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About $6.1 billion is spent yearly to import wheat into Nigeria according to the Wheat Farmers Association of Nigeria.
Wheat is the only grain that is yet to record significant progress since 2011, with many farmers now going out of production. Despite being high in demand, successive administrations in Nigeria failed to improve its production, prompting some farmers to call it “political crop” because they believe its neglect is political; not economical. Statistics from World-Grain show that in 2017 Nigerian wheat was valued at $15.5m, up from $13m in 2016. The figure increased to $16m in 2018 and a further increase in production to the value of $16.3m.
Speaking to a press conference on Thursday 22, 2021 in Abuja the president of the wheat association Alhaji Salim Muhammad, while issuing a report on the state of the wheat in the country hailed the Central Bank of Nigeria (CBN) over various …
The Government of Rwanda will in March 2022 host the inaugural IUCN (www.IUCN.org) Africa Protected Areas Congress (APAC) to discuss conservation of the continent’s protected areas. This comes after the relaunch of APAC in Kigali, Rwanda on 20th April 2021.
The congress which will be held from 7th – 12th March 2022 will be convened by the Government of Rwanda, the International Union for Conservation of Nature – World Commission on Protected Areas (IUCN-WCPA) and the African Wildlife Foundation (AWF) (www.AWF.org) in collaboration with partners.
Speaking at the relaunch event, the Chief Guest Dr. Jeanne d’Arc Mujawamariya, the Minister of Environment – Republic of Rwanda said: “Having been an IUCN Member since 2016, Rwanda is very proud to take up the global conservation leadership mantle and become the first African country to host the African Protected Area Congress. The Government of Rwanda recognizes the role of
If someone were to put me on the spot and ask me to name an environmentalist group, I’d probably blurt out the first thing that comes to mind, Greenpeace. There are obvious reasons for this: Greenpeace has been around for more than 50 years, and it has done a masterful job of bringing environmental concerns to the world’s attention and keeping them there. The group has a strong track record when it comes to advocacy and awareness, and it has a global reach. It’s truly one of the most visible non-governmental organizations (NGOs) in the world.
And that’s why I see it as significant that Greenpeace’s African division has come out swinging for a major new oil pipeline slated for construction in Uganda and Tanzania. Let me explain what I mean.
What’s at Stake
On April 14, Greenpeace issued a statement expressing dismay about the signing of a new agreement
African leaders assembled at a global meeting to discuss the status of local pharmaceutical manufacturing on the continent, underscored the need to increase local production of vaccines and therapeutics to achieve greater public-health security.
“The production of vaccines and access to vaccines is an absolute priority,” Cyril Ramaphosa, President of South Africa, said Monday in opening remarks at the start of the two-day virtual meeting, convened by the African Union.
The meeting was attended by several African heads of state, health, finance, and trade ministers from across the continent, as well as officials from global financial institutions, foundations, pharmaceutical manufacturers, business leaders, and the general public. The African Development Bank was represented by Solomon Quaynor, Vice President Private Sector, Infrastructure, and Industrialization.
Although Africa consumes approximately one-quarter of global vaccines by volume, it manufactures less than 1% of its routine vaccines, with almost no outbreak vaccine manufacturing in place. The
Absa group in a shocking decision move closed down Absa Money Market Fund (AMMF), worth around $5,623,236,000. But according to the Prudential Authority [PA], they had no concerns regarding the group’s decision after its long engagements with the bank since last year.
The bank’s official line is that its decision to close the fund was based on an independent review that found clients believed investments in the fund enjoyed the same safety guarantees as cash held in a bank account. This was partly due to the fund’s rather unusual integration into Absa’s banking system as it allowed investors to make withdrawals from the fund directly from ATMs not a typical feature of most unit trusts.
The South African Reserve Bank (SARB) said the Prudential Authority (PA) had a number of engagements with Absa Group (AGL) during the course of 2020 and 2021 on the proposed closure of the Absa Money …
The African Private Equity and Venture Capital Association (AVCA) released its sophomore Industry Survey drawing African Limited Partners and General Partners commitment to African investment as long-term.
The survey report that was released on April 15, was conducted in review of broad cross-section of global and African Limited Partners’ (LPs) and General Partners’ (GPs) to determine perspectives and attitudes of investing in African private equity (PE) across various categories, sectors, geographies, investment stages, challenges, and returns.
According to the survey report, Majority of Limited Partners (86%) plan to raise or maintain their allocation to African Private Equity {PE} over the next three years, with impact and the investment mandates viewed by most Limited Partners as the primary factors driving their investment approach.
ALSO READ: Investing in Africa: Trends driving Private Equity and Venture Capital in Africa
65% of Limited partners said that the African Private Equity {PE} attractiveness remained the …
The state government of Lagos will launch a five-year Agriculture Development Roadmap in line with its mission development agenda Strategy on Thursday April 22, 2021.
Explaining this to the media Ms. Abisola Olusanya the State Commissioner for Agriculture in Lagos said that the Roadmap will steer their goals and help the State achieve its goal of making Lagos a 21st Century Economy.
The Roadmap will focus on the development of agricultural value chains where the State has competitive and comparative advantages of ensuring that the State attains its food security goals.
“I am delighted to address you today and avail you of the forthcoming launch of the five-year Agricultural Development Roadmap for the Ministry which is slated for launch by the State Governor, Mr. Babajide Olusola Sanwo-Olu next week Thursday.
This bold step which will be taken by the Governor Babajide Sanwo-olu-led Lagos State government to launch a five-year …
Africa has boasted promising prospects for investors looking to invest in the continent’s untapped sectors and industries, attractive growth opportunities and an improving business environment.
Venture Capital in Africa has seen significant growth in recent years and as the entrepreneurial space on the continent matures it remains optimistic. In addition, once the African Continental Free Trade Area is fully implemented it will significantly shape the path of Venture Capital and Private Equity.
According to a report by the African Private Equity and Venture Capital Association (AVCA), the trends that will drive Private Equity and Venture Capital in Africa are in sectors such as Health Care, renewable energy, Agriculture and ICT and Digitalisation.
Health Care Sector
In the years leading to 2020, the health care sector in Africa was already experiencing significant growth and attracting private equity investments.
In 2020 H1, the health care sector accounted for the largest share …
Tourism and Hospitality management group, Rainbow Tourism Group (RTG) is upbeat of positive performance going forward offsetting the negative impacts of the Covid-19 pandemic in FY2020.
The Rainbow Tourism group which is located in Zimbabwe, has an extensive portfolio of owner-managed or leased hotels and conference facilities in Zimbabwe and Mozambique, as well as a tour operator company.
As countries implement Covid-19 vaccinations to its residents as part of efforts to limit the spread and severity of the pandemic, the group is hopeful of the economic recovery with anticipation healing on the travel and tourism sector across the globe.
“The tourism industry was adversely affected by the Covid-19 pandemic. While the current situation is likely to persist into early 2021, we remain confident that the tourism industry will in time rebound and set the hotel business on a path towards recovery.
“A glimmer of hope has come from the ongoing …
The ravaging Covid-19 pandemic earlier last year 2020 forced the Federal Government of Nigeria to suspend borrowing from International market but with their progressive economic recovery they have since announced plans to re-enter the international debt market this year once again.
Patience Oniha, the Director-General of the Debt Management Office (DMO), revealed this during a Reuters interview on Wednesday, April 7, 2021.
According to the Director-General of the Debt Management {DMO} the country will issue Eurobonds in 2021, with specifics to be published soon and an open bidding procedure for advisors.
ALSO READ: Folorunso Alakija Drops From Forbes List Of Nigeria’s Dollar-Billionaires
She also confirmed that the Eurobond would be included in the budget’s external borrowing plans for 2021.
A Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued.
Nigeria’s outstanding Eurobonds debt as …