Nigeria
Business
AccessARM Pensions says it will control over N3trn AUM
Group Chief Executive of Access Corporation, Bolaji Agbede, has said that the merger of Access Pensions and ARM Pensions will position the emerging business as Nigeria’s second-largest pensions fund manager with combined Assets Under Management (AUM) of about N3 trillion and serving over two million Retirement Savings Account (RSA) Holders. The entity which will be named Access ARM Pensions Limited, represents a strategic alignment of strengths, expertise, and resources, allowing the new entity to leverage synergies and create greater efficiencies in operations. By combining the complementary capabilities of both organizations, Access ARM Pensions Limited aims to set new standards for excellence in the pension fund management industry.
UBA sponsors Lagos International Trade Fair for 6th consecutive year
Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced that it will once again be sponsoring this year’s edition of the Lagos International Trade Fair(LITF). This marks the sixth consecutive year, where UBA will be the official financial partner of this all-important event. The LITF – which is the 38th edition – is organised annually by the Lagos Chamber of Commerce and Industry (LCCI), and is scheduled to take place at the Tafawa Balewa Square, Lagos, between November 1st to 10th, 2024. At a press briefing held at the Commerce House, Lagos on Wednesday, the Vice President, LCCI, Akinbo Akin Olugbade, applauded UBA for its continued support of the fair and SMEs in Africa.
FMCG losing N3tn yearly to packaging waste – Operators
Waste experts have said that Fast-Moving Consumer Goods, including food and beverage sectors, are losing N3tn annually to unrecovered packaging. They stated that Lagos State spent between N9bn and N12bn yearly on managing waste-related issues, including household disposal, street cleaning, dumpsite management, and mitigating the impacts of floods, public health risks, loss of productivity, and enforcement costs. The experts gave those figures on Tuesday at the 12th West African Clean Energy and Environment Trade Fair and Conference in Lagos. The conference, themed ‘Sustainability showcase: Stimulating green economy investments’, was organised by the Delegation of German Industry and Commerce in Nigeria.
Economy
AfDB, Arab Bank Source $300m Co-financing Facility for Phase 2 of Nigeria’s Agro-Industrial Zones
The African Development Bank (AfDB) and the Arab Bank for Economic Development in Africa (BADEA) have collaborated to source about $300 million facility for the co-financing of the phase 2 of the Special Agro-Industrial Zones (SAPZ) in Nigeria. This was disclosed by Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialisation to the President of the AfDB, Akinwunmi Adesina, on the second day of the SAPZ-1 High-level Implementation Acceleration Dialogue and States Steering/ Technical Committee Workshop in Abuja. Oyelaran-Oyeyinka, who handles the bank’s industrialisation agenda and also the special industrial processing zones across Africa, however lamented that despite all the efforts to ensure prompt disbursement of the phase 1 of the programme, some of the states were still largely not responding.
Net foreign exchange inflow rises 67% to $27.6bn
The net foreign exchange inflows to Nigeria’s economy rose by 67.8 percent to $27.6 billion in the first half of 2024 (H1’24) from $16.44 billion in the corresponding period of 2023. This development was driven by 34.6 percent, Year-on-Year, YoY, increase in net forex inflow through autonomous sources and 170 per cent YoY increase in net forex inflow through the Central Bank of Nigeria, CBN. Data from the CBN’s quarterly Economic Statistics for the review period showed forex inflow to the economy rose YoY by 41.6 percent to $47.73 billion in H1’24 from $33.7 billion in H1’23. Similarly, forex outflows from the economy rose by 16.3 percent YoY to $20.12 billion in H1’24 from N17.3 billion in H1’23.
FG develops application portal for fuel-to-CNG conversion
The Federal Government has launched an application portal for Nigerians willing to convert their vehicles from the use of Premium Motor Spirit otherwise known as petrol to Compressed Natural Gas. This was contained in a statement on Wednesday by the National Orientation Agency titled, “Payment plan to make it easier to switch to CNG.” According to the statement, Nigerians who wished to make the switch to CNG could apply on the portal and spread payments in monthly installments. The statement also highlighted flexible payment plans, noting that applicants will receive support through the process to ensure it is hassle-free.
Politics
Nigeria, Japan strengthen ties to boost trade, others
Vice President Kashim Shettima has assured the Japanese government of Nigeria’s commitment to strengthening bilateral relations and deepening trade ties in areas of infrastructural development, food security, and health, among others. This, Vice President Kashim Shettima stated today while assuring the Japanese government of enhanced cooperation with the Federal Government of Nigeria, as well as resolving all the grey areas involving bilateral relations between the two nations. Senator Shettima gave the assurance when a delegation of the Japanese government led by the outgoing- Ambassador of Japan to Nigeria, Mr. Matsunaga Kazuyoshi, and President of Japan International Cooperation Agency (JICA), Dr. Tanaka Akihiko paid him a visit at the Presidential Villa, Abuja. Vice President Shettima’s consultation with the Japanese team was captured in a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha.
Ghana
Business
Ghana’s FMCG sector showing signs of recovery – Maverick Research
Ghana’s Fast Moving Consumer Goods sector is showing signs of recovery amidst easing inflation pressures, Maverick Research has pointed out in its latest Maverick FMCG Index. This is coming after a difficult two-year period of economic turbulence. For the first half of 2024, FMCG volumes rose by 4.0% and value increased by 2.0%, indicating that inflationary pressures are beginning to ease compared to the previous year. This rebound, it said, marks a potential turning point for the sector, which had been weighed down by high inflation and a struggling cedi in 2022 and 2023.
Economy
T-bills auction: Government borrowed GH¢23.6bn in September 2024
The government borrowed GH¢23.6 billion across the 91-day to 364-day treasury bills in September 2024. This represented a 24.7% increase over that of August 2024. Although the Treasury accepted all bids tendered, the total uptake fell short of the target by 19.6% (or GH¢5.8 billion). This was due to the rise in treasury offers by GH¢8.2 billion (+38.7% month-on-month) which outpaced the GH¢4.7 billion increase in total bids. Meanwhile, yields increased as the market priced in mounting refinancing risk while the Treasury seemingly suspended its early-year yield compression strategy.
Politics
UTAG declares indefinite strike, demands nationwide ban on mining in forest reserves
The University Teachers Association of Ghana (UTAG) has declared an indefinite strike, effective October 10, 2024, following overwhelming support for a nationwide ban on mining in ecologically sensitive areas, including forest reserves and water bodies. This decision was supported by 77.95% of UTAG members during a vote held across the country’s public universities in September 2024. UTAG is demanding the immediate suspension of all mining activities in forest reserves, describing the destruction of these reserves as an existential threat to Ghana’s environmental sustainability.
Kenya
Business
Inkomoko partners with TED’s The Audacious Project to invest in 335,000 displaced entrepreneurs in Africa
Inkomoko, a leading African firm focused on providing entrepreneurial support to refugees, has been selected as part of the 2024 cohort of TED’s The Audacious Project. With the partnership, Inkomoko will receive funding and technical assistance to invest in the growth of over 335,000 refugee entrepreneurs across Africa. This bold initiative is designed to strengthen entrepreneurial ecosystems in Africa and provide access to finance, resources, and networks to displaced populations.
Economy
Kenya Railways Suspends All Commuter Train Services Except One
Kenya Railways announced the suspension of all commuter train services in Nairobi on Friday in honor of the Mazingira Day celebrations. Only one train service – linking Nairobi Central Station and Nairobi Terminus – will remain in operation during this period. This suspension, according to Kenya Railways, is in line with efforts to encourage environmental conservation and reduce the city’s carbon footprint by promoting the use of alternative transportation on Mazingira Day, celebrated every October 13th. Normal operations are expected to resume after the holiday weekend.
Politics
Wetang’ula calls for stronger human rights in western immigration laws
National Assembly Speaker, Dr. Moses Wetang’ula, has urged Western nations to overhaul their immigration laws to ensure stronger human rights protections for immigrants. He made the call at the annual Immigration Law Conference in Nairobi, where he highlighted the need for fair treatment, particularly for African immigrants seeking better opportunities abroad. Dr. Wetang’ula pointed out the systemic injustices faced by African migrants and called for more robust frameworks to protect them from exploitation and discrimination.