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14-July-2023

Olubiyi, Others to Join Private Sector Investment Lab

By Adedapo Adesanya The World Bank has announced the selection of 15 Chief Executive Officers and Chairs who will make up the Private Sector Investment Lab. The founding members comprise a core group charged with developing solutions to address the barriers to private sector investment in emerging markets. In a statement seen by Business Post, the lender said, “The quality of their individual – and combined – expertise, leadership, and success in business and finance underscores the growing momentum, and level of commitment, for public and private collaboration to address global challenges and urgently scale development solutions.” The World Bank

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14-July-2023

AfDB Woos Asian Investors with Attractive Economic Prospects

By Adedapo Adesanya The African Development Bank (AfDB) has called on Asian investors and governments with the appropriate incentives for their private sectors to look at the vast investment opportunities Africa offers. This call was made by Mr Kevin Urama, Chief Economist and vice president of the bank during a webinar to discuss the 2023 edition of the African Economic Outlook report which was jointly organised with the Korea Institute for International Economic Policy (KIEP) in Sejong-Si, Korea. “I invite investors and governments in Asia to see Africa not as a distant land, but a continent full of opportunities,” said

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11-July-2023

Global Prices of Sugar, Oils, Cereals, Dairy Drop in June 2023

By Adedapo Adesanya The prices of food globally saw yet another drop in the month of June, according to the recent data released by the United Nations Food and Agriculture Organisation (FAO). FAO Food Price Index (FFPI), which is used to index the commodity, averaged 122.3 points in June 2023, down 1.7 points (1.4 per cent) from May, continuing the downward trend and averaging as much as 37.4 points (23.4 per cent) below the peak it reached in March 2022. The month-on-month decline in the index in June reflected drops in the indices for sugar, vegetable oils, cereals and dairy

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11-July-2023

ECOWAS Adopts Strategy to Boost e-Commerce in West Africa

By Adedapo Adesanya The Council of Ministers of the Economic Community of West African States (ECOWAS) has endorsed a regional e-commerce strategy for the organization’s 15 member nations. At the recently concluded session, the Council adopted the strategy that will boost e-commerce in West Africa through specific measures responding to the needs of ECOWAS, identified by the United Nations Conference on Trade and Development (UNCTAD) recent eTrade readiness assessment for the region. “The newly endorsed strategy is the beginning of a transformative journey aimed at bridging the regional digital divide and boosting e-commerce development,” said Ms Shamika N. Sirimanne, director

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07-July-2023

Nigerian Sovereign Wealth Fund to Access $500m for Infrastructure

By Adedapo Adesanya Prominent African and global institutional investors, including the Nigerian sovereign wealth fund, have signed on to the new $500 million Africa50 Infrastructure Acceleration Fund. This unprecedented milestone for Africa is the first private vehicle infrastructure platform launched by Africa50 and brings together a diverse group of influential stakeholders from Africa and outside the region. It comprises 17 African shareholders—including sovereign wealth funds, development finance institutions, banks, pension funds, asset managers, and retirement agencies—and two international Institutional Investors. Other entities are expected to join this first transaction. To affirm their interest, the shareholders signed subscription agreements and letters

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04-July-2023

WHO Sets Guidelines to Safeguard Kids From Harmful Food

By Adedapo Adesanya The World Health Organisation (WHO) has released fresh guidelines aimed at shaping policies to best protect children from harmful food intake and marketing. WHO’s Director of Nutrition and Food Safety, Mr Francesco Branca, in a statement, said aggressive and pervasive marketing of foods and beverages high in fats, sugars and salt to children was responsible for unhealthy dietary choices. “Calls to responsible marketing practices have not had a meaningful impact,” and as such, governments should establish strong and comprehensive regulations. The new WHO guidance recommends that countries implement comprehensive mandatory policies to protect children of all ages

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04-July-2023

Are China and Russia Giant Competitors in Africa?

By Kestér Kenn Klomegâh Russia has to acknowledge the difference between illusions and realities in the geopolitical games. It has to recognize and thoroughly analyse and manage the current economic rivalry and competition among foreign players across Africa. It has, over these several years, been taking steps to uplift or broaden economic cooperation inside Africa. In late June, Interfax News Agency reported, sourcing Roscosmos Head Yury Borisov, that Russia would sign a full-scale space cooperation agreement with Africa during the July summit. “We are touring African states ahead of this forum (Russia-Africa) and have agreed with the colleague from the

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30-June-2023

Italy Gives AfDB €5.5m for Youth Entrepreneurship, Innovation

By Adedapo Adesanya  The African Development Bank (AfDB) has announced a contribution of €5.5 million from Italy for its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. Italian officials announced the new financing during the Fund’s mid-year Oversight Committee Meeting held virtually in June and reaffirmed the country’s commitment to fostering youth entrepreneurship and innovation in Africa. Speaking on this, the Deputy Central Director for Development Cooperation at the Ministry of Foreign Affairs and International Cooperation of the Italian Republic, Marco Riccardo Rusconi, said, “The Italian Government is proud to contribute to the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund and

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28-June-2023

Guyana Declines OPEC Membership Invitation

By Adedapo Adesanya An oil producer, Guyana, has said it is not interested in joining the Organisation of the Petroleum Exporting Countries (OPEC) following an invitation from the cartel. According to Reuters, the Guyanese Vice-President, Mr Bharrat Jagdeo, confirmed this development. The South American country looks to rapidly boost production and attract new operators, with an oil auction coming up in the next couple of months in hopes it can bring in other oil and gas companies. Currently, an Exxon Mobil Corporation-led consortium controls all offshore output in Guyana under a production and sharing agreement in which Exxon decides the

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01-October-2023

Boosting Website Performance: Tips for Speed and Efficiency

By Rahul Baitha In today’s digital age, where instant gratification is the norm, website performance plays a critical role in delivering a positive user experience. Visitors expect websites to load quickly and respond seamlessly to their interactions. If your website lags or stumbles, you risk losing valuable traffic and potential customers. As a web designer or business owner, optimizing your website’s performance should be a top priority. In this comprehensive guide, we’ll explore essential tips and techniques to boost your website’s speed and efficiency. Understanding Website Performance Before diving into optimization strategies, it’s essential to grasp the fundamentals of website

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01-October-2023

NDLEA Nabs Suspected Kingpin in UK Drug Export Bust

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has arrested a suspect wanted for attempts to ship illicit drug consignments to the United Kingdom. This was made known in a statement signed by the NDLEA spokesman, Mr Femi Babafemi, on Sunday. He further disclosed arrests made by NDLEA operatives through interdiction operations that led to the seizure of four tons of illicit substances in the past week. According to the agency, the suspect, Mr Obiorah Chigozie, had been on its wanted list since September 15. This, he said, was when a consignment of 1.500kg skunk concealed in flour

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01-October-2023

BUA Cement Slashes Ex-Factory Prices to N3,500

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

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01-October-2023

NITDA Opens Applications for Tech Accelerator Fellowship

By Adedapo Adesanya The federal government through the National Information Technology Development Agency (NITDA) has opened applications for a tech startup accelerator fellowship program to empower Nigerians with innovative ideas. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the preparations for the training commenced in August with a meeting of stakeholders in tech to co-create innovative ways to achieve the target. He added that the meeting was the first in a series of ecosystem engagements to ensure that the government gets the best solutions from within. The new initiative from the NITDA is part of the

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01-October-2023

Nigeria @ 63: Tinubu Promises Relief in First Independence Broadcast

By Adedapo Adesanya The President of Nigeria, Mr Bola Tinubu, has promised relief amid reforms that have increased hardships among Nigerians in his first Independence Day broadcast on Sunday. Nigeria is marking her 63rd Independence anniversary. Speaking during a brief broadcast, President Tinubu said his reforms, including fuel subsidy removal and unification of exchange rates, have come with some effects, which he admitted were painful but are needed. He announced that small businesses would get much support while an additional N25,000 would be given to low-income earners for six months to cushion the hardship. Mr also promised housecleaning at the

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30-September-2023

Mediacraft Associates Employees Get 25% Pay Rise

By Modupe Gbadeyanka The salaries of employees of Mediacraft Associates Limited, a leading Nigerian full-service Public Relations and Integrated Brand Communications Consultancy firm, have been increased by 15 and 25 per cent. This was confirmed by a statement from the organisation as it celebrates its 20th anniversary this year. It was disclosed that the gesture was to reward the efforts of the workers toward the growth of the company and to cushion the current hardships in the country due to the removal of petroleum subsidy. According to the chief executive of Mediacraft Associates, Mr John Ehiguese, the salary increase had

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30-September-2023

Are Audio Streaming Platforms in Your Marketing Mix? They Should be

By Mark Redguard Walk down the streets of any major city around the world and take a look at all the people you pass along the way. Chances are you’ll see more people wearing earphones and headphones, in all of their shapes and sizes, than not. Most of those people, whether they’re consuming music or podcasts, will be listening through an audio streaming platform. In fact, Spotify’s 500 million-plus users spent more than 132 billion hours streaming audio on the platform in 2022.  And that’s just Spotify. Factor in other platforms, including the likes of Mdundo and Audiomack, and the

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30-September-2023

Unlisted Stock Investors Grow Market to N1.105trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

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30-September-2023

Naira Appreciates on Dollar Across FX Market Segments

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

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30-September-2023

Brent, WTI Shrink on Macroeconomic Worries, Profit Taking

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent