Tag: Nigeria

Nigeria-European Union (EU) trade reached €35billion in 2023, with the EU accounting for about one-third of Nigeria’s foreign trade, resulting in a trade balance in favor of Nigeria, it emerged yesterday.

This comes as the EU and the European Business Chamber (Eurocham Nigeria) signed a 300,000 euros grant agreement to support the further development of the Chamber in Nigeria.

The EU is also Nigeria’s largest foreign investor, with an estimated investment stock of 26b euros, representing one-third of Nigeria’s foreign direct investment (FDI) stock.

EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Samuela Isopi, in her opening address at the 9th EU-Nigerian Business Forum held in Abuja yesterday.

Isopi said Nigeria remained a key business partner with the EU.

She noted that the business-friendly government of President Bola Tinubu had impressed the Union, prompting the forum to be moved from Lagos to the nation’s capital for the first time since 2012.

She said: “This is indeed the 9th edition, since the first one, in 2012, but it is the first one that takes place outside of Lagos and the first one organized during and in collaboration with President Tinubu’s administration, which has put trade, sustainable investment, and partnerships at the core of its Renewed Hope Agenda.

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“By moving the EU-Nigeria Business Forum to Abuja, we wanted to emphasize the relevance of this Forum as a platform for dialogue and engagement between the public and the private sector and highlight the importance of the role of the government in support of business, the private sector, and private investments, as a driver for truly inclusive and sustainable economic development.

“And it is not by coincidence that this forum is happening almost at the same time as the one-year anniversary of the current administration.

“This forum also highlights the importance of international partnership in promoting sustainable economic development and I am glad to welcome Ms. Myriam Ferran, Deputy Director-General, International Partnerships of the European Commission, for traveling to Abuja to attend today’s event.

“Trade and sustainable investment are not only at the core of the Renewed Hope Agenda, they are also at the center of the partnership between the European Union, its member states, and Nigeria. And this is not by chance.”

To underscore Nigeria’s place in the EU business landscape, she disclosed that the Union is Nigeria’s largest trading partner with a total trade of almost €35billion last year.

The EU also accounted for about one-third of Nigeria’s foreign trade, with a balance of over €10b in favor of Nigeria.

The EU is also Nigeria’s biggest foreign investor with a stock estimated at €26billion, representing one-third of Nigeria’s FDI stock, she added, saying: “In collaboration with our member states and with EUROCHAM Nigeria, the European Chamber of Commerce, we have carried out the first-ever mapping of EU companies present in Nigeria: and the findings are quite extraordinary.

“Over 230 companies, from 18 EU member states are present in Nigeria with France, Germany, and the Netherlands making up 60per cent of the companies captured by the survey,” she said.

According to her, in the past, much of EU investment used to go into the oil and gas sector but with time things have changed as the largest sector for EU companies operating in Nigeria is manufacturing which accounts for almost 20per cent of total EU investments in Nigeria, followed by professional services, logistics, and constructions. Extractive industries (oil and gas) represent today less than 10per cent, she said.

“The survey gives a clear indication of how the EU-Nigeria economic partnership contributes to Nigeria’s economic growth and diversification with EU companies’ turnover of €4billion in 2023; to employment, through the creation of over 130,000 jobs, and skill development with 6,000 Nigerians on average trained annually.

“And in a testament to Nigeria’s economic potential against all challenges, 4 out of 10 European companies arrived in the last decade.”

Meanwhile, while signing the €300,000 grant agreement, Deputy Director-General of the Directorate of International Partnerships (INTPA) at the European Commission, Myriam Ferran, and Vice-President of Eurocham Nigeria, Frederik Klinke, noted that the financial contribution underscored the EU’s commitment to fostering strong economic and commercial ties with Nigeria.

The grant stemmed from the confidence that the collaboration between Eurocham Nigeria and the EU Delegation would yield significant benefits, fostering a mutually advantageous relationship and contributing to the economic prosperity of both regions.

The agreement signed in Abuja during the EU – Nigerian Business Forum, was designed to enhance Eurocham’s capacity to serve its members better, promote European business interests in Nigeria, and contribute to the overall mutual economic growth and development.

According to Ferran, the importance of the partnership underscores the EU’s commitment to supporting initiatives that drive economic growth and strengthen the ties between the EU and Nigeria in line with the Global Gateway Strategy.

“This grant to Eurocham Nigeria is a testimony to the EU’s dedication to fostering a vibrant business environment and facilitating meaningful economic exchanges in Nigeria,” she said.

The Vice President of Eurocham Nigeria, Yomi Onifade, the Chief Executive Officer (CEO) of Allianz Nigeria, and Frederik Klinke, CEO of APM Terminals, who were both present at the signing of the grant agreement, expressed gratitude for the continued support from the EU Delegation.

They noted that the grant marked a pivotal moment in the history of Eurocham Nigeria, as it will enable the Chamber to expand its activities, provide more robust support to its members, and play a more active role in the economic development of Nigeria.

According to them, the funds will be allocated to various developmental projects, including capacity-building programmes, member services enhancement, and initiatives aimed at improving the business climate in Nigeria.

Managing Director of Vertex Group, Mr Shitiji Taneja has called on players in the power utilisation space to embrace renewable energy and the inherent cutting – edge technology associated with it to save costs and drive efficiencies for users in Nigeria.

He said the challenges associated with power supply and  distribution  value chain in Nigeria has made it compelling for consumers to explore greener, more sustainable sources of energy that are off grid.

With evolving technology and innovation driven by the existence of data centres, he said the power / water / utilities eco – system is getting better as connectivity of systems is making it easier to to track usage and reduce wastages as the government rolls out new policies that will reduce carbon emission footprints.

Taneja, who is the organiser of the Power, Water and IOT Exhibition West Africa, said the programme has brought together players in different technology related spaces who are showcasing their products geared towards scaling up efficiencies in utilities and other services.

Speaking in an interview, Taneja said the combination of sectors for the exhibition offers a unique opportunity

He said exhibition zeroes in on the significant influence and contributions of the sectors  to the region’s digital ecosystem.

He said the sector’s role in enabling digital transformation is pivotal in driving innovations in IoT alongside other cutting-edge technologies.

He said the exhibition offered another opportunity for players to harvest the gains of technology and how data centres are playing a huge role in bringing about efficiencies to assist the eco – system.

He said over $70 million has been invested by start ups in  Africa in the last one year, as more players are coming into the eco -space.

He said quite huge sums have also been invested in the energy sector as more players are plugging into the industry offering solutions that will accelerate better use of energy.

He said Nigeria is becoming the Silicon Valley of Africa, with more investors coming to introduce alternate off grid solutions to the huge energy needs of the country.

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Taneja said: “We have put this programme together to explore the benefits of technology and other related value chains.”

He said there are a couple of gaps, requiring that we switch on energy saving devices that will provide effective use of power.

He also said there is a huge gap in the water sector to be addressed by government and private sector players. In the area of energy, he said there is a huge gap to be bridged, as the gathering of such magnitude will provide solutions to achieve the best industry practices.

On the drive for smarter cities by governments, he said the exhibition provides a platform to engender solutions and the best practices to achieve the objective.

He said a new dimension was added to this year’s exhibition with the Data Center & Cloud Expo Africa, which delves deep into the evolving dynamics of digital and cloud infrastructure.

This segment, he said, highlights the centrality of telecoms in developing African data centers, focusing on advancements and green technology initiatives crucial for sustainable digital ecosystems.

The conference serves as a critical platform for telecom industry leaders and stakeholders to explore new opportunities, attract investments, and spearhead essential technological advancements.

This, he said, holds particular importance for individuals within the energy, power, telecom, and data center sectors, underscoring the unique influence of telecoms in enabling connected, digital solutions.

Also speaking, an Assistant Director from the Rural Electrification Agency, Dr. Bala Tyoden said the exhibition brought together players in different sectors to collaborate and share expertise, synergise their efforts for national priorities.

Tyoden  said efficiencies in water and power are key to drive growth as the government deepens collaboration with private sector players on how to measure deficits that exist in communities.

On the role of technology in delivering economic growth, he said it depends on data and how to use digitalization to fix areas that require intervention from the government and scale up its development efforts.

He said the push to get underserved communities connected to the grid source of power , would require the contributions of private sector players, by subsidizing interventions to fix access to energy.

For communities already served, the push for more private sector collaboration will improve the quality of service. He said the contributions of off grid sectors will expand access to electricity.

BFA Global, FSD Africa, and the International Union for Conservation of Nature (IUCN) have announced the selection of 10 innovative, future-looking startups as part of the Africa Blue Wave and Regen Wave initiatives. Each startup is set to receive $55,000 in funding, to advance their solutions for the blue and green economy in Africa.

Nigeria’s PETsPoint that provides a digital platform enabling both formal and informal waste collectors to efficiently manage recyclable waste collection is among them.

Recognizing the wealth of ideas and the potential of Africa’s young innovators, BFA Global, FSD Africa, and the IUCN launched the Africa Blue Wave and Regen Wave initiatives to unlock solutions for Africa’s blue and green economies. These Waves were implemented by TECA (Triggering Exponential Climate Action), an initiative of BFA Global, with support from OceanHub Africa and funding from FSD Africa and the Canadian Government. Through a fellowship program, the Waves supported founders in creating solutions that promote sustainable livelihoods, the use of ocean and freshwater resources, and the restoration and regeneration of landscapes. The fellowship culminated in a final pitch day, during which founders presented their solutions to a group of advisors, industry experts, and peers.

Founded in seven African countries — Kenya, Madagascar, Mozambique, Nigeria, Rwanda, South Africa and Tanzania – the startup ideas were rigorously evaluated and chosen for their innovative approaches to addressing critical challenges in the fish trade, environmental pollution, renewable energy certification, eco-friendly fertilizers, waste reduction and management, clean cooking, cold storage and sustainable drainage solutions.

Notably, 50per cent of the selected startups are women-led companies.

 “We are proud to support these visionary entrepreneurs who are tackling some of Africa’s most pressing environmental and climate-change-related challenges. The diversity and ingenuity of these startups reflect the continent’s potential for sustainable development. With the funding and support provided, we are confident they will drive significant positive change in their communities and beyond,” said Rasima Swarup, TECA Director, BFA Global.

The selected startups and the solutions they are developing include: ARK [Kenya]: facilitating new revenue streams for renewable energy projects by assisting them to enter the market and trade international renewable energy certificates; Eco Guardian [Rwanda]: developing a digital device and service for environmental pollution monitoring; Khwezi Innovations [South Africa]: creating a biodegradable, 2-in-1, hand glove sanitizer; Mada Fia [Madagascar]: utilizing Japanese techniques (Himono) and establishing a marketplace for drying and smoking fish; Lima Aja [Rwanda]: specializing in organic fertilizer production in Rwanda, utilizing IoT sensors to create pH-correcting fortified organic fertilizers for smallholder farmers.

Plas Tech [Kenya]: converting plastic waste into safe cooking gas, offering a more climate and forest-friendly cooking energy source.

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Samaking [Kenya]: establishing a chain of franchisable and tech-enabled fish retail shops, combined with upstream capabilities to aggregate produce from farmers and fisherfolk at scale.

Sunwave [Tanzania]: designing and manufacturing solar-powered ice makers for fish storage.

Xi Bassile [Mozambique]: providing sustainable drainage solutions with its Bioswale and Planter Box technology by utilizing soil, plants, repurposed solid waste, and biomaterials to filter and retain stormwater, thereby mitigating flooding and improving water quality.

 “Africa’s talent is at the heart of a successful green transition on the continent. It is an honor to work alongside our partners to support innovators who are working towards solving critical climate challenges. The 10 selected startups have the potential to significantly improve the lives of climate-vulnerable communities while maintaining biodiversity, reducing waste and improving climate outcomes. We look forward to walking alongside them as their journeys unfold,” said Mary Kashangaki, Assistant Manager for Digital Innovation, FSD Africa.

“The triple planetary crisis is not waiting for us. It’s up to us to catch up and turn things around. Unleashing the regenerative potential of our economic engine represents the best chance for the world to address this crisis at both the scale and speed required. The Africa Blue Wave and these startups are the perfect illustration of how to walk the talk and represent an incredible source of blue hope for the continent and beyond!” stated Thomas Sberna, Regional Head, Coastal and Ocean Resilience, IUCN Eastern and Southern Africa.

These startups represent a diverse group of entrepreneurs who are poised to make significant contributions to Africa’s blue and green economies. The funding provided will enable them to further develop and scale their solutions, driving positive change in their respective sectors while promoting environmental sustainability. TECA and OceanHub Africa will offer hands-on venture-building support and connections to investors, advisors and support networks to progress their solutions.

The Federal Government is rolling out measures that will see Nigeria  become a major player in the global air cargo value chain set to hit $310 billion in the next few years.

Part of the strategies being considered is the encouragement of state governments to put more investment in air transport infrastructure.

Among such facilities include air cargo terminals intended as air cargo hubs for the country.

To achieve this, discussions and partnerships are ongoing between the Federal Airports Authority of Nigeria (FAAN) and some supranational entities , which have comparative advantage in growing agricultural produce and other items that could be taken out of country by air  to earn  foreign exchange.

From over $197 billion a few years back, the air cargo value chain has recovered and is  inching towards a higher mark.

Plateau, Ogun , Nassarawa, Anambra, Ebonyi, Kano , Lagos and other states are among the locations considered for the designation as air cargo hub.

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To drive this, some international financial institutions, including African Development Bank (AfDB), has invested in a quality assurance and testing facility in Sagamu, Ogun State for the Gateway Agro-Cargo Airport in Ilisan Remo.

The hybrid air transport facility is waiting regulatory approval from aviation authorities to commence commercial passenger and cargo activities.

Already, an air  cargo village is under construction along the Murtala Muhammed International Airport (MMIA), in Lagos.

Besides, sources hinted that cargo processing centres are being considered for the designated facilities in order to ensure that the processing, packaging and labelling , storage and other require for air freight meet prescribed international standards.

At the weekend, FAAN management opened a window for conversation with the Plateau State Government on how to upgrade the Jos Airport into a cargo hub.

Speaking in an interview, FAAN’s Managing Director, Mrs Olubunmi Kuku expressed the readiness of the authority to collaborate with the state government in establishing a cargo terminal planned by the Middle Belt state.

FAAN’s support, its boss said, will accelerate the actualisation of Plateau State’s drive to become one of Nigeria’s leaders in producing and transporting agricultural products.

She underscored the importance of leveraging the state’s agricultural resources without waiting for major infrastructure developments.

Mrs Kuku said : “While we may need to put up some major cargo infrastructure, I don’t think we need to wait. I will suggest that we make this modular. Let’s start within our immediate environments.”

Mrs. Kuku proposed initiating marketing efforts for Plateau’s perishable goods and organizing market days to attract buyers from across the country.

“We can start marketing some of your perishable items and creating market days when we invite people from across the country to fly in and buy these products. That will spur those who are willing to invest in testing, packaging, creating, storing, and transporting these produce all across the country. The possibilities are endless,” she added.

On his part, Plateau State Governor , Caleb  Mutfwang expressed gratitude for FAAN’s enthusiasm and support for the state’s cargo business aspirations, promising continued efforts to achieve the goal.

He said FAAN’s enthusiasm in touring facilities at Jos Airport demonstrates it’s commitment in supporting Plateau State’s economic growth through agriculture.

He described the tour visit of the facilities as a  significant step towards transforming Plateau State into a key player in Nigeria’s agricultural sector, with potential benefits for both local farmers and the broader economy.

A collaborative partnership between pan-African infrastructure investor and asset management group- Africa50 and the International Renewable Energy Agency (IRENA) has seen the former pledge $100 million to fund and co-finance renewables-based energy transition projects and infrastructure across Africa.

Under the agreement signed on last week on the margins of the Organisation of Petroleum Exporting Countries (OPEC) Fund Development Forum in Vienna, Austria, the renewables-based energy transition projects will be done through IRENA’s Energy Transition Accelerator Financing (ETAF) platform.

The ETAF platform was established in 2021 with support from the United Arab Emirates. Its aim was to scale up renewable energy projects that contribute to Nationally Determined Contributions (NDCs) in developing countries, while also bringing benefits to communities through enhanced energy access and security, and promoting economic growth and diversification.

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The IRENA- Africa50 partnership reinforced efforts towards sustainable development and climate action across the continent. “For the first time in a decade, the most recent data show that the number of people without access to electricity has increased significantly,” IRENA Director-General, Mr. Francesco La Camera, said.

La Camera further stated that with Sub-Saharan Africa representing the majority of those impacted, “We must be diligent and committed to urgently addressing this growing issue. Renewables represent the most effective, climate-safe solution available, and this partnership with Africa50 will be pivotal in strengthening the ETAF Platform’s impact across Africa.”

For Africa50 CEO Mr. Alain Ebobissé, the continent must focus on the dual goals of reducing emissions and accelerating economic development. “Investing in and developing transformational renewable infrastructure is a critical step to achieving net-zero.

“The IRENA ETAF platform will be an important launchpad to scaling and accelerating our investments into renewable projects that will ultimately reduce the negative impact of climate change on our people and help build a more sustainable future,” he said.

With Africa50 now on board, the ETAF Platform has grown to include 14 partners, pledging a total of $4.15 billion, highlighting its role as one of the most inclusive financing platforms for a renewables-based energy transition.

The partnership leverages IRENA’s global membership to attract project proposals through the ETAF Platform and Africa50’s expertise in project development and equity financing.