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British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

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British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

 

 

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  • Loan facility will help to ensure the availability of key commodities across import-dependent economies and critical inputs for manufacturing goods, medicine, commodities, construction, food, and agriculture.

  • The programme aims to stimulate African trade volumes by US$90 million and will contribute to SDGs 8 and 9.

  • BII’s second commitment to one of Nigeria’s leading multinational banks.

 

 

 

 

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British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap. The programme supports Access Bank’s strategy to enable continental trade and deepens BII’s commitment to bolstering financing environments in fragile economies. BII estimates the loan programme will stimulate African trade volumes by US$90 million.

 

 

British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

 

 

The agreement reinforces BII’s ongoing relationship with Nigeria’s largest commercial bank by assets and facilitates the provision of systemic liquidity during a period characterised by a challenging macroeconomic environment. Higher inflation and rising cost of capital have placed downward pressure on currency performance, both domestically and in the programme’s target markets of the Democratic Republic of Congo, Mozambique, Rwanda, Sierra Leone, and Zambia. Intervention at this critical juncture underlines the key role of BII, and development finance institutions in general, in extending countercyclical support to build economic resilience.

 

 

 

 

 

 

Between 80% and 90% of world trade is estimated to rely on the availability of trade credit, according to the World Trade Organization. Prior to the COVID-19 pandemic, the financing gap stood at US$82 billion in Africa, and it is increasing. Recognising the positive ripple effects of robust trade flows on economies and livelihoods, Access Bank is aiming to provide 15% of trade finance across Africa, by growing the trade books of its subsidiaries.

 

Currency instability in Nigeria can hinder the wider proliferation of dollar denominated trade loans across African markets, constraining countries’ ability to capitalise on opportunities opening up under the African Continental Free Trade Agreement. By specifically targeting import dependent economies – many of which will mark the first engagement with BII’s Trade programme – the improved availability of US dollar denominated trade loans will ensure availability of key commodities and manufacturing inputs for the production and export of goods. The key outcome will be improving livelihoods and preserving jobs for the employees of importers and exporters with limited access to foreign exchange trade loans.

 

With the loans channelled into companies in construction, manufacturing and FMCG, the programme will directly contribute to the UN Sustainable Development Goals 8 (Decent work and economic growth) and 9 (Industry, innovation and infrastructure).

 

Simultaneously, the facility will improve inclusion. Qualifying under the 2X Challenge, aimed at strengthening female participation and leadership in business, Access Bank will ensure the allocation of loans is designed deliberately to advance its gender commitments. In addition, the facility will contribute to BII’s BOLD programme, dedicated to enhancing the availability of finance at more affordable rates to Black, African-owned businesses.

 

Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, remarked: “Access Bank is on a purposeful mission to scale intra-African trade and position the continent as a viable market for global trade. Hence, we are thrilled about the tremendous potential that this trade finance facility with the BII affords us across our pan-African subsidiaries. This strategic collaboration not only strengthens our import and export capabilities but also expands our resources to support local industries – especially women-owned businesses – and ultimately drive economic growth. By stimulating trade volumes, we will be playing a key role in fostering long-term economic resilience for the continent, while increasing its attractiveness for increased foreign investments.”

 

Admir Imami, Director and Head of Trade and Supply Chain Finance at BII, noted: “Access Bank is a long-standing partner of BII’s and our new partnership is a significant step closer to narrowing the trade finance gap in Africa, particularly in countries such as the DRC and Rwanda.   

 

Access to finance in fragile states is hugely constrained, often these countries are buffeted by macroeconomic events far beyond their control. BII and Access Bank share a conviction that building the resilience of these businesses by ensuring affordable access to foreign exchange is vital to keep intra-African trade moving and support the growth of inclusive economies.”  

 

Benson Adenuga, Head of Office & Coverage Director for Nigeria, BII said: Our latest commitment to Access Bank reiterates our assurance to this leading multinational institution and to Nigeria. It comes at a time when Nigeria’s fragile economic situation needs additional funding, particularly from counter cyclical investors like development finance institutions. Our funding will help bolster the economy and ensure the availability of staple goods, medicines and food across Africa.”

 

 

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Festus Keyamo and His Brand Of Administrative Activism* By Philip Agbese

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Festus Keyamo and His Brand Of Administrative Activism* By Philip Agbese

*Festus Keyamo and His Brand Of Administrative Activism*

By Philip Agbese

 

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Festus Keyamo, the enigmatic figure at the helm of Nigeria’s aviation sector, has been a subject of both admiration and controversy. His unconventional approach to governance has polarised opinions, with some hailing him as a visionary leader and others questioning his methods. As the Aviation Minister, Keyamo has been unapologetically vocal about his commitment to reforming the industry, but his fervour for change has often been met with scepticism and resistance.

 

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Festus Keyamo and His Brand Of Administrative Activism*
By Philip Agbese

Of truth, one can not discuss Festus Keyamo without acknowledging his unyielding dedication to Nigeria. His admirable cockiness and unwavering patriotism and willingness to stand up for what he believes in are undeniable. Keyamo’s refusal to conform to the traditional norms of governance has earned him both admirers and detractors. Some argue that his zealousness is a breath of fresh air in a landscape rife with bureaucratic red tape, while others caution that his approach may be too radical for the delicate political ecosystem of Nigeria.

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Being a proponent of grassroots empowerment, he believes that the voices of ordinary citizens must be heard in the corridors of power. To this end, he has worked tirelessly to mobilise communities, educate citizens on their rights, and empower them to demand better governance. Keyamo’s grassroots activism has inspired many Nigerians to take a more active role in shaping the country’s political future.

Festus Keyamo’s brand of administrative activism is not for the faint of heart. His willingness to challenge the status quo and push the boundaries of conventional governance is both commendable and disconcerting. While some laud his boldness, others fear that it may lead to unintended repercussions. Keyamo’s unapologetic stance has drawn comparisons to other historical figures who were willing to sacrifice everything for their ideals.

However, it is essential to consider the lessons from history. Keyamo’s determination to die for Nigeria, while admirable, should be tempered with caution. The case of Muammar Gaddafi serves as a cautionary tale. Gaddafi’s desire to die for Africa ultimately led to his downfall, as he was betrayed by his people.

Keyamo must be mindful of the potential consequences of such extreme rhetoric and ensure that his actions align with the best interests of the Nigerian people. It is crucial to tread carefully when treading such uncharted territory, especially in a country as complex and volatile as Nigeria.

Keyamo’s purported readiness to “die for Nigeria” is a testament to his unwavering commitment, but it also raises concerns about the potential consequences of such uncompromising dedication. History is replete with examples of individuals who staked everything on their convictions, only to face betrayal and disillusionment. It is a cautionary tale that should not be dismissed lightly.

Due to his fearlessness in the face of adversity, another facet of Keyamo’s administrative activism is his commitment to the rule of law, and this has earned him more political enemies than friends. He firmly believes that all individuals, regardless of their status or wealth, should be subject to the same legal standards. Throughout his career, he has faced numerous challenges and threats due to his outspokenness and activism.

Keyamo has been a vocal advocate for judicial reform in Nigeria, pushing for greater independence and efficiency in the country’s legal system. Despite these obstacles, Keyamo has remained steadfast in his commitment to social justice and human rights. His courage and determination have inspired many others to join him in the fight for a more just and equitable society. His efforts have helped to strengthen the rule of law and ensure that justice is served fairly and impartially.

The call for Keyamo to ”wake up” and recognise the realities of Nigeria is a poignant one. The complexities of the Nigerian political landscape can not be underestimated, and Keyamo needs to navigate these intricacies with prudence. While his passion for Nigeria is unquestionable, this fervour must be tempered with a deep understanding of the nuanced challenges facing the nation. An understanding of the fact that sources of progressive change and growth like his are mostly suffocated to die prematurely, or attacked ferociously till they fade into oblivion should be something he must have to consider seriously in his journey.

Setting aside the fervour surrounding Festus Keyamo’s zealousness, it is crucial to examine his impact as the Aviation Minister. His reforms in the sector have been both ambitious and divisive. Keyamo’s efforts to modernise and revitalise Nigeria’s aviation industry have been met with a mixed reception. While many applaud his bold initiatives, others express apprehension about the potential pitfalls of such rapid change. It’s not farfetched that the latter are people who have a penchant for the continuity of rascality and corruption, which have bedevilled the aviation sector for a long time.

Moving beyond Keyamo’s convictions, it is crucial to note that, during his tenure, Keyamo implemented several reforms aimed at improving the aviation sector in Nigeria. These reforms have had a significant impact on various aspects of the industry, including safety standards, infrastructure development, and operational efficiency.

One of Keyamo’s notable achievements was the introduction of stricter safety regulations. Under his leadership, the Aviation Ministry implemented measures to enhance safety protocols, ensuring that Nigerian airports and airlines adhere to international standards. This has not only improved the safety of air travel within the country but has also bolstered Nigeria’s reputation in the global aviation community.

Furthermore, Keyamo prioritised infrastructure development in the aviation sector. He spearheaded projects aimed at expanding and modernizing airports across the country, improving connectivity and facilitating economic growth. These infrastructure investments have not only enhanced the travel experience for passengers but have also attracted foreign investment and boosted tourism.

Keyamo’s reforms also focused on improving operational efficiency within the aviation sector. He introduced measures to streamline processes, reduce bureaucracy, and enhance transparency. These efforts have resulted in smoother operations, reduced delays, and improved customer service, benefiting both passengers and industry stakeholders.

It is important to acknowledge that Festus Keyamo’s vision for Nigeria’s aviation sector is driven by a genuine desire to propel the nation towards progress. His determination to address longstanding issues and overhaul outdated practices is a testament to his commitment to effect positive change. However, the path to reform is fraught with challenges, and Keyamo must navigate these obstacles with caution and foresight.

While his unwavering commitment to Nigeria is commendable, he must be cautious of the lessons from history and ensure that his actions align with the best interests of the Nigerian people. As the Aviation Minister, Keyamo has implemented significant reforms that have positively impacted the aviation sector. His focus on safety, infrastructure development, and operational efficiency has yielded tangible results, improving the travel experience and bolstering Nigeria’s reputation in the global aviation community.

Time will be kind to tell us how Festus Keyamo’s legacy will be one of the unyielding triumphs in the annals of Nigeria’s history. Generations will look back in time to remember that man who worked great wonders in the aviation sector, leaving so much for us to gain from his stewardship in the aviation sector.

As the nation continues to navigate its challenges, leaders like Keyamo must strike a delicate balance between passion and pragmatism, ensuring that their efforts lead to sustainable and inclusive development for all Nigerians.

Agbese MHR is the Deputy Spokesperson, 10th House of Representatives writing from Abuja.

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ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

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ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

 

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Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent. 

 

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The agreement which was signed by the Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 comes as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held on Wednesday, August 8, 2023.

 

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During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa. Dr. Onyeagwu noted, “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.”

 

ZENITH FINTECH SUBSIDIARY ZENPAY LIMITED PARTNERS AfCFTA ON INNOVATIVE TRADE PORTAL

 

He further stated, “This initiative is not driven by profit but by the need to support the African Continental Free Trade Area. It aims to create a unified African market, enhancing economic integration and standardising customs and practices. As we advance this agenda, we expect tosee significant growth and improvement in intra-Africa trade.”

 

Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, for his commitment to the project. According to him, “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade. This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement. Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”

 

Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside the SMARTAfCFTA portal,  H.E. Mene described PAPSS as “Africa’s payment highway.” He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasised that these platforms complement each other; they are not in competition. “We promote and encourage only one payment platform—PAPSS. Our goal is to integrate the digital ecosystem we are developing into PAPSS. We are committed to fostering innovation within this framework, ensuring it supports a seamless continental payment system without creating competition among platforms.”

 

SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.

 

About ZENPAY Ltd 

Zenpay Ltd is a private limited liability company duly incorporated under the laws of the Federal Republic of Nigeria as a wholly owned subsidiary of Zenith Bank Plc. The company. It is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.

 

About the African Continental Free Trade Area (AfCFTA) 

The African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa We Want and entered into force on 30 May 2019. It is a high ambition trade agreement, which aims to bring together all 55 Member States of the African Union, covering a market of more than 1.3 billion people, with a comprehensive scope that includes critical areas of Africa’s economy, such as digital trade and investment protection, amongst other areas. By eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all services sectors of Africa’s economy, at a potential of 52.3 percent. 

 

For further information, please contact:

 

Ms. Grace Khoza, Principal Communications Advisor | African Continental Free Trade Area (AfCFTA) Secretariat | E-mail: Grace.Khoza@au-afcfta.org | Accra, Ghana  

 

Ms. Elydora Matubanzila, Communications Officer | African Continental Free Trade Area (AfCFTA) Secretariat| E-mail: Elydora.Matubanzila@au-afcfta.org | Accra, Ghana 

 

Communication | Marketing | Advocacy Division, African Continental Free Trade Area | 

E-mail: afcftacommunications@au-afcfta.org 

 

To find out more, please visit our website: https://au-afcfta.org 

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ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

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ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

 

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Mubi, May 3rd, 2024

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Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) commences the construction of a 500-capacity lecture theatre and wash facilities for the Adamawa State University, Mubi. This project is coming after the nomination of the institution as a recipient of the ASR Africa Tertiary Education Grant Scheme (TEGS), by the Board of Directors of the Abdul Samad Rabiu Africa Initiative.

 

 

 

 

 

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

 

 

 

 

 

Speaking at the event, the Acting Vice Chancellor of the University, Dr. Stephen A. Lagu, expressed his appreciation to the Chairman of BUA group and ASR Africa, Abdul Samad Rabiu, for the rare philanthropy gesture towards the university. He stated that the intervention of the Chairman would reduce the physical infrastructure deficit at their new campus and promote sanitation and hygiene in the university. He added that the choice of the 500-seat lecture theatre with the four boreholes at different locations within the campus was identified and agreed to by the relevant organs of the institution with the ASR Africa team.

 

 

 

 

 

 

 

 

 

 

Dr Ubon Udoh (MD / CEO, ASR Africa), in his remarks, congratulated the institution for qualifying for the nomination by the Board of Directors of ASR Africa. He stated that the rigorous selection process which includes stringent criteria such as the quality of service delivered by the university and the pedigree of graduands from the institution at the national and international levels, proves that the university is keeping up with its vision as a leading institution of learning in the region. He encouraged the management and students to ensure proper use and maintenance of the facilities as a show of appreciation for the grant given to them.

 

 

 

 

 

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

 

 

 

 

The Tertiary Education Grant Scheme of the Abdul Samad Rabiu Africa Initiative is part of the efforts of the Chairman of BUA Group and ASR Africa, Abdul Samad Rabiu to give back to the African continent and make a lasting impact in education as a means of uplifting and restoring the dignity and lives of Africans.

 

 

 

 

 

 

 

 

 

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

 

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