BUSINESS
AfDB to Complete €209.17 Kenyan Highway Project in December
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The African Development Bank (AfDB), says its 209.17 Euros Kenol—Sagana—Marua Highway Project in Kenya will be completed in December.
Mr Richard Malinga, AfDB’s Transport Engineer and Desk Manager of the project said this when he briefed newsmen in Nairobi on Sunday shortly after inspecting various projects.
“The work started in October 2020 and has advanced, so essentially, by the end of this year, it will be completed.
“The project will ensure regional connectivity, reduce travel time and create wealth for people around the region,” he said.
The inspection was one of the activities planned for the AfDB Annual Meetings 2024.
The Kenol – Sagana – Marua Highway Project involves the reconstruction of an 84km road linking Kenya’s capital city, Nairobi, with the commercial and agricultural towns of the Central and Upper Eastern regions.
The project aims to improve access to northern Kenya and connect neighbouring countries as part of the Great North Road/Trans African Highway.
The old road, a two-lane single-carriageway, posed a major challenge to traders and farmers through high vehicle operating costs and longer travel times.
Malinga said the road’s total length is about 9600km, with the section in Kenya, which runs between the Tanzanian and Ethiopian borders, being about 920km.
“This expansion project significantly complements the AfDB’s interventions along the corridor in Kenya, namely the construction of the Nairobi –Thika Highway and the Mombasa–Nairobi–Addis Ababa corridor development projects.
“The project corridor also connects, at Isiolo town, to one of the Horn of Africa corridors, Isiolo–Mandera, which connects Kenya to Somalia.
“The Kenya-Sagana-Marua project is being done in two lots, a total of 84 km; the first section, lot 1, is approximately 48km, and the second one, lot 2, is 36 km,” he said.
According to Malinga, the road, which is being upgraded to a two-lane dual carriageway, has other extensive supporting facilities along its route.
“These include the construction and equipping of a trauma centre in Sagana and the construction of additional facilities at an Autism Centre in Karatina.
“It also includes the construction of bus parks, a modern market and sheds for commuter motorcycles, popularly known as ‘Boda Boda’.
“The project is working with the Kenya Forest Service and local community forestry groups to plant trees at nearby hills. The target is to plant 75,000 trees,” he said.
On impact, Malinga said the project would improve the quality of life of people around the region, increase rural productivity, and expand the markets.
He said it would foster a conducive
and enabling business environment and attract foreign direct investments for the countries in the region, among others.
Mr Ephraim Macharia, the Vice-Chairman 2NK Sacco Transport and Board Member of the National Transport Safety Authority in Kenya commended the efforts of the AfDB in dualising the road.
He said that since the construction of the road, travel time for road users and fuel consumption while plying the road have been drastically reduced.
He said the construction had improved road safety and increased national income.
Meanwhile, some traders who trade along the route expressed mixed feelings even as they commended the bank.
BUSINESS
Richway MfB Wins DBN’s Highest Impact on Start-ups Award
By Tony Obiechina, Abuja
Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.The award also attests to the micro lender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.
Since its inception, Richway Microfinance Bank has been at the forefront of providing accessible financial services to underserved communities. The bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector. By offering tailored loan products, savings and investments products with high returns, and business advisory services, Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses.In 2023, the bank’s impact on start-ups was particularly profound. Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.Speaking on the award, the Managing Director of Richway MfB, Adenrele Oni, said the “DBN’s award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services.While thanking the DBN’s management on the recognition of the micro lender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.He assured: “As Richway Microfinance Bank celebrates this achievement; it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years.”BUSINESS
NESG Hosts Pre-NES #30 Webinar on Closing Education Gaps
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By Tony Obiechina, Abuja
The Nigerian Economic Summit Group (NESG) on Tuesday held a pre-summit webinar in preparation for the 30th Nigerian Economic Summit.The webinar, themed “Closing Gaps and Adapting to New Economic Conditions,” brought together key stakeholders to explore strategies for addressing the decline in Nigeria’s education sector and adapting to current economic reforms.
The goal was to develop actionable policies and measures that address both immediate and long-term challenges in the sector. Education is fundamental to a nation’s development, directly impacting its economic and social stability. However, Nigeria’s education sector is currently facing significant challenges, such as unequal access to quality education, a mismatch between the skills taught and those needed in the labor market, and a lack of digital technology integration.Closing these gaps is vital for creating a more inclusive and competitive education system. This pre-summit event aimed to explore how collaborative efforts can promote inclusive development and drive innovation in education, thereby contributing to the broader objectives of NES #30.By focusing on inclusive growth, innovation, and digital transformation, the event set the stage for developing strategies that address both immediate and long-term educational and economic needs. This approach aims to bridge the gap between education and the labor market, equipping students with the necessary skills for meaningful employment in a dynamic economy.In her opening remarks, NESG Board Member Wonu Adetayo highlighted that Nigeria’s literacy rate stands at 62%, with significant disparities between urban and rural areas. The nation’s education sector faces substantial gaps, particularly in eliminating barriers to completing primary education, which is at 35% in rural areas compared to 80% in urban areas.Adetayo underscored the importance of addressing education challenges such as unequal access, the mismatch between the school curriculum and industry needs, and integrating digital technologies into education systems. She noted that over 50% of graduates are underemployed due to the disconnect between education and labor market needs. With over 40% of Nigerians aged 15 to 35, it is crucial to provide access to quality education and skills development to reduce unemployment risks.Adetayo emphasized that digital tools can enhance learning, but the digital divide must be addressed. Only 36% of schools have access to digital learning, and there are still challenges related to inadequate teacher training and infrastructural deficits.”Closing these gaps is essential for building an inclusive and competitive education system, which could boost Nigeria’s GDP by 10%. The event focused on creating a holistic framework to leverage technology and foster inclusive growth, with an emphasis on actionable recommendations” she noted.Head of the Secretariat at NESG’s Triple Helix Roundtable, Prof Bolanle Ogunbamila, shared insights on fostering effective collaboration between industry, academia, and government to address the skills gap and drive innovation.He noted the importance of promoting continuous education and facilitating an exchange of ideas between academia and industry. Professor Ogunbamila also highlighted the need for an immersion program to remove policy and regulatory barriers.Head of Startups at Lagos Innovates, Lagos State Employment Trust Fund (LSETF), Dr. Hakeem Onasanya, discussed the importance of leveraging the start-up ecosystem and funding models. He emphasized that the quality of education affects everyone, and when it fails, society as a whole suffers.Onasanya pointed out that startups play a crucial role in attracting the right talent and that the curriculum should align with workforce needs. He suggested establishing tech hubs in tertiary institutions and reducing internet costs for students. Additionally, he recommended incentivizing students through alumni associations to encourage them to give back to their schools.Founder of The Education Partnership (TEP), Dr. Modupe Adefeso Olateju, presented evidence-based policy recommendations for closing the skills gap. She noted that about 18.3 million children are out of school from the primary to senior secondary levels.A study by the TEP Centre in 2018 found that 55% of children in JSS3 can only read at the level of a child in Primary 2. Dr. Olateju reiterated the mismatch between the curriculum and labor market needs and the necessity to invest in programs that enhance skill competencies in schools, foster critical thinking, and utilize tools to scale up learning.She also highlighted the lack of sufficient capacity to absorb skilled and competent individuals within the country and stressed that skill development must be adequately funded.Chief Executive Officer of Isa School of Education, Dr. Joy Isa, discussed best practices in delivering inclusive and quality education. She emphasized the critical role of teachers in education quality, noting that teachers account for a 30% variance in student learning outcomes. Dr. Isa highlighted the shortage of qualified educators in Nigerian communities and the need to address this issue to improve education quality.Overall, the pre-summit webinar emphasized the need for a holistic and collaborative approach to addressing the challenges in Nigeria’s education sector. By bridging gaps and adapting to new economic conditions, Nigeria can ensure sustainable economic growth and social stability.
Economy
Stock Market Sustains Bullish Momentum, Gains N270bn
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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)