The Nation Newspaper

Tag: Africa

  • Standard Bank pushes for African expansion

    Standard Bank has said it will press ahead with plans to open another 30 branches in sub-Saharan Africa this year, aiming to cash in on booming loan and deposit growth even as the costs of such investment hit its bottom line.

    Africa’s biggest bank by assets, Standard Bank is 20 per cent owned by Industrial and Commercial Bank of China. It blamed a below-forecast nine per cent increase in first-half profit on costs of investment.

    “It really has been growing rapidly and we’ve continued to invest, which is part of the reason for the cost growth that you’ve seen,” Chief Executive Jacko Maree told Reuters Insider, referring to its 16 operations across the continent.

    “But if you look at the profitability in Africa you saw the profits growing by some 80 per cent, just looking at the on-the-ground banks on the continent, which is a very big jump.”

    He pledged to do all he could to control spending after a 17 per cent rise in the six months to the end of June but said costs would continue to climb as the bank seeks to cash in on an estimated 30-40 per cent rise in loans and deposits across the continent.

     

  • Africa records $66.3b insurance premium income

    African Insurance Organisation (AIO), the umbrella body for insurance organisations in the continent, has said the insurance market raked in premium income worth about $66.30billion in the 2011.

    President of the association, Mr. Hassan El Sayeed, who made this known while addressing participants at the ongoing 40th AIO Conference and General Assembly in Cairo, said the figure translates to 1.66 per cent of insurance premium raked in by operators in the world in the same year.

    The conference, which brought together insurance practitioners from Africa, Australia, Europe, Middle East and Asia countries, has theme as, “The role of the African insurance industry to support the economic development of African countries”,

    He said the $66.30billion recorded in the year under review was against the N4.03 trillion raked in by the global market the previous year.

    He also said out of the continental insurance premium figure, $21.7billion was on non-life insurance business, which translates to 32.68 per cent of the total premium raked in by the market in the previous year.

    Chairman of the Organising Committee of the conference, Mr Abdel Raouf Kotb, noted that Africa is the continent of the future, adding that the future is looking up to it.

    According to him, Africa is becoming the continent of the future and the world is following and participating in its development and many have identified it as the main source of future growth, opportunities and profitability.

    “The African economic boom is set to go from strength to strength with the continent outpacing the global average Gross Domestic Growth (GDP). The main challenge is to ensure that this growth reflects on the average citizens and that the riches of our countries have the direct effect of alleviating, more Africans out of poverty and tackling inequality,” Kotb said.

    He added that the continent should be optimistic, warning: “Let us not underestimate the challenges before us. Our continent continues to depend on external demand making us susceptible to global economic slowdowns, particularly in China and the Eurozone.”

    He added: “Africa faces many domestic risks, such as youth unemployment, political upheavals, low insurance penetration and severe weather just to mention a few. The insurance and reinsurance industry has a pivotal role to play to ensure that these risks are properly identified and managed in order to ensure the sustainable development of our countries,” he said.

  • Project Fame West Africa returns with 6th Season

    Project Fame West Africa returns with 6th Season

    THE annual MTN Project Fame West Africa is back for a sixth straight season. The Award winning music talent discovery and grooming competition will commence auditions on May 25th till June 29 across 4 West African countries- Sierra Leone, Ghana, Liberia and Nigeria.

    This year, thousands of young talents will fight to get into the prestigious Project Fame Academy, where wannabe superstars are tutored by the best in the music and entertainment industry.

    Previous superstars that have graduated from the ‘Project Fame Academy’ include Iyanya Mbuk, Mike Anyasodo, Kesse Frimpong and Chidinma Ekile who won the Best Female Act (West Africa) of the prestigious Kora Award in 2012.

    In addition, 3 outstanding music concerts will be held in Benin-City (June 7), Calabar (June 21) and Lagos (June 28) to showcase Project Fame superstars alongside other Fame Academy alumni.

  • Global village cannot benefit Africa, says don

    Former Vice-Chancellor, University of Ibadan, Prof Ayo Banjo, has said the much-talked about global village by the Western world was not designed to benefit Africa but to enrich the economy of the developed countries.

    He said the idea of a global village was developed in America and Europe, while Africa played no part in their design.

    Prof Banjo made the submission at an international conference organised by Babcock University School of Education and Humanities. It had as its theme: The Africa human condition in the contemporary world: An analysis of the state of the African in the period 1960-2010. Theories and analysis from interdisciplinary perspectives (Religious, historical philosophical and socio-political).

    Said Prof Banjo: “It has been argued that the global village idea has been promoted to aid the economic designs of the developed countries, while trying to co-opt Africa economics into those privileged economies.”

    Speaking on the topic: “European Models and Africa Reality”, Prof Banjo, who was one of the keynote speakers, said African countries have uncritically embraced the idea, without a second thought that it may bode ill for the development that they desperately seek.

    Banjo spoke about the concept of an international community, saying the only organisation that readily comes to mind is the United Nations. He said in recent years, actions have been taken in the name of the international community to which the United Nations was either not privy to or which it will oppose outright, resulting in the deaths of thousands of innocent men, women and children.

    Africa, Banjo stressed, appears to be little more than a passive observer, even in the face of talks about a global village or the invocation of an international community.

    He said the usual aids from the west to Africa which mostly comes in form of loans seems like a big financial break on the surface; but are all smokescreens apparently to keep the black continent in perpetual enslavement.

    “African countries are given access to loans which they are told will make them look more like the powerful nations so that the disparities become less obvious. But it is worth examining how efficacious the antidote has been,” Banjo said.

    Banjo insisted that the global village will simply an remain illusion until those inhibiting the grossly disadvantaged villages try to bring them up first, to the level of more privileged village, and thereafter can negotiate the terms of an emerging global village.

    Others, who spoke at the event, were Prof Bola Akinterinwa, Director-General, Nigeria Institute of International Affairs (NIIA), who delivered on the topic: International people and the situation of African people: The challenges of globalisation.

    The Dean, School of Education and Humanities Babacock University Prof Frederick Akporobaro spoke on: Wole Soyinka and the African human condition: A study of Savagery and warfare in the season.

    Others include Prof Isaac Albert, Director, Institute of African Studies, University of Ibadan, and Prof Oyetunde Awoyele, President, Nigeria Association of Educationists.

     

  • Jonathan: we helped found a new South Africa

    Jonathan: we helped found a new South Africa

    President Goodluck Jonathan yesterday urged his South African counterpart, Jacob Zuma, to let both countries strengthen their ties. He spoke while addressing the South African Parliament in Pretoria. Excerpts: 

     

    At this forum, it is only proper that we acknowledge and pay tribute to those who made the freedom and democracy which our two countries enjoy today possible. Generations of young Africans grew up in the last 50 years to witness and study the singular and collective heroism, as well as the inspirational examples of many icons of the South African anti-apartheid struggle, Chief Albert Luthuli, Walter Sisulu, the Madiba, President Nelson Mandela, Oliver Thambo, Govan Mbeki, Steve Biko, Chris Hani, and other men and women of valour and integrity who were imbued with the spirit of sacrifice, patriotism, and devotion to the common good.

    This new “Rainbow Nation” where freedom and equality are now established as inviolable principles is the product of their vision and dedication.

    Similarly in Nigeria, our people will forever remember the efforts and contributions of Dr. Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Ernest Ikoli, Margaret Ekpo and many others who fought hard to secure Nigeria’s independence from divisive, colonial rule. These men, and women, in our two countries, paved the way for the freedom we enjoy today. The people’s liberty was well fought for and earned.

    The huge debt that we owe the heroes of our history is not to be complacent with the freedom of our people and the democracy that we have established. We can stand on the shoulders of the icons of our history: in so doing we will be able to look much farther into the future, but this also comes with a responsibility and a duty: the duty to ensure that as leaders in Africa today, we also leave worthy legacies for successor generations.

    Mr. Speaker, distinguished parliamentarians, ladies and gentlemen, twenty-two years ago, Africa’s living legend, President Nelson Mandela, was released from prison. Since then, your country has travelled, more steadily on a path of progress and grown in stature. We do not only have a new South Africa under black majority rule, its institutions and processes have become inclusive. A new generation has emerged that is fired by a sense of unalloyed patriotism and common destiny.

    Here we are, today, with the Head of State of another African country addressing the Joint Sitting of the Parliament of a free, independent and democratic South Africa that has assumed its rightful place in the comity of nations.

    We have arrived at such a moment as this, because the people of South Africa never gave up their belief in the rightness of their cause in their quest for freedom and equality. The peoples of Africa and the rest of the civilised world did not also relent in the support they gave to the people of South Africa to remove the shackles of racism, apartheid and colonialism which combined to hold them down for so long.

    The role played by individual nations, including my country Nigeria, in the struggle for the emergence of a new South Africa that is non-racial, independent and democratic is already part of the special linkages between our two countries. In those dark seasons, Nigerians stood by their South African brothers and sisters, because we shared your pain and concerns. Today, we also stand shoulder to shoulder with you as brothers and sisters and as partners, working together in pursuit of mutually beneficial interests.

    Suffice it to say that throughout the long-drawn, anti-apartheid struggle, although we were not geographically contiguous, Nigeria was, nevertheless, considered a Frontline State, by the sheer fact of our commitment to the just struggle for freedom in Southern Africa.

    It is important to recall, that this was a cause every Nigerian was committed to, not just those in government, but the people themselves. It was for this reason the Southern African Relief Fund (SARF) was created.

    This was funded with deductions from the salary of every Nigerian worker, irrespective of rank, both in the public and private sectors as well as donations from ordinary Nigerians in all walks of life, including students. This fund was placed at the disposal of the liberation struggle.

    Nigeria provided scholarships for students from South Africa. Our musicians waxed albums in support of the anti-apartheid struggle, a memorable one in this respect being Sonny Okosun’s timeless piece, “Fire in Soweto”. Our poets wrote protest literature denouncing man’s inhumanity to man; whenever South Africans protested against injustice, Nigerian students also took to the streets in support and solidarity.

     

  • Fashola advocates rapid infrastructural development for Africa

    Fashola advocates rapid infrastructural development for Africa

    Lagos State Governor Babatunde Fashola (SAN) has advocated rapid infrastructural development in Africa to solve the continent’s development challenges.

    The governor noted that infrastructural deficiency has hampered the vast opportunities for economic growth on the continent.

    Fashola spoke in New York, the United States, at a special interactive session of the Goldman Sachs Growth Market Summit anchored by the Chairman, Goldman Sachs Asset Management, Mr. Jim O’Neil.

    The theme of the event was: Delivering Nigeria’s Growth Promise.

    The governor said there are several opportunities in Africa that have not been accessed because the infrastructure that could enable people, goods and services to move more easily are insufficient.

    He said: “I know that there are much more opportunities in-locked in Africa that are yet unreachable because the infrastructure that can facilitate easy movement of people, goods and services are still in short supply.”

    Fashola stressed that most African countries are also bogged down by leadership challenges.

    The governor said the continent, with its vast natural resources, including mineral and human resources, has the potential to develop more rapidly than most other economies of the world, if sufficient infrastructure, such as roads and good transportation, were put in place for easy movement of people, goods and services on the continent and beyond.

    He also blamed the slow pace of development on political instability.

    According to him, most African countries have suffered underdevelopment because of the level their governments function and the rapidity of change of governments.

    The latter, Fashola explained, does not allow sufficient time for any appreciable development.

     

  • Ajimobi says Oyo Technical Varsity’ll be best in Africa

    Oyo State Governor Abiola Ajimobi has said the newly-established Technical University in Ibadan, the state capital, would be the best in Africa.

    He spoke in his office in Ibadan while receiving a delegation from the Texas Technical University, United States (US), at the weekend.

    Oyo State and Texas Technical University are in a partnership to develop the new university.

    Students of the new institution are to spend the last two years of their programmes at the Texas Technical University.

    Ajimobi said the concept of the new university was developed by some of the best brains in Africa, with inputs from experts at the Texas Technical University.

    He said the government has employed the services of one of the best architects in the world for the institution’s architectural design.

    Ajimobi said the visit, which is coming less than three weeks after he visited Texas, shows that the American university is committed to the establishment of the institution.

    The Associate Vice-Provost of Texas Technical University, Dr. Gary Elbow, said he was impressed by the government’s commitment to the project.

    Former Vice-Chancellor of the University of Ibadan (UI) Prof. Olufemi Bamiro, who is handling the new university’s academics, said the school would produce technical experts that would develop the nation’s infrastructure.

    Speaking with reporters at the university’s temporary site, the Technical Implementation Committee Chairman, Prof. Oladapo Afolabi, said the institution would focus on engineering courses.

    Afolabi said: “The university will be the first of its kind in Africa. It will exemplify the highest level of public-private partnership.”

  • UK to create more jobs in Africa, Asia

    UK to create more jobs in Africa, Asia

    Ms Diana Noble, Chief Executive Officer of CDC, a British Government-owned development finance institution, on Friday said that the organisation would create more jobs in Africa and Asia.

    Nobel said in a statement in Lagos that the organisation was satisfied with its businesses worldwide, and therefore, would increase the number of jobs it provided on the continents.

    “CDC’s new strategy is focused on making investments to grow businesses and create more jobs in Africa and Asia.

    “ CDC wants to demonstrate to other investors that it is possible to invest successfully in harder places, where the private sector is weak and jobs are scarce”.

    Noble said  that the number of jobs provided by CDC increased from 976,000 in 2011 to 1,109,000 in 2012.

    “In 2013, we will build on these achievements to create more jobs at no cost to the taxpayer.

    “CDC also plans to provide expansion to businesses and projects to support local employment,’’ she said

  • Nets key to cutting malaria deaths and illness – UNICEF

    Nets key to cutting malaria deaths and illness – UNICEF

    Malaria still kills 660,000 people every year, most of them African children. Universal coverage of insecticide-treated bed nets is key in making gains against malaria – one of the largest killers of children in the world in the world, says UNICEF on World Malaria day.

    With partners, UNICEF champions and supports governments to undertake the free distribution of insecticide-treated nets – especially long-lasting insecticidal nets. When universal coverage – one net for every two people – is reached this simple, effective barrier can reduce child mortality by up to 20 per cent.

    In 2004, there were just 5.6 million bed nets in sub-Saharan Africa. Until recently limited competition among producers meant that they were too expensive to scale up. However, by 2010, bulk buying, joint procurement, better financing and extending manufacturing capacity into Africa meant that this number had increased to 145 million. A sustained, driven focus on high coverage with this very effective anti-malarial intervention contributed greatly to the 1.1 million lives that have been saved and a one-third decline in African malaria mortality rates that have been recorded since 2000. 

    “It is unacceptable that every day more than 1,500 children still die from a preventable and curable disease,” said Nicholas Alipui, UNICEF’s Director of Programmes. “We must distribute insecticide-treated nets to all who need them, provide timely testing for children and appropriate medicine when they are infected.”

    A three-day treatment will cure malaria infections, especially if an episode is diagnosed early enough and treated appropriately – in particular with artemisinin-based combination therapies (ACTs). But many children, especially in Africa, still die from malaria as they do not sleep under insecticide-treated bed nets and are unable to access life-saving treatment within 24 hours of the onset of symptoms.

    UNICEF supports national efforts to train and provide community health workers with simple tools such as malaria rapid diagnostic tests so that children receive medicine quickly when needed. However, in Africa the proportion of treated children who receive a first-line treatment such as an ACT is less than 30 percent in most countries.

    UNICEF, with governments, donors and other partners, also looks for innovative ways to reach the most vulnerable and hardest to reach children in pursuit of universal coverage. For example, in addition to free net distributions during mass campaigns in the poorest and most remote areas, nets are also provided to children during routine immunizations and to pregnant women during ante-natal check-ups. UNICEF is also stepping up its efforts on integrated community case management, which brings a package of life-saving interventions closer to children, families and homes.

    It is estimated that enough nets were delivered over the last decade to cover 80 per cent of requirements in Sub-Saharan Africa. Many nets however are reaching the end of their useful life and must be replaced. Countries that had already reduced their malaria burdens by up to 50 per cent can quickly detect increased cases and deaths due to malaria if old, worn-out nets are not replaced.

    From 2000 to 2010, the proportion of children sleeping under an insecticide-treated net in sub-Saharan Africa grew from less than 5 per cent to over a third. But global procurement of long-lasting lasting insecticidal nets has dropped by 52 per cent against an annual target requirement of 150 million. Such a slowdown risks gravely undermining the gains to date.

    “We have made considerable progress in this fight, but cannot take our eyes off the goal of reducing malaria cases and deaths to zero. We must make sure that countries have the funding they need for malaria control and use it to protect their children and expectant mothers,” Mr. Alipui added.

    Fighting malaria not only saves the lives of children, but also yields many other health and economic benefits for affected communities. For example, reducing malaria improves the health of pregnant mothers and therefore their newborn babies, reduces school and work absenteeism. Eliminating malaria reduces the burden on over-stretched health centres. It is estimated there is a 40-fold return for every US$1 spent controlling malaria in Africa.

    There have been impressive gains and successes built on strong partnerships and the generous contributions of many donors – but these gains can be quickly lost if sustained focus and investments are not maintained.

  • ‘Africa’s stock markets should unite to attract investors’

    ‘Africa’s stock markets should unite to attract investors’

    Africa’s 24 stock markets should cooperate if they are to seize high levels of investor interest, Nicky Newton-King, Chief Executive Officer, Johannesburg Stock Exchange (JSE), has said.

    The leader of Africa’s biggest securities exchange, told AFP that global investors have their eye in Africa and the continent’s stock market leaders should seize the opportunity.

    “The appetite for Africa is very, very high. I think everybody is trying to find their way, to participate meaningfully in that. All of us who are privileged enough to run exchanges, need to figure out that these waves of investor appetite aren’t yours by right. Once they come, you have to be able to ride them properly. We should not be taking this as business as usual, this is a business opportunity,” she said.

    Newton-King said allowing South Africans to more easily place orders into Nigerian stock markets, or by allowing Kenyans to invest in joint-listed South African stock in KES shillings, would attract more foreign investors.

    She added that there are benefits from cross-listing, as the JSE learned when its leading shares moved to London. “When Anglo-American cross-listed in London, the amount of trades in Anglo-American increased.

    “South Africa’s percentage of trade in Anglo-American decreased, but the decreased percentage was worth more. In those cases you have to think quite bravely,” she said.

    She explained that the International Monetary Fund’s (IMF’s) forecast that the aggregate economy of sub-Saharan Africa will grow at 5.7 per cent this year, presents an opportunity for the continent, adding that the one way to channel the investor interest through African markets would be to make it easier to invest across borders and to improve liquidity in small markets so that assets can be bought and sold quickly.