Business
ASIS 2023: African Development Community Gathers in Lagos to Discuss 7-Year Plan for Accelerated Development in Africa
ASIS 2023: African Development Community Gathers in Lagos to Discuss 7-Year Plan for Accelerated Development in Africa
key players from the government, the diplomatic community, civil society, and the public and private sectors recently gathered in Lagos for the two-day Africa Social Impact Summit (ASIS), co-convened by Sterling One Foundation and the United Nations, Nigeria.
The gathering, which was held under the theme – Global Vision, Local Action: Repositioning the African Development Ecosystem for Sustainable Outcomes, was the second edition of the Africa Social Impact Summit designed to help build partnerships and galvanise investments that will ensure that Africa makes rapid progress towards achieving the Sustainable Development Goals.
With the world halfway through the 15-year timeline set for the Sustainable Development Goals, there has been a call across the globe to review the work done to see what has worked and what has not, and to identify critical areas where additional measures are needed for success to be achieved.
This call formed the basis of conversations at ASIS 2023, as former President of Malawi, Joyce Banda, Consul Generals of the British High Commission, United States of America, German, and Danish Consulates, Permanent Secretaries of the Nigeria Ministries of Women Affairs, Education, Water Resources, Environment, Budget, and National Planning, non-profit leaders, business executives, and experts from different vital sectors, including education, health, climate action, agriculture, and more, shared insights into their different sustainability strategies, results so far, and plans for the coming years.
Mrs Olapeju Ibekwe, CEO of the Sterling One Foundation, expressed hope for several partnerships and innovations to emerge from the summit in her opening remarks, noting that she was looking forward to existing social impact initiatives in various rural communities accessing multilevel resources to be able to do more and spread their impact from community to community across the continent. She added that she was humbled by the intentionality of the private sector to own the sustainable development goals and grateful for the partnership of the United Nations as the co-convener of the summit.
“Across the continent, the people are waiting for action. For far too long, Africa has been tagged – the Emerging Continent, with the continent’s potential a recurring theme of conversation, yet poverty, hunger, climate crisis, and inequality, remain visible; thus, Africa is yearning for action. I remain confident and incurably optimistic that there is the capacity for the type of action we seek in this room. There is the capacity to build strong partnerships for
sustainable solutions to move from plans to action quickly. I urge everyone to interact and collaborate because the stakes are very high,” she noted.
In his welcome remarks, Mr Abubakar Suleiman, Managing Director and CEO of Sterling Bank Limited and Board Member of the Sterling One Foundation, explained that the true essence of the Summit was to ensure that at every level, the issues and challenges resulting in widespread poverty across Africa get tackled rightly and that everyone is moving in the right direction.
“Six months from now, when we reach out to you, we want to hear that because you came here, you met someone, and you established a relationship, you rethought your approach, therefore, are getting more value from your resources, and are better at solving problems together. The only thing that matters is the relationships you form today and how these relationships transmit to a much better outcome than you had before you came here,” he said.
Before yielding the stage to the diplomatic community, UN Resident and Humanitarian Coordinator (a.i), Nigeria, Mr Matthias Schmale, described the Summit’s timing as an opportune happenstance during a time of enormous challenges and great opportunities for Africa. He went on to say that the 2030 Agenda is a clear framework for addressing these challenges facing Africa, which requires all of us to break free from business-as-usual approaches and move together faster.
“Governments, NGOs, and civil society cannot tackle our current challenges alone. If we are to secure a just, sustainable world, we need a whole-of-society approach in which the private sector plays a pivotal role,” he said.
While further stating that the promise of the 2030 Agenda is now in peril, he urged more CEOs and investors to adopt the ten principles of the UN Global Compact, hire more qualified women, and ensure that their investments focus on more than just profit to reflect social impact considerations.
He pledged support to the Nigerian Government, citing the Cooperation Framework for Sustainable Development, which both parties have agreed to, and also called on more organizations to embrace Public-Private Partnerships to leverage the strengths and capabilities of both sectors to fast-track and scale up major development initiatives.
The host government, represented by the Lagos State Deputy Governor, Dr Kadri Obafemi Hamzat, welcomed this pledge and idea as he asked the private sector to take the lead in unleashing enterprise-driven innovation to create the impact ecosystem required for recovery within the state and across Africa.
The Permanent Secretary of the Nigerian Ministry of Education, Mr David Adejo, further echoed this sentiment as he stressed that the government cannot solely run the education sector and endorses private sector and academia partnerships to significantly restructure the curriculum and determine the kind of graduates we want. He mentioned that this was already underway with the International Finance Corporation (IFC), which has birthed entrepreneurship departments in all universities in Nigeria. Yet, there’s still a lot more to be done to help younger children.
In her goodwill remarks, Joyce Banda, former President of Malawi, urged the private sector in the global north to forge strong partnerships with the private sector in the global south to directly impact people within African communities.
Remarks from the US Consul General, Mr Will Stevens, the German Consul General, Mr Weert Börner, the Danish Consul General and Head of Trade, Mrs Jette Bjerrum, and a representative of the British High Commission, all highlighted the potential that Africa holds, especially with its human resources and the different ways each of these countries is supporting to harness these resources.
The US Consul General, in his remarks, said it was time to begin to talk about African solutions to global problems, not just African solutions to African problems.
With partnerships from top private organizations such as The Coca-Cola Company, Microsoft, MTN Foundation, Sterling Bank, Oando Foundation, SBG Insurance Brokers, the African Venture Philanthropy Alliance, TRACE and developmental partners like the United Nations Development Programme (UNDP), British Council, United Nations Global Compact Network Nigeria, USAID-sponsored Nigeria SCALE Project, Nigeria INGO Forum, Association for the Development of Education in Africa (ADEA) and UNIDO-ITPO Nigeria, the Summit was able to convene over 1,500 physical attendees, and more than 60 leading experts in various industries, who engaged in discussions about the critical sectors of the African economy.
With keynote addresses, delivered by Amina J. Mohammed, Deputy Secretary-General, United Nations, who described Africa as the “most exciting business opportunity in the world, with 60% of the world’s arable land and a massive population of motivated youths,” Prof. Oyebanji Oyelaran-Oyeyinka, Senior Special Adviser to President on Industrialisation, African Development Bank Group, who stressed the need for an economic transformation from agriculture-based to industry and services and Adrian Clamp, Global Head of Connected Enterprise at KPMG, the Summit helped to identify evidence-based strategies for improving impact investment inflow into Africa.
Other panel discussions focused on more promising ways to fund quality education access, health programs in underserved communities, strategies for financing scalable climate change solutions, increasing the operational efficiency of civil society organizations, accelerating action on water and critical action points for genuine equitable development, harnessing our youth population and their talents, and improving how we report the progress made on the continent.
Beyond the panels and keynote addresses, the Summit featured a deal room with pitches from 18 businesses shortlisted from over 500 applications from across Africa. The finalists from South Africa, Kenya, and Nigeria with health, waste recycling, agriculture, and education businesses had a combined investment bid of about $49,600,000 for expansion and
production capacity increase. Successful candidates will access the requested funds to scale their businesses.
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FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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