General
IFC, Viva To Reward Entrepreneurs in Climatetech, Healthtech, Fintech
By Adedapo Adesanya
The International Finance Corporation (IFC) and Viva Technology have announced the second edition of the AfricaTech Awards, an initiative to spotlight Africa-focused companies with innovative solutions addressing key development challenges linked to climate change, health care, and financial inclusion.
The organisers, in a statement on Monday, said founders are invited to apply for the awards in three categories – climate tech, fintech, and health tech – on the awards’ website from February 27 to March 12, 2023.
The winners of the awards will gain access to leaders and top executives in the tech industry and increased visibility among global investors, including IFC, one of the largest venture capital investors in emerging markets.
The inaugural edition of the awards launched last year attracted more than 300 applicants. WEEE Centre won the award in the climate tech category, Click2Sure in fintech, and Chefaa in health tech.
Tech entrepreneurship can help drive economic growth in Africa and promote innovation and competitiveness in key sectors of the economy, including financial services, logistics, commerce, energy, and agriculture.
Funding for African tech startups reached a record $5.4 billion in 2022, according to Briter Bridges, but that is just a fraction of the funding available in developed countries. US startups, for example, received $200 billion in 2022.
Speaking on this, Mr Makhtar Diop, IFC’s Managing Director, said, “Tech entrepreneurship can help shape Africa’s future by contributing to countries’ efforts to address key challenges linked to climate change, food security, health resilience, and financial inclusion.
“Yet Africa’s tech ecosystems are underserved by private capital investments, receiving just 1 per cent of the global VC funding in 2022. With initiatives like the AfricaTech Awards, we hope to help innovative startups attract more private investment, showcasing the dynamic and growing opportunities in the continent’s tech sector.”
The 2023 AfricaTech Awards are part of IFC’s strategy to support tech ecosystems in emerging markets by providing startups with the capital, market expertise, and networks they need to scale.
In November 2022, IFC announced a $225 million VC platform to support tech entrepreneurs across Africa, the Middle East, Central Asia, and Pakistan. In addition, IFC has recently expanded the IFC Startup Catalyst Program by $60 million to help seed funds, incubators, and accelerators finance and mentor early-stage startups and prepare them for later-stage investment.
The winners of the AfricaTech Awards will be announced at Viva Technology 2023 from June 14-17 in Paris, France.
Knowledge partner Deloitte will help shortlist the top 15 startups under each sector category. After a second round of review by the awards judging panel, the top three startups in each category will be invited to join Viva Technology in Paris and pitch their innovative solutions in front of a global audience of investors, government representatives, and top tech executives.
“Following last year’s success, we are delighted to organize a second edition of the AfricaTech Awards challenge with the support of IFC. The awards will showcase the best of the African technology ecosystem on the VivaTech stage in Paris next June,” said Viva Technology Co-Presidents, Mr Maurice Lévy and Mr Pierre Louette.
Adding his input, the Managing Director, Mr François Bitouzet, said, “Every year, the event gives outstanding entrepreneurs a unique opportunity to highlight game-changing innovations for the continent. We are therefore building bridges between Africa and new international markets to draw attention to African ecosystems and what they have to offer.”
General
FG Insists Prepaid Meter is Free, Warns Nigerians Against Payment
By Adedapo Adesanya
The federal government has reaffirmed that electricity meters being deployed under the Distribution Sector Recovery Programme (DISREP) are free for customers, warning Nigerians not to pay any money for meter supply or installation.
The Director General of the Bureau of Public Enterprises (BPE), Mr Ayodeji Ariyo Gbeleyi, stated this in Abuja at a joint media briefing on DISREP with the managing directors of Nigeria’s 11 Electricity Distribution Companies (DisCos). DISREP is financed through a $500 million World Bank facility.
The DG said the concessional nature of the funding, which comes at single-digit interest rates, makes it more sustainable than commercial borrowing and supports long-term stability in the power sector.
Under the DISREP IPF, 3.2 million smart meters are being procured and installed nationwide over four years through competitive international and local bidding. According to him, close to 700,000 meters have already been delivered, while about 200,000 have been installed across different DisCos.
The DG said, “With DISREP and other Federal Government interventions, the journey to power sector reliability is underway. DISREP is not just a short-term intervention, but part of a broader and coordinated plan of the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, towards building a financially viable and service-oriented electricity market
“Nigerians deserve a power sector that works, one that delivers reliable electricity, protects consumers, ensures value for money, and supports economic growth.
“Together, we shall achieve that! The supply and installation of these meters for customers is free.
It was also disclosed that the government had already paid the contractors to supply and install the meters. DISREP is integrated with other metering initiatives, including the Presidential Metering Initiative and the Meter Acquisition Fund, to accelerate the closing of Nigeria’s metering gap.
On his part, the Managing Director of Abuja Electricity Distribution Company, Mr Chijioke Okwuokenye, warned customers not to pay for meters.
“These meters are to be deployed and installed freely. Anybody asking you to bring money should be reported,” he said.
MD of Eko Electricity Distribution Company (Eko Disco), Mrs Wola Joseph-Condotti, said the company is working closely with the authorities to weed out bad eggs who extort money from customers for meter procurement and installation.
The programme offers significant benefits to consumers, including the removal of upfront meter purchase and installation costs, accurate billing, the elimination of arbitrary estimated billing, improved service accountability by DisCos, better transparency and dispute resolution, and long-term improvements in supply reliability as the sector becomes more financially viable.
For DisCos, Mr Gbeleyi said DISREP provides access to concessional World Bank financing for metering and network upgrades, reduces Aggregate Technical, Commercial and Collection (ATC&C) losses, improves liquidity and revenue assurance, and strengthens operational performance for long-term investment.
He disclosed that $250 million of the facility is dedicated to Investment Project Financing, which supports bulk procurement of the 3.2 million smart meters, deployment of Meter Data Management Systems, and provision of technical assistance and capacity-building programmes to strengthen DisCos’ operations and processes.
Describing DISREP as a landmark transaction, Mr Gbeleyi said it is the first initiative of its kind in which the government, beyond investing in distribution network infrastructure, is deploying meters at scale to bridge the country’s metering gap. He cited official figures showing that Nigeria currently has about 5.66 million unmetered electricity customers.
“The plan is to quickly close that gap. These meters are for everybody. They are for Nigerians. Priority is on unmetered customers,” he said.
He clarified that while the policy targets unmetered customers, DisCos have been allowed to deploy up to 20 per cent of the meters to replace faulty or technologically obsolete units, following feedback from the field.
General
NSC Revamps PSSP to Solve Complaints, Boost Ease of Doing Business in Ports
By Adedapo Adesanya
The Nigerian Shippers’ Council (NSC) has successfully concluded the review of the Port Service Support Portal (PSSP) application, which is aimed at ensuring seamless handling and efficient resolution of stakeholders’ commercial disputes across the maritime sector.
The Head of NSC-ICT, Mr Benjamin Ivwigheghweta, and his team; the Head of the Complaints Unit, Mr Bashir Ambi and his team; as well as consultants from BrandOne, all collaborated to complete the platform’s final implementation stage.
Mr Ivwigheghweta expressed satisfaction with the successful integration of the revamped PSSP for streamlined dispute resolution. He encouraged the team to fully engage with the new system and to ask questions where necessary, ensuring that every member is well equipped to meet stakeholder needs with precision and efficiency.
On his part, Mr Ambi applauded the deployment of the PSSP as a tool for accelerating grievance resolution, adding that the platform would significantly strengthen the council’s dispute resolution framework by promoting transparency, boosting stakeholder confidence, and generating reliable, data-driven records to support national economic growth.
He further commended the ICT team for its unwavering support-particularly in ensuring extended network availability to support the Unit’s after-hours operations.
Describing the PSSP as a critical modern upgrade for dispute resolution, Mr Ambi revealed that the Council’s operations are now about 90 percent digital. “We rely heavily on electronic platforms to serve our stakeholders,” he said, adding that the ICT Unit has remained the backbone of these efforts by providing consistent support, even over weekends, to ensure uninterrupted online service delivery.
This digital-first approach, he noted, keeps the NSC at the forefront of maritime efficiency.
Following a productive three-hour technical review and interactive question and answer session, the PSSP is now in its final phase.
The next steps include the configuration of individual user access by the ICT Unit and a live demonstration of the platform to Management. Upon completion of these tasks, the council will be ready to go live-ushering in a new era of digital efficiency in port service delivery.
The Port Service Support Portal was officially launched by the former Vice President, Mr Yemi Osinbajo, in June 2016 in Abuja. The launch was held alongside the unveiling of the Port Harmonized Standard Operating Procedures (SOPs). The portal was designed as an online, real-time platform to enhance service delivery, address stakeholder complaints, and curb corruption at Nigerian ports.
General
Tinubu Deploys Army to Kwara, Condemns Terrorist Attack
By Adedapo Adesanya
President Bola Tinubu has deployed an army battalion to Kaiama district in Kwara State after suspected jihadist fighters killed about 170 people in an overnight attack on Tuesday.
The terrorists stormed Woro and Nuku communities in Kaiama Local Council, according to Kwara State lawmaker, Mr Saidu Ahmed.
The violence highlights fears that jihadist factions prevalent in Northern Nigeria are pushing south along the Niger-Kwara axis toward the Kainji forest.
According to a statement from the Presidency, the new military command will spearhead Operation Savannah Shield to checkmate the barbaric terrorists and protect defenceless communities.
He condemned the attack as “cowardly and barbaric,” saying the gunmen targeted villagers who had rejected attempts to impose extremist rule.
“It is commendable that community members, even though Muslims, refused to be conscripted into a belief that promotes violence over peace,” President Tinubu said in the statement.
The President urged collaboration between federal and state agencies to provide succour to members of the community and ensure that those who committed the atrocities do not go scot-free.
President Tinubu prayed for the repose of the souls of the deceased and condoled with those who lost family members as well as the people and government of Kwara State.
Similarly, suspected bandits stormed Doma community in Tafoki Ward, Katsina State, on Tuesday afternoon, killing several residents, injuring many others and setting vehicles and houses ablaze.
There were conflicting figures over the casualty toll, with police putting the number of deaths at 13, while the executive chairman of Faskari Local Council estimated more than 20.
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