Gov. Babajide Sanwo-Olu of Lagos State says opportunities abound in the Africa-Caribbean relationship being fostered through the African Export Import Bank ( Afreximbank) AfriCaribbean Trade and Investment Forum (ACTIF).

Sanwo-Olu spoke to the media on the sideline of the 2nd AfriCaribbean Trade and Investment Forum (ACTIF2023), being hosted in Georgetown, Guyana, from Oct. 30 to 31, by the  Afreximbank and Government of Guyana (GoG).

The forum has the theme: ”Creating a Shared Prosperous Future”.

The ACTIF23 focuses on consolidating commercial collaboration between the Caribbean region and Africa, for increased inter-regional trade and investment, following the first edition held in September 2022 in Barbados.

“It is a straight travel down here; seven hours to eight hours 45 minutes air trip. That is even from Lagos. If you take it from Dakar , or Banjul, Gambia; Guinea, it would be about three hours or so.

“So, what that means is that the Caribbeans, South America, is closest to West Africa.

“If  we have trade, it is going to take you far less a time to be able to send goods down to the Caribbean directly, compared to going to North America or to go to Europe before it gets to the Caribbean.

“So, all of that in itself presents an opportunity that we all need to sit back and reflect on.

“The population might not be there but the opportunities are enormous, in the oil and gas, airlines, if it is in manufacturing, tourism among others,” the governor said.

According to him, his government runs the largest economy in Nigeria, hence the need for him to explore frontiers that can further grow Lagos State.

“I run the largest economy in our country right now and if you begin to smell opportunities like this, in the Caribbean Islands, we need to come and look at it very well.

“I am happy with the Heads of Government and the commitments they have given in all of the trade support they want to give to their local businesses, to African businesses and to the partnership that we can grow and develop.

“Afreximbank is showing the lead in this area.

“The least will be to encourage them, help them open these frontiers and help them see the benefits that they can both enjoy with the two regions and cultural values  through collaborations like this,” he said. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

By Florence Onuegbu

Gov. Babajide Sanwo-Olu of Lagos State has called for an integrated west African capital market to foster collaboration and tackle infrastructure gap.

Sanwo-Olu said this at the third West Africa Capital Market Conference (WACMaC) on Wednesday in Lagos, with the theme: “Infrastructural Deficit and Sustainable Financing in an Integrated West African Capital Market.”

He said an integrated capital market in the sub-region would help to plug infrastructure deficits.

According to him, there are many ways that an integrated West Africa capital market can help with plugging infrastructure deficits in the sub-region.

“One is the Economies of Scale that will accrue from such an integration and this will enable the pooling of funds across the more extensive sub-region to finance large projects that can serve multitudes of people.

“In addition, an integrated capital market will result in the harmonisation of regulations to make it easier for trade and investments across borders and give confidence to investors,” he said.

The governor added that the ease of doing business that would result from a harmonised regulatory environment would open up funding possibilities for infrastructure projects in the sub-region.

He said that governments were actively aware of the imperatives of addressing infrastructure deficit and sustainable financing in the region.

Sanwo-Olu said the theme of the conference was apt for the moment, as across the sub-region, modern infrastructure such as roads, rails, ports, fibre optics and connectivity power, among others, were largely inadequate.

“These perennial inadequacies have hindered the economic growth of our various nations and economic development of our people.

”It behooves, therefore, on us to deliberate on ideas, financial strategies that can bridge these infrastructural gaps, enhancing the quality of life of our people and propelling out economy to greater heights.

“While governments like ours continue to make efforts at plugging the huge infrastructural deficits, we cannot do it alone and that is why we are collaborating with you.

“We are waiting to see the types of innovative instruments and ideas that you can bring forward, for us to be able to do the quick and very difficult work that you have asked us to do.

“Only innovative and creative financing, especially the products coming out of the capital market that can ease this gap. I see you as strategic partners with us and indeed we can build that ecosystem that we all crave for.

“We believe there are many ways the West African capital market can help in this regard,” he said.

According to him, the West Africa Capital Market Integration (WACMI) Project, initiated in 2010, has progressively changed the landscape of the regional economy, fostering a harmonised regulatory environment for the issuance and trading of securities across the region.

He said this had been the bedrock of capital raising and securities trading across the sub-region.

Sanwo-Olu said the journey to an integrated capital market had been phased and complex, but the strides taken so far were worth celebrating.

“The Nigerian capital market has shown remarkable resilience and competitiveness, boasting a market capitalisation of $65.834 billion as of May 2023.

“This is not a mere statistics, but a testament to the inherent strength of our economy and the boundless potential that lies within our region.

“This forum serves as an opportune platform to promote integration, spur capital formation, accentuate tourism, and attract investors, thereby enriching our collective financial discourse and action.

“The recent appointment of His Excellency, Asiwaju Bola Ahmed Tinubu, as the Chairman of ECOWAS is further testament to the pivotal role Nigeria plays in the region.

“This new leadership role reinforces our commitment to driving the integration agenda and enhancing the economic prospects of West Africa.

“Hosting this prestigious conference in Lagos offers us a unique opportunity to showcase our economic mettle, our rich cultural heritage, and our warm hospitality,” he said.

Sanwo-Olu said the event would not only foster greater integration and capital formation but also stimulate tourism and attract even more investors to the region.

Also speaking, Sen. Osita Izunaso, the Chairman, Senate Committee on Capital Market and Institutions, said the infrastructure gap of ECOWAS economies varied.

Izunaso said the Nigerian infrastructure gap stood at $221 billion, while that of Côte d’Ivoire, stood at $14 million.

He said this showed that a lot had to be done to integrate the economy of the West African region, and that capital market remained the best option.

“It is important to state that there are challenges that we must look at if we truly believe that capital market has a role to play at the sub-region.

“The challenges are not so insurmountable; we have to look at regulatory and legislative impediments; we have to look at high transaction cost; multiple taxation; fragmented and small size of national stock market; capital and exchange control,” the chairman said.

Izunaso said these were the major challenges working against an integrated capital market in the sub-region.

He called for the harmonisation of disparities in legal and regulatory frameworks in the capital market, bridging the gap in capital market development. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

Growth

By Rukayat Moisemhe

Guinness Nigeria Plc has recorded a revenue of N229.4 billion for the financial year ended June 30, 2023 in spite of the severe macro-economic challenges.

Dr Omobola Johnson, Chairperson, Board of Directors of Guinness Nigeria Plc, made the disclosure at the company’s 73rd Annual General Meeting (AGM) on Tuesday in Lagos.

Johnson said the figure represented an increase of 11 per cent compared with N206.8 billion posted in comparative period of 2022.

According to her, the business delivered N23.4 billion operating profit during the period under review.

She stated that the company’s strong financial performance and strategic achievements reflected the dedication and hard work of its team alongside the unwavering support of shareholders and stakeholders.

“At the heart of Guinness success is innovation and how best to satisfy our customers with our products, are always top of mind for us at Guinness.

“As Nigeria’s foremost total beverage alcohol company, we take pride in the legacies of our iconic brands and we hope to continue turning out products that will ensure we retain that pride,” she said.

She added that the company would continue to strive for long-term viability while satisfying consumers regardless of competition.

Addressing Nigeria’s economy struggles, the Guinness board chair expressed hope that government palliatives among other economic and fiscal policies would steer the economy back on track to improve standard of living for people for the coming year.

In his remarks, the company’s Managing Director, Mr John Musunga, said the company was able to maintain agility and resilience for growth even in difficult times due to its organisational culture evolution.

Musunga said the value the company placed on operational intensity and performance, its willingness to define team solidarity with accountability at the forefront, and fervent belief in a multi-stakeholder approach to business impacted its performance.

“By realigning and repositioning the brands, we are also able to launch strategic activities to strengthen business fundamentals.

“The productivity of our staff is one of the main factors contributing to our current success; management and employees reiterated their commitment to ensuring that we achieve that high level of productivity.

“We believe we will continue to thrive, by constantly innovating, being committed to sustainable practices, upholding corporate governance, and community engagement.

“We are excited to embark on the next phase of our journey, and we are confident that our commitment to innovation and resilience will help us to achieve even greater success,” he said.

The Guinness MD disclosed plans by Diageo to expand its investment in Nigeria by establishing another Nigerian entity that would begin to import, distribute and market its IPS brands (JW, Singleton, Ciroc, Baileys), starting April 2024.

According to him, this has huge benefits for Guinness Nigeria and the investment demonstrates Diageo’s commitment to Nigeria.

“We will be better positioned to focus on its core business and its strength in the manufacturing, marketing and distribution of non-alcoholic drinks, beer, RTDs and locally produced spirits thus enhancing sustainability, growth, and value creation for all stakeholders of Guinness Nigeria.

“The change will enable the full utilisation of Guinness Nigeria’s asset base following the expansion of our production capacity in recent years as a foremost total beverage alcohol player and will accelerate our innovation in local spirits products.

“We remain committed to making the model work and will improve it to culminate in better returns on investment for our shareholders,” Musunga said. (NAN)(www.nannews.ng)

Edited by Peter Amine/Chinyere Joel-Nwokeoma

By Lydia Ngwakwe

The Chartered Institute of Bankers of Nigeria (CIBN) has called on banking professionals and leaders to chart a course that will leverage the vast potential inherent in Nigeria’s economy.

The President/Chairman of Council, CIBN, Dr Ken Opara, made the call at the 2023 Fellowship Investiture of CIBN on Saturday in Lagos.

Opara noted that in a rapidly changing world, the success of nations was often determined by their ability to harness their inherent strengths and overcome their challenges.

The News Agency of Nigeria (NAN) reports that the event had the theme: “Harnessing Nigeria’s Economic Potential for Growth and Development: Strategic Imperatives,’’.

According to him, Nigeria, with its abundant human and natural resources, possesses incredible economic potential.

The CIBN president noted that inequality, in terms of income and opportunities, had remained high and had adversely affected poverty reduction.

“Lack of job opportunities is at the core of high poverty levels, regional inequality, and social and political unrest.

“High inflation has also taken a toll on household’s welfare, pushing more people into poverty.

“Given these numerous challenges, it is abundantly clear that our journey toward harnessing Nigeria’s economic potential for growth and development is marked by both promise and complexity.

“Addressing these challenges requires visionary leadership and collaborative efforts to transform adversity into opportunity.

“The path ahead demands resilience, creativity, and a commitment to shaping a brighter future for our country.

“Hence, it is incumbent upon us, as banking professionals and leaders, to chart a course that leverages the vast potential inherent in our nation’s economy.

“We must explore innovative strategies and approaches that will drive sustainable growth, foster development, and ultimately uplift the lives of all Nigerians,’’ Opara said.

He, however, said unlocking these potential required strategic imperatives that would go beyond mere recognition but deliberate action and innovative thinking.

He said, “According to data released by the World Bank, Nigeria remains Africa’s largest economy with $477.4 billion in Gross Domestic Product.

“While Nigeria has made some progress in socio-economic terms in recent years, its human capital development ranked only 150 out of 157 countries in the World Bank’s 2020 Human Capital Index.

“The country continues to face massive development challenges, including the need to reduce its dependence on oil for exports and revenues, diversify its foreign exchange sources, close the infrastructure gap, build strong and effective institutions, address governance issues, and strengthen public financial management systems.’’

Prof. Joseph Nnanna, the Chief Economist, Development Bank of Nigeria Plc, while speaking on the theme, said the multidimensional concept of growth and development encompasses far more than mere economic indicators.

“Nigeria’s overreliance on oil export has rendered its growth trajectory susceptible to endogenous and exogenous shocks in global oil prices, leading to economic instability.

“However, amidst these challenges lies a path forward, through strategic imperatives that can unlock Nigeria’s vast economic potential.

“Economic diversification emerges as a crucial avenue, leveraging the untapped potential of non-oil sectors to promote inclusive sustainable growth.

“Also, human capital development takes centre stage, acknowledging that education and health are at the core of economic growth.

“Lastly, infrastructure development stands as another cornerstone, underscoring the importance of building a modern and efficient infrastructure network,’’ Nnanna said.

These strategic imperatives, he said, were not standalone solutions and would need to be complemented with addressing policy implementation, resource allocation, corruption, and leadership.

“In doing so, Nigeria can move beyond the constraints of its past, harness the strength of its resources, and emerge as a beacon of inclusive growth and development on the African continent,’’ he stressed.

NAN reports that a total of 449 individuals were conferred awards at the event: 20 Honorary Fellows (including one Posthumous Award), 154 Elected Fellows and 275 Honorary Senior Members. (NAN)

Edited by Chinyere Joel-Nwokeoma

By Constance Athekame

The Rural Electrification Agency (REA) and the Africa Mini-Grid Developers Association (AMDA) on Tuesday signed a Memorandum of Understanding (MOU) to promote and accelerate mini-grid development in Nigeria.

Speaking at the signing ceremony in Abuja, Mr Salihijo Ahmad, Managing Director of REA said that the MoU would focus on knowledge sharing, capacity building, and better coordination of the sector, amongst other initiatives.

Ahmad said that Nigeria had one of the largest mini-grid markets in Africa, with over 100 mini-grids currently in operation primarily through the implementation of data-driven programmes and initiatives of the REA.

He, however, said, due to the energy access gap in the country, there was still a significant need for more decentralised energy interventions to bridge the energy deficit and catalyze socio-economic growth.

”Particularly in rural underserved, and underserved communities hard hit with energy poverty.

”As part of the REA’s vision and strategic roadmap, the agency has, over the years expanded its partnership portfolio, while collaborating with forward-leaning stakeholders across the off-grid energy value chain,” Ahmad said.

According to him, with the pivotal role and sustained impact of AMDA in Africa’s renewable energy space, the partnership is a significant step for the mini-grid sector in the country.

He said that the partnership underscored a shared commitment to research, data-driven decision-making, and the establishment of robust industry standards.

”This strategic approach is pivotal in ensuring the sustainable, secure, and optimal operation of mini-grid systems, thereby contributing to the overall energy landscape in Nigeria.

”With a partnership now sealed through an MoU, the REA and AMDA will collaborate on a non-exclusive basis to further advance access to sustainable electricity for Nigeria and other African countries.

”Through mini-grids and decentralized utilities and ultimately achieve universal access to energy by the year 2030.

”While improving data-driven decision-making and industry knowledge in the off-grid space,” Ahmad said.

The REA MD said the MoU was targeted at promoting sustainable energy access for unserved and underserved communities through private sector development and financing.

He said that the MoU would ultimately enhance policies/regulations and rapid deployment of renewable energy technologies.

Ahmad said, “We are excited to partner with AMDA to further improve the development of mini-grids in Nigeria while deepening the impact of Rural Electrification solutions for socio-economic growth.

“The MoU would further aid the accelerated deployment of mini-grids and provide clean, sustainable, and affordable electricity to more Nigerians.”

On his part, Mr Olamide Niyi-Afuye, Chief Executive Officer (CEO) of AMDA, stressed the association’s dedication to collaborate with REA in nurturing the mini-grid sector in the country.

Niyi-Afuye said that mini-grids had the potential to transform the lives of millions of Nigerians, adding that the partnership was a step in the right direction.

”AMDA is committed to working with all stakeholders to create an enabling environment for the mini-grid sector to scale and achieve sustainability.

“A timely and impact-focused collaboration, the REA-AMDA MoU signifies a significant milestone in the development of mini-grids across Nigeria.

”It equally exemplifies the unified efforts between the public and private sectors, working in lockstep towards the common goal of providing clean, reliable, safe, and affordable electricity for all,’’ he said. (NAN)(www.nannews.ng)

Edited by Mark Longyen/Bashir Rabe Mani

By Adeyemi Adeleye

The Centre for Human and Socio-economic Rights (CHSR) has called on Gov. Babajide Sanwo-Olu of Lagos State to reopen Owode Onirin and Mile 12 International markets to prevent compounding economic hardship.

The President of CHSR, Mr Alex Omotehinse, in a statement on Saturday described the closure of the markets as a misplaced priority.

Omotehinse said that the reopening would avoid the unintended consequences on economic investments and livelihoods of overwhelming majority of the people.

He said, “We condemn recent closure of Owode Onirin and Mile 12 International markets by the Lagos State Commissioner for Environment and Water Resources, Mr Tokunbo Wahab.

“CHSR assert that the closure coming at the heels of recent actions that negatively affected the livelihoods of millions of Lagos residents in unfortunate and a misplaced priority.

“It should be instructive that the two markets are not only critical to economic survival of millions of traders across the country but also strategic to the supply of perishable food and vehicle spare parts in Sub-Sahara Africa.”

According to him, the group is aware that the two markets have, on many occasions in the past, been adjudged as compliant to the maintenance of clean environment.

He said that this was evident in the introduction of innovations and Infrastructural development that had tremendously improved the standard of the markets.

“We maintain that Lagos State Government in it’s quest to ensure that all market maintain cleaning and hygienic environment should not arbitrarily deploy closure of markets as weapons.

“We must also consider that the state environmental agencies has failed to meet up with the expectations of traders in spite of fulfilling the necessary obligation to the agency in charge of waste disposals.

“We are aware that Mile 12 International market has featured as the best maintained perishable food market in Nigeria, thus serving as example to other similar markets across the country.

“We also wish to reiterate that arbitrarily and frequent closure of markets at a time economic downturn when citizens are barely coping with survival is ill-conceived and counterproductive,” the activist added.

The News Agency of Nigeria (NAN) reports that the Lagos State Government on Friday announced the immediate closure of Mile 12 International and Owode Onirin markets for various environmental infractions. (NAN) (www.nannews.ng)

Edited by Julius Toba-Jegede

By Christian Ogbo

The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has trained and empowered 40 entrepreneurs with Information Communication Technology (ICT) and digital skills in Ebonyi

The Director-General of SMEDAN, Dr Olawale Fasanya, said this during the closing ceremony of a three-day training and empowerment programme held in Abakaliki on Frida

The programme was targeted at young entrepreneurs to improve micro small and medium enterprise

Fasanya, who was represented by Mr Chigozie Asochukwu, SMEDAN Coordinator in Ebonyi, said that the importance of ICT in doing business cannot be over-emphasise

He said the empowerment programme, which was in collaboration with Dole International Company Ltd., was aimed at giving business owners e-commerce know-how to increase their contributions to the nation’s GD

He reiterated the agency’s commitment to business growth, urging the beneficiaries to practice what they had learn

“This will go a long way in enhancing productivity, customer engagement and give the entrepreneurs a competitive advantage in doing businesse

“It will help in digital knowledge and tools needed to grow businesses online as well as enable efficient communication, data management and analysi

“This is a three-day training and the participants were engaged in three module including Google digital skills, digital market fundamental and business formalisation,” Fasanya sai

Mr Njoku Ozoemena, who spoke on behalf of “City Boys Movement”, said the training became necessary to enhance e-commerce in the countr

Ozoemena hailed the Federal Government for putting up the programme and urged the trainees to utilise the knowledg

One of the beneficiaries, Kelechi Njoku, lauded SMEDAN for exposing them to modern skills for business and pledged to utilise what she had learn

The agency later gave laptops to the trainees to enable them promote their businesses. (NAN) (www.nannews.ng)

Edited by Chidi Opara/Julius Toba-Jege