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AFP Supports Access to Renewable Energy with €70m

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Solar energy - Investors King

AFP Supports Access to Renewable Energy with €70m

The Agence Francaise de Developpement (AFD) is supporting access to renewable energy for Nigerian manufacturers with €70 million under the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria Programme for renewable energy.

The fund would be administered through the Access Bank Plc and the United Bank for Africa Plc.

However, only renewable energy projects like solar, wind, small hydro, biomas including waste-to-energy power plants would be eligible for funding under the SUNREF initiative.

The AFP described energy efficiency projects (EEP) as capital expenditure projects that would allow energy consumers to use less energy for achieving the same level of energy service.

The AFP made this known during the Renewable Energy and Energy Efficiency investors’ virtual conference that was held on Wednesday, in partnership with the Nigerian Energy Support Programme (NESP), which is a technical assistance programme co-funded by the European Union (EU) and the German Government and implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in collaboration with the Federal Ministry of Power and All-On of the Shell Foundation.

The conference was aimed at enabling the Renewable Energy Association of Nigeria (REAN) to understand the SUNREF’s technical requirements, equipment and installation quality standards, self-regulatory initiatives and certification for industry practitioners.

The President of the Nigerian Manufacturers Association (MAN), Mr. Mansur Ahmed, who participated in the conference, described the financial and technical assistance offered by the SUNREF as significant opportunity that came at a time, “we needed it most more than ever” to address one of the most militating factors against industrial development of Nigeria.

Mansur said: “Clearly, this is the time for every effort to shore up the manufacturing sector is very welcomed. Therefore, I am delighted that this green energy project is focusing on renewable energy in improving energy efficiency.

“It is our hope that our members will take the full advantage of this facility and be able to diversify their energy sources, improve energy consumption and be able to expand their productive capacity, which is indeed very important in the current state of our economy. I, therefore, urge our members to take full advantage of this.”

The Country Director of the AFP, Ms. Virginie Diaz, said in her opening remark during the conference that the SUNREF would basically provide financial and technical assistance “aimed at supporting business strategies in the green energy sector in line with the Paris Agreement on Climate Change, which Nigeria has been supportive of.”

Also, the Head of Cooperation of the EU Delegation to Nigeria and the ECOWAS, Ms. Cecile Tassin-Pelzer, said the conference would enable investors and service providers to showcase their products and be able to develop relationships with clients and prospective investors in Nigeria.

She added: “I will like to highlight that this collaboration is an innovative financing and project that will help to address Nigeria’s energy gaps by mobilising foreign investments to finance green power projects.”

The SUNREF Nigeria Team Lead, Mr. Javier Betancourt, described SUNREF as integrated environmental finance that is dedicated to developing renewable energy in Nigeria.

Betancourt said in his presentation during the conference that the AFD has put in place targeted support to develop innovative green financing through dedicated credit lines through local financial institutions in the country.

He said: “The SUNREF is part of the broader initiative to promote energy efficiency and renewable energy as well as the sustainable use of natural resources.”

According to the Chief Executive Officer of All On, Dr. Wiebe Boer, the mission of the SUNREF is to bring the members of the MAN into the green energy fold.

Boer observed that any opportunity to address the significant gap that exists in access to energy in Nigeria would have considerable economic and social impacts.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Minister Bosun Tijani Leads Global Effort to Safeguard Undersea Cables Amidst Disruptions

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Undersea-cable

Minister Bosun Tijani of Nigeria’s Ministry of Communications and Digital Economy has initiated a global collaboration.

The minister took to social media to announce plans aimed at enhancing the protection of undersea cables, emphasizing the critical role these cables play in the digital economy.

Tijani’s proactive stance comes in the wake of undersea cable cuts that have impacted countries across West Africa, including Ghana, Togo, and Senegal.

Recognizing the urgency of the situation, Tijani underscored the need to review international laws and forge partnerships with regional and global bodies to safeguard this essential infrastructure.

Acknowledging the disruption faced by affected nations, Tijani assured stakeholders that the Nigerian Communications Commission (NCC) is actively engaged in resolving the issues.

His initiative marks a significant step toward ensuring the resilience and reliability of undersea cables, which serve as lifelines in today’s interconnected world.

In light of the disruptions, various sectors, including banking, telecommunications, and financial services, have encountered operational challenges.

Sarafadeen Fasasi, President of the Association Of Mobile Money and Bank Agents In Nigeria, highlighted the significant impact on financial transactions and reconciliation processes, causing headaches for businesses and customers alike.

While the cause of the cable cuts remains under investigation, efforts to restore services are underway.

However, authorities in Ghana estimate that full service restoration may take up to five weeks.

Meanwhile, stakeholders are hopeful that Minister Tijani’s global collaboration will expedite solutions to safeguard undersea cables and mitigate future disruptions, ensuring uninterrupted connectivity essential for economic, academic, and social activities.

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Telecommunications

MTN Nigeria Grapples with Network Disruptions from Overseas Cable Damage

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MTN Nigeria is currently contending with network disruptions stemming from damage to an overseas undersea cable, causing widespread inconvenience for its customers.

The telecommunication giant confirmed the issue in a statement, acknowledging the connectivity disruptions experienced by its subscribers.

Reports indicate that the glitch has affected both voice and data services, resulting in communication disruptions for millions of subscribers across the country.

Subscribers have expressed frustration on social media platforms over the prolonged network outage, with complaints ranging from failed call attempts to concerns about the failure to receive bank alerts.

MTN Nigeria assured its customers that it is actively working to resolve the issue and restore services as quickly as possible.

The telecom operator emphasized the critical importance of consistent internet and communication services, pledging to swiftly address the disruptions.

Efforts are underway to reroute traffic through alternative network paths and expedite the repair process for the damaged cables in collaboration with consortium partners.

Despite the challenges, MTN Nigeria remains committed to minimizing service interruptions and maintaining connectivity for its customers.

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Fintech

Moniepoint Inc Vows to Drive Financial Inclusion Amidst National Development Agenda

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Given the critical importance of financial inclusion to national development and building a sustainable economy, Group CEO Moniepoint Inc, Tosin Eniolorunda has reaffirmed his organization’s resolve in increasing financial inclusion and driving the adoption of technology by the underserved consumers in the country.

The Moniepoint boss was speaking on the sidelines of the 16th edition of Leadership Newspapers Conference and Awards where Moniepoint Inc received an award as the Fintech Company of the Year. The event, which took place at the Congress Hall of the Transcorp Hilton Hotel, Abuja also coincides with the 20th anniversary of founding of the Leadership Group. The selection of the award recipients followed a critical review of their various contributions to the growth and development of Nigeria, as laid down by the founding chairman of the LEADERSHIP Newspaper Group, the late Sam Nda-Isaiah.

The prestigious Fintech company of the year award recognizes Moniepoint’s innovative efforts to increase access to financial services for underserved and unbanked populations across Nigeria. Through its nationwide network of point-of-sale terminals and digital payments platform, Moniepoint has empowered millions of Nigerians, including petty traders and roadside businesses, to participate in the digital economy.

“We are immensely proud to receive this recognition from Leadership,” said Tosin Eniolorunda. “From the start, our mission has been to democratize financial services and create equal opportunities for every Nigerian to thrive. Powering dreams and ensuring that the large majority of our people irrespective of where they live experience financial happiness is our reason for being. This award validates our commitment to driving genuine financial inclusion in tandem with the government’s mandate and we are spurred to do more in terms of leveraging innovative solutions and technology to create more value for Nigerians.”

In her welcome remarks, Chairman, Leadership Newspapers, Zainab Nda-Isaiah signposted the role of the awards in recognizing individuals and organizations who are taking bold strides towards creating a more peaceful, stable, and prosperous nation. While paying homage to the legacy of the legendary and visionary Founder and her late husband, Sam Nda-Isaiah, she noted that awards spotlighted those considered deserving and exemplary in their various categories.

“We may not be where we would like to be, but these men and women are making strides in the direction that we hope will lead us to a nation of peace, stability, and the possibility of prosperity for all who dare to seize it”, Nda-Isaiah said.

Keynote presenter, Prof. Kingsley Moghalu, who was speaking to the theme, “An Economy In Distress: Which Way Forward?”, made a case for fixing the fundamentals and advised that the current economic crisis must not be allowed to go to waste.

“There is no better time to fix these challenges than now. The CBN’s policy actions are well intended and will serve to stabilize the macroeconomic environment. We must fully understand the causes that have led us to where we are and ensure that they are fixed by deploying real strategies.” He canvassed for property rights, innovation and access to capital as core pillars for a successful and productive economic growth.

Prominent personalities at the event include, Minister of Information and National Orientation, Mohammed Idris Malagi who represented awardee for Person of the Year, President Bola Ahmed Tinubu; presidential candidate of the Labour Party, Peter Obi, who received the Politician of the Year award; Governors Fr Hyacinth Iornem Alia of Benue State; Dikko Umaru Radda of Katsina State; Seyi Makinde of Oyo State and Mohammed Umar Bago of Niger State; Managing Director/CEO of First City Monument Bank Plc, Mrs. Yemisi Edun who received Banker of the Year Award and Salisu Auwalu, a keke rider from Kano who returned a  bag containing 15m naira  left in his tricycle,  received an award as outstanding Young Person of the year.

It will be recalled that in 2023, Moniepoint MFB received the prestigious Rising Star Family Business Award Pwc/Businessday Family Business Summit; the Most Outstanding Microfinance Bank in Consumer Engagement at the Brandcom Awards, while Moniepoint Inc was listed for the second year running amongst the 100 most promising private fintech companies by CB Insights and the reputable Financial Times named it Africa’s second fastest-growing company. Moniepoint Inc also received critical acclaim as the “Most Outstanding Fintech Company in Financial Inclusion at the Brandcom Awards. Group CEO, Moniepoint Inc, Tosin Eniolorunda was named the 2024 Legit Business Leaders Awards in recognition of his outstanding contributions to Nigeria’s economy.

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