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Tag: West Africa

  • Nigeria leads West Africa with $172m start-up funding

    Nigeria leads West Africa with $172m start-up funding

    Despite near global freeze to funding to start-ups, Nigeria remained the most attractive market in terms of funding in the West African sub-region with $172million raised in the first half (H1) of this year, signifying gradual return of investors’ confidence as a result of the far reaching economic reforms of President Bola Tinubu.

     Group Director, Digital Transformation, ARM HoldCo, Ina Alogwu, said a lot of things are happening in the world. The equity investment returns, he said, are about to burst.

    In Africa, currencies have been falling against the dollar, he said. With foreign exchange (forex), the attractiveness of Africa to venture capitalists has waned, he argued during a panel discussion organised by Hydrogen Payment Services Limited in partnership with CcHub in Lagos on ‘Adapting Fintech Business Models to Economic Climes’.

    He urged startups to look at their cost and leverage local alternatives where available to lower their operating expenditure (opex) while Chief Technology Officer at Hydrogen, Emeka Awagu,  stressed the need to do proper cost analysis.

     An analysis of the funding to start-ups in Africa sighted at the weekend showed that no fewer than 101 start-ups on the continent shared $780 million during the period under review.

    Read Also: UN tasks West African countries under military rule to return to democracy

     According to data from a report entitled: Africa: The Big Deal, the number of start-ups that raised at least $1million between H1 2019 till date showed that 63 raised $480million in H1 2019; 79 raised $553million in 2020; 112 raised $1.2billion in 2021; 232 raised $3.2billion in 2022; and 111 raised $1.8billion during the period last year respectively.

    At 23 per cent of the total ($780million), Nigeria saw its share bounce back significantly compared to 2023 (14 per cent) as it climbed from the fourth to the second spot (not quite all the way to the first spot it had held in 2021 and 2022 though).

    West  Africa as a region was a close second to its Eastern counterpart ($270million, 35.5per cent), though the big difference with Eastern Africa was the relatively low share of Nigeria (64per cent, even lower than in 2023 (68 per cent)), the lowest across all four key regions. Three markets in the region attracted over $10million in funding with Benin Republic-$50m, through one deal though: spiro), Ghana -$29million, and Senegal -$11million.

    Unsurprisingly however, the vast majority (79per cent) of the funding went to start-ups with their HQ in one of the ‘Big Four’ including Kenya, Nigeria, Egypt and South Africa. This is slightly below the five-year average (83per cent), and not nearly as high as a year ago in H1 2023; that semester still held the record – at least since data collection started in 2019 -as the Big Four made a clean sweep and attracted 92 per cent of the region’s funding then.

     Kenya, with $244million raised – took the lead for the third consecutive semester, attracting almost a third (32 per cent) of all funding raised by start-ups on the continent in H1 2024. Its share of the total funding even grew by five percentage points (pp) compared to last year. Eighty six per cent of all the funding raised in Eastern Africa went to Kenya (vs. 89per cent in 2023). The region also ranked first, attracting 37.5per cent ($285million) of the funding on the continent. Only one other country in the region claimed more than $10million in H1 which is Uganda with $19millio – though Tanzania’s $9million narrowly missed the mark. All other markets that did attract funding – Sudan, Ethiopia, and Rwanda – raised less than $5million each.

     Next came Egypt with $101million. Her share plummeted significantly compared to last year’s 13per cent in H1 2024 vs. 22per cent in 2023). The country attracted 87 per cent of the funding in Northern Africa, a share comparable to last year’s. Only Morocco registered over $10million in start-up investments at $14million. After a relatively good performance in 2021 and 2022 (carried mostly by Yassir in Algeria’s case), activity in both Tunisia and Algeria has been very limited since 2023.

     Finally South Africa fell to the fourth spot with less than $100million raised ($85m) and 11per cent of the continent’s total start-up funding in H1 (vs. 21per cent in 2023). The country continued to claim almost all the funding invested in the region (98per cent in H1 2024, up from 96per cent in 2023), which overall claimed 11.5per cent of all the funding.

     As 22 countries registered at least one $100k+ deal in H1 2024, it also means that the majority of countries – 32, i.e. almost 60per cent of all markets – registered no significant start-up funding activity during the period under review, according to the data.

  • World exhibitors storm Lagos for food and beverage West Africa International trade show

    World exhibitors storm Lagos for food and beverage West Africa International trade show

    …. To host over 300 exhibitors from 50 countries

    Exhibitors from five continents will be taking part in this year’s Food and Beverage West Africa trade exhibition, the largest edition yet.

    More than 300 exhibitors representing brands and businesses from more than 50 countries will be on show from June 11th to 13th at the Landmark Centre, Victoria Island, Lagos.

    Nine countries will have exhibitor pavilions – Turkey, Dubai, China, India, USA, Indonesia, Italy, Egypt, and Tunisia. In addition, sizeable delegations from UAE, UK, Thailand, Ukraine, Ghana, Algeria, Malaysia, Netherlands, and many more will use the show to launch new products into Nigeria and West Africa as well as to meet new business partners.

    In its fifth edition, Food & Beverage West Africa is the Continent’s largest food and beverage trade show. More than 6,000 visitors are expected to attend over the three days.

    Read Also: Tinubu kicks off inauguration of Lagos-Calabar highway, others today

    The exhibition is organised by BtoB Events. Brad Smith, Exhibition Manager, said: “This year’s exhibition is featuring more exhibitors, more countries, and more products than ever. If you are seeking new and exciting products that have yet to be seen in the West African market, then FAB is simply unmissable.

    “FAB 2024 is bringing even more countries and exhibitors than ever before. Our brand-new USA, China and Italy pavilions are joining our regular pavilions from Turkey, Dubai, India, Indonesia and Egypt. We are also welcoming exhibitors for the first time from countries such as Mexico, Korea, Hong Kong, Oman, Saudi Arabia, Algeria, Iran, Libya, Turkmenistan, and Nepal.”

    The event is recognised for the number and range of overseas exhibitors which attract visitors from the West African region and beyond.

    “We pride ourselves on the international standard quality that our exhibition represents. It is a unique exhibition where we are bringing the global food and beverage industry to Nigeria, with both exhibitors and visitors attending and all looking to do business within the West African region,” said Smith.

    One of the international exhibitors, Xena’s Food Group is a Platinum Sponsor of FAB West Africa.

    Based in London, Xena’s is a wholesale food distributor specialising in premium-grade fresh condiments, oils, and ingredients.

    The company sees huge potential in the Nigerian market, noting the growing demand here for high-quality ingredients.

    “FAB West Africa offers a unique opportunity to connect with key players in the food industry specifically within the West African region,” said Mr Kochhar, Head of International Trade.

    “We believe that this targeted approach aligns perfectly with our goal of expanding our presence in Nigeria and neighbouring countries. We see this event as a strategic platform to showcase our offerings.

    “Our primary objective is to establish Xena’s Food Group as a trusted supplier of premium food products in the African market. We aim to forge partnerships with distributors, wholesalers, hotels, and restaurants, showcasing our extensive range of high-quality mayonnaises, ketchup, flours, cooking oils, poultry, eggs, and grains.”

    Another of the international exhibitors is Linc Drinks, also from London, and a manufacturer of alcoholic and non-alcoholic drinks.

    Zoryana Slater, Linc Drinks’ Export Manager, is delighted to be coming to Food & Beverage West Africa.

    “We recognize the immense potential of the African market, particularly Nigeria, and view FAB West Africa as a strategic platform to showcase our premium beverages. We aim to establish strong connections with industry stakeholders, distributors, and consumers, fostering brand recognition and market penetration,” said Zoryana Slater.

    “We aim to forge strategic partnerships, secure distribution channels, and generate substantial interest in our products, including our private label options.”

  • West Africa’s falling fish stocks:

    West Africa’s falling fish stocks:

    • Illegal Chinese trawlers, climate change and artisanal fishing fleets to blame
    • By Robert Paarlberg

    Average fish catches by traditional fishing communities along the West African coast have declined significantly over the past three decades.

    Along the Gulf of Guinea, stretching from Côte d’Ivoire to Nigeria, fishers launch their wooden canoes from the beach to catch small pelagic fish, like sardines and anchovies, which they sell into local informal markets to make a living. They have done this for generations, but since the 1990s, a decline in the catch has put their livelihoods at risk.

    In Ghana, total landings of small pelagic fish fell by 59% between 1993 and 2019, despite increased fishing efforts. Landings of Sardinella aurita, a favoured species, declined from 119,000 tonnes in 1992 to just 11,834 tonnes in 2019.

    Côte d’Ivoire has experienced a parallel fisheries decline, with its catch plummeting nearly 40% between 2003 and 2020.

    The continuing decline in fish catches has serious implications for some of the poorest families in the region. Ghana, for example, has more than 200,000 active fishers. More than two million others along the value chain, including thousands of women who process and sell fish at markets along the coast, are now at risk as well. Already living at or below the international poverty line (US$2.15 per person per day), these communities now face further income loss. In essence, they are falling deeper into poverty.

    I have researched food and agricultural policy in a dozen African countries over the past three decades, but the current West African coastal fishing crisis in the Gulf of Guinea is complex because it has multiple and reinforcing origins: climate change, illegal fishing by China, and too many African canoes in the water.

    My work on this crisis is part of a three-year study (2023-2025) funded by the Salata Institute at Harvard University. To pursue this work I spent three weeks in 2023 visiting coastal communities in Ghana, Côte d’Ivoire and Nigeria. On a return trip to Ghana in 2024, I will share the preliminary findings with local stakeholders, including fishing community leaders, local advocates and government officials. Meanwhile I set out the main findings below.

    Climate

    Among the multiple threats from climate change, ocean warming is probably the least appreciated. Plenty of warming is experienced on land, but roughly 90% of the extra heat trapped by greenhouse gas is absorbed into the ocean. This helps contain warming on land in the short run, but in the long run it brings a cascade of larger climate threats.

    When ocean waters warm they expand in volume, and this thermal expansion is now the source of almost half of all sea-level rise. Warmer ocean waters also hold less oxygen, creating a threat to all marine life. But for human populations that catch fish for a living, ocean warming becomes an acute threat when it results in fish stock migrations.

    Fish are cold-blooded, so if the water becomes too warm the only means they have to regulate their body temperature is to move away. This is what they have been doing along the warming equatorial currents in the Gulf of Guinea, and it accounts for some of the fish catch decline.

    Dynamic bio-climate models allow us to project what continued ocean warming of this kind will do to Africa’s fish stocks. The models are widely used to forecast range shifts of organisms due to climate change and predict the eventual ranges of invasive species, among others.

    One study found that the maximum catch potential for Ghana, Côte d’Ivoire and Nigeria would be reduced 50% by mid-century, compared to a zero ocean warming scenario. Another study published in 2018 was in rough agreement. It projected that climate change alone would reduce maximum catch potential in the Guinea Current System by 30% or more by 2050, even if the fisheries were well managed.

    Unfortunately, Africa’s coastal fisheries are not being well managed.

    Chinese trawlers

    Lax regulation of international fishing trawlers is a second source of the recent fish catch decline.

    Countries like Ghana, Nigeria and Côte’ d’Ivoire have laws that prevent foreign trawlers from getting a licence to fish within national exclusive economic zones, which extend 200 nautical miles beyond territorial seas. However, Chinese trawlers get around this barrier by using local companies as legal “fronts”. Chinese companies, thinly disguised as Ghanaian companies, currently own over 90% of Ghana’s licensed bottom trawlers. The Chinese vessels are damaging fish stocks by using illegal nets to catch too many undersized fish, including juveniles that have not yet had a chance to reproduce.

    Chinese trawlers are occasionally fined for illegal practices in Ghana, but some fail to pay the fines and still do not lose their licence. This damaging non-enforcement of fishing laws is hard to understand, since the foreigners pay minimal taxes and licence fees, and most of the fish they catch are exported, adding almost nothing to national food supplies.

    Too many canoes

    Traditional fisher-folk in West Africa like to blame Chinese trawlers for diminished stocks of fish, but the increased fishing activities of their own canoes have been at least as damaging.

    In West Africa there are now seven times as many canoes engaged in ocean fishing as there were in 1950. Today’s canoes have larger nets and bigger crews, and many have powerful outboard engines.

    This expansion of the region’s artisanal fishing fleet has been driven by powerful demographic trends, including rapid rates of population growth plus steady human migrations towards the coast to escape impoverished rural farming.

    This is why, between 1960 and 2023, the leading coastal cities in Ghana, Nigeria and Côte d’Ivoire saw population increases of at least seven-fold (Accra) and in some cases 30-fold (Abidjan). Having more people on the coast increases commercial demand for fish consumption while providing the added labour needed to catch, process and market the fish.

    Despite the recent fish catch decline, canoe numbers have continued to increase; in Ghana there were 8,000 canoes in 1990, but by 2017 there were 13,650.

    Read Also: Blue economy can generate over $13m yearly from fishery, others

    New livelihoods

    Most traditional fishing communities will have to find new sources of income to survive. This won’t be easy since roughly 40% of coastal fishermen in Ghana and Nigeria have no formal education. Non-fishing jobs will increase in the fast-growing coastal economy. If the children of today’s fishing families stay in school long enough to complete a secondary education, most will be able to make the shift.

    One policy measure to keep them in school would be to provide monthly cash transfers conditioned on school enrolment and attendance. Such conditional cash transfers have been producing results in other low- and middle-income regions. Data from 75 reports drawing on 35 studies show that conditional cash transfer policies can lead to a 60% increase in school enrolment.

    Cash transfer policies are already in use in West Africa. Since 2008 Ghana has operated the Livelihood Empowerment against Poverty programme, providing cash and health insurance to the elderly poor, the disabled, pregnant women and infants. Expanding this program to poor coastal fishing families with school-aged children could promote education. For fishing communities threatened by falling fish stocks, this might be a path to future livelihood protection.

    • Paarlberg is Associate, Sustainability Science, Harvard Kennedy School, Harvard University. This article is republished from The Conversation under a Creative Commons license. “https://theconversation.com/west-africas-falling-fish-stocks-illegal-chinese-trawlers-climate-change-and-artisanal-fishing-fleets-to-blame-226819”
  • Nigeria pushes for joint submarine cables protection in West Africa

    Nigeria pushes for joint submarine cables protection in West Africa

    Following recent undersea cable cuts that challenged connectivity in many countries in the West African region, Nigeria has called for a coordinated and multilateral approach by the region to protect shared telecommunications infrastructure, and diversify connectivity to ensure uninterruptible connections.

    Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida, made the submission in a statement delivered at the 21st West Africa Telecommunications Regulatory Assembly (WATRA) Annual General Meeting (AGM) in Freetown, Sierra Leone, between March 19 and 22, 2024.

    Maida, whose message was delivered at the forum by the Deputy Director, Public Affairs of the Commission, Nnenna Ukoha, stated that the recent submarine cable cuts that resulted in nationwide outages on multiple networks in 12 African countries has raised the urgent need for the sub-region to establish a mechanism to protect itself from damage to submarine infrastructure and its attendant impact on the sub-region.

    Maida referred to a report by Cloudflare, an IT service management firm, which indicates that about six countries, including four West African countries, were still suffering from the outages caused by the submarine cable cuts, to buttress the call

     “Securing telecom infrastructure is paramount for fostering Foreign Direct Investment (FDI) and enhancing investor confidence in the West African sub-region. The reliability and resilience of telecommunications networks are crucial factors that investors consider when evaluating regional opportunities.’’.

    “By ensuring the security of these vital assets, we can attract more investment, spur economic growth, and enhance our competitiveness on the global stage. A secure telecoms infrastructure not only facilitates efficient communication and connectivity but also signals a commitment to safeguarding critical assets essential for business operations. This assurance can significantly boost investor confidence and create a conducive environment for sustainable economic development,” he said.

    According to him, “the impact of events like cable cuts highlights the need for a coordinated, multilateral approach to protecting shared infrastructure across our member nations.”

    Read Also: No ransom paid for school children’s release – Fed Govt

    Maida therefore, proposed “the urgent need to set up a framework for joint monitoring, risk mitigation, and emergency response procedures for the submarine cables that pass through the sub-region.

     “Further to this, we recommend that the WATRA Working Group on Infrastructure expand its mandate to spearhead the development of a comprehensive strategy to safeguard the sub-region’s telecommunications networks and associated infrastructure thereby proactively bolstering resilience through improved disaster response protocols to better insulate ourselves from future disruptions.”

    He advised that the goals of the Working Group would be to strengthen sub-regional infrastructure resilience, promote the diversification of the sub-region’s connectivity, conduct regular capacity assessments, as well as facilitate the designation of telecommunications infrastructure as critical national infrastructure in member countries.

    The West Africa Telecommunications Regulators Assembly was established in 2002 as a common platform for national telecommunication regulatory authorities in 16 member states to promote the adoption of regulations that stimulate investment in telecommunication infrastructure to deliver more affordable, accessible, and faster and secure communication services to citizens.

    At the 21st WATRA Annual General Meeting, issues pertaining to accessible and affordable telecommunication services in the sub-region were discussed, including improved consumer protection, quality of service, and roaming and conflict resolution for consumers.

    A major highlight of the AGM was the reelection of Nigeria’s Engr. Yusuf Aliyu Aboki, as Executive Secretary, for a second term in a unanimous vote by the member countries.

    The EVC of NCC commended Engr. Aboki for his firm, inclusive and visionary leadership, which saw the successful delivery of WATRA’s 2022 — 2025 Strategic Plan, noting that Nigeria and indeed the sub-region was proud of the milestones he had achieved during his first tenure.

     He further advised the WATRA Executive Secretary to build on the achievements of his first tenure, through stronger partnerships and deeper collaboration while advancing the interests of the sub-regional body.

  • Submarine cables’ breaches: Nigeria seeks joint West Africa regional protection

    Submarine cables’ breaches: Nigeria seeks joint West Africa regional protection

    Following recent undersea cable cuts that challenged connectivity in many countries in the West African region, Nigeria has called for a coordinated and multilateral approach by the region to protect shared telecommunications infrastructure, and diversify connectivity to ensure uninterruptible connections.

    Executive Vice Chairman, Nigerian Communications Commission (NCC), Aminu Maida, made the submission in a statement delivered at the 21st West Africa Telecommunications Regulatory Assembly (WATRA) Annual General Meeting (AGM) held in Freetown, Sierra Leone, between March 19th and 22nd 2024.

    Dr. Maida, whose message was delivered at the forum by the Deputy Director, Public Affairs of the Commission, Nnenna Ukoha, stated that the recent submarine cable cuts that resulted in nationwide outages on multiple networks in 12 African countries has raised the urgent need for the sub-region to establish a mechanism to protect itself from damage to submarine infrastructure and its attendant impact on the sub-region.

    Maida referred to a report by Cloudflare, an IT service management firm, which indicates that about six countries, including four West African countries, were still suffering from the outages caused by the submarine cable cuts, to buttress the call

     “Securing telecom infrastructure is paramount for fostering Foreign Direct Investment (FDI) and enhancing investor confidence in the West African sub-region. The reliability and resilience of telecommunications networks are crucial factors that investors consider when evaluating regional opportunities.

     “By ensuring the security of these vital assets, we can attract more investment, spur economic growth, and enhance our competitiveness on the global stage. A secure telecoms infrastructure not only facilitates efficient communication and connectivity but also signals a commitment to safeguarding critical assets essential for business operations. This assurance can significantly boost investor confidence and create a conducive environment for sustainable economic development,” he said.

    According to him, “the impact of events like cable cuts highlights the need for a coordinated, multilateral approach to protecting shared infrastructure across our member nations.”

    Maida therefore, proposed “the urgent need to set up a framework for joint monitoring, risk mitigation, and emergency response procedures for the submarine cables that pass through the sub-region.

     “Further to this, we recommend that the WATRA Working Group on Infrastructure expand its mandate to spearhead the development of a comprehensive strategy to safeguard the sub-region’s telecommunications networks and associated infrastructure thereby proactively bolstering resilience through improved disaster response protocols to better insulate ourselves from future disruptions.”

    Read Also: Ghana unveils West Africa’s first standard Rugby Stadium

    He advised that the goals of the Working Group would be to strengthen sub-regional infrastructure resilience, promote the diversification of the sub-region’s connectivity, conduct regular capacity assessments, as well as facilitate the designation of telecommunications infrastructure as critical national infrastructure in member countries.

    The West Africa Telecommunications Regulators Assembly was established in 2002 as a common platform for national telecommunication regulatory authorities in 16 member states to promote the adoption of regulations that stimulate investment in telecommunication infrastructure to deliver more affordable, accessible, and faster and secure communication services to citizens.

    At the 21st WATRA Annual General Meeting, issues pertaining to accessible and affordable telecommunication services in the sub-region were discussed, including improved consumer protection, quality of service, and roaming and conflict resolution for consumers.

    A major highlight of the AGM was the reelection of Nigeria’s Engr. Yusuf Aliyu Aboki, as Executive Secretary, for a second term in a unanimous vote by the member countries.

    The EVC of NCC commended Engr. Aboki for his firm, inclusive and visionary leadership, which saw the successful delivery of WATRA’s 2022 — 2025 Strategic Plan, noting that Nigeria and indeed the sub-region was proud of the milestones he had achieved during his first tenure.

     He further advised the WATRA Executive Secretary to build on the achievements of his first tenure, through stronger partnerships and deeper collaboration while advancing the interests of the sub-regional body.

  • LFZ emerges bestbrand in West Africa

    LFZ emerges bestbrand in West Africa

    Lagos Free Zone, the first privately-owned zone in Nigeria, has emerged Best Free Trade Zone in West Africa at the West African Brands Excellence awards, at an event, held recently, in Lagos.

    The award was conferred on Lagos Free Zone during an event organised by the Institute of Brand Management of Nigeria (IBMN) to recognise extraordinary achievements by businesses in the year under review across the sub-region.

    Speaking on the criteria for selection, the convener of the award, who also doubles as the Deputy Registrar, IBMN, Ifeoma Emeka, explained that Lagos Free Zone was selected as the winner in the category following a rigorous and in-depth evaluation of nominees by a network of respected jurors.

    Read Also: Why terrorism persists in West Africa, by DSS, GIABA, NCTC, others

    She explained that the choice of Lagos Free Zone as Best Africa Trade Zone was undisputed given that it has become a big vehicle for promoting economic development in Nigeria and West Africa, especially with the influx of new businesses and increased economic activities within the Ibeju-Lekki axis.

    “The Lagos Free Zone is a great vehicle for foreign direct investment (FDI) needed to drive economic development. In the last few years, the Zone has provided a sense of reassurance for investors by offering incentives and world-class infrastructure that would help them to achieve good returns,” he said.

    Commenting on the recognition, the Chief Executive Officer, Lagos Free Zone, Dinesh Rathi, stated that the honour underlies the growing profile of the company as the best destination for investment not only in Nigeria but West Africa as a whole.

  • Nigeria’s food cheapest in West Africa, say governors

    Nigeria’s food cheapest in West Africa, say governors

    Nigerian Governor’s Forum (NGF) has said our food remains the cheapest in West Africa.

    Chairman, and Kwara State Governor, AbdulRahman Abdulrazaq, spoke in Abuja yesterday when he led his coleagues, Agbu Kefas (Taraba), Ahmed Ododo (Kogi), and Lucky Aiyedatiwa (Ondo), to a visit to minister of Agriculture and Food Security.

    He noted neighbouring countries use Nigeria’s food to trade as they take Soya beans, among others, to get foreign exchange.

    Abdulrazaq regretted that Nigeria could not achieve much with CBN Anchor Borrowers Programme, which he described as challenging.

    While maintaining that the trading is not bad, he said what needs be done is to ramp up production and increase yield per hectare so Nigeria can feed West Africa.

    He said: “We have noted that food in Nigeria is the cheapest in West Africa and our neighbours are using our food to trade. They are taking our soya beans and others to get foreign exchange…

    “We need to ramp up production and increase yield so we can feed west Africa, ourselves and export food…

    “We could not achieve much with CBN Anchor Borrowers programme it was challenging. Food security is a one stop shop and we need to concentrate on what we are on for dry season farming”.

    Kyari had informed the governors the aim is to increase production all-year round with the objective of driving down food inflation, create jobs, reduce poverty, engender growth and promote inclusivity.

    Read Also: Kehinde Omojuyigbe takes over West Africa with Fufu factory

    He said he has sent out Expression of Interests to governors and Federal Capital Territory (FCT), ahead of the second phase of dry season food production programme under National Agricultural Growth Scheme and Agro-Pocket (NASG-AP).

    “We are putting behind us challenges encountered during the First Phase with Wheat in 15 states. After evaluation of some glitches that characterised that phase, and with stakeholders’ proposals, there will be additional guidelines for the Second Phase commencing soon…’’

    “There is no question that if we get things right now, and without an iota of doubt with all hands on the plough, future programmes and projects will enable us more seamlessly achieve all-year-round agricultural production with beneficial consequences for Economic Empowerment, Inclusivity and ultimately wider opportunities for Value Addition, Food and Nutrition Security as well as Industrialization.

    “The phase we are about to get into is particularly crucial because, unlike the phase one for Wheat Production, which involved only 15 States, the second phase will cover the entire country. We will therefore, like you to use the instrumentality of your offices as Governors to ensure the readiness of your respective States for optimal participation in this second phase for the cultivation of rice, maize, and cassava”.

  • Firms partner to improve SMEs financing in West Africa

    Firms partner to improve SMEs financing in West Africa

    The African Guarantee Fund (AGF) has signed a partnership agreement with Vista Group Holding to improve access to finance for small and medium enterprises (SMEs) in four West African countries of Burkina Faso, The Gambia, Guinea, and Sierra Leone.

    The collaboration will see AGF provide a loan portfolio guarantee of $50 million to support Vista Group Holding’s lending activities to SMEs across its network in the four target countries.

    The partnership aimed at unlocking growth opportunities for West Africa’s SMEs by scaling up SME financing and contributing to economic development in the region.

    By focusing on underserved markets, the partnership is expected to promote financial inclusion by increasing access to finance for entrepreneurs, including women-owned SMEs, green businesses, and youth entrepreneurs.

    Also, AGF’s risk-sharing guarantee will mitigate potential risks associated with SME lending, bolstering the financial stability of Vista Group and its subsidiaries.

    Group Chief Executive Officer, African Guarantee Fund (AGF), Jules Ngankam said the group was excited to partner with Vista Group as the collaboration would leverage combined expertise and resources to unlock the immense potential of SMEs in the region, driving inclusive economic growth through increased access to financing.

    Ngankam said as a catalyst for regional collaboration, the partnership aligns with both AGF’s mission to promote economic development and reduce poverty in Africa, and Vista Bank Group’s ambition to become a leading pan-African financial institution focused on economic and financial inclusion.

    Managing Director, Vista Group Holding, Yao Kouassi said partnering AGF was a significant step in the company’s mission to empower SMEs and contribute to financial inclusion across West Africa.

    “This facility will enable us to expand our reach and provide crucial financial support to businesses that are driving economic development in these countries. This aligns with our goal to expand our footprint beyond the Guinean Market to ECOWAS and the Central African Economic and Monetary Community (CAEMAC),” Kouassi said.

    Additionally, the partnership leverages the Affirmative Finance Action for Women in Africa (AFAWA) Guarantee for Growth programme that aims to unlock up to $3 billion in financing for Women SMEs in Africa through financial institutions.

    Read Also: 45% of West Africa’s out-of-school children in Nigeria, says Fed Govt

    African Development Bank’s Togo Office Country Manager, Wilfrid Abiola, said the partnership reflected the commitment of the African Development Bank, especially through the AFAWA initiative, to empower women entrepreneurs while promoting economic growth in the West African region.

    “With 20 per cent of this transaction allocated to women-led small and medium-sized enterprises, along with tailored technical assistance support provided by AFAWA, Vista Group Holding is taking the commitment to de-risk women-led businesses in their portfolio and making great strides in transforming access to finance for women-led small and medium enterprises in low-income countries and fragile states,” Abiola said.

    The AGF is a specialised guarantee provider whose mission is to facilitate economic development and poverty reduction in Africa. It has unlocked more than $3.5 billion in SME financing, through partnerships with 200 partner financial institutions across 40 African countries. AGF is rated AA- by Fitch Ratings.

    AGF is backed by several shareholders and sponsors including Government of Denmark through the Danish International Development Agency (DANIDA), Government of Spain through the Spanish Agency for International Cooperation (AECID), African Development Bank (AfDB), French Development Agency (AFD), Nordic Development Fund (NDF), Investment Fund for Developing Countries (IFU), German Development Bank (KfW), French Agency for Private Sector (PROPARCO), West African Development Bank (BOAD), Global Affairs Canada (GAC) and USAID’s West Africa Trade & Investment Hub (WATIH).

  • How to address West Africa’s troubled democracy, by experts

    How to address West Africa’s troubled democracy, by experts

    Experts have proffered solutions on how to address West Africa’s troubled democracy amid the global challenges to building stability and peace. 

    The discourse, organised by a non-governmental organisation, African Refugees Foundation (AREF), was titled: Troubled Democracy: Interrogating violence, internal displacement and migration in West Africa.

     The lecture, held at the foundation’s corporate headquarters in Surulere area of Lagos, had in attendance discussants including Prof. Kolawole Raheem, Adebayo Olowo-Ake and other dignitaries.

     Projects Executive, Wole Adediran, said the discourse was designed to rekindle interest in peace and democracy in order to fully contribute and understand peace education and what the democratic ethos entails.

     He said: “Several citizens shun their rights to participate in civic activities yet keep on complaining about our politicians, that turn politics into a profession. One needs to be involved and add impetus to the democratic template.

      “The prevalance of abject poverty is indication of inequity and injustice. Democratic principles outline indicators to look for in a sane society, in developed and developing nations. How to develop our nation is the reason behind this discourse.”

     The foundation’s president, Chief Mrs. Opral Benson in her remarks disclosed that the foundation encourages public discourse on peace education and deliberative democracy.

     “The frequency of multiple crises that produce internally displaced persons (IDPs) will reduce, and chances of securing confidence among stakeholders will scale up. At the level of political leaders, community heads, religion leaders, stakeholders leadership, the essence of equitable governance must be provided.”

     One of the speakers, Prof. Raheem in his lecture titled: ‘Mainstreaming Peace Education into School Curriculum and Non-formal Learning’ called for inclusion of peace education inclusion into the school curriculum and non-formal learning.

     He said: “The world is in a turmoil! There are wars everywhere. We have wars which are precursors to intense armed conflicts. Those are the wars we have to purposively work against to prevent large-scale armed confrontations in our society.

      “It is my believe that any society that wants to prevent war and maintain peace would have to systematically build a purposive Peace Education for the society. It must be in form of purposive formal and non-formal peace education for all.

      “I even think peace education in some forms of well-constructed conversations/discussions should take place in government institutions like the ministries, government parastatals and other work places.”

     Also, in his lecture titled: ‘West Africa’s Troubled Democracy as a trigger for violence, internal displacement and illegal migration.’, Olowo-Ake lamented the regime of coups and counter coups that dotted the African landscape in the aftermath of the first republic for most countries.

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    He emphasised that some of the coups were foreseen owing to the poor governance under the civilian leadership.

     Olowo-Ake said: “Today, the gains of the 2000s appear to be fizzling out. While ECOWAS reversed military regimes and other unconstitutional changes of power in Cote d’Ivoire, Guinea-Bissau, Togo and The Gambia, the sub-region suddenly witnessed a rash of coups”

     He recalled that great progress were made in West Africa in the 1990s to democratise the sub-region, with strong fillip provided for such efforts by the 2001 Democracy and Good Governance Protocol of ECOWAS which greatly influenced the AU into adopting similar policies to frustrate unconstitutional changes of power across the continent.

     “I will find it hard to submit that the recent spate of coups that we have experienced in West Africa amount to an epidemic, but describing the region as having a troubled democracy is definitely apt because out of its 15 member-States, 4 (Burkina Faso, Guinea, Mali and Niger) are now under military rule.”

     “One common denominator for these countries is the jihadi insurgency on the territories of Burkina Faso, Mali and Niger.”

  • ‘How CSOs contribute to West Africa development’

    ‘How CSOs contribute to West Africa development’

    The  West Africa Civil Society Institute (WACSI), has launched a report which detailed the impact of Civil Society Organisations (CSOs) on the region’s economic, social, and political development.

    The report which was entitled:“Contribution of Civil Society Organisations to the economic, social, and political development of West Africa”, was launched last week with support from Ford Foundation.

    It ranked Nigeria top among other countries including Ghana, Liberia, Sierra Leone, and Mali regarding the contributions of civil societies to the development of West Africa.

     Lecturer, University of Ghana and Lead Researcher of the study, Dr Solomon Amoah,  said it provided an avenue to explore how CSOs were contributing to economic  development in the region.

    According to him, indices of the study were developed in tandem  with the sustainable development goals.

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     He urged CSOs to be actively involved in national politics and support critical dialogues on policies.

    The report listed some of the challenges of civil societies as poor support from government and private sector, overdependence on donor funds, lack of technical expertise, low engagement,among others.

    The Executive Director of WACSI, Nana Afadzinu, described the report as an advocacy tool  to enable people know about the role of  CSOs in ensuring the growth and development of the region.

    On how  to improve CSOs, the report suggested adequate funding, capacity building, promoting participation in national and subnational dialogue, enabling civic spaces for proper operation,among others.

    Senior Programme Officer, Ford Foundation for West Africa, Mr. Dabesaki Mac-Ikemenjima, hailed civil societies for their important roles in society through their ideas which are catalyst for solving problems and ensuring development.