By Okeoghene Akubuike

Jean-Louis Ekra, Deputy Chairperson, Intra-African Trade Fair (IATF2023) Advisory Council, says the African Continental Free Trade Area (AfCFTA) can break Africa’s colonial legacy of exporting raw materials and importing finished goods.

Ekra, former President of the African Export-Import Bank (Afreximbank), said this at the Trade and Investment Conference of IATF2023 on Sunday in Cairo, Egypt.

Ekra, in his opening statement, pointed out the unsustainability of African economies relying on natural resources and commodities.

He said that Africa’s dependence on these resources made the continent vulnerable to adverse trade shocks, liquidity constraints and macroeconomic management challenges.

Ekra said that the situation needed to be addressed urgently, especially as it had worsened the effects of the COVID-19 pandemic, geopolitical tensions and climate change.

“AfCFTA cannot fail, especially given that intra-African trade is estimated at 16 per cent, which is a level of trade that compares unfavourably with other regions. ”

He said that the low level of intra-African trade was explained by constraints such as limited trade and infrastructure, including payments and settlement systems

“Other constraints are lack of access to relevant market information, limited business knowledge, sustained investment opportunities and limited platforms to connect buyers and sellers.”

Ekra urged African countries to recognise that the AfCFTA was the missing link the continent needed and that it presented many trade and investment opportunities in manufacturing, export development, SME promotion and trade in services.

Also speaking, Ali Basha, Minister Plenipotentiary from Egypt, welcomed guests to the conference, saying that the panels hosted as part of the conference should not be missed.

Basha urged all African nations to “work hand-in-hand to address the challenges of trade integration.”

The News Agency of Nigeria (NAN) reports that in subsequent panel discussions, attendees heard contributions on topics including energy transition and industrialisation in Africa, transforming the manufacturing sector and promoting diversification of African trade.

During a panel on energy transition and industrialisation in Africa, Dr Ainojie Irune, Chief Operating Officer of Oando Energy Resources, emphasised the need for African leaders to be more impatient about developing the continent.

Irune said that energy was crucial to Africa’s development and that the transition should benefit Africa, where 40 per cent of the population lives without electricity.

Ms Helen Brume, Afreximbank’s Director of Projects and Asset Based Finance, said that any discussion about transitioning to cleaner energy sources must consider that 600 million Africans still lacked access to electricity.

“We must also consider that 900 million Africans do not have access to clean energy sources for cooking in our discussions, “she said.

During a panel on transforming Africa’s manufacturing sector, panellists deliberated on the importance of establishing connectivity in Africa’s supply chains.

They agreed that such a transformation would significantly improve the lives of Africa’s 1.5 billion inhabitants.

The panelists which included Olukayode Pitan, former CEO and Managing Director of Bank of Industry, and Gagan Gupta, Founder and CEO of ARISE Integrated Industrial Platform

Others were Manuel Mota, Deputy CEO of Mota-Engil, and Brian Deaver, CEO of the African Medical Center of Excellence (AMCE).

According to them, since the key to a thriving manufacturing sector was dependent on African talent, investing in their education and training was crucial.

NAN reports that a highlight of the day was the inauguration of the Impact Evaluation Report of the 19 billion dollar Dangote Refinery and Petrochemical Complex in Nigeria.

The report was inaugurated by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.

Emeka Uzoigwe, Acting Director of Strategy and Innovation at Afreximbank, emphasised the importance of the project’s insights for other African businesses.

Uzoigwe said it had the potential to transform not only Nigeria but the entire West Africa.

The Trade and Investment Conference is a component of IATF2023, Africa’s largest trade and investment fair, aimed to optimise access to Africa’s connected markets through the AfCFTA.

The trade fair is expected to attract over 1,600 exhibitors and 35,000 visitors, with trade and investment deals worth 43 billion dollars projected to be concluded during the event. (NAN)(www.nananews.ng)

Edited by Vivian Ihechu

By Salisu Sani-Idris

Vice President Kashim Shettima, has commended Access Bank for offering N30 billion discounted loan to 700,000 Micro Small and Medium Enterprises (MSMEs) in the country.

Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice-President, in statement on Saturday, said Shettima made the commendation during a meeting with MSMEs stakeholders.

The News Agency of Nigeria (NAN) reports that the loan is part of effort of the access bank to support President Bola Tinubu administration’s agenda for job creation and the growth of the MSMEs space.

Shettima, while interacting with MSMEs stakeholders, comprising key actors from the public and private sectors, at the Presidential Villa, disclosed that the access bank loan scheme would begin as soon as possible.

” Every challenge, every problem is pregnant with opportunities for value addition and for repositioning of the society.

” I just met with the management of Access Bank, we had extensive discussions and they offered to provide a N30 billion support to MSMEs focusing mostly on the youth and women as target beneficiaries.

” They are going to give these loans at 15 per cent interest rate, ” the vice president said.

Shettima acknowledged that though the challenges were daunting, but Nigeria had the talents to overcome some of them.

He said ” in this room are the people that can bring about the changes we seek; be it in the agricultural value chain, the digital value chain and the manufacturing value chain.”

Shettima, therefore, urged the stakeholders to unite in order to overcome the common challenges confronting the country,.

According to him, Nigeria is blessed with the human resources to address the projected global talent deficit.

“ We can make this country work, with proper planning, zeal, commitment and leadership, this country can be repositioned.

” We have the platform to re-engineer this nation. The caliber of people present here today has rekindled my hope in the Nigerian dream, ” he said.

The vice president directed the Special Adviser to the President on National Economic Council (NEC) to kick-start the processes for the inauguration National Council on MSMEs.

Shettima also enjoined the presidential aide to ensure the sensitisation of state governors on the functions of the council.

Responding on behalf of the stakeholders, Mr Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), appreciated the leadership qualities of the vice-president .

He also commended Shettima for his zeal to ensure the transformation of the MSME space in the country.

He said “stakeholders were keenly following the activities as well as interest shown by the vice-president on issues confronting MSMEs.”

Odii assured of the stakeholders’ readiness, willingness and commitment to align with the vision of the Tinubu’s administration in the sector.

In separate remarks, the Chief Executives of the Development Bank of Nigeria (DBN), NITDA, ITF, BOA and National Sugar Development Council (NSDC), spoke about their organisations’ contributions to the growth of the MSMEs and the administration’s job creation agenda.

They reassured the vice-president of their unwavering commitment and support, particularly in ensuring the actualisation of the Tinubu administration’s economic diversification objectives.

NAN reports that the stakeholders were led to the meeting by the Senior Special Assistant to the President on Job Creation and MSMEs, Mr Temitola Adekunle-Johnson. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa/Ekemini Ladejobi

By Constance Athekame

The Federal Government has donated solar- powered mini grids to 2000 households and businesses in Toto community in Nasarawa state.

The 352-24 Kilowatts Peak (KWP) project, Nigeria’s first Interconnected grid, was executed under the Rural Electrification Agency (REA)-Nigeria Electrification Project (NEP) and funded by the World Bank.

It currently provides reliable electricity to more than 2000 Households, 141 Commercial Users, 18 Productive Users and 45 Public Users in the community aimed at improving the socio-economic life.

This project was achieved through the collaboration of REA, PowerGen Nigeria Limited and Abuja Electricity Distribution Company (AEDC).

Speaking while inaugurating the project in Toto on Thursday, the Minister of Power, Mr Adebayo Adelabu, said that the event marked a transformative step in line with President Bola Tinubu’s Renewed Hope Agenda.

He said that the agenda focused on revamping Nigeria’s power infrastructure to provide equitable access to electricity across the nation.

The minister said that the partnership between REA, AEDC and PowerGen represented the synergy government was trying to achieve across the power sector.

This, he said was an avenue where all players in the various segments can collaborate to deliver power to the end consumers.

He said the mini-grid inaugurated was a beacon of hope and government’s commitment to re-invigorate the power sector, as it symbolised its pledge to provide affordable energy to  the country’s rural communities.

According to Adelabu, the project will also empower the citizens, regardless of their economic statuses, adding that everybody deserves electricity.

“We need to reduce the trend of  rural-urban migration, the end result is not desirable, it is a threat to our food security, when everybody leaves the village and want to enjoy power in the city.

“Governments must bring light to the people in the village and this is what we are doing today.

“As today’s milestone propels us forward, we cannot fail to identify the numerous potentials ahead of this community and ahead of us as a nation.”

Also speaking, Gov. Abdulahi Sule commended the Federal Government for bringing the project to the community.

Represented by Mr Abdulahi Tasha, Chairman, Toto Local Government Area, he pledged the people’s commitment to cooperate with PowerGen to sustain the project.

On his part, the REA Managing Director, Mr Ahmad Saihijo, said the successful completion of the project was a testament to the power of partnership and innovation in driving rural electrification in the country.

Salihijo said that the REA remained committed to fostering an environment which encourages similar sustainable and impactful projects nationwide.

He said, “Over the years, we have optimised the NEP to strengthen the off-grid space while deploying over 100 mini-grids and powering over five million Nigerians.

“With the seamless implementation of this programme, we are confident in the model and positioned for an even wider impact across the nation.”

AEDC Managing Director, Mr Christopher Ezeafulukwe, said the company’s collaboration with PowerGen to achieve the project, underscored the significant role  DisCos played in supporting renewable energy initiatives.

Ezeafulukwe, represented by Jumoke Daleno, Head, Regulatory and Government Relations, said the DisCos were also enhancing the grid with sustainable energy solutions for underserved communities.

”It is a proof of what can be achieved when we work together, and we are immensely proud of this achievement, ‘’he said.

Ezeafulukwe said the choice of Toto for the pilot project was not difficult for AEDC and its partners to make, given the economic potentials of the community which had been underserved.

”Even at the conception stage, we could envision the massive transformative impact a successful interconnected mini grid project would have on Toto.

”We are indeed very glad that our vision at AEDC has come to fruition and the journey we embarked upon with our worthy partners, has been successfully completed, ”he said.

Powergen Country Director, Mr Seun Edun, said that the firm and AEDC teamed up to pioneer a groundbreaking approach to improving energy access in the country.

”The mini-grid model is designed to cater to the energy needs of underserved areas at affordable tariffs below the associated costs of using petrol or diesel generators, ‘’ he said. (NAN)

Edited by Bashir Rabe Mani

By Rukayat Moisemhe

Kaizen Academy Nigeria Ltd. says it is fully embracing remote work options for its staff to promote work-life balance.

The firm’s Chief Operating Officer, Mrs Lilian Madueke, confirmed this in a statement on Thursday in Lagos.

Madueke said the decision was driven by the company’s commitment to staff welfare and progressive approach to the evolving landscape of work in a post-pandemic era.

She said the move was in response to the rising commuting costs, concerns about health and mental well-being, and a dedication to maintaining service quality.

Madueke added that the company’s decision asides easing the financial burden causes by commuting, would allow staff redirect their time and resources towards personal and professional growth.

“The global pandemic has brought health and well-being to the forefront of organisational priorities.

“Kaizen Academy recognises the importance of a healthy work-life balance and aims to provide an environment where its employees can thrive both personally and professionally.

“By allowing remote work, the company enables its staff to create flexible schedules, reducing stress and enhancing overall well-being,” she said.

Madueke stated that in spite of the shift to remote work, Kaizen Academy’s service quality remains uncompromised.

She said the company had invested in cutting-edge technologies and robust communication platforms to ensure seamless collaboration among team members.

This strategic approach, she stated, allowed the firm stay at the forefront of the consulting industry while meeting the evolving needs of its clients.

“This bold move places us at the forefront of innovation within the Nigerian consulting sector.

“As the first consulting company in the country to adopt full remote work options, the firm signals a new era for the industry, where companies prioritise the well-being of their employees without compromising on productivity or service excellence,” she said.(NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma