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Afreximbank, APPO to Set up African Energy Bank

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The African Export-Import Bank(Afreximbank) says it is set to inaugurate the African Energy Bank in June 2024 to mitigate the crisis in the African energy sector.

The bank disclosed this during a session on “Africa’s Energy Transition and Financing’’, at the ongoing Inter-African Trade Fair (IATF) 2023 Trade Conference in Cairo, Egypt.

Reports says that the Energy Bank is expected to champion energy-related projects for the development of the African continent.

The initiative was conceived in 2022 when Afreximbank signed an agreement with the African Petroleum Producers Organisation (APPO).

Both parties are expected to collaborate on the establishment of an African Energy Transition Bank in support of an Africa-led energy transition strategy.

The Director of Client Relations, Afreximbank, Rene Awambeng, said that the bank had partnered with over 700 banks in Africa and its partners to chart a profitable pathway for the African Energy sector.

“In addition to what the bank is doing, with its partners, the management of Afreximbank, working on the sidelines with APPO, has decided to create another agency that will engage in financing the Energy African requirement.

“We are in the final stage of getting all the approvals and it is going to be an organisation set off by treaties.”

“We will have three classes of shareholders, the first will be the African oil-producing countries, national oil companies, and African investors as well as the international investors from all walks of life.

Awambeng said the budgeted share per capital would be five million dollars.

“There will be a process to identify these establishment agreements on the charter to engage in fundraising and commence operations by June 2024.

“The AEB will then be able to help African oil-producing member-states to take advantage of the over 125 billion barrel reserves of oil and that of the over 75 trillion cubit scuff of gas that we have on the African continent.

“This will not only help in raising the much needed foreign exchange from trading, exporting of these resources after they are transformed which again will lead to industrialisation on the continent.’’

He said the bank would be able to improve developed oil assets and develop infrastructure which was more needed in terms of refineries, logistics, pipelines, and building of storage facilities.

“This will help move the equipment and facilities in a more secure way closer to the market and equally develop the capacity building of the people in the energy sector.

“We are looking forward to this new institution as we are working tirelessly with our partners hoping to sell the gap which is glaring in the sector.”

Awambeng noted that the challenges faced in the energy sector were not new, adding that a lot of the International banks had moved away from financing projects in the sector.

According to him, the firepower is not there to meet the 80 trillion dollar requirement from the industry.

“You see sectors like fintech are attracting more money than investment in oil and gas or energy which is critical to the industrialisation of the continent.

“`We have been able to put together all the 700 commercial banks in Africa and the firepower is extremely limited.

“We have severe challenges in supporting the sector, whether in basic trade flow from a continent where we are net importers of products to fuel our industrialisation.

“Other challenges in developing upstream oil and gas projects or logistics support like pipelines, infrastructures, rehabilitation of refineries or building new refineries, and maintaining existing infrastructures around the energy value chain.”

He said the challenges were significant so there was an urgent need to work with the banks’ partners to put in place structures that would help mitigate some of these challenges and meet the requirements.

Awambeng, however, said that working with the bank’s partners which were the development financial institutions, commercial banks and corporations like Oilserv, Oando, Sahara, etc was not sufficient.

Also speaking, Hanna Ryder, Chief Executive Officer, Development Reimagined, frowned at the continent’s low level of energy consumption.

“The current energy access in Africa is below 40 per cent.

“ It’s very bad that a large economy like Africa has less energy access. We need a significant amount of investment in infrastructure like pipelines and power plants etc, to drive the economy.

” We need Afreximbank to finance these sectors and come up with African solutions to African problems and ensure that we come out stronger than where we are at the moment, ” he said.

The Chairman of Oilserv Group, Emeka Okwuosa, emphasised that development in Africa was tied to government support on harnessing its huge gas resources.

Okwuosa said Africa was sitting on huge gas resources that could catapult it beyond the limit if adequately harnessed.

“Yes, we are open to decarbonising. But for the African continent, the fastest means of growing its energy sector and infrastructure is for an intentional development of its gas infrastructure.

“That is the closest energy mix to develop the sector.”

However, he said the government had a role to play by ensuring adequate support to the energy industries by setting the right policy to drive the agenda.

“Also, Afreximbank will have to do more in ensuring the energy industries are funded adequately to drive this course,’’ Okwuosa said.(NAN)

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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Economy

Ecobank Promotes Savings Culture, Rewards N42m to Customers

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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.

Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.

She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.

“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

Ogunyemi also noted the increasing awareness of savings amid economic challenges.

“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

“This has led to a steady rise in deposits across the banking sector,” she said.

Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

“This initiative is about showing our customers that every amount saved adds up over time,” she said.

Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

“Month after month, deposits have increased, which is very encouraging,” she added.

She further emphasised that savings, beyond just winning rewards, provide financial security.

Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

“Across the banking industry and within Ecobank, savings deposits have consistently grown.

“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

“It is important to note that what gave them the opportunity to win was their commitment to saving.

“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)

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