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Nestlé, Africa Food Prize Partner to Strengthen Food Security and Climate Change Resilience

Africa Food Prize awards USD 100,000 to individuals and institutions that are pioneering agricultural and food systems transformation in Africa.

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Nestle Nigeria - Investors King

Nestlé announced today that it is partnering with the Africa Food Prize to help accelerate the transformation of food systems in Africa, as a way of strengthening the continent’s food security and building greater climate change resilience.

The Africa Food Prize awards USD 100,000 to individuals and institutions that are pioneering agricultural and food systems transformation in Africa. The Prize puts a spotlight on uniquely impactful agri-food initiatives and technological innovations that can be replicated across the continent to increase food security, spur economic growth and development, and eliminate hunger and poverty in Africa.

The Africa Food Prize is hosted by AGRA, an African-led and Africa-based institution that puts smallholder farmers at the center of the continent’s growing economy by transforming agriculture from a solitary struggle to survive into farming as a business that thrives. AGRA is headquartered in Kenya and works in 15 African countries.

This year, Dr. Eric Yirenkyi Danquah, a plant geneticist from Ghana, was awarded the prestigious prize during September’s AGRF Summit in Kigali, Rwanda. Dr. Danquah was celebrated for his outstanding expertise and leadership in establishing the West Africa Centre for Crop Improvement (WACCI) and developing it into a world-class center for the education of plant breeders in Africa.

Nestlé will contribute CHF 100,000 to the Africa Food Prize, which will be awarded in 2023. Part of the contribution will go to the main award and part to a special category focusing on innovations that advance regenerative food systems.

Remy Ejel, Chief Executive Officer of Zone Asia, Oceania and Africa, Nestlé S.A. said, “Transforming agriculture to be more productive and sustainable is key to reducing hunger and improving livelihoods for the long term. We aim to support and amplify efforts that spearhead regenerative agriculture and food systems to enable better productivity, better nutrition and better incomes for people in Africa.”

Commenting on the partnership, Dr Agnes Kalibata, President of AGRA said, “We are happy to be partnering with Nestlé to recognize Africa’s best in food systems. The Africa Food Prize is a great opportunity to shine a bright spotlight on Africa’s outstanding minds, giving the rest of us a chance to learn and replicate their good work that is moving us closer to sustainable, inclusive and resilient food systems and achieving the United Nations Sustainable Development Goals 2 on Zero Hunger.”

Nestlé’s partnership with the Africa Food Prize builds on its years-long work in Africa to improve the continent’s nutrition and agriculture. The company has taken great strides to expand access to affordable nutrition in many communities, for example, by fortifying Maggi bouillon cubes with iron in Central and West Africa. It is also pioneering regenerative dairy farming with the establishment of the first net zero dairy farm in Skimmelkran, South Africa.

In early 2022, Nestlé launched an innovative income accelerator program, aimed at addressing child labor risks and closing the living income gap for cocoa-farming communities in Côte d’Ivoire and Ghana. Recently, Nestlé announced an investment of CHF 1 billion by 2030 under the Nescafé Plan to transition to sustainable coffee farming, including in Côte d’Ivoire.

Entries in the Africa Food Prize are evaluated by a judging committee comprising some of Africa’s greatest food system leaders. Winners are selected based on proven results and scalable efforts.

Submissions for next year’s Africa Food Prize will be open from January 2023 and winners will be announced at the AGRF, Africa Food Systems Forum, in September.

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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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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