwuke noted that about 24 million family businesses in Nigeria contribute up to 200 billion dollars to the national economy. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Standing third from left, Mr Patrick Ajah, Managing Director, May & Baker Nigeria Plc and Mr Chigozie Maduneme, Head of Sales May & Baker, first left, with the company's Customers/Distributiors, unveiling the new Maysedyle at the 2024 Customer Forum held yesterday at the Diamond Hotel Lagos

May & Baker reiterates commitment to healthy living, unveils new product

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By Lilian U. Okoro

The May & Baker Nigeria Plc has reiterated its commitment to enhance healthy living of Nigerians through the production of quality and international standard medical products.

The Managing Director of the company, Mr Patrick Ajah, made this known at the company’s 2024 Customer Forum on Tuesday night in Lagos.

The company at the event also unveiled a new cough syrup.
The News Agency of Nigeria (NAN) reports that the theme of the programme was: “Boundless Possibilities.”

While delivering his speech of welcome, Ajah said the newly introduced MAYSEDYL Expectorant (cough syrup) was carefully prepared to meet the international standard and recommendations of the World Health Organisation.

According to him, May & Baker plans to launch at least seven new brands of products before the end of June 2024.

Ajah, who appreciated the company’s distributors and customers for their steadfast patronage and support, noted that the 2023 business year was quite challenging.

He explained that the fluctuating nature of the foreign exchange market, inflation, fuel subsidy removal and unsteady power supply, among other challenges, contributed to the high cost of production materials.

“The year 2023 was quite challenging. A lot of pharmaceutical manufacturing companies left, but by the Grace of God, we remained in business.

“So, I appreciate all our distributors and customers for their steadfast support and we are committed to serving you better going forward.

“In this year 2024, at least, seven new brands of production will be launched. And this occasion of 2024 Customer Forum is very significant because this year, May & Baker will be marking its 80 years anniversary,” Ajah said.

The Head, Marketing and Sales, May & Baker, Mr Obinna Emeribe, said that distributors and customers were an integral part of the company.

Reviewing 2023 business operations, Emeribe said the distributors contributed N15.7 billion of the total revenue generated by the company.

Emeribe, who admitted 2023 was challenging, called on the Federal Government to intensify efforts to addressing the critical issues and stabilising the economy.

He urged the government to address the power supply challenge, stabilise the foreign exchange market as well as address the rising inflation.

“The effects of subsidy removal accompanied with consistent rising inflation led to low purchasing power of the citizens,” he said.

On the lookout for 2024, Emeribe said the company Baker targets to generate N27 billion revenue and over N300 million incentives to be won by distributors.

“The distributors and customers are integral part of May & Baker company; they contributed over 88 per cent of the revenue generated in 2023 that made us remain in business.

“For the 2024, we look forward for a more robust business operations as we target N27 billion revenue generation.

“Products with high sales velocity, new fast product lines and over N300 million incentives to be won by distributors are parts of the targets in 2024.

“The devaluation of the local currency lead to rising inflation and low purchasing power of the customers as they are unable to buy products because prices skyrocketed out of their reach.

“But, if the government can address these three major issues; forex market, inflation and power supply that would go a long way to stabilise the economy, increase the purchasing power and create an enabling environment for business to strive,” Emeribe said. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

Obasanjo extols Intra-African Trade Fair as Algeria signs hosting agreement for 2025

28 total views today

 

 

The Government of the People’s Democratic Republic of Algeria has signed the hosting agreement for the Intra-African Trade Fair 2025 (IATF2025).

The Host Agreement Signing Ceremony took place in Algiers on Monday.

The ceremony was hosted by Afreximbank in collaboration with the African Union, the African Continental Free Trade Area(AfCFTA) Secretariat, and the Government of the People’s Democratic Republic of Algeria.

The signing ceremony paved the way for the fourth edition of the IATF to take place from Sept. 4 to Sept. 10, 2025, in Algiers, Algeria.

Speaking at the event, former President of the Federal Republic of Nigeria, Olusegun Obasanjo, who is the Chairperson of the IATF2025 Advisory Council, said that the  IATF2025 Hosting Agreement represented more than just a contractual agreement.

“Rather it symbolises a collective responsibility of the partners for excellence and innovation in continuing the tradition of the IATF which has become established as the AfCFTA marketplace.

“Also the go-to trade and investment event on the African continent.”

According to Obasanjo,  the IATF is the go-to trade and investment event on the African continent.

He said the IATF was now a foremost event in the African calendar of economic, social, trade and policy events.

“It is in the passionate pursuit of these goals that Afreximbank in collaboration with the African Union Commission and AfCFTA Secretariat are championing the noble cause of changing the socioeconomic landscape of Africa.

“This, they would do, by devising progressive initiatives aimed at promoting intra-African trade and continental integration.”

Also,  Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, Afreximbank, said that the  IATF opened alternate routes for African trade.

“It has become the platform for actualising the AfCFTA vision. It expands and deepens knowledge of the continent’s trading environment and enhances the industrial capacity of African economies.

“ Ultimately, IATF has become the engine accelerating trade and business flows within the continent. “

Awani said the last three fairs had generated combined trade and investment deals of no less than 120 billion dollars.

“To one who wonders what the 120 billion dollars represents, African businesses have found buyers in new markets across Africa, and industries have found new sources of raw materials.

“Also investment and capital goods, government-to-government deals in critical sectors such as agriculture and agro-processing have been forged, and African contractors have won major government projects.”

Wamkele Mene, Secretary-General, AfCFTA Secretariat, in a statement,  described the importance of the IATF as “our strategic response to the challenge of trade information scarcity.

 

“Aiming to enhance intra-African trade and investments, all without the need for outside help.

“It serves as a symbol of hope and opportunity, breaking down conventional trade and investment barriers to unite the diverse yet cohesive African identity.“

Also,  a statement delivered on behalf of Albert Muchanga, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, highlighted that other regions of the world had proved that “trade can be a powerful tool for economic growth.

“Whilst trade was able to lift millions out of poverty in those regions, the same has not been reflected in Africa’s experience.

“Trade amongst African countries is low. The AfCFTA was designed to change this story.

“Not only was it meant to boost intra-African trade, but it was meant to deal with Africa’s perennial challenges of job creation, high levels of poverty and very low levels of manufacturing and industrial base.

“ It was designed to create a predictable legal framework for trade and investment, hence offering more guarantees to investors thereby bringing certainty and predictability to the African trading environment.”

The News Agency of Nigeria (NAN) reports t that the IATF is the African continent’s premier trade and investment event which provides a unique opportunity for exhibitors to showcase their goods and services.

“Also to engage in Business to Business (B2B) and Business to Government (B2G) exchanges, network, establish new business contacts and conclude business deals. (NAN) (www.nannews.ng)

Edited by Vivian Ihechu

L-R: Afriland Properties Plc Company Secretary, Omomene Obanor; Olubunmi Akinremi, Independent Non-Executive Director; Uzoamaka Oshogwe, MD/CEO; Emmanuel Nnorom, Chairman of Board of Directors; Ayodeji Adigun, Non-Executive Director; Agatha Obiekwugo, Non-Executive Director and Obong Idiong, Non-Executive Director, at the company’s 11th Annual General Meeting on Tuesday in Lagos

Afriland Properties shareholders endorse N343.5m dividend

52 total views today

By Rukayat Adeyemi

Shareholders of Afriland Properties Plc. have unanimously endorsed a total dividend of N343.5 million for the financial year ended Dec. 31, 2023.

The shareholders gave the approval at the company’s 11th Annual General Meeting on Tuesday in Lagos.

The News Agency of Nigeria (NAN) reports that the dividend translated to 25 kobo per share, representing an increase of 150 per cent when compared with 10 kobo paid in 2022.

At the meeting, Mr Emmanuel Nnorom, the company’s Chairman of Board of Directors, assured the shareholders of higher returns in the years ahead.

Nnorom told the shareholders that the company settled for 25 kobo per share dividend in order to retain funds for future investment.

He said the company would explore opportunities in the sector to unlock its full potential to pave the way for long-term growth and development.

Nnorom said the company, during the period under review, completed the development of its residential proprietary projects situated on Oba Oyekan Avenue in Ikoyi, Lagos State, and on Aromire Avenue in Ikeja.

“We also completed our commercial development offering retail spaces and offices, Afriland Complex in the Abule-Egba area of Lagos State,” Nnorom said.

On future projects, he expressed the company’s commitment to harnessing state-of-art technologies to elevate the design, construction and administration of projects.

He said that the company, during the period under review, generated a revenue of N4.72 billion compared with N1.89 billion it achieved in the comparative period of 2022, indicating an increase of 150 per cent.

The chairman attributed the growth to gains arising from disposal of proprietary apartments developed and completed within the year.

He said that the company’s profit before tax rose to N2.41 billion from N1.80 billion posted in 2022, representing an increase of 34 per cent.

According to him, the company’s total assets amounted to N34.07 billion, reflecting a growth of 76 per cent compared to N19.38 billion recorded in the preceding year.

Mrs Uzoamaka Oshogwe, the company’s Managing Director/Chief Executive Officer, said at the event that it would take advantage of the Federal Government and subnational policies geared towards providing housing to the citizens.

Oshogwe, who praised the shareholders for support and confidence assured them of enhanced performance in the future.

She said the company would continue to explore the possibility of partnering with any reputable organisation to optimise its property portfolio and improve the rental yield on performing assets.

“We are committed to leveraging on viable opportunities to drive sustainable growth for the company despite the harsh operating environment,” she said.

Oshogwe added that the company would remain committed to sustainable real estate development goals through strategies aimed at incorporating environmental-friendly designs techniques, materials and technologies into the building process.

Mrs Bisi Bakare, the National Coordinator of Pragmatic Shareholders Association of Nigeria, praised the company for the dividend declared.

Bakare also lauded the company for being one of the largest property companies in the country. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

Naira and dollar

Naira makes huge recovery, gains 7.2% against dollar

46 total views today

By Grace Alegba

The Naira on Friday experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N88.23.

This represents a 7.16 per cent gain when compared to the previous trading date on Monday, April 8, exchanging at N1,230.61 to a dollar before the Sallah holiday.

The total daily turnover increased to $281.34 million on Friday up from $125.55 million recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,265 and N1,100 against the dollar.

Economic experts have continued to praise both fiscal and monetary policies of President Bola Tinubu’s administration responsible for the steady Naira appreciation.

The CBN, during its policy meetings held in February and March, implemented a total of 600 basis points in interest rate increases.

This helped tackle dollar scarcity, reduced volatility and decreased reliance on parallel markets. (NAN)(www.nannews.ng)

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Edited by Chidinma Agu/Vincent Obi

Afreximbank, Govt. of Bahamas sign host country agreement

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By Okeoghene Akubuike

African Export-Import Bank (Afreximbank) and the Prime Minister of the Commonwealth of The Bahamas on Thursday signed the Afreximbank Annual Meetings (AAM) Host Country Agreement.

The News Agency of Nigeria(NAN) reports that the signing ceremony was held during a media briefing on Thursday in the Bahamas.

NAN reports that the 31st AAM2024 will be hosted in Nassau, Bahamas, from June 12 to 15, 2024 with the theme “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa.”

Philip Davis, Prime Minister of the Commonwealth of The Bahamas, in his remarks, said the signing ceremony was an important boost for the Bahamas and Africa and the Caribbean (AfriCarabian) visions.

“It is with immense pride that we officially sign the agreement for the Bahamas to host the AAM in June.

“Our ancestral history is marked by strength in the face of adversity, duty and creativity amid scarcity and the pursuit of self-determination.

“Our dreams, hopes and aspirations are encapsulated in this moment as we look forward to a future where Africa and the Caribbean stand shoulder to shoulder not just in solidarity but for economic collaboration for mutual prosperity.”

Davis said the AAM2024 meeting in the Bahamas was a symbol of what Africa and the Caribbean could accomplish through duty and collaboration.

“ In today’s world amid economic and environmental challenges, instead of building more walls, we choose to build bridges of trade, innovation, financial integration and most importantly bridges connecting our people and culture.

He said the Bahama’s commitment to the mission was underscored by the preparations underway to ensure the AGM stood as a forum for dialogue and impact deliberations and collaborations.

“ We are setting the stage for discussions to aid us in navigating the challenges of our times which include inclusivity, and the digital transformation of our economy.

“For the bank and our partners, we extend our deepest gratitude for entrusting us with the honour of hosting this significant event.

“Together we are celebrating the spirit of partnership, economic union of dreams, dreams of our ancestors and dreams of future generations that we pledge to realise through unity, collaboration and mutual respect.”

Davis said that in November 2022 The Bahamas and  other Caribbean countries signed an agreement with AFreximbank to forge a future for the advancement of the African and Caribbean people and their economies.

The prime minister said Afreximbank’s commitment to expanding operations in the Caribbean was seen in its establishment of the Caribbean Africa Bank, adding that it was an example of potential for development in the region.

“ As we come for the meetings, it will be remembered for the decisions made and agreements signed but also more significantly as Africa and the Caribbean came together for a better future,” he said.

Prof. Benedict Oramah, President and Chairman Board of Directors, Afreximbank, said the signing of the agreement would solidify the partnership between Afreximbank and the Caribbean.

Oramah said the partnership would form a platform for global Africa to take its destiny into its hands.

He said he was grateful to the prime minister, the government and the people of the Commonwealth of the Bahamas for the honour of agreeing to host the AAM2024.

“ By holding the 31st AAM, we collectively make a strong commitment to elevating the collaboration between the Afreximbank, the Commonwealth of the Bahamas and the entire Caribbean region to a higher pedestal.

“It bears testament to the depth of your government’s appreciation of the importance of our unique partnership in catalysing shared growth and prosperity for all of Africa and the Caribbean.

“It affirms commitment to ensure inclusiveness and bring the bank’s services to the doorsteps of the people.

“Bringing the meeting to the Caribbean also offers us the opportunity to celebrate the progress we have made so far between Africa and the Caribbean.”

Oramah said the bank was working with the government of the Bahamas to develop an Afro-Caribbeann marketplace in the Bahamas.

He said, when completed, it would be a permanent marketplace that would house manufacturing warehouses, and be a distribution and logistic hub for various tradable merchandise that Africa and the Caribbean would produce.

“It will finally establish the Bahamas as a gateway into the Caribbean and we hope the government will work with us diligently to bring this project to completion.”

Oramah said no fewer than 4,000 participants were expected at the AAM2024 adding that the opening ceremony would be held on June 13, which would be attended by Heads of State and Heads of governments.

He said others in attendance at the meetings would be African/Caribbean leaders and senior government officials, African and non-African policymakers, corporate leaders, bankers, academics and other thought leaders.

Oramah said there would be keynote presentations by policymakers and economists and a dedicated session to showcase trade and investment opportunities in the Caribbean and the Bahamas as well as sessions on youths, innovations and the creatives.

He said the 3rd Annual AfriCaribbean Trade and Investment Forum (ACTIF2024) will be incorporated into the AAM2024. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Group seeks tax holiday for Air Peace amidst price war

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By Sumaila Ogbaje

The National Civil Society Council of Nigeria (NCSCN) has urged the Federal Government to consider granting  tax waiver to Air Peace amidst ongoing price competition among foreign airline operators in Nigeria.

Executive Director of NCSCN, Blessing Akinlosotu, in a statement on Wednesday said the pricing war was orchestrated by the entry of Air Peace into the Lagos-London Route.

Akinlosotu said the recent launch of Lagos-London flight by the airline at a highly reduced rate had shockingly exposed the long years of exploitations of Nigerian travelers by foreign operators and bigger players.

This, according to him, has triggered a pricing war to outwit each other.

He recalled that foreign operators had for decades, monopolised the high traffic and profitable Lagos -London route, taking undue advantage of Nigerian travelers who paid costliest fares in Africa, while other countries paid much lower rates for same destination.

According to him, an operator such as Turkish airlines charges for the economy class ticket for the Lagos-Istanbul route rose up to N874,661 while the business class ticket jumped to  N1,980,876.

“Nigerian travelers experienced same with other foreign operators such as British Airways, Delta Air Lines, Lufthansa, KLM/Air France, Air Maroc and Ethiopian Airlines.

“Before the foreign operators conspired to increase fares, the economy class tickets on the Nigeria-UK route was between N400,000 and N650,000, depending on the booking period while business class was between N800,000 and N1.2 million,” he said.

Akinlosotu said the commencement of Air Peace flights to London had further exposed the exploitation, adding that the foreign carriers, out of fears of losing their Nigerian passengers to Air Peace, had engaged in price wars for survival.

According to him, NCSCN discovered that majority of the foreign operators on the Lagos/London destination have now drastically slashed fares to the point of charging lower than the Air Peace.

This, according to the CSO, is just to run the patriotic indigenous operator out of business, and thereafter return to the price hike regime.

Akinlosotu called on the Federal Government and all Nigerians to see the actions of the foreign carriers as a national challenge and save the most patriotic and progressive indigenous operator, the Air Peace from the international Aero-politics by foreign airlines.

The airlines, according to him, are seriously threatened by the rising profile and business strategies of a Nigerian operator with impressive global records of flight operations between Nigeria and other countries like China, UAE, Israel Brazil and South Africa during the pandemic seamlessly.

“Air Peace has really exposed the foreign operators, just like GLO Nigeria did to the foreign Telecom Providers.

“Who would have imagined the possibility of all foreign operators to come down so low in pricing if not for the entrance and intervention of the Air Peace.

“Air Peace must be protected, rewarded, and honoured for this patriotic gesture and we urge all Nigerians to patronise Air Peace  as this will save our Naira and further grow our National Economy,” he said.

According to him, all the foreign operators repatriate their profits and funds to home countries but Air Peace is indigenous and reinvents profits here in Nigeria to the advantage of the Naira.

“We, therefore, appeal passionately to President Bola Tinubu, as an accomplished businessman himself, to help the airline by granting a waiver of One Year Tax Holiday.

“This will go a very long way in keeping this patriotic indigenous operator afloat, against the foreign unsought.

“The foreign conspiracy must not be allowed to prevail over Nigeria.

“We have already mapped out plans and actionable strategies to mobilise Nigerians and other well-meaning nationale in favour of Air Peace in the ongoing pricing warfare, within this month of April,” he said. (NAN) (www.nannews.ng)

Edited by Chioma

African Development Bank’s Chief Economist, Kevin Urama

Debt for growth not bad, says AfDB

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By Lucy Ogalue

The African Development Bank’s Chief Economist, Kevin Urama, says debt for growth for countries on the continent should not carry any negative connotation.

Urama, who is also the Vice-President, Governance and Knowledge Management at AfDB, said this at a pre-media conference held virtually to herald the 2024 AfDB Annual Meetings.

According to him, the debt to GDP ratio in Nigeria is still sustainable, but the issue in Nigeria is with regards to debt to revenue ratio.

He, however, commended the President Bola Tinubu-led administration for initiating various strategies to improve revenue mobilisation in the country.

Urama said that by increasing the revenue mobilisation, the country would be able to rebalance that ratio and move forward.

“The point I need to make clearly is that debt is not a bad thing. Debt for growth is always the means for driving transformative growth in countries.

“The issue is not about the debt. It is about the quality of the debt. In terms of what you borrow, on what terms, how transparent they are and what you use the resources borrowed to do.

“If it is invested in growth enhancing infrastructure and productive infrastructure, you are going to be able to generate revenue to be able to repay the loans and also go ahead to grow your economy,” he said.

According to Urama, debt should not ordinarily carry negative connotations, only bad debt should cause such.

“So, debt is bad when you borrow on wrong terms, when it is not transparent and people don’t know what is happening.

“And when the resources are not used properly, then you can get into the debt sustainability challenge,” he said.

The AfDB vice-president said the Public Financial Management Academy of the bank was, however, established to assist countries not to get to the level of bad debt.

“So when you are borrowing, you know exactly when, who, what terms and how to use those loans in order to drive transformative growth in countries,” Urama said. (NAN)(www.nannews.ng)

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Edited by AbdulFatai Beki/Ismail Abdulaziz

South African Housing and Infrastructure Fund CEO, Mr Rali Mampeule

SAHIF raises capital to accelerate expansion of high-speed internet access

27 total views today

By Rukayat Moisemhe

The South African Housing and Infrastructure Fund (SAHIF), a private investor in South Africa’s optical fibre industry, says it is rasing capital to accelerate expansion of high-speed internet access throughout the country.

The SAHIF Chief Executive Officer (CEO), Mr Rali Mampeule, made the disclosure in a telephone interview with the News Agency of Nigeria (NAN) on Saturday.

He said that the firm, through one of its subsidiaries, had secured $38 million.

Mampeule said the fund (around R700 million) was to recapitalise the business by settling existing facilities with African Infrastructure Investment Managers (AIIM) and old mutual hybrids equity.

According to him, the company aims to secure up to $225 million (around R4.1 billion) in investments from both domestic and international sources, including pension funds, development finance institutions (DFIs) and Limited Partners (LPs).

He said the funding initiative would pave the way for equitable access to high-speed internet, drive economic growth and nurture innovation.

“SAHIF’s capital raise comes on the back of the announcement, in 2022, by MetroFibre that it had successfully finalised a R5 billion debt finance package from Standard Bank to support its continued fibre optic data network rollout across South Africa.

“This funding would help it to increase its reach by 500,000 households by 2025,” he said.

Mampeule, emphasising the significance of capital infusion, said that the company was in talks with several local and international pension funds, DFIs, and LPs.

He said that the engagements had been fruitful, expressing the hope that capital secured would create valuable investment platform from which SAHIF would scale its investments.

He stated that in addition to its focus on digital infrastructure, SAHIF’s capital injection would expedite delivery of affordable housing and facilitate strategic investments within the financial services sector.

According to him, the initiatives will encompass innovative home loan products and the leveraging of cutting-edge technologies aligned with the Fourth Industrial Revolution and Shelter Tech both within South Africa and across Sub-Saharan Africa.

“Furthermore, SAHIF has adopted an eco-friendly business approach, prioritising Environmental, Social and Governance investments.

“Recognising the critical role of renewable energy in diversifying its asset portfolio and driving sustainable growth, the organisation has assembled a team of seasoned renewable energy investment professionals.

“This dedicated team will spearhead SAHIF’s expansion into the renewable energy value chain, ensuring a comprehensive ESG investment strategy within the utilities businesses on the African continent,” he said. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

AfDB building

AfDB, Indorama sign $75m loan deal to boost fertiliser production, export capacity

39 total views today

By Lucy Ogalue

The African Development Bank (AfDB) has signed a 75 million dollar loan agreement with Nigeria’s Indorama Eleme Fertiliser and Chemicals Limited.

The bank announced this in a statement issued on its website late Thursday.

According to the statement, the loan will enable Indorama to increase its fertiliser production and develop a port terminal for exports.

The statement also said that the loan would help in supporting food production and food security across regional and international markets, while fostering job creation in Nigeria.

It said that the expansion would include the development of a third urea fertilizer production line and a new shipping terminal at Indorama’s facilities in Port Harcourt.

“The new production line is expected to have an annual capacity of 1.4 million metric tons of urea, one of the most widely used fertiliser worldwide.

“Indorama’s two operational urea fertiliser lines serve Nigeria’s domestic market.

“It supports the country’s agricultural sector, which accounts for a quarter of its Gross Domestic Product (GDP) and employs about a third of its labour force.

“The new production line and terminal, which will help meet growing global demand for fertiliser, is expected to create up to 8,000 direct and indirect jobs in Nigeria,” the statement said.

The statement also quoted the Acting Director of Industrial and Trade Development Department, AfDB, Ousmane Fall, as commending the partnership.

Fall said the bank was proud of its continued partnership with Indorama, the IFC and other lenders on this critical project.

He said the partnership aligned with the bank’s strategic priorities to Feed and industrialise Africa, while generating significant development outcomes in Nigeria.

Meanwhile, Manish Mundra, Group Director for Africa, Indorama Corporation said the establishment of the fertiliser plant underscored Indorama’s unwavering commitment to Nigeria’s industrial growth, economic diversification and leveraging its strategic geographic location.

“This landmark financing represents a pivotal moment in Nigeria’s journey towards becoming a major player in the global fertiliser market.

“With this third line, Nigeria is prepared to significantly ramp up its export capacity, thereby, enhancing its position as a key exporter of fertiliser to Africa and the world.

“Furthermore, the establishment of this fertilizer plant will not only address critical issues such as broader food security but will also stimulate agricultural growth and create employment opportunities in Nigeria,” he said.

The News Agency of Nigeria (NAN) reports that the AfDB’s loan follows a strategy to support investment in private sector development to promote the growth of the real sector.

The 75 million dolllars loan is part of a 1.25 billion dollars facility arranged by IFC.

The financing package includes a 215.5 million dollars loan from IFC’s own account, a 94.5 million dollars loan through the Managed Co-Lending Portfolio Programme (MCPP), and 940 million dollars in parallel loans mobilised from other development finance institutions and commercial banks.

Some of the banks include the AfDB, Bangkok Bank, British International Investment, Citibank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, Emerging Africa Infrastructure Fund (EAIF) and Rand Merchant Bank.

Others are Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Export-Import Bank of India (India Exim Bank) and Export-Import Bank of Korea (KEXIM).

The Standard Bank Group, Standard Chartered Bank and the United States International Development Finance Corporation (DFC) are also part of the banks. (NAN)(Www.nanews.ng)

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Edited by Deborah Coker/Ese E. Eniola Williams

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