By Martha Agas

A mining engineer, Josiah Stephen, has appealed to the Federal Government to invest in training young professionals in the geosciences sector to become major players in Deep Sea Mining (DSM).

This is to enable them to become major players and contributors to the emerging industry of deep sea mining.

Stephen, who is also a lecturer at the Federal University of Allied Health Sciences (FUAHSE) in Enugu, made the call in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

According to him, DSM is the process of extracting mineral resources from the seabed in deep ocean waters.

He explained that DSM, an emerging industry offered many opportunities for economic gain.

He, therefore, urged the government to invest in research and building the technical expertise of geoscientists, particularly the young professionals.

“We can be involved in manpower development and research by trying to train and retrain young people that can be able to be industry players, academicians or technical people within the sector or the industry.

“I will indulge Nigerian government to train young people within that sector and even players that are already in the industry.

“Professionals can also get more professional training within the area of deep-sea mining and actualise our blue economy ambition as a country.

“The critical minerals such as cobalt, copper and lithium, which are essential for transitioning from fossil fuel-dependent energy to sustainable, renewable sources, are found not only on shore but also off shore.

“The critical minerals offshore are usually more concentrated and higher in quality, which is why some developed countries are already investing in them,”he said.

He also said it was a sector that nations such as Norway, India and China were capitalising on to boost their economies and support the energy transition.

Stephen stated that in every sector of the extractive industry, there was always concern for the environment, including compensation to local or host communities and taxes to the government, and the DSM sector was no exception.

He further explained that there would usually be an upheaval regarding legislation and rights to safe-guard, while also protecting the marine and aquatic communities.

The expert said that there have been several conferences and other events that brought together governments, multinationals, academia and other industry stakeholders to deliberate and legislate on the viability and sustainability of the area.

According to him, DSM is here to stay, as many countries and international mining companies have already obtained licenses and approval to begin DSM activities.

NAN reports that proponents of deep-sea mining argue that it can help meet the world`s pressing need for critical minerals, which is likely to continue growing as countries scale up their decarbonisation efforts. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

By Rukayat Moisemhe

Mr Hans Essaadi, Managing Director, Nigerian Breweries Plc, has said that the country’s market fundamentals in 2024 remained positive.

Essaadi said this at the Pre-Annual General Meeting news conference organised by the company on Wednesday in Lagos.

He noted that 2023 was characterised with economic volatilities such as Naira scarcity, fuel subsidy removal, foreign exchange crisis, food inflation, and triple beer excise rate announcement among other challenges.

The News Agency of Nigeria (NAN) reports that Nigerian Breweries Plc, is a pioneer brewing company in Nigeria, and has remained in the forefront of brewing business in the country.

Essaadi added that in the year under review, input-costs driven by fuel subsidy removal and foreign exchange, impacted consumer disposable income at an accelerated rate.

He, however, noted that the company, in spite of the rocky terrain, remained resilient by consumer driven innovations, reintroduction of affordable brands, efficient cost saving measures.

Essaadi added that the company deployed intentional stakeholder engagement, heightened consumer experiences, prioritised employee engagement and used pricing mechanisms to partly mitigate inflation and high input cost in 2023.

He further said that the company’s resilience was powered by its evergreen strategy for business growth, profitability and its goal to ultimately deliver shareholder value.

“The outlook for market fundamentals remains positive with positive long-term fundamentals such as rising and young population, urbanisation and the largest economy in Africa.

“However, short-term volatility to manage includes devaluation and high Inflation, insecurity, pressure on disposable consumer spending and the Japa syndrome.

“Our 2024 recipe for success is hinged on our strong business recovery plan to continued strong cost management and further optimisation of our operational footprint.

“We would continue to leverage our strong portfolio, exciting innovations, delight our customers with exciting new portfolios, while prioritising our employees, communities and stakeholders,” he said.

Mrs Sade Morgan, Corporate Affairs Director, Nigerian Breweries Plc, affirmed the company’s commitment to raising the bar on sustainability and responsibility, with sustainability at the heart of the company’s business.

Morgan said Nigerian Breweries would continue to raise the bar on its “Brew a Better World” agenda, with focus on raising the bar on climate action, accelerating our social sustainability agenda through community impact and addressing harmful use of alcohol.

“We have an N3.6 billion investment in decarbonisation of our footprints and have planted 237,289 trees at Olokomeji forest reserve to restore healthy watersheds.

“Nigerian breweries spent N58 million on addressing harmful use of alcohol by commercial drivers and pregnant women and over 50,000 pregnant women were reached via campaign to discourage alcohol consumption in Abia, Rivers and Oyo States,” she said.

Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries, said a set of actions for operational efficiency and financial stability, such as the N600 million right issue and cost saving measures amongst others were underway for 2024.

Addressing the temporary suspension of operations in two breweries in Awo-Omamma, Imo State and Kakuri, Kaduna, Agbebaku stated the company’s commitment to robust support for affected employees.

He stated that though operations were suspended, the company would continue to leave a legacy that cared for the host communities.

He added that the company was committed to keeping the number of employees affected by the development to the lowest minimum possible with plans to redistribute many of them to the remaining operating breweries.

“It is a temporary suspension and when the economy recovers, we are willing to reopen operations in the affected areas,” he said. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

By Rukayat Moisemhe

Africa’s Business Heroes (ABH) has announced the 2024 edition of its annual business pitch competition for entrepreneurs, to support their growth and development.

The News Agency of Nigeria (NAN) reports that ABH prize competition is a pan-Africa philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy.

Ms Anysie Ishimwe, Community Development and Management Consultant, ABH, at a roadshow in Lagos, said the initiative aim was to spotlight, train and celebrate Africa’s entrepreneurs.

Ishimwe stated that the Nigeria entrepreneurial market was very important to ABH as it strives to enable 100 African Business Heroes inspire millions more entrepreneurs.

She noted that since 2019, each year the ABH prize competition features 10 entrepreneur finalists as they pitch their business to win a share of US$1.5 million in grant money.

“ABH is looking for African entrepreneurial heroes creating an impact in their communities and building a more inclusive economy for the future.

“Africans from all 54 African countries are eligible to apply irrespective of age, industry sector or gender; though applicants have to meet a strict set of criteria,” she said.

Ishimwe stressed that the applicants must be of African origin, with a legally registered African based company, operational for at least three years and has at least three years of revenue history.

She noted that Nigeria stands out as the country with the highest number of entries & beneficiaries in the Africa’s Business Heroes (ABH) programme, boasting 9 finalists among the top 10 winners for the years 2019, 2020, 2021, and 2023.

“Collectively, these exceptional individuals have secured an impressive sum of over US$1,345,000 (equivalent to over 2.1 billion Nigerian Naira) in grants through ABH, showcasing the innovation and entrepreneurial spirit of Nigeria’s business community.

“Each year, the winner receives $300,000, the 1st runner up gets $250,000, 2nd runner Up gets $150,000 and the 7 other Top 10 finalists each receives $100,000 and the remaining $100,000 is split among all 10 finalists for additional training programmes.

“Applications for the ABH 2024 edition are open since March 4, 2024, until May 19, 2024 and to apply and for more information about ABH 2024, please visit: africabusinessheroes.org/en/register.,” she said.

NAN also reports that some of the Nigerian entrepreneurs beneficiaries include ABH 2023 Winner – Dr Ikpeme Neto Founder & CEO Wellahealth and Dr Tosan Mogbeyiteren, Founder, Black Swan Inc.

Others are Dr Funmi Adewara, Founder, Mobihealth and Dr Chibuzo Opara, Founder, Drugstoc. (NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

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