Economy
UNSDGF Lauds Sahara Group
By Dipo Olowookere
Leading African energy conglomerate, Sahara Group, has been lauded by the United Nations Sustainability Development Goals Fund (UNSDGF) for its unwavering commitment to spearheading private sector involvement in driving global campaigns for achieving the SDGs.
Speaking at the launch of the new report on Universality, business and SDGs in New York, Paloma Duran, Director, UNSDGF said Sahara’s contribution to the SDGs had boosted the narrative of business being a key stakeholder in promoting sustainability initiatives.
“We truly appreciate the support and dedication from Sahara Group as well as the company’s commitment to its membership of the Private Sector Advisory Group (PSAG) that was formed to better align public-private partnerships for sustainable development through business leaders of major companies from various industries worldwide.
“We are delighted to see Sahara leading the SDG charge through its various Corporate Responsibility initiatives, the Food Africa Project and midwifing platforms for private sector involvement across Africa,” said the UNSDGF Director.
Entitled ‘Universality and the SDGs: A business perspective’, the report is sequel to the maiden edition (‘Business and the United Nations: Working Together towards the Sustainable Development Goals: Framework for Action’) which set tone for private sector perspectives on how companies can address the new 2030 Agenda for Sustainable Development through collaboration.
The new report is based on a series of global workshops and dialogues with the private sector and examines some of the key issues facing businesses working to incorporate and implement the SDGs within their organization. Insight and input from over100 companies all over the globe are presented in the report, including common elements gleaned from more structured workshops held in Nigeria, Colombia, Spain, and the United States.
A case study on Sahara Group’s ‘Light Up Nigeria Challenge’ features in the report and highlights how the SDGs can be incorporated into a company’s core business activity, the crucial importance of establishing diverse partnerships to bring about sustainable and targeted change.
Working in conjunction with ENACTUS Nigeria, Sahara Groups hosts the annual ‘Light Up Nigeria Challenge’ to encourage innovation in alternative and renewable energy resources. The competition harvests projects from students from around the country showcasing alternative energy sources and innovations to help ensure sustainable electricity supply in Nigeria.
The 2015 competition, which attracted entries from 28 different schools, involved developing simple models to reduce energy production costs and encourage the use of alternative energy sources in communities, small businesses and schools. “This competition provides a national and international platform for young people to present their ideas and empowers them to make real change in their communities. It also serves to power innovation in the energy sector where the Sahara Group conducts most of its business, helping develop more efficient and environmentally-friendly solutions while contributing to sustainability,” the report stated.
In Nigeria, the PSAG has scored a huge point through the Food Africa project which mirrors how business, the UN and other stakeholders can collaborate to create a sustainable development platform.
The Food Africa Project is a collaborative initiative involving Sahara Group, UNSDGF, Roca Brothers and the Kaduna State Government, directed at empowering communities and alleviating poverty through food security. The 5- year project is an Agro-base initiative envisaged to integrate the entire food value chain – the farmer, wholesaler, retailer and consumer- providing a sustainable source of food security, poverty alleviation and eradication, skill acquisition and social inclusiveness.
The project seeks to: provide employment, eradicate poverty and empower the people – It is estimated that about 500,000 people will be impacted both directly and indirectly by the project; reduce food wastage through the recycling of food produce that do not meet the proposed standards for offtake and increasing production substantially to encourage the development of sustainable food infrastructure in Kaduna State, with initial investment in vegetables.
Sahara’s Executive Director and Co-Founder, Tonye Cole, said the company is committed to pursuing the emergence of formidable PSAG platforms through which the SDG-F can partner with the Private Sector to achieve the SDGs in Nigeria.
Cole said this would enable businesses align their operations with the 17 SDGs as well as continuously gauge their contribution to each global goal, monitoring impact and implementing new ideas to effect improvement. “Increased involvement of the Private Sector will in the long run enhance the sustainability of business as SDGs are good for business.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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