Category: Money

By Collins Nweze

Access Bank Plc has reiterated its commitment to supporting the creative industry through improved funding and capacity building for artists.

Its Group Managing Director/CEO Herbert Wigwe said the lender’s support for the creative industry is part of its contribution to help the industry retell the African story in a positive light.

For instance, to talk about the growth Africa’s creative industry has made and continues to make over the past few years would be to acknowledge the various ways the industry has structurally failed to live up to its capabilities.

“This, of course, has not been the fault of the artists, filmmakers, writers, musicians and other creatives actively striving for excellence in their various fields, rather, a direct consequence of these people having to work in a scarcely supported industry. This is where Access Bank comes in. As with the few indigenous corporations who have identified the funding gaps and potential in Africa’s creative industry, Access Bank has sunk its feet into the entertainment industry to enable, empower and spotlight the best of Africa’s talents across the film, art, music and fashion sectors.”

Think the Born in Africa Festival (BAFEST), ART X Lagos, The African International Film Festival (AFRIFF) and the new reality talent hunt show, Access The Stars, among other socially impactful partnerships.

BAFEST is a yearly event Access Bank powers as one of the means through which the African story can be told via music, fashion, art, and film. True to its intentions, the event has become a celebration of the unparalleled dynamism of the African spirit, with a design to help facilitate a global connection to the continent.

Wigwe said: “We decided to beam the spotlight on the positive things coming out of Africa and that is why we created BAFEST, to not only bring Africans together to be entertained by Africans but also provide a platform for the world to experience the best of the African creative industry.”

The first edition in 2018 recorded over 14,000 attendees, but the following year, over 35,000 people showed up to sample some of Africa’s biggest acts. Big-name artists at the top of their craft, Olamide, Flavour, and D’banj and many others have entertained guests at this event. At the fashion shows, top models like Ojy Okpe and Millen Magese have strutted down the runway in the latest designs from the likes of Tokyo James, Emmy Kasbit, and David Tlale.

By screening a socially conscious drama like Adekunle Adejuyigbe’s ‘The Delivery Boy’ and a popcorn flick like Akay Mason’s ‘Elevator Baby’, BAFEST has shown that indeed there is no such thing as a single story when it comes to African or Nigerian creative expression and there remains room for inclusion and diversity in our storytelling.

At last year’s ART X, Wigwe reiterated Access Bank’s continuous investment in the industry as a reflection of their understanding that “art is a fundamental part of our culture, and it inspires our drive towards preserving a vital part of our history as Nigerians and Africans”.  This came with the bank returning as a partner to ART X, a platform that has grown to be an influential showcase of the most innovative contemporary art from the African continent and diaspora.

This partnership further highlights Access Bank’s brand position as a lifestyle choice for anyone around the world seeking a gateway to the African continent. Access Bank has become a visible part of the premiere art celebration on this side of West Africa, endowing the event’s top prize for emerging artists.

Tokini Peterside, founder and CEO of ART X Lagos, said, following last year’s prize announcement: “Access Bank and ART X have moved beyond just being partners to becoming co-creators of the leading art prize and opportunity for emerging artists in Africa. The bank has always believed in our vision and continues to support our remarkable journey.”

The entertainment industry in a sweeping renaissance, particularly in the quality of products being churned out and the increasing levels of acceptance and consumption by both local and international audiences. Global Entertainment and Media Outlook, a report by PwC, concludes that the music and entertainment industry in African countries like Nigeria is projected to grow by 21.5 percent, with revenue reaching $9.9 billion by 2022.

Chimamanda Ngozi Adichie led the literary charge for the better part of the last decade. Burna Boy, Wizkid and Davido have been recognised as global stars and Nollywood even made an attempt at the Oscars.While all of these achievements are incredibly empowering, it would be impossible to continue or sustain the work of these trailblazers without the requisite empowerment platform for young and upcoming creatives.

Access Bank has shown a deep understanding of the gaps present in the African creative industry and its support of the three editions of the Africa International Film Festival (AFRIFF) since 2016 speaks aptly to that. Founded by Chioma Ude, AFRIFF –  which enters its 10th year in 2020 – has been Africa’s most important showcase of films from the African continent and the diaspora.

Filmmakers like Eric Aghimien, CJ Obasi, Abba Makama, and tastemakers have had their attention-grabbing works screened at the festival.

Supporting AFRIFF is on-brand for Access Bank as AFRIFF has held on to the responsibility of nurturing filmmakers interested in breaking the norm or pioneering new visions or techniques in the way that African film is assessed. AFRIFF has also distinguished itself as a rich training ground for upcoming filmmakers along the entire industry value chain.

Representation matters and telling the African story must go beyond supporting finished products. Little can be achieved without structural and technical competence from ideation stages to finished products.

Last year, Access Bank also took on the responsibility of bringing industry players and key stakeholders in the entertainment sector together under one roof, to educate and interact with each other on how to access finance for their businesses. Access Bank took a step further to provide necessary support, such as legal, tax and business plan development support to entertainers willing to access the funds.

Supporting the arts on the continent isn’t a light task to take up but Access Bank continues to show us the importance of taking it up anyway. The impactful, wide-reaching place Access Bank has occupied in Africa’s entertainment industry through Nigeria is a testament to what can be done when more support is afforded an industry that will continue to innovate, create, build and inspire regardless of stymies.

The Central Bank of Nigeria (CBN) has promised to support local and foreign investors interested in the economy. The CBN team, led by its Governor, Godwin Emefiele, disclosed this during an assessment tour of the Dangote Refinery, Fertiliser Plant and Petrochemical Company Limited in Lagos at the weekend. The  refinery, expected to begin production in the first quarter of next year and the Fertiliser Plant in May, will enable the country earn more foreign exchange (forex) and provide employment opportunities to over 70,000 individuals, reports COLLINS NWEZE.

Every economy needs credible investors and committed entrepreneurs to enable it achieve its growth potential. For Nigeria, the Central Bank of Nigeria (CBN) has encouraged local and foreign investors to explore investment opportunities in the country and enjoy government protection for their businesses.

The CBN Governor, Godwin Emefiele, who disclosed the government’s commitment to empowering entrepreneurs at the weekend during a tour of the Dangote Petroleum Refinery, Fertiliser Plant and Petrochemical Company Limited in Ibeju-Lekki Lagos, urged entrepreneurs to embrace the opportunity presented by the low interest rate regime to borrow and grow their businesses.

“We want to support any foreigner or Nigerian that finds Nigeria as a good investment destination. We support the person through the banking sector and foreign exchange allocations. Government stands ready to give them the needed protection and support they want. We have also insisted that banks must be catalyst for development. But the banks also need credible people to lend to. If we look at the number of debtors in the Asset Management Corporation of Nigeria (AMCON) list, most of them are Nigerians. Banks need credible people to come out and be counted in this journey,” the CBN boss said.

He said Dangote Refinery will begin operation in the first quarter of next year, and will help the country earn more foreign exchange.

On the refinery, he said: “Tell those shouting that the refinery project is a fluke that latest, first quarter of next year, we will crank it and petrol will be coming out from it.’’

Emefiele said the President, Dangote Group, Aliko Dangote should be commended for his determination and large heart to support the economy through massive investments.

He said he was also at the site and 2016 and last year  to see the level of progress of the three projects – Fertiliser, petrochemical and refinery.

He said the projects were worth  $9 billion when they started five years ago, but now about $15 billion after currency adjustments and some other things were added – things that were not anticipated at inception.

Stakeholders laud projects

Abdulkreem Ibrahim, a Kano-based farmer, said the Dangote Fertiliser Limited, which begins operation in May, will save a lot of forex for the government and protect farmers from fraudsters that have continuously defrauded them for years.

He said challenges faced by farmers in accessing fertiliser were enormous. From long queues when the products were available to long distances before one could buy, it had been herculean experiences for farmers, he said.

“With the coming on Dangote Fertiliser plant, I understand that there will be fertiliser shops across the country where farmers can easily buy the product. I also expect the prices of the product to come down as demand rises,” he said.

He said the $2 billion Dangote Fertiliser Limited-Granulated Urea Fertiliser complex located in the Dangote Free Zone in Ibeju-Lekki, Lagos is one of the investments expected to turn around the agricultural sector for good. “I think the plant will help farmers achieve their vision of improved yields and profitability,’’ he said.

He said the project, targeted at creating thousands of direct and indirect jobs in construction and related fields, will provide a major boost to the agricultural sector by significantly reducing the importation of fertiliser and, ultimately, removing the need for imports when plant is in full production.

Experts insist that by the time the plant is fully inaugurated, the country will become self-sufficient in fertiliser production and even have the capacity to export the products to other African countries.

According to them, farmers are forced to utilise whatever fertiliser that is available as they have no choice, but we need to know that the fertiliser that will work in one state may not be suitable in another state, as they may not have the same soil type and composition.The same fertiliser you use for maize may not be the one you will use for cassava, he added.

Micheal Phillips, an Abuja-based petrochemical engineer, said the Dangote Petroleum Refinery will help the economy recover from years of poor performing refineries.

He said by the first quarter of  next year, when the Dangote Petroleum Refinery begins production, Nigeria will move from being a country known for non-functional refineries to one that has one of the best refinery in the world.

“Nigeria will be known as a country with the best and biggest refinery equipment ever built-in global refining history, become a petroleum refining hub in Africa, while the refinery will meet the country’s gasoline requirements with a bit of surplus to export,” he said.

He said for years, the advanced countries were the only ones with advanced refineries and petrochemical plants.

Also inspected by the team is the Dangote Jetty, which was designed with consideration for very heavy and long cargoes.

Need for diversification/ job creation

Continuing, Emefiele said President Muhammadu Buhari had called for diversification of the economy to enable the country earn more revenue.

Emefiele has said Dangote Refinery will employ over 70,000 imdividuals when it begins operation, adding that various policies of the Federal Government will, ultimately, reduce unemployment in the country.

Dangote said he is on a mission to reduce the unemployment in the country. He said the plant would also retain foreign exchange as Nigeria becomes self-sufficient in petroleum refining.

“Besides, we are going to help in terms of not only creating jobs but also in reducing the outflow of foreign exchange, not only in petroleum products, but also in petrochemicals and in fertiliser. We would be one of the highest foreign exchange generating companies, going forward,” Dangote said.

The Africa’s richest man confirmed that the company’s $2 billion granulated urea fertiliser plant will begin operations in May.

The foremost industrialist said the fertiliser plant would make Nigeria the only urea exporting country in sub-Saharan Africa and biggest producer of polyethylene, capable of generating $2.5 billion yearly.

Also, Dangote said the refinery will be one of the highest foreign exchange generating company in Africa.

He said: “I thank the President for the support he has given us and also the CBN Governor, who has helped to bring down interest rate. We should not wait for foreign investors to invest in the economy. We have to do it ourselves, especially now that interest rates are dropping and banks are lending more to the economy. I encourage more entrepreneurs to gear up and borrow more to develop the economy.”

He said with the Dangote Fertiliser plant, Nigeria will be the biggest urea exporting country in Africa. “We will not only be exporting, we will be expanding big time with estimated four to five million tons of urea.

‘’We expect to earn $2.5 billion annually from the projects and that will reduce foreign exchange pressure on the economy and that will be about 10 per cent of what Nigeria earns annually from diaspora remittances,’’ he said.

CBN unlocks opportunities in economy

The real sector is seen as the backbone of most great economies. This explains why the CBN has consistently shown support to key segments of the economy, including manufacturing and small businesses.

For instance, the apex bank committed N300 billion into the Real Sector Support Facility (RSSF) to enhance the flow of credit in the private sector and lift the economy. The facility is being used to to support large enterprises for start-ups and expansion financing needs of N500 million up to a maximum of N10 billion.

According to Emefiele, the real sector  targeted  by  the  facility  are manufacturing,  agricultural  value  chain  and  select service sub-sectors.

He said the facility is expected to improve access to Small and Medium Enterprises (SMEs) to fast-track the development of the manufacturing, agricultural value chain and services sub-sectors of the economy.

According to him, it is also meant to increase output, generate employment, diversify the revenue base, increase forex earnings and provide input for the industrial sector on a sustainable basis.

Support for agriculture

The CBN is also supporting the agricultural sector and its value-chain. The Anchor Borrowers’Programme initiated by the apex bank has enabled farmers grow their farm produce and profitability.

For instance, Nigerian rice industry, which for years was almost non-existent as over 80 per cent of rice consumed locally was imported, has regained its lost glory. Today, Nigerians are enjoying local rice and saving foreign exchange for the economy.

The country also witnessed more people setting up integrated mills across the country with funding and other support from the CBN.

Emefiele also said before the closure of land borders by the Federal Government, the Rice Processors Association disclosed that its members could not sell over 25,000 metric tons of milled rice due to smuggling and dumping of rice through Republic of Benin and other border posts, but that at the moment, the local rice business is booming.

Collins Nweze

 

KINGSLEY Obiora has  assumed duty as Deputy Governor of the Central Bank of Nigeria (CBN).

He replaces Okwu Nnanna, who left the bank on February 2.

Welcoming Obiora on board, the Governor, Godwin Emefiele, congratulated him on his appointment, noting that he was assuming duty at a time when his experience was needed to ensure stability in the Nigerian economy.

Assigning the new Deputy Governor to the Economic Policy Directorate, Emefiele urged him to go beyond upholding the interest of the CBN to upholding the interest of Nigeria and Nigerians, majority of who he said desired positive impact on their  lives.

The governor, who alluded to the youthfulness of Obiora and some new directors in the bank, said  effort was being made by the Management of the bank to assign more responsibility to the youth, who he noted possessed energy that must be put to positive use for the good of Nigerians.

While urging all present  to enable the bank to achieve its objectives,  Emefiele urged them to etch their names in the annals of the bank as having contributed their quota to the development of the country.

According to the governor, who was flanked by Mrs. Aishah Ahmad and Mr. Folashodun Shonubi, the Deputy Governors in charge of Financial System Stability (FSS) and Operations, members of staff of the bank, were part of the monetary policy team that had to play the role of upholding the integrity of the bank and policies that translate to making lives better for most Nigerians whom they represent in the bank.

Collins Nweze

 

LAGOS State Governor, Babajde Sanwo-Olu has praised Afriland Properties Plc for the renovation and inauguration of the world-class eight-floor office complex – Afriland Towers in Lagos.

The ceremony marked the refurbishment of Afriland Towers, the state-of-the-art office building.

In attendance were Oba of Lagos, HRH Rilwan Aremu Akiolu; Erelu Angela Adebayo; founding Chairperson, Afriland Properties Plc, and Chairman of Heirs Holdings, Tony Elumelu.

Publicly quoted company, Afriland is one of Nigeria’s leading institutional real estate owners and developers, with a portfolio in excess of N100 billion.

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The Afriland Towers development is a key element in the redevelopment of the Central Business District of Lagos.

Sanwo-Olu commended Tony Elumelu, Chairman of Heirs Holdings, a lead investor in Afriland Properties Plc.  “My very good friend and brother Tony Elumelu continues to make Nigeria proud. His example of making strategic investments in infrastructure, that creates public good, is one we should all applaud.  It is an honour to be here this afternoon to see yet again, an underperforming asset turned into what we are witnessing here,” he said.

The governor expressed his commitment to collaborating with Afriland for the development of the state.  He said: “Afriland is making long term investments, that are greatly helping the revival of Central Business District of Lagos – I am delighted that Afriland is so clearly contributing to the redevelopment of Lagos.’’