By Lydia Ngwakwe
Stakeholders in the investment space have expressed commitment to address the barriers that prevent women from fully participating in the impact investing sector.

Impact investing is defined as the deployment of funds into investments that generate a measurable and beneficial social or environmental impact alongside a financial return on investment.

The stakeholders made this known at the inaugural gender impact investment summit, organised by the Impact Investors Foundation (IIF) and the Nigeria National Board for Impact Investment, on Thursday, in Lagos.

The News Agency of Nigeria (NAN) reports that the summit which brought together over 300 stakeholders in the impact investing space had the theme: “Closing the Gender Financing Gap in Nigeria.”

The summit, which also discussed policies needed to unlock opportunities, saw participants making commitments to reducing the gender financing gap in Nigeria.

They also proposed gender targets for investee companies, building pipelines of female fund managers, and actionable policies to streamline gender inclusion.

The stakeholders also expressed commitment to creating opportunities for women to access finance, enhance the awareness of gender-lens investing, and expand networking and partnerships.

Dr Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, emphasised the need for gender lens investing, an investment strategy that intentionally considers the positive or negative impact of an investment on gender equality.

Edu called for concrete steps to increase women’s participation across the impact investing value chains from asset owners to fund managers.
The minister was represented at the event by Carol Nelson-Atuonwo, Special Adviser (Strategy).

“Closing the financial gap for women in Nigeria is achievable and will entail concerted efforts in policy making, capacity building on gender mainstreaming and continuous engagement with all actors and stakeholders with focus on tackling the root causes,” Edu said.

The Chairman, Impact Investors Foundation (IIF), Mr Afolabi Oladele, noted that there was a problem with widespread access to finance, especially for women in Northern Nigeria.

Oladele said, “Women still struggle with baseline needs, particularly in the North and this affects the balance. Women generally earn less than men even when they do the same job as the men.’’

Mrs Ibukun Awosika, Chairperson, Nigerian National Advisory Board for Impact Investing (NABII), who spoke virtually, called for gender inclusivity in boards of corporate organisations to drive profitability.

Mr Tunde Mabawonku, Executive Director, Retail and Digital Bank, Wema Bank, encouraged participants, especially women, to make the right investment choice and be deliberate in their plans to succeed in their careers and their businesses.

Ms Thelma Ekiyor Olu-Solanke, Chair SME.NG/Member, NABII, while delivering a micro talk on the topic: “The Nigerian NABII Agenda on Gender and Financing Women through the Wholesale Impact Investment Fund (WIIF), said the WIIF was designed to address specific issues around building the ecosystem for impact financing in Nigeria.

According to her, the Nigerian NABII is intentional about incorporating women-led impact projects and will support women in new and underserved markets.

“The Federal Government has committed 50 per cent to the fund. We are looking forward to reaching the $1 billion benchmark by the first quarter of 2024,” she added.

Earlier, Ms Etemore Glover, Chief Executive Officer, IIF and NABII, said: “The summit marks an important milestone in collectively addressing the $320 billion financing gap facing African female fund managers and entrepreneurs.

“IIF remains committed to driving gender-inclusive practices in Nigeria’s impact investing ecosystem.’’
Other speakers at the event include the Managing Director and Co-Founder, Alithea Capital,

Tokunboh Ishmael; Gwen Abiola-Oloke, CEO, DI Africa; and Toni Sanni, Head Corporate Finance and Venture Capital, Emerging Africa Group, among others.

IIF’s commitment to driving gender-inclusive practices in Nigeria’s impact investing ecosystem are important step towards bridging this gap and creating a more equitable future for all. (NAN)

Edited by Chinyere Joel-Nwokeoma

By Okeoghene Akubuike

The International Monetary Fund(IMF) and the University of Oxford have inaugurated “PortWatch ” Platform to monitor and simulate trade disruptions to maritime trade due to climate extremes and other shocks.

This is according to a statement by the IMF, a copy obtained by the News Agency of Nigeria(NAN) in Abuja on Wednesday.

The statement said the platform helped policymakers and the public assess the impact of actual and future trade shocks in affected countries as well as international spillover effects.

“PortWatch is a collaborative innovation between the IMF and the University of Oxford. The open platform is available to the public as a beta version at www.imf.org/portwatch.

” Using satellite-based vessel data and big data analytics, the platform will help policymakers, analysts, and other public stakeholders assess the impact of disruptions to maritime trade.

“Users can simulate the potential indirect spillover effects of port disruptions to other countries in the maritime network and global supply chains.”

It highlighted key features of the platform to include timely indicators on actual and expected trade disruptions in affected countries; and simulation of international spillover effects from actual and hypothetical disasters.

Another feature included climate scenario analysis facilitating the identification of vulnerabilities within the maritime trade network.

The statement quoted Bert Kroese, IMF Chief Statistician, and Data Officer, as saying “PortWatch aims to provide actionable, data-driven insights about how shocks such as extreme weather events and disasters impact trade and supply chains.”

Kroes, also the Director of the Statistics Department, IMF, said the platform’s innovative data sources and visualisation tools were designed to help facilitate international dialogue and inform policy decisions.

The statement quoted Jim Hall, University of Oxford Professor of Climate and Environmental Risks, as saying “shocks to trade and supply chains can propagate rapidly around the world.

“This leads to economic disruptions and real impacts on people.

“Using PortWatch we can track shipping disruption at ports and in critical shipping lanes around the world, providing up-to-date information for decision-makers,” he said.

The statement said PortWatch was selected as one of the winners of the 2022 IMF Climate Innovation Challenge, which fosters innovation and collaboration to tackle economic and financial issues related to climate change.

“It is a collaborative project between the IMF and the Environmental Change Institute at the University of Oxford. Cutting-edge climate risk analytics from Oxford University researchers were embedded within the platform.”

It said the platform was developed in collaboration with Environmental Systems Research Institute (ESRI), the United Nations Global Platform (UNGP), the World Bank (WB), and the World Trade Organization (WTO).

According to the statement, the platform has benefitted from seed funding from the Swiss State Secretariat for Economic Affairs (SECO).

It said the Environmental Change Institute at the University of Oxford was established in 1991.

It aims to organise and promote interdisciplinary research on the nature, causes, and impact of environmental change and to contribute to the development of management strategies for coping with the future environment. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

By Okeoghene Akubuike

The Afreximbank has signed a 150 million dollar trade finance facility agreement with United Bank for Africa (UBA) PLC, under the Ukraine Crisis Adjustment Trade Financing Programme for Africa.

The News Agency of Nigeria(NAN) reports that the agreement was signed on the sidelines of the ongoing Intra-African Trade Fair (IATF) 2023 in Cairo, Egypt on Monday.

According to Afreximbank, the facility, strategically crafted to mitigate the adverse effects of the Russia-Ukraine crisis, aims to support UBA’s clients to increase their financing for businesses across various sectors in the Nigerian economy.

The agreement was signed by Denys Denya, Executive Vice-President, Finance, Administration Banking Services, Afreximbank, and Oliver Alawuba, Managing Director of UBA PLC.

NAN reports that according to Afreximbank , the facility is expected to enhance confidence in the settlement of international trade transactions for strategic imports.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “This facility will further boost our quest to deepen intra-Africa trade which has been severely constrained by the impact of the war in Ukraine.

“We have a long-standing beneficial relationship with Afreximbank, we are delighted of our partnership as we jointly envision better dealings for our customers,” he said.

“The funding is driven by an increased demand for trade finance support to UBA’s clients which will enhance confidence in the settlement of international trade transactions for strategic imports such as food, medications, and agro products.

“This is crucial to Afreximbank’s mandate as it supports small and medium-sized enterprises, particularly those in the manufacturing sector to increase production thereby supporting economic growth and development in Nigeria,” Afreximbank said. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

An African Collaborative Transit Guarantee Scheme designed to promote seamless movement of goods across multiple national customs borders has been unveiled by the African Export-Import Bank (Afreximbank).

The News Agency of Nigeria (NAN) reports that the scheme – The Afreximbank African Collaborative Transit Guarantee Scheme (AACTGS) was inaugurated in Cairo, Egypt, on Sunday.

The scheme was inaugurated by Prof. Benedict Oramah, Afreximbank’s President and Chairman of the Board of Directors, at the ongoing Intra-Africa Trade Fair (IATF) 2023.

Oramah said the scheme was aimed at improving efficiency and shortening the time for border clearance.

He said the milestone was a realisation of the aspirations of Africa’s foreleaders about six decades ago, at the inaugural meeting of the Organisation of African Unity (OAU).

“Today, we stand on the brink of a new era for Africa, an era marked by collaboration, innovation, and progress.

“We gather to launch the AACTGS, which signifies a monumental achievement in our journey towards continental integration and economic prosperity.

“This groundbreaking project is a bold step towards improving the competitiveness of cross-border trade.

“We also announce the historic issuance of the first-ever multi-border transit bond in the continent and the signing of other facilities that will revolutionise the transit of goods in Africa forever.

Oramah said the bank was happy that the innovative collaboration between the Bank and Common Market for Eastern and Southern Africa( COMESA) had yielded the desired results of issuing a single transit bond.

According to him, this will make it possible for the movement of goods across the continent without hindrance.

“As you may be aware, Afreximbank in 2021 joined the COMESA Regional Customs Transit Guarantee (RCTG) Scheme as a Regional Surety.

“This allowed the bank to issue single transit bonds that are acceptable across all countries in COMESA and also guarantee bonds issued by other sureties within the region.

“We have, through this breakthrough, inched closer to the emergence of a single continental integrated market and dismantling the 110 borders that divided the continent into atomistic countries,” Oramah said.

He said the one billion dollar Collaborative Guarantee Scheme was expected to accelerate cross-border trade in Africa and save the continent about 300 million dollars annually in transit costs.

Oramah stated that Afreximbank was able to provide capacity to national sureties to enable them to issue bonds at affordable rates and facilitate intra-African trade under the African Continental Free Trade Agreement (AfCFTA).

He said the institution signed a 30 million dollar Container Guarantee Facility with BSMART System Solutions, which was another significant step toward seamless international trade and commerce.

“In a world where the movement of goods across borders is the lifeblood of our economies, efficient handling of containers is paramount.

“This will revolutionise the way we manage containers, ensuring their safe and timely transit while minimising risks and enhancing security measures.”

He said the provision of financial guarantees for containers would encourage investment and make international trade more accessible and inclusive for businesses of all sizes.

Oramah said that under Afreximbank support, BSMART System Solutions would also establish 38 Integrated Customs Designated Stop Areas (ICDSA) across the East African Community (EAC) region.

“These ICDSAs will offer various services, including secure truck parking, customs documentation verification, logistics hubs, container yards, vehicle inspection centres, and affordable housing estates.”

He added that the primary objectives of these ICDSAs were to boost economic growth in the countries, enhance socio-economic conditions, and improve cargo security and transit controls.

Under this mandate, Oramah said Afreximbank would provide financial support of up to 1.3 billion dollars to BSMART and would act as the financial advisor for the project.

Addressing the forum, Wamkele Mene, Secretary-General of the African Continental AfCFTA Secretariat, said the AfCFTA adjustment fund played a critical role in advancing Africa’s economic development. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

By Rukayat Moisemhe

The Governor of Lagos State, Mr Babajide Sanwo-Olu,  says his administration will continue to place a high priority to provision of key infrastructure to make the state safer, more secure, and functional for businesses and lives.

Sanwo-Olu, represented by Mr Bode Agoro, Head of Service, said this during the closing ceremony of the Lagos International Trade Fair (LITF) on Sunday with the theme: “Navigating Economic Challenges: Forging a Path to Prosperity.”

He also pledged to fast track the delivery of Certificate of Occupancy (C of O) to the Lagos Chamber of Commerce and Industry (LCCI) as a means of supporting the chamber’s building project.

Sanwo-Olu said that given the prevailing economic uncertainties, all efforts must be geared towards supporting businesses to grow to create jobs, enhance standard of living and ensure economic prosperity.

The governor noted that the position of the state as the fifth largest economy in Africa was currently propped to as a global megacity and a prime investment destination.

He said as a testament to his administration’s commitment, the state had supported over 12,710 Micro, Small and Medium Enterprises (MSMEs) to access over N8.4 billion loan through the Lagos State Employment Trust Fund.

“We have also provided the much needed support to explore practicable measures towards improving their production process, giving cognisance to local contents in order to maximise profit.

“In the area of infrastructure, our administration has made and is still making huge investment in road construction, building of integrated intermodal multi modal transportation system, laying of 3,000 kilometers metropolitan Fiber Optic Cable Network across the state to drop reliable and fast internet connectivity in homes and workplaces to aid operations and promote socio-economic development, he said.

“There are other initiatives that will alleviate poverty, reduce youth unemployment, induce human capital development, and improve the social welfare of the people.

“All of these are targeted towards creating a conducive environment for businesses to thrive,” he said.

Sanwo-Olu assured members of the Lagos business community that his administration was committed to improving the business environment towards making it more attractive to investment.

Mrs Folashade Ambrose Medebem, Commissioner, Ministry of Commerce, Cooperatives, Trade and Investment, noted that the event’s theme in the current age of unprecedented challenges, compounded by global economic shocks, was both timely and pertinent.

Medebem said at the crux of businesses was the unrelenting commitment to combine factors of production to create marketable value that can be converted to wealth.

She said to navigate the economic challenges and forge a path to prosperity, the ministry was committed to interfacing with the business community to foster a conductive environment and enhance ease of doing business in the state.

“The current administration remains committed to sustaining engagement with the Organised Private Sector and other stakeholders.

“We are determined to build on the already created relationship, strengthen partnership that has been mutually beneficial, and foster an environment for shared values and deeper collaboration.

“This is because we understand that in our interconnected world, the success of one is invariably linked to the success of all,” she said.

Dr Michael Olawale-Cole, President, LCCI, commended Lagos State outstanding governance over the years.

Olawale-Cole said the event’s theme underlined the importance of relationships and networking among businesses for wealth creation, trade partnership and productivity growth.

He urged government at all levels to continue addressing the enabling environment issues in the country, with particular focus on infrastructure, insecurity and implementation of policies to address the monetary policy performance.

This, he said, was critical to fully harness the huge enterprising resources of domestic and foreign investors for economic diversification.(NAN)(www.nannews.ng)

Edited by Nkiru Ifeajuna/Chinyere Joel-Nwokeoma