Feature- Flipping the switch: is decarbonisation possible for Africa?

December 3, 2024

…The battle is no longer between clean energy and cheap energy; it is now significantly more affordable to go the renewable route

It’s fair to say that the global imperative to ‘decarbonise’ – the shift from fossil fuels such as coal, natural gas or oil to carbon-free and renewable energy sources – has been more of a stumble than a sprint in Africa.

But as always, context is important. In Africa, other pressing socio-economic often – understandably – take priority, which then limits available funding; a lack of infrastructure hampers development; and, of course, vested interests slow progress. All of these factors have contributed to Africa’s sluggish transition, for which it has been (often unfairly) criticised.

The cruel irony is that – even though Africa is far from the leading perpetrator behind the world’s current carbon status (the continent is estimated to contribute less than 4% to global greenhouse gas emissions, making it one of the lowest emitters in the world) – it is one of the regions most vulnerable to the effects of climate change.

Africa’s temperature increases surpass the global average, while multi-year droughts in some regions juxtaposed by extreme flooding in others have become the norm. Without targeted intervention, an estimated 118 million Africans living in extreme poverty will face increased exposure to droughts, floods, and extreme heat in the coming years, further straining poverty alleviation efforts and economic growth.

African countries are estimated to lose 2–5% of their gross domestic product (GDP) annually and allocate up to 9% of their budgets to respond to climate extremes, according to the World Meteorological Organization’s (WMO) State of the Climate in Africa 2023 report. In Sub-Sahara Africa, adaptation costs are projected to reach USD 30–50 billion by 2030, or 2–3% of the region’s GDP. Yet, Africa is estimated to only receive around 3% of global climate finance.

Africa is not the biggest culprit of carbonisation – but it is one of its biggest victims.

African countries, in general, do not have the same funding capabilities as the developed world, and priorities also differ. Poverty alleviation and economic participation/upliftment are understandably at the top of the list for most African governments and this means that limited funding needs to be allocated accordingly. In addition, recent conversations have highlighted the higher cost of debt for African nations, when compared to other sovereign issuances in emerging markets.

Despite these significant challenges, Africa has a lot going for it: we’re unburdened by the need to decarbonise an “old economy”, as is the case with our Western counterparts, and the continent is blessed with immense renewable energy potential. Strategically harnessing these assets could not only fast-track climate action but also unlock significant economic opportunities for the continent.

To get there, however, we need to change our perspective from believing that fossil fuels are the only road to job creation, political power and economic growth. It shouldn’t be “either/or” but rather, “and”. We must aim for more choice, less reliance on one energy type, and greater sustainability.

Eradicating fossil fuels will not happen overnight; the losses from flipping the switch prematurely would be too great.

Rather, our focus should be on what can be added to the energy mix, and the steps we can take to reduce our carbon footprint. Take natural gas, for example, generally viewed as the “lesser” of the fossil fuel evils. Natural gas and renewable energy can be quite complementary as part of a balanced energy strategy, especially during the transition to a low-carbon future.

We’ve seen, in real-time, major oil and gas companies drilling more and backtracking on their renewable energy targets and efforts. Yet, when natural gas, a by-product of oil drilling, is captured and used as fuel it is combusted more efficiently, producing lower carbon dioxide (CO₂) emissions compared to coal or oil. However, must ensure it is properly handled, as gas flaring or venting has a massive negative environmental impact.

What has changed, however, is that the typical excuse that renewable energy is “too expensive” has lost all weight. The build cost of renewable energy has reduced substantially over recent years while the trend for electricity grid prices in most countries has done the opposite. Globally, fuel prices have been highly volatile, with prices escalating in most countries on the back of political upheaval in the Middle East and Ukraine / Russia. And when compared to traditional power tariffs in countries like South Africa, annual renewable energy escalations are negligible.

The battle is no longer between clean energy and cheap energy; it is now significantly more affordable to go the renewable route.

Renewable energy is the continent’s real sunrise sector.

The South African renewables industry has proven a case study for the rest of the continent. It has seen substantial involvement from the private sector, which has led to significant capital investment to maintain and improve infrastructure. It’s creating jobs in both metros and rural areas, with a prime example being our SunCentral solar farm development in De Aar, Northern Cape where our operations will create more than 460 permanent and contract jobs. And innovations in renewable energy are saving SA businesses vast amounts of money, with solutions such as on-site solar, electricity wheeling, energy trading and aggregation helping make the switch to green energy not only possible but also profitable in the commercial and industrial sectors.

With the rise of the Independent Power Producer (IPP), African governments don’t have to drive this transition on their own anymore. Each sector has a critical role to play, with success breeding more success.

Africa stands at a critical juncture, where the challenges of climate change intersect with the opportunity to redefine its energy future. The path to decarbonisation should neither be a sprint nor a stumble – it must be a deliberate, phased journey involving the collective effort of all stakeholders.

By embracing a balanced energy mix, encouraging innovation, and leveraging deregulation, Africa can transition to a low-carbon future without compromising its socio-economic priorities. Renewable energy isn’t just an environmental imperative – it’s an economic opportunity, a job creator, and a cornerstone for sustainable development.

It’s time to flip the switch.

Paul van Zijl is the Group CEO at Starsight Energy (www.StarsightEnergy.com), He maintains that we must apply a contextual lens and move away from all-or-nothing thinking, employing a holistic, phased and sustainable approach to the continent’s energy mix.

Africa Finance Corporation (AFC) Leads up to €2 Billion Syndicated Facility in Largest-Ever Global Loan Syndication for Bank of Industry

Editor

December 3, 2024

…the transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa

Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced its role as Global Coordinator, Lead Co-Arranger, Underwriter, Bookrunner, and Guarantor in the successful syndication of an up to €2 billion facility for Bank of Industry (BOI), Nigeria’s largest and most impactful development finance institution. The transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa.

Proceeds of the facility will be used for general corporate purposes including to finance trade and trade related projects of eligible corporates in Nigeria. The facility was syndicated at two levels with AFC, Standard Chartered Bank, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited, acting through its Rand Merchant Bank division (London Branch), Mashreqbank PSC, SMBC Bank International PLC, Absa Bank (Mauritius) Limited, Absa Bank Limited (acting through its Corporate and Investment Banking division) and Export-Import Bank of India London Branch acting as part of a senior syndicate, together raising an initial €1.43 billion. Following this, AFC led a general syndication, through which an additional €447 million was raised, bringing the total transaction to €1.9 billion, representing an oversubscription of 87%. The facility is expected to further grow to €2 billion.

This landmark global loan syndication is significant for Nigeria and BOI, as the institution was able to successfully tap the international capital market at a time when credit is scarce and prohibitively expensive. It also highlights market confidence in BOI and AFC as leading financial institutions, demonstrating the power of collaboration and innovation between African financial institutions.

“This successful syndication is a significant milestone achievement, not only for BOI but for Africa’s financial landscape as a whole. We are proud to have played a central role in this historic global loan syndication, solidifying AFC’s position as a trusted bridge between global investors and infrastructure projects in Africa,” said Banji Fehintola, Executive Board member & Head of Financial Services at AFC. “Our sincere appreciation also goes to our Joint Coordinator and partner Standard Chartered Bank and all other banks that participated in making this transaction a huge success,” he added.

“This financing, the sixth international capital raising for BOI, is the largest fundraising in our history and the largest syndication in the history of African development finance institutions. A key constant in achieving this success is the continued support of our international funding partners, including AFC. We are grateful for the unique role that AFC played to make this transaction a success,“ said Dr. Olasupo Olusi, the Managing Director of BOI.

As part of the syndication, AFC leveraged its A3 (stable outlook) investment-grade rating, recently affirmed by Moody’s, to bring together an international consortium of financial institutions. The transaction aligns with the Corporation’s mission to provide pragmatic solutions that close the continent’s infrastructure gap, accelerate industrialisation, and enhance Africa’s economic resilience against global economic challenges.

Feature: 2024 Call to Earth Day to explore Connected Generations

Editor

December 2, 2024

On December 4, 2024, CNN’s fourth annual Call to Earth Day will celebrate the links between people and cultures and how these can help to play a vital role in preserving our planet. Partnering with schools, individuals and organisations across the world, CNN will use its global presence for a day of action to raise awareness of environmental issues and to engage with conservation education.

This year’s theme will focus on Connected Generations and how wisdom attained through thousands of years of sustainable living practices can be put back into action in our daily lives. From African cooling techniques to Asian herbalism, Native American harvesting to Amazonian gardening, Call to Earth Day will examine the ways in which this age-old intelligence can provide solutions for a better future. Students will be encouraged to participate in trash clean-ups and to write a letter to their future selves, discussing what they love most about the environment in which they live and why it is part of an extraordinary planet worth protecting.

Over 226,000 people participated in last year’s Call to Earth Day, with events in more than 122 countries around the world. A total of 4,405 hours were spent on Call to Earth Day activities, with more than 2,600 trees planted, and almost 4,000 wildlife havens built.

Call to Earth Day is part of Call to Earth, a major network initiative launched by CNN in 2019, in partnership with Rolex and its Perpetual Planet Initiative, shining a light on those committed to safeguarding our planet for future generations. Over the last five years, this award-winning programming has told stories of changemakers, visionaries, and ground-breaking projects making a difference to the world around them.

Coverage plans for the day will see CNN meet the people looking to ancient insight for answers to some of the world’s most pressing ecological problems from locations around the world. Stories, live programming, and interviews gathered from across Africa, Asia, Europe, the Middle East, and both North and South America, will run in every hour of CNN International programming. CNN 10 will also host a theme week in the lead up to Call to Earth Day as part of its educational news show.

A special half hour documentary ‘Restoring the Andes’ will air on Call to Earth Day on CNN International and CNN en Español. This will highlight the work of Peruvian biologist and Rolex Laureate Constantino Aucca Chutas. Under his leadership, indigenous and local communities mobilise by the thousands each year to plant Polylepis trees, a tree unique to the high Andes ecosystem and crucial for the Andean water cycle. These efforts have contributed to the restoration of thousands of hectares affected by climate change and human activity. CNN visits Aucca Chutas in his hometown of Cusco for a journey retracing his roots and introducing the local community leaders who are integral to his project’s success.

CNN en Español will air Llamado a la Tierra elements in every live show. In addition, a special half hour show will be presented by CNN’s Gabriela Frias in Querétaro, Mexico, alongside environmentalist and Rolex Laureate Martha Isabel “Pati” Ruiz Corzo and the Sierra Gorda Ecological Group. The broadcast will include live hits from across Latin America.

Bespoke digital content will also run across CNN.com. The Lost Voices series will visit different indigenous groups from around the world and give a voice to those on the front lines of climate change. From the forests of Kenya, to the mountains of Scandinavia, and the waters of the Pacific Ocean, these stories will come together in a digital interactive which will take a global look at how indigenous customs, cultures, and languages are increasingly endangered, and why these ways of life could help to save the world. There will also be a dynamic live blog on CNN.com to capture the events of the day in real time and social-first storytelling on remarkable conservation projects around the globe,

This year’s Call to Earth Day will see participations from organisations in Nigeria including, GreenHill Recycling, Susty Vibes, PAKAM Nigeria, Green Hub Africa, Recycle Points Nigeria and FABE International Foundation. Additionally, CNN’s multi-platform content will be complemented by a series of live events, with participants around the world encouraged to share their actions, ideas, and inspirational thoughts on social media using the hashtag #CallToEarth. Call to Earth Day content will also be available on CNN Arabic.

CNN International SVP, Managing Editor of Asia Pacific, & Global Head of Features Content, Ellana Lee said, “Call to Earth continues to engage more people every year, and its fourth year is on track to be our biggest ever. We have an incredibly powerful platform at CNN, and it is great to be able to hand that to the many thousands of students and individuals working to safeguard the planet for future generations. Call to Earth has always been about practical, tangible solutions to the problems we face, and the people and communities contributing to it are truly inspiring in their determination to make a difference.”

Reflecting on the activities of this year’s Call to Earth Day, Merit Nwachukwu, Community Manager at Pakam Technology Limited, Nigeria remarked, “Through the Recycle Together Campaign, we are inspiring the next generation to recognize the power of collective action in shaping a cleaner and more sustainable world. By engaging young minds and fostering community-driven solutions, we aim to create a ripple effect of environmental consciousness across Nigeria. Together, we can transform waste into wealth and ensure a healthier planet for generations to come.”

To register a Call to Earth Day event or find out more information, visit:

https://edition.cnn.com/world/registration-call-to-earth-day-2024-c2e-spc/index.html

Feature- Cognitive defence: The role of mindfulness in thwarting cyberattacks

Editor

December 2, 2024

Anna_II new — Anna Nuwe, SVP Content Strategy & Evangelist at KnowBe4 AFRICA

…Social engineering is the reason, no matter what security measures you have in place on your devices, criminals will circumvent them

Up to 90% of all successful cybersecurity attacks involve social engineering; exploiting human vulnerabilities. While technical measures like strong passwords and anti-virus updates are crucial, cultivating mindfulness can be an equally powerful defence against these human-centric attacks, writes Anna Collard, SVP Content Strategy & Evangelist at KnowBe4 AFRICA.

There’s nothing worse than knowing that someone has just hacked into your account. Whether it is your inbox or your bank account does not matter. You can relate to that awful, sick feeling in your gut that you have been foolish enough to fall for someone’s trickery.

Social engineering is how most cyber criminals get the key to your front door. They dupe you into revealing your password or logging into your online account, often instilling fear or a false sense of urgency. These attacks can be in the form of phishing emails, phone calls, SMSs, social media messages, chat apps or on gaming platforms.

Social engineering is the reason, no matter what security measures you have in place on your devices, criminals will circumvent them. Scammers are experts at bypassing cybersecurity defences and manipulating the human mind.

Understanding human vulnerabilities

Why are humans so susceptible to hacking? Many factors make humans vulnerable to social-engineering attacks. These range from cognitive, psychological, behavioural, and situational factors to simple demographics (teens and older adults are most often targeted). Cognitive biases play a role here, such as a confirmation bias that seeks information that confirms what you already believe, but so does stress and fatigue.

When you have been doing the same task for a while, your ability to remain vigilant decreases. Similarly, being distracted and multi-tasking are situational factors which can impede your thinking. (This happened to me while chatting to someone and checking my emails at the same time—I unwittingly clicked on a simulated phishing test.)

Mindfulness: A powerful defence

Amid all the horror stories of social engineering, it is comforting to know that there is a defence that we can all tap into and that costs nothing: mindfulness. Mindfulness is the practice of remaining alert, calm, and present. Rather than being a personality trait, it’s more a state of mind.

Three fundamental aspects, each of which directly relates to improving cybersecurity awareness shape mindfulness:

Present moment focus: By staying attentive to the current task, you are less likely to fall victim to distractions that could lead to security mistakes.
Meta-awareness: This involves being attentive to internal and external experiences (thoughts and emotions) (such as unusual email requests or suspicious phone calls).
Non-judgmental and non-reactive attitude: This allows you to approach potential threats or emotional triggers with curiosity rather than fear, enabling more rational decision-making.

Mindfulness is the perfect countermeasure to the mindlessness that makes you vulnerable to phishing. I have done extensive research into how incorporating mindfulness into cybersecurity awareness training programs can enhance people’s defences against social engineering attacks. This is especially crucial as cybercriminals are progressively using advanced methods using generative AI and automation in their attacks, highlighting the need for mental resilience.

Practical mindfulness techniques for cybersecurity

There are many practices to nurture mindfulness and awareness that can directly improve your cybersecurity posture.

Single-tasking: Start your day with a list and be intentional about doing each task in 45-minute sprints. This focused approach can help you stay alert to potential security risks.
Mindful email checking: Instead of constantly monitoring your inbox, set specific times for checking emails. This allows you to approach each message with a more reflective and security-conscious mindset.
Body awareness: How fast is your heart beating? What is your breathing like? By focusing on these vital signs first, your body might identify that ‘something is off’, indicating a potential security threat before your rational mind is aware of it.
Breathing: Perhaps the most well-known technique to calm our nervous system is deep belly breathing with longer exhales. An example is the 12-second box-breathing technique practised by the US Navy Seals. When you feel tense, anxious or pressured into an urgent request, take a moment to practise this technique before responding.
Pause and reflect: Before clicking on links or downloading attachments, pause for a moment. Ask yourself: “Is this expected? Does it make sense?” This moment of reflection can prevent many security breaches.

Implementing mindfulness in security awareness training

I believe that empowering individuals to become more mindful can really complement security awareness training. This could also involve ways to organise our work so that we are less stressed, whether it is having shorter meetings, doing a stretch class during our lunch break, or simply doing one thing at a time.

Cultivating mindfulness not only enhances overall well-being but also serves as a powerful tool in strengthening cybersecurity defences. By incorporating mindfulness techniques into our daily routines and cybersecurity practices, we can create a more robust defence against social engineering attacks.

By staying present, aware, and calm, we can transform our minds into our greatest cybersecurity asset.

Two Nigerian Female Entrepreneurs Win AWIEF Awards 2024

Editor

December 2, 2024

…Former South African Minister Dr. Naledi Pandor Receives Inaugural Lifetime Leadership Award

Ifeoma Okonkwo of Ifgreen Industries & Investment (Nigeria) and Temitope Mayegun of Avilla Naturelle are on the list of winners of the 2024 AWIEF Awards. The awards event celebrated the exceptional achievements of African women entrepreneurs on Friday night at the Cape Town International Convention Centre (CTICC). The glamorous awards ceremony honoured six outstanding winners, selected from a distinguished group of 18 finalists, while also honouring Dr. Naledi Pandor, Former Minister of International Relations and Cooperation of South Africa, with the Lifetime Leadership Award.

Celebrating Excellence in African Entrepreneurship

This year’s finalists and winners showcased the remarkable talent and ingenuity of African women entrepreneurs who are creating opportunities, driving economic growth, and transforming communities across the continent. Representing South Africa, Tunisia, and Nigeria, the finalists span diverse industries, highlighting the breadth of innovation and leadership among women across Africa.

The AWIEF Awards 2024 ceremony was the culmination of the AWIEF2024 Conference, a two-day event that brought together over 500 delegates from more than 50 countries. This dynamic conference served as a powerful platform for collaboration, knowledge-sharing, and celebrating the transformative achievements of women entrepreneurs shaping Africa’s future.

Honouring a Legacy of Leadership

The evening’s highlight was the presentation of the Lifetime Leadership Award to Dr. Naledi Pandor for her Legacy of Leadership and Impact. Dr. Pandor’s illustrious career spans decades, during which she played a pivotal role in shaping South Africa’s domestic and international policies. As Minister of International Relations and Cooperation (2019–2024), she championed South Africa’s global influence, advancing diplomacy, peace-building, and international cooperation. Her visionary leadership continues to inspire generations across Africa and beyond.

The Winners of AWIEF Awards 2024

The following women were celebrated for their outstanding contributions and achievements in their respective categories:

YOUNG ENTREPRENEUR AWARD
Mpho Hlongwane – MH Automotive Engineering (South Africa)

AGRI ENTREPRENEUR AWARD
Ifeoma Okonkwo – Ifgreen Industries & Investment (Nigeria)

CREATIVE INDUSTRY AWARD
Thabo Makhetha-Kwinana – Thabo Makhetha CC (South Africa)

EMPOWERMENT AWARD
Creseldah Cassandra Ndlovu – CLM Clothing & Textile (South Africa)

TECH ENTREPRENEUR AWARD
Ynes Hafi – ARSELA (Tunisia)

SOCIAL ENTREPRENEUR AWARD
Temitope Mayegun – Avilla Naturelle (Nigeria)

A Platform for Women’s Empowerment

The AWIEF Awards continue to shine a spotlight on the achievements of African women entrepreneurs, celebrating their innovative spirit and their significant contributions to sustainable development and economic growth across the continent.

Manufacturers Association of Nigeria (MAN) Reacts to Q3 2024 GDP Report

Editor

December 2, 2024

The Manufacturers Association of Nigeria (MAN) has expressed concerns over the recently released Gross Domestic Product (GDP) report for the third quarter of 2024 by the National Bureau of Statistics (NBS).

While the overall economy recorded a commendable growth rate of 3.46%, surpassing the 2.54% reported in the same period of 2023, the performance of the manufacturing sector remains underwhelming, raising questions about the nation’s industrialization agenda.

Sectoral Overview and Manufacturing Sector Performance

The Q3 GDP report highlighted the dominance of the services sector, which grew by 5.19% and contributed 53.58% to the GDP, followed by agriculture at 28.65% and industry at 17.77%. The manufacturing sector recorded a modest growth of 2.18% year-on-year, reflecting its struggle under challenging macroeconomic conditions.

Specific manufacturing sub-sectors showed varied performance:

Fastest-growing: Chemical & Pharmaceutical Products (3.97%), Electrical & Electronics (2.61%), and Cement (2.30%).
Top contributors to manufacturing output: Food, Beverage & Tobacco (6.78%), Chemical & Pharmaceutical Products (6.92%), and Electrical & Electronics (6.03%).

However, overall growth in the manufacturing sector decelerated to 0.92% year-on-year and its contribution to GDP declined to 8.21% from 8.42% in Q3 2023. This slow growth underscores the adverse effects of high interest rates, escalated energy costs, and an unstable foreign exchange environment.

Challenges Facing the Manufacturing Sector

MAN attributes the sector’s lackluster performance to several macroeconomic challenges:

High Inflation and Cost of Living: Rising inflation and reduced consumer purchasing power have led to unsold inventory and decreased production levels.
Energy and Infrastructure Deficits: High energy costs and inadequate infrastructure are major barriers to growth.
Unstable Foreign Exchange Market: Limited access to foreign exchange has stifled manufacturing operations and deterred foreign investment.
Multiple Taxation and Regulatory Costs: Excessive taxes and fees, such as Environmental Impact Assessment (EIA) and Effluent Discharge (EMP) fees, are placing additional burdens on manufacturers.

Implications for Nigeria’s Economy

The dominance of the services sector at the expense of manufacturing poses significant risks to Nigeria’s industrialization goals. Without a robust manufacturing sector, the country faces difficulties in achieving key economic objectives, including:

Reducing forex demand pressures.
Generating mass employment.
Driving industrial-led growth.
Realizing the administration’s $1 trillion economy target by 2026.

MAN’s Recommendations to Revitalize Manufacturing

To address these challenges and unlock the potential of the manufacturing sector, MAN calls on the government to implement the following measures:

Facilitate Affordable Credit Access: Create special windows for single-digit interest loans and recapitalize the Bank of Industry (BOI).
Strengthen Infrastructure Development: Prioritize budgetary allocations for critical infrastructure and promote public-private partnerships.
Address Forex Challenges: Clear the $2.4 billion outstanding FX forward contracts to support manufacturers.
Streamline Import Duties: Review import duty rates for essential inputs and simplify customs procedures.
Stabilize Energy Costs: Review excessive electricity tariffs and ensure transparent billing while promoting domestic gas supply.
Reduce Regulatory Burdens: Implement the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee and review NESREA-imposed fees.

Conclusion

While the overall GDP growth is encouraging, a vibrant manufacturing sector is essential for inclusive and sustainable economic growth. MAN urges the government to take decisive action to create a conducive environment for manufacturing to thrive and to drive the nation’s industrialization agenda forward.

Unilever Nigeria Appoints Tobi Adeniyi as Managing Director

Editor

December 2, 2024

Unilever Nigeria Plc has appointed Mr. Tobi Adeniyi as the Managing Director designate, effective January 1, 2025. Mr. Adeniyi will undergo a handover and phased transition process alongside the current Managing Director, Mr. Tim Kleinebenne, until the end of 2024.

Mr. Adeniyi began his career as a Unilever Future Leader in 2009 and has amassed a wealth of experience across multiple facets of the Supply Chain (strategic & operational) and Commercial operations. His expertise spans Logistics, Planning, Strategic Supply Chain, Procurement, and Sales, with assignments that have taken him across diverse markets including, Singapore, the Philippines, and Indonesia. Most recently, he has been instrumental in driving Unilever Nigeria’s sales transformation agenda, delivering impactful results through strategic initiatives nationwide. He serves as current Vice Chairman of Manufacturers Association of Nigeria Export Promotion Group (MANEG) and is a member of the Institute of Directors (IoD).

Bolaji Balogun, Chairman of Unilever Nigeria Plc, said “On behalf of the Board of Directors and everyone at Unilever Nigeria, I am delighted to congratulate Mr. Tobi Adeniyi on his appointment as Managing Director Designate. Mr. Adeniyi’s extensive experience and exceptional leadership skills make him an outstanding choice at this time, to lead us into a bright and even more successful future.”

He stated that the Board is confident that under Tobi’s leadership, Unilever Nigeria Plc will continue to flourish and achieve greater heights. He also expressed his appreciation to Mr. Tim Kleinebenne, the outgoing Managing Director, for his leadership and service to Unilever Nigeria’s growth and success.

Announcing the appointment, Ben Langat, Executive Vice President, Unilever East and West Africa, said, “I am pleased that we are implementing this transition which is in line with our robust succession planning initiative at Unilever. Tobi has a deep connection and understanding of the Nigerian market terrain, and coupled with his extensive background, his experience will be valuable towards the journey ahead for the business.”

Langat also thanked Tim Kleinebenne, currently Managing Director for Unilever Nigeria, who will retire from Unilever. Tim joined Unilever in Germany 33 years ago and served as Managing Director for diverse Unilever businesses around the globe, including Unilever Caribbean, Ethiopia, Côte d’Ivoire and Nigeria.

“Please join me in congratulating Tim on a wonderful career with Unilever and in thanking him for all that he has done for our people and the company. The published results are a clear testament of the successful transformation he initiated. We wish him great success for the future as he shapes his next adventure beyond work.” Mr. Langat said.

EAAIF Co-Anchors $1.2B IHS Bond with IFC, Proparco to Boost Africa’s Digital Connectivity

Editor

December 2, 2024

The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, managed by Ninety One, acted as a co-anchor investor alongside IFC and Proparco in IHS Holding Limited (NYSE:IHS) (“IHS Towers”)’ $1.2 billion issuance to support digital connectivity in Africa. The bond was oversubscribed in excess of $2.3 billion, and upsized to $1.2bn, enabling increased participation from private investors.

The proceeds of the bond will refinance existing debt of the emerging market focused communications infrastructure company and support organic growth in its African subsidiaries including Cameroon, Côte d’Ivoire, Nigeria, Rwanda, South Africa and Zambia.

Private debt is increasingly being mobilized to address Africa’s infrastructure financing gap, with corporate bonds gaining traction as innovative solutions to attract local and global investors. EAAIF anchored IHS Towers’ maiden bond in 2016, reinforcing the Fund’s position as a leading pioneer of corporate debt for telecommunications companies in Africa. Since 2016, EAAIF has allocated over $283 million to bond issuances by dynamic African telecom and digital infrastructure providers, contributing to more than $5.6 billion raised in total.

EAAIF’s commitment to deepening Africa’s capital markets helps overcome funding challenges in emerging markets and reinforces the PIDG strategy to deploy innovative infrastructure that accelerates Africa’s economic transformation.

EAAIF has participated in the following issuances since 2016:

$1.2 billion IHS Towers (EAAIF final allocation $30 million) 2024
$300 million Africell issuance (EAAIF final allocation $28 million) 2024
$120 million Sonatel asset-backed security (EAAIF final allocation $38 million) 2024
$850 million Helios Towers issuance (EAAIF final allocation $25 million) 2024
$400 million Axian issuance (EAAIF final allocation $20 million) 2022
$620 million Liquid Telecoms issuance (EAAIF final allocation $15 million) 2021
$180 million Sonatel corporate bond (EAAIF final allocation $27 million) 2020
$750 million Helios Towers issuance (EAAIF final allocation $30 million) 2020
$600 million Helios Towers issuance (EAAIF final allocation $30 million) 2017
$600 million IHS Towers (EAAIF final allocation $40 million) 2016

Folatomi Fayemi, Investment Specialist, Ninety One, EAAIF’s fund manager, said: “We are delighted to continue to support IHS Towers as it expands operations across the continent, extending access to transformative digital services that will shape Africa’s fourth industrial revolution. Over the past 8 years, EAAIF has led the development of corporate debt to support this critical sector. We will continue to serve as a pioneer in the space, overcoming funding challenges to provide innovative solutions that engineer growth in ambitious companies.”

Unilever Nigeria achieves plastic neutrality in 2024

Editor

December 2, 2024

Nigeria generates about 32 million tonnes of solid waste every year, 2.5 million tonnes of which are plastics. Most of the waste ends up in landfills, drainages, and water bodies, causing a major environmental hazard that can last for centuries. To resolve the impact of this challenge, both the public and private sectors have developed different strategies and measures to improve waste management over the years.

In proffering a solution to this challenge, one of the core pillars of Unilever’s global sustainability target is plastic, where the goal is to work to end plastic pollution through reduction, circulation and collaboration.

Over the years, Unilever Nigeria has ensured it sustained its zero waste to landfill commitment to minimise the impact of its manufacturing processes on the environment and keep the planet warmer and more sustainable for all.

In line with its purpose to Brighten Everyday Life for All, Unilever Nigeria is pleased to announce that it achieved plastic neutrality in November 2024. This means it has collected and processed more plastic from the environment than it has put into it through the sales and distribution of its products.

Unilever Nigeria plc has been in partnership with Wecyclers since 2014. This partnership has created new livelihoods for up to 1000 collectors, providing much-needed contributions to their household incomes.

Speaking on the plastic neutrality target achieved in 2024, The Managing Director of Unilever Nigeria, Tim Kleinebenne, said, “Our vision is a world in which everyone works together to ensure that plastic stays in the economy and out of the environment. Our plastic is our responsibility, and so we are committed to collecting back more than we sell as part of our drive towards a circular economy.”

“I am very pleased to share that Unilever Nigeria achieved plastic neutrality in 2024 and I sincerely hope that our example inspires more companies to join this important initiative. Moving forward, we will continue to double down our sustainability focus on plastic through our collection models to ensure we have a healthier planet and, at the same time, use our collection strategy to improve livelihoods by creating new job opportunities.” Kleinebenne said.

While commenting on the neutrality achievement with Unilever Nigeria, The Chief Executive Officer of Wecyclers, Olawale Adebiyi, said, “Working with Unilever over the years has been a progressive journey of impact, collaboration and partnership. Through our partnership with Unilever Nigeria, we have now collected over 13,000 tons of plastic and created job opportunities for over a thousand people.”

Mr. Adebiyi further noted that through the years, Unilever Nigeria has invested in Wecyclers operations through different collections models, including the Wecyclers Recycling Exchange Programme, which facilitates the drop off of recyclable materials at various kiosk locations. Unilever also helped facilitate a pioneering corporate-backed Impact Bond programme that invested in the establishment of 26 Wecyclers Franchise locations. These models of collections are spread across the country, and they enable us to support Unilever Nigeria to achieve their target of collecting more plastic from the environment than what they put into it.

As the country’s longest-serving manufacturing company, Unilever Nigeria emphasises its commitment to Brighten Everyday Life for All through its brands and operations.

Young African Bookworms Initiative impacts more Children in Gyallesu

Editor

December 1, 2024

Cross-section of boys enrolled into the TEGA program at the Sardauna Child Destitution Eradication Foundation

The Young African Bookworms Initiative (YABI) has announced a transformative milestone in its journey to bridge the digital divide and empower marginalized children. As part of our groundbreaking Tech for Every Gen Alpha (TEGA) Programme, 20 “Almajiri” and orphaned boys from the Gyallesu community, Kaduna State have been successfully enrolled providing them with access to essential digital literacy skills and renewed hope for a brighter future.

These boys, once confined to the uncertainties of street life, begging for alms and searching for daily sustenance, now hold the keys to a brighter future. Through the TEGA Program, they would gain vital digital skills that open doors to education, social mobility, and opportunity. This shift marks the beginning of a life-altering journey, as these boys are no longer defined by their past but by their potential to thrive in an increasingly digital world.

Operating in two low-income communities—Gyallesu and Badarawa—the TEGA Program collaborates with dedicated local organizations to implement its mission. In Gyallesu, the Sardauna Child Destitution Eradication Foundation serves as a key partner, ensuring that participants gain not only digital skills but also foundational literacy through our Drop Everything and Read (DEAR) programme.

Since its inception in 2021, the TEGA Programme has touched the lives of approximately 150 children across Kaduna State. Earlier this year, 15 girls were enrolled into the programme, equipping them with the tools needed to excel in the digital age. Today’s enrollment of 20 boys reinforces our commitment to ensuring that no child is left behind, regardless of their background.

The programme provides comprehensive digital literacy training, including computer skills, coding, and online safety.

A joint report by UNICEF and ITU reveals that 1.3 billion school-age children worldwide lack internet access, with low-income families disproportionately affected. Additionally, Nigeria holds the unenviable record of having the highest number of out-of-school children globally, with UNESCO estimating the figure at 20.2 million.

The TEGA Program addresses these challenges head-on, offering children not only a pathway out of poverty but also a chance to compete on a level playing field with their more privileged peers. By reducing the number of out-of-school children and equipping them with digital skills, we are paving the way for sustainable change.

YABI remains committed to empowering young people and addressing the educational disparities that persist in many communities. By expanding the TEGA programme and reaching more children like those in Gyallesu, YABI is making a significant impact on the future of these young individuals and the broader community.

NUPENG Jittery As CSO Threatens Protest During Official Commissioning Of 7-Storey New Secretariat

Editor

December 1, 2024

Rights for Human Dignity and Justice (RHDAJ), a Civil Society Group (CSO) based in Port Harcourt, Rivers State has on Sunday December 1, 2024 vowed to come to Jibowu, Lagos and protest during the commissioning of the newly completed national headquarters of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), known as NUPENG Tower, on Wednesday, December 4, 2024.

It is on record that RHDAJ made this similar call in March 2024 when it protested openly at Trans Amadi Layout in Port Harcourt when it informed the Inspector General of Police to arrest and prosecute the General Secretary of NUPENG, Afolabi Olawale, and his surrogates over what it described as contempt of court, an assault on court bailiff and for conducting a unit election at the NNPC Port Harcourt refinery despite a restraining order from the court not to do so.

In a statement sent out to media houses on Sunday, the executive director of the rights group, a senior lawyer, Iheanyi Kingsley, said the leadership of the oil and gas Union has failed members of its various Branches, particularly the Petroleum Tanker Drivers (PTD) by allowing crisis in the Branch to fester and also for refusing to harmonize factions within the fractured Branch.

He also noted that peaceful protest became necessary to hold on Wednesday so as to create awareness for the dignitaries who would be in attendance especially critical players in the downstream petroleum sector and officials of both State and Federal Governments of Nigeria to be fully aware of the hardship, pains, intimidation and humiliation members of the union are facing.

Failure to allow legitimate national executives of PTD under Comrade Lucky Osesua, Comrade Dayyabu Garga, Comrade (Chief) Peter Moudebelu (ONWA), Comrade Humble Obinna Power and others to run the affairs of PTD was also cited as part of the reasons that necessitated the planned Wednesday protest in Jibowu, Lagos.

“Our attention has been drawn to a fresh notice served by NUPENG General Secretary, Afolabi Olawale in an invite he sent to the presidency and other critical stakeholders in the oil and gas industry in Nigeria with respect to the commissioning of the union’s newly built National Secretariat, known as NUPENG TOWER in Jibowu Lagos, which will hold on Wednesday, December 4, 2024.

“However, as NUPENG has invited the world for the commissioning of their new Secretariat, we are also notifying them that we would also be protesting peacefully that same day to expose their shenanigans. We have written to the Inspector-General of Police about this, same with other sister agencies, including DSS and NSCDC and the office of the National Security Adviser. We are law abiding and the law recognizes what we are doing under a constitutional democracy.

“It is a huge surprise to us at Rights for Human Dignity and Justice (RHDAJ), that NUPENG leadership known for subjecting members in its various Branches to servitude, and that has failed its members, particularly the Petroleum Tanker Drivers (PTD) by allowing crisis in the Branch to fester and refusing to harmonize factions within the fractured Branch and creating lasting peace will be throwing a fanfare after erecting a 7-storey building which is purely a white elephant project.

“This is the same Union that remanded the National Executive members of PTD in Prison, a Union that serially disobeyed Court orders and that has been slammed contempt charges, a union that is known for humiliating, intimidating and impoverishing its members and as well taking their jobs and putting them into hardship and pains, that is the same union trying to portray itself as moral icon, and throwing party; it is only good to expose such union so that they can change for the best and offer respite to the branches under them.

“Failure to allow legitimate national executives of PTD under Comrade Lucky Osesua, Comrade Dayyabu Garga, Comrade (Chief) Peter Moudebelu (ONWA), Comrade Humble Obinna Power and others to run the affairs of PTD which is a total breach of law and order must also stop forthwith, to allow PTD flourish effectively and efficiently.

“We also found it appalling to see that the leadership of NUPENG especially the General Secretary, Afolabi Olawale grounded all the trucks of the National Chairman and that of the deputy Chairman and other executives of PTD, stopped all the trucks taking products to their gas stations, how can a man be this wicked? To the extent that you even have the vicious intent to cripple means of livelihood and their sources of income. “

“This oppressive style of leadership is alien to the union and we urge the government and the public to take note of this flagrant abuse of power.

“A union which had time without number accused management of different oil and gas companies in the country of stopping their members from being unionized is the same union that is foisting on its members to be subservient or face forceful exit from the union.

“The psychological and emotional trauma currently being experienced by the union members is totally unbearable for them, and this is unfortunately making them feel less human and completely depressed and unhappy.

“We wish to emphasise here, that this lack of respect and sensitivity to Nigeria’s extant labour laws, international conventions and global best practices is gradually becoming the stock in trade for NUPENG as there are still several other lingering infractions and issues against hapless Tanker Drivers yet to be addressed by the leadership of NUPENG, even after courts and elders of the union had severally intervened in these matters.

“We therefore use this medium to demand that the intimidation, harassment, humiliation, physical and emotional attacks on all members of the union must stop.”

RHDAJ further called for the aid of the presidency, ministry of labour and employment, elders of the union, Police, NLC, NSCDC, ICPC, EFCC, National Assembly and other key stakeholders to intervene and prevent further harm to the union and its membership.

Nigeria’s Central Bank Tightens Monetary Policy to Curb Inflation

Editor

December 1, 2024

The Central Bank of Nigeria (CBN) raised its Monetary Policy Rate (MPR) by 25 basis points to 27.5% in November 2024, marking the sixth consecutive hike this year, as inflation reached 33.9% in October, near a three-decade high. Governor Olayemi Cardoso emphasized the need to curb inflation driven by rising fuel and food prices and a weakening naira, while retaining other key monetary policy measures, including the Cash Reserve Ratio and liquidity ratio. Speaking at an annual banking dinner, Cardoso signaled potential rate easing in the future if inflation pressures abate, noting that current measures are temporary, and their effects typically manifest over six to nine months. Despite the naira’s significant depreciation since the currency peg was loosened in 2023, improved flexibility in exchange rates and increased capital inflows offer signs of stabilization. Analysts predict rate hikes could continue into mid-2025 as persistent inflation challenges linger.

Money Market

Market liquidity opened the day at ₦237.56 billion short. The Open Buy Back (OBB) rate and the Overnight (OVN) rate closed at 29.25% and 29.91%, respectively.

We expect rates to hover around current levels.

Treasury Bills Market

The FGN Treasury Bills Market traded on an active note following additional FAAC disbursement. We witnessed improved bids on the 20 Nov bill at 22.20% while the 30th Sept OMO bill was bid at 23.60% and offered at 22.90%. Week on week, the average benchmark yield appreciated by 76bps to close at 25.36%.

We expect the PMA to take center stage next week.

FGN Bond Market

The FGN Bonds Market traded on a subdued note as investors continued to maintain a cautious approach. There were few trades consummated due to the wide bid/ask spread. Week-on-week, the average benchmark yield appreciated by 5bps to 19.02%

We expect the quiet trend to persist.

FGN Eurobond Market

The FGN Eurobonds Market concluded the week on a bearish note as prices declined across the curve. Week-on-week, the average benchmark yield declined by 3bps to close at 9.47%

We expect a similar session.

Currency Market

The value of the Naira to the dollar declined by 121bps compared to the previous week, printing at ₦1672.29/$ to close the week at the Nigerian Autonomous Foreign Exchange Market Window (NAFEM).

Equities Market

The local bourse ended the day with the benchmark NGX All-Share Index (ASI) declining by 28bps to close at 97,506.87. Market capitalization also decreased, closing at ₦59.12 trillion. Market breadth was negative at 0.81x, with 21 stocks advancing and 26 declining. This performance was driven by gains in HMCALL (+9.54%), ROYALEX (+8.77%) and SOVRENINS (+7.35%), and losses in REGALINS (-9.80%), LASACO (-9.75%), and ACADEMY (-9.71%).

Trading activity was mixed on the day, with the volume of shares traded decreasing by 18.68% to 514.39 million units, while the total value of shares traded increased by 39.47% to ₦15.08 billion. The most actively traded stocks by volume were FBNH with 126.02 million units, HMCALL with 91.28 million units, and JAPAULGOLD with 61.38 million units. In terms of value, SEPLAT led with ₦7.74 billion, followed by FBNH at ₦3.28 billion, and BUACEMENT ₦532.48 million.

Reflecting the day’s performance, the NGX All-Share Index reflected a 1-week loss of 0.50% and a 4-week gain of 0.08%, with an overall year-to-date gain of 30.4%. Other notable indices are the NGX Top 30 Index (-0.3%; -0.4% 1WK; +31.44% YTD), NGX Banking Index (+0.67%; -0.28% 1WK; +14.05% YTD), and NGX Oil & Gas Index (-2.56%; -1.61% 1WK; +128.30% YTD).

Dr. Aminu Maida Joins IIC Board, Boosting Nigeria’s Global Telecom Standing

Editor

December 1, 2024

In a significant milestone for Nigeria’s telecommunications industry, Dr. Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission (NCC), has been appointed to the Board of Directors of the International Institute of Communications (IIC). This prestigious position highlights Nigeria’s growing influence in global telecommunications and digital innovation.

The IIC, a globally renowned organization, brings together leaders in telecommunications, media, and technology (TMT) to foster collaboration on regulatory frameworks, emerging technologies, and sustainable development. Dr. Maida’s appointment marks a landmark achievement for Nigeria, amplifying its voice in shaping the future of the global telecom sector.

Dr. Maida’s distinguished career spans decades, with key roles in British Telecom, Cisco Systems, and EE Ltd. He was instrumental in groundbreaking advancements in small-cell technology during his tenure at UbiquiSys Ltd, which was later acquired by Cisco in 2013.

His contributions in Nigeria are equally remarkable,as the Executive Director of Technology and Operations at the Nigeria Inter-Bank Settlement Systems PLC (NIBSS), he transformed the country’s digital payments infrastructure, reinforcing its financial ecosystem. As EVC of the NCC, Dr. Maida has spearheaded initiatives that promote connectivity, competition, and inclusivity, driving Nigeria’s telecom sector into a new era of innovation and growth.

Dr. Maida’s appointment offers Nigeria a stronger international platform to influence key discussions on telecommunications and digital equity. His expertise and passion for policy advocacy will be vital in global conversations on emerging technologies and the digital divide.

Dr. Maida expressed his gratitude, “It’s an honour to serve on the Board of the International Institute of Communications. I look forward to sharing insights from Nigeria’s transformative journey and collaborating on strategies to foster a more inclusive and sustainable global telecom industry.”

This appointment not only solidifies Dr Maida’s legacy but also underscores Nigeria’s growing prominence in leveraging technology for development. It signals a future where the country will continue to lead in innovation and bridge global digital divides.

NCC Rolls Out Licensing Framework for Application-To-Person Services

Editor

December 1, 2024

The Nigerian Communications Commission (NCC) has officially introduced its highly anticipated Licensing Framework for Application-To-Person (A2P) services. This framework, meticulously developed following the Nigerian Communications Act (NCA) of 2003, is now accessible on the Commission’s website, www.ncc.gov.ng, as of November 29, 2024.

The NCC Initiatives aim to bring increased structure and transparency to the rapidly growing telecommunications industry. Aligned with the Nigerian Communications Act (NCA) of 2003, the framework is now available on the Commission’s website, www.ncc.gov.ng, as of November 29, 2024.

A2P services facilitate automated communication between businesses and customers, primarily for notifications, alerts, and marketing messages. The NCC’s framework seeks to regulate and streamline these services, fostering a more efficient, transparent, and legally compliant ecosystem for both service providers and consumers.

The A2P service model is crucial in facilitating automated communication between businesses and their customers, typically for notifications, alerts, and marketing messages. This framework regulates how such services are delivered, ensuring that the process is seamless, efficient, and compliant with existing laws. By setting clear guidelines, the NCC aims to foster a more reliable and transparent ecosystem for both service providers and consumers.

To engage stakeholders and foster inclusive participation, the NCC has announced that a Stakeholders Forum will be held virtually on December 20th, 2024. The forum is set to provide a space for operators, providers, and other industry players to discuss the framework, voice their opinions, and ask questions to NCC officials. This interactive session will also allow for a deeper understanding of the framework’s objectives and its potential impact on the telecommunications landscape.

“We are committed to ensuring that the Nigerian telecom sector continues to grow in a way that is both regulated and responsive to the needs of all stakeholders,” said an NCC representative. “The A2P framework is a key step in maintaining the integrity of our telecom space, and we are eager to hear from all those who are affected by it.”

To ensure that the process remains transparent and responsive to feedback, the NCC has invited all interested parties to submit their comments and suggestions on the framework. Stakeholders are encouraged to review the document and share their views before the deadline on December 19th, 2024. Contributions can be sent via email to aadaba@ncc.gov.ng, with a copy to msyusuf@ncc.gov.ng.

By opening this dialogue, the NCC hopes to create a regulatory environment that protects consumers’ interests and supports the growth of businesses within the telecom sector. This initiative is part of the Commission’s mission to maintain the highest governance standards, compliance, and service delivery within Nigeria’s telecommunications industry.

The NCC remains steadfast in its commitment to the continued development of a robust and well-regulated telecom sector that aligns with international best practices while addressing the unique needs of the Nigerian market.

Sectoral Overview and Manufacturing Sector Performance

Challenges Facing the Manufacturing Sector

Implications for Nigeria’s Economy

MAN’s Recommendations to Revitalize Manufacturing

Conclusion

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